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10-Q - Adevinta ASA (ADE) - Adevinta reports strong Q1 financial performance in soft macro environment

Company: Adevinta Date: 2024-05-28 Language: English Register to download
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# Consolidated financial and analytical info as of Q1 2024

## Contents (each item on separate tabs):

- 1. Profit and loss statement
- 2. Balance sheet
- 3. Cash flow
- 4. Segments details

### For questions, please contact Adevinta IR:

ir@adevinta.com www.adevinta.com/ir

| 2022  | 2022  | 2022  | 1 quarter 2 quarter 3 quarter 4 quarter 1 quarter 2 quarter 3 quarter 4 quarter 1 quarter<br>2022 | 2023  | 2023  | 2023  | 2023  | 2024  | CONDENSED CONSOLIDATED<br>INCOME STATEMENT              | Full year<br>2024 | Full year<br>2023 | Full year<br>2022 |
|-------|-------|-------|---------------------------------------------------------------------------------------------------|-------|-------|-------|-------|-------|---------------------------------------------------------|-------------------|-------------------|-------------------|
| 387   | 417   | 408   | 431                                                                                               | 435   | 465   | 454   | 472   | 480   | Operating revenues                                      | 480               | 1,826             | 1,644             |
| (121) | (118) | (123) | (122)                                                                                             | (136) | (129) | (128) | (133) | (134) | Personnel expenses                                      | (134)             | (526)             | (483)             |
| (141) | (154) | (153) | (164)                                                                                             | (154) | (160) | (155) | (180) | (181) | Other operating expenses                                | (181)             | (649)             | (613)             |
| 125   | 146   | 132   | 145                                                                                               | 145   | 177   | 171   | 159   | 165   | Gross operating profit (loss)                           | 165               | 651               | 548               |
| (65)  | (71)  | (82)  | (82)                                                                                              | (73)  | (74)  | (76)  | (78)  | (77)  | Depreciation and amortisation                           | (77)              | (300)             | (300)             |
| (6)   | (12)  | (5)   | (98)                                                                                              | (4)   | (1)   | (3)   | (100) | (1)   | Share of profit (loss) of joint ventures and associates | (1)               | (108)             | (121)             |
| (0)   | -     | 0     | (1,722)                                                                                           | (0)   | 0     | 0     | (147) | (0)   | Impairment loss                                         | (0)               | (147)             | (1,722)           |
| 1     | (16)  | (83)  | (14)                                                                                              | (16)  | (27)  | (30)  | (44)  | (38)  | Other income and expenses                               | (38)              | (117)             | (112)             |
| 55    | 47    | (38)  | (1,771)                                                                                           | 52    | 75    | 62    | (209) | 50    | Operating profit (loss)                                 | 50                | (21)              | (1,707)           |
| 18    | (22)  | (10)  | (35)                                                                                              | (14)  | (11)  | (21)  | (24)  | (22)  | Net financial items                                     | (22)              | (71)              | (49)              |
| 72    | 25    | (48)  | (1,806)                                                                                           | 38    | 63    | 41    | (233) | 28    | Profit (loss) before taxes                              | 28                | (91)              | (1,756)           |
| 4     | (13)  | (2)   | 1                                                                                                 | (16)  | (16)  | (1)   | (6)   | (32)  | Taxes                                                   | (32)              | (40)              | (10)              |
| 77    | 12    | (50)  | (1,805)                                                                                           | 21    | 47    | 40    | (239) | (5)   | Profit (loss) from continuing operations                | (5)               | (131)             | (1,767)           |
| (2)   | (24)  | (2)   | (29)                                                                                              | (3)   | (0)   | 0     | (0)   | 0     | Profit (loss) from discontinued operation               | 0                 | (3)               | (57)              |
|       |       |       |                                                                                                   |       |       |       |       |       | Profit (loss) attributable to:                          |                   |                   |                   |
| 3     | 2     | 2     | 2                                                                                                 | 2     | 2     | 2     | 2     | 2     | Non-controlling interests                               | 2                 | 8                 | 8                 |
| 72    | (14)  | (54)  | (1,836)                                                                                           | 16    | 45    | 38    | (241) | (7)   | Owners of the parent                                    | (7)               | (142)             | (1,832)           |

