Interim report
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tradedoubler.com 1 January-September 2025 T radedoubler Quarterly Report
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tradedoubler.com 2 Financial Overview The third quarter , July – September 2025 - T otal revenue amounted to SEK 525 M (489), an increase of 7% or 10% adjusted for changes in exchange rates compared to the same period last year. - Gross profit was SEK 115 M (107), an increase of 9% or 11% adjusted for changes in exchange rates. Gross margin was 21.9% (21.8). - Operating costs excluding depreciation were SEK 94 M (88), an increase of 7% or 9% adjusted for changes in exchange rates. Operating cost, excluding depreciation and change related items, were SEK 93 M (87). - EBITDA amounted to SEK 21 M (18). Adjusted for change related items, EBITDA was SEK 22 M (19). - Investments in immaterial assets, mainly related to product development, were SEK 8 M (8). - Cash flow from operating activities was SEK 74 M (31). The change in working capital was SEK 58 (16) M, where the timing of payments from customers had an exceptionally large positive impact this quarter. - Earnings per share, before and after dilution were SEK 0.05 ( -0.06). The interim period, January -September 2025 - T otal revenue amounted to SEK 1 589 M (1 494), which is an increase compared to the same period last year by 6% or 8% adjusted for changes in exchange rates. - Gross profit was SEK 351 M (322) an increase of 9% or 12% adjusted for changes in exchange rates. Gross margin excluding change related items was 22.1% (21.5). - Operating costs excluding depreciation were SEK 285 M (268), an increase of 6% or 8% adjusted for changes in exchange rates. Operating costs, excluding depreciation and change related items, were SEK 281 M (265). - EBITDA amounted to SEK 66 M (53). Adjusted for change related items, EBITDA was SEK 70 M (56). - Investments in intangible assets, mainly related to product development, were SEK 24 M (28). - Cash flow from operating activities was SEK 82 M (26). Changes in working capital was SEK 23 ( -24) M. - Earnings per share, before and after dilution were SEK 0.31 ( -0.02).
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tradedoubler.com 3 SEK M Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 T otal revenue 525 489 1 589 1 494 Gross profit 115 107 351 322 Gross margin 21,9% 21,8% 2 2 ,1 % 21,5% Operating costs excl. depreciation and change related costs -93 -87 -281 -265 EBITDA adjusted for change related items 22 19 70 56 EBITDA-margin adjusted for change related items (%) 4,3% 3,9% 4,4% 3,7% Change related items1 -2 - 1 -4 -2 EBITDA 21 18 66 53 Operating profit (EBIT) 7 6 26 17 Net profit 3 -3 19 - 1 Net investments in non-financial fixed assets -8 -8 -24 -30 Cash flow from operating activities 74 31 82 26 Liquid assets including financial investments, at period’s end 104 40 104 40 Net cash2, at period’s end 68 -30 68 -30 1 For more information regarding change related items see page 10 2 Liquid assets less interest-bearing liabilities
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tradedoubler.com 4 Letter from the CEO Dear Fellow Shareholders, T radedoubler continued to deliver solid operational results in the third quarter of 2025, once again demonstrating the resilience of our business model and the strength of our diversified offering. Revenue grew by 7% to SEK 525 M, or 10% when adjusted for currency effects . Gross profit increased by 9% or 11% currency adjusted to SEK 115 M and adjusted EBITDA improved to SEK 22 M (19). While revenue and gross profit developed in line with our expectations, EBITDA came in slightly lower, mainly due to one-time client-related effects and continued investments in Metapic as well as in building our new team setup in the United States. Cash flow from operating activities reached an exceptionally strong SEK 74 M (31), to a large extent this is driven by large customer payments received at the end of the quarter. Corresponding publisher payments will be made in October. This performance highlights the healthy fundamentals of our business and our continued focus on cash generation. Operational and Strategic Developments Our diversified portfolio and strong regional performance continue to drive results. We are pleased to have won About Y ou, Bosch and L ’Oréal across several European markets as new major clients during the quarter - both representing significant and long-term opportunities for our business. At the same time, one larger client has decided to stop its campaigns with us, which will have an impact on our results in the first half of 2026, in Q3 the client generated SEK 2 M in GP . While individual client dynamics are part of our business reality, our broad and growing partner base positions us well for continued resilience and sustainable growth. Embracing an AI -Driven Future The digital marketing landscape is undergoing a fundamental shift: AI will disrupt how traffic is generated, traded and optimized . We are fully aware of the magnitude of this change and have made a conscious decision not to simply add short -term AI features, but to rebuild our platform from the ground up to meet the demands of an AI-driven market. Our vision is clear: “T o be the most automated and intelligent platform, built to work seamlessly with AI agents in an AI -driven market. ” This transformation is the foundation of our long-term competitiveness and profitability. Our purpose is to become an AI-powered company operating in an AI -enabled market - increasing efficiency and profitability while leveraging new developments in traffic acquisition and trading. T o achieve this, we have rebuilt how we store and manage data , creating a central data lake that serves as the backbone of an AI-ready infrastructure . This allows us to
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tradedoubler.com 5 automate processes, build AI-driven features and prepare for new forms of interaction with AI systems and agents. Equally important, we are empowering all our teams to integrate AI into their daily work , ensuring that the adoption of AI becomes part of our culture and daily operations, not just our technology. Our work focuses on three core pillars: 1. Automation -First Platform : Embedding automation and intelligence across our platform and internal processes to drive scalability, efficiency and performance. 2. AI-Ready Data Infrastructure : Building a structured, privacy-compliant data foundation designed to integrate seamlessly with AI agents and ecosystems. 3. AI-Friendly Interfaces (UI & APIs) : Creating interfaces and connections that ensure our partners and publishers are visible and discoverable in AI-driven commerce. Outlook Our strong financial position, solid profitability and continued investment discipline give us confidence in our long-term direction. Our strategic trajectory remains clear: to strengthen our market position through innovation, automation and partnership excellence. We thank our employees, clients, publishers and shareholders for their continued trust and collaboration. Together, we are building the next generation of performance marketing. Sincerely yours, Matthias Stadelmeyer President and CEO
