Vend Marketplaces ASA

Investor Presentation • Jul 18, 2025

Q2 2025 Results

18 July 2025 Christian Printzell Halvorsen, CEO Per Christian Mørland, CFO

1

Disclaimer

This presentation (hereinafter referred to as the "Presentationˮ) has been prepared by Vend Marketplaces ASA ("Vend" or the "Companyˮ) 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.

Summary

Strategic highlights

• Strategic focus areas: Continued strong progress on ARPA and cost agenda
• Simplification: Divestment process for Delivery initiated**, divested Prisjakt and several venture investments
• Capital allocation: Returned NOK c.6.2bn to shareholders in Q2 through share buybacks of NOK c.5.2bn and cash dividends of c.1.0bn, following proceeds from Adevinta and non-core asset sales
• Vend brand officially launched in May

Operational highlights

strong	Mo ad 12
elivery enture	Re dri tra
bn to cks of 1.0bn, n-core	JO dri má aff
	Re

• Mobility: Revenues increased 4%* affected by advertising decline, while classifieds up 12% driven by ARPA; 58% EBITDA margin
  • Real Estate: Revenues increased 10%* mainly driven by ARPA in Norway and strong transactional growth; 53% EBITDA margin
  • Jobs: Revenues in Norway increased 3% driven by solid ARPA growth in a market with material volume decline; reported revenues affected by market exits; EBITDA margin 60%
  • Recommerce: Revenues decreased 6%* as transactional growth was curbed by advertising and product closures

Key financials

2%*

Revenues YoY NOK 1,694m)

25%

EBITDA YoY NOK 583m)

34%

EBITDA margin 7%-points YoY

Mobility Real Estate Jobs Recommerce

Car valuation on Nettbil: Efficiently

aligning seller expectations – resulting in more successful transactions

Improved matching:

Recommendation of ads based on weighted criterias

Enhanced user experience: Smart floor plans with AI-powered matching of listing photos to the floor plan

Instantly displays photos from a room based on clicking on the floor plan

Improved ad insertions: Tools and insights for creating well-performing job

ads on FINN

Improved matching: Improving matching by enhancing structured data and improving reach

Improved ad insertion: Efficient

item creation, helping sellers list items faster and more accurately, addressing common user pain points

Improved matching:

Understanding user intent beyond keywords to deliver more relevant and personalised search results

Utilising AI for product development

Q2 2025 Results

Mobility

Q2 2025 Results

Strong ARPA growth across countries

Q2 2025 Results | Mobility

Q2 2025, YoY change %

NAA

Q2 2025, YoY change %

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

Professional	Private
NOK 497¹ 13% YoY	NOK 715¹ 15% YoY
SEK 709¹ 19% YoY	SEK 257¹ 45% YoY
DKK 349² 13% YoY	DKK 266 66% YoY

Professional	Private
152k¹ 3% YoY	116k¹ 1% YoY
233k¹ 9% YoY	229k¹ 14% YoY
52k² 5% YoY	30k 51% YoY

ARPA Average Revenue Per Ad NAA New Approved Ads

• Classifieds revenues up 12%, driven by strong ARPA growth across all countries and segments

• Solid quarter for Nettbil and AutoVex resulted in 14% growth in transactional revenues

• Advertising revenues down 20% YoY

• Decline in OPEX excl. COGS despite investments in C2B models and transition to a common tech platform

• EBITDA of NOK 391m, up 14% YoY

Solid EBITDA development

Real Estate

Q2 2025 Results

Q2 2025 Results | Real Estate

ARPA growth curbed by downgrades

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

Q2 2025, YoY change %

NAA

Q2 2025, YoY change %

Total	Residential for sale³
NOK 3,567¹ 11% YoY	NOK 4,912¹ 7% YoY
EUR 22² 13% YoY

Total	Residential for sale
74k¹ 0% YoY	40k¹ 3% YoY
108k² 4% YoY

ARPA Average Revenue Per Ad NAA New Approved Ads

• 11% growth in classifieds revenues, driven by ARPA and volume in Norway

• Strong 40% increase in transactional revenues, fuelled by Qasa Sweden and HomeQ; Qasa expanded to Norway on 27 May

