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Q3 2025 Results 28 October 2025 Christian Printzell Halvorsen, CEO Per Christian Mørland, CFO 1
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Disclaimer This presentation (hereinafter referred to as the “Presentationˮ) has been prepared by Vend Marketplaces ASA ("Vend" or the “Companyˮ) exclusively for information purposes and does not constitute an offer to sell or the solicitation of an offer to buy any financial instruments. Reasonable care has been taken to ensure that the information and facts stated herein are accurate and that the opinions contained herein are fair and reasonable, however no representation or warranty, express or implied, is given by or on behalf of the Company, any of its directors, or any other person as to the accuracy or completeness of the information or opinions contained in this document and no liability is accepted for any such information or opinions. This Presentation includes and is based on, among other things, forward-looking information and statements. Such forward-looking information and statements are based on the current expectations, estimates and projections of the Company or assumptions based on information available to the Company. Such forward-look- ing information and statements reflect current views with respect to future events and are subject to risks, uncertainties and assumptions. The Company cannot give any assurance as to the correctness of such information and statements. Several factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in this Presentation. There may have been changes in matters which affect the Company subsequent to the date of this Presentation. Neither the issue nor delivery of this Presentation shall under any circumstance create any implication that the information contained herein is correct as of any time subsequent to the date hereof or that the affairs of the Company have not since changed. The Company does not intend, and does not assume any obligation, to update or correct any information included in this Presentation. Alternative performance measures APM) used in this presentation are described and presented in the section Definitions and reconciliations in the quarterly report. Q3 2025 Results | Disclaimer 2
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• Monetisation and efficiency: Delivered continued progress on ARPA and cost initiatives; launched go-to-market for new pricing and package structures in Real Estate and Mobility, effective from 2026. • Platform transition: On track, with completion of Blocket migration expected by year-end. • Portfolio simplification: Divested Lendo and exited several venture investments. • Governance simplification: Finalising the removal of our dual-class share structure following EGM approval on 22 October. • Share buyback: New NOK 2 billion share buyback to launch in Q4 2025 after share class combination. Summary * On a constant currency basis Q3 2025 Results Strategic highlights • Group revenues decreased 1% YoY, reflecting lower revenues in Other/HQ, partly offset by continued growth in Mobility and Real Estate. • EBITDA increased 24%YoY, driven by margin expansion across verticals and reduced losses in Other/HQ. • EBITDA margin reached 40%, up 8%-points YoY, supported by lower costs across the Group. Financial highlights Key financials 1%* Revenues Yo Y NOK 1,595m) 24% EBITDA Yo Y NOK 640m) 40% EBITDA margin 8%-points YoY 3
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Mobility 4 Q3 2025 Results
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c.70% of car dealer volume Bas Listing on Blocket Car valuation tool Plus Listing on Blocket Car valuation tool Enhanced dealer branding Ad free listings Premium Listing on Blocket Drive traffic to dealer website Advertise dealer product & services Premium dealer branding Launch of packages in Norway drove 20% ARPA growth* Building on Norway’s success, new dealer packages to launch in Sweden in February 2026 Following a successful 2025 launch in Norway, scaling car dealer packages to Sweden LitenPluss Listing on FINN Car valuation tool Enhanced dealer branding Dashboard with market insights LitenBasis Listing on FINN Car valuation tool LitenPremium Listing on FINN Full access to market insights Advertising dealer products & services Premium dealer branding Q3 2025 Results | Mobility 5 ¹ Car dealer ARPA vs LY, Q3 2025
