Vend Marketplaces ASA

Quarterly Report • May 4, 2022

8. Financial Services & Ventures

Financials and analytical info Q1 2022

• 1. Profit loss statement
• 1. Balance sheet
• 1. Cash flow
• 1. Segment overview
• 1. Nordic Marketplaces
• 1. News Media
• 1. eCommerce & Distribution

For details on Adevinta, please refer to Adevinta's reporting on adevinta.com/ir

For questions, please contact Schibsted IR:

Jann-Boje Meinecke, Head of IR ir@schibsted.com +47 941 00 835

schibsted.com/ir

NOK million

1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	SCHIBSTED GROUP CONDENSED CONSOLIDATED		Year to date Year to date	Full year	Full year
2020	2020	2020	2020	2021	2021	2021	2021	2022	INCOME STATEMENT	2022	2021	2021	2020
restated and	restated and												restated and re
re-presented	re-presented	restated	restated	restated	restated	restated	restated				restated	restated	presented
593	590	649	653	702	832	892	884		954 Classified revenues	954	702	3 309	2 485
653	653	630	894	705	843	765	995		766 Advertising revenues	766	705	3 309	2 829
473	495	490	694	551	670	613	801		615 -of which digital	615	551	2 634	2 153
689	717	737	761	763	753	789	788		773 Subscription revenues	773	763	3 093	2 905
301	324	349	363	374	374	404	403		399 -of which digital	399	374	1 556	1 336
306	315	331	303	273	282	288	264		239 Casual sales	239	273	1 107	1 256
785	799	840	1 009	958	908	933	1 006		916 Other revenues	916	958	3 804	3 434
3 026	3 073	3 188	3 620	3 401	3 619	3 667	3 936		3 648 Operating revenues	3 648	3 401	14 623	12 908
(93)	(100)	(109)	(151)	(146)	(129)	(115)	(141)		(148) Raw materials and finished goods	(148)	(146)	(531)	(454)
(1 221)	(1 189)	(1 130)	(1 365)	(1 299)	(1 366)	(1 293)	(1 527)		(1 453) Personnel expenses	(1 453)	(1 299)	(5 486)	(4 905)
(1 427)	(1 286)	(1 271)	(1 439)	(1 361)	(1 380)	(1 490)	(1 634)		(1 566) Other operating expenses	(1 566)	(1 361)	(5 865)	(5 422)
285	498	678	665	594	743	769	634		480 Gross operating profit (loss) - EBITDA	480	594	2 740	2 126
(193)	(199)	(218)	(218)	(220)	(233)	(268)	(262)		(263) Depreciation and amortisation	(263)	(220)	(984)	(829)
(0)	(6)	0	(25)	(6)	(91)	(7)	(14)		(2) Impairment loss	(2)	(6)	(119)	(32)
61	63	(1)	11	6	59	115	1	-	Other income	-	6	181	133
(11)	(58)	(93)	(71)	(31)	(45)	(26)	(70)		(32) Other expenses	(32)	(31)	(172)	(234)
141	297	366	360	343	432	583	289		184 Operating profit (loss)	184	343	1 647	1 165
(30)	(4)	2	(12)	(0)	(22)	(24)	(146)		(53) Share of profit (loss) of joint ventures and associates	(53)	(0)	(193)	(44)
-	(7)	(7)	(15)	-	-	(2)	(19 998)		(13 531) Impairment loss on joint ventures and associates	(13 531)	-	(20 000)	(29)
	6 (1)	(1)	6	3	5	8	131		1 Gains (losses) on disposal of joint ventures and associates		1 3	148	10
16	7	14	12	3	4	3	18		83 Financial income	83	3	28	37
(56)	(53)	(52)	(47)	(56)	(58)	(58)	(78)		(75) Financial expense	(75)	(56)	(248)	(197)
77	239	321	304	294	362	510	(19 783)		(13 391) Profit (loss) before taxes	(13 391)	294	(18 618)	941
(28)	264	(59)	(49)	(71)	(57)	(96)	(57)		(45) Taxes	(45)	(71)	(280)	128
48	503	262	254	222	305	414	(19 839)		(13 436) Profit (loss) from continuing operations	(13 436)	222	(18 898)	1 068
(434)	(34)	(209)	444	(501)	60 471	(3)	(2)		(0) Profit (loss) from discontinued operations	(0)	(501)	59 965	(233)
(385)	469	53	698	(279)	60 776	410	(19 841)		(13 436) Profit (loss)	(13 436)	(279)	41 066	836
									Profit (loss) attributable to:
(171) (214)	(1) 471	(58) 112	209 490	(175) (104)	(135) 60 911	18 392	18 (19 859)		18 Non-controlling interests (13 454) Owners of the parent	18 (13 454)	(175) (104)	(274) 41 341	(22) 858
									Earnings per share (NOK)
(0,91)	2,01	0,48	2,09	(0,44)	260,36	1,68	(84,86)		(57,49) Basic	(57,49)	(0,44)	176,70	3,67
(0,91)	2,01	0,48	2,09	(0,44)	259,92	1,67	(84,69)		(57,41) Diluted	(57,41)	(0,44)	176,40	3,66
(1,11)	2,03	1,60	2,69	1,41	3,50	1,28	0,35		0,44 Basic - adjusted	0,44	1,41	6,54	5,21
(1,11)	2,03	1,60	2,69	1,41	3,50	1,28	0,34		0,44 Diluted - adjusted	0,44	1,41	6,53	5,20

