Vend Marketplaces ASA — Interim / Quarterly Report 2026

Apr 30, 2026

Vend

Financials and analytical info Q1 2026

1. Profit loss statement
2. Balance sheet
3. Cash flow
4. Segment overview
5. Mobility
6. Real Estate
7. Jobs
8. Recommerce
9. Other & Headquarters

For questions, please contact Vend IR:
Jann-Boje Meinecke, Head of IR
ir@vend.com
+47 941 00 835
vend.com/ir

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NOK million

1 quarter 2024	2 quarter 2024	3 quarter 2024	4 quarter 2024	1 quarter 2025	2 quarter 2025	3 quarter 2025	4 quarter 2025	1 quarter 2026	VEND GROUP CONDENSED CONSOLIDATED INCOME STATEMENT	Year to date 2026	Year to date 2025	Full year 2025	Full year 2024
restated & re-presented	restated & re-presented	re-presented	re-presented	re-presented	restated								restated & re-presented
1 019	1 132	1 049	950	1 038	1 182	1 094	1 034	1 108	Classified revenues	1 108	1 038	4 349	4 151
893	941	868	815	903	972	893	891	971	- of which Professional	971	903	3 659	3 517
126	192	181	135	135	211	201	144	137	- of which Private	137	135	690	633
180	211	248	250	245	259	303	310	295	Transactional revenues	295	245	1 117	889
133	183	149	134	87	117	110	106	97	Advertising revenues	97	87	420	599
(0)	(0)	(0)	0	-	0	0	(0)	0	Distribution revenues	0	-	0	(0)
193	183	177	193	148	135	88	60	42	Other operating revenues	42	148	432	746
1 524	1 709	1 624	1 528	1 518	1 694	1 595	1 510	1 543	Operating revenues	1 543	1 518	6 317	6 385
(137)	(149)	(165)	(177)	(144)	(139)	(145)	(166)	(136)	Costs of goods and services sold	(136)	(144)	(595)	(628)
(603)	(569)	(452)	(519)	(479)	(483)	(394)	(463)	(486)	Personnel expenses	(486)	(479)	(1 819)	(2 143)
(119)	(137)	(126)	(106)	(91)	(102)	(117)	(90)	(101)	Marketing expenses	(101)	(91)	(401)	(488)
(335)	(389)	(365)	(405)	(390)	(386)	(299)	(300)	(258)	Other operating expenses	(258)	(390)	(1 375)	(1 494)
331	465	516	320	413	583	640	491	563	Gross operating profit (loss) - EBITDA	563	413	2 127	1 632
(139)	(140)	(167)	(177)	(124)	(134)	(149)	(142)	(146)	Depreciation and amortisation	(146)	(124)	(549)	(623)
0	(2)	0	(1 336)	(9)	(7)	(4)	(46)	(0)	Impairment loss	(0)	(9)	(66)	(1 337)
(0)	(0)	5	8	-	8	13	4	2	Other income	2	-	(0)	9
(99)	(124)	(92)	(194)	(57)	(121)	(60)	(73)	(88)	Other expenses	(88)	(57)	(285)	(505)
92	199	263	(1 379)	222	330	440	234	331	Operating profit (loss)	331	222	1 227	(824)
(17)	(25)	(13)	(28)	(17)	(8)	(11)	(11)	(10)	Share of profit (loss) of joint ventures and associates	(10)	(17)	(47)	(83)
(43)	(3)	(49)	(32)	(14)	(11)	-	(9)	-	Impairment loss on joint ventures and associates (recognised or reversed)	-	(14)	(33)	(127)
(2)	(0)	(0)	(8)	6	(0)	44	152	6	Gains (losses) on disposal of joint ventures and associates	6	6	202	(10)
32	130	5 110	1 186	84	4 671	50	61	69	Financial income	69	84	291	6 457
(119)	(119)	(244)	(75)	(2 501)	(71)	(1 158)	(2 880)	(5 862)	Financial expense	(5 862)	(2 501)	(2 036)	(556)
(57)	183	5 067	(336)	(2 220)	4 911	(635)	(2 452)	(5 467)	Profit (loss) before taxes	(5 467)	(2 220)	(396)	4 857
(33)	(61)	(89)	20	(66)	(46)	(106)	(66)	(77)	Taxes	(77)	(66)	(283)	(163)
(90)	121	4 978	(316)	(2 286)	4 866	(740)	(2 518)	(5 544)	Profit (loss) from continuing operations	(5 544)	(2 286)	(678)	4 693
(681)	8 786	126	56	31	327	89	36	795	Profit (loss) from discontinuing operations	795	31	484	8 286
(772)	8 907	5 104	(260)	(2 255)	5 193	(651)	(2 481)	(4 749)	Profit (loss)	(4 749)	(2 255)	(195)	12 980
17	5	1	0	(6)	(4)	(1)	0	(5)	Profit (loss) attributable to:
(789)	8 903	5 103	(260)	(2 249)	5 197	(651)	(2 482)	(4 744)	Non-controlling interests	(5)	(6)	(11)	23
									Owners of the parent	(4 744)	(2 249)	(184)	12 957
(3,50)	38,69	21,86	(1,12)	(9,94)	23,21	(3,07)	(11,89)	(22,18)	Earnings per share (NOK)
(3,50)	38,63	21,82	(1,12)	(9,94)	23,17	(3,07)	(11,89)	(22,18)	Basic	(22,18)	(9,94)	(0,85)	55,99
(2,70)	0,97	1,36	0,64	1,12	1,99	2,04	1,47	1,52	Diluted	(22,18)	(9,94)	(0,85)	55,99
(2,70)	0,97	1,36	0,64	1,12	1,98	2,03	1,47	1,51	Basic - adjusted	1,51	1,12	6,66	0,35
									Diluted - adjusted
225 275 791	230 094 043	233 432 088	231 679 893	226 177 036	223 891 602	211 671 614	208 658 204	213 882 615	Weighted average shares - basic	213 882 615	226 177 036	215 839 064	230 742 560
455 617	368 679	468 105	520 732	449 729	421 441	441 097	363 448	252 768	Dilutive effect of share options	252 768	449 729	470 602	687 460
225 731 408	230 462 722	233 900 193	232 200 625	226 626 765	224 313 043	212 112 711	209 021 652	214 135 383	Weighted average shares - diluted	214 135 383	226 626 765	216 309 666	231 430 020