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ARPA Continued strong ARPA growth across countries Q3 2025 Results | Mobility Q3 2025, YoY change % NAA Q3 2025, YoY change % Professional NOK 518¹ 21% YoY SEK 693¹ 20% YoY DKK 375² 20% YoY Professional 148k¹ 6% YoY 232k¹ 7% YoY 51k² 8% YoY Private NOK 734¹ 12% YoY Private 106k¹ 0% YoY SEK 256¹ 54% YoY DKK 262 55% YoY 210k¹ 14% YoY 28k 52% YoY ARPA Average Revenue Per Ad NAA New Approved Ads 6¹ Transactional models like Nettbil, Autovex, and Wheelaway are not included due to different business models ² Avg. daily pro listings per month, due to pay per day listing model in Denmark
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• Classifieds revenues up 13% YoY, driven by strong ARPA growth across all countries and segments • Solid quarter for Nettbil and AutoVex resulted in 18% growth in transactional revenues • Advertising revenues down 14% YoY • OPEX excl. COGS stable despite investments in C2B models and transition to a common tech platform • EBITDA of NOK 389m, up 16% YoY Q3 2025 Results | Mobility ARPA growth and stable cost base driving solid EBITDA improvement Revenues NOKm, EBITDA margin % Advertising revenues Transactional revenues HighlightsMobility YoY growth EBITDA margin Classified revenues Other revenues 8%* 7 * On a constant currency basis
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7 Real Estate Q3 2025 Results
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Updated packages for Norway effective 2026; delivering greater value across all tiers Q3 2025 Results | Real Estate Enhanced offering in updated packages Ongoing product development strengthens the value proposition for agents and home sellers User experience: More personalised journeys with a redesigned front page and tailored notifications. Agent promotion: New features that enhance agent visibility on the platform. Seller lead generation: Valuation tool enabling sellers to connect directly with agents. Home promotion Insight Branding Agent promotion Small Mediu m Large 9
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Q3 2025 Results | Real Estate Strong ARPA growth in both markets ARPA Q3 2025, YoY change % NAA Q3 2025, YoY change % Total NOK 3,545¹ 17% YoY EUR 24² 19% YoY Total 64k¹ 5% YoY 97k² 10% YoY Residential for sale³ NOK 5,153¹ 18% YoY Residential for sale 30k¹ 3% YoY ARPA Average Revenue Per Ad NAA New Approved Ads 10¹ New construction not included, due to different business models ² Oikotie only, excluding ads on Tori and Qasa ³ Residential for sale ARPA not IFRS adjusted
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Revenues NOKm, EBITDA margin % Real Estate Highlights • Classifieds revenues up 9% YoY, driven by ARPA growth in Norway • 29% YoY increase in transactional revenues driven by Qasa and HomeQ in Sweden • OPEX excl. COGS increased 5% YoY due to increased marketing efforts in Finland • EBITDA of NOK 167m, up 15% YoY Q3 2025 Results | Real Estate ARPA growth driving revenue and EBITDA improvement 8%*YoY growth Advertising revenues Transactional revenues EBITDA margin Classified revenues Other revenues 11 * On a constant currency basis
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1 0 Jobs Q3 2025 Results
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Q3 2025 Results | Jobs Exceptionally strong ARPA growth ARPA Q3 2025, YoY change % NAA Q3 2025, YoY change % Total NOK 8,185¹ 17% YoY Total 30k¹ 13% YoY ARPA Average Revenue Per Ad NAA New Approved Ads 13 ¹ Sourced ads not included
