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Q4 2025 Results 5 February 2026 Christian Printzell Halvorsen, CEO Per Christian Mørland, CFO
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2 This presentation (hereinafter referred to as the “Presentation”) has been prepared by Vend Marketplaces ASA ("Vend" or the “Company”) 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. Disclaimer Q4 2025 Results | Disclaimer
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3 • Monetisation and efficiency: Continued delivery on ARPA growth and cost reductions • Platform transition: Transition to shared platform progressing on track with Blocket launched 18 November • Portfolio simplification: Divested skilled trades marketplace portfolio, and exited several venture investments • Capital allocation: NOK 2bn share buyback programme launched; NOK 0.9bn already executed** • Governance simplification: Removal of our dual-class share completed Strategic highlights • Revenues decreased 1% * Y o Y , reflecting lower revenues in Other/HQ, partly offset by continued growth in Mobility and Real Estate • EBITDA increased 53% Y o Y , driven by margin expansion across verticals • EBITDA margin reached 32%, up 12%-points Y o Y , driven by lower costs • Proposed ordinary dividend of NOK 2.50 per share Financial highlights Key financials - 1%* Revenues Yo Y (NOK 1,510m) +53% EBITDA Yo Y (NOK 491m) 32% EBITDA margin ( + 12%-points Y o Y) Summary Q4 2025 Results * On a constant currency basis ** As at 30 January 2026
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● Solid progress on cost agenda ○ OPEX ex. COGS-to-sales ratio improved by 8%-points, from 65% to 57% * ● Major portfolio simplification ○ Market exits in Jobs in Sweden and Finland ○ Sold Lendo, Prisjakt, skilled trades marketplaces, and several venture investments ○ Delivery business divestment in progress ● Company structure simplification ○ Radical reduction in legal entities ○ Schibsted separation and TSA completed ○ Dual-class share structure removed 4 Simplify Verticalise Expand Capital allocation Q4 2025 Results Firm execution on strategic agenda ● Transitionto to unified technology platform on track; DBA and Blocket launched in 2025, following T ori in 2024 ● Execution of vertical-specific product and pricing roadmaps driving solid double-digit ARPA growth ● Full geographic rollout of transactional services in Recommerce across all markets ● Deployment of vertical-specific AI-driven enhancements to listing quality and discovery ● Sustained scaling of transactional businesses Nettbil and AutoVex; transactional revenues in Mobility up 18% Y o Y in 2025 ● Transactional rental business Qasa expanded to Norway and Finland; transactional revenues in Real Estate up 44% Y o Y in 2025 ● Achieved #1 position in Finland Real Estate; focus on achieving clear leadership ● Disciplined execution in line with capital allocation policy ● Returned c.NOK 7 .9bn to shareholders during 2025 though multiple share buybacks and cash dividends ● Ongoing share buyback programme with remaining frame of c.NOK 1. 1bn** * OPEX excl. COGS, Q4 2025 vs L TM Q3 2024 (CMD baseline) ** As at 30 January 2026
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Our transition to a common tech platform progresses, with Blocket converted in Q4 2025 5 Q4 2025 Results 2 Harmonise pro tools 2025 2026 20272024 3 Shut down legacy platforms 1 Launch consumer-facing marketplace * Enabling scalable AI development across markets Unlocking cost efficiencies Supporting long-term monetisation agenda by accelerating Nordic-wide innovation and execution Platform transition timeline Brand transition to common platform We are here
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Blocket transition: focused actions to restore momentum 6 Q4 2025 Results Taking actions for future success Significant user and dealer engagement following changes in user journeys Active Professional sellers and Professional car NAAs stable Private car NAAs decreased with 27% * Visit -to-lead conversion up c.30% ** Slower pick up of user satisfaction score than for T ori and DBA Current transition status Improving the situation with long-term focus on trust, adoption and net promoter score is a top priority for Vend entering 2026 Enhanced customer dialogue and support Product improvements focused on app experience, Private NAAs and search Price increase postponed to later in H1 2026; discounts offered for new plus and premium packages Blocket is a cherished platform by users 740m Y early Visits 3,595 Subscribed Dealers 1.4m Monthly Active Ads 90% Brand awareness * 18 November – 18 January Y o Y ** January 2026 vs pre-launch baseline 500k Recommerce transactions 2025