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NOK million

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03
	2024	2024	2024	2024	2025	2025	2025	2025	2026
	restated	restated
Intangible assets	11 493	9 627	9 864	7 791	7 663	7 792	7 741	7 822	7 470
Property, plant and equipment	570	205	211	184	176	65	38	36	36
Right-of-use assets	2 010	889	881	812	787	598	567	529	393
Investments in joint ventures and associates	932	535	482	421	408	384	352	286	273
Deferred tax assets	509	299	284	252	295	252	260	213	218
Equity instruments	776	16 469	21 284	22 365	19 931	20 619	19 487	16 684	7 735
Other non-current assets	43	35	24	26	24	66	68	87	294
Non-current assets	16 333	28 058	33 029	31 850	29 284	29 776	28 512	25 657	16 420
Contract assets	157	115	110	103	116	126	117	102	99
Trade receivables and other current assets	2 375	1 775	1 695	1 285	1 298	1 017	1 074	776	991
Cash and cash equivalents	263	8 932	6 406	5 545	4 334	2 491	2 900	2 453	5 620
Assets held for sale	37 426	-	-	1 314	1 290	1 784	1 793	1 873	744
Current assets	40 220	10 822	8 211	8 247	7 039	5 418	5 884	5 204	7 454
Total assets	56 554	38 881	41 241	40 097	36 323	35 193	34 397	30 861	23 874
						-	-	-
Paid-in equity	7 144	9 655	9 685	9 691	9 660	9 669	9 676	9 659	9 658
Other equity	35 872	20 756	23 842	22 794	19 255	18 379	17 685	14 844	8 203
Equity attributable to owners of the parent	43 016	30 412	33 527	32 485	28 915	28 048	27 361	24 503	17 861
Non-controlling interests	145	16	18	19	14	16	15	16	11
Equity	43 161	30 428	33 545	32 504	28 929	28 065	27 376	24 518	17 872
Deferred tax liabilities	422	404	437	426	436	423	412	428	405
Pension liabilities	1 155	471	469	454	445	410	410	405	405
Non-current interest-bearing loans and borrowings	4 876	3 022	3 016	3 018	2 947	2 924	2 924	1 922	1 922
Non-current lease liabilities	1 881	778	763	712	688	515	488	469	434
Other non-current liabilities	381	256	262	274	177	206	202	197	77
Non-current liabilities	8 714	4 931	4 948	4 884	4 692	4 479	4 436	3 421	3 242
						-	-	-
Current interest-bearing loans and borrowings	284	-	-	0	0	0	0	322	322
Income tax payable	164	149	152	284	269	212	266	233	251
Current lease liabilities	384	165	162	150	146	128	129	132	128
Contract liabilities	675	194	188	99	113	108	108	81	107
Other current liabilities	3 171	3 013	2 245	1 768	1 788	1 325	1 240	1 125	1 328
Liabilities held for sale	-	-	-	408	385	877	841	1 029	624
Current liabilities	4 678	3 521	2 748	2 709	2 702	2 650	2 585	2 922	2 760
Total equity and liabilities	56 554	38 881	41 241	40 097	36 323	35 193	34 397	30 861	23 874

The current version of the statement includes the retrospective restatement of prior period errors in relation to recognition of Vend's investment in Adevinta under the equity method. Reference is made to corrective note as published by Vend 18 December 2024. The investment in Adevinta is presented as a discontinued operation for all periods presented.

