Capital Markets Day

28 March 2023

Q&A link: sli.do Event code: 1109824

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.

Agenda

10:00 Schibsted Introduction Kristin Skogen Lund

10:20 Nordic Marketplaces Introduction Christian Printzell Halvorsen

10:45 Mobility Robin Suwe

11:10 Jobs Eddie Sjølie

11:30 Real Estate Kjersti Høklingen

11:50 Break

12:25 Recommerce Cathrine Laksfoss

12:45 Summary Christian Printzell Halvorsen

12:50 Q&A Christian Printzell Halvorsen, Vertical leads Kristin Skogen Lund, Ragnar Kårhus

13:20 Investment Strategy Andrew Kvålseth

13:40 Finance Ragnar Kårhus

14:00 Summary Kristin Skogen Lund

14:10 Q&A Kristin Skogen Lund, Christian Printzell Halvorsen, Andrew Kvålseth, Ragnar Kårhus

Today's speakers

Kristin Skogen Lund CEO

Christian Printzell Halvorsen EVP Nordic Marketplaces and Delivery

Andrew Kvålseth CIO and EVP Growth & Investments

Ragnar Kårhus EVP CFO

Robin Suwe SVP Mobility

Eddie Sjølie SVP Jobs

Cathrine Laksfoss SVP Recommerce and Delivery

Kjersti Høklingen SVP Real Estate

Kristin Skogen Lund CEO

Schibsted Introduction

Schibsted has a strong and unique position in the Nordics

In a challenging macro environment, 2022 was a solid year Selected proof points

High engagement and reach for our products

Daily logged in users 3.1m 3.3m

Digital subscriptions 1.1m 1.2m

An attractive employer and business partner

Employee engagement score at stable, high level 81 vs. EU benchmark of 75

Universum Business professionals ranking of most attractive Norwegian employers 16 8

Good progress on sustainability dimensions

Weekly digital reach in Norway 87% 88%

41.8m 43.2m

Private listings across verticals in Nordic Marketplaces

Sustainability integrated in our strategy and overall ambitions

Solid financial results in a turbulent market

Revenue (NOKbn) 14.6 15.3

1.8 1.9

2.4 1.3

Important changes made to further strengthen our positions and profitability for the future

Introduced a new vertical-based operating model

Strengthened our existing classifieds offerings

Accelerated transition to next gen, transactional marketplaces

News Media

Adjusted the growth path

NOK 500m gross-cost programme

Continuing to invest for the future

Growth & Investments

Refocused our investment strategy

Investing closer to core

Active ownership of assets

Realise value from non-core assets

Our purpose remains the same and is increasingly important

With a Vision to build a society based on trust and transparency

And a Mission to empower people in their daily lives

Driven by our Overarching Goals to deliver value to customers, employees, society & owners

Guided by our Character to be a fearless force for change

Value creation will be driven by four main value levers

Continued strong growth of our existing business

Successful transition towards transactional models

New vertical-focused operating model

Clear opportunities to expand successful new concepts

Continued strong growth of our existing business

Successful transition towards transactional models

New vertical-focused operating model

Clear opportunities to expand successful new concepts

Example proof point Norway Mobility Vertical classified revenues NOKm

Continued strong growth of our existing business

Successful transition towards transactional models

New vertical-focused operating model

Clear opportunities to expand successful new concepts

Continued strong growth of our existing business

Successful transition towards transactional models

New vertical-focused operating model

Clear opportunities to expand successful new concepts

Example proof point Revenue development Qasa (Sweden) and Nettbil (Norway) NOKm

Strong growth potential for subscription revenues

Continue to leverage our leading Nordic advertising position

Actively develop our News Media positions to become fully digital

Expansion of our news positions to audio and video

Example proof point News Media's digital subscription revenues and digital subscribers

