...mal genau den management letter am Ende durchlesen. Und das auf APm projezieren. Das klingt mal richtig bullish. Und Tradedoubler heute auch mit fettem Plus. Das, was nach den Zahlen bei APM auch uns hier erwarten wird!
Tradedoubler Year-End Report January – December 2024
The fourth quarter, October – December 2024
· Total revenue amounted to SEK 619 M (575), an increase of 8% or 5% adjusted for changes in exchange rates compared to the same period last year.
· Gross profit was SEK 137 M (118), an increase of 15% or 15% adjusted for changes in exchange rates. Gross margin was 22.1% (20.5).
· Operating costs excluding depreciation were SEK 120 M (89), an increase of 35% or 43% adjusted for changes in exchange rates. Operating cost, excluding depreciation and change related items, were SEK 96 M (88). Change related items mainly consist of a remeasurement of SEK 24 M of the performance-based purchase price related to the acquisition of KAHA GmbH in 2023.
· EBITDA amounted to SEK 16 M (29). Adjusted for change related items, EBITDA was SEK 41 M (30).
· Investments in immaterial assets, mainly related to product development, were SEK 8 M (10).
· Cash flow from operating activities was SEK 30 M (43).
· Earnings per share, before and after dilution were SEK -0.04 (0.29).
The Full Year 2024
· Total revenue amounted to SEK 2 113 M (1 987), which is an increase compared to the same period last year by 6% or 5% adjusted for changes in exchange rates.
· Gross profit was SEK 458 M (414) an increase of 11% or 10% adjusted for changes in exchange rates. Gross margin excluding change related items was 21.7% (20.8).
· Operating costs excluding depreciation were SEK 389 M (323), an increase of 20% or 19% adjusted for changes in exchange rates. Operating costs, excluding depreciation and change related items, were SEK 362 M (321).
· EBITDA amounted to SEK 70 M (91). Adjusted for change related items, EBITDA was SEK 96 M (92).
· Investments in intangible assets, mainly related to product development, were SEK 37 M (38).
· Cash flow from operating activities was SEK 56 M (74). The main reason for the decreased cash flow is a one-time payment to a publisher that amounted to approximately SEK 20 M during the second quarter. The payment was related to commission earned during previous years.
· Earnings per share, before and after dilution were SEK -0.07 (0.56).
· During the fourth quarter Tradedoubler ended the subscription period for the rights issue. In total, approximately SEK 50.5 M were obtained, whereof approximately SEK 20.5 M in liquid funds, before deduction for issue costs. Reworld Media S.A. has paid for their part of the shares through set-off, meaning that Tradedoubler’s indebtness is reduced by approximately SEK 30 M through the rights issue.
· During the second quarter the lead generation company Emailing Network was acquired from the principal owner of Tradedoubler for an amount of 180 000 EUR.
· During the first quarter Tradedoubler signed a short-term overdraft facility with its bank of SEK 15 M, at the end of the year this facility was unused.
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Letter from the CEO
In the final quarter of 2024, Tradedoubler experienced a notable acceleration in business performance compared to previous quarters, delivering strong results.
Q4 and Full-Year 2024 Results
Adjusted for currency fluctuations, revenue in Q4 increased by 5% year-over-year to 619 M SEK, while Gross Profit rose by 15% to 137 M SEK. EBITDA, adjusted for change-related items, reached 41 M SEK, compared to 30 M SEK in the prior year.
For the full year 2024, revenue totaled 2 113 M SEK (+5%), with Gross Profit at 458 M SEK (+10%) and EBITDA (adjusted for change-related items) at 96 M SEK, up from 92 M SEK.
This year-end report marks the first time we are presenting revenue and EBITDA figures for Tradedoubler’s core business segments: Partner Marketing and Influencer Marketing (Metapic). These figures confirm the trends highlighted in previous reports: Partner Marketing encountered challenges due to macroeconomic conditions, particularly in Q2 and Q3, while Influencer Marketing demonstrated significant growth.
· Partner Marketing revenue grew by 4% in Q4 and 4% for the year.
· Influencer Marketing revenue surged by 54% in Q4 and 50% for the full year. This was achieved both by healthy growth rates in already existing countries as well as the successful launch of additional countries in the years 2023 and 2024.
· Partner Marketing’s EBITDA remained steady in Q4 but declined on an annual basis, primarily due to challenges faced by R Advertising, Tradedoubler’s Email Marketing subsidiary, which has been impacted by regulatory and technological shifts. The EBITDA margin of Partner Marketing rose to 7% in Q4.
· Influencer Marketing’s EBITDA saw remarkable growth, reaching 14 M SEK in Q4 and 27 M SEK for the full year—nearly five times the 2023 figure. It showed an EBITDA margin of 22% in Q4, which is around three times the EBITDA margin of our Partner Marketing business.
Over the past few years, we have worked extensively to realign Tradedoubler’s business, creating a solid foundation for scalable, long-term growth. In addition to strengthening our platform and infrastructure, we have restructured our teams across Europe to drive profitability while expanding into new areas such as Influencer Marketing and Mobile Marketing.
As a result, Tradedoubler has successfully evolved into an international digital marketing technology company, demonstrating consistent growth and increasing profitability. These efforts are now reflected in our financial performance, and we are committed to providing more transparency and regular updates on our progress moving forward.
Vision and Strategy
Building on our achievements, we have redefined Tradedoubler’s strategy for the coming years.
Our vision is to establish Tradedoubler as a global leader in digital marketing technology, expanding across key growth channels, including Partner Marketing, Influencer Marketing, and Mobile Marketing. This will involve both international expansion and diversification into additional digital marketing segments.
To achieve this, we will pursue a combination of operational and strategic initiatives:
· Operationally, we will extend our presence to new global markets and enter complementary digital marketing segments.
· Strategically, we will pursue acquisitions to accelerate market entry and channel expansion. An active M&A strategy will be in the heart of our activities.
With all our channels operating in markets that are expected to experience strong double-digit market growth in the coming years, we are confident that Tradedoubler will capitalize on this momentum - growing in line with market trends while expanding internationally and vertically, both operationally and through acquisitions. Our long-term ambition is to triple revenue to more than 6 BN SEK while significantly improving profitability.
As a first step, we have decided to establish a presence in the United States during 2025. Today we already have more than 150 clients in North America. This base will be the fundament for setting up a legal entity and opening an office there.
Following the successful expansion of our Influencer Marketing business across Europe and the launch of our Partner Marketing operations in Australia (with an office in Sydney), we believe this is the right time to enter the world’s largest digital marketing market—unlocking significant new growth opportunities.
We look forward to the future with confidence and remain committed to delivering long-term value for our shareholders.
Thank you for your continued support.
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
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