Vend Marketplaces ASA

Earnings Release • May 15, 2019

Schibsted ASA (SCHA/SCHB) - Interim Financial Statement Q1 2019

Schibsted ASA (SCHA/SCHB) - Interim Financial Statement Q1 2019

Today, Schibsted Media Group released its Q1 2019 report. Schibsted delivered

solid digital revenue growth and improved EBITDA margin in the quarter.

"After a successful demerger and separate listing of our international

marketplaces operations in Adevinta, I am happy to report that our operations

continued to develop well in Q1. Schibsted excluding Adevinta continues its

track record of solid digital growth and the revenue from digital products in

Schibsted excluding Adevinta grew with 6 percent. The growth is good in all our

operating segments," CEO Kristin Skogen Lund says.

"Nordic Marketplaces is our most prominent growth engine, and in this quarter

the market leading marketplace Finn in Norway continued to produce excellent

results. At the same time, I am equally glad to report that Blocket in Sweden

has returned to growth after several quarters of negative revenue development.

The verticals are the primary growth drivers, and both in Finn and Blocket,

product development and innovation are key ingredients to drive growth," CEO

Kristin Skogen Lund says.

"News Media continued to grow their digital revenue in the first quarter,

especially driven by good take-up in digital news subscriptions. Going forward

we will continue to work on product development and to improve our ability to

grow the average revenue per subscriber. As a foundation lies our relentless

focus on trustworthy and important journalism. The cost control in News Media is

good, and we have been able to deliver on our ambition to keep EBITDA margin

stable," CEO Kristin Skogen Lund says.

"This is the first quarter where we report Financial Services separately, as it

has become a sizable business. It is also an area with great potential for

expansion. Lendo has now been launched in three new markets, and the results are

as planned affected by the investments related to this. Our operations in the

Growth segment have significant potential, and in this quarter the development

was particularly good in the price comparison service Prisjakt," CEO Kristin

Skogen Lund says.

"After the successful demerger of Adevinta and subsequent share sale by

Schibsted, we have a strong financial position. Going forward we see interesting

investment opportunities across our digital portfolio. For example, within

marketplaces there may be opportunities for in-market consolidation. At the same

time, we will seek to maintain an optimal capital structure, and over time seek

to be within our communicated range of financial leverage, which is higher than

the current level," CEO Kristin Skogen Lund says.

Highlights of Q1 2019

* Digital revenue growth, excluding Adevinta, of 6% in Q1

* Nordic Marketplaces: Revenues continue to grow, increased EBITDA

* Revenues up 11 percent; EBITDA margin up 4%-points to 45 percent

* Marketplaces Norway with solid 18% revenue growth, in part helped by

late Easter in 2019

* Marketplaces Sweden with 2% revenue growth, driven by verticals

* News Media: Growing online revenues driven by digital products

* 2 percent revenue decrease in Q1; 5% digital growth and increased EBITDA

margin

* Financial Services: Softer top-line development due to regulations

* Continued growth for Lendo, but with a lower rate than in previous

quarters. Recent launch in Denmark, Poland and Austria affects margins

negatively in the ramp-up phase

* Schibsted Growth: Continues to expand

* Prisjakt with continued good development in Q1, 10% revenue growth and

margin improvement

* Expansion investments in Lendo and innovation within Distribution affecting

EBITDA with in total around 25 million in Q1

* Adevinta: Successfully listed on Oslo Stock Exchange on 10 April 2019

* Continued revenue growth driven by France and Spain. Margin expansion

driven by reduced investment phase losses.

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Year  (NOK million)  First quarter

2018  Key figures  2019 2018 ? %

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Schibsted excluding Adevinta

12,511  Operating revenues  3,089 3,037 2 %

7,367   - of which online revenues  1,842 1,739 6 %

1,840  EBITDA  418 336 25 %

15 %  EBITDA margin  14 % 11 %

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Consolidated Group Figures

18,059  Operating revenues  4,576 4,357 5 %

3,268  EBITDA  856 610 40 %

18 %  EBITDA margin  19 % 14 %

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Schibsted invites to an analyst and press conference at Akersgata 55, Oslo, 15

May 2019 at 09:00 CET. The presentation will be held in English and transmitted

live as a video webcast on https://www.schibsted.com/ir/. CEO Kristin Skogen

Lund and CFO Trond Berger will present at the analyst and press conference.

A conference call with Q&A linked to the Q1 2019 numbers will take place 15 May

2019 at 14:00 CET. The session will be held in English.

NOTE: To avoid waiting time when connecting to the call, please use the below

link 5-10 minutes prior to start time, where you will be asked to type in your

phone number and registration details. The Event Conferencing system will

automatically call you back on the phone number you provide and place you into

the event. Please note that the link will become active 15 minutes prior to the

event: Link to join call: https://bit.ly/304BLVx

For manual dial-in, use the following number (note that this connection might

take more time): +47 2100 2613. Passcode: 652122. For additional phone number,

please visit https://www.schibsted.com/ir/.

Contact persons:

Trond Berger, CFO. Tel: +47 916 86 695

Jo Christian Steigedal, Head of IR. Tel: +47 415 08 733

Oslo, 15 May 2019

SCHIBSTED ASA

Jo Christian Steigedal

Head of IR