Vend Marketplaces ASA

Earnings Release • Feb 12, 2021

Q4 2020 Results

12 February 2021

Kristin Skogen Lund, CEO Ragnar Kårhus, CFO

Disclaimer

This presentation (hereinafter referred to as the "presentation") has been prepared by Schibsted ASA ("Schibsted" or the "Company") exclusively for information purposes and does not constitute an offer to sell or the solicitation of an offer to buy any financial instruments.

Reasonable care has been taken to ensure that the information and facts stated herein are accurate and that the opinions contained herein are fair and reasonable, however no representation or warranty, express or implied, is given by or on behalf of the Company, any of its directors, or any other person as to the accuracy or completeness of the information or opinions contained in this document and no liability is accepted for any such information or opinions.

This presentation includes and is based on, among other things, forward-looking information and statements. Such forward-looking information and statements are based on the current expectations, estimates and projections of the Company or assumptions based on information available to the Company. Such forward-looking information and statements reflect current views with respect to future events and are subject to risks, uncertainties and assumptions. The Company cannot give any assurance as to the correctness of such information and statements. Several factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in this presentation.

There may have been changes in matters which affect the Company subsequent to the date of this presentation. Neither the issue nor delivery of this presentation shall under any circumstance create any implication that the information contained herein is correct as of any time subsequent to the date hereof or that the affairs of the Company have not since changed.

The Company does not intend, and does not assume any obligation, to update or correct any information included in this presentation.

Alternative performance measures (APM) used in this presentation are described and presented in the section Definitions and reconciliations in the quarterly report.

Highlights Q4 2020

Returning to growth with underlying revenues growing 4%* in the quarter

Strong quarterly EBITDA of NOK 665m, up 45% YoY, resulting in full-year EBITDA above last year

Dividend of NOK 2.00 per share proposed for 2020

3 * Foreign exchange neutral basis and adjusted for acquisition of Oikotie and sale of certain regional and local newspapers

Higher EBITDA driven by all business areas, in particular News Media

Nordic Marketplaces

Continued QoQ recovery driven by Jobs in Norway

Underlying* revenues in line with last year after a decline over the last two quarters

EBITDA margin of 46% in Norway and 44% Sweden

Oikotie integration in Finland progressing according to plan

News Media

Main driver for the Group's YoY EBITDA improvement with growth in revenues, some one-offs and cost savings

Significant QoQ improvement in digital advertising revenues

Strong YoY growth for digital subscriptions continued

Very strong EBITDA margin of 14%

Financial Services

Underlying** revenues in Lendo declined YoY driven by the second wave of COVID-19

Robust EBITDA margin in Lendo due to improved cost and marketing efficiency, and lower expansion investments

Schibsted Growth

Another strong quarter, with significant YoY revenue growth in Distribution and Prisjakt

EBITDA improving YoY driven by higher revenues

2020 ESG achievements – new highlights

Environmental

Committed to a climate target in line with the Paris Agreement to lower our emissions with at least 50% until 2030.

Calculated the carbon footprint of our digital newspapers together with scientist from Bristol University in a project with BBC, Sky and Netflix.

Social

Reached our target to ensure a 60:40 gender ratio for our three top management levels that were stated by the Board in December 2017.

Launched a Group wide employee engagement tool, and first results show a high engagement with Schibsted as an employer – scoring 81/100 on the engagement scale.

Governance

Launched a sustainable investment policy for our Next investments and a related process for implementation of the policy.

Our external score in ESG ratings has continued to increase and we are ranked as industry leader in several ratings.

Nordic Marketplaces

Improved revenue trend QoQ driven by Jobs in Norway

Nordic Marketplaces

Revenues (NOKm), EBITDA margin (%)

* Foreign exchange neutral basis and adjusted for acquisition of Oikotie (total revenue effect of NOK 62m in Q4 2020)

** EBITDA including IFRS 16 effect estimate ⁷

Revenues per country Revenues (NOKm, share in %)

Job drives revenue improvement QoQ; 46% EBITDA margin in line with last year

Marketplaces Norway

Revenues (NOKm), EBITDA margin (%) Highlights

• Job improved significantly in the quarter, and ended up growing YoY
• Good development in Real estate and Motor, though somewhat negatively affected by less need for upsell products due to increased liquidity from high demand
• Advertising and particularly Travel still significantly affected by macro environment and COVID-19, declining YoY
• Stable EBITDA margin YoY