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NOK million

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS	31.03 2024	30.06 2024	30.09 2024	31.12 2024	31.03 2025	30.06 2025	30.09 2025	31.12 2025	31.03 2026
	restated & re-presented	restated & re-presented	re-presented	re-presented	re-presented
Profit (loss) before taxes from continuing operations	(57)	125	5 193	4 857	(2 220)	2 691	2 056	(396)	(5 467)
Profit (loss) before taxes from discontinued operations	(690)	8 098	8 242	8 297	4	318	448	503	805
Depreciation, amortisation and impairment losses (recognised or reversed)	364	623	905	2 489	171	345	497	700	146
Net interest expense (income)	95	129	96	87	1	6	34	60	22
Net effect pension liabilities	(50)	(78)	(83)	(73)	(13)	(15)	(20)	(27)	(7)
Share of loss (profit) of joint ventures and associates	586	605	618	646	15	20	31	41	11
Dividends received from joint ventures and associates	-	-	-	-	-	-	-	-	-
Interest received	14	75	164	233	53	99	125	151	25
Interest paid	(99)	(201)	(253)	(303)	(50)	(95)	(146)	(193)	(43)
Taxes paid	(121)	(233)	(281)	(190)	(107)	(288)	(308)	(197)	(93)
Non-operating gains and losses	89	(8 696)	(13 585)	(14 636)	2 433	(2 379)	(1 344)	1 291	5 025
Change in working capital and provisions	(23)	(107)	51	33	20	(43)	(252)	(119)	57
Net cash flow from operating activities	108	341	1 067	1 440	306	657	1 122	1 816	480
- of which from continuing operations	24	197	831	1 075	254	567	1 009	1 564	485
- of which from discontinued operations	84	143	236	365	52	89	113	252	(6)
Net cash flow from investing activities	(499)	27 741	27 474	27 217	(219)	3 880	3 845	3 920	4 159
- of which from continuing operations	(402)	(490)	(742)	(934)	(197)	3 524	3 503	3 570	2 950
- of which from discontinued operations	(97)	28 231	28 216	28 151	(22)	357	342	350	1 209
Net cash flow from financing activities	(627)	(20 428)	(23 415)	(24 374)	(1 308)	(7 585)	(7 618)	(8 833)	(1 472)
- of which from continuing operations	(554)	(20 280)	(23 247)	(24 189)	(1 291)	(7 547)	(7 565)	(8 771)	(1 465)
- of which from discontinued operations	(73)	(148)	(169)	(185)	(17)	(38)	(53)	(62)	(7)
Effect of exchange rate changes on cash and cash equivalents	1	-	3	1	1	2	3	8	(8)
Net increase (decrease) in cash and cash equivalents	(1 017)	7 653	5 127	4 284	(1 220)	(3 046)	(2 647)	(3 089)	3 159
Cash and cash equivalents at start of period	1 279	1 279	1 279	1 279	5 564	5 564	5 564	5 564	2 475
Cash and cash equivalents at end of period	263	8 932	6 406	5 564	4 344	2 518	2 917	2 475	5 634
- of which cash and cash equivalents excluding assets held for sale	263	8 932	6 406	5 545	4 334	2 491	2 900	2 453	5 620
- of which cash and cash equivalents in assets held for sale	-	-	-	19	9	27	17	22	14