NOK million

CONDENSED CONSOLIDATED	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03
STATEMENT OF FINANCIAL POSITION	2020	2020	2020	2020	2021	2021	2021	2021	2022
Intangible assets	19 773	19 014	6 153	6 018	5 824	9 420	9 363	9 313	9 373
Property, plant and equipment and investment property	869	745	492	480	462	499	496	520	532
Right-of-use assets	2 894	2 735	1 641	1 620	1 549	1 516	1 441	1 355	1 369
Investments in joint ventures and associates	4 340	4 062	906	922	918	69 883	69 898	48 520	33 880
Deferred tax assets	234	588	702	690	709	716	737	621	604
Other non-current assets	346	344	88	101	97	132	285	736	963
Non-current assets	28 456	27 489	9 981	9 832	9 560	82 166	82 221	61 065	46 723
Contract assets	226	226	178	173	170	267	255	210	247
Trade receivables and other current assets	3 198	3 147	1 839	1 792	1 835	1 617	1 758	1 806	1 940
Cash and cash equivalents	3 977	6 282	1 021	1 306	1 104	727	709	1 108	1 337
Assets held for sale	-	-	25 184	35 375	33 292	-	-	-	-
Current assets	7 401	9 655	28 222	38 646	36 401	2 610	2 722	3 125	3 524
Total assets	35 857	37 144	38 204	48 478	45 961	84 776	84 943	64 189	50 246
Paid-in equity	6 993	6 990	7 011	7 028	7 034	7 026	7 049	7 060	7 061
Other equity	3 820	3 696	3 738	3 151	2 770	64 120	64 340	43 271	28 010
Equity attributable to owners of the parent	10 813	10 686	10 749	10 178	9 804	71 145	71 389	50 332	35 071
Non-controlling interests	6 887	6 402	6 111	5 675	5 465	112	130	201	220
Equity	17 700	17 088	16 860	15 853	15 269	71 257	71 519	50 533	35 291
Deferred tax liabilities	1 078	1 020	335	351	331	641	590	576	550
Pension liabilities	1 356	1 450	1 235	1 154	1 094	1 065	1 252	1 090	1 044
Non-current interest-bearing loans and borrowings	4 958	5 297	3 139	3 090	3 078	6 344	3 034	3 592	4 587
Non-current lease liabilities	2 750	2 579	1 550	1 503	1 424	1 388	1 316	1 237	1 244
Other non-current liabilities	521	411	290	317	269	389	379	340	511
Non-current liabilities	10 664	10 757	6 550	6 416	6 195	9 827	6 571	6 835	7 936
Current interest-bearing loans and borrowings	1 102	3 133	693	678	675	79	3 375	3 274	3 271
Income tax payable	184	115	235	74	95	122	190	154	141
Current lease liabilities	426	446	275	286	293	298	307	306	327
Contract liabilities	1 278	1 227	585	600	635	632	588	553	618
Other current liabilities	4 502	4 378	2 279	2 537	2 322	2 562	2 392	2 534	2 662
Liabilities held for sale	-	-	10 727	22 034	20 476	-	-	-	-
Current liabilities	7 492	9 299	14 793	26 209	24 497	3 692	6 853	6 821	7 019
Total equity and liabilities	35 857	37 144	38 204	48 478	45 961	84 776	84 943	64 189	50 246