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tradedoubler.com 6 Strategy & Positioning T radedoubler’s Strategy & Positioning T radedoubler is a global leader in Digital Marketing Technology and Services. The core of what we do and essential promise of the brand T radedoubler is summarized in the term “boosting partnerships” . T radedoubler empowers a thriving partner network where everyone wins. Brands and publishers, big and small, mainstream and niche, different industries and any digital marketing model can be part of our thriving partner network. We create win-win and opportunity for all. That is the beauty of partner marketing, and the thriving network we host. Our role in the market is to be the committed growth companion. The role rests on three pillars: growth, commitment and companionship. Growth is about the positive change we bring. Reaching higher, broader, deeper, new – gaining a desired effect. Within Tradedoubler, people can always expect performance. T radedoubler’s target groups are result-driven Brands, Publishers and T alents. Brand building decision makers and marketing professionals at present and potential brands and publishers, our employees and the talent market. T radedoubler’ s Business Areas: 1. Partner Marketing: We offer Brands to partner up with the best from any given Digital Publishing Channel and offer Publishers to scale fast with getting access to thousands of brands. We constantly invest in the acquisition of new Partners, growth management of existing Partners, and network quality. We have established a global network of Partners that addresses any target audience within all digital marketing channels. In Partner Marketing our main products are: o Partner programs with various packages of service levels o Self-serve partner programs for SMEs with access to T radedoubler’s partner marketing network o White label programs where we allow clients to manage their own partner marketing network, with custom solutions adapted to the client’s need o Lead Generation Campaigns designed to address the desired target audience and create the leads targeted o App Marketing campaigns to generate app downloads and in-app sales. o Content-to-Commerce Campaigns and Retail Media activities allow brands to expand their activities to media publishers. 2. Influencer Marketing: We offer Brands to work with Influencers on performance basis through our Influencer Marketing platform Metapic.
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tradedoubler.com 7 The Group Result If not explicitly stated, the disclosed financial information refers to reported numbers that are not adjusted for change related items nor changes in exchange rates. For more information regarding change related items see page 10. T otal revenue during the interim period amounted to SEK 1 589 M (1 494), which is an increase compared to the same period last year by 6% or 8% adjusted for changes in exchange rates. T otal revenue during the third quarter amounted to SEK 525 M (489), an increase of 7% or 10% adjusted for changes in exchange rates compared to the same period last year. Gross profit for the interim period amounted to SEK 351 M (322), an increase of 9% and 12% adjusted for changes in exchange rates. Gross profit during the third quarter was SEK 115 M (107), an increase of 9% or 11% adjusted for changes in exchange rates. Gross margin was 21.9% (21.8). Operating costs excluding depreciation during the interim period amounted to SEK 285 M (268), an increase of 6%. Operating costs excluding depreciation during the third quarter were SEK 94 M (88), an increase of 7%. The cost increase is mainly related to higher costs within Influencer Marketing. Operating profit before depreciation and amortization (EBITDA) during the interim period amounted to SEK 66 M (53). Adjusted for change related items, EBITDA was SEK 70 M (56). Depreciation and amortisation were SEK 40 M (36). Operating profit thus amounted to SEK 26 (17) M during the interim period. Operating profit before depreciation and amortisation (EBITDA) in the third quarter was SEK 21 M (18). Adjusted for change related items, EBITDA was SEK 22 M (19). Depreciation and amortisation were SEK 14 M (12). Operating profit amounted to SEK 7 (6) M in the third qu a r te r. 489 619 532 532 525 21,8% 22,1% 22,2% 22,2% 21,9% 0% 5% 10% 15% 20% 25% 30% 35% 0 100 200 300 400 500 600 700 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Total Revenue (SEK M) & Gross Margin (%)
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tradedoubler.com 8 EBITDA (SEK M) & EBITDA/GP (%), adjusted for change related items Net financial items during the interim period were SEK -5 M (-13) where of exchange rates effects were SEK -2 M (-4). Financial income and expenses amounted to SEK -3 M (-10). Net financial items in the third quarter were SEK -2 M (-7), where of exchange rates effects were SEK -1 M (-1). Financial income and expenses amounted to SEK -1 M (-7). During the third quarter in 2024 T radedoubler divested all shares in Onbaz AB which resulted in a loss of SEK 5,5 M. Profit after tax during the interim period amounted to SEK 19 M (-1), corporate income tax was SEK -3 M (-4). Profit after tax during the third quarter amounted to SEK 3 M (-3), corporate income tax was SEK -2 M (-1). 19 41 26 22 22 17,3% 29,7% 20,9% 18,4% 19,5% 0% 5% 10% 15% 20% 25% 30% 35% 0 5 10 15 20 25 30 35 40 45 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25
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tradedoubler.com 9 Operational Segments If not explicitly stated, the disclosed financial information refers to reported numbers that are adjusted for change related. T radedoubler’s operational segments are presented at a regional level where T radedoubler’s segments consist of DACH (Germany and Switzerland), France & Benelux (France and the Netherlands), Nordics (Sweden, Norway, Denmark, Finland and Poland), South (Italy and Spain) and UK & Ireland (UK, Australia and USA). SEK M Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Revenue DACH 115 91 334 268 France & Benelux 87 72 260 220 Nordics 163 170 503 546 South 68 66 214 197 UK & Ireland 91 91 279 264 Tot a l Rev e nu e 525 489 1 589 1 494 EBITDA DACH 14,9 9,1 48,0 23,9 France & Benelux 2,6 1,3 11,3 3,2 Nordics 8,9 9,7 2 5,1 32,5 South 8,7 6,6 22,4 19,0 UK & Ireland 4,8 4,9 15,2 13,5 Tot a l 39,8 31,6 122,0 92,1 Group mgmt. & support functions -1 7,4 -12,5 -51,8 -36,6 EBITDA adjusted for change related items 22,4 19,0 70,1 55,5 Depreciation and impairment -13,6 -12,5 -39,6 -36,4 Change related items -1,6 -0,6 -4,1 -2,3 Operating profit as in consolidated income statement 7, 3 5,9 26,5 16,8 EBITDA adjusted for change related ítems / T otal revenue, % DACH 13,0 10,0 14,4 8,9 France & Benelux 2,9 1,7 4,7 1,6 Nordics 5,5 5,7 5,0 5,9 South 12,7 10,0 11,7 10,5 UK & Ireland 5,2 5,4 5,4 5,1 T otal EBITDA Margin 4,3 3,9 4,4 3,7