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We have winning positions across the Nordics 7 →c. 95% share of owned traffic³ →<0. 1% share of AI-initiated traffic³Strong destinations →12 monthly visits per capita¹ →c.80% unaided awareness across brands² Engaged and identified user base Leading marketplace brands Q4 2025 Results →70-80% login rate4 →>50% app-traffic share4 →c.50% bank -identified users / eID share5 Strong network effects, reinforcing our long-term competitive advantage Strong traffic position protect demand and discovery , reducing reliance on external platforms →29 monthly visits per capita¹ →99% unaided awareness² High login rates provide deep, proprietary data and market insights that are difficult to replicate 1) Average monthly visits H2 2025, divided by population aged 15-85; 2) Average of unaided awareness, measured monthly , Q4 2025 (NEPA); 3) Internal traffic data grouped per traffic source, Q4 2025; 4) Visits by logged in users and app users respectively as share of total visits Q4 2025; 5) Vend account install base as per December 2025; Sources: National Statistics offices; Vend traffic and 3rd party brand tracker data (NEPA)
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Uniquely positioned to unlock value with AI Data as a strategic asset • Active measures to protect proprietary data • Differentiated data sharing based on vertical and brand strength • Strategic stance will evolve based on market development and learnings Vertical product advantage • High-stakes and long-running user journeys with specific needs • High-relevance AI products from combining LLMs with vertical data and UX • Priorities: ad supply , discovery and matching, decision support AI investments at scale • AI investments included in financial framework • Unified technology platform across the Nordics • c.30 AI specialists in central team, and additional expertise in the verticals 8 Q4 2025 Results
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9 Q4 2025 Results Our unique data is a key differentiating advantage ExamplesKey data Real-time signals including ad updates, price changes, page impressions, saved searches, messages, and time to first lead or sale, spanning a significant volume of long-tail consumer -to-consumer (C2C) content which is hard to aggregate Real-time ad data Aggregated outcomes such as median sale prices vs asking prices, depreciation curves by car model, regional demand differences, and seasonal trendsAggregated/ enriched data Behavioural signals based on BankID/eID verified, logged-in users, including saved searches, repeated comparisons, alerts, and engagement patterns that reveal true intentPersonal and behavioural data Transactional flows from services like Fiks Ferdig and Smidig Bilhandel captures final prices, identity of buyer and seller , payment completion, financing approvals, delivery and dispute outcomesTransactional data
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10 Selected examples across verticals Q4 2025 Results We have launched a broad range of AI features Mobility Real Estate Jobs Recommerce Support / Cross-vertical Car valuation tool for private and professional customers “Dealer Hub” – all-in-one-tool for ad-optimisation; AI features to be launched AI-based floor plan mapping Conversational property search to be launched in Q1 Portfolio of tools for improved ad-creation Career coach based on background and questions Conversational SmartSearch to find the right job Candidate job matching and relevance score, based on CV Drafting of personalised application letters Assisted creation of listing based on pictures Photo guidance and feedback Natural language search Fraud detection and content moderation Recommendation capabilities AI-driven customer support AI-driven sales processes Home valuation tool “Pristips” Natural language search to be launched in H1
