Vend Marketplaces ASA

Quarterly Report • May 6, 2021

Q1 2021 Results

6 May 2021

Kristin Skogen Lund, CEO Ragnar Kårhus, CFO

Q&A

Visit: sli.do Event code: 271749

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 2021

Accelerated underlying* revenue growth +8%* YoY

Strong quarterly EBITDA NOK 594m, doubled from 2020 and 42% higher than 2019

Empowering circular and sustainable consumption Users of Schibsted's Nordic Marketplaces potentially saved 1.6m tonnes CO2e in 2020

ESG highlights Q1 2021

Environmental

Calculations show that users of Schibsted's Nordic Marketplaces potentially saved 1.6 million tonnes CO2e (2020) by choosing circular instead of linear consumption

Started a long-term diversity, inclusion and belonging initiative aiming to create value to all our stakeholders and increase our competitive edge

Governance

Launch of sustainability report including evaluation and follow-up on the outcome of our targets for 2020, our targets for 2021 and long-term ambitions

Strong EBITDA driven by all business areas

Nordic Marketplaces

Underlying* revenue growth of 6% after three quarters of flat or declining revenues

Strong EBITDA margin of 50% in Norway and 42% in Sweden

Oikotie merger successfully completed

News Media

Continued strong performance from last quarter with underlying** YoY revenue growth of 3% and cost savings

Strong EBITDA margin of 11%

Financial Services

Underlying** revenues in Lendo declined YoY driven by COVID-19 effects

Robust EBITDA margin in Lendo, increasing YoY

Schibsted Growth

Another strong quarter with significant YoY revenue growth in Distribution and Prisjakt

Solid EBITDA improvement YoY driven by higher revenues

5 * Foreign exchange neutral basis and including pro-forma Oikotie revenues in Q1 2020

** Foreign exchange neutral basis

Nordic Marketplaces

. Search 10:46 Mon 26 Apr ( Tibake SE Filter foroducer of IT O	Jobb	96%E Lagre sok
tieto Evry	Fornebu Product manager - Corporate solutions 1 stilling	0
Schibsted	Oslo Senior Product Manager - Schibsted Ecom Schibsted E-commerce & Distybution 1 stiling	ಲ
P Esgian	Oslo Product Manager for Greenpact Rigs / Greenpact Ships Product Manager Englan AS Zathingar	0
O . Simplifai	Crial schools Oslo Seker Product Manager til Al selskap i sterkt vekst SAMPLIFALAS 2 राज्यस्य	0
Oslo - Clink mobility 1 stilleg	( Creat souriss UNK Mobility AS soker en Produ Product & Project Manager Litac Mobiley AS 1994
Formatio All Forside Porstopol	12 0 + sees segente B Veldinger

Nordic Marketplaces

7

Strong listing trend in Jobs, above Q1 last year and 2019

Jobs: New approved ads per quarter, Q1 YoY change (absolute numbers, %)

* The calculation method regarding Job listings in Sweden has changed from previous presentations. The new calculation only counts an ad once, although it has been published on several sites (Stepstone, Jobbsafari and/or Blocket Job). All numbers are based on the new calculation and are comparable. ** Oikotie only

Revenues returned to growth, driven by Jobs in Norway

Nordic Marketplaces

Revenues (NOKm), EBITDA margin (%)

Revenue split Nordic Marketplaces

Revenues Q1 2021 (NOKm, share in %)

Accelerated revenue growth driven by Jobs; strong EBITDA margin

Marketplaces Norway

Revenues (NOKm), EBITDA margin (%) Highlights

• Jobs with strong revenue YoY growth of 34% driven by both volume and ARPA
• Motor and Real estate affected by lower inventory levels and high demand resulting in less need for upsell products, however volume trend improved throughout the quarter
• QoQ improvement in advertising revenues
• Travel still affected by travel restrictions, declining NOK 15 million YoY
• Cost savings from remote work combined with revenue increase led to strong EBITDA margin

Revenue growth driven by recovery in Jobs and advertising; stable margin YoY

Marketplaces Sweden

Revenues (SEKm), EBITDA margin (%)

