Vend Marketplaces ASA

Quarterly Report • Jul 18, 2025

Vend

Financials and analytical info Q2 2025

• 1. Profit loss statement
• 1. Balance sheet
• 1. Cash flow
• 1. Segment overview
• 1. Mobility
• 1. Real Estate
• 1. Jobs
• 1. Recommerce
• 1. Other & Headquarters

For details on Adevinta, please refer to Adevinta's reporting on adevinta.com/ir

For questions, please contact Vend IR:

Jann-Boje Meinecke, Head of IR ir@vend.com +47 941 00 835

Simen Madsen, IR Officer ir@vend.com +47 992 73 674

vend.com/ir

1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	VEND GROUP	Year to date	Year to date	Full year
2024	2024	2024	2024	2025	2025	CONDENSED CONSOLIDATED INCOME STATEMENT	2025	2024	2024
restated &	restated &	re-presented re-presented re-presented re-presented						restated & re-presented re-presented
re-presented
1,019	1,132	1,049	950	1,038		1,182 Classified revenues	2,221	2,151	4,151
893	941	868	815	903		972 - of which Professional	1,875	1,834	3,517
126	192	181	135	135		211 - of which Private	346	317	633
180	211	248	250	245		259 Transactional revenues	504	391	889
133	183	149	134	87		117 Advertising revenues	204	316	599
	0 (0)	0	(0)	(0)		0 Distribution revenues	0	(0)	(0)
193	183	177	193	148		135 Other operating revenues	284	376	746
1,524	1,709	1,624	1,528	1,518		1,694 Operating revenues	3,212	3,234	6,385
(137)	(149)	(165)	(177)	(144)		(139) Costs of goods and services sold	(284)	(285)	(628)
(603)	(569)	(452)	(519)	(479)		(483) Personnel expenses	(962)	(1,172)	(2,143)
(119)	(137)	(126)	(106)	(91)		(102) Marketing expenses	(194)	(256)	(488)
(335)	(389)	(365)	(405)	(390)		(386) Other operating expenses	(776)	(724)	(1,494)
331	465	516	320	413		583 Gross operating profit (loss) - EBITDA	997	796	1,632
(139)	(140)	(167)	(177)	(124)		(134) Depreciation and amortisation	(258)	(279)	(623)
	0 (2)	0	(1,336)	(9)		(7) Impairment loss	(16)	(2)	(1,337)
(0)	(0)	2	8	-		8 Other income	8	(0)	9
(99)	(124)	(88)	(194)	(57)		(121) Other expenses	(178)	(224)	(505)
92	199	263	(1,379)	222		330 Operating profit (loss)	553	291	(824)
(17)	(25)	(13)	(28)	(17)		(8) Share of profit (loss) of joint ventures and associates	(25)	(42)	(83)
(43)	(3)	(49)	(32)	(14)		(11) Impairment loss on joint ventures and associates (recognised or reversed)	(25)	(46)	(127)
(2)	(0)	(0)	(8)	6		(0) Gains (losses) on disposal of joint ventures and associates	5	(2)	(10)
32	130	5,110	1,185	84		4,671 Financial income	2,314	162	6,457
(119)	(119)	(244)	(74)	(2,501)		(71) Financial expense	(131)	(238)	(556)
(57)	183	5,067	(336)	(2,220)		4,911 Profit (loss) before taxes	2,691	125	4,857
(33)	(61)	(89)	20	(66)		(46) Taxes	(112)	(94)	(163)
(90)	121	4,978	(316)	(2,286)		4,866 Profit (loss) from continuing operations	2,580	31	4,693
(681)	8,786	126	56	31		345 Profit (loss) from discontinued operations	377	8,105	8,286
(772)	8,907	5,104	(260)	(2,255)		5,211 Profit (loss)	2,956	8,136	12,980
						Profit (loss) attributable to:
17	5	1	0	(6)		(4) Non-controlling interests	(10)	22	23
(789)	8,903	5,103	(260)	(2,249)		5,215 Owners of the parent	2,966	8,114	12,957
						Earnings per share (NOK)
(3.50)	38.69	21.86	(1.12)	(9.94)		23.29 Basic	13.18	35.64	56.15
(3.50)	38.63	21.82	(1.12)	(9.94)		23.25 Diluted	13.15	35.58	55.99
(4.36)	1.03	22.16	5.38	(9.63)		22.52 Basic - adjusted	12.74	(1.66)	26.08
(4.36)	1.02	22.12	5.37	(9.63)		22.48 Diluted - adjusted	12.71	(1.66)	26.00

