Vend Marketplaces (VEND) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenues increased 12% year-over-year to NOK 2,103 million, with EBITDA up 3% to NOK 337 million and a margin of 16%.

• Completed transformation into a standalone marketplaces company, exiting media operations and focusing on four core verticals: Mobility, Real Estate, Jobs, and Re-commerce.

• Announced rebranding to Vend, with launch planned for Q2 2024/2025, and local brands retained.

• Strategic exits from Jobs in Finland and Sweden and product closures in Re-commerce simplified the portfolio and impacted results.

• Board proposes ordinary dividend of NOK 2.25 per share for 2024 and plans a special NOK 500 million dividend in 2025 from Adevinta proceeds.

Financial highlights

• Group revenues up 12% year-over-year; EBITDA up 3% year-over-year; EBITDA margin at 16%.

• Net loss for the group was NOK -260 million, impacted by NOK 1.1–1.3 billion impairment in Finland and NOK 196 million in restructuring costs.

• Operating cash flow in Q4 was NOK 279 million, up NOK 42 million year-over-year; CapEx down 25%.

• Basic EPS in Q4: NOK -1.12; adjusted EPS from continuing operations: NOK 5.06.

• Equity ratio at year-end: 81%; net cash position: NOK 2.5 billion; liquidity reserve: NOK 9.1 billion.

Outlook and guidance

• Medium-term targets: Mobility and 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 >55%; Re-commerce revenue growth >20% with positive EBITDA margin by 2027.

• Double-digit ARPA growth targeted for Real Estate in 2025, with Q1 slightly lower.

• Near-term performance affected by advertising market and Jobs vertical; cost efficiency initiatives underway.

• On track to deliver medium-term targets, but 2025 is a heavy transition year with ongoing separation and tech platform migration.

• Continued focus on core verticals; non-core businesses in exit process.