This article first appeared on GuruFocus .
-
Group Revenue:Stable at 1,510 million.
-
Group EBITDA:Increased by 53% year-on-year to 491 million, with a margin expansion of 12 percentage points to 32%.
-
EBITDA Full Year Increase:30% compared to 2024.
-
Ordinary Dividend Proposal:Increase to 2.5 kroner per share from 2.25 kroner last year.
-
OE to Sales Ratio:Improved by 8 percentage points from 65% to 57%.
-
Mobility Revenue Growth:Increased by 11% in Q4.
-
Real Estate ARPA Growth:Norway increased by 22% year-on-year in Q4.
-
Jobs ARPA Growth:21% increase.
-
Re-commerce Revenue Growth:Increased by 4%.
-
Cash Flow from Operating Activities:555 million, up from 245 million the previous year.
-
Net Cash Position:Ended the year with 210 million NOK.
-
Net Loss:2.5 billion NOK.
-
Share Buyback Program:2 billion share buyback program launched in Q4.
-
FTE Reductions:Total workforce reduced to 1,669 FTEs.
Release Date: February 05, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
-
Vend Marketplaces ASA ( SBSNY ) reported a strong Q4 with Group EBITDA rising by 53% year-on-year, ending at 491 million.
-
The company achieved a significant margin expansion of 12 percentage points to 32%.
-
A new 2 billion share buyback program was launched, reflecting confidence in the company's financial position.
-
The company successfully executed on vertical-specific product and pricing initiatives, resulting in strong ARPA growth.
-
Vend Marketplaces ASA ( SBSNY ) has returned close to 8 billion kroner to shareholders in 2025 through dividends and share buybacks.
Negative Points
-
Group revenues remained stable at 1,510 million, reflecting anticipated headwinds in advertising and soft volumes in jobs.
-
The platform transition for Blocket in Sweden faced stronger and more widespread user and dealer reactions than expected.
-
Private car ads on Blocket were down around 27%, and user satisfaction recovered more slowly than in previous transitions.
-
The fair value of a 14% stake in Avita decreased, resulting in a financial expense of 2.8 billion Norwegian kroner.
-
Net loss for the group ended at NOK2.5 billion, partly due to the impairment in Finland and market-driven valuation changes.
Q & A Highlights
Q: With the Blocket migration now completed, when do you expect Aurora to start contributing more clearly to revenue or cost efficiency? Also, regarding the Avita evaluation, was the revision purely market-driven, or were there changes in underlying assumptions? A: The migration to a common platform is a key strategy for cost efficiency and revenue growth. Most cost efficiencies are expected by 2027. The Avita evaluation revision was entirely due to market factors, offset by improved underlying assumptions related to Avita.
Q: Could you discuss your plans regarding ChatGPT integration and the sustained weak inventory trends in the job segment? A: We are evaluating options for controlled data distribution to AI platforms, including apps, but have no immediate plans for a ChatGPT app. The job segment's volume decline is a return to pre-COVID levels, not a market share loss. AI offers opportunities to improve job market efficiency by better matching candidates and recruiters.
Q: How do you see the risk and opportunity for each of your four verticals in the AI era? Also, why did you decide to shut down Wheelway? A: Each vertical has its strengths, supporting complex transactions suitable for specific AI solutions. Wheelway was shut down due to tougher competition in Sweden and mature sourcing approaches by car dealers, making market entry challenging.
Q: Why shouldn't costs be substantially down in 2026, given the level you are exiting 2025? Also, could you elaborate on the ARPA growth in jobs? A: Costs are expected to remain stable due to seasonality, previous cost measures, and investments in growth businesses. ARPA growth in jobs was driven by price increases, changes to volume discounts, and better upsell of distribution products. Expect more modest ARPA growth in 2026.
Q: Could you provide insights into current volume trends since the start of 2026 and your expected timeline for growth from the platform transition? A: Professional volumes and sellers are stable, but private ads are declining. However, improvements are seen week over week. No further delays in price increases are expected, and advertising revenue trends are anticipated to stabilize.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
