Vend Marketplaces: Q2 results - Ongoing improvement in the business but EBITDA misses by 5%. More cost savings announced

研报英文原文证据摘录

Vend Marketplaces: Q2 results - Ongoing improvement in the business but EBITDA misses by 5%. More cost savings announced

J P M O R G A N Europe Equity Research

17 July 2026

Vend Marketplaces

Q2 results - Ongoing improvement in the business Underweight

but EBITDA misses by 5%. More cost savings VEND.OL, VEND NO

announced Price (16 Jul 26):Nkr252.00

Price Target (Dec-27):Nkr240.00

Our Take: Group revenues were NOK 1,696m, flat YoY (up 2% in constant European Internet

ACcurrency) and broadly in line with expectations. EBITDA rose 16% to NOK 674m Marcus Diebel

with ~5pp margin expansion to 40% driven by cost discipline and strong Real (44-20) 7742-4447

Estate/Recommerce performance. However, while a strong improvement, marcus.diebel@jpmorgan.com

EBITDA missed by 5% overall (-7% in Core Marketplaces) with the market J.P. Morgan Securities plc

expecting more savings to come through. Mobility grew (just) 6% in constant Lara Simpson

currency and saw EBITDA down 4% amid volume pressure and weaker (44-20) 7134-3637

lara.simpson@jpmorgan.com

advertising, while Real Estate and Jobs delivered solid revenue/ARPA-led gains, J.P. Morgan Securities plc

and Recommerce improved to NOK -33m EBITDA (see details in table below).

Carmen Graves

The buyback reached ~NOK 1.6bn of the first NOK 2bn tranche, and Adevinta’s (44-20) 3493 0506

valuation was ~NOK 7.2bn, broadly unchanged. On the positive side, the company carmen.graves@jpmorgan.com

increased cost-saving efforts to NOK 150m versus NOK 100m previously). J.P. Morgan Securities plc

Overall, we believe it was a solid set of results that shows further improvement in Thyagarajan J

the business – however, Vend shares usually react sharply to EBITDA misses and, (91-22) 6157-5005

hence, we expect a negative share price reaction this morning.