Vend Marketplaces ASA

Quarterly Report • May 6, 2020

Q1 2020 Results

CEO Kristin Skogen Lund CFO Ragnar Kårhus

06 May 2020

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, forwardlooking 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.

Weathering the COVID-19 storm while managing the longterm structural changes

Unifying strategy – building the Nordic digital front-runner

News Media's instrumental role in society emphasized in times of crisis

Growth and profitability affected by COVID-19 in March

6 All percentage growth numbers on a foreign exchange neutral basis * EBITDA including IFRS 16 effect estimate (numbers in brackets excluding IFRS 16); ** In EUR on a proportionate basis including JVs, for more details: adevinta.com/ir/

Deteriorating trend for Nordic Marketplaces and News Media in March

7

We are well prepared for a soft market going forward

Strong financials: Capacity to act on investment opportunities

Nordic Marketplaces: Tight cost control to curb margin decline

News Media:

Increased cost program to ensure mid- and long-term healthy business model

We have secured our liquidity reserve through new NOK 1bn bond issue

Prudent approach to capital allocation

Our cost base has significant flexibility, targeting 40-45% EBITDA margin FY 2020 in Norway

We target cost reductions of NOK 500m effective as of FY 2021*

More than NOK 100m effect in 2020

Financial Services and Growth: Reduced investments

and cost consciousness

Our expansion of Lendo in Poland is stopped, and the spending is reduced materially in Austria

All companies affected by COVID-19 initiating temporary savings

Nordic Marketplaces

Revenue growth slowdown particularly affected by COVID-19 from mid-March

Nordic Marketplaces

Revenues (NOKm), EBITDA margin (%)

Revenues

EBITDA margin (EBITDA margin ex IFRS16)

10 * Foreign exchange neutral basis Revenue split Nordic Marketplaces

Share of Q1 2020 revenues (%)

Job and Travel verticals most affected in Q1, while good growth in advertising

Marketplaces Norway

Revenues (NOKm), EBITDA margin (%)

(EBITDA margin ex IFRS16)

Highlights Q1 2020

• 3% decline in classified revenues, 17% growth in advertising
• Classifieds decline due to COVID-19 impact, particularly Jobs and Travel
• Good growth in advertising, but lagging COVID-19 effect expected in Q2, especially from Motor and Travel customers
• Core Finn margin unchanged YoY; reported cost and EBITDA affected by acquisition of Nettbil in 2020
• Average traffic growth in March was 2% YoY, compared to a 12% average before the COVID-19 outbreak

Negative COVID-19 effect improving towards the end of April

Marketplaces Norway

New approved ads in main verticals, monthly growth YoY

Monthly visits growing 16% in April YoY (million)

Continued growth driven by motor vertical; margin decline due to investments in sales and product & tech capabilities

Marketplaces Sweden

Revenues (NOKm), EBITDA margin (%)

(EBITDA margin ex IFRS16) EBITDA margin

Highlights Q1 2020

• The positive development continues in Q1, despite COVID-19 affected second half of March
• 8%* growth in classifieds, 13%* decline in advertising
• Growth in classifieds driven by new features and business model within motor for professionals
• Improved Generalist product with free edits and extra images affecting revenues negatively YoY
• EBITDA decline driven by investments in sales and product and technology capabilities

Motor and Job listings in the second half of March and April affected by COVID-19; strong traffic development in April

Marketplaces Sweden

New approved ads in Motor and Job vertical, monthly growth YoY Monthly visits growing 5% in April YoY (million)

News Media

Revenue decline in advertising resulted in lower EBITDA margin in Q1

News Media

Revenues (NOKm), EBITDA margin (%)

Revenue split News Media

Share of Q1 2020 revenues (%)

Accelerated decline in advertising revenues curbed by good traction for digital subscriptions

Strong growth in digital subscription revenues

Advertising revenues negatively affected by COVID-19 and gaming regulation

* Adjusted for sale of certain regional and local newspapers (Digital Subscription revenue effect NOK 10m, and Advertising revenue effect NOK 27m, whereof NOK 19m Print and NOK 8m Digital in Q1 2019) 17

Building the future News Media organization

Targeting cost reductions of NOK 500m by 2021

Accelerating the shift to digital sustainability

Key focus areas

• More agile, less complex organization
• Continued alignment of technology stack
• Rigorous review of Aftonbladet cost structure after significant revenue loss
• Print value chain improvement

Note: The net effect of the program will be reduced by inflation and wage increases.