CONDENSED CONSOLIDATED	31.03	30.06	30.09
STATEMENT OF FINANCIAL POSITION	2024	2024	2024
	restated	restated
Intangible assets	11,493	9,627	9,864
Property, plant and equipment	570	205	211
Right-of-use assets	2,010	889	881
Investments in joint ventures and associates	932	535	482
Deferred tax assets	509	299	284
Equity instruments	776	16,469	21,284
Other non-current assets	43	35	24
Non-current assets	16,333	28,058	33,029
Contract assets	157	115	110
Trade receivables and other current assets	2,375	1,775	1,695
Cash and cash equivalents	263	8,932	6,406
Assets held for sale	37,426	-	-
Current assets	40,220	10,822	8,211
Total assets	56,554	38,881	41,241
Paid-in equity	7,144	9,655	9,685
Other equity	35,872	20,756	23,842
Equity attributable to owners of the parent	43,016	30,412	33,527
Non-controlling interests	145	16	18
Equity	43,161	30,428	33,545
Deferred tax liabilities	422	404	437
Pension liabilities	1,155	471	469
Non-current interest-bearing loans and borrowings	4,876	3,022	3,016
Non-current lease liabilities	1,881	778	763
Other non-current liabilities	381	256	262
Non-current liabilities	8,714	4,931	4,948
Current interest-bearing loans and borrowings Income tax payable	284 164	- 149	- 152
Current lease liabilities	384	165	162
Contract liabilities	675	194	188
Other current liabilities	3,171	3,013	2,245
Liabilities held for sale Current liabilities	- 4,678	- 3,521	- 2,748
Total equity and liabilities	56,554	38,881	41,241

The current version of the statement includes the retrospective restatement of prior period errors i

CONDENSED CONSOLIDATED	31.03	30.06	30.09
	2024	2024	2024
STATEMENT OF CASH FLOWS Net cash flow from financing activities	restated & re-presented	restated & re-presented re-presented
Profit (loss) before taxes from continuing operations	(57)	125	5,193
Profit (loss) before taxes from discontinued operations	(690)	8,098	8,242
Depreciation, amortisation and impairment losses (recognised or reversed)	364	623	905
Net interest expense (income)	95	129	96
Net effect pension liabilities	(50)	(78)	(83)
Share of loss (profit) of joint ventures and associates	586	605	618
Dividends received from joint ventures and associates	-	-	-
Interest received	14	75	164
Interest paid	(99)	(201)	(253)
Taxes paid	(121)	(233)	(281)
Non-operating gains and losses	89	(8,696)	(13,585)
Change in working capital and provisions	(23)	(107)	51
Net cash flow from operating activities	108	341	1,067
- of which from continuing operations	24	197	831
- of which from discontinued operations	84	143	236
Net cash flow from investing activities	(499)	27,741	27,474
- of which from continuing operations	(402)	(490)	(742)
- of which from discontinued operations	(97)	28,231	28,216
	(627)	(20,428)	(23,415)
- of which from continuing operations	(554)	(20,280)	(23,247)
- of which from discontinued operations	(73)	(148)	(169)
Effect of exchange rate changes on cash and cash equivalents	1	-	3
Net increase (decrease) in cash and cash equivalents	(1,017)	7,653	5,127
Cash and cash equivalents at start of period	1,279	1,279	1,279
Cash and cash equivalents at end of period	263	8,932	6,406
- of which cash and cash equivalents in assets held for sale	-	-	-
- of which cash and cash equivalents excluding assets held for sale	263	8,932	6,406

1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter		Year to date	Year to date	Full year
2024	2024	2024	2024	2025	2025	VEND GROUP	2025	2024	2024
	re-presented re-presented re-presented re-presented re-presented								re-presented re-presented
						Operating revenues
551	633	620	559	556	676	Mobility	1,232	1,184	2,362
250	341	316	263	301	379	Real Estate	680	591	1,171
349	321	281	270	314	286	Jobs	600	669	1,220
190	201	210	224	180	192	Recommerce	372	391	825
299	331	314	334	171	170	Other/Headquarters	340	630	1,279
(114)	(118)	(118)	(122)	(4)	(8)	Eliminations	(12)	(232)	(472)
1,524	1,709	1,624	1,528	1,518	1,694	Vend Group	3,212	3,234	6,385
						EBITDA
268	343	336	278	275	391	Mobility	666	610	1,225
64	153	144	77	126	200	Real Estate	327	217	439
158	152	123	113	185	172	Jobs	357	310	547
(82)	(73)	(57)	(78)	(72)	(66)	Recommerce	(138)	(156)	(290)
(77)	(109)	(31)	(71)	(101)	(114)	Other/Headquarters	(214)	(186)	(288)
331	465	516	320	413	583	Vend Group	997	796	1,632