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tradedoubler.com 10 T otal revenue – operational segments T otal revenue during the interim period amounted to SEK 1 589 M (1 494), which is an increase by 6% compared to the same period last year. All regions increased their revenues compared to last year except for the Nordics. This decline in the Nordics region is related to weaker market sentiment. T otal revenue during the third quarter amounted to SEK 525 M (489), which was an increase of 7%. All segments except for the Nordics saw an increase in revenue compared to the same period last year. The decline in the Nordics is again mainly related to challenging market circumstances. EBITDA – operational segments EBITDA during the interim period in the operational segments, excluding group management and support functions, increased to SEK M 123 (92). The increase is mainly related to exceptional results from the DACH region. Group mgmt. & support functions amounted to -52 (-37). EBITDA during the third quarter in the operational segments, excluding group management and support functions, increased to SEK M 40 (32). The increase is mainly related to exceptional results from the DACH region. Group mgmt. & support functions amounted to -17 (-13).
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tradedoubler.com 11 Business Areas T radedoubler group is a leading global digital marketing technology and services provider with numerous different offerings. As highlighted on page two, the company is currently operating within two different business areas: Partner Marketing and Influencer Marketing. Note that these are not considered segments reported earlier in the report. The revenues from these business areas are part of the various segments reported under segment reporting. MSEK Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Revenue Partner Marketing 471 447 1 436 1 337 Influencer Marketing 54 42 153 117 Tot a l Rev e nu e 525 489 1 589 1 494 EBITDA Partner Marketing 34,9 2 6,7 1 07,1 78,6 Influencer Marketing 4,8 4,9 14,5 13,5 Group -1 7,3 -12,5 -51,5 -36,6 EBITDA adjusted for change related items 22,4 19,0 70,1 55,5 Depreciation and write-offs -13,6 -12,5 -39,6 -36,4 Change related items -1,6 -0,6 -4,1 -2,3 Operating profit (EBIT) 7, 3 5,9 26,5 16,8
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tradedoubler.com 12 To t a l Rev e n u e – Business Area s T otal revenue during the interim period amounted to SEK 1 589 M (1 494), which is an increase of 6% compared to the same period last year. Partner Marketing grew by 4% while Influencer Marketing grew by 31%. T otal revenue during the quarter amounted to SEK 525 M (489), which is an increase of 7% compared to the same period last year. Partner Marketing increased by 5% from the same period last year while Influencer Marketing increased by 28% from the same period last year. Partner Marketing - Revenue (M SEK) Influencer Marketing - Revenue (M SEK) 459 535 486 444 447 556 487 478 471 0 100 200 300 400 500 600 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 25 41 38 37 42 63 46 54 54 0 10 20 30 40 50 60 70 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25
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tradedoubler.com 13 EBITDA – Business Area s Adjusted EBITDA during the interim period amounted to SEK 70 M (56), the increase primarily relates to better results within Partner Marketing business which has increased its gross profit and at the same time kept the costs at the same level as last year. Adjusted EBITDA during the quarter amounted to SEK 22 M (19). The increase is mainly related to the Partner Marketing business which has increased its gross profit and at the same time kept the costs on a slightly lower level than last year. For the third quarter Adjusted EBITDA for Influencer Marketing is on the same level as last year, the decreased margin is related to investments within sales and product development for this business area. Partner marketing - EBITDA (MSEK), adjusted for change related items Influencer marketing - EBITDA (MSEK), adjusted for change related items 36 37 32 20 27 38 40 33 35 0 5 10 15 20 25 30 35 40 45 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 -1 4 3 5 5 14 4 5 5 -5 -3 -1 1 3 5 7 9 11 13 15 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25
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tradedoubler.com 14 Additional Information Cash Flow Cash flow from operating activities before changes in working capital, referring to EBITDA reduced by paid taxes, paid interest and non-cash items amounted to SEK 58 M (49) during the interim period. Changes in working capital were SEK 23 M (-24). Net investments in tangible and intangible assets during the interim period mainly related to product development amounted to SEK -25 M (-30). Net investments in financial assets amounted to SEK 0 M (0). During the first quarter, an additional purchase price of SEK 26 M was paid to the former owners of Kaha GmbH, that was acquired in 2023. The payment is split between 19 MSEK in changes in working capital and 7 MSEK in the investment of subsidiaries. Cash flow for the interim period amounted to SEK 34 M (-30). Cash flow from operating activities before changes in working capital was SEK 17 M (15) in the third quarter. Changes in working capital were SEK 58 M (16). The increase is exceptionally large and is largely due to significant payments from customers at the end of September , where publisher payments will be settled next month and will have a negative impact on fourth-quarter cash flow.. Net investments in tangible and intangible assets during the third quarter mainly related to product development amounted to SEK -9 M (-8). Investments in financial assets amounted to SEK 0 (0) M during the third qu a r te r. Cash flow for the quarter amounted to SEK 61 M (18). Financial Position Cash and cash equivalents at the end of the quarter amounted to SEK 105 M (40). Interest-bearing liabilities amounted to SEK 36 M (70) and relates to the loan agreements with Reworld Media S.A. Net cash hence amounted to SEK 68 M (-30) at the end of the third qu a r te r. In connection with the 2023 acquisition of Kaha GmbH, a conditional earn-out based on future performance targets was agreed. A provision has been recognized in the balance sheet and is measured at fair value. The assessment of the likely outcome remains unchanged compared to the 2024 year-end. Consolidated shareholders’ equity amounted to SEK 402 M (343) at the end of the quarter and the equity/asset ratio was 35.8 per cent (32.7). The return on equity during the rolling 12 months ending September 2025 was 4.3 per cent (3.7). Change Related Items For comparability reasons and to indicate the underlying performance, T radedoubler adjusts for change related items. The following items affect the comparability in this report.
