Adevinta — Investor Presentation 2022

Feb 24, 2022

Q4 2021 Results

Rolv Erik Ryssdal, CEO Uvashni Raman, CFO

24 February 2022

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Highlights

Rolv Erik Ryssdal, CEO

Key highlights of the quarter

Good progress executing our Growing at Scale Strategy

• Transactions: continued rapid scaling and product improvements in all Core markets
• Motors: value-added product development and launch
• Real-estate: gaining share in Germany and launching value-added services in France

Focus on key growth value levers in Core Markets Development of capabilities at scale and integration

• On-track with integration of eBay Classifieds, teams, culture, and exiting TSAs
• Launch of operating model for scale in functional areas, driving efficiencies
• Launch of sale process for Australia and South Africa
• Strategic review ongoing for non-core markets
• On-track and confirming synergy target at €130m run rate EBITDA impact in year 3

Key highlights of the quarter Good vibrancy momentum and strong transactional performance

Number of transactions (evolution in %)

	Jan. 2022 vs Jan. 2021	Q4 2021 vs Q4 2020
France	+59%	+61%
eBay Kleinanzeigen	+301%	+318%

Key highlights of the quarter Improving value for professional customers

Real-Estate PRO listings

Real-Estate PRO leads

Listings: Average number of dealer/agent live listings - internal data Leads: average number of leads (excluding phone clicks) - internal data

Key highlights of the quarter Solid financial performance despite Motors headwinds

Q4 revenue growth: 6%¹ yoy despite Motor headwinds

• Strong growth classifieds: Consumer Goods (+16%), Real Estate (+12%) and Jobs (+28%)
• Motors flat year-on-year with supply shortage impact offset by ARPD growth
• Advertising revenue flat year-on-year with strong performance from eBay Kleinanzeigen
• JVs² revenues up 32%, driven by OLX Brasil

Underlying EBITDA³ of €139m

• Increased marketing effort vs low 2020 levels
• Ramp-up of transactional and promotional campaigns

FY 2021 results performance

• Total consolidated revenues and EBITDA up 10% yoy
• Excluding Motors, consolidated revenues up 12% yoy
• Underlying EBITDA³ of €555m, representing a 37% EBITDA margin

1: Continuing operations, excluding disposals 2: OLX Brasil and Willhaben

3: Consolidated EBITDA before share-based compensation impact (€(15)m in Q4 2021 vs. €(9)m in Q4 2020; €(41)m in FY2021 vs. €(35) in FY2020)

Market Environment Business Initiatives

Vaccination ramp up (>90% of French adults fully vaccinated) Gradual lift of sanitary restrictions from February onwards, after 5th wave at the end of Q4

GDP growth of +6.7% in 2021 (with slight slowdown in Q4) and expected to grow +3.6% in 2022¹

Dynamic real estate market, with a new record in transactions in 2021, boosted by post lockdown trend and favorable financing conditions. Continued declining supply (pro listings down 12% compared to Q4 2020)

Challenging period for the car market with supply shortage directly impacting car dealers inventory (pro listings down 9% compared to Q4 2020)

Consumer Goods: Continued optimization of F2F payment solution and Ux improvements

Motors: Mechanical breakdown warranty offer, vehicle history report

Real Estate: All-in-one mandate solution, candidate profile for rental applications

Jobs: Multi-apply feature expansion, monetization and improvement of CV database

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Holiday rentals: Improved calendar, international publication in Benelux

France | Resilient business model in core verticals

• Real Estate: very dynamic market thanks to low mortgage interest rate and high motivation of buyers after the lockdown leading to fast sell and lack of sellers
• Cars: low production of new vehicles due to semiconductors shortages creating a tension on used car stocks

Key Success Factors

Subscription business model ensuring secure monthly revenue from clients

Improved pricing and good time-to-market for our Mandate offer (Real Estate) enabling us to exceed sale target on the integral offer (smart-bumps + seller leads)

Improved product with the verticalization of experiences & new features:

• Real Estate: virtual visits, commuting information available on RE ads
• Cars: transactional services & sourcing offer MVP development

France | Investment in transactional services delivering - C2C break even expected in 22

• • Strong effort: ~30% of roadmap dedicated to transaction
  • Many achievements over Q4: F2F Payment, P2P Pro, rating optimization, messaging improvement, promo new, push notifications

