Vend Marketplaces ASA

Quarterly Report • Feb 7, 2025

Christian Printzell Halvorsen, CEO | Per Christian Mørland, CFO

Disclaimer

This presentation (hereinafter referred to as the "presentation") has been prepared by Schibsted ASA ("Schibsted", "Schibsted Marketplaces", 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.

New brand To be launched in Q2 2025

Q4 2024 Summary

+12%* Revenues YoY (NOK 2,103m)

+3% EBITDA YoY (NOK 337m)

16% EBITDA margin (-1%-point YoY)

4

Key Financials Strategic highlights

• Introduced new strategy and financial framework at first CMD for the new company in November
• Dividend of NOK 2.25 per share proposed for 2024
• Intention to pay special cash dividend of approximately NOK 500 million in Q2 related to Adevinta proceeds
• Revealed our new corporate brand name, Vend, to be launched in Q2

Operational highlights

• Mobility: Revenues +1%* affected by advertising decline, while classifieds up 7%* driven by ARPA; 50% EBITDA margin
• Real Estate: Revenues +11%* driven by ARPA and volume in Norway and strong transactional growth. 29% EBITDA margin, affected by investments in Finland and transactional models.
• Jobs: Financials affected by market exits, while revenues in Norway increased 4% driven by ARPA.
• Recommerce: Revenues +7%* driven by transactional; softer than previous quarters due to advertising and product closures. OPEX (excl. COGS) decline YoY.

Launched Nordic platform and transactional offering in Denmark

All Danish private users migrated to Nordic platform

More than a quarter of a million Danes visited the new DBA on launch day

Launch of transactional offering Fiks færdig.

Record breaking numbers for opt-in as well as transactions on launch day

Mobility

Professional ARPA growth across countries; strong quarter for private ARPA in Sweden

ARPA Q4 2024, YoY change %

Professional	Private
NOK 434¹ 4% YoY	NOK 698¹ 1% YoY
SEK 613¹ 10% YoY	SEK 182¹ 30% YoY
DKK 316² 13% YoY	DKK 188 -4% YoY

ARPA: Average Revenue Per Ad

NAA

Q4 2024, YoY change %

Professional	Private
162k¹ 6% YoY	62k¹ 4% YoY
248k¹ -2% YoY	177k¹ -3% YoY
57k² -4% YoY	40k² 2% YoY

NAA: New Approved Ads

7 ¹ Transactional models like Nettbil, Autovex, and Wheelaway are not included due to different business models ² Avg. daily pro listings per month, due to pay per day listing model in Denmark

Mobility

Resilient EBITDA development despite advertising headwinds

Mobility

YoY growth 1%* Classifieds revenues EBITDA margin Advertising revenues Other revenues Transactional revenues

Revenues (NOKm), EBITDA margin (%)

Highlights

• Classifieds revenues up 7%*, primarily driven by ARPA from both professionals and privates in Sweden and professionals in Denmark
• Strong quarter for AutoVex offset by a weak quarter for Nettbil, ending total transactional revenue growth at 5%*
• Increased decline in advertising revenues, down 28%* YoY
• Stable OPEX excl. COGS development despite investments in C2B models and transition to a common tech platform
• EBITDA of NOK 278m, up 3% YoY

Softer ARPA in Norway driven by package downgrades Real Estate | KPIs

ARPA Q4 2024, YoY change %

Total	Residential for sale³
NOK 3,157¹ 8% YoY	NOK 4,652¹ 1% YoY
EUR 24² 26% YoY

ARPA: Average Revenue Per Ad

10

NAA Q4 2024, YoY change %

Total	Residential for sale
49k¹ 3% YoY	21k¹ 4% YoY
91k² -13% YoY

NAA: New Approved Ads

¹ New construction not included, due to different business models ² Oikotie only, excluding ads on Tori and Qasa ³ Residential for sale ARPA not IFRS adjusted

Solid revenue growth; EBITDA reflects investments in Finland and transactional models

Real Estate

Revenues (NOKm), EBITDA margin (%)

Highlights

• Third consecutive quarter of record-high traffic in FINN Real Estate, while Oikotie reinforced its market lead with all-time high brand awareness and traffic levels
• 9%* growth in classifieds revenues, driven by ARPA and volume in Norway
• Strong growth in transactional revenues driven by Qasa Sweden and HomeQ
• OPEX excl. COGS increase YoY, driven by investments in transactional models and accelerated marketing efforts and product development in Finland
• EBITDA of NOK 77m, down 3% YoY

Jobs

Continued strong ARPA growth Jobs | KPIs

ARPA Q4 2024, YoY change %

ARPA: Average Revenue Per Ad

NAA Q4 2024, YoY change %

Total Total

34k¹ -8% YoY

NAA: New Approved Ads

Jobs

Results affected by market exits; solid performance in Norway

Jobs

Revenues (NOKm), EBITDA margin (%)