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tradedoubler.com 15 The company’s change related items during the interim period amounted to SEK 4.1 M in costs and relates to SEK 0.6 M in severance payments, SEK 2.5 M relates to Reworld Media’s share program for management, and SEK 1.0 M relates to T radedoublers new share program for management. Seasonal V ariations T radedoubler’s operations fluctuate with the development of e-commerce and online advertising. There are seasonal variations particularly within e-commerce. The highest level of activity is on “Black Friday” and before Christmas, which implies that the first and the fourth quarter of a year are normally the strongest for T radedoubler. The Parent Company The parent company’s total revenue amounted to SEK 145 M (122) during the interim period and SEK 46 M (42) during the third quarter . Revenue primarily consisted of internal licensing revenue to subsidiaries. Operating profit (EBIT) was SEK 16 M (-2) during the interim period and SEK 5 M (0) during third qu a r te r. Net financial items amounted to SEK 16 M (-6) during the interim period and SEK 6 M (0) during the third quarter. Dividends from group companies during the interim period was SEK 14 M (5). Changes in exchange rates impacted with SEK 3 M (-1). Corporate taxes were SEK 0 M (0) during the interim period. Profit after tax was SEK 32 M (-8). The parent company’s receivables from group companies amounted to SEK 247 M (190) at the end of the quarter , of which none (0) were non-current. The parent company’s liabilities to group companies were SEK 161 M (141), of which none (0) were non-current. Cash and cash equivalents amounted to SEK 39 M (15) at the end of the quarter. No capitalisation of deferred tax on loss has been made since the assessment of the possibility of using deferred tax on loss carry forwards is unchanged compared to previous period. Employees On September 30th, 2025 T radedoubler’s staff corresponded to 366 (359) full-time equivalents (FTE) and included permanent and temporary employees as well as consultants. Risks and Uncertainty Factors T radedoubler divides risks into market-related risks, operational risks, financial risks and legal risks. These risks are described on page 36 in the 2024 Annual Report. No significant risks and uncertainty factors have arisen in addition to those described in the 2024 annual report.
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tradedoubler.com 16 Critical Estimates and Judgements T radedoubler divides risks into market-related risks, operational risks, financial risks and legal risks. These risks are described in note C2 in the 2024 Annual Report. No significant risks and uncertainty factors have arisen in addition to those described in the 2024 annual report. T ransactions with Related Parties T ransactions with the company’s principal owner The company’s principal owner, Reworld Media, has as a publisher in France received remuneration of EUR 31 K and EUR 36 K for provided HR support related to T radedoubler’s French subsidiary. Reworld Media has during 2025 been invoiced for purchased services from T radedoubler France of EUR 78 K in total. Other subsidiaries invoiced Reworld Media for purchased services with a total of EUR 0 K. A subsidiary of Reworld Media, Leadslab, has been invoiced from T radedoubler France for purchased services with a total of EUR 721 K. On the balance sheet day the loan from Reworld Media amounted to SEK 36 M. The loan was renegotiated in conjunction with the rights issue and has an amortization structure and matures in 2028. The loan is subscribed on market terms and the interest expense during the year has amounted to SEK 1.6 M. Amortizations of the loan have during the year amounted to SEK 3.9 M. The arm’s length principle has been applied on all these transactions. T ransactions with management and the board of directors Aside from transactions in the normal course of business or to the board and senior executives, the following first-party transactions have occurred during 2025. T radedoubler’s CEO Matthias Stadelmeyer has during the year received payment of EUR 18 K related to other services through his partly owned companies tryforyou GmbH and MY5 GmbH. During Q4 2020 T radedoubler’s German subsidiary signed a lease agreement regarding an office in Munich with a German company owned by multiple members of the board and group management. Rent is paid at market rates and the expenses during the interim period amounted to EUR 130 K. During 2022 a similar lease agreement for premises in Berlin has been signed. Contracting parties are T radedoubler’s German subsidiary and a German company owned by multiple members of the board and group management. Rent is paid at market rates and the expenses during the interim period amounted to EUR 62 K. During the fourth quarter of 2024, T radedoubler's French subsidiary signed a lease agreement for an office in Boulogne-Billancourt owned by several members of the board. Rent is paid at market rates and the expenses during the interim period amounted to EUR 328 K. Board member, Erik Siekmann is a company director and owner of the company TLDR Studios GmbH, which has received EUR 14.5 K in compensation for the production of podcasts for the company. The arm’s length principle has been applied on all these transactions.