| ear<br>ਪ                   | Full year<br>2023                | Full year<br>2022                  |
|----------------------------|----------------------------------|------------------------------------|
|                            |                                  |                                    |
| 480                        | 1,826                            | 1,644                              |
| (134)<br>(181)             | (526)<br>(649)                   | (483)<br>(613)                     |
| 165                        | 651                              | 548                                |
| (77)<br>(1)<br>(0)<br>(38) | (300)<br>(108)<br>(147)<br>(117) | (300)<br>(121)<br>(1,722)<br>(112) |
| 50                         | (21)                             | (1,707)                            |
| (22)                       | (71)                             | (49)                               |
| 28                         | (91)                             | (1,756)                            |
| (32)                       | (40)                             | (10)                               |
| (5)<br>O                   | (131)<br>(3)                     | (1,767)<br>(57)                    |
| 2<br>(7)                   | ರ್<br>(142)                      | 8<br>(1,832)                       |

| EUR million                                                                                           |               |               |               |               |               |               |               |               |               |
|-------------------------------------------------------------------------------------------------------|---------------|---------------|---------------|---------------|---------------|---------------|---------------|---------------|---------------|
| CONDENSED CONSOLIDATED<br>STATEMENT OF FINANCIAL POSITION                                             | 31.03<br>2024 | 31.12<br>2023 | 30.09<br>2023 | 30.06<br>2023 | 31.03<br>2023 | 31.12<br>2022 | 30.09<br>2022 | 30.06<br>2022 | 31.03<br>2022 |
|                                                                                                       |               |               |               |               |               |               |               |               |               |
| ASSETS                                                                                                |               |               |               |               |               |               |               |               |               |
| Intangible assets                                                                                     | 10,519        | 10,563        | 10,764        | 10,797        | 10,820        | 10,880        | 12,768        | 12,811        | 12,817        |
| Property, plant and equipment and right-of-use assets<br>Investments in joint ventures and associates | 97<br>271     | 101<br>273    | 103<br>377    | 93<br>382     | 97<br>370     | 96<br>366     | 102<br>413    | 106<br>408    | 113<br>427    |
| Other non-current assets                                                                              | 213           | 225           | 234           | 232           | 260           | 257           | 521           | 469           | 426           |
| Non-current assets                                                                                    | 11,100        | 11,161        | 11,478        | 11,503        | 11,547        | 11,599        | 13,804        | 13,793        | 13,783        |
| Trade receivables and other current assets                                                            | 386           | 379           | 315           | 288           | 292           | 315           | 247           | 277           | 265           |
| Cash and cash equivalents                                                                             | 65            | 57            | 65            | 40            | 52            | 70            | 105           | 102           | 124           |
| Assets held for sale                                                                                  | 0             | 0             | 0             | 17            | 17            |               | 92            | 103           | 110           |
| Current assets                                                                                        | 452           | 436           | 380           | 345           | 360           | 385           | 444           | 482           | 499           |
| Total assets                                                                                          | 11,551        | 11,598        | 11,858        | 11,848        | 11,907        | 11,984        | 14,248        | 14,275        | 14,282        |
| EQUITY AND LIABILITIES                                                                                |               |               |               |               |               |               |               |               |               |
| Equity attributable to owners of the parent                                                           | 8,391         | 8,399         | 8,688         | 8,630         | 8,553         | 8,534         | 10,504        | 10,520        | 10,521        |
| Non-controlling interests                                                                             | 15            | 16            | 17            | 15            | 16            | 14            | 13            | 21            | 19            |
| Equity                                                                                                | 8,406         | 8,415         | 8,705         | 8,645         | 8,569         | 8,548         | 10,517        | 10,541        | 10,540        |
| Non-current interest-bearing borrowings                                                               | 1,728         | 1,771         | 1,875         | 1,967         | 2,097         | 2,183         | 2,301         | 2,355         | 2,322         |
| Other non-current liabilities                                                                         | 733           | 744           | 800           | 808           | 825           | 842           | 940           | 954           | 965           |
| Non-current liabilities                                                                               | 2,461         | 2,515         | 2,676         | 2,775         | 2,923         | 3,026         | 3,241         | 3,310         | 3,287         |
| Current interest-bearing borrowings                                                                   | 16            | 9             | 16            | 9             | 16            | 9             | 17            | 9             | 85            |
| Other current liabilities                                                                             | 669           | 659           | 461           | 417           | 396           | 401           | 441           | 380           | 344           |
| Liabilities directly associated with the assets held for sale<br>Current liabilities                  | 0<br>685      | 0<br>668      | 0<br>478      | 3<br>429      | 3<br>415      | 410           | 32<br>490     | 36<br>425     | 26<br>455     |
| Total equity and liabilities                                                                          | 11,551        | 11,598        | 11,858        | 11,848        | 11,907        | 11,984        | 14,248        | 14,275        | 14,282        |

