Adevinta ASA (ADE) – Adevinta reports full year 2023 results with strong Q4 financial performance in soft macro environment

  • All full year 2023 targets achieved despite market headwinds and higher share-based compensation
  • Full year 2023 EU51 markets revenue growth of 14% and Group EBITDA of €651m up 19% yoy
  • Continued successful execution of strategy in 2023, with eCG acquisition synergy target of €130m achieved, new vertical organisation2 live from 1 January 2024, platform convergence on track and strong focus on operational excellence
  • Strong EU5 revenue growth in Q4 2023: +12% yoy
  • Q4 2023 Group EBITDA at €159m, up 10% yoy and margin of 33.7%
  • Long-term ambition for EU5 markets confirmed: 2023-2026 annual revenue growth between 11% – 15%; 2026 EBITDA margin between 40% – 45%

Oslo, 29 February 2024 – Adevinta ASA (ADE) (“Adevinta” or “the Company”) today reported a strong 2023 financial performance, delivering on all its financial targets despite market headwinds and higher share-based compensation. Revenue growth was 14% for EU5 markets, and total revenues were up 11% yoy at 1,826 million euro. Group EBITDA reached 651 million euro, up 19% yoy, slightly higher than the full year guidance, despite an additional 2 million euro charge on share-based compensation, as a result of the voluntary offer. The cash flow generation3 of the period was also strong at 491 million euro, up 12% year-on-year.
For the fourth quarter of 2023, Adevinta reported Core Markets revenues of 441 million euro, representing a strong 12% yoy growth, despite the soft macroeconomic environment:

  • Online classifieds revenues improved by 15%, supported by continued strong double-digit revenue growth in Mobility, mostly driven by France and Real Estate posted a solid performance in the period, driven by France and Kleinanzeigen. Jobs’ performance was slightly down year-on-year.
  • Transactional revenues grew by 46% year-on-year, with strong revenue growth in all markets.
  • Advertising revenues were down 4% year-on-year, as a result of an overall weaker advertising market.

Gross operating profit (reported EBITDA) amounted to 159 million euro, up 10% year-on-year, representing a 33.7% margin, slightly up year-on-year, driven by the strong revenue growth in this period.

This was partly offset by higher personnel costs, driven by the continued scaled build-up of global capabilities, with the implementation of new operating models for support functions and Product and Technology teams, continued investment in product development and in sales and customer support operations to support future growth. Direct costs from transactional services also increased in the period, in line with the adoption of the service and revenue growth, as well as share-based compensation charge, mostly as a result of the voluntary offer to acquire all Adevinta Class A shares and the share price uplift.

Antoine Jouteau, CEO Adevinta, comments: 

“2023 has been a great year of progress for Adevinta. We transformed our organisation, laying the foundations to accelerate our business growth. Over the past year, we have redesigned our operating model, verticalised our organisation in line with our Growing at Scale strategy, and successfully completed our portfolio optimisation programme. We have achieved strong financial and operational performance, and reached our financial targets for the year, despite the tough macroeconomic environment. I would like to thank our teams for their unwavering support in driving our progress and maintaining the appeal of all our marketplaces as the leading platforms for trading used goods.”

Highlights of Q4 2023

All FY 2023 Financial Targets achieved, despite market headwinds and higher SBC

EU51 Markets revenue growth of 14%, and total revenues up 11% yoy at €1,826m
EBITDA of €651m, up 19% yoy, including a €(2)m charge on share-based compensation, as a result of the voluntary offer
EBITDA margin at 35.7%, up 2.3pp yoy
Strong cash flow generation3 of €491m
Repayment of debt notional of €394m, prioritising floating debt and resulting in a year-end leverage ratio4 of 2.5x

Continued successful execution of our
Growing at Scale strategy

eCG acquisition synergy target of €130m achieved
New vertical organisation2 live from 1st January 2024
Platform convergence project progressing well and according to plan
Continued focus on operational excellence

  • Increased monetisation in key verticals
  • Robust ramp-up of transactional services, with strong double-digit growth in payout numbers for all EU5 markets
  • Continued financial discipline

