Slide 1: Q3 2023 Results
Q3 2023 Results 25 October 2023 Kristin Skogen Lund, CEO | Per Christian Mørland, EVP CFO Q&A: slido.com | event code: 3349100
Slide 2: Disclaimer
Disclaimer This presentation (hereinafter referred to as the "presentation") has been prepared by Schibsted ASA ("Schibsted" or the "Company") exclusively for information purposes and does not constitute an offer to sell or the solicitation of an offer to buy any financial instruments. Reasonable ca
Slide 3: Highlights Q3 2023
Highlights Q3 2023 Financial highlights Operational highlights Adevinta ownership • Revenues of NOK 3.853m, • Solid quarter for Nordic • Involved in discussions regarding a 1% underlying* revenue growth Marketplaces, with 10% underlying* potential offer for all shares in revenue growth and an EBITDA
Slide 4: ESG highlights Q3 2023
ESG highlights Q3 2023 Environmental Recommerce transactions on Blocket and FINN reached all-time high in August New delivery terminal and printing facilities in Vestby – energy consumption down 27%* ENVIRONMENT Social European Media Freedom Act – highlights the importance of editorial freedom Lendo
Slide 5: Nordic Marketplaces
Nordic Marketplaces Mobility | Jobs | Real Estate | Recommerce 5
Slide 6: Double-digit revenue growth and EBITDA increase YoY
Nordic Marketplaces Double-digit revenue growth and EBITDA increase YoY Nordic Marketplaces Revenue split Nordic Marketplaces Revenues (NOKm), EBITDA margin (%) Revenues Q3 2023 (share in %) YoY growth 10%* Other -6%* YoY Advertising -6%* YoY 6% 9% Classifieds 85% +13%* YoY Revenues EBITDA margin 6
Slide 7: Continued solid trends despite mixed volume development
Nordic Marketplaces | Mobility Continued solid trends despite mixed volume development Mobility KPIs Q3 2023, YoY change % NAA ARPA 269k NOK 464 -1% YoY 9% YoY 509k SEK 318 4% YoY -3% YoY 55k* DKK 277 12% YoY 8% YoY Note: NAA: New Approved Ads, ARPA: Average Revenue Per Ad Transactional models like
Slide 8: Robust revenue growth; EBITDA margin at 53%
Nordic Marketplaces | Mobility Robust revenue growth; EBITDA margin at 53% Nordic Marketplaces Mobility Highlights Revenues (NOKm), EBITDA margin (%) YoY growth 11%* • Classifieds revenues up 15%*, driven by volumes and ARPA as well as continued strong revenue growth in Nettbil • Slightly improved a
Slide 9: Solid ARPA increase, offset by continued volume decline
Nordic Marketplaces | Jobs Solid ARPA increase, offset by continued volume decline Jobs KPIs Q3 2023, YoY change % NAA ARPA 38k NOK 6,198 -15% YoY 11% YoY 15k SEK 1,809 -37% YoY 15% YoY 26k EUR 82 -35% YoY 18% YoY Note: NAA: New Approved Ads, ARPA: Average Revenue Per Ad Sourced Ads in Norway not in
Slide 10: Revenues and profitability affected by market headwinds
Nordic Marketplaces | Jobs Revenues and profitability affected by market headwinds Nordic Marketplaces Jobs Highlights Revenues (NOKm), EBITDA margin (%) YoY growth -9%* • Revenues down across all markets, driven by lower volumes due to market headwinds • Higher ARPA curbed negative volume effects •
Slide 11: Exceptionally strong ARPA growth in Norway; resilient volume trend
Nordic Marketplaces | Real Estate Exceptionally strong ARPA growth in Norway; resilient volume trend Real Estate KPIs Q3 2023, YoY change % NAA ARPA 70k NOK 2,917 2% YoY 25% YoY 117k* EUR 17 22% YoY -15% YoY Note: NAA: New Approved Ads, ARPA: Average Revenue Per Ad * Oikotie only, excluding ads on T
Slide 12: Exceptionally strong revenue growth, and robust EBITDA margin