P&T investment Marketing and acquisition campaigns

• €1.5m spent on shipping promotional offers
• TV spot: €4m spent on transaction

Q4 2021: a quarter of records

Strong increase of total pay-ins

• +73% vs Q3 2021 and +61% vs Q4 2020
• P2P reaching 42k payins/day in Q4 2021

Listing increase

● +19% in listings vs Q4 2020 / +18% vs Q3 2021

Acquisition of new users

● 24% of buyers & 21% of sellers are new on Q4 2021

Market Environment Business Initiatives

More than 70% of the German population fully vaccinated 4th wave of Covid at the end of Q4

GDP expected to grow +2.9% in 2021 and +4.1% in 2022

Continued decline of car transactions (-19% compared to Q4 2020). Chip shortage is impacting the car market, dealer supply is on an all time low. Gradual recovery expected in H2 2022

High demand levels driven by the overall market situation. Car prices are trending up

Market test to understand the appetite for online buying and selling services in partnership with Instamotion

Market test to understand demand and consumer behaviour around built-to-order new car leasing with Null-leasing

Initiative launched to move towards more sophisticated packages and pricing models while maintaining market positioning

Marketing TV campaign to promote the mobile.de brand

Mobile.de | Motors industry undergoing unprecedented supply pressure

Car registration decline due to lack of inventory Listings are following this trend

Source: Autobiz

Mobile.de | Car production expected to recover from Q2 2022 onwards

Global car production (k units)

Source: IHS Markit forecast dated February 2022

Expected pick up of dealer listings from Q3 onwards

Market Environment Business Initiatives

More than 70% of the German population fully vaccinated 4th wave of Covid at the end of Q4

Real Estate

Highest Real Estate transaction volume ever in Q4 2021 in Germany High demand level expected to continue in 2022

Continued contraction in supply

Jobs Unemployment rate still not back to pre-covid levels

Rebranding: acquisition of kleinanzeigen.de domain closed in December

Transactional services: launch of DHL shipping solution being first C2C marketplace in the market

SMBs: launch of new pricing & packaging; 8% increase in subscribers vs Q3 2021

Real Estate: continued market share gains

Benelux Spain Italy

Market environment: strict lockdown enforced mid-December impacting vibrancy

Transactional services: numbers of transactions up 21% vs Q3 2021

SMBs: SMB: continuous seller base and ARPL growth (+6% vs Q3 2021)

Motors: impacted by muted supply environment; improved lead management for car dealers

Real Estate: continued recovery driven by the implementation of new Pricing and Packaging (triple bundle)

Jobs: continued recovery with highest level of employment since the real estate bubble; all time Q4 revenue and client record

Motors: continued car supply pressure, offset by increased dealer penetration

Transactional services: strong growth momentum, supported by new marketing campaign. Buy-it-Now flow to be launched in Q1 2022

Advertising: solid direct advertising, softer development in programmatic

Motors: prepared and tested the new pricing & packages, solid closing of the year on sales

Real Estate: growth in content and product proposition (geo search, virtual tour, new maps)

Motors: automotive inventory shortage creating headwinds in dealer revenue; launch of digital retail platform (first-to-market with motors end-to-end transactional capabilities)

Advertising: challenged by soft traffic development and soft Automotive display advertising

Real Estate: strength driven by growth in agent accounts

Synergies: development of joint commercial and advertising offerings continues across both brands

Canada Mexico Australia & South Africa Discontinued operations

Australia:

• Strength in Motors driven by continued upselling of dealers to Autotrader group joint proposition
• Advertising challenged by soft traffic development and soft automotive display advertising

South Africa: softness in online classifieds and continued vibrancy pressure in advertising

Market Environment Business Initiatives

Spike in Covid infections from Omicron variant combined with a spike from flu viruses

Slowdown in economic recovery, with GDP expected to grow c. +1% in 2022

Motors supply remains constrained due to parts shortage and covid related interruptions to production through 2021

Steady housing stock and slowing demand for Real Estate driven by rising inflation and increases in interest rates

ZAP / VivaReal:

• Launch of ZapWay+ (end-to-end transactional solution)
• Completion of Zap+ product development (triple bundle) and acceleration of client migration
• Improved user experience with saved search and expanded search features

