Vend Marketplaces ASA — Interim / Quarterly Report 2026

Apr 30, 2026

Vend

Q1 2026 Results

30 April 2026
Christian Printzell Halvorsen, CEO
Per Christian Mørland, CFO

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Q1 2026 Results | Disclaimer

Disclaimer

This presentation (hereinafter referred to as the "Presentation") has been prepared by Vend Marketplaces ASA ("Vend" 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-look- ing 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.

Vend

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Q1 2026 Results

Summary

Key financials

2%*

Revenues YoY

(NOK 1,543m)

+36%

EBITDA YoY

(NOK 563m)

36%

EBITDA margin

(9%-points YoY)

Strategic highlights

• Monetisation and efficiency: Continued delivery on ARPA growth and cost discipline across the Group.
• Capital allocation: Completed the NOK 2 billion share buyback programme during Q1. Announcing a new NOK 4 billion programme structured in two tranches, following the completion of the Mittanbud and Lendo sales, and receipt of Adevinta Spain proceeds.**
• Updated outlook: Mobility revenue growth expected in the mid-to-high single-digit per cent range in 2026, below the 12-17% medium-term target range. Other verticals performing in line with their respective targets. Full-year cost base (OPEX excluding COGS) now expected to decline by approximately NOK 100 million compared to 2025.

Financial highlights

• Revenues increased 2%. Verticals grew 10%, with Group revenues impacted by the phase-out of transitional service revenues in Other/HQ.
• EBITDA of NOK 563 million, up 36% YoY, driven by cost discipline and positive developments across verticals.
• EBITDA margin expanded 9 percentage points to 36%.

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*On a constant currency basis

**Subject to approval by the Annual General Meeting on 30 April 2026

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Q1 2026 Results

Transition status: Blocket still recovering, but gaining momentum

Current transition status

• User satisfaction score recovered to 2.6 for Mobility and 2.9 for Recommerce
• Leads per visit in Mobility up 27% YoY
• Dealer segment performing strongly and monetising well
• User base stable with visits -15% YoY in Q1 (up from -30% post-transition)
• Private car NAAs improved to -12% YoY (up from -35% in January 2026)
• Private side remains a challenge and key focus area

Current focus for future success

• Improving trust and net promoter score remains a top priority
• Product improvements focused on app experience and usage frequency to grow Private NAAs and dealer leads
• Elevated marketing campaigns driving leads and traffic
• New prices for dealer packages 1 May 2026

Next steps for transition

• Key migration milestone reached in Q1 for Norway; final platform transition on track
• Legacy platform shutdown progressing with zero impact on user experience
• Consolidation enabling us to build once and scale innovation across the Nordics
• Bilbasen scheduled to complete the transition during 2027

Vend

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Q1 2026 Results

Reimagining marketplaces with AI-native experiences

Advancing AI in our verticals

Real Estate:
Launched conversational search pilot in Norway, helping home seekers discover listings based on intent and life context

Mobility:
Launched AI-driven recommendations in Dealer Hub to optimise ads and reduce time-to-sell

AI Mode – a new step in our AI strategy

Establishing an independent “AI Mode” unit to build a new, AI-native marketplace experience

Developing brand-level discovery and search with more intuitive, agentic journeys

Strengthening our core while positioning Vend for long-term AI-driven growth

Vend

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Q1 2026 Results

Mobility

blocket FINN dba

BILINFO Bilbasen Netibil

bvtbil CARWEB AutoVex

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Q1 2026 Results | Mobility

Strong ARPA in Norway; headwinds in Sweden and Denmark

ARPA

Q1 2026, YoY change %

	Professional	Private
	NOK 586^{1}	NOK 793^{1}
	27% YoY	13% YoY
	SEK 715^{2}	SEK 267^{3}
	0% YoY^{3}	9% YoY^{3}
	DKK 644^{2}	DKK 157
		-12% YoY

