Redeye expects Truecaller's Q3 report (due 3 November) to show continued sequential improvement. We forecast net sales of c. SEK 432m, up 10% QoQ and down 8% YoY (c. 4% down in constant currency). Advertising is ramping up, FX headwinds are fading, and comparables are starting to ease, as Q3 2025 was the first quarter affected by the demand-partner changes. Comparables ease further in Q4, where we expect Truecaller to return to YoY growth. Ahead of the report, we maintain our positive view on Truecaller and the investment case.
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