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Jobs Highlights • Reported revenues and margin impacted by market exits in Sweden and Finland • Revenues in Norway increased 1% YoY; ARPA growth from the segmented pricing model and upsell products offset by a 13% YoY volume decline • OPEX excl. COGS down 25% YoY, driven by the market exits and additional reorganisation measures in 2024 • EBITDA of 136m, up 11% YoY Q3 2025 Results | Jobs Strong ARPA growth driving underlying revenue and offsetting softer volumes Revenues NOKm, EBITDA margin % Finland & Sweden revenues EBITDA margin Norway revenues Jobs YoY growth 12%* 14 * On a constant currency basis
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1 3 Recommerce Q3 2025 Results
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Q3 2025 Results | Recommerce Steady GMV growth supports long-term upside Transacted GMV Q3 2025, YoY change % Take rate Q3 2025, YoY change pp. Total NOK 569m 18% YoY SEK 186m 8% YoY EUR 16m 105% YoY DKK 40m 21% QoQ Total 16% 0pp. YoY 10% 1pp. YoY 16% 1pp. YoY 15% 1pp. QoQ GMV Gross merchandise value of transacted C2C goods Take rate: External take rate including shipping and VAT 16
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Recommerce Revenues NOKm, EBITDA margin % Q3 2025 Results | Recommerce Transactional growth and cost discipline driving EBITDA improvement YoY growth Highlights • Transactional revenues up 20% YoY, mainly driven by GMV • Revenues still affected by the phase-out of low-margin revenue streams as part of the strategic simplification • Advertising revenue down 23% YoY • OPEX excl. COGS down 2% YoY, reflecting FTE reductions and platform consolidation • EBITDA improved by 22% YoY to NOK 44m Advertising revenues Classifieds revenues EBITDA margin Transactional revenues Other revenues 2%* 17 * On a constant currency basis
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Finance Q3 2025 Results 1 6 18
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Q3 2025 Results | Finance Mobility Real Estate Jobs Recommerce Other/HQ Q3 2024 Q3 2025 Q3 2024 Q3 2025 Group EBITDA 640m 24% Yo Y Group revenues 1,595m 1%* Yo Y Vend Vend Q3 Group revenues down 1% Yo Y; EBITDA up 24% Yo Y Q3 revenues per segment NOKm YoY growth Q3 EBITDA per segment NOKm YoY growth Mobility Real Estate Jobs Recommerce Other/HQ 8%* 8%* 12%* 2%* 60%* 16% 15% 11% 22% 74% 19 * On a constant currency basis
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Vend OPEX excl. COGS NOKm Highlights • Total OPEX excl. COGS down 14% YoY, reflecting lower personnel and marketing spend, as well as the wind-down of Schibsted Media TSA agreements. ○ Personnel costs reduced 13% YoY, driven by FTE reductions. ○ Marketing costs down 7% YoY, following the market exits from Jobs in Finland and Sweden; partly offset by higher activity in Real Estate and Recommerce. ○ Other costs lower, supported by continued cost discipline and the wind-down of Schibsted Media TSA agreements. • OPEX excl. COGS / revenue ratio improved by 7 percentage points YoY, demonstrating ongoing efficiency gains. Q3 2025 Results | Finance Cost efficiency agenda remains on track Other costs Marketing costs OPEX excl. COGS / Revenues Personnel costs 14%YoY growth 20 * On a constant currency basis
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Q3 income statement Q3 2025 Results | Finance Fair-value revaluation of contingent consideration (gain of NOK 13m). Restructuring cost related to the announced restructuring programme NOK 9m, cost related to the separation of Schibsted Media NOK 29m), transaction-related costs related to ongoing sales processes of Lendo, skilled trades marketplaces and Delivery NOK 12m) and fine from the Norwegian Financial Supervisory Authority NOK 10m). Includes gain of NOK 30m realised on sale of Savr AB. Includes loss of NOK 1.1bn from fair value adjustment of Aurelia. Income statement Third quarter NOK million) 2025 2024 Operating revenues 1,595 1,624 Operating expenses 955 1,108 Gross operating profit (loss) - EBITDA 640 516 Depreciation and amortisation 149 167 Impairment loss 4 - Other income 13 5 Other expenses 60 92 Operating profit (loss) 440 263 Share of profit (loss) of joint ventures and associates 11 13 Impairment loss on joint ventures and associates (recognised or reversed) - 49 Gains (losses) on disposal of joint ventures and associates 44 - Financial income 50 5,110 Financial expense 1,158 244 Profit (loss) before taxes 635 5,067 Taxes 106 89 Profit (loss) from continuing operations 740 4,978 Profit (loss) from discontinued operations Profit (loss) 89 651 126 5,104 Non-controlling interests 1 1 Owners of the parent 651 5,103 Earnings per share NOK EPS - basic NOK 3.07 21.86 EPS - basic adjusted NOK 3.07 21.82 Operations in Lendo, Prisjakt, skilled trades marketplaces and Delivery presented as discontinued operations in 2025 and 2024. 21
