Vend Marketplaces ASA

Quarterly Report • Apr 26, 2024

Q1 2024 Results 26 April 2024

Kristin Skogen Lund, CEO | Per Christian Mørland, CFO

Disclaimer

This presentation (hereinafter referred to as the "presentation") has been prepared by Schibsted ASA ("Schibsted" or the "Company") exclusively for information purposes and does not constitute an offer to sell or the solicitation of an offer to buy any financial instruments.

Reasonable care has been taken to ensure that the information and facts stated herein are accurate and that the opinions contained herein are fair and reasonable, however no representation or warranty, express or implied, is given by or on behalf of the Company, any of its directors, or any other person as to the accuracy or completeness of the information or opinions contained in this document and no liability is accepted for any such information or opinions.

This presentation includes and is based on, among other things, forward-looking information and statements. Such forward-looking information and statements are based on the current expectations, estimates and projections of the Company or assumptions based on information available to the Company. Such forward-looking information and statements reflect current views with respect to future events and are subject to risks, uncertainties and assumptions. The Company cannot give any assurance as to the correctness of such information and statements. Several factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in this presentation.

There may have been changes in matters which affect the Company subsequent to the date of this presentation. Neither the issue nor delivery of this presentation shall under any circumstance create any implication that the information contained herein is correct as of any time subsequent to the date hereof or that the affairs of the Company have not since changed.

The Company does not intend, and does not assume any obligation, to update or correct any information included in this presentation.

Alternative performance measures (APM) used in this presentation are described and presented in the section Definitions and reconciliations in the quarterly report.

Highlights Q1 2024

Financial highlights Operational highlights • Nordic Marketplaces: 6% underlying* revenue growth, while Classifieds revenues were up 9%* driven by ARPA and transactional revenues; EBITDA of NOK 411m, down 2% YoY • News Media: Significant profitability improvement, driven by reduced costs • Growth & Investments: Performance negatively affected by macroeconomic factors which impacted Lendo and Prisjakt • Revenues of NOK 3.794m, down 1%* YoY • Group EBITDA of NOK 454m, up 6% YoY due to News Media • Decided to temporarily pause current financial targets for Nordic Marketplaces Important progress on transformational milestones • All required regulatory approvals for Adevinta offer received; expected settlement date 29 May 2024 • Final agreement to sell of our news media operations reached • Proposed capital return package, returning c.NOK 25bn to shareholders • Announced today the acquisition of the remaining c.10% FINN-stake from Polaris Media, further simplifying Schibsted's structure

ESG highlights Q1 2024

Decrease in CO2 emissions of 17% during 2023 (-33% since 2018) New platform and transactional offering in Finland, making second hand trade even smoother

SOCIAL

Launch of salary comparison tool on FINN jobs, giving users better transparency

Inclusive recruitment playbook launched; fundament for building a diverse organisation

4

4

Sustainability statement according to CSRD* structure integrated in annual report

FINN ranked most sustainable brand in Norway, Tori most sustainable e-commerce brand in Finland

Schibsted's climate reporting and roadmap on climate rated A- by CDP**

* EU Corporate Sustainability Reporting Directive ** Carbon Disclosure Project

Nordic Marketplaces

Mobility | Jobs | Real Estate | Recommerce

Classifieds revenues up 9%*; EBITDA affected by revenue mix and continued cost increase

Nordic Marketplaces

Revenues (NOKm), EBITDA margin (%)

Revenue split Nordic Marketplaces

Revenues Q1 2024 (share in %) Advertising -17%* YoY Other -3%* YoY 7% 6% Whereof

Classifieds +9%* YoY 86% transactional +50%** YoY

Solid development in ARPA across verticals

ARPA

Q1 2024, YoY change %

NOK 449¹ 11% YoY	NOK 6,685³ 13% YoY	NOK 2,929⁴ 17% YoY
SEK 443¹ 13% YoY	SEK 1,466 -1% YoY
DKK 309² 12% YoY
	EUR 98 26% YoY	EUR 19⁵ -7% YoY

ARPA: Average Revenue Per Ad

¹ Transactional models like Nettbil, Autovex, and Wheelaway are not included due to different business models

