Vend Marketplaces (VEND) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues reached NOK 1,543 million, up 2% year-over-year, with all four verticals growing 10%, but group growth tempered by the phase-out of transitional service revenues.

• Group EBITDA rose 36% to NOK 563 million, with margin expanding to 36% from 27% a year ago, reflecting strong cost discipline and operational improvements.

• Real Estate, Jobs, and Recommerce delivered robust ARPA-driven growth and profitability, while Mobility saw mixed performance due to platform transitions and market softness in Sweden and Denmark.

• Announced a new NOK 4 billion share buyback program after completing the previous NOK 2 billion program and asset sales, including Mittanbud and Lendo.

• Mobility revenue growth outlook for 2026 revised to mid-to-high single digits, below the previous 12%-17% target, due to challenges in Sweden and Denmark.

Financial highlights

• Group EBITDA improved by 36% to NOK 563 million; margin increased to 36%.

• Operating profit rose to NOK 331 million from NOK 222 million in Q1 last year.

• Net loss for the group was NOK -5.5 billion, mainly due to a NOK 5.8 billion loss from the revaluation of the Aurelia/Adevinta stake.

• Cash flow from operations was NOK 485 million, up from NOK 254 million year-over-year.

• Net cash position at quarter-end was NOK 3,376 million.

Outlook and guidance

• Mobility revenue growth for 2026 revised to mid-to-high single digits, below the 12%-17% medium-term target, due to challenges in Sweden and Denmark.

• Other verticals expected to meet their medium-term growth targets.

• 2026 OpEx (excluding COGS) expected to decline by NOK 100 million versus 2025.

• Other HQ revenues to decline by NOK 300 million in 2026 due to service exits.