• OPEX excl. COGS down 5% YoY

• EBITDA of NOK 200m, up 31% YoY

Q2 2025 Results | Real Estate

EBITDA expansion enabled by double-digit revenue growth and lower cost base

Jobs

Q2 2025 Results

Increased ARPA growth

ARPA

Q2 2025, YoY change %

NAA

Q2 2025, YoY change %

Total
NOK 8,229¹ 22% YoY

Total

35k¹ 15% YoY

ARPA Average Revenue Per Ad NAA New Approved Ads

• Total reported revenues and margin impacted by exits in Sweden and

• Revenues in Norway grew 3% YoY as strong ARPA growth from segmented pricing model and upsell products offset a 15% volume

• OPEX excl. COGS down 29% YoY, driven by country exits and implication

• EBITDA of NOK 172m, up 13% YoY

Strong EBITDA performance driven by growth in Norway and efficiency gains from simplification

GMV growth across all markets; improved take rate in Finland and Denmark

Transacted GMV

Q2 2025, YoY change %

Take rate

Q2 2025, YoY change pp.

Total
NOK 549m 17% YoY
SEK 178m 21% YoY
EUR 13m 197% YoY
DKK 33m 110% QoQ

Total
15%
0pp. YoY
10%
1pp. YoY
16%
5pp. YoY
15%
2pp. QoQ

GMV Gross merchandise value of transacted C2C goods

Take rate: External take rate including shipping and VAT

Q2 2025 Results | Recommerce

EBITDA improvement driven by higher transactional gross profit margins and lower cost base

Highlights

• Transactional revenues up 23% YoY

• Total revenue development impacted by the phase-out of low-margin revenue streams as part of strategic simplification

• Advertising revenue decreased 40% YoY

• OPEX excl. COGS reduced by 9% YoY, driven by FTE reductions and lower marketing spend

• EBITDA improved by 10% YoY to NOK 66m

Finance

Q2 2025 Results

Q2 2025 Results | Finance

Q2 Group revenues decreased 2%* YoY; EBITDA up 25% YoY

* On a constant currency basis

Highlights

• Total OPEX excl. COGS down 11% YoY, driven by lower personnel and

• Personnel costs down 15% YoY, driven by FTE reductions

• Marketing costs decreased by 26%YoY, primarily driven by the exit from Jobs in Finland and Sweden, as well as phasing effects in Recommerce

• OPEX excl. COGS / revenues ratio down 7%-points YoY

Cost agenda on track, OPEX excl. COGS down 11%

Income statement	Second quarter
NOK million)	2024	2025
Operating revenues	1,709	1,694
Operating expenses	1,244	1,111
Gross operating profit (loss) - EBITDA	465	583
Depreciation and amortisation	140	134
Impairment loss	2	7
Other income	-	8
Other expenses	124	121
Operating profit (loss)	199	330
Share of profit (loss) of joint ventures and associates	25	8
Impairment loss on joint ventures and associates (recognised or reversed)	3	11
Gains (losses) on disposal of joint ventures and associates	-	-
Financial income	130	4,671
Financial expense	119	71
Profit (loss) before taxes	183	4,911
Taxes	61	46
Profit (loss) from continuing operations	121	4,866
Profit (loss) from discontinued operations	8,786	345
Profit (loss)	8,907	5,211
Non-controlling interests	5	4
Owners of the parent	8,903	5,215
Earnings per share NOK
EPS - basic NOK	38.69	23.29
EPS - basic adjusted NOK	1.03	22.52

Q2 income statement Vend

Q2 2025 Results | Finance

Restructuring cost related to the announced restructuring programme NOK 45m), cost related to the separation of Schibsted Media NOK 19m), transaction-related costs related to ongoing sales processes of Lendo, skilled trades marketplaces and Delivery NOK 5 million) and fair-value remeasurement of contingent considerations NOK 50m).

Includes gain of NOK 4.6bn from fair value adjustment of Aurelia.

Operations in Lendo, Prisjakt, skilled trades marketplaces and Delivery presented as discontinued operations in 2025 and 2024. Adevinta and Schibsted Media are only presented as discontinued in Q2 2024. Q2 2025 includes gain of NOK 298m from sale of Prisjakt.

