Vend Marketplaces (VEND) CMD 2024 summary

Strategic transformation and portfolio focus

• Transitioned to a pure-play marketplace company by divesting non-core assets, including News Media and reducing the Adevinta stake, simplifying the portfolio to focus on four verticals: Mobility, Real Estate, Jobs, and Re-commerce.

• Implemented a vertical-based operating model, moving away from a country-based structure to drive specialization, efficiency, and faster innovation.

• Announced a new brand and identity to be launched in the first half of 2025, symbolizing the company's transformation.

• Achieved NOK ~63bn in shareholder value creation over the past 18 months through strategic moves and asset sales.

• Streamlined the portfolio by exiting or planning to exit several non-core assets and ventures, while retaining Delivery during the transition.

Financial performance and guidance

• Delivered >10% ARPA growth and 7% revenue growth year-over-year as of Q3 2024.

• Medium-term financial targets by vertical: Mobility and Real Estate (12%-17% revenue growth, Mobility 55%-60% EBITDA margin, Real Estate 45%-50%), Jobs (5%-10% growth, >55% margin), Re-commerce (>20% growth, single-digit positive margin by 2027).

• OPEX (excluding COGS) targeted to decrease from 65% to 40% of revenue over the medium term, with absolute OPEX expected to decline despite inflation and growth.

• CapEx to reduce from 9% to 5% of revenue as platform consolidation progresses.

• Disciplined capital allocation with progressive dividends and surplus cash returned to shareholders through dividends or buybacks.

Operational and technological advancements

• Platform consolidation across brands and countries to drive efficiency, reduce costs, and enable faster innovation, with most milestones expected by 2025-2026.

• Leveraging AI and automation for productivity gains, customer service, enhanced user experience, and product innovation, particularly in Re-commerce.

• Nordic operating model and harmonised back-office systems drive efficiency and scalability.

• Monetization focus through structured multi-year plans, value-based pricing, and new product packages, especially in Mobility and Real Estate.

• Transactional business models (C2B, C2C, rentals) are key growth drivers, with proven high take rates and rapid expansion across the Nordics.