Tradedoubler (Q1 Initial take): Broadly in line, restructuring and Nyorda rebranding take centre stage - Redeye

Redeye provides an initial comment on Tradedoubler’s Q1 2026 report, published this morning. The quarter came in broadly as expected, with net sales of SEK538m slightly ahead of our estimate of SEK521m (up 1% y/y, or 6% adjusted for exchange rates), and adjusted EBITDA of SEK23m modestly above our estimate of SEK 22m. Metapic (Influencer Marketing) delivered 19% y/y revenue growth, continuing the positive momentum from 2025. The key news of the quarter, however, is the announced restructuring of Partner Marketing, approximately 25 positions eliminated, incurring a one-time charge of SEK10m and targeting annual savings of SEK17m onwards, alongside the strategic rebranding of the group to Nyorda AB and the pre-launch of Emna.ai, an AI-driven discovery product. The direction of estimate revisions is not yet fully clear pending the conference call at 10:00 CEST today, as a gross margin miss (21.7% vs our estimate of 22.4%) and a slightly softer Metapic EBITDA margin offset some of the benefit from the better-than-expected OPEX outcome.