Vend Marketplaces: Post Call - Margin trajectory extended—management accelerates cost actions but also leans into more marketing spend.

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Vend Marketplaces: Post Call - Margin trajectory extended—management accelerates cost actions but also leans into more marketing spend.

J P M O R G A N Europe Equity Research

17 July 2026

Vend Marketplaces

Post Call - Margin trajectory extended—management Underweight

accelerates cost actions but also leans into more VEND.OL, VEND NO

marketing spend. Price (16 Jul 26):Nkr252.00

▼Price Target (Dec-27):Nkr233.00

Prior (Dec-27):Nkr240.00

More cost savings help but we need the mobility segment to improve further

to get better operational gearing. Overall, Vend delivered healthy revenue European Internet

momentum, but profitability was modestly softer than we expected (see our initial Marcus Diebel AC

Alert here) , prompting management to step up its cost-out ambition - importantly, (44-20) 7742-4447

the 2026 cost base (OPEX excl. COGS) is now expected to be down ~NOK 150m marcus.diebel@jpmorgan.com

J.P. Morgan Securities plc

vs 2025 (from ~NOK 100m previously). From here, execution against the group’s

Lara Simpsonmargin trajectory becomes the key debate, and we see Mobility as the swing factor

(44-20) 7134-3637

given it still needs to evidence a more durable recovery. Shareholder returns remain lara.simpson@jpmorgan.com

a clear priority, with the NOK 4bn buyback program underway, however, with our J.P. Morgan Securities plc

2027/2028 EBITDA forecasts still meaningfully below consensus, we expect Carmen Graves

estimate downgrades and see limited near-term scope for outperformance; we (44-20) 3493 0506

reiterate our Underweight recommendation. carmen.graves@jpmorgan.com

• Conference Call Highlights. 1) Group-wide: Platform transition remains on Thyagarajan J

track with FINN migrated to the common platform on time and without user (91-22) 6157-5005