Adevinta Q2 Financial Results—Strong Numbers Across the Board

Adevinta, the holding company behind online classified ads in 14 countries, has released its Q2 financial results with strong performances across its core markets after a mixed bag in Q1.

Highlights include:

• YTD revenues of €804m (€375m in 2021)
• Group revenues €417m (up 8% YoY)
• Core market revenues €374m (up 10% YoY)

Other notable statements:

• Acquisition of eBay Classifieds Group (eCG) a key driver in increased revenues and costs
• First results since unanimous appointment of Antoine Jouteau as CEO
• Share buyback scheme worth a total of €66m completed June 2022

Adevinta will celebrate Group revenues in particular, breaching the €400m barrier for the first time since Q1 2021:

Meanwhile, the bulk of the company's earnings comes from its core European markets, with 9% YoY growth from businesses including Spanish portals Fotocasa and Habitaclia, Irish portal Daft, and generalist sites including Markplaats (Netherlands), eBay Kleinanzeigen (Germany) and Subito (Italy).

Commenting in Adevinta's quarterly report, CEO Antoine Jouteau said:

"As we report on the quarterly performance of Adevinta I reflect on the results for the first time as the Group CEO. I am very pleased with what our teams have achieved despite the current tough macro environment and very excited about the next steps for the Group.

"EBITDA margin rose to 34.9%, benefiting from top line growth, strict cost management and lower-than expected share-based compensation costs."

Adevinta notably purchased eCG in July 2020 in a deal worth nearly US$10 billion, with ripples still affecting Group performance. However, Jouteau commented that Adevinta "crossed a significant milestone in the integration of eCG with the exit of most TSAs," implying that the bulk the deal is now complete, with Adevinta ready to move past the technicalities of the acquisition.

It is a busy time for Adevinta. The company announced last week that it had sold Gumtree Australia for AUD€60 million as part of a pre-planned divestment scheme, with the additional sale of the South African division for an undisclosed fee in July.