OLX:

• Improved user experience with new filters
• Launch of a specialised homepage for Motors

Q4 financial performance

Uvashni Raman, CFO

Group | Strong performance in FY 2021

Total consolidated revenue and EBITDA up 10% yoy Total revenues up 10% yoy to €1,521m

• Online classifieds up 10%
• Transactional services up 83%
• Advertising up 6%

Excluding motors, revenues up 12% yoy

JVs (OLX and Willhaben) revenues up 54%

EBITDA up 10% yoy to €514m

● EBITDA margin flat yoy, at 33.8%

Underlying EBITDA¹ at €555m

● Representing a 37% EBITDA margin

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 and are unaudited.

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

1 Consolidated EBITDA before share-based compensation impact

Group | Acceleration of revenue growth in Core markets in Q4 2021

Revenues up 6% year-on-year to €394m (excl. disposals) Excluding Motors, underlying revenue growth of 11%

Online classifieds revenues up 7% yoy

• Strong growth in Consumer Goods (+16%), Real Estate (+12%) and Jobs (+28%)
• Motors flat year-on-year with supply shortage impact offset by ARPD growth

Transactional services up 41% yoy

● Strong acceleration of number of CG transactions, especially in France (+61%)

Advertising revenue flat year-on-year

● Strong performance from eBay K (+20%)

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

Group | EBITDA reflects temporarily exacerbated mix evolution

• Marketing spending back to pre-covid level in most markets, supporting product rollout
• New TV campaign for Mobile.de

Increase in personnel costs, of which c.1/3 related to share-based compensation

Capacity build-up to prepare for TSA exits and upcoming group wide reorganization of functional teams

Higher costs from transaction services

• Higher transaction volumes
• Promotional campaigns to drive increased adoption

Underlying EBITDA¹ of €139m, representing a 35% margin

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 and are unaudited. All numbers with a consolidated view (JVs that are not 100% consolidated are not included) 1 Consolidated EBITDA before share-based compensation impact

France | Acceleration of revenue growth

Revenues

Acceleration of revenue growth, up 8% yoy

Classifieds revenues up 10% yoy mainly driven by Real Estate (positive ARPA evolution, +18 yoy, and product development) and Motors (positive development in ARPD, +9% yoy)

Transactional revenues up 29% yoy

Advertising revenues down 4% yoy impacted by more stringent user consent requirements and reduced activity from media agencies and OEMs

EBITDA margin

Margin softening (down 3.8pp) despite revenue growth, mainly attributable to:

• Cyber attack one-off impact (c.€2.5m)
• Expected increase in marketing and P&T costs due to ramp-up in product development
• Increasing share of transactional services and promotional campaigns with discounts on delivery to drive user adoption

Margin at c. 47%, excluding one-off impacts of cyber-attack and subsidized shipping in transaction services EBITDA at €53m, flat yoy

Performance impacted by challenging market environment and expected increase in marketing

Revenues

Decrease in EBITDA margin driven by:

• Topline evolution 7 point impact
• Doubled marketing spending (new TV campaign) compared to Q4 2020, which was the lowest spend level for the business
• Higher personnel expenses, up 10% yoy, to accelerate product development

Continued double-digit revenue growth and anticipated increase in marketing and personnel costs

Revenues

Double-digit revenue growth, 12% yoy

Revenues from Classifieds up 11% yoy and Display Advertising up 10% yoy

Revenues for transactional services x2

Strong performance of eBay K, Spain and Italy, with double-digit revenue growth

EBITDA margin

Margin down 4.4pp yoy driven by:

• Increase in marketing spending of c. 50%, notably in Spain, Italy and Benelux, to reinforce market positions after several quarters of reduced investments in the covid context
• Increase in personnel expenses, in line with business development and ahead of future revenue growth

Willhaben not included

European Markets | Strong double-digit performance in eBay K, Spain and Italy

International Markets | Performance impacted by advertising revenue contraction

OLX not included

Note: Australia and South Africa classified as held for sale and as discontinued operations as of 31 December 2021. As a consequence, they do not contribute to the segment revenues and EBITDA.

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 and are unaudited.