NOK million

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS	31.03 2020	30.06 2020	30.09 2020	31.12 2020	31.03 2021	30.06 2021	30.09 2021	31.12 2021	31.03 2022
					restated	restated	restated	restated
Profit (loss) before taxes from continuing operations	77	316	637	941	294	655	1 165	(18 618)	(13 391)
Profit (loss) before taxes from discontinued operations	(308)	(247)	(272)	154	(335)	(130)	(134)	(134)	-
Depreciation, amortisation and impairment losses	335	710	968	1 226	226	552	829	21 103	13 796
Net interest expense *					126	243	293	347	55
Net effect pension liabilities	(46)	(42)	(28)	(7)	(55)	(79)	(71)	(85)	(47)
Share of loss (profit) of joint ventures and associates, net of dividends received	27	9	40	52	12	36	63	210	53
Interest received *					3	5	7	9	2
Interest paid *					(45)	(319)	(357)	(414)	(46)
Taxes paid	(159)	(333)	(522)	(819)	(199)	(397)	(415)	(424)	(81)
Sales losses (gains) non-current assets and other non-cash losses (gains)	(66)	(124)	(138)	(189)	553	522	404	309	(64)
Non-cash items and change in working capital and provisions *	678	717	974	1 043	136	230	49	195	(141)
Net cash flow from operating activities	538	1 005	1 659	2 402	715	1 318	1 833	2 498	137
- of which from continuing operations	98	418	711	1 292	299	977	1 493	2 157	137
- of which from discontinued operations	440	587	948	1 110	416	341	341	341	-
Net cash flow from investing activities	(366)	(708)	(2 947)	(6 109)	(404)	(4 914)	(5 278)	(5 923)	(744)
- of which from continuing operations	(165)	(348)	(2 473)	(2 654)	(424)	(3 534)	(3 782)	(4 425)	(744)
- of which from discontinued operations	(201)	(360)	(474)	(3 455)	20	(1 380)	(1 496)	(1 499)	-
Net cash flow from financing activities	(201)	2 121	2 022	2 624	(341)	1 694	1 525	1 909	847
- of which from continuing operations	(155)	(319)	(391)	(498)	(69)	2 086	1 917	2 301	847
- of which from discontinued operations	(46)	2 440	2 413	3 122	(271)	(392)	(392)	(392)	-
Effect of exchange rate changes on cash and cash equivalents	140	(2)	67	(105)	(80)	(48)	(49)	(54)	(11)
Net increase (decrease) in cash and cash equivalents	111	2 417	801	(1 188)	(109)	(1 951)	(1 969)	(1 570)	229
Cash and cash equivalents at start of period	3 866	3 866	3 866	3 866	2 678	2 678	2 678	2 678	1 108
Cash and cash equivalents at end of period	3 977	6 282	4 666	2 678	2 569	727	709	1 108	1 337
- of which cash and cash equivalents in assets held for sale	-	-	3 645	1 371	1 464	-	-	-	-
- of which cash and cash equivalents excluding assets held for sale	3 977	6 282	1 021	1 306	1 104	727	709	1 108	1 337

* Interests are presented on separate lines from 2022. Comparable figures have been restated for 2021.

