Vend Marketplaces ASA: Interim report Q4 2025

05 Feb 2026 07:00 CET

5.2.2026 07:00:01 CET | Vend Marketplaces ASA | Half yearly financial reports
and audit reports / limited reviews

Today, Vend Marketplaces ASA ("Vend") released its Q4 2025 results.

A year of transformation - positioned for focused growth

"2025 was a defining year for Vend. We delivered on key strategic priorities,
made good progress on our financial targets set out at our Capital Markets Day
in November 2024 and have fundamentally reshaped the company. As we close the
year, Vend is a simplified, pure-play marketplace company with a leaner cost
base and a sharper focus on our four core Nordic verticals," says CEO Christian
Printzell Halvorsen.

Halvorsen adds:

"Our Q4 results demonstrate the resilience of our business and the impact of our
execution. While Group revenues remained rather stable at NOK 1,510 million -
reflecting anticipated headwinds in advertising and soft volumes in the Jobs
vertical - our disciplined focus on monetisation and cost management delivered
exceptional results. Group EBITDA rose 53 per cent year-on-year to NOK 491
million, representing a margin expansion of 12 percentage points to 32 per cent.
This performance was supported by robust ARPA momentum, with 15-20 per cent
growth in several key segments. For the full year, we delivered an EBITDA of NOK
2,127 million, a 30 per cent increase compared to 2024.

We also advanced our simplification agenda in Q4. We completed the removal of
our dual-class share structure, aligning our corporate governance with
international best practice. We sold our skilled trades portfolio, Mittanbud,
and the process to exit from the Delivery business is progressing as planned. A
major technical milestone was reached in November with the migration of Blocket
in Sweden to our common Aurora platform. While we are currently in a
stabilisation phase to optimise performance and address user feedback - a task
that remains a top priority - this consolidation is critical to scaling
innovation across the Nordics, increasing speed of execution and improving
efficiency.

Reflecting our solid financial position and confidence in our trajectory, we
launched a new NOK 2 billion share buyback programme and proposed increasing the
ordinary dividend for 2025 to NOK 2.50 per share. We remain committed to
returning surplus capital while maintaining a conservative balance sheet.

As generative AI continues to reshape user expectations, we view it as a
meaningful opportunity for marketplaces. Our advantage lies in proprietary,
multi-layered data - real-time supply-and-demand signals, behavioural intent,
and transaction outcomes - that is difficult to replicate at scale. With around
95 per cent of our traffic coming from direct and organic channels, we have
strong, recurring relationships with our users. We have already begun applying
AI across our platforms to improve ad quality, discovery and user experience.
Building on our history of disruption and innovation, we have a clear ambition
to be among the leaders in AI-enabled marketplaces, and we will continue to
scale and develop AI-driven features that enhance utility and efficiency for
both consumers and professional customers.

We enter 2026 with a simpler portfolio, a more unified technology stack, and
good progress towards our medium-term targets. Our focus now shifts from
transition to full-scale execution - delivering sustainable value for our users,
customers, and shareholders."



This quarter's highlights

* Group: Revenues of NOK 1,510 million, down 1 per cent YoY on a constant
currency basis. EBITDA of NOK 491 million, up 53 per cent YoY.
* Mobility: Revenues increased 11 per cent YoY on a constant currency basis.
Classifieds revenues grew 12 per cent, driven by ARPA, while transactional
revenues increased 23 per cent, driven by Nettbil. Advertising revenues grew
3 per cent after several quarters of decline. EBITDA was NOK 336 million, up
21 per cent YoY, with an EBITDA margin of 54 per cent.
* Real Estate: Revenues increased 14 per cent YoY on a constant-currency basis,
mainly driven by strong ARPA in Norway, with a slight positive contribution
from volumes. Transactional revenues continued to develop positively. OPEX
excluding COGS decreased 4 per cent YoY, resulting in EBITDA increasing 60
per cent YoY to NOK 123 million, with an EBITDA margin of 41 per cent.
* Jobs: Revenues increased 1 per cent YoY on a constant currency basis, as
positive development in Norway was offset by the negative impact from the
exit from Finland. Revenues in Norway increased 7 per cent, driven by strong
ARPA growth, partly offset by an 11 per cent decline in volumes. OPEX
excluding COGS declined 22 per cent YoY, contributing to EBITDA increasing 33
per cent YoY to NOK 151 million, with an EBITDA margin of 56 per cent.
* Recommerce: Revenues increased 4 per cent YoY on a constant currency basis.
Transactional revenues grew 23 per cent, while advertising revenues declined
19 per cent YoY. Revenues were negatively impacted by the deconsolidation and
phase-out of non-core revenue streams during the quarter. OPEX excluding COGS
declined 6 per cent YoY, resulting in EBITDA improving 44 per cent YoY to NOK
-44 million.
* Adevinta: Valuation revised to NOK 16.1 billion, down NOK 2.8 billion vs Q3
2025, driven by peer group multiple contraction.
* Ordinary dividend of NOK 2.50 per share proposed for 2025.