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tradedoubler.com 17 Foreign Exchange Risk Foreign exchange risk refers to the risk that changes in exchange rates may affect the consolidated income statement, balance sheet and cash flow statement. Foreign exchange risk exists in the form of transaction risk and translation risk. T radedoubler is exposed to foreign exchange risk in 15 countries involving eleven different currencies, with Euro (EUR), Polish Zloty (PLN) and British pounds (GBP) representing the majority share. During the interim period approximately 47 (43) per cent of group sales were made in EUR, approximately 18 (22) in PLN and approximately 15 (17) per cent in GBP . Approximately 42 (42) per cent of the group’s operational costs were in EUR, approximately 13 (14) per cent in PLN, and approximately 10 (11) per cent in GBP . Net investments in foreign currency or transaction risks are not currently hedged. Exposure attributable to exchange rate fluctuation in client and supplier invoices is limited since invoicing to customers and from suppliers largely occurs in local currency for all companies in the group. T radedoubler has an outstanding loan with its principal owner Reworld Media S.A. This facility is denominated in EUR and currently not hedged. Significant events after the balance sheet date No significant events took place after the balance sheet date. Accounting policies T radedoubler applies International Financial Reporting Standards (IFRS) as adopted by the European Union. T radedoubler’s report for the Group is prepared in accordance with IAS 34, Interim Financial reporting and the Annual Accounts Act. Parent company accounts are prepared in accordance with the Annual Accounts Act. For the group and the parent company the same accounting principles and calculation basis’s have been applied as in the latest annual report. For financial instruments reported at amortised cost; accounts receivables, other current receivables and cash and cash equivalents, accounts payables and other current liabilities are deemed to correspond to carrying amount. Long term loans are measured at amortized cost, where accrued cost is determined based on the effective interest rate measured when the liability was carried. The fair value of other liabilities is not deemed to deviate materially from the carrying amount. No new or amended standards have been applied in 2025. For information on the accounting policies applied, see the 2024 annual report. The share The total number of shares at the end of the quarter was 61,236,598 (45,927 ,449), of which 790,760 (790,760) were in own custody. The average number of outstanding shares during the quarter was 60,445,838 ( 45, 136,689 ). Earnings per share, before and after dilution, amounted to SEK 0.31 (-0.02) during the interim period. Equity per share amounted to SEK 6.57 ( 7.47) at the closing date.
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tradedoubler.com 18 The share price closed at SEK 7.6 on the final trading day of the quarter , which was higher than at year-end 2024 when the share price closed at SEK 3,62. Share price related incentive program The Annual General Meeting 2025 resolved to adopt two share price related incentive programs (the “Programs”) for six senior executives and the Board of Directors. For more information see Report from T radedoubler’s Annual General Meeting During the interim period, the cost of the incentive program amounted to SEK 1,043 K, of which SEK 753 K has been recognized as personnel expenses with a corresponding increase in equity, and SEK 290 K relates to the provision for social costs for the program. Long term financial targets T radedoubler’s long-term financial targets are to grow total revenue in excess of 10 percent annually in local currency and deliver an EBITDA/Gross profit ratio in excess of 25 percent over a business cycle. Annual report The annual report 2024 is available on T radedoubler’s website. Shareholders who would like to receive the annual report by post are requested to contact T radedoubler at ir@tradedoubler .com or by telephone +46 8 405 08 00 Contact information Matthias Stadelmeyer, President and CEO, telephone +46 8 405 08 00 Viktor Wågström, CFO, telephone +46 8 405 08 00. E-mail: ir@tradedoubler.com Financial information Ye a r-end report 2025 12 February 2026 English version Both an English version and a Swedish version of this report have been prepared. In the event of a difference between the two reports, the Swedish version shall prevail. Other T radedoubler 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 31 st of October 2025 at 08.00 a.m. CET . Numerical data in brackets refers to the corresponding periods in 2024 unless otherwise stated. Rounding off differences may arise.
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tradedoubler.com 19 Review This interim report has not been reviewed by the company’s auditor Ernst & Young AB. The Board of Directors’ declaration The Board of Directors and the CEO declare that the interim report provides a true and fair overview of the Parent Company’s and the Group’s operations, financial position and results of operations as well as describing the material risks and uncertainties facing the Parent Company and other companies in the Group. Stockholm, 31 October 2025 Pascal Chevalier Chairman Jérémy Parola Board member Gautier Normand Board member Xavier Pénat Board member Erik Siekmann Board member Matthias Stadelmeyer President and CEO
