Vend Leans Into Verticalisation as Real Estate Revenue Grows 11% in Q2

Vend (formerly Schibsted Marketplaces) has reported strong progress in its pivot toward verticalised classifieds, with its real estate segment standing out in an otherwise mixed Q2 update. Highlights from the Oslo-based marketplace operator's report for the quarter ended June 30th include:

• Total revenues of NOK 1,694 million for the quarter, down 1% year-on-year.
• Real Estate revenue climbed 1%1 on an organic basis.

Commenting on the results, Vend's CEO, Christian Printzell Halvorsen, said:

"We maintained strong strategic momentum throughout the quarter. Average revenue per ad increased across all verticals, and transactional revenues continued its solid growth trajectory. Concurrently, we reduced costs and advanced our organisational streamlining by divesting several non-core activities and venture investments, while steadily progressing other sales processes."

Vend operates many leading online marketplaces across Scandinavia, which were previously known as 'Nordic Marketplace' assets before the company decoupled from its Norwegian Media giant parent in 2024. Its flagship Norwegian generalist marketplace FINN, is the major revenue generator in real estate, but the company has plans to grow its more transactional business lines and expanded the Sweden-based rentals marketplace Qasa into Norway in Q2.

Vend Real Estate / Horizontal Classifieds Assets

The quarter saw a number of product upgrades across the real estate platforms in Norway, Sweden and Finland. Among the most notable was a new “smart floor plan” feature that allows users to click on a room in a property layout and instantly view the corresponding listing photo, part of Vend’s strategy to deliver more immersive and intuitive user experiences through AI-powered tools.

As part of its ongoing simplification strategy, Vend completed the sale of its jobs platforms in Sweden and Finland during the quarter. The divestments contributed to an 11% drop in jobs-related revenue, although management emphasised that the move supports a long-term focus on core categories, including real estate and mobility.

Advertising revenues fell 40% year-on-year following the planned decoupling of Vend’s sites from the broader Schibsted network, a move that management said would offer more control and flexibility in commercial partnerships.

The company also booked €336 million in proceeds from a debt refinancing deal involving Adevinta, in which it holds a minority stake. Vend said the funds will help strengthen its balance sheet and support investments in product development and strategic growth initiatives.

Having completed its rebrand from Schibsted Marketplaces in May, Vend used its Q2 results to underline its focus on building vertical-specific marketplaces backed by strong tech and user engagement. The company said it will continue to prioritise monetisation through deeper partnerships with professionals and improved listing visibility tools. Points emphasised by Printzell Halvorsen in an exclusive interview with the PPW Podcast earlier this month (below).

Looking ahead, Vend's report says it is aiming for full-year growth of 12–17% for its real estate business, with an EBITDA margin target of 45–50%.