Highlights

• Motor revenues decreased slightly YoY driven by lower inventory levels and high demand, resulting in less need for upsell products
• Jobs returned to YoY revenue growth thanks to higher volume and increased ARPA
• Advertising slightly higher than Q1 last year
• EBITDA margin in line with last year

Good trend in classifieds with underlying* revenue growth; investments affecting EBITDA

Marketplaces Finland

Revenues (EURm), EBITDA margin (%)

Highlights

• Oikotie merger successfully completed
• Reported revenues increased by EUR 6.9m YoY driven by Oikotie acquisition
• Adjusting Q1 2020 figures with pro-forma numbers, classifieds revenues increased year-on-year in Q1 somewhat across all verticals except Generalist while advertising revenues saw a slight decline
• Reported EBITDA in line with Q1 last year driven by investments in marketing, product and technology

Marketplaces Norway

choose Nettbil

Transformation to Next Gen marketplace for cars continues

News Media

Strong growth in digital revenues and cost savings ensured strong EBITDA margin

News Media

Revenues (NOKm), EBITDA margin (%)

Highlights

• Underlying* revenue growth third quarter in a row
• Growth in digital revenues outweighs loss in print revenues
• Cost reduction program progressing well
• Overall reduced variable costs due to remote work
• Strong margin of 11%

News Media

Double-digit revenue growth in digital

Growth in digital subscription revenues driven by both ARPU and volume

15 * Foreign exchange neutral basis

** Norway and Sweden not including eliminations

Strong YoY growth in digital advertising, on par with 2019 level

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

Next

Financial Services & Growth

Financial Services

Robust EBITDA margin despite negative revenue growth from COVID-19

Lendo Group

Revenues (NOKm), EBITDA margin (%)

Highlights

• Underlying* revenue decline driven by negative COVID-19 effects in Sweden
• Profitability improved YoY due to lower geographical expansion investments and cost savings
• Increased competition in performance marketing channels observed towards the end of the quarter
• Reiterating EBITDA investment target of NOK 70-80 million in 2021

Continued strong revenue growth in Distribution and Prisjakt; significant EBITDA improvement YoY

Schibsted Growth

Revenues (NOKm), EBITDA margin (%)

Highlights

• Significant revenue growth driven by online shopping trends
• Distribution up 48% YoY due to New Business (+137%), with continued growth in customers and volumes
• Prisjakt revenues increased 16%* YoY primarily due to click revenues
• Other Schibsted Growth up 13%* YoY, primarily driven by MittAnbud
• EBITDA of NOK 35m, up from NOK -19 m last year

18 * Foreign exchange neutral basis

Finance

Strong start to 2021 with Q1 results ahead of last year and 2019

Schibsted Group

Revenues, EBITDA (NOKm)

Schibsted Group

EBITDA development YoY per segment (NOKm)

Q1 income statement Schibsted Group

Income statement	First quarter
(NOK million)	2020	2021
Operating revenues	3,026	3,401
Operating expenses	(2,742)	(2,806)
Gross operating profit (loss) - EBITDA	285	594
Depreciation and amortisation	(193)	(220)
Share of profit (loss) of joint ventures and associates	(30)	-	Mainly explained by transaction-related cost in
Impairment loss	-	(6)	connection with the acquisition of Oikotie, the
Other income	66	10	announced acquisition of eBay Denmark and
Other expenses	(11)	(31)	restructuring cost related to headcount
Operating profit (loss)	117	346	reductions in News Media
Net financial items	(40)	(52)	Mainly explained by net interest expenses
Profit (loss) before taxes from continuing operations	77	294
Taxes	(28)	(71)
Profit/loss from continuing operations	48	222	Profit after tax in Adevinta adjusted for reported
			amortization, depreciation, impairment and
Profit/loss after tax from discontinued operations	(434)	(501)	share of profit JV/associates. Q1 is negatively
Profit (loss)	(385)	(279)	affected by a loss of NOK 554m from sale of
			Yapo.cl.
Non-controlling interests	(171)	(175)
Owners of the parent	(214)	(104)
Earnings per share (NOK)
EPS - basic (NOK)	(0.91)	(0.44)
EPS - basic adjusted (NOK)	(1.11)	1.41