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11 Q4 2025 Results Jobs example: vertical-specific AI tools meet user needs across the journey Consideration ApplicationSearchListing JobbKompasset JobbMatchSmartSøk Career coach providing five suitable career paths for candidates based on predefined questions on background, each linked to relevant job openings in FINN Conversational search helping candidates find relevant roles based on input and preferences e.g., location, experience, education, hybrid, skills etc. Job-match tool that analyses each candidates fit for a specific role and delivers a personalised relevance score T ools enhancing the quality and inclusivity of an ad during the ad-creation process Recruiter Candidate Ad Insertion
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Mobility Q4 2025 Results
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13 1) 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 3) LIke-for -like, excluding spare parts/accessories for both periods ARPA Q4 2025, Y o Y change % NAA Q4 2025, Y o Y change % Professional NOK 540¹ 24% Y o Y SEK 716¹ 17% Y o Y (15% adj. ³) DKK 382² 21% Y o Y Professional 154k¹ -5% Y o Y 225k¹ -9% Y o Y ( -8% adj. ³) 53k² -6% Y o Y Private NOK 766¹ 10% Y o Y Private 67k¹ 7% Y o Y SEK 244¹ 34% Y o Y (27% adj. ³) DKK 198 18% Y o Y 131k¹ - 26% Y o Y ( - 16% adj. ³) 27k -41% Y o Y ARPA: Average Revenue Per Ad NAA: New Approved Ads Q4 2025 Results | Mobility Strong ARPA momentum; Sweden volumes impacted by platform transition
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14* On a constant currency basis • Classifieds revenues up 12% Y o Y , driven by solid ARPA growth across all countries and segments • Strong quarter for Nettbil and AutoVex resulted in 23% growth in transactional revenues • Advertising revenues returned to growth, up 3% Y o Y , following declines earlier in the year • OPEX excl. COGS only slightly up, despite investments in C2B models and transition to a common tech platform • EBITDA of NOK 336m, up 21% Y o Y Revenues (NOKm), EBITDA margin (%) Advertising revenues Transactional revenues HighlightsMobility Y o Y growth EBITDA margin Classified revenues Other revenues 11%* Q4 2025 Results | Mobility Revenue expansion and cost control drive 21% EBITDA growth
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Real Estate Q4 2025 Results
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16 1) New construction not included, due to different business models 2) Oikotie only , excluding ads on T ori and Qasa 3) Residential for sale ARPA not IFRS adjusted ARPA Q4 2025, Y o Y change % NAA Q4 2025, Y o Y change % Total NOK 3,846¹ 22% Y o Y EUR 26² 12% Y o Y Total 48k¹ –4% Y o Y 88k² -4% Y o Y Residential for sale³ NOK 5,262¹ 21% Y o Y Residential for sale 21k¹ 3% Y o Y ARPA: Average Revenue Per Ad NAA: New Approved Ads Q4 2025 Results | Real Estate Strong ARPA growth
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17* On a constant currency basis Revenues (NOKm), EBITDA margin (%) Real Estate Highlights • Classifieds revenues up 15% Y o Y , driven by ARPA growth across segments and volume growth in Residential for sale in Norway • 31% Y o Y increase in transactional revenues driven by Qasa and HomeQ • OPEX excl. COGS down 4%, despite increased marketing efforts in Finland • EBITDA of NOK 123m, up 60% Y o Y 14%*Y o Y growth Advertising revenues Transactional revenues EBITDA margin Classified revenues Other revenues Q4 2025 Results | Real Estate Revenue and EBITDA uplift driven by ARPA and volume growth
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Jobs Q4 2025 Results
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191) Sourced ads not included ARPA Q4 2025, Y o Y change % NAA Q4 2025, Y o Y change % Total NOK 8,856¹ 21% Y o Y Total 31k¹ – 11% Y o Y ARPA: Average Revenue Per Ad NAA: New Approved Ads Q4 2025 Results | Jobs Strong ARPA growth continues; volumes remain under pressure from market headwinds
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20* On a constant currency basis Jobs Highlights • Reported revenues and margin impacted by market exit in Finland in 2024 • Norway revenue up 7% Y o Y ; ARPA gains from segmented pricing, discount optimisation and upsell products partly offset volume decline • OPEX excl. COGS down 22% Y o Y , driven by market exits and additional reorganisation measures in 2024 • EBITDA of 151m, up 33% Y o Y Revenues (NOKm), EBITDA margin (%) Finland revenues EBITDA margin Norway revenues Jobs Y o Y growth 1%* Q4 2025 Results | Jobs Underlying revenue growth driven by ARPA expansion, offsetting volume softness
