Tradedoubler Year-End Report January - December 2025
The fourth quarter, October - December 2025
- Total revenue amounted to SEK 633 M (619), an increase of 2% or 7% adjusted for changes in exchange rates compared to the same period last year.
- Gross profit was SEK 141 M (137), an increase of 4% or 8% adjusted for changes in exchange rates. Gross margin was 22.3% (22.1).
- Operating costs excluding depreciation were SEK 147 M (120), an increase of 22%. Operating cost, excluding depreciation and change related items, were SEK 99 M (96), an increase of 3% or 7% adjusted for changes in exchange rates. The increased costs are mainly related to increased salary costs and the revaluation of SEK 44 (24) M of the performance-based purchase price related to the acquisition of KAHA GmbH.
- EBITDA amounted to SEK -5 M (16). Adjusted for change related items, EBITDA was SEK 42 M (41), an increase of 4% or 12% adjusted for changes in exchange rates.
- Investments in immaterial assets, mainly related to product development, were SEK 8 M (8).
- Cash flow from operating activities was SEK 40 M (30). The change in working capital was SEK 7 (-30) M, where the timing of payments from customers had a large positive impact this quarter. Net cash amounted to SEK 94 M (37) at the end of the fourth quarter.
- Earnings per share, before and after dilution, were SEK -0.29 (-0.04).
The financial year, January-December 2025
- Total revenue amounted to SEK 2 222 M (2 113), which is an increase compared to the same period last year by 5% or 8% adjusted for changes in exchange rates.
- Gross profit was SEK 493 M (458), an increase of 8% or 11% adjusted for changes in exchange rates. Gross margin excluding change related items was 22.2% (21.7).
- Operating costs excluding depreciation were SEK 432 M (389), an increase of 11%. Operating costs, excluding depreciation and change related items, were SEK 380 M (362), an increase of 5% or 8% adjusted for changes in exchange rates.
- EBITDA amounted to SEK 61 M (70). Adjusted for change related items, EBITDA was SEK 112 M (96), an increase of 17% or 23% adjusted for changes in exchange rates.
- Investments in intangible assets, mainly related to product development, were SEK 32 M (37).
- Cash flow from operating activities was SEK 122 M (56). Changes in working capital were SEK 31 (-54) M.
- Earnings per share, before and after dilution, were SEK 0.02 (-0.07).
Letter from the CEO
Dear Fellow Shareholders,
2025 was a year of continued progress for Tradedoubler, marked by solid growth, improving underlying profitability and important strategic decisions that position the company for the next phase of development.
For the full year, revenue increased by 8% adjusted for currency effects to SEK 2,222 M, while gross profit grew by 11% currency adjusted to SEK 493 M, with a gross margin of 22.2%. Adjusted EBITDA amounted to SEK 112 M, corresponding to a 23% increase adjusted for currency effects, reflectng improved underlying performance across the Group.
Cash flow from operating activities strengthened significantly to SEK 122 M, and we ended the year with a strong net cash position of SEK 94 M, providing financial flexibility and resilience.
Performance in the Fourth Quarter
The fourth quarter was operationally solid, with revenue growth of 7% and gross profit growth of 8% adjusted for currency effects. Adjusted EBITDA increased to SEK 42 M, supported by strong performance in several regions and continued growth in Influencer Marketing. FX fluctuations impacted EBITDA in a substantial way during the quarter, if applying last years rates, EBITDA would have been approx. SEK 2.5 M higher. Adjusted EBITDA grew by 12% adjusted for currency effects.
Reported EBITDA and EBIT for the quarter were negatively impacted by change-related items, primarily driven by the revaluation of the performance-based purchase price related to the acquisition of KAHA GmbH, reflecting improved expectations for future performance. Excluding these items, the underlying business continued to perform in line with our expectations.
Financial Targets
Our long-term financial targets are an EBITDA margin of 25% and revenue growth of 10%. While neither target was reached during the year, the adjusted EBITDA margin improved to 23% from 21%, reflecting continued progress in profitability and operational discipline.
These targets are long-term in nature, and we remain strongly committed to achieving them. In Partner Marketing, our focus is on strengthening profitability through a more selective cost structure and disciplined risk management. At the same time, we continue to invest in Metapic as our primary growth engine, scaling the platform where we see clear momentum, strong client demand and long-term value creation.
Partner Marketing
Throughout the year, we continued to strengthen our client portfolio and market position. We won several large international brands, including Warner Bros., Hackett, and Saily, across multiple European markets, demonstrating the relevance and scalability of our offering.
As communicated before, a limited number of larger clients reduced or stopped their activities in Partner Marketing with us. While this will have some impact on future comparisons, it is part of the normal dynamics of our business. Our diversified revenue base, growing product portfolio and strong pipeline provide a solid foundation for continued growth.
Generally, we feel headwinds from the economic climate in Partner Marketing, with lower business volumes and reducing of marketing budgets. While the business continues to grow, this growth is on lower levels than in previous periods.
Metapic
Metapic continued to show strong momentum during the year, with order value growth over 50% across markets. France was the fastest-growing country with order value almost tripling compared to last year. Successful launches in Denmark, Belgium and Portugal further confirmed Metapic's European market leadership. A growing share of revenue now comes from outside traditional Influencer Marketing verticals such as Fashion and Beauty, reflecting successful diversification into the Finance and App sectors. The rebranding completed during the summer increased the platform's attractiveness to both brands and creators.
Market trends are developing positively for Metapic, Influencer Marketing remains one of the fastest-growing digital marketing segments, as brands increasingly prioritize performance, transparency and scalable creator partnerships. This shift aligns well with Metapic's offering, positioning Tradedoubler at the right time and place to capture market demand. At the same time, increasing ad fatigue is driving consumer demand for authentic recommendations, which Metapic enables by connecting creators with brands they genuinely value. Looking ahead, the planned app launch in the first half of 2026 is expected to increase link-sharing activity.
Building Tradedoubler for an AI-Driven Market
Artificial intelligence is becoming a fundamental driver of efficiency, scalability and competitiveness. During the year, we have continued to integrate AI across our platforms and internal processes. At the same time, Tradedoubler's core strength is rooted in the advertiser and publisher networks it has built over many years. These networks are the result of sustained relationship-building, local market presence, and human expertise, assets that cannot be replicated or automated. AI is deployed to amplify this foundation across an ecosystem that remains fundamentally people-driven.
Internally, AI is helping streamline workflows and reduce manual or repetitive processes, enabling our teams to focus more on strategic and value-adding activities. These investments are supporting margin resilience as the business scales.
Outlook
We enter 2026 with a strong financial position, improved underlying profitability and a clear strategic direction. While market conditions and client dynamics will continue to evolve, our focus remains unchanged: to build an increasingly scalable, automated and intelligent Tradedoubler, capable of delivering sustainable growth and long-term value.
I would like to thank our employees for their commitment and adaptability during a year of both execution and transformation, as well as our clients, publishers and shareholders for their continued trust and support. Together, we are shaping the next generation of performance marketing.
Presentation
Tradedoubler will present its report in a webcast on 12 February at 10:00 a.m. The presentation will be followed by a Q&A session. For more information and to register, please visit: https://www.redeye.se/events/1144822/live-q-tradedoubler-4
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
Other information
This information is information that Tradedoubler AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08.00 CET on 12 February 2026. Numerical data in brackets refers to the corresponding periods in 2024 unless otherwise stated. Rounding off differences may arise.
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