Vend Marketplaces ASA — Investor Presentation 2024

Oct 25, 2024

Christian Printzell Halvorsen, CEO | Per Christian Mørland, CFO

Disclaimer

This presentation (hereinafter referred to as the "presentation") has been prepared by Schibsted ASA ("Schibsted", "Schibsted Marketplaces", 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 Q3 2024

Strategic highlights	• Paid out second tranche of special cash dividend of NOK 2bn • Initiated first tranche of share buyback programme of NOK 2bn • Announced reorganisation on track; completed at the end of November • Progressing our monetisation agenda and simplification efforts
Financial highlights	• Revenues of NOK 2,607m, up 9%* YoY • Group EBITDA of NOK 670m, up 17% YoY
Operational highlights	• Nordic Marketplaces: 6% revenue growth, while Classifieds revenues were up 10% primarily driven by ARPA and transactional revenues; EBITDA of NOK 565m, up 12% YoY • Delivery: Continued improved revenues and EBITDA of NOK 35 million** due to higher volumes in Helthjem • Growth & Investments: EBITDA improvement despite negative impacts from macroeconomic factors

* On a constant currency basis

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^** From 1 July 2024, revenues and EBITDA in Delivery includes the newly acquired delivery business from Amedia, contributing with revenues of NOK 97m and EBITDA of NOK 10m in Q3 2024 Note: Financial numbers in this presentation relate to Schibsted Marketplaces, following the sale of our news media operations which was finalised in June 2024

Nordic Marketplaces

Mobility | Jobs | Real Estate | Recommerce

Classifieds revenues up 10%*; improved EBITDA margin

Revenue split Nordic Marketplaces

Revenues Q3 2024 (share in %)

* On a constant currency basis

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** Revenues from transactional models were NOK 252 million in Q3 2024

Continued solid development in ARPA across verticals

ARPA

Q3 2024, YoY change %

NOK 491¹ 6% YoY	NOK 6,965³ 12% YoY	NOK 3,029⁴ 11% YoY
SEK 373¹ 18% YoY	SEK 1,724 -5% YoY
DKK 313² 13% YoY
	EUR 107 31% YoY	EUR 20⁵ 11% YoY

ARPA: Average Revenue Per Ad

¹ Transactional models like Nettbil, Autovex, and Wheelaway are not included due to different business models

² Avg. daily pro listings per month, due to pay per day listing model in Denmark

³ Sourced ads in Norway not included

⁴ New construction not included, due to different business models

⁵ Oikotie only, excluding ads on Tori and Qasa

NAA

Q3 2024, YoY change %

263k¹ -2% YoY	35k³ -8% YoY	67k⁴ 3% YoY
494k¹ -3% YoY	10k -32% YoY
55k² 0% YoY
	15k -42% YoY	107k⁵ -5% YoY

NAA: New Approved Ads

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Solid EBITDA margin despite volume and advertising headwinds

Nordic Marketplaces Mobility Revenues (NOKm), EBITDA margin (%) YoY growth 5%* Classifieds revenues EBITDA margin Advertising revenues Other revenues Whereof transactional**: NOK 104m (10% YoY)

Highlights

• Classifieds revenues up 10%*, primarily driven by ARPA from both private and professionals in Sweden and professionals in Denmark and Norway
• Softer revenues for Nettbil, ending total transactional revenue growth at 10%*
• Advertising revenues down 19%* YoY
• Cost up driven by investments in transactional C2B models, marketing campaigns and transition to a common tech platform
• EBITDA of NOK 336m, up 11% YoY

* On a constant currency basis

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** Total Transactional revenues including the C2B models Nettbil, Autovex and Wheelaway plus C2C transactional offering "Smidig Bilhandel" on FINN

Nordic Marketplaces | Mobility

Introducing packages for Norwegian car dealers in 2025 to drive growth and value across the Nordics

Introducing packages with three tiers for Norwegian car dealers

Expansion of new package structure to Sweden and Denmark planned for 2026, serving as the foundation for product-led ARPA growth

Improved EBITDA margin despite slightly softer ARPA

Nordic Marketplaces Real Estate

Revenues (NOKm), EBITDA margin (%)

Highlights

• 17%* growth in classifieds revenues, driven by ARPA and volume in Norway as well as transactional rental models in Sweden
• Revenues in Norway, accounting for 77% of total Real Estate revenues in Q3, increased by 7%
• Second consecutive quarter with all time high traffic in FINN Real Estate
• Costs up, driven by investments in HomeQ, transition to a common tech platform and accelerated marketing efforts in Finland
• EBITDA of NOK 144m, up 21% YoY