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter			Year to date Year to date	Full year	Full year
2020	2020	2020	2020	2021	2021	2021	2021	2022	SCHIBSTED GROUP	2022	2021	2021	2020
restated	restated	restated	restated	restated	restated	restated	restated				restated	restated	restated
									Operating revenues
743	753	827	857	877	1 047	1 121	1 131	1 171	Nordic Marketplaces	1 171	877	4 176	3 181
1 670	1 697	1 721	1 983	1 761	1 868	1 842	2 055	1 798	News Media	1 798	1 761	7 525	7 070
354	382	376	491	523	475	424	491	477	eCommerce & Distribution	477	523	1 913	1 604
473	463	496	538	490	476	533	526	450	Financial Services & Ventures	450	490	2 026	1 971
236	250	225	231	223	216	217	248	239	Other/Headquarters	239	223	904	942
(450)	(471)	(458)	(480)	(473)	(463)	(469)	(515)	(487)	Eliminations	(487)	(473)	(1 921)	(1 859)
3 026	3 073	3 188	3 620	3 401	3 619	3 667	3 936		3 648 Schibsted Group	3 648	3 401	14 623	12 908
									EBITDA
298	341	356	340	360	489	499	434	443	Nordic Marketplaces	443	360	1 782	1 336
34	130	258	290	193	263	246	229	81	News Media	81	193	931	712
(1)	6	9	29	28	10	(10)	(2)	(13)	eCommerce & Distribution	(13)	28	26	43
20	58	110	81	56	42	97	53	29	Financial Services & Ventures	29	56	249	270
(66)	(36)	(55)	(76)	(43)	(60)	(63)	(80)	(59)	Other/Headquarters	(59)	(43)	(247)	(234)
285	498	678	665	594	743	769	634		480 Schibsted Group	480	594	2 740	2 126

