Schibsted ASA

Latest Results (10.01.2026):

Schibsted ASA — Q4 2024: Schibsted’s Q4 2024 report shows the company completing its transformation into a pure‑play marketplaces group. Group operating revenues were NOK 2,103 million (up ~12% y/y on a constant‑currency basis) and Group EBITDA was NOK 337 million (up 3% y/y). The quarter was affected by weaker advertising (partly linked to the separation from Schibsted Media), portfolio simplification and country exits, offset by strong Delivery and Real Estate transactional growth. The Board proposes an ordinary dividend of NOK 2.25 per share and intends to pay a special cash dividend of ~NOK 500 million when Adevinta‑related proceeds are received (expected Q2 2025).

Headline financials

Group operating revenues: NOK 2,103m (Q4 2024); Group EBITDA: NOK 337m. Operating profit was NOK -1,384m in Q4 after NOK 1,336m of impairment losses. Basic EPS was NOK -1.12 for Q4 2024.

Segment snapshot

Mobility: revenues NOK 559m, EBITDA NOK 278m (EBITDA +3% y/y). Real Estate: revenues NOK 263m, EBITDA NOK 77m (EBITDA -3% y/y). Jobs: revenues NOK 270m, EBITDA NOK 113m (revenues -9% y/y, exits in Sweden/Finland). Recommerce: revenues NOK 224m, EBITDA NOK -78m (growth in transactional GMV but margin pressure). Delivery: revenues NOK 625m (up 41% y/y) driven by Helthjem and Amedia Distribution; EBITDA NOK 17m.

Cash, balance sheet and capital allocation

Cash and equivalents at 31 Dec 2024: NOK 5,564m; net cash position NOK 2,546m; total liquidity reserve including undrawn facility NOK 9,103m. Ordinary dividend proposed NOK 2.25/share for 2024; Board intends to distribute ~NOK 500m special cash dividend from Adevinta‑related proceeds expected in Q2 2025.

Impairments and one‑offs

Q4 includes significant impairment charges totalling NOK 1,336m (including NOK ~1,078m goodwill impairment in NMP Finland and NOK ~252m write‑downs of internally generated intangibles), which drove the operating loss despite positive EBITDA.

Strategy and structural changes

Schibsted presented a new strategy and financial framework at Capital Markets Day: focus on four core verticals (Mobility, Real Estate, Jobs, Recommerce), scale transactional models, reset the cost base, simplify the portfolio (planned exits including Lendo, Prisjakt, certain SMB assets and ventures) and launch the new brand “Vend” in Q2 2025.

Outlook and medium‑term targets

Near‑term performance may be affected by advertising market conditions and separation effects from Schibsted Media. Medium‑term targets (per vertical) include: Mobility revenue growth 12–17% with EBITDA margin 55–60%; Real Estate revenue growth 12–17% with margin 45–50%; Jobs revenue growth 5–10% with margin >55%; Recommerce >20% revenue growth and single‑digit positive EBITDA margin by 2027.

Drivers and risks this quarter

Revenue growth driven by Delivery (volume and acquisitions) and Real Estate transactional uplift; advertising continued to be weak (split effects and macro conditions). Costs include investments in transactional models and marketing, plus restructuring and separation costs as the company repositions itself.