Listings continued to recover with strong December; still good traffic growth

Marketplaces Norway

New approved ads (monthly growth YoY, %)

Continued good YoY growth in monthly visits (million)

Continued good performance within Motor drives revenue growth YoY in Q4; EBITDA margin up YoY

Marketplaces Sweden

Revenues (NOKm), EBITDA margin (%)

Highlights

• Continued growth in Motor revenues driven by increased December volumes as well as higher ARPD from visibility product "Bump"
• Jobs and advertising continued to be down due to COVID-19, while trend for advertising (-4%*) slightly improved
• Continued strong traffic and good volume trend
• Temporary cost savings have dampened cost increase, improved EBITDA margin YoY

Motor listings improved during Q4; continued strong traffic

Marketplaces Sweden

New approved ads (monthly growth YoY, %)

Continued good YoY growth in monthly visits (million)

Good trend for advertising; increased investments in marketing and product affecting EBITDA

Marketplaces Finland

Revenues (NOKm), EBITDA margin (%)

* Foreign exchange neutral basis ** EBITDA including IFRS 16 effect estimate ¹²

Highlights

• Oikotie merger progressing as planned
• Improved trend in advertising, pro-forma revenues growing underlying 16%* YoY
• Job revenues recovering, almost stable YoY
• Real estate and Generalist continue the good trend
• Pro forma EBITDA declined driven by investments in marketing and product development

Improvement in Jobs and Real estate listings supported by strong traffic growth

Marketplaces Finland

New approved ads* (monthly growth YoY, %) Continued strong YoY growth in monthly visits (million)**

News Media

Very strong EBITDA margin due to strong growth in digital revenues, one-offs and cost savings

News Media

Revenues (NOKm), EBITDA margin (%)

Highlights

• Continued strong YoY growth in digital subscription revenues, driven by both volume and ARPU
• Significant improvement in digital advertising, growing YoY in Q4
• Execution of cost reduction program of NOK 500m increased further, around NOK 180m effect in 2020
• Overall reduced variable costs due to remote work
• One-offs of SEK 26m from Government grants in Sweden affecting revenues and EBITDA positively

** EBITDA including IFRS 16 effect estimate ¹⁵

Continued strong growth for digital subscription revenues; advertising revenues improving

Growth in digital subscription revenues driven by both ARPU and volume

Strong quarter for digital advertising despite COVID-19

Norway Sweden

16 * Foreign exchange neutral basis, adjusted for sale of certain regional and local newspapers and certain one-offs ** Norway and Sweden not including eliminations

Next

Financial Services & Growth

Robust EBITDA margin despite lower revenues due to COVID-19

Lendo Group

Revenues (NOKm), EBITDA margin (%)

Highlights

• Profitability improved YoY due to improved cost and marketing efficiency, and lower investments for expansion in new markets
• Revenue growth impacted by second wave of COVID-19, particularly in Sweden and Finland
• Continued good growth in Denmark despite COVID-19
• EBITDA investments for expansion of NOK 73m for full-year 2020;
• For 2021, EBITDA investments of NOK 70-80 million are expected

Strong performance in Distribution and Prisjakt drives revenue growth; EBITDA improving QoQ

Schibsted Growth

Revenues (NOKm), EBITDA margin (%)

* Foreign exchange neutral basis ** EBITDA including IFRS 16 effect estimate ¹⁹

Highlights

• Another strong quarter, with significant YoY revenue growth in Distribution and Prisjakt due to increased online shopping trends
• Distribution growing 36% YoY due to New Business (+139%), with continued growth in customers, volumes and increased market awareness
• Prisjakt growing 12%* driven by increased click revenues
• Other Schibsted Growth growing 8%* YoY driven by continued strong growth in MittAnbud and user payment in Omni

Finance

Very strong quarterly EBITDA, up 45% YoY

Schibsted Group

Revenues, EBITDA (NOKm)

Schibsted Group

EBITDA development YoY per segment (NOKm)

* Foreign exchange neutral basis and adjusted for acquisition of Oikotie and sale of certain regional and local newspapers

** EBITDA including IFRS 16 effect estimate ²¹

Strong 2020 results driven by robust digital business models

Schibsted Group Revenues, EBITDA (NOKm)

Schibsted Group

EBITDA development YoY per segment (NOKm)

* Foreign exchange neutral basis and adjusted for acquisition of Oikotie and sale of certain regional and local newspapers