NOK million 1 quarter 2020 restated	2 quarter 2020 restated	3 quarter 2020 restated	4 quarter 2020 restated	1 quarter 2021	2 quarter 2021	3 quarter 2021	4 quarter 2021	1 quarter 2022	Nordic Marketplaces	2022	Year to date Year to date Full year 2021	2021	Full year 2020 restated
594 101 49 743 3 % (445) 298 40 %	590 106 57 753 -7 % (412) 341 45 %	649 110 68 827 8 % (471) 356 43 %	653 132 72 857 13 % (517) 340 40 %	702 107 67 877 18 % (517) 360 41 %	833 136 78 1 047 39 % (558) 489 47 %	893 135 93 1 121 35 % (622) 499 45 %	884 158 89 1 131 32 % (698) 434 38 %		Nordic Marketplaces total 955 Classifieds revenues 131 Advertising revenues 84 Other revenues 1 171 Operating revenues 33 % YOY revenue growth (727) Operating expenses 443 EBITDA 38 % EBITDA-margin	955 131 84 1 171 33 % (727) 443 38 %	702 107 67 877 18 % (517) 360 41 %	3 311 537 327 4 176 31 % (2 394) 1 782 43 %	2 486 449 246 3 181 4 % (1 845) 1 336 42 %
383 50 48 480 0 % (270) 211 44 %	366 49 54 469 -13 % (225) 244 52 %	388 45 53 486 -4 % (256) 230 47 %	383 56 59 498 2 % (269) 229 46 %	430 49 54 533 11 % (266) 268 50 %	538 64 69 670 43 % (300) 370 55 %	522 58 68 647 33 % (297) 351 54 %	525 66 61 653 31 % (325) 327 50 %		Marketplaces Norway 602 Classifieds revenues 59 Advertising revenues 60 Other revenues 722 Operating revenues 35 % YOY revenue growth (330) Operating expenses 392 EBITDA 54 % EBITDA-margin	602 59 60 722 35 % (330) 392 54 %	430 49 54 533 11 % (266) 268 50 %	2 015 237 251 2 503 29 % (1 188) 1 316 53 %	1 520 200 214 1 934 -4 % (1 019) 914 47 %
200 38 1 239 9 % (139) 100 42 %	214 44 3 261 7 % (151) 110 42 %	216 46 2 263 10 % (139) 125 47 %	218 53 10 281 13 % (159) 123 44 %	208 40 4 252 6 % (147) 105 42 %	233 50 4 287 10 % (163) 124 43 %	227 44 4 275 4 % (152) 123 45 %	212 50 4 267 -5 % (161) 106 40 %		Marketplaces Sweden 205 Classifieds revenues 40 Advertising revenues 3 Other revenues 248 Operating revenues -2 % YOY revenue growth (160) Operating expenses 87 EBITDA 35 % EBITDA-margin	205 40 3 248 -2 % (160) 87 35 %	208 40 4 252 6 % (147) 105 42 %	881 185 15 1 081 4 % (623) 458 42 %	848 181 16 1 044 10 % (587) 457 44 %
11 13 0 24 4 % (20) 4 15 %	11 13 1 24 -16 % (24) 0 1 %	47 20 12 79 216 % (64) 15 19 %	53 24 14 90 286 % (84) 6 7 %	63 18 13 94 292 % (91) 4 4 %	62 22 12 96 300 % (82) 14 15 %	61 16 11 89 12 % (73) 15 17 %	64 20 10 95 5 % (94) 0 0 %		Marketplaces Finland 69 Classifieds revenues 15 Advertising revenues 12 Other revenues 96 Operating revenues 2 % YOY revenue growth (103) Operating expenses (7) EBITDA -7 % EBITDA-margin	69 15 12 96 2 % (103) (7) -7 %	63 18 13 94 292 % (91) 4 4 %	251 77 46 374 72 % (340) 34 9 %	122 69 27 217 117 % (192) 25 12 %
						83 16 16 115 (89) 26 23 %	82 22 20 123 (94) 30 24 %		Marketplaces Denmark 78 Classifieds revenues 17 Advertising revenues 19 Other revenues 115 Operating revenues YOY revenue growth (96) Operating expenses 19 EBITDA 17 % EBITDA-margin	78 17 19 115 (96) 19 17 %		165 38 36 239 (183) 56 23 %
(0) (16) (16)	(1) (13) (14)	(1) (12) (14)	(12) (5) (17)	(3) (14) (17)	(7) (13) (19)	(6) (10) (16)	(6) (24) (30)		Other Nordic Marketplaces (1) (10) Operating revenues/eliminations (39) Operating expenses (48) EBITDA	(10) (39) (48)	(3) (14) (17)	(22) (60) (82)	(14) (47) (61)
0,9792	1,0340	1,0296	1,0476	1,0145 10,4521 11,0202 10,6704 10,7574 10,2640 10,0894 10,3274	0,9951	1,0130 1,3887	0,9850 9,9723 1,3408		(1) Other Nordic Marketplaces includes Nordic Marketplaces headquarters, SPT cost allocation and eliminations 0,9480 SEK/NOK 9,9327 EUR/NOK 1,3349 DKK/NOK	1,3349	0,9480 1,0145 1,0019 1,0226 9,9327 10,2640 10,1633 10,7250	1,3647
204 39 1 244 4 % (142) 102 42 %	207 43 3 252 -6 % (146) 106 42 %	209 44 2 256 -1 % (135) 121 47 %	209 50 10 268 3 % (151) 117 44 %	205 40 4 249 2 % (145) 104 42 %	234 50 4 288 14 % (164) 124 43 %	224 44 4 271 6 % (150) 121 45 %	216 51 4 271 1 % (163) 108 40 %		Marketplaces Sweden in SEK 216 Classifieds revenues 42 Advertising revenues 3 Other revenues 261 Operating revenues 5 % YOY revenue growth (169) Operating expenses 92 EBITDA 35 % EBITDA-margin	216 42 3 261 5 % (169) 92 35 %	205 40 4 249 2 % (145) 104 42 %	879 185 15 1 080 6 % (622) 457 42 %	829 177 15 1 020 0 % (574) 446 44 %
1 1 0 2 -3 % (2) 0 15 %	1 1 0 2 -26 % (2) 0 1 %	4 2 1 7 192 % (6) 1 19 %	5 2 1 8 262 % (8) 1 7 %	6 2 1 9 299 % (9) 0 4 %	6 2 1 10 337 % (8) 1 15 %	6 2 1 9 16 % (7) 1 17 %	6 2 1 10 13 % (9) 0 0 %		Marketplaces Finland in EUR 7 Classifieds revenues 1 Advertising revenues 1 Other revenues 10 Operating revenues 5 % YOY revenue growth (10) Operating expenses (1) EBITDA -7 % EBITDA-margin	7 1 1 10 5 % (10) (1) -7 %	6 2 1 9 299 % (9) 0 4 %	25 8 5 37 82 % (34) 3 9 %	11 6 3 20 99 % (18) 2 12 %
						60 12 12 83 (64) 19	61 16 15 92 (70) 22		Marketplaces Denmark in DKK 59 Classifieds revenues 13 Advertising revenues 14 Other revenues 86 Operating revenues YOY revenue growth (72) Operating expenses 14 EBITDA	59 13 14 86 (72) 14		121 28 26 175 (134) 41

