Vend Q3 2025: Real Estate Revenues Up 9% as Classifieds and Transactions Accelerate

Vend, formerly Schibsted Marketplaces, has released its third-quarter results for 2025, with solid growth for its Real Estate vertical.

Highlights for the Nordics marketplace specialist include:

• Group revenues dropped to NOK 1.595 billion (USD 159 million), down  1% year-on-year
• Group EBITDA was NOK 640m (USD 64 million), up 24% YoY
• Real Estate Classifieds revenues were NOK 345 million (USD 34.5million), up  9% YoY
• Real Estate Transactional revenues were NOK 45 million (USD 4.5 million), up 29% YoY
• Real Estate Advertising revenues were NOK 15 million (USD 1.5 million), down 12% YoY
• Real Estate EBITDA was NOK 167m (USD 16.7 million), up 15% YoY

Vend operates several market-leading marketplace assets in the Nordics, including the runaway market leader Finn.no in Norway and other household brands in real estate, jobs and automotive.

The biggest proportion of Vend's revenues comes from its mobility division, with good results after the successful implementation of a new pricing package that saw ARPA increase by 20% year-on-year.

However, Vend's second largest contributor is its Real Estate segment, with assets including Blocket, Finn, Oikotie, Qasa and HomeQ operating in Finland, Sweden and Norway.

Transactional revenue growth for the quarter was attributed to Qasa and HomeQ in Sweden. However, advertising revenues slipped to NOK 15 million (USD 1.5M), down 11.7% from the same period in 2024.

Vend says the medium-term targets for the real estate segment include YoY Revenue Growth of 12-17%, and an EBITDA margin of 45-50%. Vend says it also invested in an improved user experience journey, a new agent promotion feature that enhances agent visibility on the platform, and a valuation tool that acts as a seller lead generation tool for agents looking to connect directly with sellers.

On the other side of the financial report, there were revenue drops across several segments, including Jobs ( 12%), Recommerce (2%) and Other (60%). Revenue drops in the Recommerce segment were attributed to "the phase-out of low-margin revenue streams as part of the strategic simplification." Jobs' revenues were hit by market exits in Sweden and Finland. Vend continues to simplify its portfolio, divesting from Lendo and several other investments.

Christian Printzell Halvorsen, CEO at Vend, said:

"Q3 2025 underscored our progress towards becoming a pure-play marketplace company. We advanced monetisation across our verticals, executed with discipline on costs and took further steps to simplify the company."

What's the bet at Vend? Less spillover, more specialisation.

Halvorsen spoke to us on the PPW Podcast earlier this year and reinforced that message at the Proptech and Portal Watch conference in Madrid in October. Vend is taking an increasingly verticalised approach. Execute this well, and Vend will be in a position to progressively replicate what Hemnet did to real estate in Sweden across several businesses, across several verticals, across several borders. It's an ambitious undertaking, backed by the dominant Finn, and a healthy jump in ARPA for the Mobility sector will be a welcome jumping-off point in the new year.

Vend's Q3 report also revealed plans to debut an enhanced offering for real estate consumers in 2026.