** EBITDA including IFRS 16 effect estimate ²²

Q4 income statement Schibsted Group

Income statement	Fourth Quarter
(NOK million)	2019	2020	Mainly scrapping of intangible assets no longer
Operating revenues	3 3 1 6	3 6 20	used, as well as impairment of an associate
Operating expenses	(2857)	(2956)
Gross operating profit (loss) - EBITDA	460	665
			Mainly explained by transaction-related cost in
Depreciation and amortisation	(201)	(218)	connection with the acquisition of Oikotie, the
Share of profit (loss) of joint ventures and associates	(13)	(12)	announced acquisition of eBay Denmark and
Impairment loss	(26)	(40)	restructuring cost related to headcount
Other income and expenses	(51)	(54)	reductions in News Media
Operating profit (loss)	168	339
Net financial items	(29)	(36)	Mainly explained by net interest expenses
Profit (loss) before taxes from continuing operations	139	304
Taxes	(53)	(49)	Includes a reassessment of unrecognised
Profit/loss from continuing operations	86	254	deferred tax assets of NOK 35 million
Profit/loss after tax from discontinued operations	35	444
Profit (loss)	121	698	Profit after tax in Adevinta adjusted for
			reported amortization, depreciation,
Non-controlling interests	36	209	impairment and share of profit JV/associates
Owners of the parent	85	490
Earnings per share (NOK)
EPS - basic (NOK)	0,36	2,09
EPS - basic adjusted (NOK)	1,36	2,69

Q4 EBITDA, operating cash flow and capex Continuing operations

EBITDA (NOKm)

Operating cash flow (NOKm)

NIBD/EBITDA at 1.4 ahead of closing of Danish eBay Classifieds assets

Well diversified debt maturity profile (NOKm*)

Targeting financial gearing in the range of 1-3 (NIBD/EBITDA according to bank definition)

* As of 31 December 2020 ** According to bank definition ²⁵

Financial targets and policies

Nordic Marketplaces	Nordic Marketplaces revenues Targeting annual revenue growth of 8-12% for the segment in the medium- to long-term
News Media	News Media EBITDA margin EBITDA margin of 8-10% in the medium-term
Capital allocation	M&A M&A activities targeted primarily to strengthen market positions and bolt-on adjacent businesses Dividend policy Stable to increasing dividend over time
Capital structure	Leverage policy Targeting NIBD/EBITDA in the range of 1-3, making it possible to lever up if a particularly attractive investment becomes available Any over-capitalization to be addressed through (extraordinary) dividend or share buyback
26

Save the date: Virtual Capital Markets Day 11 March 2021, 10:00 CET

Speakers: Kristin Skogen Lund, CEO Christian Printzell Halvorsen, EVP Nordic Marketplaces Siv Juvik Tveitnes, EVP News Media – Raoul Grünthal, EVP Next Dan Ouchterlony, SVP Financial Services – Ragnar Kårhus, CFO

– More information and webcast link will be submitted closer to the event –

Q&A 12 February 2021

Kristin Skogen Lund, CEO Ragnar Kårhus, CFO

Appendices

Spreadsheet containing detailed Q4 2020 and historical information can be downloaded at schibsted.com/ir

Continuing operations

Q4 cash flow

Cash flow	Fourth Quarter
(NOK million)	2019	2020
Profit (loss) before taxes from continuing operations	139	304
Depreciation, amortisation and impairment losses	227	258
Net effect pension liabilities	(33)	(5)
Share of loss (profit) of joint ventures and associates, net of dividends received	14	12
Taxes paid	42	(96)
Sales losses (gains) non-current assets and other non-cash losses (gains)		(11)
Non-cash items and change in working capital and provisions	105	118
Net cash flow from operating activities	494	581
Development and purchase of intangible assets, and property, plant and equipment	(125)	(164)
Acquisition of subsidiaries, net of cash acquired	(58)
Proceeds from sale of intangible assets, and property, plant and equipment
Proceeds from sale of subsidiaries, net of cash sold
Net sale of (investment in) other shares	(50)	(46)
Net change in other investments	(16)	28
Net cash flow from investing activities	(250)	(181)
Net cash flow from financing activities	(631)	(107)
Effects of exchange rate changes on cash and cash equivalents		(1)
Net increase (decrease) in cash and cash equivalents	(385)	285