23 % 24 % 17 % EBITDA-margin 17 % 23 %

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter			Year to date Year to date	Full year	Full year
2020	2020	2020	2020	2021	2021	2021	2021	2022	News Media	2022	2021	2021	2020
restated	restated	restated	restated	restated	restated	restated	restated				restated	restated	restated
									News Media total
554	552	525	746	607	711	638	842		645 Advertising revenues	645	607	2 797	2 377
372	392	384	545	450	536	486	640	493	-of which digital	493	450	2 113	1 694
632	657	674	696	699	690	728	734		724 Subscription revenues	724	699	2 851	2 658
242	263	285	297	310	311	342	350	350	-of which digital	350	310	1 313	1 086
306	315	331	303	273	282	288	264		238 Casual sales	238	273	1 107	1 256
178	173	190	237	182	185	188	215		190 Other revenues	190	182	770	778
1 670	1 697	1 721	1 983	1 761	1 868	1 842	2 055		1 798 Operating revenues	1 798	1 761	7 525	7 070
				5 %	10 %	7 %	4 %		2 % YOY revenue growth	2 %	5 %	6 %
(607)	(591)	(527)	(621)	(597)	(638)	(571)	(696)		(660) Personnel expenses	(660)	(597)	(2 502)	(2 346)
(1 028)	(975)	(937)	(1 072)	(970)	(967)	(1 025)	(1 130)		(1 057) Other expenses	(1 057)	(970)	(4 093)	(4 012)
(1 635)	(1 567)	(1 463)	(1 693)	(1 568)	(1 605)	(1 596)	(1 826)		(1 717) Operating expenses	(1 717)	(1 568)	(6 594)	(6 358)
34	130	258	290	193	263	246	229		81 EBITDA	81	193	931	712
2 %	8 %	15 %	15 %	11 %	14 %	13 %	11 %		5 % EBITDA-margin	5 %	11 %	12 %	10 %
									Split revenue per brand
404	421	439	504	456	503	495	599	511 VG		511	456	2 052	1 768
340	359	367	436	376	408	393	423		355 Aftonbladet	355	376	1 600	1 502
780	770	767	861	775	793	780	850		766 Subscription Newspapers	766	775	3 199	3 178
146	146	147	182	153	164	174	183		166 Other (1)	166	153	674	621
1 670	1 697	1 721	1 983	1 761	1 868	1 842	2 055		1 798 Operating revenues	1 798	1 761	7 525	7 070

(1) Other News Media includes Print, News Media HQ, Shared Services, New Models (TV.nu, Klart.se, Vinguiden and Omni) and eliminations

0,9792 1,0340	1,0296	1,0476	1,0145	0,9951	1,0130	0,9850	0,9480 SEK/NOK	0,9480	1,0145	1,0019	1,0226
							Aftonbladet in SEK
347 347	357	416	371	410	388	430	375 Operating revenues	375	371	1 598	1 467
-14 % -14 %	-5 %	3 %	7 %	18 %	9 %	3 %	1 % YOY revenue growth	1 %	7 %	9 %	-7 %

