Adevinta — Investor Presentation 2020

May 5, 2020

Q1 2020 Results

Rolv Erik Ryssdal, CEO Uvashni Raman, CFO

5 May 2020

Creating perfect matches on the world's most trusted marketplaces

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Introduction

Rolv Erik Ryssdal CEO

Q1 financial performance significantly affected by Covid 19

Solid performance in Jan & Feb but sharp deterioration in March

Operational KPIs	Revenues	EBITDA
Good start to the year in most markets Sharp decline in traffic, listings and leads in the first weeks of widely-imposed lockdown	Total reported revenue up 8% yoy (+10% in local currency) Positive trend in Jan & Feb March revenues significantly impacted by Covid situation (essentially in the 2nd half)	Margin down 5.9 points yoy: ● Negative impact of Covid ● Expected dilutive impact of acquisitions ● Sustained level of investment in product & tech (business & central level) ● Set-up of corporate functions post IPO

Our priority is to ensure balanced consideration of our stakeholders on all time horizons

Health and safety of	Continuity of the service	Long-term sustainability
our employees	for our users and clients	of operations
Strict safety measures applied from day 1 Offices closed in all markets Remote work organised and monitoring of employees. Equipment supply and connectivity access to our teams	Continuity plans in each market Support clients and business partners • Flexibility in commercial terms • Extension of ads expiry dates	Prioritization of development projects Pursued investment in product and technology

Adevinta's family of brands support local communities

Examples of our marketplaces' solidarity initiatives during Covid-19

despite social distancing. Form available to all users	partnership with Parcel2Go to offer door-to	leveraging OLX's of 7 healthcare professionals million users daily traffic through its
The hashtag makes it to post messages of easy to offer free encouragement to	door, contact free deliveries on second hand	the campaign connects #HealthcareHeroes
assistance. essential workers during these times of confinement.	goods.	users from all over the initiative. Daft has country who are making partnered with large donations to assist companies to source families economically suitable accommodation impacted by the crisis. for free to doctors and nurses working in Irish hospitals.

Q1 business review

Rolv Erik Ryssdal CEO

France: strong start to the quarter, further investment and progress in P&T

Revenues

• Total revenues up 7% excluding L'Argus acquisition
• Solid performance in Jan & Feb driven by strong classifieds and improving trend in advertising
• Significant impact on COVID:
• Display advertising revenues down 21% yoy in March excl. l'Argus
• Manual insertion fees and premium options strongly hit
• Cars and RE revenues supported by subscription fees

EBITDA margin

• Negative impact of drop in revenues in March
• Dilutive impact of acquisitions
• Investment in product & tech and marketing
• Implementation of cost saving initiatives

France: COVID-19 impact but strong positions driving recovery in April

Full lock down since March 16

• 30-40% decrease in traffic in the second half of March
• Less significant impact on leads
• Recovery in all KPIs since early April (close to full recovery in traffic)

Support to clients

• Customized approach to adapt to clients' constraints by market (special offers, payment deferrals)
• Ads automatic renewal until May

Mitigating measures:

• Cancellation of marketing campaign
• Part-time redundancy plans in accordance with governmental measures
• Hiring freeze

Clients

• c. 40k real estate agents c. 20k car dealers
• Over 75% independant

Operations - business model

• c. 90% of revenues from professional clients
• c. 50% of revenues are subscription-based

Product development: transactional, vertical features, automation and user experience

Spain: strong start to the quarter, good cost control

Revenues

• Good start to the year with Jan & Feb cumulative classifieds revenues up 12%
• Strong performance in cars in Jan & Feb (customer acquisition and ARPU)
• Good operational performance in Real Estate, despite softer market (contraction in the number of houses transactions)
• Jobs vertical and advertising: most impacted areas by COVID-19 in March

EBITDA margin

• Up 0.7pp yoy
• Benefits of operational leverage and cost saving measures implemented in March

Spain: significant decrease in traffic in March, recovery in April

Full lock down since March 14

• 40-45% decrease in traffic in the late March
• Stronger immediate impact on leads
• Recovery in all KPIs since second week of April (good recovery in traffic already vs pre-covid)

Support to clients

● Tailored responsive strategy by vertical and customer

Mitigating measures:

• Marketing reduction
• Hiring freeze
• Selective temporary working hours reduction

