At Adevinta, we believe everything and everyone has a purpose in life. Our selection of digital brands unlock the full value in every person, place and thing by creating perfect matches on the world’s most trusted marketplaces.
Sustainability is in our DNA, and we are recognised as a global sustainability leader by DJSI Europe. By providing marketplaces where people buy and sell second-hand goods, we contribute to the circular economy and help people live more sustainably.
We're all about matchmaking, and we take the same approach to hiring. But it's not just about finding the right skills for the job. It's also about making sure the role and the culture are the right match too.
We care about gaining and keeping the trust of our users, customers and stakeholders by acting responsibly, promoting sustainability and protecting the environment.
We invest in companies with tangible traction, a potential to scale beyond their domestic market, and who we can support with more than just financial resource.
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Oslo, 24 May 2022 - Adevinta ASA (ADE) (“Adevinta” or “the Company”) reported solid revenue growth of 6%1 in the first quarter compared to the same period last year. Our marketplaces once again proved resilient despite continued supply pressure in the Motors vertical. Underlying EBITDA2 was 137 million euro in the first quarter of 2022, representing a 35.3% underlying EBITDA margin.
Core Markets posted revenue growth of 7% in the quarter, despite ongoing softness in the Motors market:
Gross operating profit from continuing operations (reported EBITDA) decreased by 3% compared to the first quarter of 2021, to 125 million euro. Revenue growth was offset by an anticipated increase in personnel costs due to higher charges related to (i) the ramp-up in product and technology resources to fuel product innovation and new business models, (ii) the build-up of global capacities ahead of eBay Transition Service Agreement (TSA) exits and also (iii) higher share-based compensation (up c.5 million euro year-on-year). Costs from transactional services also increased in the quarter, in line with the adoption of the service and revenue growth. Marketing investment reduced year-on-year due to different phasing of marketing campaigns compared to last year and spend control.
Rolv Erik Ryssdal, CEO Adevinta, comments:
“Executing our “Growing at Scale” strategy meant our teams continued to develop and deploy attractive and innovative solutions aimed at improving the overall user experience and satisfaction.
“Our solid financial position and cash generation profile allowed us to accelerate our share buy-back programme and invest in transformation to operate even more efficiently in the longer term. We made good progress with our integration roadmap, and we are preparing to exit most of the TSAs with eBay in the second quarter. I am proud to see how our people have come together to set us up for success.
“Finally, our portfolio optimisation is progressing at pace with the sales of Infojobs in Brazil and Kufar in Belarus, and the announced exit from Mexico. We expect to reach agreement on the sales of Australia and South Africa by the end of the third quarter. I remain very positive about the many opportunities that we have ahead of us for 2022 and beyond. Despite the current challenging environment, I am confident we will achieve the financial targets that we set for this year and our mid-to-long term targets.”
Highlights of Q1 2022
Q1 2022 results performance: as expected, in line with Q4 trendsRevenue growth1: 6% despite Motors headwinds
EBITDA margin of 32.3%, up 70 bps vs Q4 2021
Strong cash flow generation profile
Deleveraging priority balanced with opportunistic acceleration of share buy-back
Strategy: further execution of our Growing at scale planeCG integration roadmap on track
Portfolio optimisation progressing at pace
Continued delivery on our strategic pillars
Outlook: all targets confirmedCore Markets mid-to-long targets confirmed
FY 2022 target confirmed
Synergy targets confirmed
Key figures
Combined: these figures reflect the results of Adevinta group as if the eBay Classifieds Group (acquired on 25 June 2021) has been part of the group during the full periods presented. These numbers are presented to facilitate comparability and are unaudited.
Operating revenues by category
Presentation of the Q1 2022 Results
Quarterly Earnings ReleaseTime: 24 May 2022 at 07:00 CEST
Report for the first quarter 2022, presentation materials, and spreadsheet with key figures and analytical information will be made available on the investor relations pages at https://www.adevinta.com/ir.
Presentation of the Quarterly Results Time: 08:30 CET
The company will conduct the presentation as a live audio webcast and conference call, including a Q&A session. CEO Rolv Erik Ryssdal and CFO Uvashni Raman will present. The whole management team of Adevinta will participate in the Q&A session.
The webcast will be available on https://www.adevinta.com/ir and on this link: https://edge.media-server.com/mmc/p/239an96d. Participants are also invited to ask questions using the dial-in numbers below.
Dial-in details:Norway: +47 21 56 30 15UK: +44 (0) 207 192 8338USA: +1 646 741 31 67Confirmation code: 5578959
A recording of the presentation will be available on our website shortly after the live webcast has ended.
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Media contactsMélodie LarocheCorporate CommunicationsT: +33 (0) 6 84 30 52 76melodie.laroche@adevinta.com
Edelman SmithfieldLatika Shah/ Olivia AdeboT: +44 (0)7785 275665 / +44 (0)7950 671 948 / +44 (0)7787 284 441 adevinta@edelman.com
IR contactMarie de ScorbiacHead of Investor RelationsT: +33 (0) 6 84 30 52 76ir@adevinta.com
Anne-Sophie JugeanInvestor Relations Managerir@adevinta.comAbout Adevinta
Adevinta is a leading online classifieds specialist, operating digital marketplaces in 14 countries. The company provides technology-based services to connect buyers with sellers and to facilitate transactions, from real estate to motors, and consumer goods.Adevinta’s portfolio spans more than 40 digital brands, covering one billion people and attracting approximately three billion average monthly visits. Leading brands include top-ranked leboncoin in France, Germany's leading classifieds sites mobile.de and eBay Kleinanzeigen, Marktplaats in the Netherlands, fotocasa and InfoJobs in Spain, Subito in Italy, and 50% of fast-growing OLX Brasil. Adevinta employs around 8,100 people committed to supporting users and customers daily. Find out more at Adevinta.com.
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This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
1 Continuing operations, excluding disposals2 Consolidated EBITDA before share-based compensation impact3 Australia and South Africa operations to be divested
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