Vend Marketplaces (VEND) Q2 2025 earnings summary

Executive summary

• Achieved strong ARPA growth and margin expansion in Q2 2025, supported by cost reductions, rebranding to Vend, and a focus on core marketplace operations.

• Launched new AI-driven features and expanded the Qasa platform to Norway, advancing product innovation.

• Divested non-core assets, including Prisjakt and venture investments, and streamlined the group structure.

• Returned NOK 6.2 billion to shareholders via share buybacks and dividends, funded by asset sales and capital distributions.

• Accepted a NOK 10 million regulatory penalty for Q1 disclosure violations and discontinued pre-close calls.

Financial highlights

• Q2 2025 revenues were NOK 1,694 million, down 2% year-on-year; EBITDA rose 25% to NOK 583 million, with a 34% margin.

• Net profit for Q2 was NOK 4,866 million, including a NOK 4.6 billion gain from Adevinta (Aurelia) revaluation and NOK 298 million from the sale of Prisjakt.

• Operating profit increased to NOK 330 million in Q2 and NOK 553 million for H1 2025.

• OPEX excluding COGS fell 11% year-on-year; personnel costs down 15%, marketing costs down 26%.

• Cash flow from operations rose to NOK 313 million in Q2 and NOK 567 million for H1 2025.

Outlook and guidance

• Expects continued solid ARPA momentum across all verticals in H2 2025, but volume trends remain unpredictable.

• Advertising revenues anticipated to remain under pressure, especially in e-commerce/mobility, due to post-media split dis-synergies.

• Cost base expected to decline year-on-year, but at a slower rate in H2.

• Medium-term targets: Mobility/Real Estate revenue growth of 12–17% with EBITDA margins of 55–60% and 45–50% respectively; Jobs revenue growth of 5–10% with EBITDA margin above 55%; Recommerce revenue growth above 20% with single-digit EBITDA margin.

• Confident in achieving medium-term targets through monetization, cost efficiency, and portfolio simplification.