Targeting 2021 cost level NOK 500m lower than 2019

• NOK 250m of cost reductions

identified during Q1 2020

• NOK 100m cost reduction to

communicated in due course

• Targeting additional NOK 250m of cost reductions

• Further details, including restructuring cost to be

come in 2H 2020

18

Next Financial Services & Growth

Continued strong growth in Sweden, stable development quarter-on-quarter in Norway

Lendo Group

Revenues (NOKm), EBITDA margin (%)

Highlights Q1 2020

• Continued double-digit growth in Sweden and strong performance in Denmark
• Stable QoQ development in Norway, but still down YoY
• Continued negative trend in Finland
• Negative COVID-19 impact in Q2, cost reductions implemented
• Operations discontinued in Poland and significantly scaled back in Austria

Accelerated revenue development in Schibsted Growth, increased cost level

Schibsted Growth

Revenues (NOKm), EBITDA margin (%)

21 * Foreign exchange neutral basis ** Based on Q1 2020 numbers

Mixed development across portfolio

Revenue growth Q1 2020 vs. last year (%)

Finance

EBITDA development (NOKm)

Q1 income statement Schibsted excl. Adevinta

Income statement	First Quarter
(NOK million)	2019	2020
Operating revenues	3,089	3,026
Operating expenses	(2,671)	(2,742)
Gross operating profit (loss) - EBITDA	418	285
Depreciation and amortisation Share of profit (loss) of joint ventures and associates Impairment loss Other income and expenses Operating profit (loss) EBIT	(208) (19) (9) (14) 168	(193) (30) (0) 55 117	Loss mainly related to Financial Services venture portfolio Mainly explained by gain on sale of certain regional and local newspaper operations, partly offset by expenses related to headcount reductions
Net financial items Profit (loss) before tax	(10) 158	(40) 77	Decrease mainly related to decline in
Taxes Net profit/loss	(59) 99	(28) 48	interest income from Adevinta entities, which now have their own external financing

Q1 income statement Schibsted Group

Income statement	First Quarter
(NOK million)	2019	2020
Operating revenues	4,576	4,818
Operating expenses	(3,720)	(4,118)
Gross operating profit (loss) - EBITDA	856	700	Mainly explained by reduced share of profit from OLX
			Brazil and Indonesia in Adevinta
Depreciation and amortisation	(316)	(335)
Share of profit (loss) of joint ventures and associates	22	(27)
Impairment loss	(12)	(0)	Mainly explained by gain on sale of certain regional and
Other income and expenses	(31)	39	local newspaper operations, partly offset by expenses
Operating profit (loss)	520	376	related to headcount reductions
Net financial items	(6)	(607)
Profit (loss) before taxes	514	(231)	Loss mainly related to change in fair value of derivatives
			instruments in Adevinta used to hedge the foreign
Taxes	(194)	(154)	currency exposure of the firm commitment of the Grupo
Profit (loss)	320	(385)	Zap acquisition in Brazil
Non-controlling interests	19	(171)
Owners of the parent	300	(214)
			Affected by reduced ownership in Adevinta
Earnings per share (NOK)
EPS - basic (NOK)	1.26	(0.91)
EPS - basic adjusted (NOK)	1.42	(1.11)

Underlying tax rate excl. Adevinta

• The underlying tax rate, excluding Adevinta, is 24.8%
• The reported tax rate is 36% in Q1 2020
• Generally, Schibsted reports a tax rate exceeding the applicable nominal tax rates primarily as an effect of losses for which no deferred tax asset is recognized

Underlying tax rate - Schibsted excl. Adevinta	Q1
(NOK million)	2020
Reported profit (loss) before taxes	77
Share of profit (loss) of joint ventures and associates	30
Basis for changes in unrecognised deferred tax assets	73
Impairment losses	(66)
Adjusted tax base	113
Taxes	28
Underlying tax rate	24.8%

Q1 EBITDA, operating cash flow and capex excl. Adevinta

Low financial gearing and improved debt maturity profile

NOK 1bn bond issued in April, refinancing bond with maturity in June 2020

No dividend to be paid for 2019; Dividend policy stands firm Share buyback program announced in July 2019, completed in Q1 2020