Highlights

• Total reported revenue and margin impacted by exits in Sweden and Finland
• Revenues in Norway grew 4% YoY as strong ARPA growth from new pricing model offset an 8% decline in volume
• OPEX excl. COGS down 10% YoY driven by exits and lower FTEs
• EBITDA of NOK 113m, down 9% YoY

Recommerce

Recommerce | KPIs Continued solid development in key KPIs

Transacted GMV Q4 2024, YoY change %

Total
NOK 540m 31% YoY
SEK 177m 26% YoY
EUR 12m 53% QoQ

GMV: Gross merchandise value of transacted C2C goods

Take rate Q4 2024, YoY change pp

Take rate: External take rate including shipping and VAT

Soft performance due to advertising decline and strategic product closures

Recommerce

Revenues (NOKm), EBITDA margin (%)

Highlights

• Continued strong growth in transactional revenues (31%* YoY) driven by volume
• Increased decline in advertising revenues, down 20%* YoY
• Focused efforts through strategic simplification: discontinued Plick and Refurbished Electronics, and initiated product closures in DBA ahead of platform consolidation
• OPEX excl. COGS down 4% YoY, driven by FTE reductions
• EBITDA of NOK -78m, down 13% YoY

Q4 Group revenues grew 12% YoY; EBITDA up 3% YoY

19 * On a constant currency basis ** From 1 July 2024, Revenues and EBITDA in Delivery includes the newly acquired delivery business from Amedia, contributing with revenues of NOK 84m and EBITDA of NOK 5m in Q4 2024

Cost and workforce reductions on track, offsetting inflationary pressure

Schibsted Marketplaces excl. Delivery Highlights Costs (NOKm)

• Total OPEX (excl. COGS) down 1% YoY, driven by lower personnel costs
• Personnel costs down -9% YoY, driven by FTE reductions offsetting salary inflation
• Marketing cost increase of 7%, primarily driven by Real Estate investments in Finland
• Other cost increased 10%, driven by Other/HQ, primarily due to higher computer and software expenses
• OPEX (excl. COGS) / revenues ratio down 3%-points YoY

Q4 income statement Schibsted Group

Income statement	Fourth quarter
(NOK million)	2023	2024
Operating revenues	1,890	2,103
Operating expenses	(1,563)	(1,767)
Gross operating profit (loss) - EBITDA	327	337
			Includes 1,078m of impairment losses
Depreciation and amortisation	(176)	(198)	related to the operations in Finland.
Impairment loss	(16)	(1,336)
Other income	3	8
Other expenses	(68)	(196)	Mainly restructuring cost related to the
Operating profit (loss)	70	(1,384)	announced restructuring programme and
			cost related to the separation of Schibsted
Share of profit (loss) of joint ventures and associates	(24)	(28)	Media.
Impairment loss on joint ventures and associates (recognised or reversed)	(38)	(32)
Gains (losses) on disposal of joint ventures and associates	1	(8)	Includes 1,091m of gain from fair value
Financial income	222	1,180	adjustment of Aurelia.
Financial expense	(128)	(76)
Profit (loss) before taxes	103	(348)
Taxes	(24)	31
Profit (loss) from continuing operations	79	(317)
			Operations in Lendo, Prisjakt, and skilled
Profit (loss) from discontinued operations Profit (loss)	1,831 1,910	57 (260)	trades marketplaces presented as
			discontinued operations in Q4.
Non-controlling interests	18	-
Owners of the parent	1,892	(260)
Earnings per share (NOK)
EPS - basic (NOK)	8.40	(1.12)
EPS - basic adjusted (NOK)	(1.13)	5.38

Q4 cash flow from continuing operations

Cash flow		Fourth quarter
(NOK million)	2023	2024
Profit (loss) before taxes from continuing operations	103	(348)
Depreciation, amortisation and impairment losses (recognised or reversed)	230	1,566
Net interest expense (income)	94	(10)
Net effect pension liabilities		8 10
Share of loss (profit) of joint ventures and associates	24	28
Interest received		8 61
Interest paid	(111)	(40)
Taxes paid	19	104
Non-operating gains and losses	(165)	(1,051)
Change in working capital and provisions	27	(39)
Net cash flow from operating activities	236	279
Net cash flow from investing activities	831	(229)
-whereof Development and purchase of intangible assets and property, plant and equipment	(211)	(157)
Net cash flow from financing activities	(591)	(948)
-whereof Payment of principal portion of lease liabilities	(34)	(32)

Investments down -25% compared to 2023 due to lower investments in Product & Tech and Delivery.

