DB Media & Online #what's appening: Vend/Pre-close, Auto1/Virtual CMD, Ad agencies, TPX

Research evidence excerpt

DB Media & Online #what's appening: Vend/Pre-close, Auto1/Virtual CMD, Ad agencies, TPX

Deutsche Bank

Research

Europe Industry Date

16 June 2026

Media and Online DB Media & Online

Periodical

#what's appening

Vend/Pre-close, Auto1/Virtual CMD, Ad

agencies, TPX

Silvia Cuneo

Newsflow, overnight research, valuation comps - if you'd like to discuss any of the

Research Analyst

following in more detail or require models, please get in touch with Gareth, Nizla, +44-20-754-73770

Steve or Annabel. Our contact details are listed in the right-hand margin.

Nizla Naizer

Vend Marketplaces (Hold, last close: NOK 242.4) : Pre-silent newsletter for Q2.

+44-20-754-12403

Details the outlook comments made at the time of the Q1 update on 1 April, that

ultimately cut guidance for the Mobility segment to mid to single digit growth, Gareth Davies

below the 12-17% mid term target growth. Also noted the expected reduction in Research Analyst

costs of NOK 100m, partially offsetting the downgrade from Mobility. In our 30 April +44-20-754-11560

note we trimmed estimates to reflect these factors. These outlook comments have Steve Liechti

not been adjusted in this update. The statement confirms price changes in Mobility Research Analyst

Sweden within the professional segment took effect in May. Volume data is +44-20-7541-1549

caveated with there being fewer working days in 2026 than 2025. Taking account Annabel Hames

of this, Mobility looks to have improved a little on Q1, with private in Denmark, Research Analyst

Sweden and Norway a little better. Real Estate broadly similar to Q1. A small +44-20-754-11574

deterioration in Jobs. Recommerce continuing the strong momentum seen in Q1. Tarun Mittal

The statement notes strong NOK against SEK/EUR/DKK in the period, a small Research Associate