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NOK million

1 quarter 2024	2 quarter 2024	3 quarter 2024	4 quarter 2024	1 quarter 2025	2 quarter 2025	3 quarter 2025	4 quarter 2025	1 quarter 2026	VEND GROUP	Year to date 2026	Year to date 2025	Full year 2025	Full year 2024
re-presented	re-presented	re-presented	re-presented	re-presented									re-presented
Operating revenues
544	625	612	549	548	666	669	619	574	Mobility	574	548	2 503	2 329
250	341	316	263	301	379	345	302	341	Real Estate	341	301	1 327	1 171
349	321	281	270	314	286	247	271	340	Jobs	340	314	1 118	1 220
197	210	218	234	188	202	216	242	223	Recommerce	223	188	847	858
299	331	314	334	171	170	123	83	63	Other/Headquarters	63	171	546	1 279
(114)	(118)	(118)	(122)	(4)	(8)	(6)	(6)	(0)	Eliminations	(0)	(4)	(24)	(472)
1 524	1 709	1 624	1 528	1 518	1 694	1 595	1 510	1 543	Vend Group	1 543	1 518	6 317	6 385
GDP (%)
261	334	328	268	267	381	380	328	274	Mobility	274	267	1 357	1 192
64	153	144	77	126	200	167	123	164	Real Estate	164	126	616	439
158	152	123	113	185	172	136	151	218	Jobs	218	185	644	547
(76)	(65)	(49)	(68)	(64)	(56)	(35)	(36)	(21)	Recommerce	(21)	(64)	(192)	(258)
(77)	(109)	(31)	(71)	(101)	(114)	(8)	(76)	(72)	Other/Headquarters	(72)	(101)	(298)	(288)
331	465	516	320	413	583	640	491	563	Vend Group	563	413	2 127	1 632
GAZET
21	31	30	40	41	43	35	45	43	Mobility	43	41	164	122
16	22	19	30	28	27	22	29	17	Real Estate	17	28	105	87
14	25	16	17	19	24	16	22	25	Jobs	25	19	81	72
28	32	20	24	30	31	22	31	26	Recommerce	26	30	114	104
43	30	32	35	5	5	14	9	3	Other/Headquarters	3	5	34	140
122	140	117	146	123	130	108	137	114	Vend Group	114	123	498	525