Nordic Marketplaces | Real Estate Exceptionally strong revenue growth, and robust EBITDA margin Nordic Marketplaces Real Estate Highlights Revenues (NOKm), EBITDA margin (%) YoY growth 25%* • Exceptionally strong growth of 28%* in classifieds revenues, mainly driven by ARPA • Revenues in Norway, acc
Slide 13: Solid progress in transactional key metrics
Nordic Marketplaces | Recommerce Solid progress in transactional key metrics Recommerce KPIs Q3 2023 Transactions AOV “Fiks ferdig” “Fiks ferdig” c.509k NOK 667 “Frakt med “Frakt med köpskydd” köpskydd“ c.85k SEK 1,530 Note: AOV: Average order value 13
Slide 14: Accelerated revenue growth
Nordic Marketplaces | Recommerce Accelerated revenue growth Nordic Marketplaces Recommerce Highlights Revenues (NOKm), EBITDA margin (%) YoY growth 37%* • Accelerated growth in classifieds revenues, driven by transactional business model • Solid development in unit economics in both Norway and Swede
Slide 15: News Media
15 News Media RYZE] «AAUP E24 | tv. Stavanger Aftenblad Aftenpoften 4 SvenskaDagbladet Omni peslme Bs Bergens.22 Tidende Schibsted
Slide 16: Considerable EBITDA margin improvement driven by cost reductions
News Media Considerable EBITDA margin improvement driven by cost reductions News Media Highlights Revenues (NOKm), EBITDA margin (%) YoY growth -2%* • Revenue decline driven by the print business and continued market headwinds in digital advertising in Sweden • Strong performance in digital advertis
Slide 17: Resilient growth in digital subscriptions; advertising affected by market headwinds
News Media Resilient growth in digital subscriptions; advertising affected by market headwinds and continued volatility Continued growth in digital subscription Strong digital performance in Norway, while revenues challenges in Sweden continue Subscription revenues (NOKm) Advertising revenues (NOKm)
Slide 18: Delivery
18 Delivery e P MB helthiem DE Schibsted | mo & Morgenlevering Schibsted | v:vusion vest Schibsted
Slide 19: EBITDA break-even driven by improved profitability in Helthjem
Delivery EBITDA break-even driven by improved profitability in Helthjem Delivery Highlights Revenues (NOKm), EBITDA margin (%) YoY growth -4% • Revenue decline driven by decline in Morgenlevering and lapse of Sunday distribution • Helthjem Netthandel up 17% due to increased volumes in B2C and higher
Slide 20: Growth & Investments
20 Growth & Investments Lendo’ &compricer “4 tibber ©Oprisiakt toin mittanbud Askin’ MINDLER gere albert ingrid @servicefinder Schibsted
Slide 21: Performance affected by revenue decline in Lendo
Growth & Investments Performance affected by revenue decline in Lendo Growth & Investments Highlights Revenues (NOKm), EBITDA margin (%) YoY growth -3%* • Continued negative effect from market headwinds in Lendo Sweden • Somewhat softer revenue growth in Prisjakt, up 5%* YoY despite tough e-commerce
Slide 22: Market headwinds affected revenue growth; robust EBITDA margin driven by refocus on Scandinavia
Lendo Group Market headwinds affected revenue growth; robust EBITDA margin driven by refocus on Scandinavia Lendo Group Highlights Revenues (NOKm), EBITDA margin (%) YoY growth -7%* • Revenues down driven by reduced conversion from application to payout within consumer loans in Sweden, as the macroe
Slide 23: Finance
Finance 23
Slide 24: Q3 Group EBITDA up 13% YoY, driven by News Media
Q3 Group EBITDA up 13% YoY, driven by News Media Schibsted Group Schibsted Group Q3 revenues, EBITDA (NOKm) Q3 EBITDA per segment (NOKm) YoY growth 1%* Revenues EBITDA Q3 2021 Q3 2022 Q3 2023 24 * Foreign exchange neutral basis
Slide 25: Q3 income statement Schibsted Group