| Fourth quarter | | | Full year |
----------------------------------------------------------------------------
(NOK million) | 2025 | 2024 | Change | | 2025 | 2024 | Change
----------------------------------------------------------------------------
Operating revenues | 1,510 | 1,528 | -1% | | 6,317 | 6,385 | -1%
----------------------------------------------------------------------------
EBITDA | 491 | 320 | 53% | | 2,127 | 1,632 | 30%
----------------------------------------------------------------------------
EBITDA margin | 32% | 21% | | | 34% | 26% |



Alternative performance measures used in this release are described and
presented in the section Definitions and reconciliations in the interim report.



Programme for the day, 5 February 2026:

07:00 CET

Publication of Vend's Q4 results including interim report, presentation, and
financials and analytical information.

09:00 CET

CEO Christian Printzell Halvorsen and CFO Per Christian Mørland will present
Vend's Q4 results as a virtual live webcast, followed by a Q&A session. The
presentation and following Q&A session will be held in English. The webcast can
be viewed live at:
https://qcnl.tv/p/ikeQfzVkpbphLxkkpA_3kA

For the Q&A at the end of the presentation, we invite financial analysts to ask
questions in a live format by using the raise-hand-feature in Microsoft Teams.

Microsoft Teams link:
https://teams.microsoft.com/meet/32002871067490?p=rfMyWfnKtDy6FVtXre

Meeting ID: 320 028 710 674 90
Passcode: Sc26a3e5

Press/media can reach out to Kristine Eia Kirkholm (
kristine.eia.kirkholm@vend.com), Director of Communication, to set up separate
one-on-one interviews with CEO Christian Printzell Halvorsen.

A recording of the presentation will be available on our IR website shortly
after the live webcast has ended.


Oslo, 5 February 2026
Vend Marketplaces ASA

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to Section
5-12 of the Norwegian Securities Trading Act.

CONTACTS

* Jann-Boje Meinecke, SVP FP&A and Investor Relations, Vend Marketplaces ASA,
+47 941 00 835, ir@vend.com

ABOUT VEND MARKETPLACES ASA

Vend Marketplaces ASA ("Vend") is a family of marketplaces with a strong Nordic
position. As a leading marketplaces company within Mobility, Real Estate, Jobs
and Recommerce, we provide effortless digital experiences designed for the needs
of tomorrow. We do it with a clear sense of purpose, to create sustainable value
and long-term growth, for all our stakeholders and society as a whole.

Vend has an ownership share of 14% in Adevinta, a company that was spun off in
2019 and is now privately owned by a group of investors.

ATTACHMENTS

Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17847482/18795239/6766/Download%20announce
ment%20as%20PDF.pdf

Q4 2025 Financials and Analytical Info.pdf -
https://kommunikasjon.ntb.no/ir-files/17847482/18795239/6755/Q4%202025%20Financi
als%20and%20Analytical%20Info.pdf

Q4 2025 Results Presentation.pdf -
https://kommunikasjon.ntb.no/ir-files/17847482/18795239/6761/Q4%202025%20Results
%20Presentation.pdf

Q4 2025 Report.pdf -
https://kommunikasjon.ntb.no/ir-files/17847482/18795239/6765/Q4%202025%20Report.
pdf

More information:
Access the news on Oslo Bors NewsWeb site

664882_Q4 2025 Report.pdf
664882_Download announcement as PDF.pdf
664882_Q4 2025 Results Presentation.pdf
664882_Q4 2025 Financials and Analytical Info.pdf