Vend Marketplaces Asa · OSL:VEND
Vend Marketplaces Asa — Vend Marketplaces Asa B — Q4 2025 Earnings Presentation
39 slides from Vend Marketplaces Asa's earnings presentation, Feb 5, 2026
Slide 1: Q4 2025 Results
Q4 2025 Results 5 February 2026 Christian Printzell Halvorsen, CEO Per Christian Mørland, CFO
Slide 2: Disclaimer
Q4 2025 Results | Disclaimer Disclaimer This presentation (hereinafter referred to as the “Presentation”) has been prepared by Vend Marketplaces ASA ("Vend" or the “Company”) exclusively for information purposes and does not constitute an offer to sell or the solicitation of an offer to buy any fina
Slide 3: Summary
Q4 2025 Results Summary Key financials Strategic highlights * -1% • Monetisation and efficiency: Continued delivery on ARPA growth and cost reductions • Platform transition: Transition to shared platform progressing on track with Blocket launched 18 November Revenues YoY • Portfolio simplification:
Slide 4: Firm execution on strategic agenda
Q4 2025 Results Firm execution on strategic agenda Simplify Verticalise Expand Capital allocation ● Solid progress on cost agenda ● Transitionto to unified technology ● Sustained scaling of transactional ● Disciplined execution in line with ○ OPEX ex. COGS-to-sales ratio platform on track; DBA and B
Slide 5: Our transition to a common tech platform progresses, with Blocket converted in Q4 2025
Q4 2025 Results Our transition to a common tech platform progresses, with Blocket converted in Q4 2025 Platform transition timeline 2024 2025 2026 2027 * Launch consumer-facing Supporting long-term 1 marketplace monetisation agenda by accelerating Nordic-wide innovation and execution 2 Harmonise pro
Slide 6: Blocket transition: focused actions to restore momentum
Q4 2025 Results Blocket transition: focused actions to restore momentum Blocket is a cherished Current transition status Taking actions for future success platform by users 740m Significant user and dealer engagement Improving the situation with long-term focus Yearly Visits following changes in use
Slide 7: We have winning positions across the Nordics
Q4 2025 Results We have winning positions across the Nordics → 29 monthly visits per capita¹ → 99% unaided awareness² Leading marketplace → 12 monthly visits per capita¹ Strong network effects, reinforcing our brands → c.80% unaided awareness across brands² long-term competitive advantage Strong tra
Slide 8: Uniquely positioned to unlock value with AI
Q4 2025 Results Uniquely positioned to unlock value with AI Data as a strategic asset Vertical product advantage AI investments at scale • Active measures to protect • High-stakes and long-running • AI investments included in proprietary data user journeys with specific financial framework • Differe
Slide 9: Our unique data is a key differentiating advantage
Q4 2025 Results Our unique data is a key differentiating advantage Key data Examples Real-time ad data Real-time signals including ad updates, price changes, page impressions, saved searches, messages, and time to first lead or sale, spanning a significant volume of long-tail consumer-to-consumer (C
Slide 10: We have launched a broad range of AI features
Q4 2025 Results We have launched a broad range of AI features Selected examples across verticals Mobility Real Estate Jobs Recommerce Support / Cross-vertical Car valuation tool for AI-based floor plan Portfolio of tools for Assisted creation of listing Fraud detection private and professional mappi
Slide 11: Jobs example: vertical-specific AI tools meet user needs across the journey
Q4 2025 Results Jobs example: vertical-specific AI tools meet user needs across the journey Listing Consideration Search Application Recruiter Candidate Ad Insertion JobbKompasset SmartSøk JobbMatch Tools enhancing the Career coach providing Conversational Job-match tool that quality and inclusivity
Slide 12: Mobility
Q4 2025 Results Mobility blocket dba BILINFO Bilbasen # Nettbil bytbil ( carwes “hes! AutoVex m Vend