Cash flow	Second quarter
NOK million)	2024	2025
Profit (loss) before taxes from continuing operations	183	4,911
Depreciation, amortisation and impairment losses (recognised or reversed)	145	151
Net interest expense (income)	11	3
Net effect pension liabilities	1	4
Share of loss (profit) of joint ventures and associates	25	8
Interest received	58	59
Interest paid	80	50
Taxes paid	119	219
Non-operating gains and losses	17	4,515
Change in working capital and provisions	31	23
Net cash flow from operating activities	174	313
Net cash flow from investing activities	-88	3,721

Q2 cash flow from continuing operation

NOK million)	2024	2025
Profit (loss) before taxes from continuing operations	183	4,911
Depreciation, amortisation and impairment losses (recognised or reversed)	145	151
Net interest expense (income)	11	3
Net effect pension liabilities	1	4
Share of loss (profit) of joint ventures and associates	25	8
Interest received	58	59
Interest paid	80	50
Taxes paid	119	219	Gain related to fair value adjustments of
Non-operating gains and losses	17	4,515	Aurelia NOK 4.6bn in Q2 2025, without cash
Change in working capital and provisions	31	23	effect.
Net cash flow from operating activities	174	313
Net cash flow from investing activities	-88	3,721	Increased due to proceeds from capital
-whereof Development and purchase of intangible assets and property,	141	130	repayment from Aurelia.
plant and equipment
Net cash flow from financing activities	19 726	6,257	NOK 1bn in dividends paid and NOK 5.2bn in
-whereof Payment of principal portion of lease liabilities	8	18	share buybacks.

Q2 2025 Results | Finance

Cash dividends

Capital return of c.NOK 6.2bn in Q2, in accordance with capital allocation policy

• Ordinary dividend of NOK 2.25 for 2024 (up from NOK 2.00 in 2023
• Special cash dividend NOK 2.22 (approx. NOK 500m) in June 2025, following Adevinta cash proceeds

Reverse share buyback offer

• Tender offer to purchase up to 13.5m own shares announced 11 June 2025
• The offer resulted in the buyback of in total 13.5m shares, with a total value of approx. NOK 4.65bn

Buyback programme

• First tranche of the buyback programme ended February 2025 following NOK 2bn of buybacks 6m shares)
• Second tranche of share buyback programme ended 11 June 2025 following NOK 788m of buybacks 2.6m shares)

Solid financial position following capital returns

Medium-term targets Capital allocation

Financial framework for sustainable value creation

Q2 2025 Results | Finance

Strategy

• 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

Accelerate Future Winners	Mobility	Revenue growth: 1217% EBITDA margin: 5560%
Simplify	Real Estate	Revenue growth: 1217% EBITDA margin: 4550%
Verticalise	Jobs	Revenue growth: 510% EBITDA margin: 55%
Expand	Recom.	Revenue growth: 20%

EBITDA margin: 5560%
Revenue growth: 1217% EBITDA margin: 4550%
Revenue growth: 510% EBITDA margin: 55%

Revenue growth: 20% EBITDA margin: single-digit

Q2 2025 Results | Q&A

18 July 2025

Christian Printzell Halvorsen, CEO

Per Christian Mørland, CFO

25

Q2 2025 Results | Appendices

Spreadsheet containing detailed Q2 2025 and historical information can be downloaded at vend.com/ir

Historical ARPA trends per vertical

¹Transactional models like Nettbil, Autovex, and Wheelaway are not included due to different business models

²Avg. daily pro listings per month, due to pay per day listing model in Denmark

³New construction not included, due to different business models

⁴Oikotie only, excluding ads on Tori and Qasa

⁵Sourced ads not included

ARPA

Vertical	Country	Category	Q224	Q324	Q424	Q125
Mobility¹	Norway	Professional	NOK 439	NOK 428	NOK 434	NOK 461
	Norway	Private	NOK 620	NOK 653	NOK 698	NOK 704
	Sweden	Professional	SEK 596	SEK 578	SEK 613	SEK 708
	Sweden	Private	SEK 177	SEK 166	SEK 182	SEK 206
	Denmark	Professional²	DKK 309	DKK 313	DKK 316	DKK 341
	Denmark	Private	DKK 161	DKK 168	DKK 167	DKK 179
Real Estate	Norway	Total³	NOK 3,200	NOK 3,026	NOK 3,153	NOK 3,279
	Norway	Residential for sale	NOK 4,585	NOK 4,385	NOK 4,361	NOK 4,943
	Finland	Total⁴	EUR 19	EUR 20	EUR 24	EUR 21
Jobs	Norway	Total⁵	NOK 6,763	NOK 6,967	NOK 7,303	NOK 7,891