| (EUR million)<br>CONDENSED CONSOLIDATED                                           | 31.03 | 31.12 | 30.09 | 30.06 | 31.03 | 31.12   | 30.09 | 30.06 | 31.03 |
|-----------------------------------------------------------------------------------|-------|-------|-------|-------|-------|---------|-------|-------|-------|
| STATEMENT OF CASH FLOWS                                                           | 2024  | 2023  | 2023  | 2023  | 2023  | 2022    | 2022  | 2022  | 2022  |
|                                                                                   |       |       |       |       |       |         |       |       |       |
| CASH FLOW FROM OPERATING ACTIVITIES                                               |       |       |       |       |       |         |       |       |       |
| Profit (loss) before taxes from continuing operations                             | 28    | (91)  | 142   | 101   | 38    | (1,756) | 50    | 97    | 72    |
| Profit (loss) before taxes from discontinued operations                           | 0     | (3)   | (3)   | (3)   | (3)   | (28)    | (33)  | (30)  | (3)   |
| Profit (loss) before taxes                                                        | 28    | (94)  | 139   | 98    | 35    | (1,785) | 17    | 67    | 69    |
| Depreciation, amortisation and impairment losses                                  | 77    | 447   | 222   | 147   | 73    | 2,054   | 251   | 169   | 69    |
| Net effect pension liabilities                                                    | -     | -     | -     | -     | -     | -       | -     | -     | -     |
| Share of loss (profit) of joint ventures and associates                           | 1     | 108   | 8     | 5     | 4     | 121     | 23    | 18    | 6     |
| Dividends received from joint ventures and associates                             | -     | 3     | 3     | 3     | -     | 3       | 3     | -     | -     |
| Taxes paid                                                                        | (5)   | (54)  | (16)  | (10)  | (3)   | (60)    | (51)  | (40)  | (20)  |
| Sales losses (gains) on non-current assets and other non-cash losses (gains)      | (0)   | (6)   | (5)   | 2     | 3     | (23)    | (16)  | (21)  | (20)  |
| Net loss on derivative instruments at fair value through profit or loss           | (1)   | -     | -     | -     | -     | -       | -     | -     | -     |
| Accrued share-based payment expenses                                              | 14    | 44    | 33    | 24    | 12    | 33      | 28    | 19    | 12    |
| Unrealised foreign exchange losses (gains)                                        | 3     | (8)   | (9)   | (10)  | (3)   | (28)    | (39)  | (33)  | (35)  |
| Net interest expense and other financial expenses                                 | 20    | 78    | 56    | 36    | 18    | 77      | 54    | 37    | 20    |
| Interest and other financial income received                                      | 1     | 7     | 6     | 5     | 1     | 2       | 2     | 1     | 0     |
| Interest and other financial expense paid                                         | (17)  | (84)  | (57)  | (44)  | (14)  | (78)    | (48)  | (39)  | (11)  |
| Other non-cash items and changes in working capital and provisions                | (26)  | 26    | (39)  | (38)  | (33)  | 37      | 69    | (20)  | (48)  |
| Net cash flow from operating activities                                           | 95    | 467   | 342   | 217   | 94    | 352     | 291   | 160   | 41    |
|                                                                                   |       |       |       |       |       |         |       |       |       |
| CASH FLOW FROM INVESTING ACTIVITIES                                               |       |       |       |       |       |         |       |       |       |
| Development and purchase of intangible assets, and property, plant & equipment    | (29)  | (120) | (91)  | (62)  | (28)  | (89)    | (64)  | (43)  | (22)  |
| Acquisition of subsidiaries, net of cash acquired                                 | -     | (4)   | (3)   | (1)   | (1)   | (11)    | (11)  | (10)  | (10)  |
| Acquisition of debt and equity instruments of joint ventures and associates       | -     | -     | -     | -     | -     | -       | -     | -     | -     |
| Proceeds from sale of intangible assets, and property, plant & equipment          | -     | 1     | -     | -     | -     | -       | -     | -     | -     |
| Proceeds from sale of subsidiaries, net of cash sold                              | 1     | 68    | 68    | 38    | 9     | 12      | 1     | (2)   | (2)   |
| Net sale of (investment in) other shares                                          | 2     | (5)   | (3)   | -     | (1)   | (8)     | (8)   | (8)   | (3)   |
| Net change in other investments                                                   | (0)   | (3)   | (3)   | (3)   | (3)   | 5       | 5     | 5     | (0)   |
| Net cash flow from investing activities                                           | (27)  | (64)  | (32)  | (28)  | (23)  | (92)    | (77)  | (58)  | (38)  |
| Net cash flow before financing activities                                         | 68    | 403   | 310   | 190   | 71    | 259     | 215   | 102   | 3     |
| CASH FLOW FROM FINANCING ACTIVITIES                                               |       |       |       |       |       |         |       |       |       |
| New interest-bearing loans and borrowings                                         | -     | -     | -     | -     | -     | -       | -     | -     | -     |
| Repayment of interest-bearing loans and borrowings                                | (51)  | (387) | (296) | (202) | (81)  | (321)   | (244) | (152) | (76)  |
| Change in ownership interests in subsidiaries                                     | -     | -     | -     | -     | -     | -       | -     | -     | -     |
| Capital increase                                                                  | -     | -     | -     | -     | -     | -       | -     | -     | -     |
| Purchase of treasury shares                                                       | -     | -     | -     | -     | -     | (79)    | (74)  | (67)  | (37)  |
| IFRS 16 lease payments                                                            | (5)   | (22)  | (16)  | (13)  | (7)   | (19)    | (16)  | (9)   | (6)   |
| Dividends paid to owners of the parent                                            | 0     | 0     | -     | -     | -     | -       | -     | -     | -     |
| Dividends paid to non-controlling interests                                       | (3)   | (7)   | (4)   | (4)   | -     | (10)    | (8)   | -     | -     |
| Net financing from (to) Schibsted ASA                                             | -     | -     | -     | -     | -     | -       | -     | -     | -     |
| Net cash flow from financing activities                                           | (59)  | (416) | (316) | (219) | (88)  | (429)   | (343) | (228) | (119) |
| Cash and cash equivalents relating to the disposal group                          | -     | -     |       |       |       |         |       |       | -     |
|                                                                                   |       |       |       |       |       |         |       |       |       |
| Effects of exchange rate changes on cash and cash equivalents                     | 0     | -     | -     | -     | -     | (1)     | 3     | 2     | 1     |
| Net increase (decrease) in cash and cash equivalents                              | 9     | (13)  | (6)   | (29)  | (17)  | (170)   | (126) | (124) | (115) |
| Cash and cash equivalents at start of period                                      | 57    | 70    | 70    | 70    | 70    | 231     | 231   | 231   | 231   |
| Cash and cash equivalents attributable to assets held for sale at start of period | -     | -     | -     | -     | -     | 9       | 9     | 9     | 9     |
|                                                                                   |       |       |       |       |       |         |       |       |       |
| Cash and cash equivalents at end of period                                        | 65    | 57    | 65    | 40    | 52    | 70      | 105   | 102   | 124   |

