Vend Marketplaces (VEND) Q4 2024 earnings summary

Executive summary

• Completed transformation into a standalone, pure-play marketplaces company, rebranding to Vend and focusing on four core verticals: Mobility, Real Estate, Jobs, and Recommerce, while retaining local brands.

• Group revenues for Q4 2024 reached NOK 2,103 million, up 12% year-over-year; EBITDA improved by 3% to NOK 337 million, with an EBITDA margin of 16%.

• Strategic exits from Jobs in Finland and Sweden and product closures in Recommerce simplified the portfolio and impacted results.

• Announced new strategy and financial framework, targeting improved monetization and margin expansion.

• Board proposes ordinary dividend of NOK 2.25 per share for 2024 and plans a special NOK 500 million dividend in 2025 from Adevinta proceeds.

Financial highlights

• Q4 2024 operating revenues: NOK 2,103 million (+12% YoY constant currency); EBITDA: NOK 337 million (+3% YoY); EBITDA margin: 16%.

• Operating profit for Q4 was NOK -1,384 million, impacted by NOK -1,336 million in impairment losses, mainly goodwill in NMP Finland and intangible write-downs.

• Net loss for the group was NOK -260 million, impacted by impairment and restructuring costs.

• Cash flow from operations was NOK 279 million, up NOK 42 million year-over-year; CapEx decreased 25% to NOK 157 million.

• Equity ratio at year-end: 81%; net cash position: NOK 2,546 million; liquidity reserve: NOK 9,103 million.

Outlook and guidance

• Medium-term targets: Mobility and Real Estate revenue growth of 12–17% with EBITDA margins of 55–60% and 45–50% respectively; Jobs revenue growth of 5–10% with EBITDA margin >55%; Recommerce revenue growth >20% with positive EBITDA margin by 2027.

• Double-digit ARPA growth targeted for Real Estate in 2025, with Q1 slightly lower.

• Underlying ARPA growth expected across verticals in Q1, but total revenue growth to remain muted due to advertising headwinds and strategic exits.

• 2025 is a transition year with ongoing platform integration and cost efficiency measures; continued focus on core verticals and non-core business exits.