Vend Marketplaces ASA

Investor Presentation • May 7, 2025

Q1 2025 Results 7 May 2025

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.

Q1 2025 Summary

+4%* Revenues YoY (NOK 2,015m)

+18% EBITDA YoY (NOK 394m)

20% EBITDA margin (+2%-point YoY)

Key Financials Strategic highlights

• Solid progress on strategic focus areas: ARPA and cost agenda on track
• Simplification continues: Delivery divestment process expected to be initiated shortly and entered into an agreement to sell Prisjakt.
• Capital return: New NOK 2bn share buyback programme initiated
• New corporate name "Vend" to be launched 12 May

Operational highlights

• Mobility: Revenues -1%* affected by Advertising decline, while Classifieds +6% driven by ARPA; 49% EBITDA margin
• Real Estate: Revenues +20%* driven by ARPA, exceptional volume growth in Norway and solid Transactional growth; 42% EBITDA margin
• Jobs: Financials affected by market exits, while revenues in Norway +5% driven by ARPA growth; 59% EBITDA margin
• Recommerce: Revenues -6%* as positive Transactional development was offset by weak Advertising revenue and by phasing out and deconsolidating non-core revenue streams; EBITDA NOK -72m

Mobility

ARPA growth across countries; volatile volumes Mobility | KPIs

ARPA Q1 2025, YoY change %

Professional	Private
NOK 461¹ 5% YoY	NOK 704¹ 12% YoY
SEK 708¹ 14% YoY	SEK 206¹ 20% YoY
DKK 341² 11% YoY	DKK 179 23% YoY

ARPA: Average Revenue Per Ad

NAA Q1 2025, YoY change %

Professional	Private
156k¹ 5% YoY	67k¹ 10% YoY
225k¹ -10% YoY	158k¹ -4% YoY
53k² -9% YoY	36k -30% YoY

NAA: New Approved Ads

5 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

Mobility

Resilient EBITDA development

Mobility

Revenues (NOKm), EBITDA margin (%)

Highlights

• Classifieds revenues up 6%, driven by ARPA growth from both professionals and privates
• Solid quarter for AutoVex and Nettbil resulted in 18% growth in Transactional revenue
• Increased decline in advertising revenues, down 30% YoY
• Slight decline in OPEX excl. COGS despite investments in C2B models and transition to a common tech platform
• EBITDA of NOK 275m, up 3% YoY

Real Estate | KPIs

Exceptional volume growth in Residential for sale in Norway; ARPA dampened by package downgrades

ARPA Q1 2025, YoY change %

Total	Residential for sale³
NOK 3,279¹ 12% YoY	NOK 4,943¹ 6% YoY
EUR 21² 11% YoY

ARPA: Average Revenue Per Ad

NAA Q1 2025, YoY change %

Total	Residential for sale
58k¹ 13% YoY	29k¹ 27% YoY
103k² -1% YoY

NAA: New Approved Ads

¹ New construction not included, due to different business models ² Oikotie only, excluding ads on Tori and Qasa

³ Residential for sale ARPA not IFRS adjusted

Extraordinary strong top-line combined with cost control drive strong improvement in EBITDA

Real Estate

Revenues (NOKm), EBITDA margin (%)

Highlights

• Fourth consecutive quarter of record-high traffic in FINN Real Estate, while Oikotie continued to reinforce its market lead with improvement in key metrics
• 18% growth in classifieds revenues, driven by double digit volume growth and increasing ARPA in Norway
• Strong growth in Transactional revenues driven by Qasa Sweden and HomeQ
• OPEX excl. COGS declining 6% YoY, despite investments in Finland and transactional models
• EBITDA of NOK 126m, up 97% YoY

Jobs | KPIs

Increased ARPA growth, declining volume in a soft market

ARPA Q1 2025, YoY change %

ARPA: Average Revenue Per Ad

NAA Q1 2025, YoY change %

Total Total

NAA: New Approved Ads

Jobs

Solid EBITDA improvement driven by revenue growth in Norway and lower costs

Jobs

Revenues (NOKm), EBITDA margin (%)

Highlights

• Total reported revenue and margin impacted by exits in Sweden and Finland
• Revenues in Norway grew 5% YoY as strong ARPA growth from pricing updates offset a 10% decline in volume
• OPEX excl. COGS down 32% YoY driven by exits and lower FTEs
• EBITDA of NOK 185m, up 17% YoY

Recommerce

Recommerce | KPIs Continued solid development in key KPIs

Transacted GMV Q1 2025, YoY change %

Total
NOK 531m 30% YoY
SEK 191m 33% YoY
EUR 12m 3% QoQ
DKK 16m N/A

GMV: Gross merchandise value of transacted C2C goods

Take rate Q1 2025, YoY change pp

Total
16% 0pp YoY
10% 1pp YoY
17% 1pp QoQ
14% N/A

Take rate: External take rate including shipping and VAT

Recommerce

Continued strong transactional growth with margin improvements

Recommerce

Revenues (NOKm), EBITDA margin (%)

