Vend Marketplaces Asa

Solid Q3 momentum + margin expansion (good) - Group revenues: NOK 1,641m (+3% YoY; +6% CC). - EBITDA: NOK 711m (+11% YoY) with margin expanding ~3pp to 43%. - Vertical revenue growth in constant currency: +11%, driven by Real Estate and Recommerce (double-digit) plus Mobility and Jobs (+8% each). - Challenge still present: Blocket recovery and cost-efficiency improvements are key priorities.

Cost-out programme accelerated (forecast: 2026 OpEx down ~NOK 250m YoY; opportunity: higher sustainable profitability) - Updated expectation: 2026 OpEx (ex COGS) to decline ~NOK 250m YoY (up from ~NOK 150m stated at Q2). - Q3 cost performance: OpEx ex COGS down 6% YoY; OpEx-to-sales improvement continues (ratio referenced: 47% in Q3 2026 vs 58% in Q3 2024). - They reiterated the medium-term ambition to move toward ~40% OpEx-to-sales (PC noted more work is still needed vs promise).

Capital returns / buybacks expanding (good, shareholder-friendly) - Current buyback programme: NOK 4bn total. - First tranche (NOK 2bn) completed in August; second tranche reached ~NOK 1.4bn by Oct 23. - EGM called for 23 Nov to renew authority and delete treasury shares → allows share buybacks beyond the current programme. - Net cash position at Q3 end: ~NOK 1bn despite ~NOK 1.5bn buybacks in the quarter.