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tradedoubler.com 20 Financial Reporting Consolidated income statement SEK 000’ s Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Net Sales 524 072 488 126 1 586 935 1 488 428 Other revenue 779 1 162 2 226 5 981 Tot a l r ev e nu e 524 851 489 287 1 589 162 1 494 409 Cost of goods sold -409 788 -382 717 -1 237 905 -1 172 823 Gross profit 115 064 106 571 351 257 321 586 Selling expenses -75 267 -74 841 -228 392 -225 680 Administrative expenses -21 248 -14 814 -61 065 -46 536 Development expenses -11 297 -10 970 -35 338 -32 591 Operating profit 7 252 5 946 26 462 16 780 Net financial items -2 420 -7 477 -4 741 -13 238 Profit before tax 4 831 -1 531 21 720 3 541 Tax -1 825 -1 295 -3 146 -4 343 Net Profit 3 006 -2 826 18 574 -801 Consolidated statement of comprehensive income SEK 000’ s Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Profit for the period, after tax 3 006 -2 826 18 574 -801 Other comprehensive income Items that subsequently will be reversed in the income statement T ranslation difference, net after tax -4 781 -1 057 -18 012 9 295 T otal comprehensive income for the period, after tax -1 7 74 -3 884 561 8 494 Comprehensive income attributable to: Parent company shareholders -1 7 74 -3 884 561 8 494
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tradedoubler.com 21 SEK Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Earnings per share, before and after dilution 0,05 -0,06 0,31 -0,02 Number of Shares - Weighted average 60 445 838 45 136 689 60 445 838 45 136 689 Key ratios Group SEK M Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Gross profit (GP) / revenue (%) 21,9 21,8 2 2 ,1 21,5 EBITDA / revenue (%) 4,0 3,8 4,2 3,6 EBITDA / gross profit (GP) (%) 1 8,1 1 7,3 18,8 16,5 Equity/assets ratio (%) 35,8 32,7 35,8 32,7 Return on equity (12 months) (%) 4,3 3,7 4,3 3,7 Average number of employees 358 362 360 357 Return on Capital Employed (12 months) (%) 6,8 6,4 6,8 6,4 Working Capital end of period (SEK M) -140 -106 -140 -106 Cash flow from operating activities per share, SEK 1,23 0,69 1,35 0,57 Equity per share, SEK 6,57 7,4 7 6,57 7,4 7 Stock price at the end of the period, SEK 7,6 0 3,39 7,6 0 3,39 Consolidated statement of changes in equity SEK 000’ s Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Opening balance 402 695 346 376 398 554 333 247 T otal comprehensive income for the period -1 774 -3 884 561 8 494 Equity-settled share-based compensation 1 204 752 3 009 1 504 Closing balance 402 124 343 244 402 124 343 244
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tradedoubler.com 22 Consolidated statement of financial position SEK 000’ s 30 Sep 2025 30 Sep 2024 31 Dec 2024 Assets Goodwill 373 188 382 528 388 344 Intangible fixed assets 78 683 81 043 80 347 T angible fixed assets 3 969 4 629 4 414 Right-of-use assets 44 455 48 324 56 760 Other non-current receivables 10 147 9 510 10 565 Shares and participation in associated companies 0 0 0 Deferred tax assets 18 394 17 499 18 701 T otal non-current assets 528 836 543 534 559 131 Accounts receivable 411 636 395 345 513 756 T ax assets 9 216 8 091 7 403 Other current receivables 12 623 15 271 18 162 Prepaid expenses and accrued income 55 853 47 860 69 311 Cash & cash equivalents 104 455 40 492 78 415 T otal current assets 593 783 507 058 687 047 T otal assets 1 122 619 1 050 593 1 246 178 Equity and liabilities Shareholders’ equity 402 124 343 244 398 554 Deferred tax liabilities 1 560 1 875 1 560 Other provisions 2 087 3 118 2 353 Lease liabilities long-term 28 978 33 816 38 273 Other interest-bearing debts 28 659 42 371 33 055 Other long-term debts 5 909 10 283 23 265 T otal non-current liabilities 67 192 91 462 98 506 Current interest-bearing debts 7 740 27 911 8 041 Accounts payable 25 207 15 889 22 214 Current liabilities to publishers 423 686 376 315 494 371 T ax liabilities 10 000 9 024 9 760 Lease liabilities short-term 15 152 14 310 18 325 Other current liabilities 171 518 172 437 196 406 T otal current liabilities 653 302 615 886 749 117 T otal shareholder´s equity and liabilities 1 122 619 1 050 593 1 246 178
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tradedoubler.com 23 Consolidated statement of cash flows SEK 000’ s Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Operating activities Profit before tax 4 831 -1 531 21 720 3 541 Adjustments for items not included in cashflow 9 656 20 143 41 329 50 863 Income taxes paid/received 2 406 -3 161 -4 871 -5 033 Cashflow from operating activities before changes in working capital 16 894 15 450 58 178 49 371 Changes in working capital 57 566 15 649 23 479 -23 829 Cashflow from operating activities 74 460 31 099 81 657 25 542 Investing activities Investments in intangible assets -8 479 -8 167 -24 084 -27 892 Investments in tangible assets -1 134 -40 -1 068 -1 680 Investments in financial assets -66 0 38 71 Acquisition of subsidiaries* -129 0 -7 301 -5 886 Sale of fixed assets 401 2 404 15 Cashflow from investing activities -9 408 -8 204 -32 011 -35 372 Financing activities New external loan 362 0 362 0 Repayment of external loans 0 0 -3 901 -6 944 Payment of finance lease liability -4 146 -4 422 -12 098 -13 055 Cashflow from financing activities -3 784 -4 422 -15 637 -19 999 Cashflow for the period 61 268 18 472 34 009 -29 829 Cash and cash equivalents On the opening date 45 053 21 558 78 415 70 203 T ranslation difference in cash and cash equivalents - 1 865 462 -7 969 118 Cash and cash equivalents on the closing date 104 455 40 493 104 455 40 492 Adjustments for non-cash items Depreciation and impairment 13 566 12 498 39 565 36 428 Other -3 910 7 645 1 764 14 435 Tot a l n o n-cash items 9 656 20 143 41 329 50 863 *Part of the Additional Purchase Price paid in the first quarter of 2025 from 19,058 thousand SEK has been moved to change in working capital.