² Avg. daily pro listings per month, due to pay per day listing model in Denmark

³ Sourced ads in Norway not included

⁴ New construction not included, due to different business models

⁵ Oikotie only, excluding ads on Tori and Qasa

NAA

Q1 2024, YoY change %

210k¹ -18% YoY	44k³ -13% YoY	51k⁴ -2% YoY
416k¹ 9% YoY	15k -37% YoY
58k² 7% YoY
	26k -39% YoY	104k⁵ 10% YoY

NAA: New Approved Ads

Nordic Marketplaces | Mobility

Solid revenue growth despite volatile macro environment

Nordic Marketplaces Mobility

Revenues (NOKm), EBITDA margin (%)

Highlights

• Classifieds revenues up 16%*, primarily driven by ARPA from professionals in all markets as well as continued strong revenue growth in Nettbil
• Soft advertising market, revenues down 12%* YoY
• Launch of Wheelaway in Sweden
• Costs up driven by investments in transactional C2B models and transition to a common tech platform
• EBITDA of NOK 268m, up 22% YoY

Effective Q3 2023, Autovex revenues reported as classifieds revenues, not as other revenues as in previous quarters

Nordic Marketplaces | Jobs

Strong ARPA development improving revenue trend in Norway

Nordic Marketplaces Jobs

Revenues (NOKm), EBITDA margin (%)

• Revenues down across all markets, driven by lower volumes due to market headwinds
• Strong ARPA curbed negative volume effects
• Revenues in Norway, accounting for 85% of total Jobs revenues in Q1, only decreased by 2% despite volume fall of 13% YoY
• Costs up YoY, driven by the transition to a common tech platform
• EBITDA of NOK 158m, 20% down YoY, driven by revenue decline

Strong revenue growth driven by ARPA in Norway; EBITDA margin affected by investments

Nordic Marketplaces Real Estate

Revenues (NOKm), EBITDA margin (%)

** Not adjusted for currency

• Strong growth of 19%* in classifieds revenues, driven by ARPA
• Revenues in Norway, accounting for 78% of total Real Estate revenues in Q1, increased by 14% despite negative volume development
• Acquisition of HomeQ will further strengthen rental position in Sweden
• Costs up, driven by investments in Qasa and HomeQ and transition to a common tech platform
• EBITDA of NOK 64m, in line with last year

Robust transactional revenue growth driven by volume; transactional model launched in Finland

Nordic Marketplaces Recommerce

Revenues (NOKm), EBITDA margin (%)

YoY growth 20%*

** Not adjusted for currency

• Continued strong growth in classifieds revenues, driven by transactional business model
• Advertising revenues down 19%* YoY in the quarter
• Costs up driven by continued investments in new business model and transition to a common tech platform
• EBITDA of NOK -82m, up 4% YoY

Nordic Marketplaces

New Nordic platform and transactional offering launched in Finland

● All Finnish private users migrated to new Nordic platform

● 1/5 of Finnish population already logged-in

Launch of transactional offering ToriDiili Mirroring strong pick-up from 'Fiks ferdig' launch in FINN in 2022

News Media

News Media

Cost savings improved profitability, despite volatile advertising market

News Media

Revenues (NOKm), EBITDA margin (%)

YoY growth -1%*

• Slight revenue decline YoY, driven by a challenging advertising market in Norway combined with a continued decline in the print business
• Continued strong performance in digital advertising in Sweden, and solid growth in digital subscriptions
• Effects from cost programme continue to materialise; YoY cost decline of 4% in Q1, despite the high inflationary environment
• EBITDA margin improved YoY

Delivery

Delivery

Stable profitability driven by reduced costs

Delivery

YoY growth -9% Revenues Helthjem EBITDA margin Revenues Morgenlevering Revenues Legacy/Other

Revenues (NOKm), EBITDA margin (%)

• Revenue decline primarily driven by declined newspaper circulation as well as fewer production days due to Easter
• Helthjem Netthandel up 13% due to increased volumes in B2C and higher C2C volumes related to 'Fiks ferdig'
• Morgenlevering down 6% due to volumes, driven by changes in consumers' shopping behaviour
• Improved EBITDA margin YoY driven by continuous cost focus and improved profitability in Helthjem

Growth & Investments

Growth & Investments

Revenues affected by macroeconomic factors, mitigated by reduced costs

Growth & Investments

Revenues (NOKm), EBITDA margin (%)