Digital subscription revenue, NOKm

Digital subscribers, thousands

Continue to leverage our leading Nordic advertising position

Actively develop our News Media positions to become fully digital

Expansion of our news positions to audio and video

Example proof point News Media's total advertising revenues NOKm

Strong growth potential for subscription revenues

Continue to leverage our leading Nordic advertising position

Actively develop our News Media positions to become fully digital

Expansion of our news positions to audio and video

Example proof point News Media's total revenues excl. 'Other revenue'¹ NOKm

Strong growth potential for subscription revenues

Continue to leverage our leading Nordic advertising position

Actively develop our News Media positions to become fully digital

Expansion of our news positions to audio and video

Example proof point Podme subscriber base Number of paying subscribers

Invest in close-to-core businesses that benefit from Schibsted's strengths 3

Investment closer to core

More active ownership, value creation and synergies realisation

$\bullet\bullet\bullet$

Realise and crystalise value from non-core holdings

Provide attractive consumer experiences across Schibsted's portfolio of products, services & touch points 4

Moving towards a consumer-centric approach – example Norway

Summary: Four levers for Schibsted to create value

Christian Printzell Halvorsen EVP Nordic Marketplaces and Delivery

Nordic Marketplaces

We are a true marketplaces powerhouse with leading positions across the Nordics

	Mobility	Jobs	Real Estate	Recommerce	Brand awareness	Monthly visits per capita
					90%1	24.6
			(Rental only)		82%	8.3
					51%2	4.3
		N/A	N/A	N/A	77%2	1.3
					82%2	6.4
	N/A		3 (tied at #1 )	N/A	56%1	2.6
Several strong niche brands

25 1. Top of Mind; 2. Unaided Awareness; 3. Leader in Traffic and Top of Mind (whole Finland), tied with main competitor on active listings Source: National Statistics offices; SimilarWeb; Schibsted traffic and market research data (NEPA, Penetrace, Norstat, Insite Consulting)

Our portfolio of marketplace businesses enables balanced value creation

We focus on marketplace businesses with strong #1 positions

Portfolio of attractive marketplace businesses balancing profitability, growth and cyclical resilience

Value creation through group-wide resource allocation

Being part of Schibsted provides unique competitive advantages

We have delivered on the value creation levers from Q1 2021 CMD

Acquisition and successful integration of Oikotie and eBay Denmark has created a truly Nordic footprint
Continued Nordic expansion with AutoVex and Plick

Leverage current positions

Continued strong growth in the core
Continued innovation, better services to users
Product enhancement and new features combined with pricing strategies increased ARPA across verticals
Nettbil grew by 52% YoY to NOK 194m in 2022
~750k transactions with FINN Fiks ferdig in 2022
Qasa grew signing value¹ by 122%

We have delivered revenue growth well above our medium-term guidance from Q1 2021 CMD

Doing well by doing good

Our Mission

Empowering people to make smart choices for themselves and future generations

Our Goal We will make the sustainable alternative the obvious choice

Opportunity to fulfill wider customer needs drives vertical specialisation

Over 10 times larger addressable market with new business models

Higher take-rate Transactional and performance-based models unlock potential

New business models NOK ~40bn

Schibsted classified revenue NOK ~4bn

Larger market Tapping into large and growing markets in medium- to long-term

Not to scale (indicative)

We are building vertical champions to ride the next wave of growth

We have moved from a country-based to a vertical-focused operating model

Similar user and customer experience across brands

Our new operating model will unlock significant user and customer value

Going forward, we will guide on medium-term financial ambitions per vertical

	Revenue growth	EBITDA margin	Key financial drivers
Mobility	12-17%	51-56%	Price and packaging in core model, scaling C2B with Nettbil and AutoVex and transforming car listings to a transactional model
Jobs	Low to mid single-digit	Above 50%	Value-based business models, audience extension products and navigating short-term macroeconomic uncertainty
Real Estate	12-17%	42-47%	Winning Real Estate in Finland, and value added product packages in Norway
Recommerce	Triple revenues from 2022 to 2025	EBITDA break-even during 2025	Transform our Recommerce positions to transactional model

We are building vertical champions to ride the next wave of growth

We are a true marketplaces powerhouse with leading positions across the Nordics with proven track record of value creation

We are perfectly positioned to capitalise on the key trends of digitalisation, sustainability and the rise of the vertical specialists

