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Oslo, 24 November 2022 - Adevinta ASA (ADE) (“Adevinta” or “the Company”) reported strong revenue growth of 12% for core markets in the third quarter compared to the same period last year, as a result of strong recovery in Mobile.de and continued solid performance in other markets.
Excluding the impact from the French digital services tax legislation (DST), Group EBITDA was €141 million (representing a 34.5% EBITDA margin) and improved by 12% compared to Q3’21.
This was the result of (i) the positive topline evolution, (ii) lower marketing investment, driven by different phasing and spend allocation discipline, and (iii) cost management in the current market context. This was partly offset by (i) the continued build-up of global capabilities ahead of the implementation of new operating models for enabling functions and Product and Technology teams, and to accelerate new business model development and value creation, and (ii) higher direct costs from transactional services, in line with the adoption of the service and revenue growth.
Group consolidated EBITDA amounted to 132 million euros, up 5% year-on-year, negatively impacted by the €(9) million euros provision booked related to the French DST.
New appointments in the leadership team and assignment of vertical responsibilities to align with the ‘Growing at Scale’ strategy
In line with the ‘Growing at Scale’ strategy, Adevinta will start to verticalise its operations based on its three key pillars:
As part of this, Adevinta’s executive leadership team (AdEx) announces new appointments, effective 1 January 2023:
Antoine Jouteau, CEO Adevinta: “Our third quarter results demonstrate progress against our key strategic and financial objectives. I am proud of our team and our contribution to society in the face of a challenging macroeconomic environment.
We are adapting our organisation to make it even more efficient, with laser sharp focus on bringing more value to our users and clients.
Aligning our operating structures with our strategy increases efficiency and speed, as well as our ability to cater to evolving customer needs with tailored and innovative products and services. It also allows us to capture further opportunities within these vertical areas, and enhances our competitiveness and resilience.
My new executive team and I share the same vision and ambition for Adevinta. It is my pleasure to welcome Alexandre Collinet, Julien Jouhault, Paul Heimann and Román Campa. Each brings with them a combination of entrepreneurial spirit, industry knowledge and a proven track record of commercial success. I thank Alex Alexander, Gianpaolo Santorsola and Zac Candelario for their contributions to Adevinta and wish them well in their next endeavours.
I remain very confident and excited about the many opportunities that we have ahead of us. As we navigate the current uncertain environment, we will continue to balance growth and profitability with disciplined investment in the mid to longer term.”
Highlights of Q3, 2022
Strong Q3 2022 results performance in a soft macro environment
Acceleration of core markets revenue growth : +12% year-on-year
Total consolidated revenue growth2: +11% year-on-year
EBITDA margin of 34.5%, excluding French DST, benefiting from strict cost management
Acceleration of cash generation and deleveraging
Further steps to deliver our Growing at scale strategy
New leadership team, with new key appointments; assignment of vertical responsibilities to align with the ‘Growing at Scale’ strategy:
2022 portfolio optimisation programme close to completion with sales of Mexico, Australia and South Africa closed and Canada review completed
Continued execution on strategy for growth businesses with increased monetisation of Motors and Real Estate verticals and continued rapid scaling and product launches of transactional services
FY 2022 target confirmed
Synergy targets confirmed to achieve our financial ambition
1 Prudent provision booked following unfavourable ruling received from the French Tax Authority
2 Continuing operations, excluding InfoJobs Brazil and Kufar
3 Prudent provision booked following unfavourable ruling received from the French Tax Authority
4 Net cash flow from operating activities adjusted for CAPEX and IFRS 16 lease payments
5 Consolidated EBITDA before share-based compensation impact
Underlying EBITDA margin
Operating revenues per segment
Other and Headquarters
EBITDA per segment
Proportionate share of revenues
Proportionate share of EBITDA
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.
Operating revenues by category
Online classifieds revenues
Quarterly Earnings Release
Time: 24 November 2022 at 07:00 CET
Report for the third quarter of 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: 24 November 2022 at 08:30 CET
The company will conduct the presentation as a live audio webcast and conference call, including a Q&A session. CEO Antoine Jouteau 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/eknfdtrf. Participants are also invited to ask questions using the dial-in numbers below.
UK: +44 121 281 8004
USA: +1 718 705 87 96
Norway/Sweden: +46 850 51 00 30
France: +33 1 70 91 87 04
Spain: +34 917699498
Confirmation password: Adevinta2022Q3
A recording of the presentation will be available on our website shortly after the live webcast has ended.
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