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NOK million

1 quarter 2024	2 quarter 2024	3 quarter 2024	4 quarter 2024	1 quarter 2025	2 quarter 2025	3 quarter 2025	4 quarter 2025	1 quarter 2026	MOBILITY	Year to date 2026	Year to date 2025	Full year 2025	Full year 2024
Restated	Restated	Restated	Restated	Restated	Restated	Restated	Restated
384	434	420	390	405	486	475	438	418	Classifieds revenues	418	405	1 804	1 628
309	304	299	309	319	335	335	350	338	- of which Professional	338	319	1 339	1 222
74	130	121	81	86	151	140	88	80	- of which Private	80	86	465	406
73	90	104	95	86	103	123	117	99	Transactional revenues	99	86	428	362
68	87	74	55	48	69	63	57	51	Advertising revenues	51	48	237	284
19	14	14	9	10	8	8	8	7	Other operating revenues	7	10	33	56
544	625	612	549	548	666	669	619	574	Operating revenues	574	548	2 503	2 329
12 %	4 %	7 %	0 %	1 %	7 %	9 %	13 %	5 %	YOY revenue growth	5 %	1 %	7 %	6 %
(25)	(29)	(33)	(32)	(26)	(29)	(38)	(38)	(30)	Costs of goods and services sold	(30)	(26)	(130)	(118)
(85)	(78)	(73)	(82)	(86)	(85)	(80)	(89)	(95)	Personnel expenses	(95)	(86)	(340)	(318)
(26)	(40)	(41)	(20)	(35)	(38)	(40)	(26)	(43)	Marketing expenses	(43)	(35)	(139)	(126)
(33)	(31)	(33)	(29)	(35)	(35)	(33)	(38)	(38)	Other operating expenses	(38)	(35)	(142)	(126)
(114)	(114)	(103)	(117)	(99)	(99)	(99)	(99)	(95)	Allocated operating expenses	(95)	(99)	(394)	(449)
261	334	328	268	267	381	380	328	274	EBITDA	274	267	1 357	1 192
48 %	53 %	54 %	49 %	49 %	57 %	57 %	53 %	48 %	EBITDA-margin	48 %	49 %	54 %	51 %
Operating revenues per country
---	---	---	---	---	---	---	---	---	---	---	---	---
208	269	267	219	215	281	291	260	256	Norway	256	215	1 047
208	227	212	204	211	257	243	223	193	Sweden	193	211	933
110	107	110	111	110	113	115	119	110	Denmark	110	110	457
18	22	23	15	13	16	20	18	15	Finland	15	13	66

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NOK million

1 quarter 2024	2 quarter 2024	3 quarter 2024	4 quarter 2024	1 quarter 2025	2 quarter 2025	3 quarter 2025	4 quarter 2025	1 quarter 2026	REAL ESTATE	Year to date 2026	Year to date 2025	Full year 2025	Full year 2024
									Real estate total
208	292	261	210	245	324	283	241	272	Classifieds revenues	272	245	1 094	971
177	257	224	181	212	287	247	213	241	- of which Professional	241	212	959	839
30	35	37	29	33	37	36	28	31	- of which Private	31	33	135	132
20	27	35	35	40	38	45	46	48	Transactional revenues	48	40	169	117
16	19	17	15	13	15	15	15	17	Advertising revenues	17	13	57	67
6	3	4	3	4	1	2	0	4	Other operating revenues	4	4	8	16
250	341	316	263	301	379	345	302	341	Operating revenues	341	301	1 327	1 171
16 %	16 %	13 %	12 %	20 %	11 %	9 %	15 %	13 %	YOY revenue growth	13 %	20 %	13 %	14 %
(11)	(15)	(12)	(10)	(10)	(14)	(11)	(10)	(8)	Costs of goods and services sold	(8)	(10)	(45)	(47)
(47)	(47)	(40)	(52)	(57)	(57)	(43)	(61)	(63)	Personnel expenses	(63)	(57)	(218)	(186)
(21)	(21)	(23)	(25)	(23)	(19)	(39)	(28)	(24)	Marketing expenses	(24)	(23)	(109)	(90)
(36)	(35)	(32)	(30)	(25)	(29)	(27)	(21)	(25)	Other operating expenses	(25)	(25)	(101)	(134)
(71)	(69)	(65)	(70)	(59)	(59)	(59)	(59)	(56)	Allocated operating expenses	(56)	(59)	(237)	(274)
64	153	144	77	126	200	167	123	164	EBITDA	164	126	616	439
26 %	45 %	46 %	29 %	42 %	53 %	48 %	41 %	48 %	EBITDA-margin	48 %	42 %	46 %	37 %
Operating revenues per country
---	---	---	---	---	---	---	---	---	---	---	---	---
195	281	247	196	226	304	265	222	256	Norway	256	226	1 017
27	29	38	38	46	42	48	46	47	Sweden	47	46	182
1	1	1	-	0	-	-	0	-	Denmark	-	0	0
28	30	30	30	30	33	32	34	38	Finland	38	30	129