Clients

• c. 30k real estate agents
• c. 14k car dealers
• High share of SMEs

Operations - business model

• Above 90% of revenues from professional clients
• c. 80% of revenues are subscription-based

Product development: Professional tools, user experience, experimentation of payment and delivery solution

Brazil: pricing initiatives paused as a result of COVID-19

Revenues

• Local currency revenues up 8% yoy
• ARPU increase and strong monetisation in indirect advertising pre COVID-19
• New pricing and commercial proposition on hold
• Subscription payment rates and retention negatively impacting growth since implementation of strict payment policies
• Drop in advertising and online pay-as-you-go classifieds sales of 30- 50% since COVID-19 started

EBITDA margin

• Negative impact from lower-than-expected revenue growth despite solid cost control measures
• Currency impact on US denominated services (e.g. hosting)
• Increased investment in product & tech resources
• Reclassification of non operational costs into EBITDA (c.EUR 1m impact)

Brazil: traffic recovered to pre COVID level

Full lock down since March 16

Operations

• 30-35% decrease in traffic at start of lockdown
• Gradual recovery in all KPIs (traffic recovered to pre COVID level)

Clients

● Digitizing in progress (still strong offline component)

Support to clients

• Extended duration of ads
• Discounts and credits to professional clients

Mitigating measures:

• Cut in marketing spending
• Vacancies on hold
• Reduction non-essential costs (e.g. events, consulting, research, training)
• Contract renegotiation

Clients

• c. 60k real estate agents
• Over 50k car dealers
• Very fragmented market

Operations - business model

• c. 50% of revenues from classifieds subscriptions
• Fragmented customer base: over 75% of subscription revenues from SMEs

Product development: focus on pay & ship, trust and safety and professional client experience

The acquisition of Grupo ZAP will further strengthen our position in real estate

• Highly complementary platforms (horizontal + verticals)
• Improved range of services
• Broader property database
• Improved innovation & development capacity
• Significant growth potential (acceleration of online advertising penetration)

Strategic rationale Structure & economics Financing & hedging

• Acquisition of 100% ownership of GrupoZap by OLX Brazil
• Equally financed by OLX Brazil's 2 shareholders

• C. €290m consideration (Adevinta share)

• New €225m facility signed in April to complement existing ones

• Acquisition price fully hedged on a deal-contingent basis

Global markets: good start to the year across markets

Revenues and EBITDA margin (€ millions)

Revenues

• Local currency revenues down 4%
• 10% revenue growth in online classifieds in Jan & Feb
• Lower revenues in advertising yoy despite improving trends in Jan & Feb
• Significant revenue decline in March with largest countries into nationwide lockdowns

EBITDA margin

• Positive contribution albeit at lower levels
• Strong cost reduction initiatives partly offset revenue decline

In order to fully align Global Markets segment reporting with Management reporting and to create full consistency between the Brazil and Global Markets segments when it comes to how Joint Ventures are presented, Willhaben revenues and EBITDA are included on a 100% basis for both periods. For more details (including reconciliation information and historical numbers, please refer to the Investors section of the Adevinta website)

Global markets: Improved traffic trends in all markets

Italy	Willhaben	Ireland	Hungary	Shpock
Improving quarterly trend in Jan & Feb Lockdown started early March Initial decrease of ~40% in traffic Recovering in the past week towards -15% and on a positive trend Initiatives to preserve content and to help users during lockdown	Traffic decreasing in first weeks of shutdown (-25%) Resilient performance with professional clients in RE and Cars; Jobs more impacted Strong rebound in traffic, content and leads to above pre-lockdown levels	Solid performance in real estate despite COVID impact Focus on preserving the relationship with the customers Many new launches deployed such as booking feature on DoneDeal to allow dealers to still sell during the lockdown and a free digital lease system for all agents.	Initial decline of ~40% in traffic, recovering in the past weeks and now above pre-lockdown levels Accelerated growth in on site transactions Positive market reaction to emergency packs launched for pros and privates	Accelerated growth in on site transactions (week 17 is 9x versus week 1) Rolled out door-to-door delivery with great users adoption

