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Oslo, 25 November 2021 - Adevinta ASA (ADE) (“Adevinta” or “the Company”) reported revenues on a combined basis up 6% (excluding disposals) in the third quarter compared to the same period last year, demonstrating the resilience of our marketplaces. Despite the temporary supply pressure in our motors vertical, all our Motors properties maintained their leading positions, and we successfully implemented price increases associated with product improvement and high added-value for car dealers. Online classifieds revenues improved by 6% year-on-year (of which 1% is attributable to transactional services). Display advertising revenues decreased by 3% year-on-year.
Gross operating profit (EBITDA) decreased by 7% compared to the third quarter of 2020. Revenue growth was offset by an anticipated increase in marketing investment, notably in Spain and Italy, and in personnel costs due to the ramp-up in product and technology resources to fuel product development and new business models.
Rolv Erik Ryssdal, CEO Adevinta, comments: “Following the completion of the eBay Classifieds Group acquisition, we have refreshed our strategy and reviewed our portfolio of brands to focus and propel Adevinta for the long term. Going forward, we will concentrate our investment capacity on five Core Markets: Germany, France, Spain, Benelux and Italy, where we remain very excited about the significant growth opportunities and our unique positions to capture those.
“We expect our Core Markets to generate an average revenue growth per annum of approximately 15% in the mid-to-long term, driving EBITDA margins between 40% and 45%.
“In line with Adevinta's active portfolio management strategy, we have decided to divest Australia and South Africa commencing in early 2022.
“Our revenues continued to grow in the third quarter, with Core Markets up 6% year-on-year. The slower pace compared to the first half of the year reflects the combination of the post-pandemic recovery seen in Q3 2020 and lower activity levels this summer following the lifting of restrictions in most markets, as well as the current global slowdown we observe in the motors market.
“We expect revenue growth to accelerate in Q4, excluding mobile.de.
“As we maintain our leading positions, we will continue to mitigate the effect of the temporary supply shortage in the Motors vertical, with successful price increases associated with new and improved products, and we expect to benefit from recovery when the situation normalises.
“However, in 2022 this will impact our financial performance. We will also continue to invest in marketing and product and technology in key geographies after several quarters of cost saving initiatives in the Covid context, to drive long-term growth. We look forward to outlining the opportunities and our plans to capture those at our Capital Markets Day on 30 November."
Highlights of Q3 2021
Strong performance year-to-date with consolidated revenues up 12% and EBITDA up 19%
Q3 revenue growth strength in Core Markets
Accelerated investment in marketing and P&T to deliver mid-to-long-term growth targets
Core Markets revenue growth expected to be low double digit in 2022 due to temporary supply shortage in Motors
Transaction between eBay and Permira complete
1 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 Q3 2021 results
Time: 25 November 2021 at 14:00 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 www.adevinta.com/ir and on this link: https://edge.media-server.com/mmc/p/f92jn33b. Participants are also invited to ask questions using the dial-in numbers below.
Dial-in details:Norway: +47 23 96 0 264UK: +44 (0) 207 192 8000USA: +1 631 510 74 95
Confirmation code: 6538988
A recording of the presentation will be available on our website shortly after the live webcast has ended.
Invitation to Adevinta Capital Markets Day 2021
Date: Tuesday, 30 November 2021Time: 14:00 GMT Participants are invited to join the webcast live by registering here.For the Q&A, participants will have the possibility to send written questions during the event, directly through the webcast platform. It will not be possible to ask questions by phone.The press release for the Capital Markets Day will be published on 30 November 2021 at 6:00 a.m. GMT on the Investor Relations pages at https://www.adevinta.com/ir.
Media contactsMélodie LarocheCorporate CommunicationsT: +33 (0) 6 84 30 52 email@example.com
Edelman SmithfieldJohn Kiely / Latika Shah / Olivia Adebo John Kiely/ Latika Shah/ Olivia AdeboT: +44 (0)7785 275665 / +44 (0)7950 671 948 / +44 (0)7787 284 441 firstname.lastname@example.org
IR contactMarie de ScorbiacHead of Investor Relationsir@adevinta.com
Anne-Sophie JugeanInvestor Relations Managerir@adevinta.comAbout Adevinta
Adevinta is a leading online classifieds specialist, operating digital marketplaces around the world. 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, and 50% of fast-growing OLX Brasil. Adevinta employs around 7,500 people committed to supporting users and customers daily. Find out more at Adevinta.com.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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