Adevinta — Investor Presentation 2022

Aug 30, 2022

Q2 2022 Results

1

Antoine Jouteau, CEO Uvashni Raman, CFO

30 August 2022

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Introduction

Antoine Jouteau, CEO

Adevinta: a strongly performing business growing at scale

• The largest pure-play classifieds business in the western world
• Market leader with a best-in-class team
• Growing, profitable, highly cash-generative, financially strong
• Demonstrating robust resilience in challenging environments

With a clearly defined strategy that will equip us to grow at pace

Maintaining our ambitious Growing at scale strategy

Focus on the most attractive 5 Core European Markets, through active portfolio management

Capture further growth in our key verticals

Go fully transactional

Leverage technology and expertise at scale, generating significant synergies

Continue to consolidate the industry in Core Markets

Highlights of the quarter

Antoine Jouteau, CEO

Key highlights of the quarter Strong focus on delivering our Growing at Scale Strategy

On track to optimise scale	Continued execution on strategy for growth businesses	Strong financial performance in challenging market environment
Portfolio optimisation progressing at pace	Increased monetisation of our Motors and Real Estate verticals	10% Core markets revenue growth driven by Mobile.de recovery Reported EBITDA margin of 34.9%, benefiting from strict cost
Businesses integration on track, with TSAs exited according to plan, synergy targets confirmed Over 100% of FY2022 run-rate synergy target executed in H1	Continued rapid scaling and product launches of our transactional services	management Strong cash flow generation and financial position FY 2022 and mid-to-long term

FY 2022 and mid-to-long term targets confirmed

Portfolio optimisation is progressing at pace

	Sale agreement	Exit process underway	Ongoing strategic review
Infojobs Brazil	Closed in March
Belarus	Closed in May
Australia	Completion expected by the beginning of Q4 22
South Africa	Completion expected by the beginning of Q4 22
Mexico
Canada			Decision expected by the end of the year
Hungary			Decision expected by the end of the year

Use of proceeds: priority on deleveraging

Continued solid long-term growth paths for Core platforms despite tough '21 comps and weaker motors market

1 Visits: every user session on a single device, based on internal data.

Consent rates and tracking related adjustment applied for eBay K for Q3'21, Q4'21, Q1'22, Q2'22 and Mobile.de Q1'22, Q2'22. Privacy legislation differently interpreted in France, no adjustments are needed.

Motors PRO listing still down year-on-year but our strong value proposition is reflected in successful commercial activity

Price and client base evolution

	Price	Dealers
leboncoin	ARPA: 417€ +20% yoy	24k -6% yoy
Mobile.de	ARPL: 22€ +44% yoy	40k -3% yoy

Listings: Average number of dealer live listings - internal data

XXX

	Q2 qoq
leboncoin	-7%
Mobile.de	+3%

ARPA: Average Revenue per Account (formula for a given month: paying professional accounts revenue / # of paying professional accounts) ARPL: Average Revenue per Listing (formula for a given month: revenue generated from dealer subscriptions, features and insertions / average monthly live listings) Dealers: based on internal data

…supported by continued innovation with added-value products

"Pack Serenité" P2P payment and guarantee for dealers

New vehicle insertion flow Enhanced filtering capability

Scaling of C2B proposition

Further monetisation in Real Estate driven by successful price increases and product development with high added-value

Listings: Average number of agents live listings - internal data

ARPA and customer evolution

	ARPA	Customers
leboncoin	534€ +16% yoy	22k -4% yoy
eBay Kleinanzeigen	110€ flat yoy	8k +17% yoy

ARPA: Average Revenue per Account (formula for a given month: paying professional accounts revenue / # of paying professional accounts) Customers: based on internal data

XXX

Successful innovations for further verticalisation

real estate agents

page

main information on properties verified

Continued rapid scaling and product launches of our transactional services

Accelerated roll out of new products in Italy and Spain, leveraging group transactional expertise

• Buy now pay later with Paypal in Italy
• Where Is My Order and Shop to Shop delivery in Spain

Continued scaling and product improvements in all Core markets

• Ongoing deployment of payment wallet in France
• Individual transaction status page update at eBay Kleinanzeigen
• New buyer protection functionality supported by awareness marketing campaigns at Marktplaats

Transactions

Number of payouts (evolution in %)

	Q2 2022 vs Q2 2021	June 2022 LTM vs June 2021 LTM
leboncoin	+20%	+61%
eBay Kleinanzeigen	+139%	+311% Solution launched in H2 2020

Payouts: payments made to sellers following a successful transaction

XXX

Transformation of advertising continues

Q2 Trends:

1p direct display: challenged by Macroeconomic factors (continued soft Automotive OEM spend, budgets on hold due to economic uncertainty)

3p advertising: pandemic traffic peaked in H1 21, resulting in tough traffic / ad comps for H1 22

Transforming advertising - 1p Product Listing Ads:

1p retail media proposition for eBay Kleinanzeigen starting to ramp up

Value based pricing launched on Adevinta Benelux properties and auto-bidding functionality (budget per day) for advertisers

Retail Media advertisement Value based pricing

eBay Kleinanzeigen	Marktplaats

Q2 2022 financial performance

Uvashni Raman, CFO

Group | Quarter-on-quarter revenue growth acceleration driven by mobile.de recovery

€417m €388m €(3)m €385m €32m +8%

Revenues at €417m, up 8% year-on-year (excl. disposals)

Online classifieds revenues up 11% yoy

• Strong growth in Jobs (+24%)
• Motors growth (+10%) benefitting from price increases, which more than offset supply shortage
• Resilient growth in Real Estate (+8%)

Transactional services up 28% yoy

● Continued acceleration of CG transactions, especially in France (+20%) and eBay Kleinanzeigen (+139%)

Advertising revenue down 5% yoy

• Lower OEM spend and market environment
• Essentially driven by Canada (-22% yoy)

Core markets revenue up 10% yoy

• Classifieds revenues up 13% and transactional services revenues up 29%
• Advertising revenues down 3%

1 Disposals: Adevinta exited Shpock (in Q2 2021), InfoJobs Brazil (in Q1 2022) and Kufar (in Q2 2022) which represented 3 million euros revenues in Q2 2021

2 Excluding Australia and South Africa operations

These figures reflect the results of Adevinta group as if the eBay Classifieds Group (acquired on 25 June 2021) has been part of the group during the full periods presented. These numbers are presented to facilitate comparability.

All numbers with a consolidated view (JVs that are not 100% consolidated are not included)

Group | Improved EBITDA margin benefiting from strict cost management

Reported EBITDA up 8% year-on-year to €146m

These figures reflect the results of Adevinta group as if the eBay Classifieds Group (acquired on 25 June 2021) has been part of the group during the full periods presented. These numbers are presented to facilitate comparability. All numbers with a consolidated view (JVs that are not 100% consolidated are not included)

Reported EBITDA margin of 34.9%, up 30 bps vs Q2 2021 and up 260 bps vs Q1 2022

Underlying EBITDA¹ margin of 36.6%

Reduction of marketing investment due to significant marketing campaigns in the second quarter of 2021 and control on level of spend

Anticipated and controlled increase in personnel costs:

• Ramp-up in product and technology resources to fuel product innovation and new business models,
• Build-up of global capacities to prepare for eBay TSA exits

Higher external services fees

• Deliberate use of variable workforce capacity in light of implementation of new operating models
• Growing support to roll-out of new solutions and ramp-up of transactional services

Transaction costs evolution reflecting adoption of the service and revenue growth

France Strong performance despite business mix evolution and ongoing investments

Revenues

Solid revenue growth, up 8% yoy

Classifieds revenues up 10% yoy driven by:

• Real Estate, with positive ARPA evolution (+16% yoy)
• Motors, with positive development in ARPD (+20% yoy)
• Jobs revenues down yoy due to lower listing fees

Continued strong growth of transactional revenues, up 16% yoy

Advertising revenues flat yoy, with reduced activity from media agencies and OEMs offset by local advertising and sponsored links

EBITDA margin

Margin improvement (up 5.4pp), mainly driven by:

• Topline evolution
• Lower marketing costs (-45% year-on-year), due to favourable phasing of marketing campaigns, with 15th anniversary of Leboncoin in Q2 2021

Partly offset by:

• Increased personnel and IT costs due to continued investment in P&T development
• Increasing share of transactional services

Reported EBITDA at €65m, up €11m (+21%) yoy

Combined: These figures reflect the results of Adevinta group as if the eBay Classifieds Group (acquired on 25 June 2021)

has been part of the group during the full periods presented. These numbers are presented to facilitate comparability.