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NOK million

1 quarter 2024	2 quarter 2024	3 quarter 2024	4 quarter 2024	1 quarter 2025	2 quarter 2025	3 quarter 2025	4 quarter 2025	1 quarter 2026	JOBS	Year to date 2026	Year to date 2025	Full year 2025	Full year 2024
									Jobs total
345	318	278	268	314	286	247	271	340	Classifieds revenues	340	314	1 118	1 209
345	318	278	268	314	286	247	271	340	- of which Professional	340	314	1 118	1 209
0	-	-	-	-	-	-	-	-	- of which Private	-	-	-	0
-	-	-	-	-	-	-	-	-	Transactional revenues	-	-	-	-
2	1	0	(0)	(0)	0	(0)	-	-	Advertising revenues	-	(0)	-	3
2	1	3	2	0	0	0	0	0	Other operating revenues	0	0	0	8
349	321	281	270	314	286	247	271	340	Operating revenues	340	314	1 118	1 220
-7 %	-3 %	-2 %	-9 %	-10 %	-11 %	-12 %	0 %	8 %	YOY revenue growth	8 %	-10 %	-8 %	-5 %
(21)	(17)	(20)	(20)	(14)	(7)	(7)	(15)	(10)	Costs of goods and services sold	(10)	(14)	(43)	(78)
(49)	(43)	(33)	(34)	(29)	(26)	(21)	(27)	(30)	Personnel expenses	(30)	(29)	(103)	(158)
(22)	(14)	(17)	(4)	(9)	(5)	(6)	(3)	(10)	Marketing expenses	(10)	(9)	(23)	(56)
(9)	(10)	(10)	(11)	(6)	(6)	(7)	(5)	(5)	Other operating expenses	(5)	(6)	(25)	(40)
(90)	(85)	(79)	(87)	(70)	(70)	(70)	(70)	(67)	Allocated operating expenses	(67)	(70)	(280)	(341)
158	152	123	113	185	172	136	151	218	EBITDA	218	185	644	547
45 %	47 %	44 %	42 %	59 %	60 %	55 %	56 %	64 %	EBITDA-margin	64 %	59 %	58 %	45 %
Operating revenues per country
---	---	---	---	---	---	---	---	---	---	---	---	---	---
298	278	244	253	314	286	247	271	340	Norway	340	314	1 118	1 073
22	19	18	-	-	(0)	-	-	-	Sweden	-	-	(0)	60
-	-	-	-	-	(0)	-	-	-	Denmark	-	-	(0)	-
29	23	19	17	-	-	-	-	-	Finland	-	-	-	88