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By connecting our prices more with value, we are better positioned to close the current price-value gap Nordic Marketplaces | Real Estate

We are differentiating prices based on property value, increasing value-connection and fairness

We are adding value in our packages and optimising their structure to ensure a balanced offering

	Property marketing	Insights	Brand building	Agent promotion & lead gen
Large	✔✔✔	✔✔✔	✔✔	✔✔
Medium	✔✔ ✔	✔	✔
Small	✔	✔
				New lead gen product

• Keeping structure with three packages with some product updates
• Price segmentation based on location and property value which is more fair and linked to the underlying value delivered
• Overall adjustment on packages and upsell product prices related to generated value

Today, the price for FINN products lack a connection to the

underlying property value, and thus value generated

Stable revenues in Norway; cost reductions YoY

Nordic Marketplaces Jobs

Revenues (NOKm), EBITDA margin (%)

YoY growth -3%*

Highlights

• Revenues in Norway, accounting for 85% of total Jobs revenues in Q3, remained stable YoY as ARPA growth from new pricing model offset an 8% decline in volume
• Revenues in Sweden and Finland continued to decrease, driven by lower volumes due to market headwinds and a more competitive environment
• Costs down 2% YoY, driven by personnel and consultants
• EBITDA of NOK 123m, 3% down YoY, driven by revenue decline

Solid revenue growth driven by volume; EBITDA margin improved

Nordic Marketplaces Recommerce

Revenues (NOKm), EBITDA margin (%)

YoY growth 14%*

** Not adjusted for currency

Highlights

• Continued strong growth in classifieds revenues, driven by transactional business model
• Number of transactions reaching 1.1 million in the quarter
• Advertising revenues down 11%* YoY
• Opex decline of 7% YoY when excluding COGS linked to transactional revenues
• EBITDA of NOK -57m, improved by 16% YoY

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Q3 Group EBITDA up 17% YoY

Q3 EBITDA per segment (NOKm) Revenues EBITDA YoY growth 9%* Q3 2022 Q3 2023 Q3 2024

Schibsted Marketplaces

Schibsted Marketplaces Q3 revenues, EBITDA (NOKm)

14 * On a constant currency basis ** From 1 July 2024, Revenues and EBITDA in Delivery includes the newly acquired delivery business from Amedia, contributing with revenues of NOK 97m and EBITDA of NOK 10m in Q3 2024

Q3 income statement Schibsted Group

Income statement	Third quarter
(NOK million)	2023	2024
Operating revenues	2,359	2,607
Operating expenses	(1,785)	(1,937)
Gross operating profit (loss) - EBITDA	574	670
Depreciation and amortisation	(181)	(234)	Restructuring costs related to separation of
Impairment loss	(22)	-	media operations from the remaining
Other income	12	5	Schibsted Marketplaces operations as well
Other expenses	(4)	(97)	as costs from organisational changes
Operating profit (loss)	378	345	following the divestment of Schibsted's
			media operations.
Share of profit (loss) of joint ventures and associates	(23)	(13)
Impairment loss on joint ventures and associates (recognised or reversed)	(34)	(49)	Includes NOK 5,025 of gain from fair value
Gains (losses) on disposal of joint ventures and associates	1	-	adjustment of Aurelia.
Financial income	1,297	5,125
Financial expense	(125)	(268)
Profit (loss) before taxes	1,495	5,141	Includes losses from fair value adjustments
			of financial instruments.
Taxes	(88)	(106)
Profit (loss) from continuing operations	1,407	5,035
			A purchase price adjustment from the sale of
Profit (loss) from discontinued operations	13,049	69	the media operations is presented as Profit
Profit (loss)	14,456	5,104	(loss) from discontinued operations in Q3.
Non-controlling interests	19	1
Owners of the parent	14,437	5,103
Earnings per share (NOK)
EPS - basic (NOK)	63.74	21.86
EPS - basic adjusted (NOK)	1.17	22.16

Q3 cash flow from continuing operations

Cash flow	Third quarter
(NOK million)	2023	2024
Profit (loss) before taxes from continuing operations	1,495	5,141
Depreciation, amortisation and impairment losses (recognised or reversed)	237	282
Net interest expense (income)	91	(33)
Net effect pension liabilities	1	(5)
Share of loss (profit) of joint ventures and associates	23	13
Interest received	25	89
Interest paid	(103)	(52)
Taxes paid	(58)	(49)
Non-operating gains and losses	(1,283)	(4,820)
Change in working capital and provisions	85	158
Net cash flow from operating activities Net cash flow from investing activities -whereof Development and purchase of intangible assets and property, plant and equipment	514 (192) (133)	724 (199) (145)
Net cash flow from financing activities	(571)	(2,987)
-whereof Payment of principal portion of lease liabilities	(19)	(33)