1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter		Year to date	Year to date	Full year
2024	2024	2024	2024	2025	2025	MOBILITY	2025	2024	2024
						Mobility total
390	443	428	400	413	496	Classifieds revenues	908	833	1,661
312	306	302	311	322	337	- of which Professional	659	618	1,231
79	136	127	89	91	158	- of which Private	249	215	430
73	90	104	95	86	103	Transactional revenues	189	163	362
68	87	74	55	48	69	Advertising revenues	117	155	284
19	14	14	9	10	8	Other operating revenues	18	33	56
551	633	620	559	556	676	Operating revenues	1,232	1,184	2,362
13%	6%	8%	-2%	1%	7%	YOY revenue growth	4%	9%	7%
(25)	(29)	(33)	(32)	(26)	(29)	Costs of goods and services sold	(55)	(54)	(118)
(85)	(78)	(73)	(82)	(86)	(85)	Personnel expenses	(171)	(162)	(318)
(26)	(40)	(41)	(20)	(35)	(38)	Marketing expenses	(73)	(66)	(126)
(33)	(31)	(33)	(29)	(35)	(35)	Other operating expenses	(70)	(64)	(126)
(114)	(114)	(103)	(117)	(99)	(99)	Allocated operating expenses	(197)	(229)	(449)
268	343	336	278	275	391	EBITDA	666	610	1,225
49%	54%	54%	50%	49%	58%	EBITDA-margin	54%	52%	52%

						Operating revenues per country
208	269	267	219	215	281	Norway	496	477	962
215	235	220	214	218	266	Sweden	485	450	884
110	107	110	111	110	113	Denmark	222	217	438
18	22	23	15	13	16	Finland	28	41	78

-

1 quarter		2 quarter	3 quarter	4 quarter	1 quarter	2 quarter		Year to date	Year to date	Full year
2024		2024	2024	2024	2025	2025	REAL ESTATE	2025	2024	2024
							Real estate total
	208	292	261	210	245	324	Classifieds revenues	569	500	971
	177	257	224	181	212	287	- of which Professional	499	434	839
	30	35	37	29	33	37	- of which Private	70	65	132
	20	27	35	35	40	38	Transactional revenues	78	47	117
	16	19	17	15	13	15	Advertising revenues	28	35	67
	6	3	4	3	4	1	Other operating revenues	5	9	16
	250	341	316	263	301	379	Operating revenues	680	591	1,171
	16%	16%	13%	12%	20%	11%	YOY revenue growth	15%	16%	14%
	(11)	(15)	(12)	(10)	(10)	(14)	Costs of goods and services sold	(25)	(26)	(47)
	(47)	(47)	(40)	(52)	(57)	(57)	Personnel expenses	(114)	(95)	(186)
	(21)	(21)	(23)	(25)	(23)	(19)	Marketing expenses	(42)	(42)	(90)
	(36)	(35)	(32)	(30)	(25)	(29)	Other operating expenses	(54)	(72)	(134)
	(71)	(69)	(65)	(70)	(59)	(59)	Allocated operating expenses	(119)	(140)	(274)
	64	153	144	77	126	200	EBITDA	327	217	439
	26%	45%	46%	29%	42%	53%	EBITDA-margin	48%	37%	37%

						Operating revenues per country
195	281	247	196	226	304	Norway	530	476	919
27	29	38	38	46	42	Sweden	88	55	131
1	1	1	-	0	-	Denmark	0	2	3
28	30	30	30	30	33	Finland	62	58	117