Highlights

• Continued strong growth in Transactional revenues (30%* YoY) driven by volume
• Increased decline in advertising revenues, down 41% YoY
• Total revenues reflects focused efforts through strategic simplifications, including phase out of low-margin revenue streams
• OPEX excl. COGS down 17% YoY, driven by FTE reductions and lower marketing costs
• EBITDA of NOK -72m; improvement of 12% YoY

Q1 Group revenues grew 4% YoY; EBITDA up 18% YoY

** From 1 July 2024, Revenues and EBITDA in Delivery includes the newly acquired delivery business from Amedia, contributing with revenues of NOK 85m and EBITDA of NOK 2m in Q1 2025

Cost agenda on track, OPEX down 9%

Schibsted Marketplaces excl. Delivery Highlights OPEX, excl. COGS (NOKm)

• OPEX (excl. Delivery and COGS) down 9% YoY, primarily driven by lower personnel costs
• Personnel costs down -21% YoY, driven by FTE reductions offsetting salary inflation
• Marketing cost decrease of 23%, primarily driven by exit of Jobs verticals in Finland and Sweden as well as lower campaign activity in Recommerce compared to last year
• Other cost increased 16%, primarily due to higher computer and software expenses combined with one-off costs linked to company-wide event for the "new" company
• OPEX (excl. Delivery and COGS) / revenues ratio down 6%-points YoY

Q1 income statement Schibsted Group

Income statement	First quarter
(NOK million)	2024	2025
Operating revenues	1,916	2,015
Operating expenses	(1,584)	(1,621)
Gross operating profit (loss) - EBITDA	332	394
Depreciation and amortisation	(157)	(143)
Impairment loss	-	(9)
Other income	-
Other expenses	(103)	(58)
Operating profit (loss)	73	183
Share of profit (loss) of joint ventures and associates	(17)	(15)
Impairment loss on joint ventures and associates (recognised or reversed)	(43)	(14)
Gains (losses) on disposal of joint ventures and associates	(2)	6
Financial income	27	78
Financial expense Profit (loss) before taxes	(121) (83)	(2,502) (2,263)
Taxes	(31)	(25)
Profit (loss) from continuing operations	(114)	(2,288)
Profit (loss) from discontinued operations	(658)	33
Profit (loss)	(772)	(2,255)
Non-controlling interests	17	(6)
Owners of the parent	(789)	(2,249)
Earnings per share (NOK)
EPS - basic (NOK)	(3.50)	(9.94)
EPS - basic adjusted (NOK)	(3.50)	(9.94)

Mainly restructuring cost related to the announced restructuring programme, cost related to the separation of Schibsted Media and transaction-related costs related to ongoing sale processes of Lendo, Prisjakt and skilled trades marketplaces.

Includes loss of NOK 2,441m from fair value adjustment of Aurelia.

Operations in Lendo, Prisjakt and skilled trades marketplaces presented as discontinued operations in 2025 and 2024. Adevinta and Schibsted Media are only presented as discontinued in Q1 2024.

Q1 cash flow from continuing operations

Cash flow	First quarter
(NOK million)	2024	2025
Profit (loss) before taxes from continuing operations	(83)	(2,263)
Depreciation, amortisation and impairment losses (recognised or reversed)	200	166
Net interest expense (income)	86	0
Net effect pension liabilities	(17)	(13)	Loss related to fair value adjustments of
Share of loss (profit) of joint ventures and associates	17	15	Aurelia NOK 2,441m, without cash effect
Interest received	5	61
Interest paid	(86)	(57)
Taxes paid	(118)	(95)
Non-operating gains and losses	69	2,433
Change in working capital and provisions	(62)	10
Net cash flow from operating activities	10	257
Net cash flow from investing activities	(406)	(198)
-whereof Development and purchase of intangible assets and property, plant and equipment	(126)	(125)	Increase related to the share buy-back programme
Net cash flow from financing activities	(563)	(1,301)
-whereof Payment of principal portion of lease liabilities	(72)	(39)

Solid net cash position, but reduced due to the ongoing share buyback programme

Debt maturity profile

(NOKm)

Financial gearing

(NIBD/EBITDA according to bank definition)

Accelerating medium-term EBITDA improvement mainly driven by ARPA and cost improvements

Indicative timing and size of EBITDA drivers

• Revenue acceleration related to increased impact from product, pricing and packaging agenda following platform transition, transactional growth and less drag from portfolio simplification
• COGS increase primarily linked to Recommerce transactional growth
• Increasing net cost reduction from completing platform transition and other structural cost initiatives

Financial framework for sustainable value creation

Accelerate Future Winners

Simplify

Verticalise Expand

Strategy Medium-term targets Capital allocation

Mobility	Revenue growth: 12-17% EBITDA margin: 55-60%
Real Estate	Revenue growth: 12-17% EBITDA margin: 45-50%
Jobs	Revenue growth: 5-10% EBITDA margin: >55%

Revenue growth: >20% EBITDA margin: single-digit Recom.

