Vend Marketplaces (VEND) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenues were NOK 1,696 million, flat year-on-year but up 2% in constant currency, with verticals up 10% and group revenues impacted by the phase-out of transition service agreement revenues.

• EBITDA increased 16% to NOK 674 million, with margin expanding by 5 percentage points to 40%, driven by cost discipline and strong growth in Real Estate and Recommerce.

• Platform migration, notably FINN in Norway, was completed on time with no user disruption, enabling resource shift to new products and features.

• AI adoption is high, with 86% of employees using AI daily and significant productivity gains reported.

• Share buyback program is progressing, with NOK 1.6 billion repurchased as of July 10, 2026, out of a NOK 2 billion tranche.

Financial highlights

• Group revenues flat year-on-year, up 2% in constant currency; verticals grew 10% in constant currency.

• EBITDA up 16% to NOK 674 million; margin expanded to 40%.

• Operating profit increased to NOK 448 million from NOK 330 million year-on-year.

• Net profit for the group at NOK 401 million; basic EPS for H1 2026 was NOK -20.63, impacted by a NOK -5,755 million loss on Adevinta investment.

• Cash flow from operating activities at NOK 517 million in Q2 and NOK 1,003 million for H1 2026.

Outlook and guidance

• Real Estate, Jobs, and Recommerce are performing in line with medium-term targets; Mobility expected to deliver mid- to high-single-digit revenue growth for 2026.

• OPEX, excluding COGS, expected to decline by NOK 150 million in 2026 versus 2025, reflecting accelerated cost initiatives.

• Other HQ revenue expected to reduce by NOK 350 million in 2026 due to TSA terminations and non-core asset divestments.

• Medium-term targets: revenue growth 12-17%, EBITDA margin 55-60%.

• Continued return of excess capital to shareholders through buybacks and progressive dividends.