New-Look Financial Results for New-Look Schibsted in Q2 and H1 2024 Filings

Schibsted has delivered its first financial results since it divested itself of its news and media segment in June. Highlights for the Norway-based marketplace giant include:

• Revenues of NOK 2,525m (USD 235 million), up 3% YoY on a constant currency basis
• EBITDA of NOK 546 million, up 1% YoY
• Operating revenues for Real Estate were up 16% YoY, to NOK 341 million (USD 31.74 million)
• Classifieds revenues were up 13% YoY, driven by ARPA and transactional revenues
• Advertising revenues declined 14%
• Marketplace EBITDA of NOK 568 million, up 8% YoY

Last month, Schibsted underwent a significant makeover, selling off its news and media business to major shareholder Tinius Trust to focus on four key verticals—mobility, jobs, real estate and recommerce.

The divestment has had a significant knock-on effect for the Group, with lower revenues caveated by a more efficient, focused business model.

In real terms, Schibsted's Group revenues fell by 37.5% year-on-year, but the good news for the Group is that three of the four remaining business segments achieved double-digit revenue growth since the same period in 2023.

Operating revenues for Real Estate were up an impressive 16% YoY to NOK 341 million (USD 31.74 million), with Schibsted commenting:

Norway is the main revenue contributor within the Real Estate vertical, representing close to 80 per cent of the revenues in the quarter. The vertical experienced strong growth in Classifieds revenues, mainly driven by a higher ARPA in Norway which was up 15 per cent year-on-year.

ARPA growth was primarily driven by the introduction of new packages in leisure homes for sale, upsales in the residential for sales segment, as well as regular price adjustments implemented in January. Norway also experienced alltime high traffic on FINN Real Estate in the quarter, with total visits of around 140 million, which is an increase of 5 million compared to last year.

Meanwhile, Recommerce revenues also rose 16%, Mobility revenues grew by 6%, while Jobs suffered slightly at -3% revenue change YoY.

Christian Printzell Halvorsen, CEO at Schibsted, commented:

"The second quarter of 2024 marked several important milestones in the strategic transformation of Schibsted, which we embarked on last fall.

"As the new CEO of Schibsted Marketplaces, I am excited to lead a company which will be centred around four core marketplace verticals—Mobility, Real Estate, Jobs, and Recommerce—with strong brands across the Nordic region and some of the best positions in the industry.

"Operationally, we delivered results in line with our expectations. After selling Schibsted Media, we are now in a position to make decisive moves to improve profitability as a more focused company. This includes making organisational changes and cost-saving measures.

"Looking ahead, I believe Schibsted Marketplaces is well-positioned to stay at the forefront of leading marketplaces operators globally. I see significant opportunities to leverage our strong market positions to create value by optimising existing models, operating more efficiently, and expanding transactional models."

For the first half of the year, Group consolidated operating revenues reached NOK 4,846 million (USD 451 million), while half-year operating revenues for real estate were up 16% to NOK 591 million (USD 55 million).