Vend Marketplaces ASA

Investor Presentation • Jul 18, 2024

Q2 2024 Results

18 July 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 Q2 2024

Transforming into a company centred around four marketplace verticals

• Christian Printzell Halvorsen appointed CEO, and new Executive Leadership Team announced
• Acquisition of the remaining c.10% FINN-stake from Polaris Media completed
• Completion of Adevinta transaction
• First tranche of special cash dividend of NOK 18 billion paid out
• Completed sale of news media operations to the Tinius Trust
• Organisational changes and cost-saving measures initiated

Financial highlights

• Revenues of NOK 2,525m, up 3%* YoY

• Group EBITDA of NOK 546m, up 1% YoY

• Operational highlights Nordic Marketplaces: 7%* revenue growth, while Classifieds revenues were up 13%* primarily driven by ARPA and transactional revenues; EBITDA of NOK 568m, up 8% YoY

  • Growth & Investments: Performance negatively impacted by macroeconomic factors
  • Delivery: Improved revenues and EBITDA of NOK 12 million due to higher volumes in Helthjem

3

Schibsted Marketplaces is centered around four marketplace verticals

Nordic Marketplaces

Mobility | Jobs | Real Estate | Recommerce

Classifieds revenues up 13%*; EBITDA margin stable YoY

Revenue split Nordic Marketplaces

Revenues Q2 2024 (share in %)

* On a constant currency basis

6

** Revenues from transactional models were NOK 212 million in Q2 2024

Continued solid development in ARPA across verticals

ARPA

Q2 2024, YoY change %

NOK 486¹ 7% YoY	NOK 6,763³ 8% YoY	NOK 3,203⁴ 15% YoY
SEK 382¹ 18% YoY	SEK 1,477 -1% YoY
DKK 309² 11% YoY
	EUR 120 79% YoY	EUR 19⁵ 2% 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

Q2 2024, YoY change %

274k¹ -6% YoY	41k³ -4% YoY	74k⁴ 5% YoY
520k¹ 2% YoY	13k -39% YoY
55k² 4% YoY
	17k -51% YoY	111k⁵ 3% YoY

NAA: New Approved Ads

Solid EBITDA margin despite volume headwinds

Nordic Marketplaces Mobility

Revenues (NOKm), EBITDA margin (%)

Highlights

• Classifieds revenues up 15%*, primarily driven by ARPA from professionals in Sweden and Denmark
• Advertising revenues down 15%* YoY
• Costs up driven by transition to a common tech platform and investments in transactional C2B models
• EBITDA of NOK 342m, up 9% YoY

* On a constant currency basis

8

Effective Q3 2023, Autovex revenues reported as classifieds revenues, not as other revenues as in previous quarters

Revenues in Norway rebounded

Nordic Marketplaces Jobs

Revenues (NOKm), EBITDA margin (%)

Highlights

• Revenues in Norway, accounting for 88% of total Jobs revenues in Q2, returned to a growth of 4%, driven by new pricing model and improved volume trend
• Revenues in Sweden and Finland continued to decrease, driven by lower volumes due to market headwinds and a more competitive environment
• Costs up YoY, driven by the transition to a common tech platform
• EBITDA of NOK 152m, 7% down YoY, driven by revenue decline

9

Strong quarter driven by Norway

Highlights

• Strong growth of 23%* in classifieds revenues, driven by ARPA and volume
• Revenues in Norway, accounting for 83% of total Real Estate revenues in Q2, increased by 15%
• All-time high traffic on FINN Real Estate in Norway, with total visits of c.140 million in Q2, up by 5 million YoY
• Costs up, driven by investments in Qasa and HomeQ and transition to a common tech platform
• EBITDA of NOK 153m, up 19% YoY

Robust transactional revenue growth driven by volume

Nordic Marketplaces Recommerce

Revenues (NOKm), EBITDA margin (%)

** Not adjusted for currency

Highlights

• Continued strong growth in classifieds revenues, driven by transactional business model
• Advertising revenues down 10%* YoY
• Launch of transactional model Tori Diili in Finland progressing well
• Improved margin driven by increased gross profit in Norway, Sweden and Denmark
• EBITDA of NOK -73m, up 18% YoY

Q2 Group EBITDA up 1% YoY

Schibsted Marketplaces

Q2 revenues, EBITDA (NOKm)

Schibsted Marketplaces

Q2 EBITDA per segment (NOKm)

Revenues

Q2 income statement Schibsted Group

Income statement	Second quarter
(NOK million)	2023	2024
Operating revenues	2,456	2,525
Operating expenses	(1,918)	(1,979)
Gross operating profit (loss) - EBITDA	538	546
Depreciation and amortisation	(183)	(199)
Impairment loss	-	(2)
Other income	17	-
Other expenses	(15)	(128)
Operating profit (loss)	357	218
Share of profit (loss) of joint ventures and associates	(1)	(26)
Impairment loss on joint ventures and associates (recognised or reversed)	(6)	(3)
Gains (losses) on disposal of joint ventures and associates	-	-
Financial income	47	116
Financial expense	(394)	(119)
Profit (loss) before taxes	3	186
Taxes	(78)	(65)
Profit (loss) from continuing operations	(76)	121
Profit (loss) from discontinued operations Profit (loss)	(1,873) (1,949)	6,604 6,725
Non-controlling interests	21	5
Owners of the parent	(1,969)	6,721
Earnings per share (NOK)
EPS - basic (NOK)	(8.59)	29.21
EPS - basic adjusted (NOK)	(4.38)	1.03

Increase driven by restructuring costs, and costs related to the separation of the news media operations.