ARPA: Average Revenue Per Ad

NAA

Q1 2026, YoY change %

	Professional	Private
	159k^{1}	64k^{1}
	2% YoY	-4% YoY
	205k^{3}	81k^{3}
	-6% YoY^{3}	-28% YoY^{3}
	65k^{2}	27k
		-23% YoY

NAA: New Approved Ads

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1) Transactional models like Nettbil, Smidig Bilhandel and Autovex are not included due to different business models

2) Different business model LY (pay per day and avg daily listings)

3) Like-for-like, excluding spare parts/accessories for both periods

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Q1 2026 Results | Mobility

Revenues up 5%* YoY driven by Norway; EBITDA grew 2% following increased marketing investment in Sweden

Highlights

• Classifieds revenues up 3% YoY. Strong growth in Norway (+21%) was partly offset by Sweden (-7%), reflecting the ongoing Blocket platform transition, and a weak revenue trend in Denmark (+2%).
• Strong quarter for Nettbil and AutoVex resulted in 15% growth in transactional revenues
• Advertising revenues up 7%, driven by Norway
• OPEX excl. COGS up 6% mainly driven by marketing investments
• EBITDA of NOK 274m, up 2% YoY

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*On a constant currency basis

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Q1 2026 Results

Real Estate

FINN
OIKOTIE
gasa
HomeQ

Vend

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Q1 2026 Results | Real Estate

Strong ARPA growth in Norway; Finland successfully pivoted to a new business model

ARPA

Q1 2026, YoY change %

	Total	Residential for sale^{1}
	NOK 3,782^{1}
20% YoY	NOK 5,866^{1}
19% YoY
	EUR 430^{2}

Norway - ARPA: Average Revenue Per Ad

Finland - ARPO: Average Revenue Per Office

Volume

Q1 2026, YoY change %

	Total	Residential for sale
	52k^{1}
-5% YoY	27k^{1}
-5% YoY
	1,569^{4}

Norway - NAA: New Approved Ads

Finland - Number of Offices

1) New construction and pro commercial not included

2) ARPO: realtor related revenues number of offices

3) Residential for sale ARPA not IFRS adjusted

4) Number of offices: real estate offices with active subscription/contract on Oikotie

Vend

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Q1 2026 Results | Real Estate

Improved monetisation driving revenue and EBITDA growth

Real Estate

Revenues (NOKm), EBITDA margin (%)
YoY growth
13%
301
40
245
42%
Q1 2025
Q1 2026
Other revenues
- Advertising revenues
- Transactional revenues
- Classified revenues
- EBITDA margin

Highlights

• Classifieds revenues up 11% YoY, with solid growth across all segments
• Finland pivoted to a new business model to drive improved monetisation; total revenue in Finland up 28% YoY
• 20% YoY increase in transactional revenues driven by Qasa and HomeQ
• OPEX excl. COGS up 3%
• EBITDA of NOK 164m, up 30% YoY

Vend
*On a constant currency basis

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Q1 2026 Results

Jobs

FINN

Vend

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Q1 2026 Results | Jobs

Strong ARPA growth continues; volumes remain under pressure from market headwinds

ARPA

Q1 2026, YoY change %

Total

ARPA: Average Revenue Per Ad

NAA

Q1 2026, YoY change %

Total

NAA: New Approved Ads

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1) Sourced ads not included

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Q1 2026 Results | Jobs

Revenue increase driven by ARPA growth

Highlights

• Revenue increased 8% YoY; ARPA gains from upsell products and discount model changes partly offset the volume decline
• OPEX excl. COGS improved 2% compared to last year mainly due to lower consultant costs
• EBITDA of NOK 218m, up 18% YoY

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*On a constant currency basis

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Q1 2026 Results

Recommerce

blocket
FINN
dba tori

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Q1 2026 Results | Recommerce

Robust GMV growth in Norway and Finland; Sweden GMV declined due to platform transition

Transacted GMV

Q1 2026, YoY change %

Total
🔴	NOK 634m
19% YoY
🔵	SEK 180m
-10% YoY
🟢	EUR 17m
44% YoY
🔵	DKK 57m
11% QoQ

GMV: Gross merchandise value of transacted C2C goods

Take rate

Q1 2026, YoY change pp.