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Recommerce Q4 2025 Results
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22 Transacted GMV Q4 2025, Y o Y change % Take rate Q4 2025, Y o Y change pp. Total NOK 620m 15% Y o Y SEK 173m - 2% Y o Y EUR 18m 50% Y o Y DKK 51m 25% QoQ Total 17% 1pp. Y o Y 11% 0pp. Y o Y 17% 1pp. Y o Y 15% 1pp. QoQ GMV: Gross merchandise value of transacted C2C goods T ake rate: External take rate including shipping and VAT Q4 2025 Results | Recommerce Robust GMV growth
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23* On a constant currency basis Recommerce Revenues (NOKm), EBITDA margin (%) Y o Y growth Highlights • Transactional revenues up 23% Y o Y , driven by GMV • Revenues still affected by the phase-out of low-margin revenue streams as part of the strategic simplification • Advertising revenue down 19% Y o Y • OPEX excl. COGS down 6% Y o Y , reflecting FTE reductions and tech platform consolidation offset by a higher marketing spend • EBITDA improved by 44% Y o Y to NOK -44m Advertising revenues Classifieds revenues EBITDA margin Transactional revenues Other revenues 4%* Q4 2025 Results | Recommerce Sustained transactional revenue growth and cost discipline continue to expand margins
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Finance 1 6 Q4 2025 Results
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25* On a constant currency basis Q4 2024 Q4 2025 Q4 2024 Q4 2025 Group EBITDA 491m 53% Yo Y Group revenues 1,510m - 1%* Yo Y Vend Vend Q4 revenues per segment (NOKm) Y o Y growth Q4 EBITDA per segment (NOKm) Y o Y growth Q4 2025 Results | Finance Q4 revenues down 1%* Yo Y ; EBITDA up 53% Yo Y Mobility Real Estate Jobs Recommerce Other/HQ Mobility Real Estate Jobs Recommerce Other/HQ 11% * 14% * 1% * 4% * -64% * 21% 60% 33% 44% - 7%
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26 Vend OPEX excl. COGS (NOKm) Highlights • T otal OPEX excl. COGS down 17% Y o Y , driven by: ○ Personnel costs down 11% Y o Y , reflecting FTE reductions. ○ Marketing costs down 15% Y o Y , primarily following the exit from Jobs in Finland; partly offset by higher activity in Mobility , Real Estate and Recommerce. ○ Other operating costs declined, supported by continued cost discipline and the accelerated wind-down of Schibsted TSA agreements. • OPEX excl. COGS-to-sales ratio improved by 11%-points Y o Y . Other costs Marketing costs OPEX excl. COGS / Revenues Personnel costs 17%Y o Y growth Q4 2025 Results | Finance Accelerated cost reductions, ahead of plan
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27 Includes 1,078m of impairment losses related to the operations in Finland. Includes restructuring costs mainly related to FTE reductions, and provisions for service contracts not utilised in operations (28m). Also includes separation costs related to the Schibsted separation (13m) and transaction-related costs (21m). In addition, it includes one-off expenses related to prior -period accounting matters recognised in profit or loss in the period (11m). Includes 1,091m of gain from fair value adjustment of Aurelia. Income statement Fourth quarter NOK million) 2025 2024 Operating revenues 1,510 1,528 Operating expenses 1,019 1,207 Gross operating profit (loss) - EBITDA 491 320 Depreciation and amortisation 142 177 Impairment loss 46 1,336 Other income 4 8 Other expenses 73 194 Operating profit (loss) 234 1,379 Share of profit (loss) of joint ventures and associates 11 28 Impairment loss on joint ventures and associates (recognised or reversed) 9 32 Gains (losses) on disposal of joint ventures and associates 152 8 Financial income 61 1,186 Financial expense 2,880 75 Profit (loss) before taxes 2,452 336 Taxes 66 20 Profit (loss) from continuing operations 2,518 316 Profit (loss) from discontinued operations Profit (loss) 36 2,481 56 260 Non-controlling interests - - Owners of the parent 2,482 260 Earnings per share NOK EPS - basic NOK 11.89 1.12 EPS - basic adjusted NOK 11.89 1.12 Operations in Lendo, Prisjakt, skilled trades marketplaces and Delivery presented as discontinued operations in 2025 and 2024. Q4 2025 Results | Finance Q4 income statement Includes 2,793m of loss from fair value adjustment of Aurelia. Includes gain of sale of Hypoteket Group and of Elton Mobility AS.
