Schibsted Revenues Down Slightly YoY in Q1 Filings

April 29, 2024
Share this Post: 

Schibsted, the Norwegian conglomerate that operates marketplaces in the Nordics, Europe and Latin America, has released its Q1 2024 numbers as it waits for a significant cash injection once it sells its stake as part of the Adevinta takeover.

Highlights include:

  • Group revenues were steady, decreasing 1% year-on-year to NOK 3.79 billion ($344 million)
  • Q1 EBITDA of NOK 454 million ($41 million) at a margin of 12%
  • Nordics Classifieds revenues rise by 6% YoY, to NOK 1.37 million ($125.3k)
  • Average Revenue Per Ad (ARPA) for real estate was the fastest growing vertical, up 17% YoY to NOK 2929 ($266)
  • Schibsted's stake in Adevinta is worth NOK 40 billion ($3.6 billion),


Re: its real estate segment performance, Schibsted commented:

"The Real Estate vertical is primarily driven by Norway which stands for almost 80 per cent of the revenues in the quarter. The vertical experienced strong growth in classifieds revenues in the quarter, driven by an exceptionally strong ARPA development in Norway, while volume development showed a softer trend."

Schibsted Nordic Classifieds Assets


Kristin Skogen Lund, CEO at Schibsted, said:

"Operationally, our financial performance in Q1 was negatively affected by the continued volatile macroeconomic environment and the structural changes in the company. Underlying Group revenues decreased by 1 per cent to NOK 3,794 million compared to the same period last year. EBITDA ended at NOK 454 million, up 7 per cent due to News Media.

"Nordic Marketplaces saw a solid, double-digit increase in average revenue per ad, ARPA, across most verticals, and transactional
revenues continued to grow well. This resulted in an underlying growth of 9 per cent in Classifieds revenues despite the volatile
macroeconomic environment."

"While we are happy with and proud of our achievements over the last few months related to the aforementioned transformational transactions, we acknowledge that the cost development needs to be addressed in Nordic Marketplaces, and Schibsted Marketplaces as the remaining company."

Schibsted is a major stakeholder in the under-offer Adevinta, with Lund commenting:

"We were pleased to see that the Adevinta offer, which values our current stake at approximately NOK 40 billion, received all required regulatory approvals which leads to an expected settlement of the transaction on 29 May 2024."

Schibsted announced its intention to sell its news media business in December 2023, with a deal set to be concluded in the first half of 2024.

April 29, 2024
Harvey is an experienced property journalist and copywriter. He has written about the property industry since 2015, starting at The Property Franchise Group in the UK, before moving to Spain to work for Spotahome. He has blogged for the private rented sector, ghostwritten for UK property experts and written case studies for franchise owners around the UK. Harvey joined Online Marketplaces as a News Editor in 2022.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Dutch Houses Netherlands
Mediahuis Shuts Dutch Portal Jaap Citing Fierce Competition

The Dutch real estate portal Jaap quietly shut down earlier this year after seeing its profits evaporate in the face...

Read More
Costar Vs Zillow Cowboys
CoStar's May Not Need to Win Traffic Game to Out-Earn Zillow

It might be growing fast (and shouting about it) but CoStar-owned US  challenger real estate portal is still a...

Read More
Untitled Design 10 1
Schibsted Successfully Detaches Media Business, Leaving Standalone Marketplaces Segment

The Norwegian media and marketplace operator Schibsted has had a busy month, with transactions worth approximately NOK 50 billion ($4.7...

Read More
Idealista Cinven
Private Equity Firm Cinven Takes the Lead in €3Bn Idealista Tug-Of-War

London-based, private equity firm Cinven has reportedly signed an exclusivity agreement to acquire Idealista for an estimated €3 billion. The...

Read More

Editor's Pick