We are optimising our existing business models with significant headroom for growth

We have moved to a verticalfocused operating model to unlock significant user and customer value, with over 10 times larger addressable market

Robin Suwe SVP Mobility

Mobility vertical deep-dive

We operate in attractive markets with high digital maturity and EV penetration

Favourable positions across the Nordics with household brands, superior reach and inventory leadership

Nordic maturity of key industry trends opens up several attractive opportunities for Schibsted

Nordic perspective on industry trends

Strong EV penetration with 79% of new car sales electric in Norway

OEMs¹ prioritise the Nordics for EV and agency model launch

High digital affinity of Nordic consumers

Nordic consumers increasingly prefer flexible ownership

Selected opportunities for Schibsted

Consumers seek trust and convenience when assessing digital mobility offerings

Dealers consolidate and grow into new business models

New players seek best in class brand building and efficient sales channels

42 1. Original Equipment Manufacturer Nordic Marketplaces | Mobility

Mobility strategy

We have a balanced growth strategy and are executing along three value creation levers

There is significant opportunity to grow our revenues, taking a larger share of the NOK ~16bn Nordic addressable market

Large headroom in the C2X journey (~20x), helping consumers to sell their cars

Large headroom in the B2C journey (~8x), helping consumers to access a new or used car

Not to scale (indicative)

Nordic Marketplaces | Mobility

Leverage current positions Classified business

In the past 3 years our core classified revenues have grown steadily

47 1. Foreign exchange neutral basis and including pro-forma Denmark (2020) revenues; Nominal numbers in NOKm include pro-forma Denmark (2020)

We have actively grown ARPA while listing volumes have been subject to market volatility

Robust growth in ARPA despite lower overall volumes
Pricing and packaging has been an important growth driver and we see further headroom to increase ARPA
Combined with expected volume growth we see a significant growth opportunity in our core business

Significant growth potential in core through pricing and value-adding services

Room for improvement ARPL1 comparison to selected peers

Harmonise and transform pricing model
Scale successful products in our portfolio
Leverage our data to drive dealer efficiency

Nordic Marketplaces | Mobility

Transform to next gen C2C digital car buying

The C2C position is both a strategic position and an attractive opportunity with NOK ~2bn addressable market

We have built an end-to-end C2C transaction journey and are expanding into monetisation in 2023

First results Norway

More than 17,000 transactions in 2022 (average GMV1 : NOK ~80k)
In 2023, launched ~1% transaction fee in addition to listing fee
High satisfaction rate 92% among both buyers and sellers

Nordic Marketplaces | Mobility

Transform to next gen C2B auction

We expect C2B growth to continue and have invested in two synergistic Nordic winners

Underlying industry trends

Consumers want convenient and efficient car sales

Dealers need to source more and specialised inventory

Historical price gap for used cars is closing

Long-term shift from C2C to C2B

We have acquired two synergistic Nordic winners, supporting dealers in finding the right inventory hassle-free

With Nettbil and AutoVex we have taken a clear step towards winning C2B in the Nordics

AutoVex Nettbil

Key next steps

Utilise Schibsted classifieds marketplaces to capture full C2B potential

Leverage full synergy potential in business models, products and car segments

Prepare to scale and build winning position across the Nordics

Nordic Marketplaces | Mobility

Transform to next gen B2C digital retailing

Digital retailing provides significant potential and we are expanding our offering with an asset-light approach

The future of car buying will be omnichannel and marketplaces can play a central partner role

			Expecting to conduct a purchasing step online
Research						Dealer	1 OC	OC-support
Vehicle Appearance
Financing
Payment
Delivery
	0%	25%	50%	75%	100%

We are responding to the change and expanding our offering along the value chain

Offer right set of tools & services to enable dealers Asset- and operational-light with no P&L commitment for vehicles Build on core business done in partnerships Monetisation through lead / transaction fees and partner commission

Nordic Marketplaces | Mobility

Expand into new positions Car subscription

We built Honk to explore new cars, test new ownership forms and build long-lasting relationships with new partners

Why is this an attractive opportunity?

