Vend Marketplaces ASA

Earnings Release • Jul 18, 2023

Schibsted ASA (SCHA/SCHB) - Interim Report Q2 2023

Schibsted ASA (SCHA/SCHB) - Interim Report Q2 2023

18.7.2023 07:00:01 CEST | Schibsted | Half yearly financial reports and audit

reports / limited reviews

Today, Schibsted released its Q2 2023 results.

Solid performance in challenging markets

"Against a backdrop of the current macroeconomic environment, Schibsted

delivered a solid quarter with an underlying¹ revenue growth of 2 per cent, and

a Group EBITDA of NOK 670 million, 8 per cent up from the same period last

year," CEO Kristin Skogen Lund says.

"Despite the current market headwinds in the Job vertical, Nordic Marketplaces

delivered resilient underlying¹ revenue growth of 9 per cent in Q2, due to

strong top-line growth in the Mobility, Real Estate and Recommerce verticals.

This was a result of increased volumes in all of the three latter verticals, and

a generally positive ARPA development, demonstrating once again the value that

we create for our customers and the strength of our market positions. EBITDA in

Nordic Marketplaces ended at NOK 526 million, 4 per cent down from last year,

driven by revenue mix and increased costs from new hires last year before we

started to further tighten cost focus in the organisation," CEO Kristin Skogen

Lund says.

"Following a financially weak first quarter in 2023, our News Media operations

achieved an EBITDA of NOK 133 million in Q2, which is a significant

quarter-on-quarter improvement. Revenues, which declined by an underlying¹ 4 per

cent, and profitability continue to be affected by a tough, volatile advertising

market, and lower volumes within casual sales and print subscriptions. However,

effects from the ongoing cost programme, which we announced in January this

year, are starting to materialise, leading to a stable cost level compared to

last year despite the current high inflationary environment," CEO Kristin Skogen

Lund says.

"Growth & Investments improved its profitability also significantly in the

second quarter. This improvement was driven by a refocus on Scandinavia in

Lendo, and a strong quarterly performance in Prisjakt. Activity in early stage

investments are focused close to our core and remained low in the second

quarter," CEO Kristin Skogen Lund says.

"Finally, we have together with our Board of Directors used the second quarter

to further explore and develop our options, as outlined at our Capital Markets

Day in March, to reduce our ownership in Adevinta in a value creating way for

our shareholders. Our ambition is still to come back with an update on a

preferred solution at our Q3 results presentation in October at the latest," CEO

Kristin Skogen Lund says.

This quarter's highlights

* Group: Revenues of NOK 4,044 million, 2 per cent underlying¹ revenue growth.

EBITDA of NOK 670 million, up 8% YoY driven by Delivery, Growth & Investments

and Other/Headquarters.

* Nordic Marketplaces: Resilient 9 per cent underlying¹ revenue growth, driven

by strong top-line performance in Mobility, Real Estate and Recommerce.

EBITDA of NOK 526 million, 4 per cent down from last year, driven by market

headwinds in Jobs and the business model transition in Recommerce.

* News Media: Underlying¹ revenues 4 per cent down due to the print business

and market headwinds in advertising. Effects from cost programme starting to

materialise, leading to a stable cost level in Q2 despite a high inflationary

environment. EBITDA of NOK 133 million, significantly up QoQ, following a

weak Q1.

* Delivery: Revenue increase of 4 per cent driven by Helthjem with higher B2C

and C2C volumes. EBITDA improved significantly year-on-year, while still

slightly negative due to Morgenlevering and seasonality.

* Growth & Investments: 4 per cent underlying¹ revenue growth and strong

profitability improvement, driven by Lendo and Prisjakt.

| Second quarter | Year to date

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

(NOK million) | 2023 | 2022 | Change | 2023 | 2022 | Change

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

Schibsted Group | | | | | |

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

Operating revenues | 4,044 | 3,880 | 4% | 7,820 | 7,528 | 4%

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

- of which digital | 2,927 | 2,692 | 9% | 5,598 | 5,150 | 9%

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

EBITDA | 670 | 620 | 8% | 1,094 | 1,100 | (1%)

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

EBITDA margin | 17% | 16% | | 14% | 15% |

¹ Foreign exchange neutral basis

Alternative performance measures used in this release are described and

presented in the section Definitions and reconciliations in the quarterly

report.

Programme for the day, 18 July 2023:

07:00 CET

Publication of the Q2 results including interim report, presentation and

financials and analytical information.

09:00 CET

CEO Kristin Skogen Lund and CFO Ragnar Kårhus will present the Q2 results as a

virtual live webcast, followed by a Q&A session at which also EVP Nordic

Marketplaces and Delivery Christian Printzell Halvorsen will attend. The

presentation and following Q&A session will be held in English. The webcast can

be viewed live at:

https://channel.royalcast.com/landingpage/hegnarmedia/20230718_3/

For the Q&A, participants can send in written questions via Slido.

Link: https://www.slido.com

Event code: 2195173

It will not be possible to ask questions by phone.

Press/media can reach out to Schibsted's Head of External & CEO Communication,

Øyvind Vormeland Salte (oyvind.salte@schibsted.com), to set up separate

one-on-one interviews with CEO Kristin Skogen Lund.

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

after the live webcast has ended.

Oslo, 18 July 2023

SCHIBSTED ASA

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to Section

5-12 of the Norwegian Securities Trading Act.

CONTACTS

* Jann-Boje Meinecke, VP, Head of Investor Relations, +47 941 00 835,

jbm@schibsted.com

ATTACHMENTS

Download announcement as PDF.pdf -

https://kommunikasjon.ntb.no/ir-files/17847482/2497/3470/Download%20announcement

%20as%20PDF.pdf

Interim Report Q2 2023.pdf -

https://kommunikasjon.ntb.no/ir-files/17847482/2497/3467/Interim%20Report%20Q2%2

02023.pdf

Results Presentation Q2 2023.pdf -

https://kommunikasjon.ntb.no/ir-files/17847482/2497/3468/Results%20Presentation%

20Q2%202023.pdf

Schibsted Financials and Analytical Info Q2 2023.pdf -

https://kommunikasjon.ntb.no/ir-files/17847482/2497/3469/Schibsted%20Financials%

20and%20Analytical%20Info%20Q2%202023.pdf