Vend Marketplaces ASA

Schibsted ASA (SCHA/SCHB) - Lendo focuses its growth ambition on the Scandinavian markets and plans to cease operation in four European markets

31.1.2023 13:05:31 CET | Schibsted | Non-regulatory press releases

Lendo is a leading marketplace for loans with a presence in several markets.

Since it was started in 2007, Lendo has had a strong growth foremost as the

Scandinavian market leader of marketplaces for loan products towards consumers

and small and medium enterprises. Part of the growth strategy has been to expand

to new European countries and Lendo has therefore expanded operations to

Finland, Spain, Portugal and Italy in recent years.

Lendo now plans to shift its strategic focus to grow and strengthen its market

positions in Denmark, Norway and Sweden.

Andrew Kvålseth, EVP Chief Investment Officer in Schibsted and Board Chair in

Lendo, supports this strategic change: "This shift in strategic focus will

enable Lendo to accelerate its market leading position in the Scandinavian

markets, and to strengthen its profit growth which we see as value creating in

the current market environment."

Lendo consequently plans to cease operations in Spain, Portugal, Italy and

Finland which had combined EBITDA investment losses of approx. NOK 50 million in

2022. Challenging macroeconomic conditions with rising inflation and higher

interest rates have caused uncertainty about the financial outlook in the global

economy, including Lendo's expansion markets. This change happens in parallel

with the ongoing strategic review of Lendo.

CONTACTS

* Atle Lessum, Head of Schibsted Group Communications, +47 415 05 645,

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

* Johanna Björnbäck, Communication Manager Lendo, +46 72 855 22 95,

ATTACHMENTS

Download announcement as PDF.pdf -

https://kommunikasjon.ntb.no/ir-files/17847482/2068/2756/Download%20announcement

%20as%20PDF.pdf

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