Ready to perform, set to achieve

Online classifieds: Summer wrap

EQT acquires Adevinta Spain

Stronger, leaner, set to grow faster

13% better and solid outlook

EBITDA +13% vs cons on better sales and lower opex. Pos outlook: ARPA momentum, lower cost and confident in targets

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