The first quarter, January - March 2026
- Total revenue amounted to SEK 538 M (532), an increase of 1% or 6% adjusted for changes in exchange rates compared to the same period last year.
- Gross profit was SEK 117 M (118), a decrease of 1% or increase of 4% adjusted for changes in exchange rates. Gross margin was 21.7% (22.2).
- Operating costs excluding depreciation were SEK 105 M (94), an increase of 12%. Operating cost, excluding depreciation and change related items, were SEK 94 M (92), an increase of 1% or 5% adjusted for changes in exchange rates. Costs increased primarily due to restructuring expenses related to personnel layoffs and organizational change. Approximately 25 positions were affected, resulting in a one-time cost of SEK 10 M. The expected annual savings from these measures are estimated at SEK 17 M. More information on page 7.
- EBITDA amounted to SEK 12 M (25). Adjusted for change related items, EBITDA was SEK 23 M (26), a decrease of 10% or 2% adjusted for changes in exchange rates.
- Investments in immaterial assets, mainly related to product development, were SEK 9 M (7).
- Cash flow from operating activities was SEK -20 M (-9). The change in working capital was SEK -28 (-22) M, where the timing of payments from customers had a large positive impact end of last year. Net cash amounted to SEK 51 M (9) at the end of the first quarter.
- Earnings per share, before and after dilution, were SEK -0.08 (0.20).
- Tradedoubler initiated buy-backs of ordinary shares on 20 March 2026 in accordance with the authorization from the annual general meeting on 20 May 2025. From March 20, 2026, up to and including March 31, 2026, a total of 25,785 ordinary shares have been repurchased within the framework of the program. In total, a maximum of 1,544,584 ordinary shares may be repurchased. The progress of the buy-back program is announced on a weekly basis via press releases.
Letter from the CEO
Dear Fellow Shareholders,
We started 2026 with a quarter that developed broadly as expected. We focused on executing planned changes and laying the foundation for our next phase of growth including a strategic repositioning of the company.
In the first quarter, revenue increased by 6% adjusted for currency effects to SEK 538 M, while gross profit grew by 4% currency adjusted to SEK 117 M, with a margin of 21.7%. Adjusted EBITDA amounted to SEK 23 M, a decrease of 10% compared to last year, or broadly stable when adjusted for currency effects.
We ended the quarter with a net cash position of SEK 51 M, maintaining a solid financial foundation despite a negative operating cash flow of SEK -20 M, primarily driven by normal working capital movements following strong collections at the end of 2025.
As previously communicated, the main deviation in the result compared to prior quarters is related to the termination of a larger client campaign, which impacts comparability in the first half of 2026. In addition, the quarter was characterized by a slow start in January, followed by a clear improvement in activity levels in February and March, where business regained momentum.
Overall, the performance reflects a business that is stable, adapting to structural changes and well positioned for the future.
Executing on Our Next Phase of Growth
During the first quarter, we took a significant step in repositioning the company for its next phase.
We are introducing a new name for the group that will operate under the new name Nyorda, reflecting the evolution of our business into a portfolio of distinct, focused product brands. This structure allows us to operate with greater clarity: one strong core business generating cash, complemented by multiple growth engines and new strategic initiatives aligned with where the market is heading.
The new positioning is not just a branding change. It is a structural shift in how we manage the company - with sharper priorities, sharper capital allocation and a stronger focus on long-term value creation.
The renaming of the company to Nyorda AB is subject to AGM and authority approvals.
Partner Marketing as Our Profit Engine
Within this structure, Partner Marketing is managed under the brand of Tradedoubler with a focus on profitable growth while remaining to be the foundation of our business.
During the quarter, we executed a restructuring of this business, including the reduction of around 25 positions, resulting in one-time costs of SEK 10 M and expected annual savings of approximately SEK 17 M.
These measures have already been implemented and will strengthen our cost base and improve efficiency going forward. Our objective is clear: to increase profitability, reduce risks and improve operating leverage, bringing us closer to our long-term target of a 25% EBITDA/Gross Profit margin.
Launching Emna.ai - A New Strategic Capability
A key milestone in the quarter was the pre-launch of Emna.ai, our new business focused on AI-driven discovery.
Consumer behavior is shifting rapidly. Discovery is moving from traditional search and clicks towards AI-driven answers and recommendations. This fundamentally changes how brands need to ensure visibility.
Together with Reworld Media SA, Tradedoubler's majority shareholder, we have built a solution that goes beyond analysis.
Emna.ai provides clients with clear visibility insights in AI-driven environments, combined with the ability to directly act on these insights through our partner network.
This combination - measurement and execution in one integrated model - positions us at the forefront of this emerging category. It leverages our existing strengths in partnerships, technology, and data, while opening up a new and highly relevant growth opportunity.
Scaling Our Growth Portfolio
Alongside Emna.ai, we continue to scale our established growth engines.
Metapic maintains strong momentum, supported by structural tailwinds in influencer marketing and continued expansion into new verticals.
Appiness strengthens our position in app marketing, where demand for performance-based user acquisition continues to grow.
With Bridge Retail Media, we are entering the retail media space, extending our capabilities closer to the point of purchase.
Together, these businesses form a portfolio that allows us to balance profitability in the core with scalable growth in high-potential segments.
Outlook
We have started the year with a clear direction.
We are reshaping the company under Nyorda, strengthening profitability in our core business and investing in new areas where we see long-term structural growth.
While the first quarter reflects some of these transitions, the underlying business remains stable and we have already seen improved momentum as the quarter progressed.
Our focus remains unchanged: to build a scalable, profitable and future-adapted company, leveraging our core-assets technology, network and expertise.
I would like to thank our employees for their commitment during this period of change, as well as our clients, publishers and shareholders for their continued trust and support.
Presentation
The presentation will be held in English at 10:00 CEST, and will be followed by a Q&A session.
Link: https://www.redeye.se/events/1144829/live-q-tradedoubler-5
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 5 May 2026. Numerical data in brackets refers to the corresponding periods in 2025 unless otherwise stated. Rounding off differences may arise.