Industry 20-30% of new cars "sold" in 2025 will be subscriptions¹

Consumer Increasing need for more flexible forms of ownership

Schibsted Build new car position and leverage synergies to transactional products

Introduction Exploration Decision Transaction We built the first transactional subscription marketplace in a growing Nordic market

59 1. Accenture (2023) Nordic Marketplaces | Mobility

Financial outlook and summary

Our balanced growth strategy targets revenue growth of 12-17% and 51-56% EBITDA margins in the medium-term

Transactional

Key drivers for success

Utilise price and packaging headroom Scale C2B with Nettbil and AutoVex Transform C2C listing to C2X transactional

We are well positioned for the next wave of growth

Clear #1 positions in attractive markets with high digital maturity and leading EV penetration

Solid headroom for growth in our core classified positions across the Nordics

Transactional models in C2C / C2B acting as growth accelerators with attractive margins

Explore opportunities related to digital retailing, new cars and flexible forms of ownership

Eddie Sjølie SVP Jobs

Jobs

vertical deep-dive

A strong starting point for future growth

65 2. Aided Awareness, Jobs category (Feb 2023) 3. Foreign exchange neutral basis and including pro-forma Oikotie (2020) revenues

Continuous growth over several years

ARPA growth driven by Norway and Sweden

Pricing and packaging important ARPA growth drivers
Improved webstore in Norway increasing growth in SMB
ARPA decline in Finland due to a local specific business model for some high volume customers

We have been able to tap into the passive candidate market with new products

platform

Future trend analysis shows a dynamic market with several opportunities

business models

candidates

There is a strong opportunity to grow our revenues, taking a larger share of the Nordic market

Product innovation & New business models NOK ~7-10bn

Unlocking potential from

Attracting new customers
Larger share of customers' recruitments
Product innovation
Value- and performance-based pricing

Not to scale (indicative)

Three value creation levers to drive a balanced growth strategy

We can unleash a lot of growth potential by aligning price to value

Value-based business models are a great opportunity to provide more value for existing customers and tap into non-consumption

Introducing value-based pricing for a small part of our ad volume in Norway has shown promising signs

The passive candidate market with significant growth potential ahead

Successful start to monetising passive candidates… …with an even bigger growth potential

Enlarge customer base by scaling into the new customers using Applicant Tracking Systems
Offer more segment specific products and align price to value
Develop new data-driven products to reach more passive candidates

Schibsted Network reaches millions of people in Nordics. Using Schibsted Network is a great way to reach Nordic passive candidates.

Winning the candidates by offering more job opportunities

We have successfully provided more job opportunities to candidates through sourced ads, while controlling the effect

We have the tools to manage the effect of the ads on site

	Paid ad	Sourced ad
Push notifications	✔	𑁋
Email alerts	✔	𑁋
Recommendations	✔	𑁋
Logo	✔	𑁋
Images	✔	𑁋
Search	Top of the list	Bottom of the list
Size in results list	Large	Small
Employer information	Extended	Limited
Effect1	100%	5-10%2

Through a unique combination of technology, data and processes we are delivering more value

We have unique matchmaking capabilities.. …delivering outcomes in the marketplace

Significant outcomes delivered

18% of all ad-visits are attributed to recommendations
We have increased the click-through rate¹ for the best performing algorithm by 4x over the last 12 months

Exciting potential going forward

Managing the performance of the marketplace
Improving the job seeker experience

We target growth in the medium-term, with substantially higher growth potential over time

Macroeconomic uncertainty in the short-term

Main drivers

Value-based business models as enabler of growth

Audience extension products as growth driver

The recruitment market represents a growth potential – and we are well positioned to take advantage of it

Jobs vertical has performed well over the years and provided significant value to Nordic Marketplaces and Schibsted

The Nordic recruitment market is growing and offering interesting opportunities to take larger part of it and grow our revenues

We have a balanced growth strategy with opportunities from both leveraging the current positions and transforming to next gen

With strong brands and market positions as well as a large user and customer base we are well positioned to succeed

Kjersti Høklingen SVP Real Estate

Nordic Marketplaces

Real Estate

vertical deep-dive

Strong brands and reach across the Nordics with different positions in each country

