Vend Marketplaces (VEND) investor relations material

Executive summary

• Q3 revenue was NOK 1,641m, up 3% reported and 6% in constant currency; vertical revenue grew 11% excluding the phase-out of transition-service revenue.

• EBITDA rose 11% to NOK 711m, with a 43% margin, up 3pp; Real Estate, Mobility and cost discipline supported growth.

• Blocket recovery, cost efficiency, Recommerce investment and AI-enabled products remained priorities; year-to-date EBITDA margin was 40%.

Financial highlights

• Operating profit rose to NOK 555m from NOK 440m; net profit was NOK 4,360m versus a NOK 651m loss, including a NOK 3,920m Adevinta fair-value gain.

• Operating cash flow from continuing operations was NOK 590m versus NOK 442m, supported by higher EBITDA and working capital.

• OPEX excluding COGS fell 6% YoY to NOK 765m; its share of revenue improved 4pp to 47%.

• YTD revenue rose 2% to NOK 4,880m and EBITDA increased 19% to NOK 1,948m; EBITDA margin was 40% versus 34%.

Outlook and guidance

• FY 2026 OPEX excluding COGS is expected to decline ~NOK 250m YoY, revised from ~NOK 150m at Q2; Q4 costs are expected to be broadly stable YoY.

• FY 2026 Mobility revenue growth is expected at the lower end of the mid-to-high single-digit range; Real Estate, Jobs and Recommerce are expected to track medium-term targets.

• Dealer price increases take effect February 1, 2027: Blocket Sweden 10%, FINN Norway 18% and Bilbasen Denmark 8%, supporting growth from 2027.

• The medium-term OPEX-to-sales ambition remains ~40%; no fixed calendar-year commitment was given, and further efficiency work is required.