Truecaller's preliminary Q3 figures beat both our preview and consensus. Net sales of SEK464m were +7% vs our estimate and +8% vs consensus, and adj. EBITDA of SEK148m was +12% and +14% respectively. Ads were the main driver. Alongside the prelims, Truecaller received its first transfer pricing order in India and put the potential net tax exposure at c.SEK550m. We expect to raise FY2026 estimates and expect a positive share price reaction.
