Schibsted Asa Class A

Strong Q3 operating performance + margin expansion (good): - Group revenues: NOK 1,641m, +3% YoY (+6% constant currency). - EBITDA: NOK 711m, +11% YoY; margin ~43% (up ~3pp). - “Vertical” revenue growth: +11% constant currency (Mobility, Real Estate, Jobs, Recommerce all growing). - YTD EBITDA margin: 40% vs 27% in same period 2024 → clear margin improvement trend.

Cost-cutting acceleration + updated 2026 OpEx outlook (good, with a watch-out): - Company now expects 2026 OpEx ex COGS to decline by ~NOK 250m YoY (up from earlier ~NOK 150m guidance at Q2). - Q3 OpEx ex COGS fell 6% YoY; FTE reduced (down 83 vs Q3; down 119 vs Q3 last year). - Goal remains ~40% OpEx-to-sales (from ~65% at CMD). - Risk/watch-out: they stress they still have more work to do; margin is improving but they’re still below leading international marketplaces.

Capital returns: buybacks continue (good; “surprising” potential acceleration): - First NOK 2bn tranche of current NOK 4bn buyback completed in August. - Second tranche: ~NOK 1.4bn by Oct 23; buyback activity continues into Q4. - Board called an EGM on Nov 23 to renew buyback authority and delete treasury shares—enabling share buybacks beyond the current program. - Balance sheet: net cash ~NOK 1bn despite buying back ~NOK 1.5bn in the quarter.