Slide 13: Strong ARPA momentum; Sweden volumes impacted by platform transition
Q4 2025 Results | Mobility Strong ARPA momentum; Sweden volumes impacted by platform transition ARPA NAA Q4 2025, YoY change % Q4 2025, YoY change % Professional Private Professional Private NOK 540¹ NOK 766¹ 154k¹ 67k¹ 24% YoY 10% YoY -5% YoY 7% YoY SEK 716¹ SEK 244¹ 225k¹ 131k¹ 17% YoY (15% adj.³)
Slide 14: Revenue expansion and cost control drive 21% EBITDA growth
Q4 2025 Results | Mobility Revenue expansion and cost control drive 21% EBITDA growth Mobility Highlights Revenues (NOKm), EBITDA margin (%) • Classifieds revenues up 12% YoY, driven by solid ARPA growth across all YoY growth 11% * countries and segments • Strong quarter for Nettbil and AutoVex resu
Slide 15: Real Estate
Q4 2025 Results Real Estate blocket QGaSQA @Homea m Vend
Slide 16: Strong ARPA growth
Q4 2025 Results | Real Estate Strong ARPA growth ARPA NAA Q4 2025, YoY change % Q4 2025, YoY change % Total Residential Total Residential for sale³ for sale NOK 3,846¹ NOK 5,262¹ 48k¹ 21k¹ 22% YoY 21% YoY –4% YoY 3% YoY EUR 26² 88k² 12% YoY -4% YoY ARPA: Average Revenue Per Ad NAA: New Approved Ads
Slide 17: Revenue and EBITDA uplift driven by ARPA and volume growth
Q4 2025 Results | Real Estate Revenue and EBITDA uplift driven by ARPA and volume growth Real Estate Highlights Revenues (NOKm), EBITDA margin (%) • Classifieds revenues up 15% YoY, driven by ARPA growth across segments and YoY growth 14% * volume growth in Residential for sale in Norway • 31% YoY i
Slide 18: Jobs
Q4 2025 Results Jobs
Slide 19: Strong ARPA growth continues; volumes remain under pressure from market headwinds
Q4 2025 Results | Jobs Strong ARPA growth continues; volumes remain under pressure from market headwinds ARPA NAA Q4 2025, YoY change % Q4 2025, YoY change % Total Total NOK 8,856¹ 31k¹ 21% YoY –11% YoY ARPA: Average Revenue Per Ad NAA: New Approved Ads 1) Sourced ads not included 19
Slide 20: Underlying revenue growth driven by ARPA expansion, offsetting volume softness
Q4 2025 Results | Jobs Underlying revenue growth driven by ARPA expansion, offsetting volume softness Jobs Jobs Highlights Revenues (NOKm), EBITDA margin (%) • Reported revenues and margin impacted by market exit in Finland in 2024 YoY growth 1% * • Norway revenue up 7% YoY; ARPA gains from segmente
Slide 21: Recommerce
Q4 2025 Results Recommerce blocket dba tori m Vend
Slide 22: Robust GMV growth
Q4 2025 Results | Recommerce Robust GMV growth Transacted GMV Take rate Q4 2025, YoY change % Q4 2025, YoY change pp. Total Total NOK 620m 17% 15% YoY 1pp. YoY SEK 173m 11% -2% YoY 0pp. YoY EUR 18m 17% 50% YoY 1pp. YoY DKK 51m 15% 25% QoQ 1pp. QoQ GMV: Gross merchandise value of Take rate: External
Slide 23: Sustained transactional revenue growth and cost discipline continue to expand margins
Q4 2025 Results | Recommerce Sustained transactional revenue growth and cost discipline continue to expand margins Recommerce Highlights Revenues (NOKm), EBITDA margin (%) • Transactional revenues up 23% YoY, driven by GMV YoY growth 4% * • Revenues still affected by the phase-out of low-margin reve
Slide 24: Finance
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Slide 25: Q4 revenues down 1% YoY; EBITDA up 53% YoY
Q4 2025 Results | Finance Q4 revenues down 1%* YoY; EBITDA up 53% YoY Vend Group revenues 1,510m Vend Group EBITDA 491m Q4 revenues per segment (NOKm) -1%* YoY Q4 EBITDA per segment (NOKm) 53% YoY YoY growth YoY growth 11%* 14%* 1%* 4%* -64%* 21% 60% 33% 44% -7% Mobility Real Estate Jobs Recommerce
Slide 26: Accelerated cost reductions, ahead of plan
Q4 2025 Results | Finance Accelerated cost reductions, ahead of plan Vend Highlights OPEX excl. COGS (NOKm) • Total OPEX excl. COGS down 17% YoY, driven by: YoY growth 17% ○ Personnel costs down 11% YoY, reflecting FTE reductions. ○ Marketing costs down 15% YoY, primarily following the exit from Jo
Slide 27: Q4 income statement
