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%, partly offset by the phase-out of transition service revenue.

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

• Strategy centers on revenue growth, higher margins, long-term investment and capital returns, with AI and transactional services as growth opportunities.

Financial highlights

• Operating profit rose 26% to NOK 555m from NOK 440m; reported 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 improved earnings and working capital.

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

• Adjusted basic EPS was NOK 2.13 versus NOK 2.04; adjusted EPS from continuing operations was NOK 2.02 versus NOK 1.64.

• YTD revenue increased 2% to NOK 4,880m and EBITDA rose 19% to NOK 1,948m; margin was 40% versus 34% in YTD 2025.

Outlook and guidance

• FY2026 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.

• FY2026 Mobility revenue growth is expected at the lower end of the mid-to-high-single-digit range; medium-term targets remain unchanged.

• Real Estate, Jobs and Recommerce are expected to perform in line with their medium-term targets in 2026.

• Medium-term targets include Mobility growth of 12–17% and 55–60% EBITDA margin; Real Estate growth of 12–17% and 45–50% margin; Jobs growth of 5–10% and margin above 55%; Recommerce growth above 20% and a single-digit margin.

• Dealer price increases take effect February 1, 2027: Blocket Sweden 10%, FINN Norway 18% and Bilbasen Denmark 8%; the medium-term OpEx-to-sales ambition remains ~40%.