Vend Marketplaces ASA

Earnings Release • Jul 17, 2020

Schibsted ASA (SCHA/SCHB) - Interim Financial Statement Q2 2020

Schibsted ASA (SCHA/SCHB) - Interim Financial Statement Q2 2020

Today, Schibsted released its Q2 2020 results.

Highlights of the quarter

* EBITDA of NOK 498 million for Schibsted excluding Adevinta; -11% YoY while

significantly higher than Q1 2020.

* Acquisition of Finnish online marketplace Oikotie from Sanoma announced on

16 July 2020

* Nordic Marketplaces: Revenues declined 11 percent YoY (currency adjusted)

due to COVID-19 while trends have improved throughout the quarter. Cost

savings led to EBITDA margin of 52 percent in Norway and 42 percent in

Sweden.

* News Media: Continuous good trend for digital subscriptions, advertising

revenue decline has improved throughout the quarter. Cost savings led to an

EBITDA margin of 8 percent. Cost program implementation on track.

* Financial Services: Underlying revenue decline in Lendo due to COVID-19

while marketing spend has been reduced to curb EBITDA decline. Stable EBITDA

margin YoY.

* Growth: Solid revenue growth driven by Distribution and Prisjakt with

tailwind from COVID-19 and social distancing. EBITDA improvement quarter-on-

quarter.

* Adevinta: Revenues decreased by 16 percent due to COVID-19, EBITDA decrease

of 15 percent driven by the revenue shortfall (based on Adevinta's stand-

alone reporting in EUR, on a proportionate basis including JVs).

Comments from the CEO

"Schibsted has been clearly affected by COVID-19 in Q2. I am pleased to report

that we, despite these circumstances, delivered solid financial results and that

our measures enabled us to safeguard our employees and to continue to deliver

fully functional, relevant services for our customers and clients. Revenues have

improved throughout the quarter and EBITDA for Schibsted excluding Adevinta was

NOK 498 million, significantly better than Q1," CEO Kristin Skogen Lund says.

"Furthermore, I am excited that Schibsted has come to an agreement with Sanoma

to acquire their Finnish multi-vertical online marketplace Oikotie. With this

acquisition, we are strengthening our position in Jobs and Real estate in

Finland. Owning Tori and Oikotie, two highly complementary online marketplaces

with strong brands, will enable us to create better services for Finnish

customers. We are confident that this acquisition will help us create more value

for all our stakeholders going forward," CEO Kristin Skogen Lund says.

"During Q2, our Nordic Marketplaces have seen a revenue decline driven by lower

volumes, specifically in April and May, while temporary savings and cost control

secured solid margins. In June, volumes have continued to recover in all

verticals and Motor seems to be rather resilient showing year-on-year volume

growth for June in both Norway and Sweden," CEO Kristin Skogen Lund says.

"In our News Media businesses, revenues from digital subscriptions showed strong

growth. Advertising revenues declined significantly year-on-year driven by

COVID-19, yet performance was strong given the market environment due to focused

product development and higher sales activity than last year. This was enabled

by our decision to not do Group wide temporary layoffs but rather focus on

possibilities in the mid-term. EBITDA is down year-on-year but improved

significantly compared to Q1 with a strong margin of 8% for the quarter. The

announced cost program to adapt the cost base to the market development, while

ensuring leading online product offerings, is on track and implementation has

started," CEO Kristin Skogen Lund says.

"Lendo has seen an underlying revenue decline this quarter, but trends have

improved in June. Finally, our e-commerce enabling businesses Distribution and

Prisjakt had a tailwind from changed consumer behavior due to COVID-19 and

recorded strong revenue growth in Q2," CEO Kristin Skogen Lund says.

Second quarter Change   Year to date Change

(NOK million) 2020 2019     2020 2019

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Schibsted excluding

Adevinta

Operating revenues   3 073   3 216 -4 %     6 099   6 305 -3 %

- of which digital   1 851   1 929 -4 %     3 677   3 742 -2 %

EBITDA   498   557 -11 %     783   975 -20 %

EBITDA margin 16 % 17 %     13 % 15 %

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

Schibsted Group including

Adevinta

Operating revenues   4 645   4 798 -3 %     9 463   9 374 1 %

EBITDA   919   1 060 -13 %     1 618   1 916 -16 %

EBITDA margin 20 % 22 %     17 % 20 %

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Alternative performance measures used in this release are described and

presented in the section Definitions and reconciliations in the quarterly

report.

As a result of the COVID-19 pandemic, our Q2 2020 presentation will be held as

an English language webcast only on 17 July 2020 at 09:00 CET. Consequently, it

will not be possible to attend the presentation in person. Participants can send

in written questions through the webcast player.

The presentation will be webcasted live at: Schibsted ASA Webcast Q2 2020

(https://channel.royalcast.com/webcast/hegnarmedia/20200717_4/)

You may also follow the presentation on YouTube: Schibsted ASA YouTube Q2 2020

(https://www.youtube.com/watch?v=WbDmd7GJins&feature=youtu.be)

CEO Kristin Skogen Lund, CFO Ragnar Kårhus and EVP Nordic Marketplaces & CEO of

FINN.no Christian Printzell Halvorsen will present.

A recording of the presentation will be available on the IR website shortly

after the live webcast has ended.

Conference call for investors and analysts - Q&A session

Time: 17 July 2020 at 14:00 CET

Questions relating to the results will be answered in a conference call. The

session will be held in English.

NOTE: To avoid waiting time when connecting to the call, please use the link

below 5-10 minutes prior to start time, where you will be asked to type in your

phone number and registration details. The event conferencing system will

automatically call you back on the phone number you provide and place you into

the event. Please note that the link will become active 15 minutes prior to the

event: Link to join call: Click to join

(https://events.globalmeet.com/Public/ClickToJoin/ZW5jPWk4T3hRNkgzVTFqbzU0NVhvUl

JTck5zaHl1NW5jVGVodEtGUTJ0WFZJNjZRanJqOG9UbVVtUT09)

For manual dial-in, use the following number (note that this connection might

take more time):

Norway: +47 2350 0187

Sweden: +46 (0)8 5033 6546

UK: +44 (0)330 336 9401

US: +1 323-701-0223

Passcode: 23 19 88

Contact persons:

Ragnar Kårhus, CFO, +47 917 91 752

Jann-Boje Meinecke, Head of IR, +47 941 00 835

Malin Langtvet, IR Officer, +47 916 86 710

Nathalie Kåvin, Head of External Communications & Brand Management,

+47 934 01 363

Oslo, 17 July 2020

SCHIBSTED ASA

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act