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tradedoubler.com 24 Income statement Parent company SEK 000’ s Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Net Sales 46 133 41 358 144 041 120 538 Other revenue 252 437 1 019 1 331 T otal revenue 46 385 41 796 145 061 121 869 Cost of goods sold -12 721 -13 882 -43 107 -41 046 Gross profit 33 664 27 914 101 953 80 823 Selling expenses -290 -601 -942 -1 197 Administrative expenses - -17 956 -18 528 -55 481 -55 147 Development expenses -9 986 -8 980 -29 515 -26 200 Operating profit 5 431 -196 16 016 -1 721 Net financial items 5 648 -89 16 248 -6 029 Profit before tax 11 079 -285 32 264 -7 750 Tax - - - - Net profit 11 079 -285 32 264 -7 750
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tradedoubler.com 25 Balance sheet Parent company SEK 000’ s 30 Sep 2025 30 Sep 2024 30 Dec 2024 Assets Intangible assets 78 413 80 665 80 020 Equipment, tools, fixtures and fittings 1 050 1 303 1 275 Participation in group companies 217 844 217 844 217 844 Deferred tax assets 14 24 14 Tot a l n o n-current assets 297 321 299 837 299 153 Accounts receivable 4 377 6 018 10 429 Receivables from Group companies 247 346 189 993 288 631 T ax assets 1 844 1 844 1 014 Other current receivables 6 664 5 040 4 027 Cash & cash equivalents 38 923 14 711 34 319 T otal current assets 299 154 217 606 338 420 T otal assets 596 476 517 443 637 574 Shareholders’ equity and liabilities Shareholders’ equity 193 275 116 607 161 011 Other interest-bearing debts 28 298 42 371 33 055 Other non-current liabilities 5 909 10 283 23 265 Tot a l n o n-current liabilities 34 207 52 654 56 320 Current interest-bearing debts 7 740 27 911 8 041 Accounts payable 9 540 527 6 204 Liabilities to Group companies 160 930 140 748 161 307 Other current liabilities 190 785 178 996 244 691 T otal current liabilities 368 995 348 182 420 243 T otal shareholder‘s equity and liabilities 596 476 517 443 637 574
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tradedoubler.com 26 Consolidated income statement SEK 000’ s Jul- Sep 2025 Apr- Jun 2025 Jan- Mar 2025 Oct- Dec 2024 Jul- Sep 2024 Apr- Jun 2024 Jan- Mar 2024 Oct- Dec 2023 Net Sales 524 072 531 362 531 502 612 746 488 126 476 712 523 590 573 649 Other revenue 779 569 878 6 246 1 162 4 742 78 1 745 Tot a l revenue 524 851 531 931 532 380 618 991 489 287 481 454 523 668 575 393 Cost of goods sold -409 788 -413 991 -414 126 -482 466 -382 717 -373 184 -416 922 -457 470 Gross profit 115 064 117 940 118 253 136 526 106 571 108 270 106 746 117 924 T otal costs -107 812 -111 027 -105 956 -133 507 -100 625 -106 484 -97 698 -101 931 Operating profit 7 252 6 912 12 297 3 018 5 946 1 786 9 048 15 992 Net financial items -2 420 -5 351 3 030 -376 -7 477 136 -5 897 1 476 Profit before tax 4 831 1 562 15 327 2 643 -1 531 1 922 3 151 17 468 Tax -1 825 1 949 -3 270 -5 026 -1 295 -1 271 -1 777 -4 158 Net Profit 3 006 3 510 12 057 -2 384 -2 826 651 1 374 13 310
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tradedoubler.com 27 Consolidated statement of financial position SEK 000’ s 30 Sep 2025 30 Jun 2025 31 Mar 2025 31 Dec 2024 30 Sep 2024 30 Jun 2024 31 Mar 2024 31 Dec 2023 Assets Intangible fixed assets 451 871 456 104 449 629 468 691 463 572 463 915 462 813 446 556 Other fixed assets 76 965 80 180 81 684 90 440 79 963 90 891 95 899 95 257 Current receivables 489 328 501 569 500 256 608 632 466 566 485 426 513 026 540 152 Cash & cash equivalents 104 455 45 053 48 330 78 415 40 492 21 558 47 648 70 203 T otal assets 1 122 619 1 082 906 1 079 899 1 246 178 1 050 593 1 061 789 1 119 386 1 152 168 Shareholders’ equity and liabilities Shareholders’ equity 402 124 402 695 390 001 398 554 343 244 346 376 349 728 333 247 Long-term non-interest- bearing debt 38 533 41 718 58 923 65 451 49 091 52 272 71 137 72 002 Long-term interest- bearing debt 28 659 28 411 31 335 33 055 42 371 42 339 71 162 68 263 Current non- interest- bearing debt 645 562 602 280 592 046 741 076 587 976 592 745 620 352 671 909 Current interest- bearing debt 7 740 7 803 7 594 8 041 27 911 28 058 7 007 6 746 Tot a l 1 122 619 1 082 906 1 079 899 1 246 178 1 050 593 1 061 789 1 119 386 1 152 168
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tradedoubler.com 28 Consolidated cash flow statement SEK 000’ s Jul- Sep 2025 Apr- Jun 2025 Jan- Mar 2025 Oct- Dec 2024 Jul- Sep 2024 Apr- Jun 2024 Jan- Mar 2024 Oct- Dec 2023 Operating activities Profit before tax 4 831 1 562 15 327 2 643 -1 531 1 922 3 151 17 468 Adjustments for items not included in cash flow 9 656 30 947 726 62 879 20 143 10 419 20 300 14 498 Tax pa id 2 406 -3 384 -3 894 -4 825 -3 161 1 095 -2 967 -1 609 Cash flow from changes in working capital 57 566 -12 551 -21 536 -30 345 15 649 -16 761 -22 717 12 690 Cash flow from operating activities 74 460 16 574 -9 377 30 352 31 099 -3 324 -2 233 43 047 Cash flow from investing activities -9 408 -8 498 -14 105 -9 380 -8 204 -11 567 -15 601 -8 939 Cash flow from financing activities -3 784 -7 991 -3 863 14 999 -4 422 -11 318 -4 258 -12 827 Cash flow for the period 61 268 86 -27 345 35 971 18 472 -26 209 -22 092 21 281 Cash and cash equivalents On the opening date 45 053 48 327 78 416 40 493 21 558 47 649 70 204 48 450 Translation difference -1 865 -3 360 -2 743 1 952 462 119 -463 472 Cash and cash equivalents on the closing date 104 455 45 053 48 327 78 416 40 493 21 558 47 649 70 204
