Schibsted Releases Q1 Financial Results - Real Estate Revenues grow 22% YoY

Schibsted has released its Q1 financial results with real estate marketplace income surpassing $20m. The majority Adevinta owner also recorded overall revenues of over $350m.

Highlights include:

• Total Revenue of 3776m NOK ($356m).
• Real estate operating revenue of 216m NOK ($20.3m).
• Real estate EBITDA of $6m.
• Real estate EBITDA margin of 29.6%.
• Total Classifieds revenues hit 383m NOK (16% YoY increase).

Schibsted is a self-proclaimed family of digital brands encompassing generalized classifieds websites in Scandinavia, with total transactional revenue growing 3x YoY.

Total real estate revenues reached 216m NOK, a 22% increase on 2022's Q1 results (177m NOK).

80% of real estate earnings came via Norwegian marketplace Finn.no, while Qasa (Sweden) and Oikotie (Finland) rounded out the numbers.

CEO Kristin Skogen Lund was quick to comment on a business model shift to vertical marketplaces in the company's presentation to investors:

"Nordic Marketplaces, which is dominating our Group EBITDA and market valuations, made important progress in its transition to a new vertical-based operating model. This transition will unlock significant user and customer value over time and we presented at our Capital Markets Day in March.

"In the first quarter, underlying revenues increased by 6 percent thanks to solid classifieds revenue growth across all verticals except Jobs.

"The successful transformation in Nordic Marketplaces, to strengthen our existing classifieds offerings and to accelerate the transition to transactional offerings, is a top priority."

Interestingly, Lund stated that Schibsted is looking to divest in Adevinta:

"We will continuously explore and develop options to reduce our ownership in Adevinta in a value creating way for our shareholders.