Ongoing ambition for M&A and growth investments

Diversified debt maturity profile*

(NOKm)

Other interest-bearing debt Bonds & FRNs Drawn bankfacilities Undrawn bankfacilities Financial gearing below 1-3x target range

(NIBD/EBITDA according to bank definition)

* Loan profile as of 31 Mar 2020, before issue of new bond

Continued focus on mid- to long-term growth investments

2020 investment level reduced from previously planned around NOK 150m to NOK 85-95m

Description	EBITDA investment 2020	Operating segment
Lendo expansion for 2020 reduced compared to 2019	NOK 60-70m	Financial Services
Investing in innovative product and tech solutions	NOK 25m	Growth

Financial targets and policies

Key takeaways Q1 2020

Significant COVID-19 effect on operations

Close to all employees working from home

Strong decline in online classifieds volumes and advertising revenues

Strong growth in traffic and digital subscriptions in News Media

Well positioned to weather the storm

Reducing cost to maintain high margins in Nordic Marketplaces

Cost reduction program of NOK 500m in News Media

Large liquidity reserve and low financial gearing

Long-term strategy and targets stand firm

Good growth pipeline for market leading Nordic Marketplaces

News Media transitioning towards financially healthy pure digital future

Capital discipline and selected M&A

Appendices

Spreadsheet containing detailed Q1 2020 and historical and analytical information can be downloaded at www.schibsted.com/ir

New reporting structure effective Q1 2020; EBITDA effects for 2019

Key operations excl. Adevinta [1/2]

News Media	First quarter			Year
(NOK million)	2020	2019	Change	2019
Advertising revenues	529	648	-18%	2,559
-of which digital	348	412	-15%	1,634
Subscription revenues	632	626	1%	2,550
-of which digital	242	203	19%	901
Casual sales	306	333	-8%	1,358
Other revenues	289	248	17%	998
Operating revenues	1,757	1,855	-5%	7,465
Personnel expenses	(649)	(685)	5%	(2,607)
Other expenses	(1,068)	(1,050)	-2%	(4,225)
Operating expenses	(1,718)	(1,735)	1%	(6,833)
EBITDA	39	120	-68%	633
EBITDA margin	2%	6%		8%

Split revenue per brand	First quarter			Year
(NOK million)	2020	2019	Change	2019
VG	407	430	-5%	1,793
Aftonbladet	340	378	-10%	1,475
Subscription newspapers	780	862	-9%	3,496
Other	230	186	24%	701
Operating revenues	1,757	1,855	-5%	7,465

Nordic Marketplaces	First	quarter		Year
(NOK million)	2020	2019	Change	2019
Classifieds revenues	574	559	3%	2 350 ,
Advertising revenues	101	100	1%	457
Other revenues	68	62	10%	254
Operating revenues	743	722	3%	3 062 ,
EBITDA	298	307	-3%	1 360 ,
EBITDA margin	40%	43%		44%

Marketplaces Norway	First	quarter		Year
(NOK million)	2020	2019	Change	2019
Classifieds revenues	366	378	-3%	1 562 ,
Advertising revenues	50	43	17%	209
Other revenues	65	60	8%	241
Operating revenues	480	480	0%	2 012 ,
EBITDA	211	222	-5%	981
EBITDA margin	44%	46%		49%

Marketplaces Sweden	First quarter			Year
(NOK million)	2020	2019	Change	2019
Classifieds revenues	197	174	13%	753
Advertising revenues	38	42	-9%	186
Other revenues	3	2	48%	12
Operating revenues	239	218	10%	951
EBITDA	100	100	0%	433
EBITDA margin	42%	46%		46%

Key operations excl. Adevinta [2/2]

Financial Services	First quarter			Year
(NOK million)	2020	2019	Change	2019
Operating revenues	293	273	7%	1,054
EBITDA	38	57	-33%	169
EBITDA margin	13%	21%		16%

Lendo Group	First quarter			Year
(NOK million)	2020	2019	Change	2019
Operating revenues	250	229	9%	882
EBITDA	43	51	-16%	155
EBITDA margin	17%	22%		18%

Lendo established	First quarter			Year
(NOK million)	2020	2019	Change	2019
Operating revenues	240	228	5%	861
EBITDA	71	72	-2%	254
EBITDA margin	30%	32%		30%