YoY growth -12%*

Highlights

• Macroeconomic factors continued to drive reduced demand for Lendo and Prisjakt, resulting in a revenue decline of 19%* and 10%* respectively
• Implemented cost measures to address uncertainty and downturn in these businesses, resulting in opex decline of 9% for the segment
• EBITDA margin of 9%, down YoY

18 * Foreign exchange neutral basis

Q1 Group EBITDA up 7% YoY due to News Media

Schibsted Group Q1 EBITDA per segment (NOKm)

Revenues EBITDA

Q1 income statement Schibsted Group

Income statement	First quarter
(NOK million)	2023	2024
Operating revenues	3,776	3,794
Operating expenses	(3,353)	(3,340)
Gross operating profit (loss) - EBITDA	423	454
Depreciation and amortisation	(314)	(321)
Impairment loss	(9)	-	Includes restructuring costs, costs related to
Other income	36	(9)	preparation of the separation of media
Other expenses	(116)	(119)	operations from remaining Schibsted
Operating profit (loss)	20	5	operations and a loss from changes in ownership in Plick AB.
Share of profit (loss) of joint ventures and associates	(39)	(55)
Impairment loss on joint ventures and associates (recognised or reversed)	(10)	(43)
Gains (losses) on disposal of joint ventures and associates	-	(2)
Financial income	321	17
Financial expense	(148)	(138)
Profit (loss) before taxes	144	(216)
Taxes	(9)	(23)
Profit (loss) from continuing operations	135	(239)	Adevinta is classified as a discontinued
			operation with effect from Q1 2024. Prior
Profit (loss) from discontinued operations Profit (loss)	2,035 2,170	(981) (1,220)	periods are re-presented.
Non-controlling interests	10	17
Owners of the parent	2,160	(1,237)
Earnings per share (NOK)
EPS - basic (NOK)	9.34	(5.49)
EPS - basic adjusted (NOK)	(23.07)	(4.36)

Q1 EBITDA, operating cash flow and capex

Stable and solid financial position ahead of sale of Adevinta stake and news media operations

Debt maturity profile

(NOKm)

Financial gearing within target range

(NIBD/EBITDA according to bank definition)

Outlook

Financial targets for Nordic Marketplaces temporarily paused

Latest internal forecasts show some gaps compared to our financial targets for Nordic Marketplaces

• Current macroeconomic conditions are less favourable than anticipated when setting medium-term financial targets for Nordic Marketplaces in early 2023
• Separation of our media business and related reorganisation of the Group, currently prevents us from implementing necessary cost measures due to legal and procedural considerations

Financial targets for Nordic Marketplaces will be paused temporarily

• Our ambitions for 2025 and beyond remain high
• We are actively updating our strategy for Schibsted Marketplaces and developing comprehensive measures to adapt the organisation and cost base to the new setting
• Results of these strategic work will be shared at the upcoming Capital Markets Day, planned for Q4 2024

xx-yy%

Acquiring 9.99% FINN-stake from Polaris Media ASA, further simplifying our company structure

Key highlights of the agreement

• Schibsted ASA ("Schibsted") acquires 9.99% of Finn.no AS ("FINN") from Polaris Media ASA ("Polaris"); Polaris has been a minority owner in FINN since its incorporation in 2000
• Total transaction value of NOK 2.5 billion on an equity basis
• Settlement of the transaction by issuance of new Schibsted B-shares to Polaris
• Subscription price per new B-share based on average daily volume-weighted average price (VWAP) in the period from and including 19 April to and including 3 May 2024

Timeline • The transaction and the share issue is expected to be completed during May 2024

xx-yy%

Q&A

26 April 2024 Kristin Skogen Lund, CEO Per Christian Mørland, CFO Christian Printzell Halvorsen, EVP Nordic Marketplaces and Delivery

Appendices

Spreadsheet containing detailed Q1 2024 and historical information can be downloaded at schibsted.com/ir

