Natural pre-silent script

Outlook comments reiterated - cost could surprise. Volumes: Mobility soft, Real Estate promising

Shares down, EPS up — gravity defied

Saying it, doing it, paying it

Delivering as promised - up to NOK 5.5bn back to shareholders

Norway: Best ideas Q2'25

Vend confirms NOK 3.9bn Adevinta payout

Adevinta refinancing confirmed – unlocks NOK 17/share for Vend

Schibsted - Q3 was no game-changer

Q3: low-quality beat, guidance cut, weaker FCF Core segments softer Near-term repricing unlikely, but big underlying value

Schibsted - Q3 first take: mixed bag

EBITDA of NOK 655m, +4% vs cons Low quality beat: mainly FS&V and group/HQ Guidance cut, but limited est chgs – cons already lower

Schibsted - No relief in Q3

Q3e: FINN Jobs weaker, News Media not better Low stub valuation, but no relief with a report below cons. Waiting game until assets are divested

Schibsted - Q2 not a trigger for repricing

Q2 below on higher costs and weak eCom momentum Stub excl. ADE stake priced at historically low levels Waiting game until ADE stake is liquidated – BUY

Schibsted - Q2 below on higher costs

EBITDA* of NOK 620m, -5% vs cons Marketplaces still strong, costs higher in News & HQ ‘22 EBITDA target lowered, cons est likely down 2-7%

Schibsted - Some headwinds in Q2e

Q2e: weaker momentum in e&D and FS&V segments Stub excl. ADE stake priced at historical low levels Stay patient – BUY

Schibsted - Mixed report, but still good value

Q1 weaker than expected, but no large estimate changes Roughly half of EBITDA priced to zero Stay patient – BUY

Schibsted - Q1 below, FY likely unchanged

EBITDA* of NOK 480m, -8% vs cons Margins below in News Media and Financial Services ‘22 EBITDA target in line with cons, smaller cons est chgs

Schibsted - Too cheap to ignore

Costs set to follow after ~30% EBITDA* growth in 2021 However, half of EBITDA is priced at zero Lacking short-term triggers, but patience will pay off: BUY

Schibsted - Q4 showed signs of what is to come in ‘21

Solid across the board, News Media shows strength Positive revisions in News Media boost EBITDA Several catalysts in 2021- reiterate BUY, TP NOK 397

Schibsted - News Media drives solid EBITDA beat

Strong ~12% EBITDA beat driven by News Media Underlying flat growth and margin in Marketplaces Small positive estimate revisions and share reaction

Schibsted - News Media outperforms Marketplaces in Q3

Strong quarter driven by solid News Media margin 21/22e adj. EBITDA +11 and 7% on better News Media BUY: TP NOK 389 (291)

Schibsted - Q3 shows that people need the ”News Media”

Strong EBITDA driven by massive beat in News Media Nordic Marketplaces broadly in line Hikes long term target for margin in News Media by 2pp

Schibsted - Classifieds and media showed resilience

Better than feared in Q2 across business units Nordic Marketplaces revised EBITDA up 3% recurring Reiterate BUY, TP NOK 291

Schibsted - Resiliant margins amidst revenue shortfall in Q2

Q2 EBITDA ex. ADE + ~87% vs. consensus Acquires classified in Finland: Makes sense but not cheap Small positive underlying earnings revisions expected