| 0.09<br>2022            | 30.06<br>2022           | 31.03<br>2022           |
|-------------------------|-------------------------|-------------------------|
|                         |                         |                         |
| 50<br>(33)<br>17<br>251 | 97<br>(30)<br>67<br>169 | 72<br>(3)<br>69<br>ല്ലേ |
| 23                      | 18                      | റ                       |
| 3                       |                         |                         |
| (51)<br>(16)            | (40)<br>(21)            | (20)<br>(20)            |
| 28                      | 19                      | 12                      |
| (39)<br>54              | (33)<br>37              | (35)<br>20              |
| 2<br>(48)               | 1<br>(39)               | O<br>(11)               |
| ല്ലേ                    | (20)                    | (48)                    |
| 291                     | 160                     | 41                      |
| (64)                    | (43)                    | (22)                    |
| (11)                    | (10)                    | (10)                    |
| 1                       | (2)                     | (2)                     |
| (8)                     | (8)                     | (3)                     |
| 5<br>(77)               | 5<br>(58)               | (0)<br>(38)             |
| 215                     | 102                     | 3                       |
|                         |                         |                         |
| (244)                   | (152)                   | (76)                    |
| (74)                    | (67)                    | (37)                    |
| (16)                    | (9)                     | (6)                     |
| (8)                     |                         |                         |
| (343)                   | (228)                   | (119)                   |
| ട                       | 2                       | ー                       |
| (126)                   | (124)                   | (115)                   |
| 231                     | 231                     | 231                     |
| ന                       | ന                       | റ                       |
| 105                     | 102                     | 124                     |

