Vend Marketplaces Asa · OSL:VEND

Vend Marketplaces Asa — Vend Marketplaces Asa B — Q3 2025 Earnings Presentation

32 slides from Vend Marketplaces Asa's earnings presentation, Oct 28, 2025

  1. Slide 1: Q3 2025 Results

    Q3 2025 Results 28 October 2025 Christian Printzell Halvorsen, CEO Per Christian Mørland, CFO 1

  2. Slide 2: Disclaimer

    Q3 2025 Results | Disclaimer Disclaimer This presentation (hereinafter referred to as the “Presentationˮ) has been prepared by Vend Marketplaces ASA ("Vend" or the “Companyˮ) exclusively for information purposes and does not constitute an offer to sell or the solicitation of an offer to buy any fina

  3. Slide 3: Summary

    Q3 2025 Results Summary Key financials Strategic highlights * • Monetisation and efficiency: Delivered continued progress on ARPA and cost initiatives; launched 1% go-to-market for new pricing and package structures in Real Estate and Mobility, effective from 2026. • Platform transition: On track,

  4. Slide 4: Mobility

    Q3 2025 Results Mobility blocket dba BILINFO Bilbasen # Nettbil bytbil (BE carwees “hes! AutoVex

  5. Slide 5: Following a successful 2025 launch in Norway, scaling car dealer packages to Sweden

    Q3 2025 Results | Mobility Following a successful 2025 launch in Norway, scaling car dealer packages to Sweden Launch of packages in Norway drove 20% Building on Norway’s success, new dealer ARPA growth* packages to launch in Sweden in February 2026 Premium Prem Liten iu Plus m Prem Premium dealer e

  6. Slide 6: Continued strong ARPA growth across countries

    Q3 2025 Results | Mobility Continued strong ARPA growth across countries ARPA NAA Q3 2025, YoY change % Q3 2025, YoY change % Professional Private Professional Private NOK 518¹ NOK 734¹ 148k¹ 106k¹ 21% YoY 12% YoY 6% YoY 0% YoY SEK 693¹ SEK 256¹ 232k¹ 210k¹ 20% YoY 54% YoY 7% YoY 14% YoY DKK 375²

  7. Slide 7: ARPA growth and stable cost base driving solid EBITDA improvement

    Q3 2025 Results | Mobility ARPA growth and stable cost base driving solid EBITDA improvement Mobility Highlights Revenues NOKm, EBITDA margin % • Classifieds revenues up 13% YoY, driven by strong ARPA growth across all YoY growth 8%* countries and segments • Solid quarter for Nettbil and AutoVex

  8. Slide 8: Real Estate

    Q3 2025 Results Real Estate blocket {Fr QaSa @Homea

  9. Slide 9: Updated packages for Norway effective 2026; delivering greater value across all tiers

    Q3 2025 Results | Real Estate Updated packages for Norway effective 2026; delivering greater value across all tiers Enhanced offering in updated packages Ongoing product development strengthens the value proposition for agents and home sellers Home Insight Branding Agent User experience: More person

  10. Slide 10: Strong ARPA growth in both markets

    Q3 2025 Results | Real Estate Strong ARPA growth in both markets ARPA NAA Q3 2025, YoY change % Q3 2025, YoY change % Total Residential Total Residential for sale³ for sale NOK 3,545¹ NOK 5,153¹ 64k¹ 30k¹ 17% YoY 18% YoY 5% YoY 3% YoY EUR 24² 97k² 19% YoY 10% YoY ARPA Average Revenue Per Ad NAA

  11. Slide 11: ARPA growth driving revenue and EBITDA improvement

    Q3 2025 Results | Real Estate ARPA growth driving revenue and EBITDA improvement Real Estate Highlights Revenues NOKm, EBITDA margin % • Classifieds revenues up 9% YoY, driven by ARPA growth in Norway YoY growth 8%* • 29% YoY increase in transactional revenues driven by Qasa and HomeQ in Sweden

  12. Slide 12: Jobs

    Q3 2025 Results Jobs 1 0

  13. Slide 13: Exceptionally strong ARPA growth

    Q3 2025 Results | Jobs Exceptionally strong ARPA growth ARPA NAA Q3 2025, YoY change % Q3 2025, YoY change % Total Total NOK 8,185¹ 30k¹ 17% YoY 13% YoY ARPA Average Revenue Per Ad NAA New Approved Ads 13 ¹ Sourced ads not included

  14. Slide 14: Strong ARPA growth driving underlying revenue and offsetting softer volumes

    Q3 2025 Results | Jobs Strong ARPA growth driving underlying revenue and offsetting softer volumes Jobs Highlights Revenues NOKm, EBITDA margin % • Reported revenues and margin impacted by market exits in Sweden and YoY growth 12%* Finland • Revenues in Norway increased 1% YoY; ARPA growth from

  15. Slide 15: Recommerce

    Q3 2025 Results Recommerce 1 3

  16. Slide 16: Steady GMV growth supports long-term upside

    Q3 2025 Results | Recommerce Steady GMV growth supports long-term upside Transacted GMV Take rate Q3 2025, YoY change % Q3 2025, YoY change pp. Total Total NOK 569m 16% 18% YoY 0pp. YoY SEK 186m 10% 8% YoY 1pp. YoY EUR 16m 16% 105% YoY 1pp. YoY DKK 40m 15% 21% QoQ 1pp. QoQ GMV Gross merchandise va

