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Vend Marketplaces
Vend Marketplaces (VEND) investor relations material
Vend Marketplaces Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
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.
Aurelia valuation: How to manage volatility?
Blocket migration: Revenue impact of pricing delay?
Jobs vertical: Strategy to reverse volume decline?
Blocket private ad volume stabilization outlook?
Detail data protection measures from AI platforms
Reconcile 2026 stable OpEx with 2025 reductions
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Next Vend Marketplaces earnings date
Q1 202630 Apr, 2026
Vend Marketplaces
Next Vend Marketplaces earnings date
Q1 202630 Apr, 2026
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