Vend Marketplaces (VEND) Q3 2025 earnings summary

Executive summary

• Q3 2025 marked progress toward a pure-play marketplace model, with disciplined cost execution, monetisation across verticals, and company simplification initiatives, including the sale of Lendo and venture exits.

• Group revenues were NOK 1,595 million, down 1% year-on-year, mainly due to strategic exits and soft advertising, while EBITDA rose 24% to NOK 640 million, driven by lower operating expenses and workforce reductions.

• Portfolio simplification advanced with the sale of Lendo, ongoing sales of Delivery, and venture portfolio exits.

• A new NOK 2 billion share buyback program was approved, and the dual share class removal is being finalized.

Financial highlights

• Group revenues declined 1% year-on-year to NOK 1,595 million, with underlying growth in Mobility and Real Estate, and EBITDA increased 24% to NOK 640 million, with margin improvements across all verticals.

• EBITDA margin reached 40%, up 8 percentage points year-on-year, supported by lower costs.

• Operating profit rose to NOK 440 million from NOK 263 million last year.

• Net loss for the group was around NOK 650 million, mainly due to a NOK 1.1 billion loss on Adevinta/Aurelia stake revaluation.

• Cash flow from operations was NOK 442 million; net debt stood at NOK 25 million.

Outlook and guidance

• Solid ARPA momentum expected across all verticals into Q4, but volume trends remain unpredictable and advertising revenues stabilising but pressured.

• Cost base to remain below last year, with moderation in decline rate in Q4 as savings annualise.

• Medium-term targets reaffirmed; temporary EBITDA headwind of up to NOK 100 million expected in 2026, with mitigation by 2027.

• New pricing and package structures in Real Estate and Mobility to be effective from 2026.