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Adevinta — Earnings Release 2024
May 28, 2024
3520_rns_2024-05-28_9f017ceb-f97f-4f19-8fbc-31c897965f5a.html
Earnings Release
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Adevinta ASA (ADE) - Adevinta reports strong Q1 financial performance in soft macro environment
Adevinta ASA (ADE) - Adevinta reports strong Q1 financial performance in soft macro environment
* Strong EU5(1) revenue growth: +12% year-on-year
* Total revenues at EUR480m, up 11%(2) year-on-year
* Total EBITDA of EUR165m, up 14% year-on-year and EBITDA margin of 34.4%
* Strong cash flow generation and continued deleveraging
Oslo, 28 May 2024 - Adevinta ASA (ADE) ("Adevinta'' or "the Company") reported
strong group revenue growth of 11% in the first quarter of 2024 compared to the
same period last year. This excludes the impact of the Hungarian business
divestment in Q3 2023.
EU5 Markets revenues reached EUR449 million in the quarter, representing a strong
12% growth, despite the soft macroeconomic environment:
* Online classifieds revenues improved by 16%, supported by continued strong
double-digit revenue growth in Mobility, driven by strong double-digit
performance in all markets. Real Estate posted a solid performance in the
period, driven by Kleinanzeigen and France. Jobs' performance was back to
growth;
* Transactional revenues grew by 31% year-on-year, with strong revenue growth
in all markets;
* Advertising revenues were down 6% year-on-year, as a result of an overall
weaker advertising market.
Gross operating profit (reported EBITDA) amounted to 165 million euro, up 14%
year-on-year, representing a 34.4% margin, up 1 percentage point year-on-year,
driven by the strong revenue growth in the period.
This was partly offset by (i) higher marketing costs, driven by a low
comparative base in the previous year and by additional investments in key
markets, particularly Kleinanzeigen, Mobile.de and France, (ii) higher IT
expenses, due to changes in accounting treatment, (iii) higher direct costs from
transactional services, in line with the adoption of the service and revenue
growth, and (iv) a EUR(2)m charge on share-based compensation and personnel costs
as a result of the voluntary offer.
Antoine Jouteau, CEO Adevinta, comments:
"Adevinta's strong start to the year has been underpinned by solid operational
and financial performance. We have continued the successful execution of our
Growing at Scale strategy while our sector expertise, product innovation and
robust financials have established a firm foundation for the year ahead.
Overall, Adevinta remains a high-performing business with a strong financial
foundation and profitable business model. Our strategic growth pillars -
Mobility, Real Estate and transactional businesses - continue to be the key
drivers of this successful growth story. I would like to thank our employees
whose ability, ambition and commitment continue to position Adevinta as a
leading online classifieds platform and champion for sustainable commerce."
Highlights of Q1 2024
Strong Q1 2024 results performance in a soft macro environment
Strong revenue growth in EU5(1) markets: +12% year-on-year
* Double digit growth in Classifieds (+16%), with double digit growth in
Mobility (+22%) and solid growth in Real Estate (+7%). Jobs back to growth
* Consumer Goods transaction revenues growth up +31% yoy, with strong
performance in Kleinanzeigen, Benelux and Italy
* Advertising revenues down 6% yoy
Total consolidated revenues at EUR480m, up 11%(2) year-on-year
Reported EBITDA margin of 34.4%, up 1pp year-on-year, despite higher investment
in marketing, a EUR(2)m charge as a result of the voluntary offer, and business
mix evolution
Total consolidated EBITDA of EUR165m, up 14% year-on-year
Strong cash flow generation and continued deleveraging
* Adjusted NCF from operating activities(3) of EUR106m in the quarter
* Debt repayment: EUR50m in the quarter, prioritising floating debt
Continued successful execution of our Growing at Scale strategy
Platform convergence project progressing well and according to plan
Continued focus on operational excellence, with:
* Increased monetisation in key verticals along with product innovation
* Continued robust scaling of transactional services
* Continued financial discipline
Long-term ambition for EU5 Markets confirmed
* 2023-2026 annual revenue growth between 11% and 15%
* 2026 EBITDA margin: 40-45%
Aurelia Bidco Norway AS offer
Fulfilment of Regulatory Approvals Condition announced on April 24
Settlement of the Offer expected on May 29
--------------------------------------------------------------------------------
