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Continued strong revenue and EBITDA growth
Comments from the CEO
“We are pleased to share that we continued our positive development in the third quarter, with an underlying1 revenue growth of 11 percent which included an increase in revenues across all segments. EBITDA margin was strong at 21 percent, driven by Nordic Marketplaces,“ CEO Kristin Skogen Lund says.
“Revenues in Nordic Marketplaces increased by an underlying1 18 percent. The strong rebound in revenues over the last quarters demonstrates the strength of our marketplaces, built on strong brands and market positions as well as continuous product development. As in previous quarters, the revenue increase was driven by our professional customers in Norway, Sweden and Finland, and particularly within the Job verticals. Denmark had a soft quarter as car dealers were confronted with low inventory and high turnover which affected both online classifieds and advertising spend negatively,” CEO Kristin Skogen Lund says.
“News Media reached a new important milestone with more than one million purely digital subscriptions and delivered an underlying2 revenue growth of 7 percent. This was achieved by strong digital advertising sales and continued good progress of our subscription business. To build on this trend and grasp the growth potential for this business, we have started to ramp up investments, for example in the podcast subscription service PodMe and our business news site E24,” CEO Kristin Skogen Lund says.
“Distribution continued to achieve solid revenue growth, though somewhat lower than earlier this year due to reduced volume growth following the reopening of the Norwegian society. This trend also affected Prisjakt, which witnessed lower activity and a revenue decline during the third quarter,” CEO Kristin Skogen Lund says.
“Contrarily, Lendo has been supported by the reopening of the economies and delivered strong underlying2 revenue growth of 21 percent while EBITDA decreased due to increased marketing spend in Sweden and expansion investments,” CEO Kristin Skogen Lund says.
“Finally, our Ventures business had an eventful quarter with the listing of the learning platform Albert on 01 October, and a good deal flow which included our investment in Tibber, an energy company which empowers people by lowering their energy bill and consumption,” CEO Kristin Skogen Lund says.
This quarter’s highlights
- Underlying1 revenue growth of 11 percent, strong EBITDA margin of 21 percent
- Nordic Marketplaces: 18 percent underlying1 revenue growth, primarily driven by the Job vertical. Strong quarter for Norway with 33 percent revenue growth and 54% EBITDA margin. Sweden and Finland with good development, while Denmark had a soft quarter due to low inventory and high turnover in Motors.
- News Media: 7 percent underlying2 revenue growth thanks to strong digital advertising sales and continued growth in subscriptions. EBITDA margin of 13 percent, somewhat lower than last year due growth investments and one-offs in the same period last year.
- eCommerce & Distribution: 13 percent underlying2 revenue growth driven by higher volumes for parcels and breakfast delivery. EBITDA declined year-on-year due to step-fixed costs to expand our delivery capacity.
- Financial Services & Ventures: Strong underlying2 revenue growth of 21 percent in Lendo, while EBITDA declined as a result of increased marketing spend in Sweden and expansion investments. Good deal flow and successful listing of the learning platform Albert on 01 October. Prisjakt witnessed lower activity and revenues year-on-year as societies reopened, strong EBITDA margin of 32 percent.
Year to date
– of which digital
Alternative performance measures used in this release are described and presented in the section Definitions and reconciliations in the quarterly report.
Webcast presentation including Q&A 27 October at 09:00 CET
CEO Kristin Skogen Lund and CFO Ragnar Kårhus will present the Q3 results as a live webcast, including a Q&A session. The presentation and following Q&A session will be held in English. The webcast can be viewed live here.
For the Q&A, participants can send in written questions via Slido (link: sli.do; event code: 590604) or via this link. It will not be possible to ask questions by phone.
As a result of the COVID-19 pandemic, it will not be possible to attend the presentation in person at our headquarters in Oslo.
Press/media can reach out to Schibsted’s Head of External Communications & Brand Management, Nathalie Kåvin (firstname.lastname@example.org), to set up separate one-on-one interviews with CEO Kristin Skogen Lund.
A recording of the presentation will be available on our IR website shortly after the live webcast has ended.
¹ Foreign exchange neutral basis and including pro-forma revenues for Marketplaces Denmark and Oikotie in Q3 2020
² Foreign exchange neutral basis