• Total revenue amounted to SEK 484 M (389) an increase of 25% or 13% adjusted for changes in exchange rates compared to the same period last year.
• Gross profit was SEK 98 M (80) an increase of 23% or 11% adjusted for changes in exchange rates. Gross margin was 20.3% (20.6). 
• Operating costs excluding depreciation and adjusted for change related items were SEK 77 M (62), an increase of 24% or 15% adjusted for changes in exchange rates. 
• EBITDA amounted to SEK 21 M (15). Adjusted for change related items, EBITDA was SEK 21 M (18).
• Investments in tangible and intangible fixed assets, mainly related to product development, were SEK 10 M (7).
• Cash flow from operating activities was SEK 3 M (9).
• Earnings per share, before and after dilution were SEK 0.13 (0.05).

• Total revenue amounted to SEK 1 411 M (1 176), which is an increase compared to the same period last year by 20% or 11% adjusted for changes in exchange rates.
• Gross profit was SEK 296 M (244) an increase of 21% and 12% adjusted for changes in exchange rates. Gross margin excluding change related items was 21,0% (20.8).
• Operating costs excluding depreciation and adjusted for change related items were SEK 233 M (188), an increase of 24% or 18% adjusted for changes in exchange rates. 
• EBITDA amounted to SEK 62 M (53). Adjusted for change related items, EBITDA was SEK 63 M (56).
• Investments in tangible and intangible fixed assets, mainly related to product development, were SEK 28 M (23). 
• Cash flow from operating activities was SEK 31 M (27) and the sum of cash and interest-bearing financial assets was SEK 48 M (78) at the end of the period. Net cash in end of the period was SEK -35 M (-15).
• Earnings per share, before and after dilution were SEK 0.27 (0.32).
• In the second quarter, Tradedoubler acquired Kaha GmbH, a Berlin based tech company within the influencer space. This acquisition has impacted goodwill by SEK 56 M and cashflow with SEK -21 M.

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CEO Matthias Stadelmeyer's comments

We look at a satisfactory third quarter 2023. Our growth rates and margins are on similar levels as the quarters before, but we saw some market circumstances affecting our business. Reduced budgets and economic challenges of advertisers in some markets have led to lower spendings during summer. Since mid-September the business picked up again and we were able to grow our business on similar growth rates as before.  

In Q3 revenue grew by 13% and gross profit by 11% on currency adjusted terms. EBITDA was SEK 21 M which is an improvement compared to last year and to Q2. The gross margin is stable at 20,3% and the EBITDA margin increased to 4,3% which is still a little bit lower than in Q3 last year but improved compared to Q2. 

Compared to the quarters before we have recruited less employees as we think we are well- staffed to execute our plans, both in our core business, as well as for our new products. With 336 employees we are 46 people more than at the same time last year which is the main reason for the increase of costs. We will continue to invest into our teams and products on reasonable terms.

Regions & Products
We were able to continue to grow our business in all Tradedoubler regions. I am especially pleased by the development of the UK where we made a big step forward which confirms our long-term strategy for this market.  The only market that developed slower than expected is France. There we are currently not able to keep the level of the business of our subsidiary R Advertising which is doing email marketing. The business of Tradedoubler France develops positively.

All business lines of Tradedoubler which are the core business Affiliate Marketing, Grow (affiliate self-serve platform), Metapic (influencer marketing), Appiness (mobile campaigns) and Cost-per-lead (CPL) campaigns are growing, with Appiness and Metapic having the highest growth rates.
 

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 3 November 2023. Numerical data in brackets refers to the corresponding periods in 2022 unless otherwise stated. Rounding off differences may arise.