Vend Marketplaces EBITDA Surges 13% Above Estimates Despite Sluggish Revenue Growth

Vend Marketplaces ASA (OSLO: VENDA) delivered its second-quarter earnings on Friday, posting an EBITDA result that comfortably outpaced analyst expectations amid a mixed revenue picture. The Oslo-based classifieds specialist reported revenue for Q2 that nudged past forecasts by 1.6%, but the real kicker was its Adjusted EBITDA, which surged 13.2% above consensus.

Margins took a small but notable step forward, climbing to 25.4% from 24.9% in Q1, signaling stronger operational efficiency. The company's marketplaces segment, which is central to its strategy of shedding peripheral businesses, grew by 1% on a constant currency basis, a recovery from the slight contraction seen in the first quarter.

Breaking down the numbers, Mobility and Real Estate verticals showed respectable revenue gains of 4% and 10%, respectively. In contrast, Jobs and ReCommerce categories took a hit, dropping 11% and 6%. This was in line with Vend's ongoing strategic pruning of these segments, in a bid to sharpen focus on its core classifieds offering.

The revenue advance came largely courtesy of higher Average Revenue Per Advertisement (ARPA) across the board, but gains were capped due to softness in advertising revenue and the conscious decision to streamline less profitable parts of the business. Vend also flagged that the exit from its Jobs vertical, along with winding down ReCommerce revenue streams and shutting Finnish Mobility operations, will continue to weigh on the top line.

The company refrained from delivering exact financial guidance for the full year 2025, instead opting to temper expectations with qualitative remarks about subdued volume trends after a patchy first half. Vend confirmed that advertising revenue remains under pressure, although ongoing cost controls remain firmly on track. Operating expenses are set to taper off in decline as the year progresses, although not as sharply as before.

Importantly, Vend preserved its medium-term targets, sticking to the transformation story as it pivots into a pure classifieds player. That said, the structural shifts are evidently keeping the growth trajectory bumpy for now.

For anyone watching VENDA, the beat on EBITDA should stand out more than the tepid revenue numbers. The question is whether the company's shedding of non-core units and its ability to lift ARPA can sustain momentum given the tougher advertising environment and the uneven overall volume trends. The reaction in Oslo today will be telling.