Mobile.de Back to positive revenue evolution driven by successful price increases Profitability impacted by higher marketing and personnel expenses

Revenues

Revenue up 11% yoy

Classified revenues up 15%:

• Increase in ARPL, up 44% yoy, driven by 2 successful price increases (+19% in April and +14% in August) across dealers
• Higher revenues from private sellers
• Mitigating the impact from lower dealer listings, down 19% yoy due to global motor supply shortage

Advertising revenues down 15% yoy due to market headwind and lower OEM spend

EBITDA margin

Margin softening (down 7pp). Topline evolution offset by:

• Higher external services fees and personnel expenses to support new business initiatives (eg: online buying & selling and leasing)
• Higher marketing costs (up 43% year-on-year as a result of very low comps and marketing effort in the context of pricing initiatives and new products roll out)

Reported EBITDA at €43m, broadly stable yoy

Combined: These figures reflect the results of Adevinta group as if the eBay Classifieds Group (acquired on 25 June 2021) has been part of the group during the full periods presented. These numbers are presented to facilitate comparability.

Revenues

Solid revenue growth, +9%* yoy

Strong performance of Classifieds, +13%* yoy, driven by growth in all verticals

Continued strong traction from transactions, with revenues x2 yoy

Advertising revenues down 3%* yoy, mostly due to lower traffic compared to strong Q2 2021

Strong performance at eBay Kleinanzeigen (+12% yoy), Spain (+12% yoy) and Italy (+14% yoy)

EBITDA margin

Resilient margin (down 0.7pp), with positive topline evolution offset by:

• Higher external services fees and personnel expenses due to continued investment in P&T development and marketing and sales support
• Increase in transactional costs, in line with the adoption of the service

Marketing costs reduced by 3% in the period, driven by lower spending in Italy and different phasing in Spain

Reported EBITDA at €73m, up €4m (+7%) yoy

Combined: These figures reflect the results of Adevinta group as if the eBay Classifieds Group (acquired on 25 June 2021) has been part of the group during the full periods presented. These numbers are presented to facilitate comparability.

^* Excluding Kufar (Belarus)

Solid revenue performance with double-digit growth European Markets in eBay Kleinanzeigen, Spain and Italy

Revenue split by market (Q2 2022)

Double-digit revenue growth (+12% yoy) - significant momentum in all verticals, especially in Jobs and Consumer Goods, with strong performance from SMBs, partially offset by a decline in advertising, behind softer market and high comps. Transactional revenues x2

Double-digit revenue growth (+12% yoy) - continued strong recovery in Jobs (+34% yoy) and good performance in Real Estate (+6%yoy) fueled by new product & packaging. Advertising revenues up, benefiting from key account activity

Flat revenues - Online classifieds flat. Decline in advertising revenues, behind traffic softness, offset by higher transactional revenues

Double digit revenue growth (+14% yoy) - strong performance in Jobs and Motors and strong momentum of transactional services

International Markets Performance mostly impacted by contraction in advertising revenue

Revenues

Revenues down 8%* yoy

Classified revenues down 1%* yoy

Advertising revenue down 22%* yoy, driven by continued vibrancy pressure and soft direct display revenues in Canada

EBITDA margin

Magin softening (down 3.2pp)

• Top line evolution
• Partly mitigated by a 34% reduction in marketing spending

Reported EBITDA at €12m, down €3m (-18%) yoy

*Excluding InjoJobs Brazil

International markets financial performance includes Canada, Mexico and Infojobs Brazil (sold on 30 March 2022)

Combined: These figures reflect the results of Adevinta group as if the eBay Classifieds Group (acquired on 25 June 2021) has been part of the group during the full periods presented. These numbers are presented to facilitate comparability.

OLX Brazil Double-digit revenue growth and continued investment in P&T and marketing

Revenues

OLX Brasil up 16% in local currency

Strong double-digit revenue growth in Real Estate, Motors and Consumer Goods

Transactional revenues 3x yoy

Advertising revenues impacted by lower traffic

Reported EBITDA

Down €3m yoy to €(7)m mainly due to:

• Continued investment in product & technology team and high salary inflation level
• Increase in marketing efforts mainly driven by ZAP+ branding, positioning & performance
• Increase in transactional costs

EBITDA decreased by €5m yoy

Increase in Headquarter costs, in the context of the eCG integration and higher impact from share-based compensation

Slight increase in Central product and technology costs slightly up year-on-year, due to higher IT and license costs

Ahead of the implementation of new operating models for support functions and Product and Technology teams to drive operational efficiencies and accelerate value creation

Other & HQ costs flat yoy as % of revenues at 11%

More than 100% of targeted FY2022 run-rate synergies already executed¹ at the end of H1

More procurement synergies executed

Rationalisation of our local footprint in overlapping geographies mostly executed (Italy, Mexico)

Functional operating models being implemented with major system rollouts (mainly Finance and HR systems) Successful exit of most TSAs (except 1 small TSA extended for the Australian entity only, and 2 new TSAs created), faster than expected

Global P&T services downsized due to divested entities

Upcoming major milestones, that will start delivering synergies from 2023:

P&T operating model design and implementation

Cloud migration

Data & Marketing transformation

Split June 30 executed synergies

Other P&L items (reported view)

	Second quarter
€ million	2022	2021 reported
Gross operating profit (loss) = EBITDA	146	53
Depreciation and amortisation	(71)	(14)
Share of profit (loss) of joint ventures and associates	(12)	(7)
Impairment loss	-	5
Other income and expenses	(16)	(74)
Operating profit (loss)	47	(35)
Net financial items	(22)	11
Profit (loss) before taxes	25	(24)
Taxes	(13)	(16)
Profit (loss)	(12)	(40)
Profit (loss) from continuing operations	12	(40)
Profit (loss) from discontinued operations	(24)	-

Depreciation and amortisation costs up €(57)m yoy mainly due to the amortisation of eCG intangible assets (PPA)

Other expenses mainly include integration costs (also included loss on sale of Shpock and acquisition costs in Q2 2021)

Net financial items down €(33)m mainly due to increase in interest expenses and amortisation of loan issuance costs related to eCG acquisition. NB: Q2 2021 included a foreign exchange gain on the loan in BRL issued by Adevinta to OLX Brazil

Tax expense benefited from the reversal of deferred tax liability related to the amortisation of identifiable intangible assets recognised upon the acquisition of eCG

Strong cash flow generation profile

Q2 2022 Operating cash-flow build-up

* Net cash flow from operating activities adjusted for CAPEX and IFRS 16 lease payments

Positive change in working capital mainly due to:

● Cost of cloud provider services, prepaid in previous quarter

Capex

• Essentially capitalised development costs
• c. 5% of sales

Deleveraging priority

Q2 2022 Net interest-bearing debt build-up

* Net cash flow from operating activities adjusted for CAPEX and IFRS 16 lease payments Senior Secured Net Leverage Ratio of 3.8x as of Q2 2022¹

Medium-term target leverage ratio: 2x to 3x

Share buy-back programme ongoing:

• First tranche of 4 million shares completed on 22 March 2022
• Second tranche of 6 million shares launched on 6 April 2022 (paused for the 2022 AGM, resumed on August 30th)

€75m debt repayment performed in Q2

Operational cash optimisation measures underway to reduce interest expense

Strong liquidity and long-term debt maturity

Measures in place to mitigate FX & Interest Rate exposures

Interest Rate Exposures

• Floating/Total Debt Ratio of 38% in Q2
• USD TLB: hedged at refinancing and until June 2024
• EUR TLB: exposed to floating rates
• Deleveraging: priority given to floating debt

FX Exposures

• Material transactional exposures (e.g. AWS) are hedged
• €170m €232m €231m ● Balance sheet exposures are assessed on a regular basis
• €124m ● FX cash kept at operational minimum
• Substantial M&A proceeds are hedged where possible

Conclusion & outlook

Antoine Jouteau, CEO

Long-term value creation opportunity Ahead of us

Sustainable profitable growth underpinned by

• Resilience of strategic business models and strong market positions
• Strict cost management programme in place
• Efficient operating model to leverage scale and drive efficiencies

FY 2022 targets confirmed

• Expected low double-digit revenue growth in core markets
• Underlying EBITDA¹ in the range of €575m to €600m

Core Markets mid-to-long term targets confirmed

• c. 15% average annual revenue growth
• 40-45% EBITDA margin

My immediate focus for successful execution

Operational excellence

• Strong customer centricity
• Sustainability as the thread that runs through our business and
• operational initiatives
• Delivery, execution and simplification
• The right organisation to efficiently capture key opportunities

Rigorous financial discipline

• With measurable metrics
• Underpinned by strong balance sheet and excellent cash flow

Reinforcing our Growing at Scale strategy

34

Appendices

Basic information

Ticker
Oslo Stock Exchange Reuters Bloomberg	ADE ADE.OL ADE:NO
Number of shares	1,224,942,981
Of which:
Class A shares	1,165,686,913
Class B shares (non-voting, not listed shares)	59,256,068
Treasury shares (August 29, 2022)	8,184,846
Number of shares outstanding	1,216,758,135
Free float*	21.9%
Share price (August 29, 2022)	NOK 69
Average daily trading volume (shares)**	624,021
Market Cap total (August 29, 2022)	NOK 83.9bn (USD 8.6bn)

Investor informations

Marie de Scorbiac, Head of Investor Relations | +33 6 1465 7740 Anne-Sophie Jugean, Investor Relations Manager | +33 6 7419 2281

ir@adevinta.com

Adevinta ASA, Akersgata 55, P.O. Box 490 Sentrum