Q1 cash flow Schibsted Group

Cash flow	First quarter
(NOK million)	2023	2024
Profit (loss) before taxes from continuing operations	144	(216)
Profit (loss) before taxes from discontinued operations	2,035	(979)
Depreciation, amortisation and impairment losses (recognised or reversed)	(6,959)	454
Net interest expense	68	95
Net effect pension liabilities	(59)	(50)
Share of loss (profit) of joint ventures and associates	5,295	944
Interest received	31	14
Interest paid	(85)	(99)
Taxes paid	(104)	(121)
Non-operating gains and losses	(263)	89
Change in working capital and provisions	113	(23)
Net cash flow from operating activities	215	108
Net cash flow from investing activities	(216)	(499)
-whereof Development and purchase of intangible assets and property, plant and	(235)	(219)
equipment
Net cash flow from financing activities	(1,062)	(627)
-whereof Payment of principal portion of lease liabilities	(127)	(136)
Effects of exchange rate changes on cash and cash equivalents	8	1
Net increase (decrease) in cash and cash equivalents	(1,055)	(1,017)
Cash and cash equivalents at start of period	3,738	1,279
Cash and cash equivalents at end of period	2,683	263

Income taxes

The relationship between tax (expense) income and accounting profit (loss) before taxes is as follows:

Income tax	First quarter
(NOK million)	2023	2024
Profit (loss) before taxes	144	(216)
Tax (expense) income based on weighted average tax rates*	(33)	45
Prior period adjustments	1	(1)
Tax effect of share of profit (loss) from joint ventures and associates	(9)	(12)
Tax effect of impairment loss on goodwill, joint ventures and associates (recognised or reversed)	(2)	(9)
Tax effect of other permanent differences	48	(26)
Current period unrecognised deferred tax assets	(15)	(19)
Tax (expense) income recognised in profit or loss	(9)	(23)
* Weighted average tax rates	23.0%	20.7%

Shareholders analysis

Rank	Name	A-shares	B-shares	Total	% of S/I
1	Blommenholm Industrier AS	30,746,423	30,013,354	60,759,777	26.3%
2	Folketrygdfondet	7,478,785	10,592,981	18,071,766	7.8%
3	Baillie Gifford & Co.	9,811,383	7,088,671	16,900,054	7.3%
4	Vor Capital LLP.	2,333,096	5,113,202	7,446,298	3.2%
5	Eminence Capital, LP	4,612,479	2,713,449	7,325,928	3.2%
6	The Vanguard Group, Inc.	3,310,063	3,080,381	6,390,444	2.8%
7	Didner & Gerge Fonder AB	0	6,318,234	6,318,234	2.7%
8	DNB Asset Management AS	1,625,763	4,108,089	5,733,852	2.5%
9	Schibsted ASA	2,423,946	3,114,457	5,538,403	2.4%
10	NYA WERMLANDS-TIDNINGENS AB.	2,592,000	2,592,000	5,184,000	2.2%
11	Storebrand Kapitalforvaltning AS	2,292,349	1,941,967	4,234,316	1.8%
12	KLP Fondsforvaltning AS	1,084,297	2,785,519	3,869,816	1.7%
13	BofA Global Research (US)	3,571,599	0	3,571,599	1.5%
14	Luxor Capital Group, L.P.	35,599	3,231,223	3,266,822	1.4%
15	Alfred Berg Kapitalforvaltning AS	1,495,095	1,608,011	3,103,106	1.3%
16	Nordea Funds Oy	357,563	2,738,795	3,096,358	1.3%
17	BlackRock Institutional Trust Company, N.A.	1,328,601	1,712,872	3,041,473	1.3%
18	Asset Value Investors Ltd.	0	2,665,857	2,665,857	1.2%
19	Arctic Fund Management AS	21,969	2,436,765	2,458,734	1.1%
20	Handelsbanken Kapitalförvaltning AB	278,467	2,149,156	2,427,623	1.1%

Source: Nasdaq OMX, VPS as of 15 March 2024; The data is obtained through the analysis of beneficial ownership and fund manager information provided in replies to disclosure of ownership notices issued to all custodians on the Schibsted share register. Whilst every reasonable effort is made to verify all data, neither Nasdaq OMX nor Schibsted can guarantee the accuracy of the analysis.

Investor contact

Visit Schibsted's website: schibsted.com Email: ir@schibsted.com

Jann-Boje Meinecke VP, Head of IR +47 941 00 835

Malin Ebenfelt

IR Officer +47 916 86 710

Schibsted ASA Akersgata 55 / P.O. Box 490 Sentrum NO-0105 Oslo