Total
🔴	16%
0.2pp. YoY
🔵	11%
0.5pp. YoY
🟢	17%
2pp. YoY
🔵	15%
1pp. YoY

Take rate: External take rate including shipping and VAT

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Q1 2026 Results | Recommerce

Revenues grew 20% YoY driven by volume increase; Strong EBITDA margin expansion

Recommerce

Revenues (NOKm), EBITDA margin (%)

YoY growth

20%

223

Other revenues
Advertising revenues
Classifieds revenues
Transactional revenues
EBITDA margin

Highlights

• Transactional revenues increased 24% YoY, driven by strong volume growth
• Classified revenues grew 4% YoY, supported by growth in the private segment due to introduced listing fees and new upsell products
• Advertising revenues increased 30% YoY with growth across all markets
• OPEX (excl. COGS) close to last year
• EBITDA margin improved 25%-points compared to last year, reflecting significant transactional margin expansion

Vend

*On a constant currency basis

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Q1 2026 Results

Finance

Vend

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Q1 2026 Results | Finance

Q1 revenue grew 2% YoY and 10% excluding Other/HQ; EBITDA up 36% YoY

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*On a constant currency basis

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Q1 2026 Results | Finance

Cost decreased 12% compared to last year

Highlights

• Total OPEX excl. COGS down 12% YoY, driven by declining other operating costs. This decline is primarily driven by the exit of Schibsted TSA agreements.
• Personnel costs increased 1% YoY, reflecting increased personnel costs in the verticals largely offset by decline in Other/HQ.
• Marketing costs increased 10% YoY, primarily driven by higher activity in all verticals.
• OPEX excl. COGS-to-sales ratio improved by 9%-points YoY.

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Q1 2026 Results | Finance

Significant reduction in FTEs since CMD in 2024

FTEs	Q1 2026	Q3 2024 (CMD)	Change
Mobility	372	312	60
Real Estate	255	215	41
Jobs	116	165	-49
Recommerce	128	176	-48
Customer Operations	81	117	-36
Common Product & Tech	404	488	-84
Marketing & Sales	126	137	-11
People	61	98	-37
Finance	92	117	-25
Other*	25	128	-103
Total	1,660	1,950	-290

Highlights

• Total number of FTEs declined by approximately 290 since the CMD in 2024.
• Support Functions and Customer Operations reduced FTEs significantly, driven by the simplification and efficiency agenda, and the exit of Schibsted TSA agreements.
• Mobility and Real Estate increased FTEs to support growth in the core and scaling businesses.
• Jobs FTEs declined primarily from exiting the Finnish and Swedish markets, while Recommerce reduced headcount mainly through operational optimisation.
• Total Product & Tech FTEs, including those embedded in the verticals, have decreased by approximately 100 since the CMD to around 800 today.

Vend

*Other included garden leave of approximately 70 FTEs in Q3 2024, while Other in Q1 2026 excludes garden leave

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Q1 2026 Results | Finance

Adevinta valuation revised down to NOK 7.2bn since Q4 2025 following cash proceeds and multiple contraction

Adevinta valuation

Q1 2026, changes since Q4 2025 (NOKbn)

Highlights

• The carrying value of Vend's 14% stake in Adevinta has been revised to NOK 7.2 billion, down NOK 8.9 billion compared to Q4 2025.
• Adjusted for the distribution of NOK 3.2 billion in cash proceeds received during the quarter, the net decline of NOK 5.8 billion was driven by peer group multiple contraction of approximately 25%.
• Adevinta continues to develop well operationally.
• Total revenue in 2025: EUR 1,891m (+9% YoY)
• Total adjusted* EBITDA in 2025: EUR 865m (+30% YoY)
• Net debt: EUR 5,962m

Vend

*Adjusted EBITDA excludes Aurelia restructuring costs etc.

