Vend Marketplaces ASA (Vend) provides a trading update on the revenue outlook for its Mobility segment and preliminary financial results for the first quarter of 2026.
Vend does not expect Mobility to achieve revenue growth in line with its medium-term target range of 12% to 17% in 2026, based on the current market trends.
Group revenues grew 2%, or 1% in constant currency. Revenues across the four verticals – Real Estate, Mobility, Jobs and Recommerce – grew 9%, while Group revenues were impacted by the phase-out of transitional service revenues related to the Schibsted separation.
Group EBITDA improved 36% year-on-year, with the margin expanding 9% to 36%, reflecting sustained cost discipline.
Real Estate had a particularly strong quarter, with continued ARPA growth and robust volumes in the Norwegian residential for sale segment driving both revenue and significant profitability gains.
Jobs delivered solid growth, supported by strong ARPA development and the continued benefits of our pricing and monetisation initiatives. Recommerce showed encouraging progress, with strong transactional volume growth and a meaningful EBITDA improvement.
“Mobility is our largest vertical, with Norway continuing to perform well. However, the current revenue development in Sweden and Denmark is below our expectations. We are acting on costs across the Group while continuing to invest in product and technology to strengthen our long-term competitive position.
“Our other verticals, Real Estate, Jobs and Recommerce, are performing well, and I am encouraged by the Group’s strong profitability development this quarter.”
Christian Printzell Halvorsen, CEO, Vend Marketplaces ASA
Vend continues to apply rigorous cost discipline across the group. The company is now preparing further measures, expecting the 2026 full-year cost base (OPEX excluding COGS) to decline by approximately NOK 100m compared to the 2025 level.
This represents a revision from the company’s previous commentary at the Q4 2025 results, where a broadly stable full-year 2026 cost base (OPEX excluding COGS) was indicated.
The value of Vend’s 14% stake in Adevinta has been revised to NOK 7.2bn, down NOK 8.9bn compared to Q4 2025.
Adjusted for the distribution of NOK 3.2bn in cash proceeds received during the quarter, the net decline of NOK 5.7bn was driven by peer group multiple contraction of approximately 25%. Adevinta continues to develop well operationally.