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Cash flow Third quarter Q3 cash flow from continuing operation Q3 2025 Results | Finance NOK million) 2025 2024 Profit (loss) before taxes from continuing operations 635 5,067 Depreciation, amortisation and impairment losses (recognised or reversed) 153 215 Net interest expense (income) 21 41 Net effect pension liabilities 5 7 Share of loss (profit) of joint ventures and associates 11 13 Interest received 38 85 Interest paid 56 41 Taxes paid 12 34 Non-operating gains and losses 1,035 4,820 Change in working capital and provisions 112 196 Net cash flow from operating activities 442 633 Net cash flow from investing activities 21 252 -whereof Development and purchase of intangible assets and property, plant and equipment 108 117 Net cash flow from financing activities 18 2,967 -whereof Payment of principal portion of lease liabilities 27 12 Gain of NOK 1.1bn related to fair value adjustment of Aurelia in Q3 2025, with no cash effect. 22
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Other interest-bearing debt Bonds & FRNs NIBD/EBITD A Undrawn RFC Term loan Solid financial position Q3 2025 Results | Finance Financial gearing NOKm Debt maturity profile NIBD/EBITDA according to bank definition) 23
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Capital allocationMedium-term targets Simplify Verticalise Expand Financial framework for sustainable value creation Q3 2025 Results | Finance Strategy Accelerate Future Winners •Any surplus cash post the below will be returned to shareholders over time •Pay a progressive annual dividend •Investing in selective acquisitions to create shareholder value •Maintain a conservative balance sheet Revenue growth: 1217% EBITDA margin: 5560% Revenue growth: 1217% EBITDA margin: 4550% Revenue growth: 510% EBITDA margin: 55% Revenue growth: 20% EBITDA margin: single-digit Mobility Real Estate Jobs Recom. 24
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Q&A 25 Q3 2025 Results | Q&A 28 October 2025 Christian Printzell Halvorsen, CEO Per Christian Mørland, CFO 25
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Appendices Q3 2025 Results | Appendices Spreadsheet containing detailed Q3 2025 and historical information can be downloaded at vend.com/ir
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Q3 2025 Results | KPIs Historical ARPA trends per vertical ¹Transactional models like Nettbil, Autovex, and Wheelaway are not included due to different business models ²Avg. daily pro listings per month, due to pay per day listing model in Denmark ³New construction not included, due to different business models ⁴Oikotie only, excluding ads on Tori and Qasa ⁵Sourced ads not included ARPA Vertical Country Category Q324 Q424 Q125 Q225 Q325 Mobility¹ Norway Professional NOK 428 NOK 434 NOK 461 NOK 497 NOK 518 Norway Private NOK 653 NOK 698 NOK 704 NOK 715 NOK 734 Sweden Professional SEK 578 SEK 613 SEK 708 SEK 709 SEK 693 Sweden Private SEK 166 SEK 182 SEK 206 SEK 257 SEK 256 Denmark Professional² DKK 313 DKK 316 DKK 341 DKK 349 DKK 375 Denmark Private DKK 168 DKK 167 DKK 179 DKK 266 DKK 262 Real Estate Norway Total³ NOK 3,026 NOK 3,153 NOK 3,279 NOK 3,567 NOK 3,545 Norway Residential for sale NOK 4,385 NOK 4,361 NOK 4,943 NOK 4,912 NOK 5,153 Finland Total⁴ EUR 20 EUR 24 EUR 21 EUR 22 EUR 24 Jobs Norway Total⁵ NOK 6,967 NOK 7,303 NOK 7,891 NOK 8,229 NOK 8,185 27
