Vend Marketplaces (VEND) Q4 2025 earnings summary

Executive summary

• Q4 revenues were NOK 1,510 million, down 1% year-over-year, but EBITDA rose 53% to NOK 491 million, with margin expanding to 32% on cost discipline and ARPA growth.

• Major simplification initiatives included divesting non-core assets, removing the dual-class share structure, and migrating Blocket to the Aurora platform.

• A NOK 2 billion share buyback program was launched, and the board proposed increasing the ordinary dividend to NOK 2.50 per share for 2025.

• Strategic focus included cost reductions, platform transition, portfolio simplification, and governance streamlining.

• Significant capital was returned to shareholders through dividends and share buybacks, totaling up to NOK 8 billion in 2025.

Financial highlights

• Group revenues remained stable at NOK 1,510 million in Q4, with strong ARPA growth (15%-22%) in key segments.

• EBITDA margin improved to 32%, up 12 percentage points year-over-year, driven by lower costs.

• OpEx to sales ratio (excluding COGS) improved by up to 11 percentage points, with personnel and marketing costs down double digits.

• Operating profit rose to NOK 245 million from a loss of NOK 1.4 billion last year, with net loss of NOK 2.5 billion mainly due to a NOK 2.8 billion loss on Aurelia/Adevinta stake revaluation.

• Cash flow from operations increased to NOK 555 million, and the year ended with a net cash position of NOK 210 million.

Outlook and guidance

• Revenue growth in 2026 is expected to be driven by go-to-market initiatives and ARPA momentum, though volume visibility remains limited.

• OpEx (excluding COGS) is guided to remain broadly stable in 2026, with further cost efficiencies expected to be offset by inflation and growth investments.

• Medium-term targets: Mobility and Real Estate revenue growth 12–17%, Jobs 5–10%, Recommerce >20%.

• More modest ARPA growth is expected in Jobs for 2026, mainly from CPI adjustments and new product launches.

• Mobility pricing adjustment in Sweden delayed to later in H1 2026.