Vend Marketplaces ASA

Quarterly Report • Feb 7, 2024

Q4 2023 Results 7 February 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 Q4 2023

Financial highlights	• Revenues of NOK 4.082m, stable* YoY • Group EBITDA of NOK 684m, up 5% YoY, mainly driven by News Media • Decided to wind down and exit Viaplay investment • Dividend of NOK 2.00 per share proposed for 2023
Operational highlights	• Solid quarter for Nordic Marketplaces, with 6% underlying* revenue growth and EBITDA of NOK 418m • Significant profitability improvement in News Media, driven by cost reductions • Performance in Growth & Investments negatively affected by Lendo
Strategic milestones	• Unlocking more than 20 years of sustained value creation in Adevinta through Adevinta offer; remaining stake offering incremental value upside • Creating two, more focused, companies with the initiated process to sell Schibsted's news media operations to the Tinius Trust

ESG highlights Q4 2023

ENVIRONMENT

Added environmental requirements in agreements with paper suppliers in Norway Reached 2023 target of more than 2 million 'Fiks ferdig' Recommerce transactions on FINN

Our newspapers won 3/4 awards at the The Swedish Grand Prize for Journalism Implemented our diversity and inclusion mapping tool in three companies

Governance

Sustainability targets integrated in Nordic Marketplaces' governance and strategy execution Sustainability report for 2023 based on European Sustainability Reporting Standards (ESRS) Top rated in region and industry by Sustainalytics ESG Risk Rating

4

Nordic Marketplaces

Mobility | Jobs | Real Estate | Recommerce

Nordic Marketplaces

Making good headway in our vertical transformation

kj Mobility

Significant steps taken in harmonizing and transforming pricing model, and good progress to expand C2B leadership in the Nordics

Successfully started aggregation of job ads in Norway, strengthening our offering

Good development in Finland, with #1 position on important metrics

Tech

Significant improvements in uptake of ads and monetisation, and ready to launch in Finland

Important tech milestone delivered, with beta-launch of new Nordic tech platform in Finland

Nordic Marketplaces

Classifieds revenues up 9%* despite volatile macro environment; Jobs and new business models affected margin

Nordic Marketplaces

* Foreign exchange neutral basis

Revenues (NOKm), EBITDA margin (%)

YoY growth 6%*

7

Revenue split Nordic Marketplaces

Revenues Q4 2023 (share in %)

Classifieds +9%* YoY

Nordic Marketplaces | Mobility

Progressing well in growing and expanding our two synergistic C2B platforms

8

Nordic Marketplaces | Mobility

Continued ARPA increase; volumes in Norway affected by market headwinds

Mobility KPIs Q4 2023, YoY change %

NAA	ARPA
214k -11% YoY	NOK 436 4% YoY
437k 6% YoY	SEK 381 2% YoY
59k* 8% YoY	DKK 279 9% YoY

Note:

NAA: New Approved Ads, ARPA: Average Revenue Per Ad

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

*Avg. daily Pro listings per month, due to pay per day listing model in Denmark

Nordic Marketplaces | Mobility

Solid revenue growth; EBITDA margin affected by transactional models

Nordic Marketplaces Mobility

Revenues (NOKm), EBITDA margin (%)

Highlights

• Classifieds revenues up 14%*, primarily driven by ARPA as well as continued strong revenue growth in Nettbil and AutoVex
• Volatile advertising market, revenues down compared to previous quarter (-5%* YoY)
• Costs in core business in line with last year; increase driven by investments in transactional C2B models Nettbil and AutoVex
• EBITDA of NOK 270m, up 15% YoY

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

Solid ARPA increase in Norway and Sweden, offset by continued volume decline

Jobs KPIs Q4 2023, YoY change %

NAA	ARPA
37k -13% YoY	NOK 6,442 10% YoY
15k -39% YoY	SEK 1,693 9% YoY
23k -32% YoY	EUR 94 -1% YoY

Note: NAA: New Approved Ads, ARPA: Average Revenue Per Ad Sourced Ads in Norway not included

Revenues and profitability still affected by market headwinds

Nordic Marketplaces Jobs

* Foreign exchange neutral basis

Revenues (NOKm), EBITDA margin (%)

Highlights

• Revenues down across all markets, driven by lower volumes due to market headwinds
• Higher ARPA curbed negative volume effects
• Revenues in Norway, accounting for 82% of total Jobs revenues in Q4, declined only 4% despite volume fall of 13% YoY
• Costs up YoY, driven by marketing
• EBITDA of NOK 125m, 26% down YoY, driven by revenue decline