Adevinta	First quarter			Year
(NOK million)	2020	2019	Change	2019
Operating revenues	1,820	1,545	18%	6,664
EBITDA	416	438	-5%	1,929
EBITDA margin	23%	28%		29%

Growth	First	quarter		Year
(NOK million)	2020	2019	Change	2019
Operating revenues	563	503	12%	2 165 ,
EBITDA	(21)	6	<-100%	98
EBITDA margin	-4%	1%		5%

Distribution	First	quarter		Year
(NOK million)	2020	2019	Change	2019
Operating revenues	346	292	18%	1 247 ,
EBITDA	(1)	4	<-100%	39
EBITDA margin	0%	1%		3%

Prisjakt	First	quarter		Year
(NOK million)	2020	2019	Change	2019
Operating revenues	75	72	3%	325
EBITDA	12	19	-37%	95
EBITDA margin	16%	27%		29%

Q1 cashflow excl. Adevinta

Cash flow - Schibsted excl. Adevinta	First quarter
(NOK million)	2019	2020
Profit (loss) before taxes	158	77
Depreciation, amortisation and impairment losses	216	193
Net effect pension liabilities	(65)	(49)
Share of loss (profit) of joint ventures and associates, net of dividends received	20	30
Taxes paid	(182)	(152)
Sales losses (gains) non-current assets and other non-cash losses (gains)	1	(66)
Non-cash items and change in working capital and provisions	127	66
Net cash flow from operating activities	276	98
Development and purchase of intangible assets, and property, plant and equipment	(102)	(139)
Acquisition of subsidiaries, net of cash acquired	(32)	-
Proceeds from sale of intangible assets, and property, plant and equipment	9	-
Proceeds from sale of subsidiaries, net of cash sold	-	85
Net sale of (investment in) other shares	(204)	(73)
Net change in other investments	(5)	(38)
Net cash flow from investing activities	(334)	(165)
Net cash flow from financing activities	(1,024)	(155)
Effects of exchange rate changes on cash and cash equivalents	-	11
Net increase (decrease) in cash and cash equivalents	(1,082)	(210)

Reduction primarily due to temporary postponement of payments resulting from governmental financial measures implemented to mitigate effects of the COVID-19 pandemic

Mainly explained by gain on sale of certain regional and local newspaper operations

Group EBITDA waterfall (NOKm)

Q1 EBITDA, operating cash flow and capex

Q1 cashflow Schibsted Group

Cash flow - Consolidated	First quarter
(NOK million)	2019	2020
Profit (loss) before taxes	514	(231)
Depreciation, amortisation and impairment losses	328	335
Net effect pension liabilities	(65)	(46)
Share of loss (profit) of joint ventures and associates, net of dividends received	(21)	27
Taxes paid	(301)	(159)
Sales losses (gains) non-current assets and other non-cash losses (gains)	1	(66)
Non-cash items and change in working capital and provisions	323	678
Net cash flow from operating activities	778	538
Net cash flow from investing activities	(491)	(366)
Net cash flow from financing activities	(1,387)	(201)
Effects of exchange rate changes on cash and cash equivalents	(16)	140
Net increase (decrease) in cash and cash equivalents	(1,116)	111
Cash and cash equivalents at start of period	1,844	3,866
Cash and cash equivalents at end of period	727	3,977

Underlying tax rate Schibsted Group

• The underlying tax rate is 29.2%
• The reported tax rate is 67% in Q1 2020, compared to 38% in Q1 2019
• Generally, Schibsted reports a tax rate exceeding the applicable nominal tax rates primarily as an effect of losses for which no deferred tax asset is recognized. In the first quarter of 2020 such losses were significantly higher than in previous periods, primarily due to foreign exchange losses in Adevinta, which results in an increased reported tax rate.