83 1. Leader in Traffic and Top of Mind (whole Finland), tied with main competitor on active listings 2. Total listings include FINN, Oikotie, Tori, Blocket and Qasa Source: Schibsted traffic and market research data

A 14% CAGR delivered over the past three years with Norway as a key driver

In Norway, FINN Real Estate is the leading property portal with superior user engagement

Norway's #1 place to find and advertise property

Our growth in Norway is driven by the ability to provide value added products over time

Highlighted are some examples of value increasing products (indicative timing)

In Finland, we have strengthened our market position since the acquisition and integration of Oikotie

Leadership in key metrics compared to closest competitor and increase since acquisition 2020 (%)

In Sweden we have successfully transitioned into a transactional rental offering with the acquisition of Qasa

Strong ARPA development, significant growth in revenue per residential for sale listing in Norway

The Nordic Real Estate market is stable with strong elements of counter-cyclical development

Sold properties and published listings in Norway over time

Similar long term trend in all Nordic countries

Number of published listings tends to follow number of sold properties over time

Listings are to some extent counter-cyclical as re-publications increase in downturns

Industry trends provide opportunities to amplify product value for agents and expand transactional rentals

Nordic perspective on industry trends Prioritised opportunities for Schibsted

The Real Estate market is transforming: increasing customer and consumer expectations for convenient and transparent experiences

Strong agent positions - disruptive players are not gaining traction

Within rentals, long lasting pain points fuel the growth of more convenient solutions

Expand our presence in the housing journey by capturing and utilising relevant data to increase product value

Provide end-to-end transactional rental solution

Three value creation levers to drive growth across the Nordics

Compelling opportunity to capture large monetisation runway in core classifieds and transactional rentals

Large headroom to grow the core across our core classified markets

New transactional model expands the addressable market² within rentals significantly

Not to scale (indicative)

Large growth potential in Norway by increasing consumer and agent value

Favorable market dynamics to operate in

Key performance indicators benchmark comparison

Headroom to increase marketing spend High potential in extended offerings Average marketing spend per transaction 2022 (NOK)

Average transaction value (EURk)	376	234	189	259	389
Average commission rate	~2%	~3%	~3%	~1%	~2%
Exclusive listings	✔	✔	✔	✔	✔
Vendor paid advertising	✔	✔	✖	✖	✔

Increase value offerings for agents and optimise packaging strategy

Expand marketing efficiency solutions

Enhance adjacency offerings and consumer services

We will continue to expand in Finland and leverage cross-Nordic capabilities

Significant headroom for future growth by taking market leader position

Clear strategy for strengthened flywheel effects

Leveraging cross-Nordic capabilities

Product packaging and go-to-market expertise

Technology and product sharing

Significantly improved user experience

Combining our strong rental positions with a transactional rental offering will unleash new potential

With our value creation levers we target in medium-term¹ revenue growth of 12-17% and 42-47% EBITDA

Transactional
Classified
Advertising
Other

Key drivers for success

Utilise headroom for growth within core classifieds
Strengthen market position in Finland
Transform rental listings to a transactional model

Great potential in driving future growth within Real Estate

Attractive market dynamics with cyclical resilience

FINN real estate has a solid track record of growth and headroom for continuous value creation in core classified offerings

We have a strong foundation to win in the Finnish market to capture higher monetisation levels by leveraging tech and products across markets

Significant financial opportunity in combining our classified rental positions with a full transactional rental offering by Qasa in the Nordics

Cathrine Laksfoss SVP Recommerce and Delivery

Nordic Marketplaces

Recommerce

vertical deep-dive

The "generalist" positions have always been a key part of Schibsted's playbook to win across verticals

We now have a unique opportunity to turn these strong positions into a profitable business in its own right

102 1. GMV Listed: Value of all items from new Private listings in 2022. Comparable to the figures shared as Generalist GMV at Capital Markets Day 2021. 2. GMV Sold is a high level estimate based on items marked as sold on marketplaces 3. Source: AIM Group estimate - details available in Appendix. Including payment processing fees, as % of GMV. Most recent data available (2020/2021)