Nordic Marketplaces | Real Estate

Norway with exceptionally strong ARPA, but softer volume development

Real Estate KPIs Q4 2023, YoY change %

Note: NAA: New Approved Ads, ARPA: Average Revenue Per Ad

* Oikotie only, excluding ads on Tori

Strong revenue growth; EBITDA margin affected by investments in Qasa

Nordic Marketplaces Real Estate

Revenues (NOKm), EBITDA margin (%)

Highlights

• Strong growth of 16%* in classifieds revenues, driven by ARPA
• Revenues in Norway, accounting for 78% of total Real Estate revenues in Q4, increased by 13% despite negative volume development
• Finland saw good progress on key metrics with continued healthy growth in volumes, and Sweden experienced a solid growth in signing value in the rental platform Qasa
• Costs up, driven by investments in Qasa and increased marketing spend in Finland
• EBITDA of NOK 80m, up 8% YoY

Good trajectory in transactional key metrics

Recommerce KPIs Q4 2023

Transactions	AOV
"Fiks ferdig" C.687k 59% YoY	"Fiks ferdig" NOK 603 0% YoY
"Frakt med köpskydd" C.104k 22% QoQ	"Frakt med köpskydd" SEK 1,371 -10% QoQ

Note: AOV: Average order value

Strong growth in transactional revenues driven by volume growth

16

* Foreign exchange neutral basis

Highlights

• Continued strong growth in classifieds revenues, driven by transactional business model
• Solid development in unit economics in both Norway and Sweden
• Advertising revenues down 9%* YoY in the quarter, slightly improved QoQ
• Costs up driven by continued investments in new business model
• EBITDA of NOK -69m, down 3% YoY

News Media

News Media

Solid performance with stable underlying revenues and improved EBITDA margin

News Media

Revenues (NOKm), EBITDA margin (%)

Highlights

• Flat revenues YoY, despite continued volatile advertising market
• Strong performance in digital advertising in Sweden, and continued solid growth in digital subscriptions offsetting decline in the print business
• Effects from cost programme continue to materialise; YoY cost decline of 2% in Q4, despite the high inflationary environment
• EBITDA margin improved QoQ and YoY

News Media

Growth in digital revenues driven by subscriptions and advertising in Sweden

Solid growth in digital subscription revenues

Strong digital performance in Sweden;

volatile market in Norway

Subscription revenues (NOKm) Advertising revenues (NOKm)**

* Foreign exchange neutral basis

19

** Norway and Sweden not including eliminations

Delivery

Delivery

Increased EBITDA driven by improved profitability in Helthjem

Delivery

Revenues (NOKm), EBITDA margin (%)

Highlights

• Revenue decline primarily driven by declined newspaper circulation combined with the lapse of Sunday distribution
• Total revenue decline also in Helthjem Netthandel (-4% YoY) driven by less B2C volumes, while C2C volumes continue to increase driven by 'Fiks ferdig'
• Morgenlevering down 17% due to volumes, driven by changes in consumers' shopping behaviour
• Improved EBITDA margin QoQ and YoY driven by continuous cost focus and improved profitability in the value chain in Helthjem

Growth & Investments

Performance hampered by macroeconomic factors

Growth & Investments

Revenues (NOKm), EBITDA margin (%)

YoY growth -7%*

Highlights

• Continued negative effect from market headwinds in Lendo Sweden, now also affecting Norway
• Revenue decline in Prisjakt of 2%* YoY due to tough e-commerce market and a drop in advertising sales
• EBITDA down 30% YoY, driven by Lendo

23 * Foreign exchange neutral basis

Lendo Group

Top- and bottom-line affected by volatile macro environment

Lendo Group

Revenues (NOKm), EBITDA margin (%)

YoY growth -20%*

Highlights

• Revenues and margins down driven by reduced conversion from application to payout within consumer loans in Sweden and Norway, as the macroeconomic environment causes banks and borrowers to be more cautious
• Good growth and profitability improvement in Denmark
• New product verticals (business loans, credit cards and car loans) continued to grow well
• EBITDA margin decline despite cost reductions due to winding down the international expansion

Announced two transformational milestones

Natural next step in our Adevinta strategy

• Unlocking more than 20 years of sustained value creation in Adevinta by reducing our stake by 60%, providing substantial cash proceeds of c.NOK 25 billion*; remaining stake offering incremental value upside
• Intention to return capital to shareholders
• Closing of the transaction expected in Q2 2024

Transforming Schibsted into two, more focused, companies

• Initiated process to sell Schibsted's news media operations to the Tinius Trust, giving both News Media and Nordic Marketplaces the best possible conditions for value creation
• Simplifying the overall structure and equity story of Schibsted by making it a more focused marketplaces company, and at the same time enabling its news media business to more forcefully execute its strategy
• Execution of final agreements expected in Q1 2024, and closing of the transaction in Q2 2024

Finance

Q4 Group EBITDA up 5% YoY, driven by News Media

Schibsted Group

Q4 revenues, EBITDA (NOKm)