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Q3 2025 Results | KPIs Historical listing trends per vertical ¹Transactional models like Nettbil, Autovex, and Wheelaway are not included due to different business models ²Avg. daily pro listings per month, due to pay per day listing model in Denmark ³New construction not included, due to different business models ⁴Oikotie only, excluding ads on Tori and Qasa ⁵Sourced ads not included NAA Vertical Country Category Q324 Q424 Q125 Q225 Q325 Mobility¹ Norway Professional 158k 162k 156k 152k 148k Norway Private 106k 62k 67k 116k 106k Sweden Professional 249k 248k 225k 233k 232k Sweden Private 245k 177k 158k 229k 210k Denmark Professional² 55k 57k 53k 52k 51k Denmark Private 58k 45k 36k 30k 28k Real Estate Norway Total³ 67k 49k 58k 74k 64k Norway Residential for sale 31k 21k 29k 40k 30k Finland Total⁴ 107k 91k 103k 108k 97k Jobs Norway Total⁵ 35k 34k 40k 35k 30k 28
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Q3 2025 Results | KPIs Historical Recommerce KPIs Transactional KPIs Vertical Country Category Q324 Q424 Q125 Q225 Q325 Recommerce Norway Transacted GMV NOK 481m NOK 540m NOK 531m NOK 549m NOK 569m Norway Take rate 16% 16% 16% 15% 16% Sweden Transacted GMV SEK 173m SEK 177m SEK 191m SEK 178m SEK 186m Sweden Take rate 10% 10% 10% 10% 10% Finland Transacted GMV EUR 8m EUR 12m EUR 12m EUR 13m EUR 16m Finland Take rate 15% 16% 17% 16% 16% Denmark Transacted GMV - - DKK 16m DKK 33m DKK 40m Denmark Take rate - - 14% 15% 15% 29GMV Gross merchandise value of transacted C2C goods Take rate: External take rate including shipping and VAT
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Q3 2025 Results | Finance Shareholders analysis Rank Name A-shares B-shares Total % of S/I 1 Blommenholm Industrier AS 30,746,423 10,430,648 41,177,071 18.1% 2 Folketrygdfondet 8,580,639 11,908,465 20,489,104 9.0% 3 DNB Asset Management AS 3,378,708 5,879,677 9,258,385 4.1% 4 HMI Capital Management, L.P. 891,363 6,600,682 7,492,045 3.3% 5 The Vanguard Group, Inc. 3,142,535 3,661,414 6,803,949 3.0% 6 KLP Kapitalforvaltning AS 1,411,585 3,614,712 5,026,297 2.2% 7 Storebrand Kapitalforvaltning AS 2,411,633 2,598,972 5,010,605 2.2% 8 Baillie Gifford & Co. 0 4,005,930 4,005,930 1.8% 9 Nordea Funds Oy 330,282 3,598,422 3,928,704 1.7% 10 BlackRock Institutional Trust Company, N.A. 1,590,215 2,198,568 3,788,783 1.7% 11 Novo Holdings A/S 2,567,418 1,029,047 3,596,465 1.6% 12 ODIN Forvaltning AS 991,734 2,329,362 3,321,096 1.5% 13 Polaris Media ASA 0 3,218,304 3,218,304 1.4% 14 Alfred Berg Kapitalforvaltning AS 1,271,501 1,708,801 2,980,302 1.3% 15 Eika Kapitalforvaltning AS 589,043 2,143,035 2,732,078 1.2% 16 Alecta pensionsförsäkring, ömsesidigt 0 2,248,500 2,248,500 1.0% 17 Fondsfinans Kapitalforvaltning AS 0 2,228,450 2,228,450 1.0% 18 Farallon Capital Management, L.L.C. 1,030,204 1,110,259 2,140,463 0.9% 19 Reade Street Capital Management 1,804,246 248,816 2,053,062 0.9% 20 Handelsbanken Kapitalförvaltning AB 178,193 1,792,770 1,970,963 0.9% 30Source: Nasdaq OMX, VPS as of 17 September 2025; The data is obtained through the analysis of beneficial ownership and fund manager information provided in replies to disclosure of ownership notices issued to all custodians on the Vend share register. Whilst every reasonable effort is made to verify all data, neither Nas- daq OMX nor Vend can guarantee the accuracy of the analysis.
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Next steps in the removal of the dual-class share structure 22 October: EGM approved the removal of the dual-class share structure and the reduction of share capital. 27 October: Board approval of the share issue to compensate holders of A-shares for loss of A- to B-share trading premium. 28 October: Ex-date for the share collapse and the subscription rights. 30 October: Commencement of the subscription period. 13 November: Last day of subscription period for share issue. 17 November: Announcement of final results of share issue. On or around 24 November: Registration of new share capital expected. 31
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Investor contact Q3 2025 Results | Investor contact Visit Vendsʼs website: vend.com Email: ir@vend.com Jann-Boje Meinecke SVP FP&A and IR Simen Madsen IR Officer 47 992 73 674 Vend Marketplaces ASA Visiting address: Grensen 57, 0159 Oslo Postal address: P.O. Box 747 Sentrum, 0106 Oslo Norway