Vend Marketplaces ASA

Earnings Release • Feb 10, 2023

Schibsted ASA (SCHA/SCHB) - Interim Financial Statement Q4 2022

Schibsted ASA (SCHA/SCHB) - Interim Financial Statement Q4 2022

10.2.2023 07:00:00 CET | Schibsted | Half yearly financial reports and audit

reports / limited reviews

Today, Schibsted released its Q4 2022 results

Improved EBITDA and robust financial position

"In a more challenging market caused by macroeconomic developments, underlying¹

Group revenues increased by 3 per cent compared to Q4 last year. In this

context, I am happy to report that Group EBITDA ended 3 per cent above Q4 last

year at NOK 651 million, breaking the downward trend seen over the last

quarters. The positive EBITDA development was driven by great efforts in all our

business areas," CEO Kristin Skogen Lund says.

"Driven by double-digit growth in classifieds revenues, Nordic Marketplaces

delivered underlying² revenue growth of 6 per cent in Q4. The revenue growth was

driven by Real estate, Motors and the transactional Generalist offering 'Fiks

Ferdig' in Norway, while Jobs and advertising revenues declined due to market

headwinds. EBITDA ended at NOK 430 million, 1 per cent down from last year

driven by Marketplaces Norway. This was a result of a change in revenue mix, and

continued investments to drive new business models," CEO Kristin Skogen Lund

says.

"Our News Media operations faced a more challenging advertising market,

particularly within print. Driven by resilient subscription revenues,

underlying² revenues were still in line with last year. EBITDA margin ended at 9

per cent, up from the previous quarter due to tighter cost control which will

tighten further going forward. As announced on 24 January, News Media has

started implementing cost measures, targeting gross cost savings of NOK 500

million over the next two years, in order to improve profitability and to bring

its EBITDA margin back to the target range of 10-12 per cent in 2024," CEO

Kristin Skogen Lund says.

"Financial Services & Ventures delivered strong profitability, with EBITDA at

NOK 109 million, driven by good revenue growth and cost control. In particular

Prisjakt and MittAnbud reported improved profitability, and Lendo continued to

deliver double-digit revenue growth due to its Swedish and Norwegian

operations," CEO Kristin Skogen Lund says.

"As part of the more focused capital allocation strategy within the Group, Lendo

on 31 January announced that it shifts its strategic focus, accelerating its

market leading position in the Scandinavian markets, and consequently plans to

cease operations in Finland, Spain, Portugal and Italy. The strategic review of

Lendo will continue in parallel," CEO Kristin Skogen Lund says.

"Further, in Q4 we sold down 2 per cent of our Adevinta holding and entered into

a total return swap (TRS) agreement for another 3 per cent. This enabled us to

increase our financial capacity to reduce our financial leverage, and to

initiate a share buy back programme which we see as value creative in the

present market environment. Using a TRS enabled us to reduce our financial

leverage while we maintain exposure to Adevinta's share price development,

showcasing our support of the strategy and further value creation potential by

the company," CEO Kristin Skogen Lund says.

"Finally, the Board will propose to pay a dividend of NOK 2.00 per share for

2022, in line with last year and our dividend policy," CEO Kristin Skogen Lund

says.

"To sum up, we have navigated the rough seas of 2022 solidly and have used Q4 to

further adapt to the changes around us, focusing on bringing costs down and

adjusting our capital allocation. I am now looking forward to a year where we

will double down on succeeding with the verticalisation of Nordic Marketplaces,

ensure robustness and continued digitalisation of our world-class News Media

operations, and manage and grow our investments with focus on value creation,"

CEO Kristin Skogen Lund says.

This quarter's highlights

* Group: Underlying¹ revenue growth of 3 per cent, EBITDA at NOK 651 million.

* Nordic Marketplaces: 6 per cent underlying² revenue growth, driven by

double-digit revenue growth in classifieds while advertising was down. EBITDA

at NOK 430 million, 1 per cent down from last year, driven by Marketplaces

Norway while the remaining countries increased EBITDA year-on-year.

