The fourth quarter, October – December 2024

• Total revenue amounted to SEK 619 M (575), an increase of 8% or 5% adjusted for

  changes in exchange rates compared to the same period last year.

• Gross profit was SEK 137 M (118), an increase of 15% or 15% adjusted for changes in

  exchange rates. Gross margin was 22.1% (20.5).

• Operating costs excluding depreciation were SEK 120 M (89), an increase of 35% or

  43% adjusted for changes in exchange rates. Operating cost, excluding depreciation

  and change related items, were SEK 96 M (88). Change related items mainly consist

  of a remeasurement of SEK 24 M of the performance-based purchase price related

  to the acquisition of KAHA GmbH in 2023.

• EBITDA amounted to SEK 16 M (29). Adjusted for change related items, EBITDA was

  SEK 41 M (30).

• Investments in immaterial assets, mainly related to product development, were SEK

  8 M (10).

• Cash flow from operating activities was SEK 30 M (43).

• Earnings per share, before and after dilution were SEK -0.04 (0.29).

The Full Year 2024

• Total revenue amounted to SEK 2 113 M (1 987), which is an increase compared to the

  same period last year by 6% or 5% adjusted for changes in exchange rates.

• Gross profit was SEK 458 M (414) an increase of 11% or 10% adjusted for changes in

  exchange rates. Gross margin excluding change related items was 21.7% (20.8).

• Operating costs excluding depreciation were SEK 389 M (323), an increase of 13% or

  19% adjusted for changes in exchange rates. Operating costs, excluding depreciation

  and change related items, were SEK 362 M (321).

• EBITDA amounted to SEK 70 M (91). Adjusted for change related items, EBITDA was

  SEK 96 M (92).

• Investments in intangible assets, mainly related to product development, were SEK

  37 M (38).

• Cash flow from operating activities was SEK 56 M (74). The main reason for the

  decreased cash flow is a one-time payment to a publisher that amounted to

  approximately SEK 20 M during the second quarter. The payment was related to

  commission earned during previous years.

• Earnings per share, before and after dilution were SEK -0.07 (0.56).

• During the fourth quarter Tradedoubler ended the subscription period for the rights

  issue. In total, approximately SEK 50.5 M were obtained, whereof approximately SEK

  20.5 M in liquid funds, before deduction for issue costs. Reworld Media S.A. has paid

  for their part of the shares through set-off, meaning that Tradedoubler’s indebtness

  is reduced by approximately SEK 30 M through the rights issue.

• During the second quarter the lead generation company Emailing Network was

  acquired from the principal owner of Tradedoubler for an amount of 180 000 EUR.

• During the first quarter Tradedoubler signed a short-term overdraft facility with its

  bank of SEK 15 M, at the end of the year this facility was unused.

Letter from the CEO

Dear Fellow Shareholders,

In the final quarter of 2024, Tradedoubler experienced a notable acceleration in business

performance compared to previous quarters, delivering strong results.

Q4 and Full- Year 2024 Results

Adjusted for currency fluctuations, revenue in Q4 increased by 5% year-over-year to 619

M SEK, while Gross Profit rose by 15% to 137 M SEK. EBITDA, adjusted for change-related

items, reached 41 M SEK, compared to 30 M SEK in the prior year.

For the full year 2024, revenue totaled 2 113 M SEK (+5%), with Gross Profit at 458 M SEK

(+10%) and EBITDA (adjusted for change-related items) at 96 M SEK, up from 92 M SEK.

This year-end report marks the first time we are presenting revenue and EBITDA figures

for Tradedoubler’s core business segments: Partner Marketing and Influencer

Marketing (Metapic). These figures confirm the trends highlighted in previous reports:

Partner Marketing encountered challenges due to macroeconomic conditions,

particularly in Q2 and Q3, while Influencer Marketing demonstrated significant growth.

• Partner Marketing revenue grew by 4% in Q4 and 4% for the year.

• Influencer Marketing revenue surged by 54% in Q4 and 50% for the full year. This

  was achieved both by healthy growth rates in already existing countries as well as

  the successful launch of additional countries in the years 2023 and 2024.

• Partner Marketing’s EBITDA remained steady in Q4 but declined on an annual

  basis, primarily due to challenges faced by R Advertising, Tradedoubler’s Email

  Marketing subsidiary, which has been impacted by regulatory and technological

  shifts. The EBITDA margin of Partner Marketing rose to 7% in Q4.

• Influencer Marketing’s EBITDA saw remarkable growth, reaching 14 M SEK in Q4

  and 27 M SEK for the full year—nearly five times the 2023 figure. It showed an

  EBITDA margin of 22% in Q4, which is around three times the EBITDA margin of

  our Partner Marketing business.

Over the past few years, we have worked extensively to realign Tradedoubler’s business,

creating a solid foundation for scalable, long-term growth. In addition to strengthening

our platform and infrastructure, we have restructured our teams across Europe to drive

profitability while expanding into new areas such as Influencer Marketing and Mobile

Marketing.

As a result, Tradedoubler has successfully evolved into an international digital marketing

technology company, demonstrating consistent growth and increasing profitability.

These efforts are now reflected in our financial performance, and we are committed to

providing more transparency and regular updates on our progress moving forward.

Vision and Strategy

Building on our achievements, we have redefined Tradedoubler’s strategy for the coming

years.

Our vision is to establish Tradedoubler as a global leader in digital marketing

technology, expanding across key growth channels, including Partner Marketing,

Influencer Marketing, and Mobile Marketing. This will involve both international

expansion and diversification into additional digital marketing segments.

To achieve this, we will pursue a combination of operational and strategic initiatives:

• Operationally, we will extend our presence to new global markets and enter

  complementary digital marketing segments.

• Strategically, we will pursue acquisitions to accelerate market entry and channel

  expansion. An active M&A strategy will be in the heart of our activities.

  
  

With all our channels operating in markets that are expected to experience strong

double-digit market growth in the coming years, we are confident that Tradedoubler will

capitalize on this momentum - growing in line with market trends while expanding

internationally and vertically, both operationally and through acquisitions. Our long-term

ambition is to triple revenue to more than 6 BN SEK while significantly improving

profitability.

As a first step, we have decided to establish a presence in the United States during

2025. Today we already have more than 150 clients in North America. This base will be

the fundament for setting up a legal entity and opening an office there.

Following the successful expansion of our Influencer Marketing business across Europe

and the launch of our Partner Marketing operations in Australia (with an office in

Sydney), we believe this is the right time to enter the world’s largest digital marketing

market—unlocking significant new growth opportunities.

We look forward to the future with confidence and remain committed to delivering long-

term value for our shareholders.

Thank you for your continued support.

Sincerely yours,

Matthias Stadelmeyer

President and CEO

Contact Information

Matthias Stadelmeyer, President and CEO

Phone +46 8 405 08 00

Viktor Wågström, CFO

Phone +46 8 405 08 00

E-mail: ir@tradedoubler.com

Other information

Tradedoubler discloses the information provided herein pursuant to the EU Market Abuse Regulation and the Swedish Securities Markets Act. The information was released for publication on 19 July 2024 at 08.50 CET. Numerical data in brackets refers to the corresponding periods in 2024 unless otherwise stated. Rounding off differences may arise.