Q4 2025 Results | Finance Q4 income statement Income statement Fourth quarter NOK million) 2025 2024 Operating revenues 1,510 1,528 Operating expenses 1,019 1,207 Gross operating profit (loss) - EBITDA 491 320 Includes 1,078m of impairment losses related to the operations in Finland. Depreciation
Slide 28: Q4 cash flow from continuing operation
Q4 2025 Results | Finance Q4 cash flow from continuing operation Cash flow Fourth quarter NOK million) 2025 2024 Profit (loss) before taxes from continuing operations 2,452 336 Depreciation, amortisation and impairment losses (recognised or reversed) 196 1,545 Net interest expense (income) 19 17
Slide 29: Robust balance sheet supports disciplined shareholder returns
Q4 2025 Results | Finance Robust balance sheet supports disciplined shareholder returns Financial gearing Highlights (NIBD/EBITDA according to bank definition) • Returned excess capital to shareholders through 2025 ○ Ordinary cash dividend: NOK 508m ○ Special cash dividend: NOK 500m ○ Share buybacks
Slide 30: Solid progress towards medium-term targets
Q4 2025 Results | Finance Solid progress towards medium-term targets Mobility Real Estate Jobs* Recommerce FY revenues growth >20% 12-17% 12-17% 5-10% FY EBITDA margin 55-60% >55% 45-50% Single digit LTM Q3 2024 2025 Medium-term targets Medium-term targets range * Underlying revenue growth in Norway
Slide 31: Cost reductions have improved ratios; revenue growth key driver going forward
Q4 2025 Results | Finance Cost reductions have improved ratios; revenue growth key driver going forward Reduced OPEX Reduced CAPEX OPEX excl. COGS CAPEX Other costs CAPEX Marketing costs CAPEX / Revenues Personnel costs OPEX excl. COGS / Revenues ~ ~ 31
Slide 32: Financial framework for sustainable value creation
Q4 2025 Results | Finance Financial framework for sustainable value creation Strategy Medium-term targets Capital allocation Accelerate Future Winners Mobility Revenue growth: 12-17% • Any surplus cash post the below will be EBITDA margin: 55-60% returned to shareholders over time Simplify Revenue g
Slide 33: Q&A
Q4 2025 Results | Q&A Q&A 5 February 2026 Christian Printzell Halvorsen, CEO Per Christian Mørland, CFO
Slide 34: Appendices
Q4 2025 Results | Appendices Appendices Spreadsheet containing detailed Q4 2025 and historical information can be downloaded at vend.com/ir 34
Slide 35: Historical ARPA trends per vertical
Q4 2025 Results | KPIs Historical ARPA trends per vertical ARPA Vertical Country Category Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Mobility¹ Norway Professional NOK 428 NOK 434 NOK 461 NOK 497 NOK 518 NOK 540 Norway Private NOK 653 NOK 698 NOK 704 NOK 715 NOK 734 NOK 766 Sweden Professional SEK 578 SEK 6
Slide 36: Historical listing trends per vertical
Q4 2025 Results | KPIs Historical listing trends per vertical NAA Vertical Country Category Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Mobility¹ Norway Professional 158k 162k 156k 152k 148k 154k Norway Private 106k 62k 67k 116k 106k 67k Sweden Professional 249k 248k 225k 233k 232k 225k Sweden Private 245k
Slide 37: Historical Recommerce KPIs
Q4 2025 Results | KPIs Historical Recommerce KPIs Transactional KPIs Vertical Country Category Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Recommerce Norway Transacted GMV¹ NOK 481m NOK 540m NOK 531m NOK 549m NOK 569m NOK 620m Norway Take rate² 16% 16% 16% 15% 16% 17% Sweden Transacted GMV¹ SEK 173m SEK 177
Slide 38: Shareholders analysis
Q4 2025 Results | Finance Shareholders analysis Rank Name Shares % of S/I 1 Blommenholm Industrier AS 43,167,130 18.5% 2 Folketrygdfondet 21,083,185 9.0% 3 DNB Asset Management AS 10,472,958 4.5% 4 HMI Capital Management, L.P. 7,492,045 3.2% 5 The Vanguard Group, Inc. 6,315,779 2.7% 6 Storebrand Kap
Slide 39: Investor contact
Q4 2025 Results | Investor contact Investor contact Visit Vends’s website: vend.com Email: ir@vend.com Jann-Boje Meinecke SVP FP&A and IR Vend Marketplaces ASA Visiting address: Grensen 5-7, 0159 Oslo Postal address: P.O. Box 747 Sentrum, 0106 Oslo Norway
Vend Marketplaces Asa B — Q4 2025 Earnings Presentation on 6ix