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Oslo, 24 May 2022 - Adevinta ASA (ADE) (“Adevinta” or “the Company”) reported solid revenue growth of 6% 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 EBITDA 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 of 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 trends
Revenue 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 plan
eCG integration roadmap on track
Portfolio optimisation progressing at pace
Continued delivery on our strategic pillars
Outlook: all targets confirmed
Core Markets mid-to-long targets confirmed
FY 2022 target confirmed
Synergy targets confirmed
Underlying EBITDA margin
Operating revenues per segment
Other and Headquarters
EBITDA per segment
Proportionate share of revenues
Proportionate share of EBITDA
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
Online classifieds revenues
Presentation of the Q1 2022 Results
Quarterly Earnings Release
Time: 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/wyrb8bpe. Participants are also invited to ask questions using the dial-in numbers below.
Norway: +47 21 56 30 15
UK: +44 (0) 207 192 8338
USA: +1 646 741 31 67
Confirmation code: 5578959
A recording of the presentation will be available on our website shortly after the live webcast has ended.
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