Financial figures are unaudited and based on Adevinta's management reporting. Figures are adjusted for Adevinta Spain (exit completed Q1 2026) and exclude 50% JV in OLX Brazil.

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Q1 2026 Results | Finance

Q1 income statement

Income statement	First quarter
	2026	2025 (represented)
(NOK million)
Operating revenues	1,543	1,518
Operating expenses	-981	-1,104
Gross operating profit (loss) - EBITDA	563	413
Depreciation and amortisation	-146	-124
Impairment loss	-	-9
Other income	2	-
Other expenses	-88	-57
Operating profit (loss)	331	222
Share of profit (loss) of joint ventures and associates	-10	-17
Impairment loss on joint ventures and associates (recognised or reversed)	-	-14
Gains (losses) on disposal of joint ventures and associates	6	6
Financial income	69	84
Financial expense	-5,862	-2,501
Profit (loss) before taxes	-5,467	-2,220
Taxes	-77	-66
Profit (loss) from continuing operations	-5,544	-2,286
Profit (loss) from discontinued operations	795	31
Profit (loss)	-4,749	-2,255
Non-controlling interests	-5	-6
Owners of the parent	-4,744	-2,249
Earnings per share (NOK)
EPS - basic (NOK)	-22.18	-9.94
EPS - basic adjusted (NOK)	1.52	1.12

Other expenses in Q1 2026 comprise NOK 66 million in restructuring costs, NOK 2 million in separation costs, and NOK 5 million in transaction-related costs. Additionally, a NOK 14 million loss was recognised on the recognition of subleases with Lendo and MittAnbud companies after the sale.

Includes a loss of NOK 5,808 million from fair value adjustment of Aurelia.

Q1 2026 includes P&L impacts from Delivery, MittAnbud (until 10 January) and Lendo (until 15 March). This incorporates gains from the sale of Lendo and MittAnbud, amounting to NOK 503 million and NOK 288 million respectively.

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Q1 2026 Results | Finance

Q1 cash flow from continuing operation

Cash flow	First quarter
	2026	2025 (represented)
(NOK million)
Profit (loss) before taxes from continuing operations	-5,467	-2,220
Depreciation, amortisation and impairment losses (recognised or reversed)	146	147
Net interest expense (income)	17	-6
Net effect pension liabilities	-4	-6
Share of loss (profit) of joint ventures and associates	10	17
Interest received	31	67
Interest paid	-45	-56
Taxes paid	-87	-108
Non-operating gains and losses	5,816	2,433
Change in working capital and provisions	68	-14
Net cash flow from operating activities	485	254
Net cash flow from investing activities	2,950	-197
-whereof Development and purchase of intangible assets and property, plant and equipment	-116	-124
Net cash flow from financing activities	-1,465	-1,291
-whereof Payment of principal portion of lease liabilities	-35	-29

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Q1 2026 Results | Finance

Robust balance sheet supports disciplined shareholder returns

Financial gearing

(NIBD/EBITDA according to bank definition)

NIBD/EBITDA

Highlights

• Continuous return of excess capital to shareholders into 2026
• Share buybacks in Q1 of NOK 1.4bn. Programme announced 12 November 2025 completed 8 April 2026.
• Proposed ordinary cash dividend of NOK 2.50 per share (NOK 2.25 last year), implying a dividend of c.NOK 527m**
• Strong balance sheet with net cash position of NOK 3,376m*
• Announcement of new NOK 4bn share buyback programme, with first NOK 2bn tranche to be launched in the week starting 4 May