Financials

Uvashni Raman CFO

Q1 financial performance

Both verticals and display advertising affected by the situation

We have taken measures to adapt our cost base in the short-term

Discretionary Expenses

Facility management

Professional services reduced

Travel expenses cut

People Management

General rule: hiring freeze for unlimited period of time

Exceptions approved on a case-by-case basis for critical positions, e.g: in P&T

Planning and refocusing resources where investment is required

Application of local government support measures

Marketing Cost Savings

Significant cost cuts in marketing and advertising

Some flexibility remains based on local competitive environment and initiatives

2019 operating cost split

EBITDA

Main non-operational items

One-off non cash hedging impact - EUR 42 million

Digital service tax (DST) update:

• Still no agreement at the EU level
• DST implemented in France and Italy and proposed in Spain
• Group position in France unchanged: not applicable to Adevinta (no provision)
• Continued interaction and consultation with tax authorities

Strong balance sheet

Improved bank financing

• Leverage ratio of Net Interest-Bearing Debt (NIBD1) to EBITDA2 of 0.6x as of 31/03/2020
• Cash generation in Q1 led to a net cash position of € 89m at the end of March
• €400m additional liquidity available from facilities renegotiated end of February with 5+1+1 maturity
• Further €225m bilateral facilities raised in April to support acquisition of Grupo Zap

Running the various scenarios confirms we have sufficient liquidity to secure successful development of operations

Outlook

Rolv Erik Ryssdal CEO

Outlook

• Uncertain economic outlook in our main market, hardest hit expected in Q2
• Operational KPIs improving across all markets throughout April but limited visibility on pace of recovery in the following quarters
• Sufficient liquidity under the various scenarios
• Continued investment in product & tech to improve offering to strengthened leading positions
• Favorable consumer trends and opportunities arising from the crisis

We remain confident in our long-term objectives

Consumer trends expected to evolve

Acceleration of digital penetration

Safer and more convenient digital user journeys

Second-hand more popular and attractive

Adaptation of product and tech development roadmap with focus on:

• Transactional model
• Digital user experience
• Value-added pieces to existing offering
• Professional tools improvement
• Data and machine learning

We are well equipped to weather the storm

Appendices

Shareholder analysis

8	Capital Guardian Trust Company 8 618 230 1,3%
9	The Vanguard Group, Inc. 7 830 200 1,1%
10	Adelphi Capital LLP 7 569 102 1,1%
11	Alecta pensionsförsäkring, ömsesidigt 6 185 326 0,9%
12	Kayne Anderson Rudnick Investment Management, LLC 4 260 855 0,6%	Updated information and VPS register at:
13	Alfred Berg Kapitalforvaltning AS 4 242 727 0,6%	https://adevinta.com/ir/shareholders/
14	Premier Miton Investors 4 167 578 0,6%	The shareholder data provided ID are	by Nasdaq
15	BlackRock Institutional Trust Company, N.A. 3 811 521 0,6%	The data obtained through the OMX are	analysis of
		beneficial fund ownership and manager	information
16 KLP Forsikring	3 791 303 0,6%	provided replies disclosure of ownership in to	notices
17	Mitsubishi UFJ Trust and Banking Corporation 3 789 414 0,6%	issued all custodians the to on	Adevinta share
		Whilst reasonable effort register every	made is to
18	Storebrand Kapitalforvaltning AS 3 629 016 0,5%	verify all data , neither Nasdaq OMX or	Adevinta can
19 Vor Capital LLP.	3 538 217 0,5%	the of guarantee accuracy	the analysis
20	Marathon Asset Management LLP 3 355 799 0,5%

Source: Nasdaq OMX. Data as of 31 March 2020 30

Basic information

	Adevinta share
Ticker
Oslo Stock Exchange:	ADE
Reuters:	ADE.OL
Bloomberg:	ADE:NO
Number of shares	684,948,502
Treasury shares (May 4, 2020)	0
Number of shares outstanding	684,948,502
Free float*	40.7%
Share price (May 4, 2020)	NOK 84.25
Average daily trading volume (shares)**	551,000
Market Cap total (May 4, 2020)	NOK 58bn (USD 5.6bn)

Investor information

Visit Adevinta's website www.adevinta.com

Adevinta ASA Akersgata 55, P.O. Box 490 Sentrum, E-mail: ir@adevinta.com

Marie de Scorbiac

ir@adevinta.com +336 1465 7740