Q4 cash flow Schibsted Group

Cash flow	Fourth Quarter
(NOK million)	2019	2020
Profit (loss) before taxes from continuing operations	139	304
Profit (loss) before taxes from discontinued operations	88	426
Depreciation, amortisation and impairment losses	605	258
Net effect pension liabilities	(29)	21
Share of loss (profit) of joint ventures and associates, net of dividends received	(32)	12
Taxes paid	(199)	(297)
Sales losses (gains) non-current assets and other non-cash losses (gains)		(50)
Non-cash items and change in working capital and provisions	186	69
Net cash flow from operating activities	759	742
Net cash flow from investing activities	(1 100)	(3162)
Net cash flow from financing activities	(196)	602
Effects of exchange rate changes on cash and cash equivalents	$\overline{\phantom{m}}$	(172)
Net increase (decrease) in cash and cash equivalents	(537)	(1989)
Cash and cash equivalents at start of period	4 4 0 3	4 6 6 6
Cash and cash equivalents at end of period	3 8 6 6	2678

Continuing operations

Underlying tax rate

• The underlying tax rate, for continuing operations, was 23.4%
• Taxes were positively affected by NOK 35m from recognition of deferred tax assets

Underlying tax rate	Q4
(NOK million)	2020
Profit (loss) before taxes from continuing operations	304
Share of profit (loss) of joint ventures and associates	12
Basis for changes in unrecognized deferred tax assets	33
Gain on sale and remeasurement of subsidiaries, joint ventures and associates	(9)
Impairment losses	17
Non-deductible transaction-related costs	3
Adjusted tax base	360
Taxes	49
Reassessment of unrecognised deferred tax assets	35
Adjusted taxes	84
Underlying tax rate	23,4%

Shareholders analysis

Rank	Name	A-shares	B-Shares	Total	% of S/O
1	Blommenholm Industrier AS	28,541,262	30,013,354	58,554,616	25.0%
2	Folketrygdfondet	9,026,454	11,677,570	20,704,024	8.9%
3	Baillie Gifford & Co.	6,673,899	7,093,448	13,767,347	5.9%
4	Fidelity Management & Research Company LLC	8,705,859	4,072,052	12,777,911	5.5%
5	Adelphi Capital LLP	2,459,484	4,240,040	6,699,524	2.9%
6	NYA WERMLANDS-TIDNINGENS AB	3,200,000	3,200,000	6,400,000	2.7%
7	UBS AG London	2,515,505	3,630,718	6,146,223	2.6%
8	The Vanguard Group, Inc.	3,089,441	2,850,123	5,939,564	2.5%
9	Alecta pensionsförsäkring, ömsesidigt	0	5,193,000	5,193,000	2.2%
10	BlackRock Institutional Trust Company, N.A.	2,012,354	2,774,558	4,786,912	2.0%
11	Pelham Capital Ltd	0	3,314,916	3,314,916	1.4%
12	KLP Forsikring	490,450	2,618,984	3,109,434	1.3%
13	DNB Asset Management AS	614,224	2,492,054	3,106,278	1.3%
14	Marathon Asset Management LLP	1,675,814	1,332,571	3,008,385	1.3%
15	Storebrand Kapitalforvaltning AS	1,046,186	1,918,256	2,964,442	1.3%
16	Mitsubishi UFJ Trust and Banking Corporation	1,457,753	1,201,114	2,658,867	1.1%
17	Goldman Sachs International	43,138	2,531,928	2,575,066	1.1%
18	Fidelity Institutional Asset Management	1,376,997	649,973	2,026,970	0.9%
19	Danske Bank (Custodian)	1,792,071	120,000	1,912,071	0.8%
20	Handelsbanken Asset Management	173,598	1,689,576	1,863,174	0.8%

The shareholder ID data are provided by Nasdaq OMX. The data are obtained through the analysis of beneficial ownership and fund manager information provided in replies to disclosure of ownership notices issued to all custodians on the Schibsted share register. Whilst every reasonable effort is made to verify all data, neither Nasdaq OMX or Schibsted can guarantee the accuracy of the analysis.

Source: Nasdaq OMX, VPS; Data as of 18 January 2021

Investor contact

Visit Schibsted's website schibsted.com

E-mail: ir@schibsted.com

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

Malin Langtvet

IR Officer +47 916 86 710

Schibsted ASA Akersgata 55 / P.O. Box 490 Sentrum NO-0105 Oslo