Historical listing trends per vertical

¹Transactional models like Nettbil, Autovex, and Wheelaway are not included due to different business models

²Avg. daily pro listings per month, due to pay per day listing model in Denmark

³New construction not included, due to different business models

⁴Oikotie only, excluding ads on Tori and Qasa

⁵Sourced ads not included

NAA

Vertical	Country	Category	Q224	Q324	Q424	Q125
Mobility¹	Norway	Professional	156k	158k	162k	156k
	Norway	Private	118k	106k	62k	67k
	Sweden	Professional	255k	249k	248k	225k
	Sweden	Private	265k	245k	177k	158k
	Denmark	Professional²	55k	55k	57k	53k
	Denmark	Private	62k	58k	45k	36k
Real Estate	Norway	Total³	74k	67k	49k	58k
	Norway	Residential for sale	38k	31k	21k	29k
	Finland	Total⁴	111k	107k	91k	103k
Jobs	Norway	Total⁵	41k	35k	34k	40k

Historical Recommerce KPIs

Transactional KPIs

Vertical	Country	Category	Q224	Q324	Q424	Q125
Recommerce	Norway	Transacted GMV	NOK 468m	NOK 481m	NOK 540m	NOK 531m
	Norway	Take rate	16%	16%	16%	16%
	Sweden	Transacted GMV	SEK 147m	SEK 173m	SEK 177m	SEK 191m
	Sweden	Take rate	9%	10%	10%	10%
	Finland	Transacted GMV	EUR 4m	EUR 8m	EUR 12m	EUR 12m
	Finland	Take rate	11%	15%	16%	17%
	Denmark	Transacted GMV	-	-	-	DKK 16m
	Denmark	Take rate	-	-	-	14%

Q2 2025 Results | Finance

Shareholders analysis

Name	A-shares	B-shares	Total	% of S/I
Blommenholm Industrier AS	30,746,423	10,430,648	41,177,071	17.6%
Folketrygdfondet	8,511,713	11,830,358	20,342,071	8.7%
DNB Asset Management AS	3,182,910	5,733,124	8,916,034	3.8%
The Vanguard Group, Inc.	3,493,836	3,393,969	6,887,805	2.9%
HMI Capital Management, L.P.	25,029	6,600,682	6,625,711	2.8%
KLP Kapitalforvaltning AS	1,405,428	3,394,768	4,800,196	2.1%
Storebrand Kapitalforvaltning AS	2,255,108	2,180,868	4,435,976	1.9%
Baillie Gifford & Co.	0	4,071,060	4,071,060	1.7%
Nordea Funds Oy	409,266	3,651,295	4,060,561	1.7%
BlackRock Institutional Trust Company, N.A.	1,569,484	2,163,744	3,733,228	1.6%
ODIN Forvaltning AS	967,302	2,329,362	3,296,664	1.4%
Polaris Media ASA	0	3,218,304	3,218,304	1.4%
Novo Holdings A/S	2,132,418	1,029,047	3,161,465	1.4%
Vor Capital LLP.	119,471	2,992,386	3,111,857	1.3%
Alfred Berg Kapitalforvaltning AS	1,230,210	1,817,153	3,047,363	1.3%
Eika Kapitalforvaltning AS	622,262	2,093,855	2,716,117	1.2%
Reade Street Capital Management	2,052,675	467,663	2,520,338	1.1%
Alecta pensionsförsäkring, ömsesidigt	0	2,248,500	2,248,500	1.0%
Handelsbanken Kapitalförvaltning AB	139,876	1,679,018	1,818,894	0.8%
abrdn Investment Management Limited	702,282	1,099,133	1,801,415	0.8%

Vend share count

	Number of A-shares			Number of B-shares			Total number of shares
	Shares outstanding	Treasury shares	Issued	Shares outstanding	Treasury shares	Issued	Shares outstanding	Treasury shares	Issued
As at 30 June 2025	95,868,443	4,669,889	100,538,332	115,790,504	17,596,009	133,386,513	211,658,947	22,265,898	233,924,845

Investor contact

Q2 2025 Results| Investor contact

Visit Vends's website: vend.com Email: ir@vend.com

Jann-Boje Meinecke SVP FP&A and IR 47 941 00 835

Simen Madsen

IR Officer 47 992 73 674

Vend Marketplaces ASA Visiting address: Grensen 57, 0159 Oslo Postal address: P.O. Box 747 Sentrum, 0106 Oslo Norway