Vend

*As at Q1 2026

**Based on buybacks and treasury shares as at 1 April 2026

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Q1 2026 Results | Finance

Financial framework for sustainable value creation

Strategy

Accelerate Future Winners

Simplify

Verticalise

Expand

Medium-term targets

Mobility
Revenue growth: 12-17% EBITDA margin: 55-60%
Real Estate
Revenue growth: 12-17% EBITDA margin: 45-50%
Job's
Revenue growth: 5-10% EBITDA margin: >55%
Recom
Revenue growth: >20% EBITDA margin: single-digit

Capital allocation

• Any surplus cash post the below will be returned to shareholders over time
• Pay a progressive annual dividend
• Investing in selective acquisitions to create shareholder value
• Maintain a conservative balance sheet

Vend

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Q1 2026 Results | Q&A

Q&A

30 April 2026

Christian Printzell Halvorsen, CEO

Per Christian Mørland, CFO

Vend

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Q1 2026 Results | Appendices

Appendices

Spreadsheet containing detailed Q1 2026 and historical information can be downloaded at vend.com/ir

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Q1 2026 Results | KPIs

Historical ARPA trends per vertical

ARPA

Vertical	Country	Category	Q3-24	Q4-24	Q1-25	Q2-25	Q3-25	Q4-25	Q1-26
Mobility'	Norway	Professional	NOK 428	NOK 434	NOK 461	NOK 497	NOK 518	NOK 540	NOK 586
	Norway	Private	NOK 653	NOK 698	NOK 704	NOK 715	NOK 734	NOK 766	NOK 793
	Sweden	Professional^{6}	SEK 585	SEK 624	SEK 718	SEK 720	SEK 702	SEK 720	SEK 715
	Sweden	Private^{6}	SEK 194	SEK 234	SEK 246	SEK 304	SEK 301	SEK 298	SEK 267
	Denmark	Professional^{4}	DKK 313	DKK 316	DKK 341	DKK 349	DKK 375	DKK 382	DKK 644
	Denmark	Private	DKK 168	DKK 167	DKK 179	DKK 266	DKK 262	DKK 198	DKK 157
Real Estate	Norway	Total^{4}	-	-	NOK 3,148	NOK 3,511	NOK 3,454	NOK 3,718	NOK 3,782
	Norway	Residential for sale	NOK 4,385	NOK 4,361	NOK 4,943	NOK 4,912	NOK 5,153	NOK 5,262	NOK 5,866
	Finland	Total^{4}	-	-	-	-	-	-	EUR 430
Jobs	Norway	Total^{4}	NOK 6,967	NOK 7,303	NOK 7,891	NOK 8,229	NOK 8,185	NOK 8,856	NOK 8,899

1) Transactional models like Nettbil, Autovex, and Wheelaway are not included due to different business models; 2) Avg. daily pro listings per month upunltl 2026, PPA from Q1 2026; 3) New construction and pro commercial not included; 4) ARPO (average revenue per office) following the new Gikotie business model; 5) Sourced ads not included 6) Accessories transferred from Mobility to Recommerce

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Q1 2026 Results | KPIs

Historical listing trends per vertical

NAA

Vertical	Country	Category	Q3-24	Q4-24	Q1-25	Q2-25	Q3-25	Q4-25	Q1-26
Mobility*	Norway	Professional	158k	162k	156k	152k	148k	154k	159k
	Norway	Private	106k	62k	67k	116k	106k	67k	64k
	Sweden	Professional	242k	240k	217k	226k	225k	221k	205k
	Sweden	Private	181k	107k	112k	171k	158k	90k	81k
	Denmark	Professional*	55k	57k	53k	52k	51k	53k	65k
	Denmark	Private	58k	45k	36k	30k	28k	27k	27k
Real Estate	Norway	Total*	-	-	55k	70k	61k	45k	52k
	Norway	Residential for sale	31k	21k	29k	40k	30k	21k	27k
	Finland	Total*	-	-	-	-	-	-	1,569
Jobs	Norway	Total*	35k	34k	40k	35k	30k	31k	38k