The transactional model unlocks new volumes and enables significantly increased monetisation

50-100x Potential with transactional model

(Transacted Gross Merchandise Value)

Not to scale (indicative)

103 1. C2B2C: Consumer to Business to Consumer, a model where a business is intermediating the transaction before the item is delivered to a consumer (e.g. Sellpy's model) Note: Addressable market is the value of total transacted online second hand goods, that known business models allows to capture. Excluding thrift shops and offline market Source: Verkkokauppa Suomessa by Paytrail, Norsk e-handel by Nets, Svensk e-handel by Nets, and Danmark e-handelsrapport by Nets; McKinsey study; Schibsted calculations

We are well underway with the successful roll-out of the transactional service in FINN

Other services in future

Escrow (via mobile payment)

"Fiks ferdig" is making buying and selling used goods on FINN as easy and safe as ecommerce

Door to door

The growth of the transactional service in FINN proves our ability to convert consumer demand to transactions

There is significant headroom to unlock further growth and a new revenue stream with the transactional model

We will roll out the transactional model in all of our Nordic markets by 2025

Illustration of as-is maturity stage per market

Availability of transactional enablers in country¹

Indication of consumer demand for transactional service²

Transactional product maturity

We are in an investment phase

Business model transformation underway
Investments in transformation (especially product, marketing)

Low Medium High

We target EBITDA break-even during 2025, with significant further potential for profitable growth

We will develop Recommerce into a growing and profitable business in its own right

The recommerce space will grow fast and we are on a good track to capture this growth in the Nordics

The new transactional business model opens up a new revenue stream, with 15-20X monetisation potential compared to traditional classifieds

The Nordic operating model, with a scalable platform and efficient operations, is a key enabler to arrive at the desired cost structure, needed for profitability

Recommerce has always been, and will continue delivering significant value to the other verticals

Summary Nordic Marketplaces

Our verticals have different focus on the value creation levers

✔

We already have many early signs of succeeding with continued value creation

We have moved from a country-based model to a vertical-focused operating model

With Nettbil and AutoVex we have taken a clear step towards winning Mobility C2B in the Nordics

✔ ✔

We are well underway with the successful roll-out of the transactional service in FINN with ~750k transactions in 2022

An experienced team in place to drive value creation

Christian Printzell Halvorsen Nordic Marketplaces and Delivery

Robin Suwe Mobility

Kjersti Høklingen Real Estate

Eddie Sjølie Jobs

Cathrine Laksfoss Recommerce and Delivery

Laila Dahlen Nordic Accelerator

Stine Halla Finance

Antti Hovila Strategy & Business Development

Hanna Lindqvist Technology

Ruben Søgaard Sales & Adjacent Products

Kristin Sætevik People & Brand Experience

Vivi Højen Transformation

Investment proposition

Exceptional long-term track record of value creation in marketplaces (over EUR 10bn value created, including Adevinta)

Highly profitable, asset light businesses with large competitive moats and attractive proprietary investment opportunities

Leading marketplace businesses well positioned for the future with continued significant runway for growth

Outstandingly positioned to benefit from verticalisation as the next wave of value creation

Link: sli.do Event code: 1109824

Andrew Kvålseth CIO and EVP Growth & Investments

Investment Strategy

Investing where Schibsted has a competitive advantage, to build our future position and create strong shareholder returns

Investing in growth is part of our DNA

Early stage investments have been an important part of building strategic positions and strong returns

Adapting to changing conditions – a refocused investment strategy

A refocused investment strategy

Based on market changes and learnings over the past

Investment closer to core

More active ownership, value creation and synergies realisation

Realise and crystalise value from non-core holdings

Active ownership focused on value creation

Clear ownership agenda including full potential plan

Active performance management vs. full potential plan

Synergy acceleration and realisation

Post-acquisition planning, integration, and follow-up

Regular portfolio reviews

Increased focus on portfolio streamlining and value realisation

Investment closer to core

More active ownership, value creation and synergies realisation

Realise and crystalise value from non-core holdings

Scaling through our platforms