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tradedoubler.com 29 Key ratios Group SEK 000’ s Jul- Sep 2025 Apr- Jun 2025 Jan- Mar 2025 Oct- Dec 2024 Jul- Sep 2024 Apr- Jun 2024 Jan- Mar 2024 Oct- Dec 2023 Gross profit (GP) / revenue (%) 21,9 22,2 22,2 2 2 ,1 21,8 22,5 20,4 20,5 EBITDA / revenue (%) 4,0 3,8 4,6 2,6 3,8 2,9 4,0 5,0 EBITDA / gross profit (GP) (%) 1 8,1 1 7,4 20,9 12,0 1 7,3 12,9 19,5 24,5 Equity/assets ratio (%) 35,8 3 7, 2 3 6,1 32,0 32,7 32,6 31,2 28,9 Return on equity last 12 months (%) 4,3 6,0 3,1 -0,9 3,7 6,2 5,8 7,9 Average number of employees 358 359 363 362 362 356 353 334 Return on Capital Employed last 12 months (%) 6,8 5,3 4,2 3,6 6,4 7,7 8,6 9,7 Working capital at the end of the period (SEK M) -140 -89 -74 -112 -106 -89 -90 -113 Cash flow from operating activities per share, SEK 1,23 0,27 -0,1 6 0,51 0,69 -0,07 -0,05 0,07 Equity per share, SEK 6,6 6,6 6,4 6,5 7,5 7,5 7,6 7,3 Stock price at the end of the period, SEK 7,6 0 6,00 5,60 3,62 3,39 4,1 8 4,57 4,37
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tradedoubler.com 30 Segments SEK M Jul- Sep 2025 Apr- Jun 2025 Jan- Mar 2025 Oct- Dec 2024 Jul- Sep 2024 Apr- Jun 2024 Jan- Mar 2024 Oct- Dec 2023 DACH T otal revenue 114,7 113,9 105,5 116,9 90,7 83,3 93,9 8 5,1 EBITDA, adjusted for change related items 14,9 1 8,1 15,1 13,8 9,1 6,5 8,4 4,9 France & Benelux T otal revenue 8 7,4 8 7,9 84,3 92,4 7 2 ,1 73,4 74,5 98,3 EBITDA, adjusted for change related items 2,6 1,8 6,9 3,8 1,3 1,5 0,5 6,3 Nordics T otal revenue 163,4 164,7 175,0 200,2 169,6 178,0 198,0 2 3 7,3 EBITDA, adjusted for change related items 8,9 7,1 9,0 15,1 9,7 9,1 13,7 16,6 South T otal revenue 68,5 74,8 70,3 94,5 66,0 6 5,1 66,0 7 7,8 EBITDA, adjusted for change related items 8,7 6,5 7,3 11,2 6,6 4,5 7,8 9,9 UK & Ireland T otal revenue 91,0 90,7 9 7, 2 115,1 90,9 81,7 91,1 7 7,0 EBITDA, adjusted for change related items 4,8 4,0 6,4 7,8 4,9 3,9 4,7 3,5 Group management & support functions T otal revenue - - - - - - - - EBITDA, adjusted for change related items -1 7,4 -15,9 -18,5 -11,3 -12,5 -10,7 -13,4 -11,6 Tot a l Total revenue 524,9 531,9 532,4 619,0 489,3 481,5 52 3,7 575,4 EBITDA, adjusted for change related items 22,4 21,6 2 6,1 40,5 19,0 14,7 21,8 29,6
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tradedoubler.com 31 Key Ratios & Definitions T radedoubler uses the key ratios of capital employed and equity to enable the reader to assess the possibility of dividend, implementation of strategic investments and the group’s ability to meet financial commitments. Further, T radedoubler use the key ratio EBITDA excluding change related items for investors to be able to understand the underlying business performance. Capital employed T otal assets less current and long-term noninterest-bearing liabilities, including deferred tax liabilities. Cash flow from operating activities per share Cash flow from operating activities divided by average number of outstanding shares. Change related items Change related items refer to non-recurring items that are disclosed separately to make it easier for the reader to understand the underlying change in revenue and expenses in the comparison between periods. EBITDA EBITDA is revenue before tax, net financial items and depreciation/amortization and impairment. EBITDA-margin or EBITDA/Revenue EBITDA as a percentage of revenue. Equity / assets ratio Shareholders’ equity as a percentage of total assets. Equity per share Shareholders’ equity divided by the number of outstanding shares. Gross profit (GP) / Revenue Gross profit divided by net sales. Net margin Profit after tax as a percentage of sales. Operating margin Operating profit as a percentage of revenue. Return on shareholders’ equity Revenue for the period as a percentage of the average shareholders’ equity, calculated as open and closing shareholders’ equity divided by two. Return on capital employed Operating profit plus interest income as a percentage of average capital employed, calculated as opening and closing capital employed divided by two. Revenue per share Revenue of the year divided by the average number of shares. Revenue per share before and after dilution
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tradedoubler.com 32 Revenue of the year divided by the average number of shares after full dilution. Share price / equity Share price divided by shareholders’ equity per share. Stock price at the end of the period T radedoubler’s share price last trading day for the period. Working capital T otal current assets (excluding tax assets) less cash and cash equivalents, and total current non-interest-bearing liabilities (Excluding short-term lease liabilities and tax liabilities).
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tradedoubler.com 33 T radedoubler AB Centralplan 15, 3tr SE-111 20 Stockholm Phone: +46 8 40 50 800 E-mail: ir@tradedoubler .com