• 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

< Agenda

7 May 2025 Christian Printzell Halvorsen, CEO Per Christian Mørland, CFO

Q&A

Appendices

Spreadsheet containing detailed Q1 2025 and historical information can be downloaded at schibsted.com/ir

KPIs

Historical ARPA trends per vertical

ARPA

Vertical	Country	Category	Q1-24	Q2-24	Q3-24	Q4-24
Mobility¹	Norway	Professional	NOK 438	NOK 439	NOK 428	NOK 434
	Norway	Private	NOK 628	NOK 620	NOK 653	NOK 698
	Sweden	Professional	SEK 622	SEK 596	SEK 578	SEK 613
	Sweden	Private	SEK 171	SEK 177	SEK 166	SEK 182
	Denmark	Professional²	DKK 309	DKK 309	DKK 313	DKK 316
	Denmark	Private	DKK 146	DKK 161	DKK 168	DKK 167
Real Estate	Norway	Total³	NOK 2,925	NOK 3,200	NOK 3,026	NOK 3,153
	Norway	Residential for sale	NOK 4,645	NOK 4,585	NOK 4,385	NOK 4,361
	Finland	Total⁴	EUR 19	EUR 19	EUR 20	EUR 24
Jobs	Norway	Total⁵	NOK 6,685	NOK 6,763	NOK 6,967	NOK 7,303

¹Transactional models like Nettbil, Autovex, and Wheelaway are not included due to different business models ²Avg. daily pro listings per month, due to pay per day listing model in Denmark ³New construction not included, due to different business models

26 ⁴Oikotie only, excluding ads on Tori and Qasa

⁵Sourced ads not included

KPIs

Historical listing trends per vertical

NAA

Vertical	Country	Category	Q1-24	Q2-24	Q3-24	Q4-24
Mobility¹	Norway	Professional	149k	156k	158k	162k
	Norway	Private	61k	118k	106k	62k
	Sweden	Professional	251k	255k	249k	248k
	Sweden	Private	165k	265k	245k	177k
	Denmark	Professional²	58k	55k	55k	57k
	Denmark	Private	51k	62k	58k	45k
Real Estate	Norway	Total³	51k	74k	67k	49k
	Norway	Residential for sale	23k	38k	31k	21k
	Finland	Total⁴	104k	111k	107k	91k
Jobs	Norway	Total⁵	44k	41k	35k	34k

¹Transactional models like Nettbil, Autovex, and Wheelaway are not included due to different business models ²Avg. daily pro listings per month, due to pay per day listing model in Denmark ³New construction not included, due to different business models

27 ⁴Oikotie only, excluding ads on Tori and Qasa

⁵Sourced ads not included

Historical Recommerce KPIs KPIs

Transactional KPIs

Vertical	Country	Category	Q1-24	Q2-24	Q3-24	Q4-24
Recommerce	Norway	Transacted GMV	NOK 408m		NOK 468m NOK 481m	NOK 540m
	Norway	Take rate	16%	16%	16%	16%
	Sweden	Transacted GMV	SEK 144m	SEK 147m	SEK 173m	SEK 177m
	Sweden	Take rate	9%	9%	10%	10%
	Finland	Transacted GMV	na	EUR 4m	EUR 8m	EUR 12m
	Finland	Take rate	na	11%	15%	16%

Shareholders analysis

Rank	Name	A-shares	B-shares	Total	% of S/I
1	Blommenholm Industrier AS	30,746,423	20,613,354	51,359,777	22.0%
2	Folketrygdfondet	8,348,078	11,461,852	19,809,930	8.5%
3	DNB Asset Management AS	3,072,233	6,930,744	10,002,977	4.3%
4	BofA Global Research (UK)	792,497	8,578,685	9,371,182	4.0%
5	The Vanguard Group, Inc.	3,372,457	3,402,664	6,775,121	2.9%
6	Storebrand Kapitalforvaltning AS	2,371,077	2,432,688	4,803,765	2.1%
7	Baillie Gifford & Co.	5,152	4,276,103	4,281,255	1.8%
8	Goldman Sachs International	3,209,490	1,058,021	4,267,511	1.8%
9	KLP Kapitalforvaltning AS	1,140,857	3,008,932	4,149,789	1.8%
10	FundLogic SAS	1,598,728	1,975,738	3,574,466	1.5%
11	Nordea Funds Oy	423,726	3,132,201	3,555,927	1.5%
12	Morgan Stanley & Co. International Plc	1,712,806	1,825,846	3,538,652	1.5%
13	Alfred Berg Kapitalforvaltning AS	1,618,228	1,853,220	3,471,448	1.5%
14	BlackRock Institutional Trust Company, N.A.	1,428,078	2,032,407	3,460,485	1.5%
15	Polaris Media ASA	0	3,218,304	3,218,304	1.4%
16	Vor Capital LLP.	0	3,068,914	3,068,914	1.3%
17	ODIN Forvaltning AS	758,803	2,157,362	2,916,165	1.2%
18	Capital Research Global Investors	2,891,945	0	2,891,945	1.2%
19	Eika Kapitalforvaltning AS	512,000	2,296,790	2,808,790	1.2%
20	Novo Holdings A/S	1,730,519	918,792	2,649,311	1.1%

Source: Nasdaq OMX, VPS as of 17 March 2025; 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

SVP FP&A and IR +47 941 00 835

Malin Ebenfelt

IR Manager +47 916 86 710

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