Q1 EBITDA, operating cash flow and capex Continuing operations

EBITDA (NOKm)

Operating cash flow (NOKm)

Continuing operations

Financial gearing well within target range

Debt maturity profile* (NOKm)

Targeting financial gearing in the range of 1-3

(NIBD/EBITDA according to bank definition)

* As of 31 March 2021 ** According to bank definition ²³

Financial targets and policies

Nordic Marketplaces	Nordic Marketplaces revenues Targeting annual revenue growth of 8-12% for the segment in the medium- to long-term
News Media	Medium-term targets for the segment Annual revenue growth: low single-digit Updated EBITDA margin: 10-12%
Capital allocation	M&A M&A activities targeted primarily to strengthen market positions and bolt-on adjacent businesses
	Dividend policy Stable to increasing dividend over time
Capital structure	Leverage policy Targeting NIBD/EBITDA in the range of 1-3, making it possible to lever up if a particularly attractive investment becomes available
	Any over-capitalization to be addressed through (extraordinary) dividend or share buyback
24

Q&A 6 May 2021

Kristin Skogen Lund, CEO Ragnar Kårhus, CFO

Appendices

Spreadsheet containing detailed Q1 2021 and historical information can be downloaded at schibsted.com/ir

Nordic Marketplaces

Listing trends per main vertical

New approved ads

(monthly growth YoY, %)

Country	Vertical	Jan-20	Feb-20	Mar-20	Apr-20	May-20	Jun-20	Jul-20	Aug-20	Sep-20	Oct-20	Nov-20	Dec-20	Jan-21	Feb-21	Mar-21
Norway	Jobs	-8%	-4%	-31%	-45%	-38%	-17%	-22%	-23%	-9%	-12%	0%	5%	-8%	6%	79%
	Motor	4%	6%	-7%	-5%	2%	10%	6%	-3%	-3%	-6%	3%	8%	-11%	-7%	16%
	Real estate	3%	6%	-13%	-10%	-17%	4%	13%	-4%	1%	-2%	-3%	4%	-9%	-6%	17%
Sweden	Jobs*	-17%	-6%	-28%	-51%	-52%	-27%	-44%	-42%	-22%	-21%	-18%	-13%	-18%	-13%	26%
	Motor	-1%	2%	-9%	-14%	-7%	16%	8%	-1%	4%	-2%	4%	10%	-13%	-9%	12%
Finland**	Jobs	4%	-2%	-17%	-44%	-41%	-18%	-15%	-24%	-1%	-18%	-12%	5%	-11%	8%	25%
	Real estate	-2%	15%	8%	16%	7%	-27%	15%	-9%	17%	11%	-2%	39%	17%	14%	26%

* The calculation method regarding Job listings in Sweden has changed from previous presentations. The new calculation only counts an ad once, although it has

27 been published on several sites (Stepstone, Jobbsafari and/or Blocket Job). All numbers are based on the new calculation and are comparable. ** Oikotie only

Reporting changes and restatements

Moving some Growth companies* to News Media

Full-year 2020 (NOKm)

* Companies moved from Schibsted Growth to News Media: TV.nu, Klart.se, Omni and Vinguiden 28

Reclassification between Other and Classifieds revenues

Full-year 2020 (NOKm)

Continuing operations

Q1 cash flow

Cash flow		First quarter
(NOK million)	2020	2021
Profit (loss) before taxes from continuing operations	77	294
Depreciation, amortisation and impairment losses	193	226
Net effect pension liabilities	(49)	(60)
Share of loss (profit) of joint ventures and associates, net of dividends received	30	-
Taxes paid	(152)	(106)
Sales losses (gains) non-current assets and other non-cash losses (gains)	(66)	(2)
Non-cash items and change in working capital and provisions	66	(54)
Net cash flow from operating activities	98	299
Development and purchase of intangible assets, and property, plant and equipment	(139)	(159)
Acquisition of subsidiaries, net of cash acquired	-	(12)
Proceeds from sale of intangible assets, and property, plant and equipment	-	4
Proceeds from sale of subsidiaries, net of cash sold	85	-
Net sale of (investment in) other shares	(73)	(54)
Net change in other investments	(38)	(202)
Net cash flow from investing activities	(165)	(424)
Net cash flow from financing activities	(155)	(69)
Effects of exchange rate changes on cash and cash equivalents	11	(8)
Net increase (decrease) in cash and cash equivalents	(210)	(202)