Solid net cash position; second tranche of special cash dividend paid and share buyback programme started

Debt maturity profile

(NOKm)

Financial gearing

(NIBD/EBITDA according to bank definition)

Next steps: further portfolio simplification planned

Plan to exit businesses we do not consider core, or where we neither have a leading position or clear path to get there. This means initiating exits in:

Plan to divest a majority of the venture portfolio

Capital Markets Day 2024

Save the date: Capital Markets Day on 19 November

Christian Printzell Halvorsen CEO

Per Christian Mørland CFO

Kjersti Høklingen EVP Real Estate

Eddie Sjølie EVP Jobs

Place: Port Olímpic, Barcelona Time: Tuesday, 19 November 2024

Programme for the day:

12:15 - 13:00 CET: Registration and coffee 13:00 - 17:00 CET: Presentations and Q&A 17:00 - 18:00 CET: Mingling with Schibsted management

Register for in-person attendance: https://forms.gle/PcTXJuD5BghspvrT6

Or email ir+CMD2024@schibsted.com

Sven Størmer Thaulow CPTO

Cathrine Laksfoss EVP Recommerce

Robin Suwe EVP Mobility

Q&A

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25 October 2024 Christian Printzell Halvorsen, CEO Per Christian Mørland, CFO

Appendices

Spreadsheet containing detailed Q3 2024 and historical information can be downloaded at schibsted.com/ir

Income taxes

The relationship between tax (expense) income and accounting profit (loss) before taxes (continuing operations) is as follows:

Income tax Third quarter
(NOK million)	2023	2024
Profit (loss) before taxes	1,495	5,141
Tax (expense) income based on weighted average tax rates	(329)	(1,135)
Prior period adjustments	(12)	(1)
Tax effect of share of profit (loss) from joint ventures and associates	(5)	(3)
Tax effect of impairment loss on goodwill, joint ventures and associates (recognised or reversed)	(7)	(10)
Tax effect of other permanent differences	275	1 056
Current period unrecognised deferred tax assets	(10)	(12)
Tax (expense) income recognised in profit or loss	(88)	(106)

Shareholders analysis

Rank	Name	A-shares	B-shares	Total	% of S/I
1	Blommenholm Industrier AS	30,746,423	30,013,354	60,759,777	26.0%
2	Folketrygdfondet	8,243,192	11,392,543	19,635,735	8.4%
3	Baillie Gifford & Co.	9,481,364	6,470,563	15,951,927	6.8%
4	DNB Asset Management AS	3,099,228	6,967,038	10,066,266	4.3%
5	Polaris Media ASA	0	8,030,279	8,030,279	3.4%
6	The Vanguard Group, Inc.	3,222,111	3,122,795	6,344,906	2.7%
7	Morgan Stanley & Co. International Plc	2,195,307	2,855,052	5,050,359	2.2%
8	Storebrand Kapitalforvaltning AS	2,285,648	2,338,381	4,624,029	2.0%
9	KLP Fondsforvaltning AS	1,121,092	3,056,025	4,177,117	1.8%
10	Alfred Berg Kapitalforvaltning AS	1,655,675	2,446,262	4,101,937	1.8%
11	BofA Global Research (UK)	11	3,482,794	3,482,805	1.5%
12	Nordea Funds Oy	457,627	2,802,465	3,260,092	1.4%
13	BlackRock Institutional Trust Company, N.A.	1,339,244	1,582,380	2,921,624	1.2%
14	Vor Capital LLP.	0	2,875,104	2,875,104	1.2%
15	Eika Kapitalforvaltning AS	1,044,545	1,696,652	2,741,197	1.2%
16	Handelsbanken Kapitalförvaltning AB	244,983	2,407,035	2,652,018	1.1%
17	Goldman Sachs International	521,300	1,940,395	2,461,695	1.1%
18	Luxor Capital Group, L.P.	0	2,357,496	2,357,496	1.0%
19	Alecta pensionsförsäkring, ömsesidigt	0	2,248,500	2,248,500	1.0%
20	ODIN Forvaltning AS	1,104,302	954,787	2,059,089	0.9%

Source: Nasdaq OMX, VPS as of 17 September 2024; 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 Schibsted share register. Whilst every reasonable effort is made to verify all data, neither Nasdaq OMX nor Schibsted can guarantee the accuracy of the analysis.

Investor contact

Visit Schibsted's website: schibsted.com Email: ir@schibsted.com

Jann-Boje Meinecke VP FP&A and IR +47 941 00 835

Malin Ebenfelt

IR Officer +47 916 86 710

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