Solid net cash position; share buyback progressing as planned

Debt maturity profile

(NOKm)

Financial gearing

(NIBD/EBITDA according to bank definition)

Capital return overview

• Ordinary dividend of NOK 2.00 for 2023
• Special cash dividend from Adevinta and News Media transactions of total around NOK 20bn
• Ordinary dividend of NOK 2.25 per share proposed for 2024
• Intention to pay special cash dividend of approx. NOK 500 million in Q2 2025 from expected Adevinta cash proceeds

Cash dividends summary Buyback programme status

• Announced multi-year share buyback programme of approximately NOK 4bn in March 2024; first tranche of buyback programme amounting to NOK 2bn started on 9 September 2024
• By 3 Feb. 2025, Schibsted has acquired 4.6 million shares at a cost of NOK 1.6 billion under the programme
• The first tranche of the buyback programme is planned to be finalised within 2 May 2025

< Agenda

Financial framework for sustainable value creation

Accelerate Future Winners

Simplify

Verticalise Expand

Strategy Medium-term targets Capital allocation

Mobility	Revenue growth: 12-17% EBITDA margin: 55-60%
Real Estate	Revenue growth: 12-17% EBITDA margin: 45-50%
Jobs	Revenue growth: 5-10% EBITDA margin: >55%

Revenue growth: >20% EBITDA margin: single-digit Recom.

• Any surplus cash post the below will be returned to shareholders over time
• Pay a progressive annual dividend
• Investing in selective acquisitions to create shareholder value
• Maintain a conservative balance sheet

< Agenda

25

7 February 2025 Christian Printzell Halvorsen, CEO Per Christian Mørland, CFO

Appendices

Spreadsheet containing detailed Q4 2024 and historical information can be downloaded at schibsted.com/ir

Income taxes

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

Income tax Fourth quarter
(NOK million)	2023	2024
Profit (loss) before taxes	104	(349)
Tax (expense) income based on weighted average tax rates	(27)	53
Prior period adjustments	2	1
Tax effect of share of profit (loss) from joint ventures and associates	(5)	(5)
Tax effect of impairment loss on goodwill, joint ventures and associates (recognised or reversed)	(8)	(223)
Tax effect of other permanent differences	27	228
Current period unrecognised deferred tax assets	(14)	(22)
Tax (expense) income recognised in profit or loss	(24)	31

Shareholders analysis

Rank	Name	A-shares	B-shares	Total	% of S/I
1	Blommenholm Industrier AS	30,746,423	30,013,354	60,759,777	26.0%
2	Folketrygdfondet	8,216,283	11,445,681	19,661,964	8.4%
3	Baillie Gifford & Co.	6,396,963	4,757,536	11,154,499	4.8%
4	DNB Asset Management AS	2,383,631	6,868,585	9,252,216	4.0%
5	The Vanguard Group, Inc.	3,338,725	3,303,998	6,642,723	2.8%
6	Goldman Sachs International	1,948,827	3,189,697	5,138,524	2.2%
7	Polaris Media ASA	0	4,881,426	4,881,426	2.1%
8	BofA Global Research (UK)	111,900	4,610,815	4,722,715	2.0%
9	Storebrand Kapitalforvaltning AS	2,287,598	2,420,566	4,708,164	2.0%
10	Alfred Berg Kapitalforvaltning AS	1,795,525	2,610,900	4,406,425	1.9%
11	KLP Fondsforvaltning AS	1,262,005	2,959,471	4,221,476	1.8%
12	Capital Research Global Investors	4,096,221	0	4,096,221	1.8%
13	FundLogic SAS	1,598,728	2,016,122	3,614,850	1.5%
14	BlackRock Institutional Trust Company, N.A.	1,502,381	1,911,504	3,413,885	1.5%
15	Nordea Funds Oy	415,052	2,780,685	3,195,737	1.4%
16	Vor Capital LLP.	0	3,068,914	3,068,914	1.3%
17	Handelsbanken Kapitalförvaltning AB	248,823	2,459,190	2,708,013	1.2%
18	Eika Kapitalforvaltning AS	519,178	2,160,193	2,679,371	1.1%
19	Permian Investment Partners, LP	821,265	1,463,045	2,284,310	1.0%
20	Alecta pensionsförsäkring, ömsesidigt	0	2,248,500	2,248,500	1.0%

Source: Nasdaq OMX, VPS as of 17 January 2025; The data is 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 nor Schibsted can guarantee the accuracy of the analysis.

Investor contact

Visit Schibsted's website: schibsted.com Email: ir@schibsted.com

Jann-Boje Meinecke

VP FP&A and IR +47 941 00 835

Malin Ebenfelt

IR Manager +47 916 86 710

Schibsted ASA Visiting address: Grensen 5-7, 0159 Oslo Postal address: P.O. Box 747 Sentrum, 0106 Oslo Norway