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NOK million

1 quarter 2024	2 quarter 2024	3 quarter 2024	4 quarter 2024	1 quarter 2025	2 quarter 2025	3 quarter 2025	4 quarter 2025	1 quarter 2026	RECOMMERCE	Year to date 2026	Year to date 2026	Full year 2025	Full year 2024
Restated	Restated	Restated	Restated	Restated	Restated	Restated	Restated
61	63	61	62	53	60	60	64	56	Classifieds revenues	56	53	237	246
42	39	39	40	39	40	38	39	31	- of which Professional	31	39	155	159
19	24	22	22	15	20	23	25	24	- of which Private	24	15	82	87
87	94	105	118	113	115	126	145	140	Transactional revenues	140	113	499	404
36	44	38	40	21	26	29	33	28	Advertising revenues	28	21	110	158
14	10	13	13	0	0	0	0	0	Other operating revenues	0	0	1	50
197	210	218	234	188	202	216	242	223	Operating revenues	223	188	847	858
26 %	21 %	21 %	12 %	-4 %	-4 %	-1 %	3 %	19 %	YOY revenue growth	19 %	-4 %	-1 %	20 %
(79)	(87)	(100)	(115)	(92)	(88)	(88)	(102)	(86)	Costs of goods and services sold	(86)	(92)	(371)	(382)
(45)	(38)	(36)	(41)	(36)	(39)	(28)	(32)	(37)	Personnel expenses	(37)	(36)	(135)	(160)
(17)	(24)	(18)	(21)	(11)	(18)	(21)	(29)	(12)	Marketing expenses	(12)	(11)	(78)	(80)
(13)	(12)	(9)	(11)	(5)	(5)	(6)	(6)	(5)	Other operating expenses	(5)	(5)	(22)	(45)
(118)	(115)	(103)	(113)	(108)	(108)	(108)	(108)	(105)	Allocated operating expenses	(105)	(108)	(434)	(449)
(76)	(65)	(49)	(68)	(64)	(56)	(35)	(36)	(21)	EBITDA	(21)	(64)	(192)	(258)
-39 %	-31 %	-22 %	-29 %	-34 %	-28 %	-16 %	-15 %	-10 %	EBITDA-margin	-10 %	-34 %	-23 %	-30 %
Operating revenues per country
---	---	---	---	---	---	---	---	---	---	---	---	---
94	106	108	110	98	108	115	133	124	Norway	124	98	454
47	45	45	47	42	44	45	43	38	Sweden	38	42	174
44	43	44	47	21	18	18	22	22	Denmark	22	21	80
11	15	21	30	27	31	38	43	39	Finland	39	27	140

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NOK million

1 quarter 2024	2 quarter 2024	3 quarter 2024	4 quarter 2024	1 quarter 2025	2 quarter 2025	3 quarter 2025	4 quarter 2025	1 quarter 2026	OTHER / HEADQUARTERS	Year to date 2026	Year to date 2025	Full year 2025	Full year 2024
									Other / Headquarters total
299	331	314	334	171	170	123	83	63	Operating revenues	63	171	546	1 279
				-43 %	-49 %	-61 %	-75 %	-63 %	YOY revenue growth	-63 %	-43 %	-57 %
(0)	(0)	(1)	(1)	(2)	(1)	(2)	(1)	(2)	Costs of goods and services sold	(2)	(2)	(6)	(2)
(378)	(427)	(270)	(309)	(271)	(276)	(222)	(254)	(261)	Personnel expenses	(261)	(271)	(1 023)	(1 384)
(36)	(42)	(30)	(38)	(13)	(23)	(12)	(4)	(11)	Marketing expenses	(11)	(13)	(52)	(145)
(354)	(354)	(395)	(444)	(323)	(319)	(232)	(236)	(185)	Other operating expenses	(185)	(323)	(1 109)	(1 546)
393	383	350	387	336	336	336	336	324	Allocated operating expenses	324	336	1 346	1 512
(77)	(109)	(31)	(71)	(101)	(114)	(8)	(76)	(72)	EBITDA	(72)	(101)	(298)	(288)
-26 %	-33 %	-10 %	-21 %	-59 %	-67 %	-7 %	-91 %	-114 %	EBITDA-margin	-114 %	-59 %	-55 %	-22 %