Vend Marketplaces ASA

Earnings Release • Oct 28, 2020

Schibsted ASA (SCHA/SCHB) - Interim Financial Statement Q3 2020

Schibsted ASA (SCHA/SCHB) - Interim Financial Statement Q3 2020

Today, Schibsted released its Q3 2020 results.

Comments from the CEO

"Q3 marks an exceptional quarter for Schibsted. Based on a long-term strategy

and efforts, and as a next major step after the spin-off in 2019, Adevinta

announced in July a definitive agreement to acquire eBay Classifieds Group. The

acquisition will create the largest online classifieds Group in the world and I,

together with our Board of Directors and the management team, am confident that

this will further strengthen the value creation potential for Schibsted and the

rest of Adevinta's shareholders," CEO Kristin Skogen Lund says.

"Related to the same transaction, Schibsted will acquire eBay Classifieds'

leading online classifieds businesses DBA.dk and Bilbasen.dk in Denmark.

Together with the recent acquisition of Oikotie in Finland, this will enhance

our position as the Nordic online classifieds champion, well positioned for

further growth," CEO Kristin Skogen Lund says.

"Furthermore, we achieved a very strong quarterly EBITDA while currency adjusted

revenues were flat compared to last year. Since the initial revenue contraction

at the onset of the pandemic in Q1, revenues have improved, and our businesses

are in good - some even in better - positions. Within Nordic Marketplaces,

underlying revenues are still down compared to last year, but website traffic

has stabilized at a higher level than pre-COVID-19 and listings have improved

over the last couple of months. In News Media, both traffic and engagement

figures are higher, and our subscriptions business - which is a key focus for

the continued transformation of our media businesses - continues to grow.

Distribution and Prisjakt, our e-commerce enabling businesses, have seen

continued strong growth as well - driven by increased online shopping trends due

to social distancing," CEO Kristin Skogen Lund says.

"As a result of the revenue recovery, and strongly supported by tightened cost

control and temporary cost savings, all business areas achieved good margins in

the third quarter. In particular News Media delivered an extraordinary strong

margin as the cost program has progressed faster than previously planned and due

to lower costs driven by remote work," CEO Kristin Skogen Lund says.

"Looking ahead, I am excited about our long-term possibilities based on our

strong positions and capabilities. Nevertheless, visibility remains limited in

the short-term. Revenue development throughout the third quarter was

characterized by an exceptionally strong July when people vacationed in their

home countries rather than going abroad. Furthermore, the last weeks' increase

in COVID-19 infections in the Nordics and all over Europe has led to more

volatility and uncertainty," CEO Kristin Skogen Lund says.

Highlights of the quarter:

* Reaching the next major step for Adevinta after the spin-off in 2019 as it

announced the definitive agreement to acquire eBay Classifieds Group.

Related to the transaction, Schibsted will acquire eBay Classifieds' leading

online classifieds businesses DBA.dk and Bilbasen.dk in Denmark.

* Very strong EBITDA of NOK 678 million while currency adjusted revenues were

flat compared to last year.

* Nordic Marketplaces: Revenues continued to improve compared to Q2 driven by

Real estate and Motor, declining 3 percent YoY (on a foreign exchange

neutral basis and adjusted for the acquisition of Oikotie) due to COVID-19.

EBITDA margin of 47 percent in Norway and Sweden.

* News Media: Strong growth for digital subscriptions continued, advertising

revenues with further improvement QoQ with digital advertising revenues

increasing YoY. Extraordinary strong EBITDA margin of 15 percent driven by

cost savings from the cost program which progresses faster than planned and

reduced variable costs driven by remote work.

* Financial Services: Revenue growth still impacted by COVID-19, particularly

in Lendo Sweden as banks have continued to be more restrictive in their

lending practices, while Lendo Norway increased YoY. Strong EBITDA margin in

Lendo due to improved cost and marketing efficiency, and lower expansion

investments.

* Growth: Another quarter with good revenue growth due to Prisjakt and

Distribution which have benefited from increased online shopping trends

driven by COVID-19. EBITDA growing QoQ and YoY driven by higher revenues.

Third quarter     Year to date

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(NOK million) 2020 2019 Change   2020 2019 Change

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Schibsted Group

Operating revenues 3,188 3,032 5%   9,287 9,337 (1%)

- of which digital 1,971 1,771 11%   5,648 5,513 2%

EBITDA 678 542 25%   1,461 1,517 (4%)

EBITDA margin 21% 18%     16% 16%

Alternative performance measures used in this release are described and

presented in the section Definitions and reconciliations in the quarterly

report.

Webcast presentation including Q&A:

CEO Kristin Skogen Lund and CFO Ragnar Kårhus will present the Q3 results in a

combined webcast and conference call on 28 October at 09:00 CET. The

presentation and following Q&A session will be held in English. The webcast can

be viewed live at schibsted.com/ir (link: https://bit.ly/31JTS5G).

Participants who would like to ask questions at the end of the presentation can

dial in using one of the telephone numbers listed below. It will not be possible

to ask questions on the web via chat.

Dial-in details:

Please join the event 5-10 minutes prior to scheduled start time.

Norway: +47 2100 2610

Sweden: +46 (0)8 5033 6574

Finland: +358 (0)9 7479 0361

Denmark: +45 35 15 80 49

UK: +44 (0)330 336 9125

US: +1 929-477-0402

Other locations: Please choose one of the above

Confirmation code: 1289976

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

after the live webcast has ended.

Please note that the moderated Q&A session after the presentation will replace

the conference call for investors and analysts previously held at 14:00 CET.

As a result of the COVID-19 pandemic, it will not be possible to attend the

presentation in person at our headquarters in Oslo.

Press/media can reach out to Schibsted's Head of External Communications & Brand

Management, Nathalie Kåvin (nathalie.kavin@schibsted.com), to set up separate

one-on-one interviews with CEO Kristin Skogen Lund.

Contact persons:

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

Malin Langtvet, IR Officer, +47 916 86 710

Nathalie Kåvin, Head of External Communications & Brand Management,

+47 934 01 363

Oslo, 28 October 2020

SCHIBSTED ASA

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act