Underlying tax rate - Consolidated	Q1
(NOK million)	2020
Reported profit (loss) before taxes	(231)
Share of profit (loss) of joint ventures and associates	27
Basis for changes in unrecognised deferred tax assets	798
Gain on sale of subsidiaries, joint ventures and associates	(66)
Adjusted tax base	527
Taxes	154
Underlying tax rate	29.2%

Basic share information

	A-share	B-share
Ticker Oslo Stock Exchange: Reuters: Bloomberg:	SCHA SBSTA.OL SCHA:NO	SCHB SBSTB.OL SCHB:NO
Number of shares	108,003,615	130,684,373
Treasury shares (30 April 2020)	3,543,657	1,383,307
Number of shares outstanding	104,459,958	129,301,066
Free float*	70%	76%
Share price (30 April 2020)	NOK 217.40	NOK 199.10
Average daily trading volume (shares)**	248,000	156,000

Total market cap (30 April 2020) NOK 48.5 billion (USD 4.7 billion)

41 * Total number of shares excluding treasury shares and shares owned by Blommenholm Industrier AS ** TTM (May 2019-April 2020), rounded

Shareholder analysis

Rank	Name	A-shares	B-shares	Total	%	Shareholders	A-shares	B-shares
1	Blommenholm Industrier AS	28 541 262 , ,	30 621 205 , ,	59 162 467 , ,	25 3%	% of foreign shareholders	50 3%	54 9%
2	Folketrygdfondet	8 590 282 , ,	11 167 929 , ,	19 758 211 , ,	8 5%	Number of shareholders	4 099 ,	4 329 ,
3	Fidelity Management & Research Company	9 017 505 , ,	4 346 736 , ,	13 364 241 , ,	7% 5	Number of shares	108 003 615 , ,	130 684 373 , ,
4	Baillie Gifford & Co	202 540 7 , ,	4 891 039 , ,	12 093 579 , ,	2% 5	Shares owned by Schibsted	3 543 657 , ,	1 383 307 , ,
5	Nya Wermlands Tidningen	4 563 481 , ,	4 355 200 , ,	8 918 681 , ,	3 8%
6	The Vanguard Group Inc ,	3 313 804 , ,	2 921 577 , ,	6 235 381 , ,	2 7%
7	Adelphi Capital LLP	2 302 073 , ,	3 248 730 , ,	5 550 803 , ,	2 4%	Largest of country	ownership A+B	(VPS)
8	Alecta pensionsförsäkring ömsesidigt ,	0	5 193 000 , ,	5 193 000 , ,	2 2%	Norway		47 2%
9	UBS AG London	838 171 ,	3 565 463 , ,	4 403 634 , ,	1 9%	United States		21 2%
10	DNB Asset Management AS	1 879 263 , ,	1 784 939 , ,	3 664 202 , ,	1 6%	United Kingdom		14 1%
11	Marathon Asset Management LLP	1 846 316 , ,	1 493 327 , ,	3 339 643 , ,	1 4%	Luxembourg		3 9%
12	BlackRock Institutional Trust Company N A ,	190 733 ,	3 029 833 , ,	3 220 566 , ,	1 4%	Ireland		3 5%
13	Storebrand Kapitalforvaltning AS	1 413 678 , ,	1 778 941 , ,	3 192 619 , ,	1 4%	Sweden		2 5%
14	Goldman Sachs International	951 005 ,	2 137 917 , ,	3 088 922 , ,	1 3%
15	KLP Forsikring	789 147 ,	2 239 790 , ,	3 028 937 , ,	1 3%
16	Mitsubishi UFJ Trust and Banking Corporation	1 521 922 , ,	1 338 595 , ,	2 860 517 , ,	1 2%
17	Fidelity Institutional Asset Management	2 192 824 , ,	664 426 ,	2 857 250 , ,	1 2%
18	Capital Group Luxor L P ,	0	2 638 143 , ,	2 638 143 , ,	1 1%
19	(U ) FMR Investment Management K Limited	2 320 700 , ,	164 208 ,	2 484 908 , ,	1 1%
20	Capital Pelham Ltd	0	2 414 926 , ,	2 414 926 , ,	1 0%

Shareholders	A-shares	B-shares
% of foreign shareholders	50.3%	54.9%
Number of shareholders	4.099	4.329
Number of shares	108,003,615 130,684,373
Shares owned by Schibsted	3,543,657	1,383,307

Largest of ownership country	A+B (VPS)

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.

Visit Schibsted's web site schibsted.com

Investor Relations contact: Jann-Boje Meinecke VP, Head of IR ir@schibsted.com +47 941 00 835

Schibsted ASA

Akersgata 55 / P.O. Box 490 Sentrum NO-0105 Oslo schibsted@schibsted.no +47 23 10 66 00