Increase driven by increased interest income and fair value adjustment of equity instruments.

Reduction mainly explained by reduced losses from fair value adjustments of equity instruments and from the TRS in Adevinta.

Discontinued operations includes P&L effects from Adevinta and news media operations until closing of the transactions. Prior periods are re-presented.

The fair value of the investment in Adevinta will be estimated and disclosed each quarter

Schibsted Marketplaces holds a 14% ownership interest in Adevinta through Aurelia Netherlands Topco B.V.

• The investment will be classified as an equity instrument measured at fair value with gains or losses recognised in net financial items in profit or loss (FVPL)
• At the end of June, the fair value of the investment was NOK 15.6 billion (EUR 1,372 million) based on the agreed takeover price of NOK 115 per share in Adevinta ASA

Schibsted Marketplaces will apply a market approach using comparable trading multiples to estimate the fair value of the investment on a quarterly basis

• • The valuation technique will based on earnings multiples, primarily EV/EBITDA and EV/(EBITDA-CAPEX) multiples
• The multiples will be based on a balanced and well representative set of public peers, operating within similar regions and verticals
• Schibsted Marketplaces' CFO oversees the valuation, and is reviewed by the Audit Committee and external auditor quarterly
• An external opinion on the valuation framework will be obtained annually

xx-yy%

Q2 cash flow from continuing operations

Cash flow	Second quarter
(NOK million)	2023	2024
Profit (loss) before taxes from continuing operations	2	186
Depreciation, amortisation and impairment losses (recognised or reversed)	189	204
Net interest expense	84	23
Net effect pension liabilities	2	(3)
Share of loss (profit) of joint ventures and associates	1	26
Interest received	29	60
Interest paid	(108)	(93)
Taxes paid	(99)	(123)
Non-operating gains and losses	262	(15)
Change in working capital and provisions	(7)	(84)
Net cash flow from operating activities	354	180
Net cash flow from investing activities -whereof Development and purchase of intangible assets and property, plant and	(387) (200)	(161) (174)
equipment
Net cash flow from financing activities	(1,080)	(19,736)
-whereof Payment of principal portion of lease liabilities	(46)	(25)

Decrease driven by a negative development in working capital, partly offset by increased restructuring provisions without cash effect in Q2.

The YoY improvement is driven by lower investments within Delivery and Growth & Investments, partly offset by somewhat higher investments in NMP.

Net cash position following Adevinta and Media transactions; first tranche of special cash dividend paid

Debt maturity profile

(NOKm)

Financial gearing within target range

(NIBD/EBITDA according to bank definition)

Q&A

18 July 2024 Christian Printzell Halvorsen, CEO Per Christian Mørland, CFO

Appendices

Spreadsheet containing detailed Q2 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	Second quarter
(NOK million)	2023	2024
Profit (loss) before taxes	3	186
Tax (expense) income based on weighted average tax rates	(4)	(41)
Prior period adjustments	-	(1)
Tax effect of share of profit (loss) from joint ventures and associates	-	(5)
Tax effect of impairment loss on goodwill, joint ventures and associates (recognised or reversed)		(1)
Tax effect of other permanent differences	(61)	4
Current period unrecognised deferred tax assets		(21)
Tax (expense) income recognised in profit or loss (78)		(65)

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	25.4%
2	Folketrygdfondet	7,916,765	10,862,571	18,779,336	7.9%
3	Baillie Gifford & Co.	9,241,689	6,691,409	15,933,098	6.7%
4	DNB Asset Management AS	3,359,456	6,453,437	9,812,893	4.1%
5	Polaris Media ASA	0	8,030,279	8,030,279	3.4%
6	The Vanguard Group, Inc.	3,352,321	3,053,994	6,406,315	2.7%
7	Schibsted ASA	2,423,946	3,059,116	5,483,062	2.3%
8	Storebrand Kapitalforvaltning AS	2,179,503	2,281,603	4,461,106	1.9%
9	Eminence Capital, LP	1,707,018	2,669,400	4,376,418	1.8%
10	Luxor Capital Group, L.P.	309,817	4,066,049	4,375,866	1.8%
11	KLP Fondsforvaltning AS	1,085,740	3,006,436	4,092,176	1.7%
12	BofA Global Research (UK)	0	3,807,561	3,807,561	1.6%
13	Alfred Berg Kapitalforvaltning AS	1,547,708	1,999,411	3,547,119	1.5%
14	Vor Capital LLP.	889,483	2,579,104	3,468,587	1.5%
15	Nordea Funds Oy	446,150	2,771,431	3,217,581	1.3%
16	Didner & Gerge Fonder AB	0	3,116,073	3,116,073	1.3%
17	Handelsbanken Kapitalförvaltning AB	256,262	2,734,610	2,990,872	1.3%
18	BlackRock Institutional Trust Company, N.A.	1,410,744	1,382,737	2,793,481	1.2%
19	Eika Kapitalforvaltning AS	1,045,150	1,683,331	2,728,481	1.1%
20	NYA WERMLANDS-TIDNINGENS AB.	1,296,000	1,296,000	2,592,000	1.1%

Source: Nasdaq OMX, VPS as of 18 June 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