1 quarter		2 quarter	3 quarter	4 quarter	1 quarter	2 quarter		Year to date	Year to date	Full year
2024		2024	2024	2024	2025	2025	JOBS	2025	2024	2024
							Jobs total
	345	318	278	268	314	286	Classifieds revenues	600	663	1,209
	345	318	278	268	314	286	- of which Professional	600	663	1,209
	0	-	-	-	-	-	- of which Private	-	0	0
	-	-	-	-	-	-	Transactional revenues	-	-	-
	2	1	0	(0)	(0)	0	Advertising revenues	0	3	3
	2	1	3	2	0	0	Other operating revenues	0	3	8
	349	321	281	270	314	286	Operating revenues	600	669	1,220
	-7%	-3%	-2%	-9%	-10%	-11%	YOY revenue growth	-10%	-5%	-5%
	(21)	(17)	(20)	(20)	(14)	(7)	Costs of goods and services sold	(21)	(38)	(78)
	(49)	(43)	(33)	(34)	(29)	(26)	Personnel expenses	(55)	(91)	(158)
	(22)	(14)	(17)	(4)	(9)	(5)	Marketing expenses	(14)	(36)	(56)
	(9)	(10)	(10)	(11)	(6)	(6)	Other operating expenses	(13)	(20)	(40)
	(90)	(85)	(79)	(87)	(70)	(70)	Allocated operating expenses	(140)	(174)	(341)
	158	152	123	113	185	172	EBITDA	357	310	547
	45%	47%	44%	42%	59%	60%	EBITDA-margin	60%	46%	45%

							Operating revenues per country
298		278	244	253	314	286	Norway	600	576	1,073
	22	19	18	-	-	(0)	Sweden	(0)	41	60
-		-	-	-	-	(0)	Denmark	(0)	-	-
	29	23	19	17	-	-	Finland	-	52	88

1 quarter 2024		2 quarter 2024	3 quarter 2024	4 quarter 2024	1 quarter 2025	2 quarter 2025	RECOMMERCE	Year to date 2025	Year to date 2024	Full year 2024
							Recommerce total
	54	54	53	52	46	50	Classifieds revenues	96	108	213
	39	37	37	38	36	37	- of which Professional	74	76	150
	15	18	16	14	10	13	- of which Private	22	32	63
	87	94	105	118	113	115	Transactional revenues	228	180	404
	36	44	38	40	21	26	Advertising revenues	47	79	158
	14	10	13	13	0	0	Other operating revenues	1	23	50
	190	201	210	224	180	192	Operating revenues	372	391	825
	22%	16%	17%	7%	-5%	-5%	YOY revenue growth	-5%	19%	15%
	(79)	(87)	(100)	(115)	(92)	(88)	Costs of goods and services sold	(181)	(166)	(382)
	(45)	(38)	(36)	(41)	(36)	(39)	Personnel expenses	(75)	(83)	(160)
	(17)	(24)	(18)	(21)	(11)	(18)	Marketing expenses	(28)	(41)	(80)
	(13)	(12)	(9)	(11)	(5)	(5)	Other operating expenses	(10)	(24)	(45)
	(118)	(115)	(103)	(113)	(108)	(108)	Allocated operating expenses	(217)	(233)	(449)
	(82)	(73)	(57)	(78)	(72)		(66) EBITDA	(138)	(156)	(290)
	-43%	-36%	-27%	-35%	-40%	-34%	EBITDA-margin	-37%	-40%	-35%

						Operating revenues per country
94	106	108	110	98	108	Norway	206	200	418
40	37	37	37	34	34	Sweden	68	77	151
44	43	44	47	21	18	Denmark	39	88	178
11	15	21	30	27	31	Finland	58	26	77

1 quarter 2024	2 quarter 2024	3 quarter 2024	4 quarter 2024	1 quarter 2025	2 quarter 2025	OTHER / HEADQUARTERS	Year to date 2025	Year to date 2024	Full year 2024
Other / Headquarters total
299	331	314	334	171		170 Operating revenues	340	630	1,279
				-43%		-49% YOY revenue growth	-46%
(0)	(0)	(1)	(1)	(2)		(1) Costs of goods and services sold	(3)	(1)	(2)
(378)	(427)	(270)	(309)	(271)		(276) Personnel expenses	(547)	(805)	(1,384)
(36)	(42)	(30)	(38)	(13)		(23) Marketing expenses	(36)	(78)	(145)
(354)	(354)	(395)	(444)	(323)		(319) Other operating expenses	(641)	(708)	(1,546)
393	383	350	387	336		336 Allocated operating expenses	673	775	1,512
(77)	(109)	(31)	(71)	(101)		(114) EBITDA	(214)	(186)	(288)
-26%	-33%	-10%	-21%	-59%		-67% EBITDA-margin	-63%	-30%	-22%