Vend Marketplaces ASA (VEND.OL): 2Q miss driven by Mobility; additional cost saving announced

研报英文原文证据摘录

Vend Marketplaces ASA (VEND.OL): 2Q miss driven by Mobility; additional cost saving announced

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17 Jul 2026 02:21:19 ET │ 10 pages

Vend Marketplaces ASA (VEND.OL)

2Q miss driven by Mobility; additional cost saving announced

CITI'S TAKE

Neutral Vend reported 2Q results delivering a -3%/-4% miss on revenues and

EBITDA vs co cons. The miss was driven by Mobility which came in -4%/- Price (16 Jul 26 17:30) NKr252.00

9% below co cons revenue and EBITDA expectations. The miss in Mobility Target price NKr250.00

revenues was driven by soft trends in Blocket as it continues to recover Expected share price return -0.8%

post platform transition and softer private volumes in Sweden and Expected dividend yield 1.1%

Denmark, and Mobility EBITDA was impacted by increased marketing Expected total return 0.3%

investments in SE and DK, which weighed on the margin. In 2026, the

Market Cap NKr53,150M company now expects OPEX ex-COGS to decline NOK 150m (prev: NOK

US$5,506M 100m), reflecting more actions taken around cost, and reiterated that it

expects Mobility revenue growth to be mid-to-high single digit in 2026.

Guidance — In 2026, the company now expects OPEX ex-COGS to decline NOK Doyinsola OjoAC

150m (prev: NOK 100m) and reiterated that it expects Mobility revenue growth to be +44-20-7986-4112

mid-to-high single digit in 2026. All other segments are expected to perform in-line doyinsola.ojo@citi.com

with mid-term guidance. Vend also announced reorganisation plans impacting 70

Ciaran DonnellyFTEs from 1 July.

ciaran.donnelly@citi.com

Call Details — A call will be held at 8am UK/9am CEST. Please join by webcast. Praveen Shetty

praveen1.shetty@citi.com

Implications — We expect the share price reaction from today’s miss should be