Vend Marketplaces ASA — Interim / Quarterly Report 2026

Apr 30, 2026

Vend Marketplaces ASA: Interim report Q1 2026

Vend Marketplaces ASA: Interim report Q1 2026

30.4.2026 07:00:02 CEST | Vend Marketplaces ASA | Half yearly financial reports

and audit reports / limited reviews

Today, Vend Marketplaces ASA ("Vend") released its Q1 2026 results.

Executing on our priorities - with strong profitability growth

"In our annual report, I described 2025 as the year Vend took shape as a

focused, pure-play Nordic marketplace company. As we move into full-scale

execution, I am pleased to report that the first quarter of 2026 demonstrates

the strength of the foundation we have built," says CEO Christian Printzell

Halvorsen.

Halvorsen adds:

"Group revenues for the quarter ended at NOK 1,543 million, up 2% in constant

currency. Revenues across our four verticals grew 10% in constant currency,

reflecting broad-based momentum, while Group revenues were impacted by the

phase-out of transitional service revenues related to the Schibsted separation.

Group EBITDA improved 36% to NOK 563 million, with the margin expanding to 36%

from 27% a year ago. This improvement reflects sustained cost discipline

combined with positive developments across our verticals.

Real Estate had a particularly strong quarter, with continued ARPA growth

driving both revenue and significant profitability gains. Jobs delivered solid

growth, supported by strong ARPA development and the continued benefits of our

pricing and monetisation initiatives. Recommerce showed encouraging progress,

with strong transactional volume growth and improved unit economics leading to a

meaningful EBITDA improvement. In Mobility, Norway and our transactional

businesses performed well. However, performance in Sweden was held back by the

ongoing stabilisation following the platform migration. In Denmark, solid ARPA

growth in the professional segment from product and pricing initiatives was

offset by volume declines driven by market factors and dealer adaptation to our

new business model. Based on current trends, we do not expect Mobility to

achieve revenue growth in line with our medium-term target range of 12-17% in

2026. Our other verticals are performing in line with their respective

medium-term targets.

We continue to apply rigorous cost discipline across the Group. We now expect

the 2026 full-year cost base (OPEX excluding COGS) to decline by approximately

NOK 100 million compared to the 2025 level. This represents a revision from our

previous commentary at the Q4 2025 results, where a broadly stable full-year

2026 cost base (OPEX excluding COGS) was indicated.

Our platform migration continues to advance. In Sweden, key metrics are

improving and we are seeing a positive trajectory. Pricing adjustments for the

professional segment will take effect from May, while the private segment

remains a key area of focus where more work is needed. In Norway, the migration

reached a key milestone in Q1: the majority of the work is now complete, with

the final platform migration on track. This transition does not affect the user

interface or product experience. Completing the consolidation enables us to

build once and scale innovation across the Nordics.

We are accelerating our AI agenda. Our approach combines advanced AI with deep,

proprietary marketplace data - an advantage that is difficult to replicate.

During Q1, we advanced our three focus areas: quality of ads, discovery &

matching, and decision support. In Real Estate, we launched a conversational

search pilot in Norway, helping home seekers discover properties based on intent

and life context. In Mobility, Dealer Hub now integrates AI-driven

recommendations to help dealers optimise ads and reduce time-to-sell. We are

also establishing a dedicated AI unit to build a new, AI-native marketplace

experience - separate from our existing product environment to enable the speed

and autonomy this requires.

We continued to simplify our portfolio and return capital to shareholders. We

completed the sales of Mittanbud and Lendo, and received proceeds from Adevinta

following its divestment of the Spanish business. Having completed our NOK 2

billion share buyback programme during the quarter, we are announcing a new NOK

4 billion programme structured in two tranches - underscoring our commitment to

disciplined capital allocation.

While we acknowledge near-term headwinds in parts of Mobility, the underlying

health and trajectory of our business remain strong. We are focused, aligned,

and executing - delivering value for our users, customers, and shareholders."

This quarter's highlights

* Group: Revenues of NOK 1,543 million, up 2% YoY in constant currency. EBITDA

of NOK 563 million, up 36% YoY, representing a margin expansion of 9

percentage points to 36%, driven by continued cost discipline across the

Group.

* Mobility: Revenues increased 5% YoY in constant currency, driven by strong

ARPA growth in Norway and growth in Nettbil and AutoVex. Volume pressure

persisted in the Private and Professional segments in Sweden and Denmark.