* News Media: Underlying² revenues in line with last year as resilient

subscription revenues curbed the decline in advertising. EBITDA margin of 9

per cent, down year-on-year but up quarter-on-quarter due to tighter cost

control. Gross cost reductions of NOK 500 million over the next two years

announced on 24 January.

* eCommerce & Distribution: Returned to revenue growth and positive EBITDA,

driven by higher B2C and C2C volumes in the parcel delivery business.

* Financial Services & Ventures: Strong profitability driven by good revenue

growth and cost control. Lendo continued its strong growth momentum, growing

underlying¹ revenues 16 per cent, and announced plans to cease operations in

Finland, Spain, Portugal and Italy. Improved profitability in Prisjakt and

MittAnbud.

* Dividend of NOK 2.00 per share will be proposed for 2022.

| Fourth quarter | Year to date

-----------------------------------------------------------------------------

(NOK million) | 2022 | 2021 | Change | 2022 | 2021 | Change

-----------------------------------------------------------------------------

Schibsted Group | | | | | |

-----------------------------------------------------------------------------

Operating revenues | 3,988 | 3,936 | 1% | 15,272 | 14,623 | 4%

-----------------------------------------------------------------------------

- of which digital | 2,821 | 2,635 | 7% | 10,563 | 9,557 | 11%

-----------------------------------------------------------------------------

EBITDA | 651 | 634 | 3% | 2,406 | 2,740 | (12%)

-----------------------------------------------------------------------------

EBITDA margin | 16% | 16% | | 16% | 19% |

Alternative performance measures used in this release are described and

presented in the section Definitions and reconciliations in the quarterly

report.

Programme for the day, 10 February 2023:

07:00 CET

Publication of the Q4 results including interim report, presentation and

financials and analytical information.

09:00 CET

CEO Kristin Skogen Lund and CFO Ragnar Kårhus will present the Q4 results as a

virtual live webcast, including a Q&A session. The presentation and following

Q&A session will be held in English. The webcast can be viewed live at:

https://channel.royalcast.com/landingpage/hegnarmedia/20230210_5/

It will not be possible to physically attend the presentation.

For the Q&A, participants can send in written questions via Slido.

Link: https://www.sli.do/

Event code: 2283495

It will not be possible to ask questions by phone.

A recording of the presentation will be available on our IR website shortly

after the live webcast has ended.

Oslo, 10 February 2023

SCHIBSTED ASA

¹ Foreign exchange neutral basis and adjusted for sold operations

² Foreign exchange neutral basis

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to Section

5-12 of the Norwegian Securities Trading Act.

CONTACTS

* Jann-Boje Meinecke, VP, Head of Investor Relations, +47 941 00 835,

jbm@schibsted.com

* Malin Langtvet, Investor Relations Officer, +47 916 86 710, ir@schibsted.com

ABOUT SCHIBSTED

Schibsted is a family of digital brands with a strong Nordic position, and more

than 5,000 employees. Millions of people enjoy interacting with our companies

every day through our online marketplaces such as FINN, Blocket and Oikotie; our

media houses including Aftenposten, VG and Aftonbladet; and digital services

like Lendo. We also help new promising businesses grow. Our joint mission of

empowering people in their daily lives is rooted in the values of our media

heritage and a legacy of bold change. At our best, we are a fearless force for

change in a society built on trust and transparency.

Schibsted is listed on Oslo Børs and has a sizable investment in Adevinta, a

company that was spun off and publicly listed as a separate company on Oslo Børs

in 2019.

ATTACHMENTS

Download announcement as PDF.pdf -

https://kommunikasjon.ntb.no/ir-files/17847482/2091/2787/Download%20announcement

%20as%20PDF.pdf

Interim report Q4 2022.pdf -

https://kommunikasjon.ntb.no/ir-files/17847482/2091/2784/Interim%20report%20Q4%2

02022.pdf

Results presentation Q4 2022.pdf -

https://kommunikasjon.ntb.no/ir-files/17847482/2091/2785/Results%20presentation%

20Q4%202022.pdf

Financials and Analytical Info Q4 2022.pdf -

https://kommunikasjon.ntb.no/ir-files/17847482/2091/2786/Financials%20and%20Anal

ytical%20Info%20Q4%202022.pdf