Vend’s Real Estate Vertical Powers Q4 Margin Expansion as ARPA Climbs

Vend closed out 2025 with a strong fourth quarter in its Real Estate vertical, reinforcing the group’s pivot towards higher-margin, ARPA-led growth. While group revenues remained broadly flat, real estate again stood out as one of the most resilient and profitable parts of the portfolio.

• Real Estate revenues up 15% year-on-year in Q4 to NOK 302 million.
• Full-year Real Estate revenues reached NOK 1.33 billion, up 13% year-on-year.
• Q4 Real Estate EBITDA rose 60% year-on-year to NOK 123 million.
• EBITDA margin in Real Estate expanded to 4%, up from 29%last year.
• Transactional revenues in Real Estate grew 31%year-on-year in the quarter.

Real Estate comfortably outpaced the group average in the quarter. Group revenues came in at NOK 1.51 billion, down 1%year-on-year, but EBITDA surged 53%to NOK 491 million as Vend continued to benefit from monetisation initiatives and cost discipline across its core Nordic verticals.

The growth within real estate remains firmly ARPA-driven. Classified revenues increased by 15% year-on-year in Q4, with professional customer revenues up 18%. Vend attributed this primarily to strong pricing execution, including a 21% increase in ARPA within the residential for-sale category in Norway.

Volumes, however, continue to lag pricing gains. In Norway, real estate volumes declined by 4% year-on-year, as growth in residential sales activity was offset by weaker demand in rentals. Finland followed a similar pattern, with double-digit ARPA growth but volumes down 4%, reflecting still-cautious market conditions.

Vend Real Estate / Horizontal Classifieds Assets

Transactional revenues provided a meaningful second growth engine. Q4 transactional revenues rose 31% year-on-year to NOK 46 million, supported by continued momentum at rental platforms Qasa and HomeQ. On a full-year basis, transactional revenues in the Real Estate vertical increased 44%, underlining Vend’s strategy to deepen participation across more stages of the housing journey.

Profitability was the standout feature of the quarter. Real Estate EBITDA increased by 60% year-on-year to NOK 123 million, while the EBITDA margin expanded to 41%. For the full year, EBITDA reached NOK 616 million, representing 40% growth compared with 2024 and a margin of 46%.

This margin expansion was supported by cost control. Vend reported that operating expenses excluding cost of goods sold declined by 4% year-on-year in Q4, despite higher marketing spend. The combination of rising ARPA and a leaner cost base continues to reshape the earnings profile of the Real Estate vertical.

At group level, Vend proposed an ordinary dividend of NOK 2.50 per share for 2025 and launched a new NOK 2 billion share buyback programme, reflecting confidence in cash generation following a year of portfolio simplification.

Looking ahead to 2026, Vend said ARPA momentum remains strong across verticals, even as visibility on volume recovery remains limited.