| 1 quarter<br>2022 | 2 quarter<br>2022 | 3 quarter<br>2022 | 4 quarter<br>2022 | 1 quarter<br>2023 | 2 quarter<br>2023 | 3 quarter<br>2023 | 4 quarter<br>2023 | 1 quarter<br>2024 | FINANCIAL<br>SEGMENTS                      | Year to date<br>2024 | Full year<br>2023 | Full year<br>2022 |
|-------------------|-------------------|-------------------|-------------------|-------------------|-------------------|-------------------|-------------------|-------------------|--------------------------------------------|----------------------|-------------------|-------------------|
| like-for-like     | like-for-like     | like-for-like     | like-for-like     | like-for-like     | like-for-like     | like-for-like     | like-for-like     | like-for-like     |                                            | like-for-like        | like-for-like     | like-for-like     |
|                   |                   |                   |                   |                   |                   |                   |                   |                   | Combined Group (Ade + eCG)                 |                      |                   |                   |
| 387               | 417               | 408               | 431               | 435               | 465               | 454               | 472               |                   | 480 Operating revenues                     | 480                  | 1,826             | 1,644             |
| 5.0%              | 7.6%              | 10.2%             | 9.4%              | 12.5%             | 11.5%             | 11.2%             | 9.5%              |                   | 10.4% YOY revenue growth                   | 10.4%                | 11.1%             | 8.1%              |
| (262)             | (272)             | (276)             | (286)             | (290)             | (289)             | (283)             | (313)             |                   | (315) Operating expenses                   | (315)                | (1,175)           | (1,096)           |
| 125               | 146               | 132               | 145               | 145               | 177               | 171               | 159               |                   | 165 EBITDA                                 | 165                  | 651               | 548               |
| 32.3%             | 34.9%             | 32.4%             | 33.6%             | 33.4%             | 38.0%             | 37.6%             | 33.7%             |                   | 34.4% EBITDA-margin                        | 34.4%                | 35.7%             | 33.3%             |
|                   |                   |                   |                   |                   |                   |                   |                   |                   | France                                     |                      |                   |                   |
| 120               | 126               | 119               | 129               | 132               | 137               | 133               | 147               |                   | 148 Operating revenues                     | 148                  | 550               | 494               |
| 7.5%              | 8.3%              | 11.6%             | 8.7%              | 10.0%             | 8.6%              | 12.2%             | 14.3%             |                   | 12.1% YOY revenue growth                   | 12.1%                | 11.3%             | 9.0%              |
| (65)              | (61)              | (66)              | (75)              | (76)              | (73)              | (74)              | (86)              |                   | (84) Operating expenses                    | (84)                 | (309)             | (267)             |
| 55                | 65                | 53                | 54                | 56                | 64                | 59                | 61                |                   | 65 EBITDA                                  | 65                   | 241               | 227               |
| 46.1%             | 51.4%             | 44.5%             | 42.0%             | 42.6%             | 46.9%             | 44.6%             | 41.5%             |                   | 43.6% EBITDA-margin                        | 43.6%                | 43.9%             | 46.0%             |
|                   |                   |                   |                   |                   |                   |                   |                   |                   | Mobile                                     |                      |                   |                   |
| 68                | 80                | 82                | 86                | 90                | 104               | 104               | 101               |                   | 108 Operating revenues                     | 108                  | 399               | 317               |
| -3.0%             | 11.4%             | 15.2%             | 24.4%             | 31.8%             | 29.2%             | 26.3%             | 17.4%             |                   | 19.6% YOY revenue growth                   | 19.6%                | 25.8%             | 11.9%             |
| (32)              | (38)              | (36)              | (36)              | (39)              | (42)              | (39)              | (40)              |                   | (41) Operating expenses                    | (41)                 | (160)             | (142)             |
| 37                | 43                | 46                | 50                | 51                | 62                | 65                | 61                |                   | 67 EBITDA                                  | 67                   | 239               | 175               |
| 53.7%             | 53.0%             | 55.7%             | 57.8%             | 56.2%             | 59.7%             | 62.2%             | 60.6%             |                   | 62.2% EBITDA-margin                        | 62.2%                | 59.8%             | 55.2%             |
|                   |                   |                   |                   |                   |                   |                   |                   |                   |                                            |                      |                   |                   |
| 168               | 178               | 176               | 186               | 187               | 198               | 192               | 202               |                   | European Markets<br>203 Operating revenues | 203                  | 779               | 708               |