YoY growth 0%*

Schibsted Group Q4 EBITDA per segment (NOKm)

Revenues EBITDA

Q4 income statement Schibsted Group

Income statement		Fourth quarter
(NOK million)	2022	2023
Operating revenues	3,988	4,082
Operating expenses	(3,337)	(3,398)
Gross operating profit (loss) - EBITDA	651	684
Depreciation and amortisation	(292)	(332)
Impairment loss	(23)	(21)
Other income	1	56
Other expenses	(52)	(71)
Operating profit (loss)	285	317
Share of profit (loss) of joint ventures and associates	(270)	11
Impairment loss on joint ventures and associates (recognised or reversed)	424	2,176
Gains (losses) on disposal of joint ventures and associates	657	(26)
Financial income	17	216
Financial expense	(553)	(394)
Profit (loss) before taxes	559	2,299
Taxes	(72)	(70)
Profit (loss) from continuing operations	487	2,229
Profit (loss) from discontinued operations Profit (loss)	(24) 464	(31) 2,198
Non-controlling interests	9	18
Owners of the parent	454	2,180
Earnings per share (NOK)
EPS - basic (NOK)	1.94	9.68
EPS - basic adjusted (NOK)	(0.45)	0.47

Includes Schibsted's share of Adevinta's result for Q3 2023 adjusted for fair value differences and amortisation of excess values.

Relates mainly to an increase in the share price of Adevinta during Q4.*

Includes gain on the total return swap entered into for 3% of the Adevinta shares.

Includes loss on the total return swap entered into for 10% of the Viaplay shares.

Q4 EBITDA, operating cash flow and capex

Solid financial position, improved through Adevinta total return swap rollover

Debt maturity profile

(NOKm)

Financial gearing within target range

(NIBD/EBITDA according to bank definition)

Financial medium-term target; revised financial targets for Jobs

Note: Financial medium-term targets in Nordic Marketplaces relate to 2024 and 2025, except Jobs

31 * Applies to 2024 only, assuming a year-on-year volume decline of 5% for the full-year in Jobs; coming back to 2025 targets once visibility has improved throughout the year

xx-yy%

NIBD/EBITDA

Q&A

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

Appendices

Spreadsheet containing detailed Q4 2023 and historical information can be downloaded at schibsted.com/ir

Listing trends per main verticals

New approved ads

(Monthly growth YoY, %)

Vertical	Country	Oct-22	Nov-22	Dec-22	Jan-23	Feb-23	Mar-23	Apr-23	May-23	Jun-23	Jul-23	Aug-23	Sep-23	Oct-23	Nov-23	Dec-23
Mobility	Norway	9%	17%	9%	14%	18%	5%	12%	13%	11%	5%	-1%	-5%	-4%	-14%	-14%
	Sweden	-5%	-6%	-4%	-4%	-6%	-17%	-1%	4%	0%	4%	3%	5%	11%	4%	-1%
	Denmark*	10%	13%	14%	14%	13%	13%	11%	11%	12%	12%	13%	12%	2%	10%	12%
Jobs	Norway	-7%	-12%	-16%	-12%	-13%	-9%	-26%	-20%	-8%	-10%	-17%	-16%	-13%	-13%	-12%
	Sweden	-10%	-13%	-20%	-27%	-27%	-32%	-32%	-30%	-28%	-38%	-35%	-37%	-36%	-43%	-37%
	Finland	-2%	-7%	-27%	-20%	-28%	-24%	-30%	-26%	-29%	-35%	-35%	-36%	-31%	-36%	-30%
Real Estate	Norway	6%	-5%	11%	1%	-1%	3%	5%	8%	10%	11%	1%	-2%	-4%	-5%	-10%
	Finland**	2%	13%	2%	9%	12%	7%	7%	15%	16%	23%	19%	23%	40%	17%	24%

Overview of our venture and financial investments [1/2]

Current ownership* (sorted by ownership)

Company	Segment	Current ownership	Date of first investment
Hypoteket	Fintech	50%	2016-02
Tillit	Fintech	38%	2018-08
Insurello	Fintech	34%	2019-05
Rocker	Fintech	34%	2016-07
Hjemmelegene	Healthtech	27%	2019-06
Hygglo	Marketplace	22%	2017-02
Tørn	Marketplace	21%	2021-06
Pej	Commerce Enabler	21%	2019-10
Campanyon	Marketplace	20%	2021-12
FundingPartner	Fintech	18%	2018-03
Fixrate	Fintech	18%	2020-12
Homely	Other consumer services	18%	2019-11
Demando	Marketplace	17%	2023-11
Mindler	Healthtech	16%	2020-03
Tibber	Other consumer services	14%	2021-07
Albert	Other consumer services	13%	2016-09
Askin	Healthtech	12%	2021-11