Q1 cash flow Schibsted Group

Cash flow	First quarter
(NOK million)	2020	2021
Profit (loss) before taxes from continuing operations	77	294
Profit (loss) before taxes from discontinued operations	(308)	(335)
Depreciation, amortisation and impairment losses	335	226
Net effect pension liabilities	(46)	(55)
Share of loss (profit) of joint ventures and associates, net of dividends received	27	12
Taxes paid	(159)	(199)
Sales losses (gains) non-current assets and other non-cash losses (gains)	(66)	553
Non-cash items and change in working capital and provisions	678	220
Net cash flow from operating activities	538	715
Net cash flow from investing activities	(366)	(404)
Net cash flow from financing activities	(201)	(341)
Effects of exchange rate changes on cash and cash equivalents	140	(80)
Net increase (decrease) in cash and cash equivalents	111	(109)
Cash and cash equivalents at start of period	3,866	2,678
Cash and cash equivalents at end of period	3,977	2,569

Continuing operations

Income taxes

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

Income tax	First quarter
(NOK million)	2021
Profit (loss) before taxes	294
Tax expense based on weighted average tax rates*	(64)
Tax effect of other permanent differences	(3)
Current period unrecognised deferred tax assets	(4)
Tax (expense) income recognised in profit or loss	(71)
* Weighted average tax rates	21.8%

Shareholders analysis

Rank	Name	A-shares	B-Shares	Total	% of S/O
1	Blommenholm Industrier AS	28,541,262	30,013,354	58,554,616	25.0%
2	Folketrygdfondet	8,951,454	10,778,564	19,730,018	8.4%
3	Baillie Gifford & Co.	6,901,198	7,677,911	14,579,109	6.2%
4	Fidelity Management & Research Company LLC	9,341,613	4,075,709	13,417,322	5.7%
5	Adelphi Capital LLP	2,440,599	4,355,988	6,796,587	2.9%
6	The Vanguard Group, Inc.	3,119,363	2,876,731	5,996,094	2.6%
7	NYA WERMLANDS-TIDNINGENS AB	2,880,000	2,880,000	5,760,000	2.5%
8	Pelham Capital Ltd	0	5,535,274	5,535,274	2.4%
9	UBS AG London	2,437,367	3,012,892	5,450,259	2.3%
10	Alecta pensionsförsäkring, ömsesidigt	0	5,193,000	5,193,000	2.2%
11	BlackRock Institutional Trust Company, N.A.	2,034,013	2,737,735	4,771,748	2.0%
12	DNB Asset Management AS	739,083	2,599,656	3,338,739	1.4%
13	Storebrand Kapitalforvaltning AS	1,370,686	1,898,272	3,268,958	1.4%
14	KLP Forsikring	441,607	2,629,257	3,070,864	1.3%
15	Marathon Asset Management LLP	1,613,938	1,261,986	2,875,924	1.2%
16	Mitsubishi UFJ Trust and Banking Corporation	1,432,724	1,084,653	2,517,377	1.1%
17	Handelsbanken Asset Management	178,591	1,856,244	2,034,835	0.9%
18	Fidelity Institutional Asset Management	1,307,949	646,273	1,954,222	0.8%
19	Alfred Berg Kapitalforvaltning AS	534,832	1,303,730	1,838,562	0.8%
20	Premier Miton Investors	1,745,640	0	1,745,640	0.7%

The shareholder ID data are provided by Nasdaq OMX. The data are 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 or Schibsted can guarantee the accuracy of the analysis.

Source: Nasdaq OMX, VPS; Data as of 16 April 2021

Investor contact

Visit Schibsted's website schibsted.com

E-mail: ir@schibsted.com

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

Malin Langtvet

IR Officer +47 916 86 710

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