Vend Q3 2026: FINN Pricing Lifts Real Estate Revenue 12% to NOK 387m

Vend has reported third-quarter results, and real estate again grew faster than the rest of the group. Revenues in the vertical rose 12% to NOK 387m against 3% for Vend overall, and real estate EBITDA climbed 23% to NOK 206m.

Highlights from Vend's Q3 2026 report for the three months to 30 September 2026 include:

• Group revenues of NOK 1,641m, up 3%, or 6% in constant currency
• Group EBITDA of NOK 711m, up 11%, with the margin up around three percentage points to 43%
• Real estate revenues of NOK 387m, up 12%, or 14% in constant currency
• Real estate EBITDA of NOK 206m, up 23%, a margin of 53% against 48% a year ago
• Classifieds revenues of NOK 318m, up 12%, with professional up 15% and private down 6%
• ARPA up 17% in Norwegian residential-for-sale, with Norwegian volumes down 6%
• Transactional revenues of NOK 49m, up 10%, from the Qasa and HomeQ rental platforms
• 2026 cost base now expected to fall by around NOK 250m, up from NOK 150m

CEO Christian Printzell Halvorsen said: "Real Estate had a strong quarter, driven by continued ARPA growth in Norway."

ARPA in FINN's residential-for-sale category rose 17%, the same rate as in Q2. Volumes did not hold up as well with Vend saying that Norwegian volumes fell 6%, after a 3% decline in the second quarter. In Q4 2025, the split was ARPA up 21% and volumes down 4%. Prices are still rising much faster than listings are falling, but the volume side got worse this quarter.

The margin came from costs, with operating expenses excluding cost of goods sold rising 2% in real estate while revenues grew 12%. Personnel costs rose 25% to NOK 54m, partly offset by lower allocated and other operating costs. The result was a 53% EBITDA margin, down from 58% in Q2 but up from 48% a year earlier. On Online Marketplaces' figures it is the best third quarter for the vertical since the series began in 2024, when Q3 came in at 46%.

Growth outside the Norwegian for-sale market slowed. Finnish revenues rose 13%, against 18% in Q2, helped by the subscription model introduced in Q1 and by Qasa. Transactional revenues from Qasa and HomeQ rose 10% to NOK 49m, after 18% last quarter. Private classifieds fell 6% to NOK 34m.

At group level, revenues rose 3% to NOK 1,641m. The four verticals grew 11% in constant currency, but the phase-out of transition service agreement revenues from the Schibsted separation held the total back. EBITDA rose 11% to NOK 711m, and Vend now expects its 2026 cost base to fall by around NOK 250m, up from NOK 150m at Q2 and NOK 100m at Q1.

Net profit of NOK 4,360m says little about the operations. Almost all of it is a NOK 3,920m fair value gain on Vend's 14% stake in Adevinta, now valued at NOK 11.1bn after Vend dropped a 15% discount from the valuation.

Halvorsen was blunt about where the group stands: "Year to date, our EBITDA margin is 40%, up from 27% in the same period of 2024, but still below leading international marketplaces."

Real estate runs well ahead of the group at 53%. Q4 has been its weakest quarter in each of the last two years, at 29% in 2024 and 41% in 2025. With Norwegian volumes now falling faster, the next quarter will show how much more ARPA can carry.