EBITDA was NOK 274 million, up 2% YoY, with an EBITDA margin of 48%.

* Real Estate: Revenues increased 13% YoY in constant currency, with solid

growth across all segments. EBITDA increased 30% YoY to NOK 164 million, with

an EBITDA margin of 48%.

* Jobs: Revenues increased 8% YoY in constant currency, driven by a 13%

increase in ARPA, which more than offset a 4% decline in volumes. EBITDA

increased 18% YoY to NOK 218 million, with an EBITDA margin of 64%.

* Recommerce: Revenues increased 20% YoY in constant currency, driven by strong

transactional volume growth and private revenues. Transactional gross profit

reached a record NOK 55 million, supported by renegotiated shipping

contracts. EBITDA improved by NOK 43 million YoY to NOK -21 million.

* Having completed our NOK 2 billion share buyback programme during the

quarter, we are announcing a new NOK 4 billion programme structured in two

tranches - underscoring our commitment to disciplined capital allocation.

* Adevinta: Valuation revised to NOK 7.2 billion, down NOK 8.9 billion vs Q4

2025. Adjusted for the distribution of NOK 3.2 billion in cash proceeds

during the quarter, the net decline of NOK 5.8 billion reflects peer group

multiple contraction of 25%.

| First quarter | | | Year

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

(NOK million) | 2026 | 2025 | Change | | 2025

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

Operating revenues | 1,543 | 1,518 | 2% | | 6,317

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

EBITDA | 563 | 413 | 36% | | 2,127

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

EBITDA margin | 36% | 27% | | | 34%

Alternative performance measures used in this release are described and

presented in the section Definitions and reconciliations in the interim report.

Programme for the day, 30 April 2026

07:00 CEST

Publication of Vend's Q1 2026 results including interim report, presentation,

and financials and analytical information.

09:00 CEST

CEO Christian Printzell Halvorsen and CFO Per Christian Morland will present

Vend's Q1 results as a virtual live webcast, followed by a Q&A session. The

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

be viewed live at:

https://qcnl.tv/p/RYRPrrY0ISM5G3Ic8pZVNA

For the Q&A at the end of the presentation, we invite financial analysts to ask

questions in a live format by using the raise-hand-feature in Microsoft Teams.

Microsoft Teams link:

https://teams.microsoft.com/meet/37652875759640?p=bg7iAKOmIElxGPMUjW

Meeting ID: 376 528 757 596 40

Passcode: yS6c7wS6

Press can reach out to Kristine Eia Kirkholm (kristine.eia.kirkholm@vend.com),

Director of Communication, to set up separate one-on-one interviews with CEO

Christian Printzell Halvorsen.

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

after the live webcast has ended.

Oslo, 30 April 2026

Vend Marketplaces 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, SVP FP&A and Investor Relations, Vend Marketplaces ASA,

+47 941 00 835, ir@vend.com

* Kristine Eia Kirkholm, Director of Communication, Vend Marketplaces ASA, +47

932 47 875, kristine.eia.kirkholm@vend.com

* Nathalie Kåvin, Head of Corporate Communication, Vend Marketplaces ASA, +47

934 01 363, nathalie.kavin@vend.com

ABOUT VEND MARKETPLACES ASA

Vend Marketplaces ASA ("Vend") is a family of marketplaces with a strong Nordic

position. As a leading marketplaces company within Mobility, Real Estate, Jobs

and Recommerce, we provide effortless digital experiences designed for the needs

of tomorrow. We do it with a clear sense of purpose, to create sustainable value

and long-term growth, for all our stakeholders and society as a whole.

Vend has an ownership share of 14% in Adevinta, a company that was spun off in

2019 and is now privately owned by a group of investors.

ATTACHMENTS

Download announcement as PDF.pdf -

https://kommunikasjon.ntb.no/ir-files/17847482/18883473/8585/Download%20announce

ment%20as%20PDF.pdf

Q1 2026 Report.pdf -

https://kommunikasjon.ntb.no/ir-files/17847482/18883473/8581/Q1%202026%20Report.

pdf

Q1 2026 Presentation.pdf -

https://kommunikasjon.ntb.no/ir-files/17847482/18883473/8582/Q1%202026%20Present

ation.pdf

Q1 2026 Financials and Analytical Info.pdf -

https://kommunikasjon.ntb.no/ir-files/17847482/18883473/8583/Q1%202026%20Financi

als%20and%20Analytical%20Info.pdf