| 9.7%              | 8.7%              | 11.0%             | 7.8%              | 11.4%             | 10.7%             | 9.2%              | 8.5%              |                   | 8.5% YOY revenue growth                    | 8.5%                 | 9.9%              | 9.3%              |
| (101)             | (105)             | (104)             | (110)             | (113)             | (115)             | (109)             | (120)             |                   | (128) Operating expenses                   | (128)                | (457)             | (420)             |
| 67                | 73                | 72                | 77                | 75                | 83                | 83                | 82                |                   | 75 EBITDA                                  | 75                   | 321               | 289               |
| 39.9%             | 41.1%             | 41.0%             | 41.1%             | 39.9%             | 41.8%             | 43.0%             | 40.4%             |                   | 36.8% EBITDA-margin                        | 36.8%                | 41.3%             | 40.8%             |
|                   |                   |                   |                   |                   |                   |                   |                   |                   |                                            |                      |                   |                   |
|                   |                   |                   |                   |                   |                   |                   |                   |                   | International Markets                      |                      |                   |                   |
| 28                | 30                | 30                | 26                | 23                | 24                | 23                | 20                |                   | 20 Operating revenues                      | 20                   | 90                | 114               |
| -8.0%             | -11.4%            | -5.8%             | -18.5%            | -18.8%            | -20.8%            | -25.0%            | -20.1%            |                   | -12.9% YOY revenue growth                  | -12.9%               | -21.2%            | -10.9%            |
| (17)              | (18)              | (16)              | (14)              | (12)              | (12)              | (11)              | (12)              |                   | (12) Operating expenses                    | (12)                 | (47)              | (65)              |
| 11<br>38.3%       | 12<br>40.4%       | 14<br>47.9%       | 12<br>45.2%       | 11<br>46.6%       | 12<br>51.2%       | 11<br>49.1%       | 9<br>42.9%        |                   | 8 EBITDA<br>39.8% EBITDA-margin            | 8<br>39.8%           | 43<br>47.6%       | 49<br>42.9%       |
|                   |                   |                   |                   |                   |                   |                   |                   |                   |                                            |                      |                   |                   |
|                   |                   |                   |                   |                   |                   |                   |                   |                   | Disposals                                  |                      |                   |                   |
| -                 | -                 | -                 | -                 | -                 | -                 | -                 | -                 | -                 | Operating revenues                         | -                    | -                 | -                 |
| -100.0%           | -100.0%           | 0.0%              | 0.0%              | 0.0%              | 0.0%              | 0%                | 0%                |                   | 0% YOY revenue growth                      | 0.0%                 | 0.0%              | -100.0%           |
| -<br>-            | -<br>-            | -<br>-            | -<br>-            | -<br>-            | -<br>-            | -<br>-            | -<br>-            | -<br>-            | Operating expenses<br>EBITDA               | -<br>-               | -<br>-            | -<br>-            |
|                   |                   |                   |                   |                   |                   |                   |                   |                   |                                            |                      |                   |                   |
|                   |                   |                   |                   |                   |                   |                   |                   |                   | HQ&Other                                   |                      |                   |                   |
| 3                 | 3                 | 3                 | 6                 | 4                 | 3                 | 2                 | 2                 |                   | 2 Operating revenues                       | 2                    | 11                | 15                |
| 39.7%             | 17.8%             | 342.8%            | 83.1%             | 10.9%             | -9.7%             | -13.5%            | -67.4%            |                   | -52.1% YOY revenue growth                  | -52.1%               | -27.4%            | 69.7%             |
| (48)              | (51)              | (56)              | (53)              | (50)              | (48)              | (50)              | (56)              |                   | (51) Operating expenses                    | (51)                 | (204)             | (207)             |
| (45)              | (47)              | (53)              | (47)              | (47)              | (45)              | (47)              | (54)              |                   | (49) EBITDA                                | (49)                 | (193)             | (192)             |
|                   |                   |                   |                   |                   |                   |                   |                   |                   | Eliminations                               |                      |                   |                   |
| (1)               | (1)               | (1)               | (1)               | (1)               | -                 | -                 | (1)               | -                 | Operating revenues                         | -                    | (2)               | (5)               |

#### European Markets:

Germany (Kleinanzeigen.de), Spain, Benelux, Italy, Ireland, Hungary (sold in Q3 2023) and Belarus (sold in Q2 2022).

### International Markets:

Brazil (infojobs.com.br) (sold in Q1 2022), Canada, Mexico (sold in Q3 2022) and Other Countries.