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter			Year to date Year to date	Full year	Full year
2020	2020	2020	2020	2021	2021	2021	2021	2022	eCommerce & Distribution	2022	2021	2021	2020
restated	restated	restated	restated	restated	restated						restated	restated	restated
									eCommerce & Distribution total
354	382	376	491	523	475	424	491		477 Operating revenues	477	523	1 913	1 604
18 %	27 %	19 %	36 %	48 %	24 %	13 %	0 %		-9 % YOY revenue growth	-9 %	48 %	19 %	25 %
(356)	(375)	(368)	(462)	(495)	(465)	(434)	(492)		(490) Operating expenses	(490)	(495)	(1 886)	(1 561)
(1)	6	9	29	28	10	(10)	(2)		(13) EBITDA	(13)	28	26	43
0 %	2 %	2 %	6 %	5 %	2 %	-2 %	0 %		-3 % EBITDA-margin	-3 %	5 %	1 %	3 %
									Split revenue per Business area
119	164	151	249	282	250	198	252		241 New business (1)	241	282	982	683
259	247	255	291	296	277	278	300		293 Legacy (2)	293	296	1 151	1 052
(24)	(30)	(29)	(49)	(55)	(51)	(52)	(62)		(56) Eliminations	(56)	(55)	(220)	(132)
354	382	376	491	523	475	424	491		477 Operating revenues	477	523	1 913	1 604

(1) New business consists of mainly the eCommerce brands Helthjem and Morgenlevering (2) Legacy consists of the newspaper distribution operations in Norway

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter		Year to date Year to date		Full year	Full year
2020	2020	2020	2020	2021	2021	2021	2021	2022	Financial Services & Ventures	2022	2021	2021	2020
restated	restated	restated	restated	restated	restated						restated	restated	restated
									Financial Services & Ventures
473	463	496	538	490	476	533	526		450 Operating revenues	450	490	2 026	1 971
7 %	11 %	10 %	8 %	4 %	3 %	7 %	-2 %		-8 % YOY revenue growth	-8 %	4 %	3 %	9 %
(453)	(406)	(386)	(457)	(434)	(435)	(436)	(473)		(421) Operating expenses	(421)	(434)	(1 778)	(1 702)
20	58	110	81	56	42	97	53		29 EBITDA	29	56	249	270
4 %	12 %	22 %	15 %	12 %	9 %	18 %	10 %		6 % EBITDA-margin	6 %	12 %	12 %	14 %
									Lendo
250	208	251	229	242	238	300	262		273 Operating revenues	273	242	1 042	938
9 %	1 %	9 %	5 %	-3 %	14 %	19 %	14 %		13 % YOY revenue growth	13 %	-3 %	11 %	6 %
(207)	(182)	(174)	(185)	(193)	(204)	(229)	(218)		(234) Operating expenses	(234)	(193)	(844)	(749)
43	25	78	43	50	34	70	44		39 EBITDA	39	50	197	189
17 %	12 %	31 %	19 %	20 %	14 %	23 %	17 %		14 % EBITDA-margin	14 %	20 %	19 %	20 %
									Prisjakt
75	94	86	144	89	87	83	124		76 Operating revenues	76	89	383	398
3 %	29 %	34 %	24 %	20 %	-7 %	-4 %	-14 %		-15 % YOY revenue growth	-15 %	20 %	-4 %	22 %
(62)	(58)	(60)	(96)	(64)	(65)	(57)	(88)		(64) Operating expenses	(64)	(64)	(274)	(276)
12	36	26	48	25	22	26	36		12 EBITDA	12	25	109	122
16 %	38 %	31 %	33 %	28 %	25 %	32 %	29 %		16 % EBITDA-margin	16 %	28 %	29 %	31 %
									Other Financial Services & Ventures (1)
148	162	159	165	159	152	151	141		101 Operating revenues/eliminations	101	159	602	635
6 %	15 %	3 %	2 %	7 %	-7 %	-5 %	-15 %		-36 % YOY revenue growth	-36 %	7 %	-5 %	6 %
(183)	(166)	(153)	(175)	(177)	(166)	(150)	(167)		(123) Operating expenses	(123)	(177)	(660)	(677)
(35)	(3)	6	(10)	(18)	(14)	1	(27)		(22) EBITDA	(22)	(18)	(58)	(42)
-23 %	-2 %	4 %	-6 %	-12 %	-9 %	1 %	-19 %		-22 % EBITDA-margin	-22 %	-12 %	-10 %	-7 %

(1) Other Financial Services & Ventures includes Compricer, Finansportalen, MittAnbud, Servicefinder, Mötesplatsen, Let's Deal, Schibsted Growth HQ, other Financial Services and Growth assets, SPT cost allocation and eliminations