In This Article:
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Revenue: NOK2.6 billion, a 9% year-on-year increase on a constant currency basis.
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EBITDA: Improved by 17% to NOK670 million.
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Nordic Marketplaces Revenue Growth: 6% increase in Q3.
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Total Costs: Increased by 5% compared to last year.
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EBITDA Margin: Improved by 2 percentage points year over year.
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Mobility Vertical Revenue Growth: 5% on a constant currency basis in Q3.
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Transactional Revenues in Mobility: NOK104 million, a 10% increase compared to last year.
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Real Estate Revenue Growth: 12% increase in Q3.
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Jobs Revenue Decline: 3% decline in Q3.
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Recommerce Revenue Growth: 14% increase in Q3.
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Net Profit: NOK5.1 billion in Q3.
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Cash Flow from Operating Activities: NOK724 million, up NOK210 million compared to Q3 last year.
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CapEx: NOK145 million, up 9% versus last year.
Release Date: October 25, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Schibsted ASA (SBBTF) reported a 9% year-on-year increase in group revenues for Q3, reaching NOK2.6 billion.
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The group EBITDA improved by 17% to NOK670 million, driven by strong performance in Nordic marketplaces and the delivery segment.
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The company successfully executed a strategic transformation by selling its media business, generating approximately NOK24 billion.
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Schibsted ASA (SBBTF) initiated a share buyback program and returned a special cash dividend, each amounting to NOK2 billion.
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The real estate segment saw a 12% revenue increase, with significant growth in Sweden's rental platform Qasa, which grew by 85%.
Negative Points
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Advertising revenues faced headwinds, with a 19% decline in the mobility segment due to market volatility and dissynergies from the media split.
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The jobs marketplace experienced challenges, particularly outside Norway, with a 3% decline in total jobs revenues due to strong competition in Sweden and Finland.
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Total costs increased by 5% year-on-year, driven by marketing campaigns and investments in new business models.
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The company anticipates muted revenue growth in Q4 due to advertising pressures, portfolio simplification, and challenging volumes in mobility and jobs.
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Schibsted ASA (SBBTF) plans to exit non-core businesses, including its comparison service Lendo Group and skilled trades marketplaces, indicating potential restructuring challenges.
Q & A Highlights
Q: Can you provide details on how you plan to use the proceeds from the sale of non-core assets? Will there be a special dividend or reinvestment? A: We will not disclose specifics on the use of proceeds at this time. We will outline our financial framework and capital allocation strategy at the upcoming Capital Markets Day. Historically, our approach to such situations can serve as a reference.