Schibsted Q4 2024: 12% Revenue Increase as CEO Halvorsen Hails "Transformative Year"

Schibsted's interim Q4 2024 report was released yesterday, with the business "writing an entirely new book" after a year of significant change for the business.

Highlights include:

• Quarterly revenues improved 12% year-on-year to NOK 2.1 billion (USD 192 million)
• Group EBITDA improved by 3 per cent to NOK 337 million (USD 30.7 million)
• Real Estate: 11% revenue growth to NOK 263 million (USD 24 million)
• Real Estate: EBITDA of NOK 77 million (USD 7 million) was down 3% YoY
• Full year Group revenues were 9% up on 2023, at NOK 8.3 billion (USD 759.7 million)
• Full year EBITDA margin was 20%

Schibsted underwent a seismic split in 2024 when major shareholder Tinius Trust bought Schibsted's  News and Media segment for NOK 6.3 billion (USD 590 million).

In real terms, Schibsted went from a net profit of NOK 104 million in 2023 to a loss of NOK 349 million in 2024 after the split.

The remaining public entity, Schibsted Marketplaces, has continued to perform well with solid revenue growth year-on-year and a 3% improvement to EBITDA, while EBITDA margin was steady at 16% (down 1% form 2023).

Christian Printzell Halvorsen, CEO at Schibsted, said:

"Q4 2024 marks the conclusion of what has been a truly transformative year for Schibsted – and for me personally. This year, we did not just start a new chapter; we began writing an entirely new book, embracing our evolution into a pure-play marketplaces company and stepping away from our legacy as a media conglomerate. Along the way, we have achieved remarkable milestones and navigated significant transitions, all while continuing to empower millions of users and customers across the Nordics to make smarter choices through our marketplaces.

"Group revenues for the quarter ended at NOK 2,103 million, representing a 12 per cent year-on-year increase on a constant currency basis, while Group EBITDA improved by 3 per cent to NOK 337 million. Revenue growth was driven by Delivery and Real Estate, while EBITDA growth was supported by the Headquarters segment and Mobility.

"Our stake in Adevinta continues to develop positively. As communicated in December, we expect to receive around NOK 500 million in cash proceeds from the sale of assets from Adevinta in Q2 2025. The Board intends to distribute these proceeds as a special cash dividend.

"Reflecting on 2024 as a whole, we delivered solid financial results despite the major transformation and a demanding market environment. This resilience highlights the strength of our business models, the dedication of our teams, and the impact of the strategic choices we have made. I am looking forward to the opportunities ahead of us; with implemented actions to drive monetisation in 2025 and the launch of our new brand 'Vend' in Q2 2025, we are ready to lead the future of marketplaces and continue empowering millions of users across the Nordics."

Schibsted's real estate segment (up 11% YoY) was the second fastest segment for the quarter but is still only the fifth largest contributor behind Schibsted's Delivery, Mobility Recommerce, Jobs and Other arms respectively.

Revenues of NOK 263 million are dwarfed by Delivery (NOK 625 million) and Mobility (NOK 559 million)

The segment is driven by Finn.no, the generalised marketplace in Norway, and Oikotie in Finland. Other real estate marketplaces in the segment include Blocket, HomeQ and Qasa, all Nordic marketplaces. Schibsted said revenue growth was boosted by ARPA and volume in Norway, while transactional revenues of NOK 35 million (USD 3.2 million) were more than double 2023's figure as  Qasa Sweden and HomeQ improved performance.

Meanwhile, Schibsted will continue to operate under the name Schibsted Marketplaces until the official launch of Vend in Q2 2025. Halvorsen commented that Vend will "not only be to replace Schibsted Marketplaces, but to gradually take on a larger responsibility as a consumer-facing and employer brand."