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28 Q4 2025 Results | Finance Cash flow Fourth quarter NOK million) 2025 2024 Profit (loss) before taxes from continuing operations 2,452 336 Depreciation, amortisation and impairment losses (recognised or reversed) 196 1,545 Net interest expense (income) 19 17 Net effect pension liabilities 8 9 Share of loss (profit) of joint ventures and associates 11 28 Interest received 36 66 Interest paid 51 39 Taxes paid 131 103 Non-operating gains and losses 2,636 1,051 Change in working capital and provisions 38 67 Net cash flow from operating activities 555 245 Net cash flow from investing activities 68 192 -whereof Development and purchase of intangible assets and property, plant and equipment 137 146 Net cash flow from financing activities 1,206 942 -whereof Payment of principal portion of lease liabilities 33 27 Loss related to fair value adjustment of Aurelia 2,793m in Q4 2025, without cash effect. Q4 cash flow from continuing operation Sale of Elton Mobility AS and Hypoteket Group and sale of assets to Schibsted in Q4 2025. Repurchased own Vend bonds of 681m. The share buyback programme was completed in Q2, with a new programme launched in Q4 (448m effect in Q4).
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Robust balance sheet supports disciplined shareholder returns * As at Q4 2025 ** Based on buybacks and treasury shares as at 30 January 2026 29 NIBD/EBITDA Financial gearing (NIBD/EBITDA according to bank definition) Q4 2025 Results | Finance Highlights • Returned excess capital to shareholders through 2025 ○ Ordinary cash dividend: NOK 508m ○ Special cash dividend: NOK 500m ○ Share buybacks NOK 6.9bn • Strong balance sheet with net cash position of NOK 210m* • Repurchase of Vend bonds for NOK 753m in 2025 (NOK 681m in Q4) • Ongoing share buyback program with remaining frame of NOK 1. 1bn** • Proposed ordinary cash dividend of NOK 2.50 per share (NOK 2.25 last year), implying a dividend of c.NOK 537m*
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30* Underlying revenue growth in Norway Q4 2025 Results | Finance Solid progress towards medium-term targets L TM Q3 2024 2025 Medium-term targets FY revenues growth FY EBITDA margin Recommerce Mobility Real Estate Jobs* Medium-term targets range 12- 17% 12- 17% 5- 10% >20% 55-60% 45-50% >55% Single digit
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31 Reduced OPEX Cost reductions have improved ratios; revenue growth key driver going forward Reduced CAPEX CAPEX Q4 2025 Results | Finance CAPEX / Revenues CAPEX OPEX excl. COGS Other costs Marketing costs OPEX excl. COGS / Revenues Personnel costs ~ ~
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32 Financial framework for sustainable value creation Q4 2025 Results | Finance Capital allocationMedium-term targets Simplify Verticalise Expand 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: 12- 17% EBITDA margin: 55-60% Revenue growth: 12- 17% EBITDA margin: 45-50% Revenue growth: 5- 10% EBITDA margin: >55% Revenue growth: >20% EBITDA margin: single-digit Mobility Real Estate Jobs Recom.
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Q&A Q4 2025 Results | Q&A 5 February 2026 Christian Printzell Halvorsen, CEO Per Christian Mørland, CFO
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34 Appendices Q4 2025 Results | Appendices Spreadsheet containing detailed Q4 2025 and historical information can be downloaded at vend.com/ir