OLX Brazil| Strong performance driven by Grupo Zap acquisition and continued investment in talent and marketing

Revenues

OLX Brasil up 41% in local currency including Grupo ZAP (+23% yoy on a comparable basis) Strong performance in Real Estate and Motors Transactional revenues 14x yoy Revenue & EBITDA margin €23m €33m +41%¹

EBITDA margin

Margin softening due to continued investment in marketing and in product & technology team

Other and Headquarters

EBITDA

EBITDA deterioration by €7m mainly due to higher personnel-related costs, driven by:

• Build-up of global capacities to prepare for eBay TSA exits and to deliver efficiencies per synergy plan
  • Upcoming group wide reorganization of functional teams to drive future efficiencies
• Higher share based compensation costs

On track to deliver on our synergy plan Examples of synergies implementation

• Leadership team deduplication
• Global procurement organisation
  • Consolidation of suppliers
  • Leveraging our scale, securing better terms with material core suppliers and partners.
• Reducing physical office footprint
• Dedupliced roles & structures in overlapping geographies (Italy, Mexico)
• Proposed functional models announced (subject to works councils approvals)
• Portfolio strategy optimisation on track
• System implementation on track TSA exit
• Collaboration and learnings already delivering value

Initiatives implemented in Q4 2021 Initiatives to be implemented in Q1 2022

• Progressive roll-out of proposed operating models for functional teams (subject to Work councils discussions' outcomes)
• Finalise the TSA exit planned for Q2 transition
• Preparing the transition of capabilities from discontinued global platforms to local markets
• Launched sale of Australia and South Africa

On track to achieve 2022 run-rate of c.€35m and year 3 run-rate of €130m

Other P&L items (reported view)

	Fourth quarter
€ million	2021	2020 reported
Gross operating profit (loss) = EBITDA	124	50
Depreciation and amortisation	(64)	(17)
Share of profit (loss) of joint ventures and associates	-	15
Impairment loss	(2)	(43)
Other income and expenses	(25)	(10)
Operating profit (loss)	33	(6)
Net financial items	(28)	(1)
Profit (loss) before taxes	5	(7)
Taxes	16	5
Profit (loss)	27	(2)
Profit (loss) from continuing operations	21	(2)
Profit (loss) from discontinued operations	6	-

Depreciation and amortisation up €(47)m yoy mainly due to the amortization of eCG intangible assets (PPA)

Other expenses up €(15)m yoy due to the increase in integration expenses (related to the eCG acquisition) and in restructuring costs

Net financial items up €(27)m yoy mainly due to the increase in interest expenses related to the new financing and the amortisation of related issuance costs

Tax income up €11m yoy mainly due to reduction in deferred tax liabilities related to amortisation of intangible assets, tax benefits related to integration costs and financing costs and adjustment of tax rates applicable to deferred taxes

Total cash position of €231m¹ at the end of December

Senior Secured Net Leverage Ratio of 3.7x at of Q4 2021²

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

Share buy-back announced - Next 3 year share-based incentive plans - 10 million shares

Outlook

Rolv Erik Ryssdal, CEO

Long-term value creation opportunity Ahead of us

Core Markets mid-to-long term targets confirmed

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

FY 2022 expectations in a temporarily challenging market environment

• Expected low double-digit revenue growth in core markets
• Underlying EBITDA¹ in the range of €575m to €600m excluding discontinued operations² (€585-610m including discontinued operations² )

Executing on our strategy plan and operating model to leverage scale, unlocking long-term value and efficiencies

1 Consolidated EBITDA pre share-based compensation. This metric will serve as key financial indicator from Q1 2022 onwards 2 Australia and South Africa

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Basic information

Ticker
Oslo Stock Exchange Reuters Bloomberg	ADE ADE.OL ADE:NO
Number of shares	1,224,942,981
Treasury shares (February 23, 2022)	654,736
Number of shares outstanding	1,224,288,245
Free float*	22.7%
Share price (February 23, 2022)	NOK 77.00
Average daily trading volume (shares)**	579,117
Market Cap total (February 23, 2022)	NOK 94.3bn (USD 10.7bn)

* Total number of shares excluding treasury shares and shares owned by Schibsted ASA, eBay Inc and Permira

^** Past hundred days on the Oslo Stock Exchange

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