Vend Marketplaces (VEND) Q3 2025 earnings summary

Executive summary

• Q3 2025 marked progress toward a pure-play marketplace model, with disciplined cost execution, monetisation across verticals, and company simplification initiatives, including the sale of Lendo, venture exits, and the launch of Delivery sales process.

• Group revenues were NOK 1,595 million, down 1% year-on-year on a constant currency basis, mainly due to strategic exits and soft advertising, while EBITDA rose 24% to NOK 640 million, reflecting lower personnel and marketing costs.

• Portfolio and governance simplification advanced with the sale of Lendo, ongoing sale of Delivery, venture exits, and removal of the dual-class share structure.

• A new NOK 2 billion share buyback program was approved and is set to launch after the share class combination.

• Medium-term growth targets were reaffirmed, with ongoing go-to-market activities and structural initiatives to drive growth.

Financial highlights

• Group revenues declined 1% year-on-year, with underlying growth in Mobility and Real Estate offset by Other/HQ and strategic exits.

• EBITDA increased 24% to NOK 640 million; EBITDA margin reached 40%, up from 32% year-on-year, supported by lower costs.

• Net loss was around NOK 650 million, mainly due to a NOK 1.1 billion loss from Adevinta/Aurelia stake revaluation.

• OpEx excluding COGS declined 14% year-on-year, with personnel costs down 13% and marketing costs down 7%.

• Net debt stood at NOK 25 million; NOK 1.6 billion deposited in short-term liquidity funds; cash and cash equivalents at quarter-end: NOK 2,917 million.

Outlook and guidance

• Solid ARPA momentum expected across all verticals into Q4 and 2026, with new pricing and package structures in Real Estate and Mobility effective from 2026.

• Volume trends remain unpredictable; simplification agenda and cost reductions to continue, with cost base to remain below prior year.

• Temporary EBITDA headwind of up to NOK 100 million expected in 2026 for Other/HQ due to phase-out of service agreements and divestments, with mitigation planned by 2027.

• Medium-term targets reaffirmed: Mobility and Real Estate revenue growth 12-17% with high EBITDA margins; Jobs 5-10% revenue growth and >55% margin; Recommerce >20% revenue growth, single-digit margin.

• Platform transition on track, with Blocket migration expected by year-end.