Q3 income statement Schibsted Group Income statement Third quarter (NOK million) 2022 2023 Operating revenues 3,756 3,853 Operating expenses (3,101) (3,112) Gross operating profit (loss) - EBITDA 655 741 Depreciation and amortisation (283) (296) Impairment loss - (22) Other income 2 12 Other expense
Slide 26: Improved operating cash flow, mainly driven by EBITDA increase
Improved operating cash flow, mainly driven by EBITDA increase EBITDA Operating cash flow Capex (NOKm) (NOKm) (NOKm) YoY 13% 21% -11% 26
Slide 27: Solid financial position; completed share buyback programme increased financial gearing as planned
Solid financial position; completed share buyback programme increased financial gearing as planned Debt maturity profile Financial gearing within target range (NOKm) (NIBD/EBITDA according to bank definition) 27
Slide 28: Financial medium-term targets unchanged
Financial medium-term targets unchanged Nordic Marketplaces News Media Mobility Jobs Real Estate Recommerce Triple revenues Low to mid Revenue growth 12-17% single-digit 12-17% from 2022 to Low single-digit 2025 EBITDA EBITDA margin 51-56% Above 50% 42-47% break-even 10-12% during 2025 28 Note: Fina
Slide 29: Q&A
Q&A 25 October 2023 Kristin Skogen Lund, CEO Per Christian Mørland, EVP CFO Christian Printzell Halvorsen, EVP Nordic Marketplaces and Delivery 29
Slide 30: Appendices
Appendices Spreadsheet containing detailed Q3 2023 and historical information can be downloaded at schibsted.com/ir 30
Slide 31: Listing trends per main verticals
Nordic Marketplaces Listing trends per main verticals New approved ads (Monthly growth YoY, %) Vertical Country Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Mobility Norway -4% 5% 5% 9% 17% 9% 14% 18% 5% 12% 13% 11% 5% -1% -5% Sweden -9% -7
Slide 32: Overview of our venture and financial investments [1/2]
Venture and financial investments Overview of our venture and financial investments [1/2] Current ownership* (sorted by ownership) Company Segment Current ownership Date of first investment Hypoteket Fintech 50% 2016-02 Tillit Fintech 38% 2018-08 Insurello Fintech 34% 2019-05 Rocker Fintech 34% 2016
Slide 33: Overview of our venture and financial investments [2/2]
Venture and financial investments Overview of our venture and financial investments [2/2] Current ownership* (sorted by ownership) Company Segment Current ownership Date of first investment Askin Healthtech 12% 2021-11 Syd Other consumer services 11% 2021-08 Knips Marketplace 11% 2022-01 Maja Health
Slide 34: Q3 cash flow Schibsted Group
Q3 cash flow Schibsted Group Cash flow Third quarter (NOK million) 2022 2023 Profit (loss) before taxes (3,062) 14,553 Depreciation, amortisation and impairment losses (recognised or reversed) 3,436 (12,702) Net interest expense 71 97 Net effect pension liabilities 12 10 Share of loss (profit) of jo
Slide 35: Income taxes
Income taxes The relationship between tax (expense) income and accounting profit (loss) before taxes is as follows: Income tax Third quarter (NOK million) 2022 2023 Profit (loss) before taxes (3,062) 14,553 Tax (expense) income based on weighted average tax rates* 674 (3,202) Prior period adjustment
Slide 36: Shareholders analysis
Shareholders analysis Rank Name A-shares B-shares Total % of S/O 1 Blommenholm Industrier AS 30,746,423 30,013,354 60,759,777 27.0% 2 Baillie Gifford & Co. 10,963,911 9,384,369 20,348,280 9.0% 3 Folketrygdfondet 7,779,787 10,325,319 18,105,106 8.0% 4 Eminence Capital, LP 5,444,794 851,064 6,295,858
Slide 37: Investor contact
Investor contact Visit Schibsted’s website: schibsted.com Email: ir@schibsted.com Jann-Boje Meinecke VP, Head of IR +47 941 00 835 Malin Ebenfelt IR Officer +47 916 86 710 Schibsted ASA Akersgata 55 / P.O. Box 490 Sentrum NO-0105 Oslo