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35 Q4 2025 Results | KPIs Historical ARPA trends per vertical ARPA Vertical Country Category Q3- 24 Q4- 24 Q1- 25 Q2- 25 Q3- 25 Q4- 25 Mobility¹ Norway Professional NOK 428 NOK 434 NOK 461 NOK 497 NOK 518 NOK 540 Norway Private NOK 653 NOK 698 NOK 704 NOK 715 NOK 734 NOK 766 Sweden Professional SEK 578 SEK 613 SEK 708 SEK 709 SEK 693 SEK 716 Sweden Private SEK 166 SEK 182 SEK 206 SEK 257 SEK 256 SEK 244 Denmark Professional² DKK 313 DKK 316 DKK 341 DKK 349 DKK 375 DKK 382 Denmark Private DKK 168 DKK 167 DKK 179 DKK 266 DKK 262 DKK 198 Real Estate Norway T otal³ NOK 3,026 NOK 3, 153 NOK 3,279 NOK 3,567 NOK 3,545 NOK 3,846 Norway Residential for sale NOK 4,385 NOK 4,361 NOK 4,943 NOK 4,912 NOK 5, 153 NOK 5,262 Finland T otal⁴ EUR 20 EUR 24 EUR 21 EUR 22 EUR 24 EUR 26 Jobs Norway T otal⁵ NOK 6,967 NOK 7 ,303 NOK 7 ,891 NOK 8,229 NOK 8, 185 NOK 8,856 1) 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; 3) New construction not included, due to different business model; 4) Oikotie only , excluding ads on T ori and Qasa; 5) Sourced ads not included
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36 Q4 2025 Results | KPIs Historical listing trends per vertical NAA Vertical Country Category Q3- 24 Q4- 24 Q1- 25 Q2- 25 Q3- 25 Q4- 25 Mobility¹ Norway Professional 158k 162k 156k 152k 148k 154k Norway Private 106k 62k 67k 116k 106k 67k Sweden Professional 249k 248k 225k 233k 232k 225k Sweden Private 245k 177k 158k 229k 210k 131k Denmark Professional² 55k 57k 53k 52k 51k 53k Denmark Private 58k 45k 36k 30k 28k 27k Real Estate Norway T otal³ 67k 49k 58k 74k 64k 48k Norway Residential for sale 31k 21k 29k 40k 30k 21k Finland T otal⁴ 107k 91k 103k 108k 97k 88k Jobs Norway T otal⁵ 35k 34k 40k 35k 30k 31k 1) 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; 3) New construction not included, due to different business model; 4) Oikotie only , excluding ads on T ori and Qasa; 5) Sourced ads not included
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37 Q4 2025 Results | KPIs Historical Recommerce KPIs 1) GMV: Gross merchandise value of transacted C2C goods 2) T ake rate: External take rate including shipping and VAT Transactional KPIs Vertical Country Category Q3- 24 Q4- 24 Q1- 25 Q2- 25 Q3- 25 Q4- 25 Recommerce Norway Transacted GMV¹ NOK 481m NOK 540m NOK 531m NOK 549m NOK 569m NOK 620m Norway T ake rate² 16% 16% 16% 15% 16% 17% Sweden Transacted GMV¹ SEK 173m SEK 177m SEK 191m SEK 178m SEK 186m SEK 173m Sweden T ake rate² 10% 10% 10% 10% 10% 11% Finland Transacted GMV¹ EUR 8m EUR 12m EUR 12m EUR 13m EUR 16m EUR 18m Finland T ake rate² 15% 16% 17% 16% 16% 17% Denmark Transacted GMV¹ - - DKK 16m DKK 33m DKK 40m DKK 51m Denmark T ake rate² - - 14% 15% 15% 15%
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38 Q4 2025 Results | Finance Shareholders analysis 1) Source: Nasdaq OMX, VPS as at 15 December 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 Nasdaq OMX nor Vend can guarantee the accuracy of the analysis. Rank Name Shares % of S/I 1 Blommenholm Industrier AS 43, 167 , 130 18.5% 2 Folketrygdfondet 21,083, 185 9.0% 3 DNB Asset Management AS 10,472,958 4.5% 4 HMI Capital Management, L.P . 7 ,492,045 3.2% 5 The Vanguard Group, Inc. 6,315,779 2.7% 6 Storebrand Kapitalforvaltning AS 5,759,751 2.5% 7 KLP Kapitalforvaltning AS 4,875,328 2. 1% 8 Novo Holdings A/S 4,056,053 1.7% 9 BlackRock Institutional Trust Company , N.A. 3,936, 147 1.7% 10 Nordea Funds Oy 3,881,827 1.7% 11 ODIN Forvaltning AS 3,652,878 1.6% 12 Baillie Gifford & Co. 3,586,295 1.5% 13 Eika Kapitalforvaltning AS 3,404,787 1.5% 14 Polaris Media ASA 3,218,304 1.4% 15 Reade Street Capital Management 2,736,228 1.2% 16 Alfred Berg Kapitalforvaltning AS 2,469,968 1. 1% 17 Fondsfinans Kapitalforvaltning AS 2,345,497 1.0% 18 Farallon Capital Management, L.L.C. 2,263,304 1.0% 19 Alecta pensionsförsäkring, ömsesidigt 2,248,500 1.0% 20 Parametric Portfolio Associates LLC 1,904, 104 0.8%
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Investor contact Q4 2025 Results | Investor contact Visit Vends’ s website: vend.com Email: ir@vend.com Jann-Boje Meinecke SVP FP&A and IR Vend Marketplaces ASA Visiting address: Grensen 5- 7 , 0159 Oslo Postal address: P .O. Box 747 Sentrum, 0106 Oslo Norway