  17. Slide 17: Transactional growth and cost discipline driving EBITDA improvement

    Q3 2025 Results | Recommerce Transactional growth and cost discipline driving EBITDA improvement Recommerce Highlights Revenues NOKm, EBITDA margin % • Transactional revenues up 20% YoY, mainly driven by GMV YoY growth 2%* • Revenues still affected by the phase-out of low-margin revenue streams

  18. Slide 18: Finance

    Q3 2025 Results Finance 18 1 6

  19. Slide 19: Q3 Group revenues down 1% YoY; EBITDA up 24% YoY

    Q3 2025 Results | Finance Q3 Group revenues down 1% YoY; EBITDA up 24% YoY Vend Group revenues 1,595m Vend Group EBITDA 640m Q3 revenues per segment 1%* YoY Q3 EBITDA per segment 24% YoY NOKm YoY growth NOKm YoY growth 8%* 8%* 12%* 2%* 60%* 16% 15% 11% 22% 74% Mobility Real Estate Jobs Rec

  20. Slide 20: Cost efficiency agenda remains on track

    Q3 2025 Results | Finance Cost efficiency agenda remains on track Vend Highlights OPEX excl. COGS NOKm • Total OPEX excl. COGS down 14% YoY, reflecting lower personnel and YoY growth 14% marketing spend, as well as the wind-down of Schibsted Media TSA agreements. ○ Personnel costs reduced 13% YoY

  21. Slide 21: Q3 income statement

    Q3 2025 Results | Finance Q3 income statement Income statement Third quarter NOK million) 2025 2024 Operating revenues 1,595 1,624 Operating expenses 955 1,108 Gross operating profit (loss) - EBITDA 640 516 Fair-value revaluation of contingent consideration (gain of NOK 13m). Depreciation and amo

  22. Slide 22: Q3 cash flow from continuing operation

    Q3 2025 Results | Finance Q3 cash flow from continuing operation Cash flow Third quarter NOK million) 2025 2024 Profit (loss) before taxes from continuing operations 635 5,067 Depreciation, amortisation and impairment losses (recognised or reversed) 153 215 Net interest expense (income) 21 41 Net

  23. Slide 23: Solid financial position

    Q3 2025 Results | Finance Solid financial position Debt maturity profile Financial gearing NOKm NIBD/EBITDA according to bank definition) Other interest-bearing debt Undrawn RFC NIBD/EBITD A Bonds & FRNs Term loan 23

  24. Slide 24: Financial framework for sustainable value creation

    Q3 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 Real Esta

  25. Slide 25: Q&A

    Q3 2025 Results | Q&A Q&A 28 October 2025 Christian Printzell Halvorsen, CEO Per Christian Mørland, CFO 25 25

  26. Slide 26: Appendices

    Q3 2025 Results | Appendices Appendices Spreadsheet containing detailed Q3 2025 and historical information can be downloaded at vend.com/ir

  27. Slide 27: Historical ARPA trends per vertical

    Q3 2025 Results | KPIs Historical ARPA trends per vertical ARPA Vertical Country Category Q324 Q424 Q125 Q225 Q325 Mobility¹ Norway Professional NOK 428 NOK 434 NOK 461 NOK 497 NOK 518 Norway Private NOK 653 NOK 698 NOK 704 NOK 715 NOK 734 Sweden Professional SEK 578 SEK 613 SEK 708 SEK 709 SEK

  28. Slide 28: Historical listing trends per vertical

    Q3 2025 Results | KPIs Historical listing trends per vertical NAA Vertical Country Category Q324 Q424 Q125 Q225 Q325 Mobility¹ Norway Professional 158k 162k 156k 152k 148k Norway Private 106k 62k 67k 116k 106k Sweden Professional 249k 248k 225k 233k 232k Sweden Private 245k 177k 158k 229k 210k

  29. Slide 29: Historical Recommerce KPIs

    Q3 2025 Results | KPIs Historical Recommerce KPIs Transactional KPIs Vertical Country Category Q324 Q424 Q125 Q225 Q325 Recommerce Norway Transacted GMV NOK 481m NOK 540m NOK 531m NOK 549m NOK 569m Norway Take rate 16% 16% 16% 15% 16% Sweden Transacted GMV SEK 173m SEK 177m SEK 191m SEK 178m SE

  30. Slide 30: Shareholders analysis

    Q3 2025 Results | Finance Shareholders analysis Rank Name A-shares B-shares Total % of S/I 1 Blommenholm Industrier AS 30,746,423 10,430,648 41,177,071 18.1% 2 Folketrygdfondet 8,580,639 11,908,465 20,489,104 9.0% 3 DNB Asset Management AS 3,378,708 5,879,677 9,258,385 4.1% 4 HMI Capital Management,

  31. Slide 31: Next steps in the removal of the dual-class share structure

    Next steps in the removal of the dual-class share structure 22 October: EGM approved the removal of the dual-class share structure and the reduction of share capital. 27 October: Board approval of the share issue to compensate holders of A-shares for loss of A- to B-share trading premium. 28 October

  32. Slide 32: Investor contact

    Q3 2025 Results | Investor contact Investor contact Visit Vendsʼs website: vend.com Email: ir@vend.com Jann-Boje Meinecke SVP FP&A and IR Simen Madsen IR Officer 47 992 73 674 Vend Marketplaces ASA Visiting address: Grensen 57, 0159 Oslo Postal address: P.O. Box 747 Sentrum, 0106 Oslo Norway

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