Adevinta — Earnings Release 2023

May 23, 2023

CORRECTION* - Adevinta ASA (ADE) - Adevinta reports strong Q1 financial performance in soft macro-economic environment; significant progress in executing the Growing at Scale strategy

CORRECTION* - Adevinta ASA (ADE) - Adevinta reports strong Q1 financial performance in soft macro-economic environment; significant progress in executing the Growing at Scale strategy

* Further acceleration in Core markets revenue growth : +15% year-on-year,driven by outstanding performance at mobile.de

* Total consolidated revenues at EUR435m, up +14%(1) yoy

* Total consolidated EBITDA of EUR145m and reported margin of 33.4%

* 2023 financial targets confirmed

Oslo, 23 May 2023 - Adevinta ASA (ADE) ("Adevinta" or "the Company") reported an

acceleration of revenue growth of 15% for Core Markets in the first quarter

compared to the same period last year. This was as a result of outstanding

performance in mobile.de, benefiting from both a positive price and volume

effect, and continued strong performance in other segments.

* Online classifieds revenues improved by 18%, supported by strong double-

digit revenue growth in Mobility which benefited from the successful price

increase implemented in April last year, the recovery of dealer listings at

mobile.de, mainly driven by the easing of comps and lower demand, and high

value added product development both for users and car dealers. Real Estate

posted double-digit growth over the quarter, driven by France. Jobs

performance was steady, despite lapping tougher comps in Spain;

* Transactional revenues grew by 62% year-on-year, with strong revenue growth

in all Core markets;

* Advertising revenues in core markets were down 3% year-on-year, as a result

of an overall weaker advertising market, especially in automotive display

advertising, partially offset by Italy and the performance of Kleinanzeigen

in the quarter.

Gross operating profit (reported EBITDA) amounted to 145 million euros, up 16%

year-on-year, representing a 33.4% margin, up 1 percentage point year-on-year.

This was the result of (i) the positive topline evolution, (ii) lower marketing

spend across all markets, driven by different phasing, spend discipline and

prioritisation, and (iii) cost management in the current market context. This

was partly offset by (i) personal costs driven by the continued scaled build-up

of global capabilities, with the implementation of new operating models for

support functions and Product and Technology teams, the annualisation of the

previous years investment in product enhancements and in sales and customer

support operations, particularly in legacy eCG markets, to support new business

models, (ii) higher direct costs from transactional services, in line with the

adoption of the service and revenue growth, and (iii) the (3) million euro

expense related to the French DST.

Antoine Jouteau, CEO Adevinta, comments:

"We saw a strong start to the year for Adevinta, during which we delivered solid

financial performance and made significant progress in the execution of our

business and strategic roadmap. Underpinning this performance was the

exceptional growth in mobile.de and transaction revenues. We continue to build

the foundations for an even more efficient and innovative organisation, while we

improve our products and services. I remain encouraged by the continued energy

and dedication shown by our teams and I am confident that we are well positioned

to execute and deliver on the many opportunities that lie ahead."

Highlights of Q1 2023

Strong Q1 2023 results performance in a soft macro environment

Further acceleration in Core markets revenue growth : +15% year-on-year, driven

by outstanding performance at mobile.de

* Double digit growth in Classifieds (+18%), with double digit growth in

Mobility (+22%*) and Real Estate (+13%). Jobs remained dynamic (+5%) despite

tougher comps

* Consumer Goods transaction revenues growth up +62% yoy, with strong revenue

growth in all Core markets, especially in France (+48%) and Kleinanzeigen

(+95%)

* Advertising revenues down 3% yoy

Total consolidated revenues at EUR435m, up +14%(2) yoy

Reported EBITDA margin of 33.4%, up 1pp yoy, despite French DST impact and

business mix evolution

Total consolidated EBITDA of EUR145m

Strong cash flow generation and continued deleveraging

* Adjusted NCF from operating activities: EUR84m(3), up EUR39 yoy

* Debt repayment: EUR80m in the quarter, prioritising floating debt

Continued execution of our Growing at Scale strategy

Business integration on track, with further roll out of new operating models for

support functions, and synergy targets confirmed

Verticalisation(4) of Adevinta's operations ongoing:

* Key Design Principles defined, to align with long-term strategy

* Go live planned for 2024 (subject to works councils approvals)

Strong focus on operational excellence, with:

* Increased monetisation of Mobility and Real Estate verticals, along with

product improvements and increased added-value for customers

* Continued rapid scaling and product launches, e.g. in transactional services

* Strong financial discipline

Outlook: all targets confirmed

2023 outlook

* Low double digit Core Markets revenue growth

* Reported EBITDA in the range of EUR620m to EUR650m

* Leverage reduced to below 3x net debt/EBITDA by year end

Long-Term ambition for Core markets

* 2023-2026 annual revenue growth between 11% and 15%

* 2026 EBITDA margin: 40-45%

Synergy targets confirmed

Financial performance

First quarter |

--------+-------+-------+

EUR million 2023 | 2022 | yoy %

----------------------------------+-------+-------+--------

Operating revenues | 435 | 387 | 12%

----------------------------------+-------+-------+--------

EBITDA | 145 | 125 | 16%

----------------------------------+-------+-------+--------

EBITDA margin | 33.4% | 32.3% |

----------------------------------+-------+-------+--------

| | |

----------------------------------+-------+-------+--------

Operating revenues per segment | | |

----------------------------------+-------+-------+--------

France | 132 | 120 | 10%

----------------------------------+-------+-------+--------

mobile.de | 90 | 68 | 32%

----------------------------------+-------+-------+--------

European Markets | 187 | 168 | 11%

----------------------------------+-------+-------+--------

International Markets | 23 | 28 | -19%

----------------------------------+-------+-------+--------

Other and Headquarters | 4 | 3 | 11%

----------------------------------+-------+-------+--------

Eliminations | -1 | -1 | 41%

----------------------------------+-------+-------+--------

| | |

----------------------------------+-------+-------+--------

EBITDA per segment | | |

----------------------------------+-------+-------+--------

France | 56 | 55 | 2%

----------------------------------+-------+-------+--------

mobile.de | 51 | 37 | 38%

----------------------------------+-------+-------+--------

European Markets | 75 | 67 | 11%

----------------------------------+-------+-------+--------

International Markets | 11 | 11 | -1%

----------------------------------+-------+-------+--------

Other and Headquarters | -47 | -45 | -5%

----------------------------------+-------+-------+--------

| | |

----------------------------------+-------+-------+--------

Non-consolidated JVs | | |

----------------------------------+-------+-------+--------

Proportionate share of revenues | 27 | 23 | 15%

----------------------------------+-------+-------+--------

Proportionate share of EBITDA | 9 | 2 | 260%

----------------------------------+-------+-------+--------

Operating revenues by category

First quarter |

-------+------+----------+

EUR million 2023 | 2022 | yoy %(1)

------------------------------+------+------+----------+

Online classifieds revenues | 331 | 288 | 16% |

------------------------------+------+------+----------+

Transactional revenues | 25 | 16 | 60% |

------------------------------+------+------+----------+

Advertising revenues | 76 | 81 | -6% |

------------------------------+------+------+----------+

Other revenues | 4 | 3 | 38% |

------------------------------+------+------+----------+

Operating revenues | 435 | 387 | 14% |

------------------------------+------+------+----------+

(1) Excluding InfoJobs Brazil, Kufar and Mexico.

Presentation of the Q1 2023 Results

Quarterly Earnings Release

Time: 23 May 2023 at 16:45 CEST

Report for the first quarter of 2023, presentation materials, and spreadsheet

with key figures and analytical information will be made available on the

investor relations pages at https://www.adevinta.com/ir

(https://www.adevinta.com/investors/financial-results-publications).

Presentation of the Quarterly Results

Time: 23 May 2023 at 17:30 CEST

The company will conduct the presentation as a live audio webcast and conference

call, including a Q&A session. CEO Antoine Jouteau and CFO Uvashni Raman will

present. The whole management team of Adevinta will participate in the Q&A

session.

The webcast will be available on https://www.adevinta.com/ir

(https://www.adevinta.com/investors/financial-results-publications) and on this

link: https://edge.media-server.com/mmc/p/geyme8z3. Participants are also

invited to ask questions using the dial-in numbers below.

Dial-in details:

UK: +44 (0) 121 281 8004

USA: +1 718 705 87 96

Norway/Sweden: +46 850 51 00 30

France: +33 1 70 91 87 04

Confirmation password: Adevinta2023Q1

A recording of the presentation will be available on our website shortly after

the live webcast has ended.

-end-

Contact information:

IR contacts

Marie de Scorbiac

VP Investor Relations & Corporate Affairs

+33 6 14 65 77 40

ir@adevinta.com (mailto:ir@adevinta.com)

Anne-Sophie Jugean

Investor Relations Manager

+33 6 74 19 22 81

ir@adevinta.com (mailto:ir@adevinta.com)

Media contact

Mélodie Laroche

Corporate Communications

melodie.laroche@adevinta.com (mailto:melodie.laroche@adevinta.com)

press@adevinta.com (mailto:press@adevinta.com)

***

About Adevinta

Adevinta is a leading online classifieds specialist, operating digital

marketplaces in 11 countries. The company provides technology-based services to

connect buyers with sellers and to facilitate transactions, from real estate to

motors, and consumer goods.

Adevinta's portfolio spans more than 25 digital brands, covering one billion

people and attracting approximately 2.5 billion average monthly visits. Noted

assets include top-ranked leboncoin in France, Germany's leading classifieds

sites mobile.de and Kleinanzeigen, Marktplaats in the Netherlands, Fotocasa,

Habitaclia and InfoJobs in Spain, Subito in Italy, and 50% of fast-growing OLX

Brasil. Adevinta employs around 5,700 people, including some 3,000 working in

product and technology teams, committed to supporting users and customers daily.

Adevinta is a sustainability leader within the Dow Jones Sustainability Index

(DJSI) Europe.Find out more at Adevinta.com (https://www.adevinta.com/).

***

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act

--------------------------------------------------------------------------------

(1) Excluding InfoJobs Brazil, Kufar and Mexico

(2) Excluding InfoJobs Brazil, Kufar and Mexico

(3) Net cash flow from operating activities adjusted for CAPEX and IFRS 16 lease

payments

(4) Alignment of the organisational structure with the Group strategy, based on

three key pillars: Mobility, Re-commerce and Real Estate & Emerging Verticals