Strong Q4 2023 results performance in a soft macro environment

Strong growth in EU5 Markets: +12% year-on-year

  • 15% growth in Classifieds, with 21% growth in Mobility and 7% growth in Real Estate
  • Consumer Goods transactional revenues up +46% yoy, with strong performance in all EU5 Markets
  • Advertising revenues down 4% yoy

Total revenues at €472m, up 10%5 yoy
Total EBITDA of €159m, up 10% yoy 
Reported EBITDA margin of 33.7%, broadly stable yoy
€146m impairment loss related to Canada, as a result of more conservative expected growth trajectory

Long-term ambition for EU5 Markets confirmed

2023-2026 annual revenue growth between 11% and 15%
2026 EBITDA margin: 40-45%

Aurelia Bidco Norway AS offer to acquire all issued and outstanding class A shares in Adevinta

Voluntary offer acceptance rate above 90% required for statutory redemption
Offer expected to be completed in Q2 2024, subject to receipt of necessary regulatory approvals and clearances


1 EU5 markets correspond to Core markets (Germany, France, Spain, Benelux and Italy)
2 Alignment of the organisational structure with the Group strategy, based on three key pillars: Mobility, Re-commerce and Real Estate & Emerging Verticals
Net cash flow from operating activities adjusted for CAPEX and IFRS 16 lease payments
4 Senior Secured Net Leverage Ratio as of Q3 2023 based on the definition of the Facilities Agreement 
5 Excluding Hungary

Financial performance

Fourth quarter       Year    
yoy % 2022 2023 € million 2023 2022 yoy %
9% 431 472 Operating revenues 1826 1,644 11%
10% 145 159 EBITDA 651 548 19%
  33.6% 33.7% EBITDA margin 35.7% 33.3%  
      Operating revenues per segment      
14% 129 147 France 550 494 11%
17% 86 101 399 317 26%
8% 186 202 European Markets 779 708 10%
-20% 26 20 International Markets 90 114 -21%
-67% 6 2 Other and Headquarters 11 15 -27%
29% -1 -1 Eliminations -2 -5 59%
      EBITDA per segment      
13% 54 61 France 241 227 6%
23% 50 61 239 175 36%
7% 77 82 European Markets 321 289 11%
-24% 12 9 International Markets 43 49 -13%
-14% -47 -54 Other and Headquarters -193 -192 0%
      Non-consolidated JVs      
5% 28 29 Proportionate share of revenues 114 106 8%
102% 4 8 Proportionate share of EBITDA 38 10 271%

Operating revenues by category

Fourth quarter       Year    
yoy%1 2022 2023 € million 2023 2022 yoy%1
14% 314 354 Online classifieds revenues 1,399 1,226 15%
46% 21 31 Transactional revenues 103 69 52%
-6% 91 85 Advertising revenues 312 337 -7%
-60% 5 2 Other revenues 11 12 -4%
10% 431 472 Operating revenues 1,826 1,644 12%

1 Excluding Hungary, and also excluding InfoJobs Brazil, Belarus and Mexico for the full-year comparison


Contact information:

IR contacts
Marie de Scorbiac

VP Investor Relations, Corporate Affairs, Group FP&A, Sustainability
+33 6 14 65 77 40
Anne-Sophie Jugean
Investor Relations Senior Manager
+33 6 74 19 22 81

Media contact
Vaishali Lakhanpal
Corporate Communications 

John Kiely / Latika Shah, Edelman Smithfield
+44 7785 275 665 / +447950 671 948 

About Adevinta 
Adevinta is a leading online classifieds group and champion for sustainable commerce with a focus on Europe. 
Our portfolio of 25+ digital marketplaces spans consumer goods, mobility, real estate, holiday rentals and jobs. Every month, our industry-leading technology enables more than 120 million people and over a million businesses across Europe to connect and trade. Loved local brands include leboncoin in France; and Kleinanzeigen in Germany; Fotocasa and InfoJobs in Spain, Subito in Italy; Marktplaats in the Netherlands and the Canadian marketplace Kijiji. 
Our international team of diverse individuals are united in their purpose to make a positive impact on the environment, the economy and society every single day. 
To find out more, visit 


This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act