Schibsted Asa Stock Earnings Reports

Vend delivered a solid Q2 driven by margin expansion and cost discipline despite modest top-line growth. Group revenues were NOK 1,696m (flat y/y; +2% cc) while EBITDA rose 16% to NOK 674m and the margin expanded ~5pp to 40%. Vertical revenues (Real Estate, Recommerce, Mobility, Jobs) grew ~10% cc, with particularly strong performance in Real Estate and Recommerce; Mobility showed mixed results — Norway performing well, Sweden still recovering post-platform stabilization, and Denmark affected by dealer adaptation to a new model. The consumer-facing platform migrations are largely complete (FINN done), user metrics on Blocket are improving and legacy shutdowns are progressing. AI is being scaled across products (search, valuation, Dealer Hub AI recommendations) and internally (high employee AI adoption and productivity gains). Management accelerated cost actions: OPEX ex COGS is now expected to decline ~NOK 150m in 2026 vs 2025 (up from a prior NOK 100m plan), supported by ~100 FTE reductions and other simplification savings. Capital allocation remains shareholder-friendly: a NOK 4bn buyback program (first tranche NOK 2bn) is underway (~NOK 1.6bn repurchased by July 10), and a raised dividend was paid. Net cash ~NOK 2bn provides headroom. 2026 outlook unchanged for vertical revenue trajectories (Real Estate, Jobs, Recommerce in line with medium-term targets; Mobility mid–high single digits); Other HQ revenues to decline c. NOK 350m due to TSA terminations and divestments.