Overview of our venture and financial investments [2/2]

Current ownership* (sorted by ownership)

Company	Segment	Current ownership	Date of first investment
Nomono	Commerce Enabler	12%	2022-07
Syd	Other consumer services	11%	2021-08
Knips	Marketplace	11%	2022-01
Maja	Healthtech	10%	2022-01
Bookis	Marketplace	9%	2020-04
Gire	Marketplace	8%	2023-07
Tings	Marketplace	8%	2023-12
Ingrid	Commerce Enabler	8%	2021-12
Yepstr	Marketplace	8%	2017-07
Savr	Fintech	7%	2021-12
Firi	Fintech	7%	2022-01
Dintero	Commerce Enabler	6%	2020-11
Linear	Marketplace	6%	2022-06
Scrimba	Other consumer services	5%	2023-07
Unloc	Commerce Enabler	1%	2020-02

Q4 cash flow Schibsted Group

Cash flow	Fourth quarter
(NOK million)	2022	2023
Profit (loss) before taxes	559	2,299
Depreciation, amortisation and impairment losses (recognised or reversed)	(108)	(1,823)
Net interest expense	76	105
Net effect pension liabilities	11	10
Share of loss (profit) of joint ventures and associates	270	(11)
Dividends received from joint ventures and associates	1	-
Interest received	16	18
Interest paid	(82)	(127)
Taxes paid	(54)	(54)
Sales losses (gains) on non-current assets and other non-cash losses (gains)	(203)	67
Change in working capital and provisions	229	38
Net cash flow from operating activities	715	522
Net cash flow from investing activities	3,993	302
-whereof Development and purchase of intangible assets and property, plant and	(282)	(316)
equipment
Net cash flow from financing activities	(1,255)	(650)
-whereof Payment of principal portion of lease liabilities	(66)	(93)
Effects of exchange rate changes on cash and cash equivalents	(2)	2
Net increase (decrease) in cash and cash equivalents	3,451	175
Cash and cash equivalents at start of period	287	1,104
Cash and cash equivalents at end of period	3,738	1,279

Income taxes

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

Income tax	Fourth quarter
(NOK million)	2022	2023
Profit (loss) before taxes	559	2,299
Tax (expense) income based on weighted average tax rates*	(124)	(508)
Prior period adjustments	(11)	2
Tax effect of share of profit (loss) from joint ventures and associates	(58)	3
Tax effect of impairment loss on goodwill, joint ventures and associates (recognised or reversed)	93	479
Tax effect of other permanent differences	30	(27)
Current period unrecognised deferred tax assets	(1)	(19)
Tax (expense) income recognised in profit or loss	(72)	(70)
* Weighted average tax rates	22.3%	22.0%

Shareholders analysis

Rank	Name	A-shares	B-shares	Total	% of S/O
1	Blommenholm Industrier AS	30,746,423	30,013,354	60,759,777	26.3%
2	Folketrygdfondet	8,196,550	10,488,006	18,684,556	8.1%
3	Baillie Gifford & Co.	9,860,324	7,569,116	17,429,440	7.5%
4	Eminence Capital, LP	5,521,958	1,608,586	7,130,544	3.1%
5	The Vanguard Group, Inc.	3,272,642	3,106,541	6,379,183	2.8%
6	Didner & Gerge Fonder AB	0	6,265,632	6,265,632	2.7%
7	Schibsted ASA	2,423,946	3,291,645	5,715,591	2.5%
8	DNB Asset Management AS	1,583,864	3,691,346	5,275,210	2.3%
9	NYA WERMLANDS-TIDNINGENS AB.	2,592,000	2,592,000	5,184,000	2.2%
10	Storebrand Kapitalforvaltning AS	1,997,516	2,091,642	4,089,158	1.8%
11	Vor Capital LLP.	0	3,687,266	3,687,266	1.6%
12	KLP Fondsforvaltning AS	990,194	2,648,808	3,639,002	1.6%
13	Luxor Capital Group, L.P.	14,791	3,405,003	3,419,794	1.5%
14	Cadian Capital Management LP	3,193,792	0	3,193,792	1.4%
15	Handelsbanken Kapitalförvaltning AB	948,462	2,143,112	3,091,574	1.3%
16	Nordea Funds Oy	435,901	2,638,203	3,074,104	1.3%
17	BlackRock Institutional Trust Company, N.A.	1,315,710	1,724,241	3,039,951	1.3%
18	Goldman Sachs International	1,509,907	1,397,593	2,907,500	1.3%
19	Asset Value Investors Ltd.	0	2,469,457	2,469,457	1.1%
20	Arctic Fund Management AS	35,786	2,407,271	2,443,057	1.1%

Source: Nasdaq OMX, VPS as of 14 December 2023; 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