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1) Transactional models like Nettbil, Autovex, and Wheelaway are not included due to different business models; 2) Avg. daily pro listings per month upunitt 2026, NAA from Q1 2026; 3) New construction and pro commercial not included; 4) Number of offices following the new Sikotie business model; 5) Sourced ads not included

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Q1 2026 Results | KPIs

Historical Recommerce KPIs

Transactional KPIs

Vertical	Country	Category	Q3-24	Q4-24	Q1-25	Q2-25	Q3-25	Q4-25	Q1-26
Recommerce	Norway	Transacted GMV^{r}	NOK 481m	NOK 540m	NOK 531m	NOK 549m	NOK 569m	NOK 620m	NOK 634m
	Norway	Take rate^{t}	16%	16%	16%	15%	16%	17%	16%
	Sweden	Transacted GMV^{rB}	SEK 173m	SEK 177m	SEK 201m	SEK 191m	SEK 198m	SEK 176m	SEK 180m
	Sweden	Take rate^{t}	10%	10%	10%	10%	10%	11%	11%
	Finland	Transacted GMV^{r}	EUR 8m	EUR 12m	EUR 12m	EUR 13m	EUR 16m	EUR 18m	EUR 17m
	Finland	Take rate^{t}	15%	16%	17%	16%	16%	17%	17%
	Denmark	Transacted GMV^{r}	-	-	DKK 16m	DKK 33m	DKK 40m	DKK 51m	DKK 57m
	Denmark	Take rate^{t}	-	-	14%	15%	15%	15%	15%

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1) GMV: Gross merchandise value of transacted C2C goods; 2) Take rate: External take rate including shipping and VAT; 3) Accessories transferred from Mobility to Recommerce

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Q1 2026 Results | Shareholders

Shareholders analysis

Rank	Name	Shares	% ISC
1	Blommenholm Industrier AS	43,167,130	19.80%
2	Folketrygdfondet	19,311,889	8.90%
3	DNB Asset Management AS	10,373,476	4.80%
4	The Vanguard Group, Inc.	6,187,838	2.80%
5	HMI Capital Management, L.P.	6,172,713	2.80%
6	ODIN Forvaltning AS	6,143,878	2.80%
7	KLP Kapitalforvaltning AS	5,730,783	2.60%
8	Storebrand Kapitalforvaltning AS	5,576,633	2.60%
9	BlackRock Institutional Trust Company, N.A.	4,107,275	1.90%
10	Novo Holdings A/S	4,056,053	1.90%
11	Eika Kapitalforvaltning AS	3,735,116	1.70%
12	Nordea Funds Oy	3,426,415	1.60%
13	Polaris Media ASA	3,218,304	1.50%
14	Reade Street Capital Management	3,087,570	1.40%
15	Parametric Portfolio Associates LLC	2,956,895	1.40%
16	Fondsfinans Kapitalforvaltning AS	2,605,791	1.20%
17	Alamut Investment Management LLP	2,382,293	1.10%
18	Anabranch Capital Management LP	1,864,915	0.90%
19	Handelsbanken Kapitalförvaltning AB	1,787,059	0.80%
20	Arctic Fund Management AS	1,713,498	0.80%

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Source: Nasdaq OMX, VPS as at 17 March 2026; The data is 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 Vend share register. Whilst every reasonable effort is made to verify all data, neither Nasdaq OMX nor Vend can guarantee the accuracy of the analysis.

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Q1 2026 Results | Investor contact

Investor contact

Visit Vend's website: vend.com

Email: ir@vend.com

Jann-Boje Meinecke
SVP FP&A and IR

Vend Marketplaces ASA
Visiting address: Grensen 5-7, 0159 Oslo
Postal address: P.O. Box 747 Sentrum, 0106
Oslo Norway

Vend