Arctic: Vend - Below Q2 consensus, but Sweden recovery improves the medium-term case

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Arctic: Vend - Below Q2 consensus, but Sweden recovery improves the medium-term case

Vend Buy Hold

VEND NO | Media | Equity Company Update | 15 June 2026 | 05:59 Sell

Below Q2 consensus, but Sweden recovery improves the medium-term case Financials and estimates changes Target NOK 380.00

VEND will release its Q2 pre-silent newsletter tomorrow, 16 June. We are currently 5% Key Figures (NOKm) Dec-24 Dec-25 Dec-26e Dec-27e Dec-28e Highlights

below Q2 consensus, primarily driven by soft Job volumes QTD, which does not seem to Recommendation Buy

Revenue 6,385.3 6,317.2 6,654.6 7,801.8 8,737.3 Target Price 380.00

be reflected in the latest Infront consensus (released post Q1). On the other hand, private

EBITDA 1,632.3 2,127.3 2,591.2 3,646.3 4,330.6 Share Price NOK 239.8

volumes in Sweden Mobility have seen a positive recovery in the quarter, with private EBIT (824.4) 1,226.6 1,872.8 3,007.2 3,750.6 Upside (%) 58.5

active listings being up >40% QTD. While seasonality explains parts of the recovery, private EPS 56.78 (0.74) (17.35) 11.40 14.78 Market cap (NOKm) 51,289

listings in Sweden have outperformed the trend in Norway, which to us imply that Swedish Adj. EBITDA 1,632.2 2,127.3 2,591.2 3,646.3 4,330.6 Enterprise Value (m) 40,860

listers are gradually returning to Blocket, and leaves upside to estimates for the remainder Adj. EBITDA margin (%) 25.6 33.7 38.9 46.7 49.6 Number of shares (m) 214

of 2026. In sum, we see the risk/reward ahead of the pre-silent newsletter neutral but Adj. EPS 2.58 4.74 7.08 11.48 14.15

12 months share price performance:

find current levels a very attractive entry-point in the medium-term. We reiterate our Buy Revenue growth (%) (16.2) (1.1) 5.3 17.2 12.0

Performance (%) 3M 6M 1Yrecommendation and NOK 380/sh TP.