(1 )EU5 markets correspond to Germany, France, Spain, Benelux and Italy
(2 )Excluding Hungary
(3 )Net cash flow from operating activities adjusted for CAPEX and IFRS 16
lease payments
Financial performance
+-----------------------+
| FIRST QUARTER |
+---------------------------------+-------+-------+-------+
| EUR million | 2024 | 2023 | yoy % |
+---------------------------------+-------+-------+-------+
| Operating revenues | 480 | 435 | 10% |
+---------------------------------+-------+-------+-------+
| EBITDA | 165 | 145 | 14% |
+---------------------------------+-------+-------+-------+
| EBITDA margin | 34.4% | 33.4% | |
+---------------------------------+-------+-------+-------+
| | | | |
+---------------------------------+-------+-------+-------+
| Operating revenues per segment | | | |
+---------------------------------+-------+-------+-------+
| France | 148 | 132 | 12% |
+---------------------------------+-------+-------+-------+
| mobile.de | 108 | 90 | 20% |
+---------------------------------+-------+-------+-------+
| European Markets | 203 | 187 | 8% |
+---------------------------------+-------+-------+-------+
| International Markets | 20 | 23 | -13% |
+---------------------------------+-------+-------+-------+
| Other and Headquarters | 2 | 4 | -52% |
+---------------------------------+-------+-------+-------+
| Eliminations | 0 | -1 | 100% |
+---------------------------------+-------+-------+-------+
| | | | |
+---------------------------------+-------+-------+-------+
| EBITDA per segment | | | |
+---------------------------------+-------+-------+-------+
| France | 65 | 56 | 15% |
+---------------------------------+-------+-------+-------+
| mobile.de | 67 | 51 | 32% |
+---------------------------------+-------+-------+-------+
| European Markets | 75 | 75 | 0% |
+---------------------------------+-------+-------+-------+
| International Markets | 8 | 11 | -25% |
+---------------------------------+-------+-------+-------+
| Other and Headquarters | -49 | -47 | 4% |
+---------------------------------+-------+-------+-------+
| | | | |
+---------------------------------+-------+-------+-------+
| Non-consolidated JVs | | | |
+---------------------------------+-------+-------+-------+
| Proportionate share of revenues | 29 | 27 | 7% |
+---------------------------------+-------+-------+-------+
| Proportionate share of EBITDA | 6 | 9 | -29% |
+---------------------------------+-------+-------+-------+
Operating revenues by category
+------------------------+
| FIRST QUARTER |
+-----------------------------+------+------+----------+
| EUR million | 2024 | 2023 | yoy %(1) |
+-----------------------------+------+------+----------+
| Online classifieds revenues | 376 | 331 | 15% |
+-----------------------------+------+------+----------+
| Transactional revenues | 33 | 25 | 31% |
+-----------------------------+------+------+----------+
| Advertising revenues | 70 | 76 | -7% |
+-----------------------------+------+------+----------+
| Other revenues | 2 | 4 | -49% |
+-----------------------------+------+------+----------+
| Operating revenues | 480 | 435 | 11% |
+-----------------------------+------+------+----------+
(1)Excluding Hungary
-end-
Contact information:
IR contacts
Marie de Scorbiac
VP Investor Relations, Corporate Affairs, Group FP&A, Sustainability
+33 6 14 65 77 40
Anne-Sophie Jugean
Investor Relations Senior Manager
+33 6 74 19 22 81
[email protected] (mailto:[email protected])
Media contacts
Vaishali Lakhanpal
Head of Corporate Communications
[email protected] (mailto:[email protected])
John Kiely - Edelman Smithfield
+44 7785 275 665
(https://www.globenewswire.com/Tracker?data=gueadMsxH0wfA93dmKCHbRiB1FtYSEGuaMgx
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About Adevinta
Adevinta is a leading online classifieds group and champion for sustainable
commerce with a focus on Europe.
Our portfolio of 25+ digital marketplaces spans consumer goods, mobility, real
estate, holiday rentals and jobs. Every month, our industry-leading technology
enables more than 120 million people and over a million businesses across Europe
to connect and trade. Loved local brands include leboncoin in France; mobile.de
and Kleinanzeigen in Germany; Fotocasa and InfoJobs in Spain, Subito in Italy;
Marktplaats in Benelux and the Canadian marketplace Kijiji.
Our international team of diverse individuals are united in their purpose to
make a positive impact on the environment, the economy and society every single
day.
Adevinta - Changing commerce together.
To find out more, visit Adevinta.com.
***
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act