Adevinta ASA (ADE) – Adevinta reports strong results in Q2; improves outlook for 2023 

  • +14% year-on-year revenue growth in Core markets, driven by continued outstanding performance at
  • Total consolidated revenues at €465m, up +12%1 yoy
  • Total consolidated EBITDA of €177m and reported margin of 38.0%
  • 2023 outlook improved and long term ambition confirmed

Oslo, 31 August 2023 – Adevinta ASA (ADE) (“Adevinta” or “the Company”) reported another set of strong results in the second quarter of 2023, with a 14% year-on-year revenue growth for its Core Markets. This can be attributed to outstanding performance of, supported by continued strong results in other segments.

  • Online classifieds revenues improved by 17%, once again supported by continued strong double-digit revenue growth in Mobility, mostly driven by, which benefited from the successful new price increase implemented in April 2023, the recovery of dealer listings, mainly driven by the easing of comparatives and lower demand whilst we also saw sustained recovery in new listings throughout the quarter, and by the development of high value added products for both users and car dealers. Real Estate also posted a double-digit growth in the period, driven by France and Kleinanzeigen. Jobs was slightly positive, driven by Spain’s steady performance despite lapping tougher comparisons; 
  • Transactional revenues grew by 53% year-on-year, with strong revenue growth in all markets;
  • Advertising revenues were down 6% year-on-year, as a result of an overall weaker advertising market, especially in automotive display advertising, and the rebranding and domain switch at Kleinanzeigen. 

Gross operating profit (reported EBITDA) amounted to 177 million euro, up 21% year-on-year, representing a 38.0% margin, up 3 percentage points year-on-year. This was the result of (i) the positive topline evolution, (ii) lower marketing spend across markets, driven by different phasing, spend discipline and prioritisation, partly offset by higher spending at Kleinanzeigen and, and (iii) cost discipline. This was partly offset by (i) higher personnel costs, due to the continued build-up of global capabilities, with the implementation of new operating models for support functions and Product and Technology teams, the annualisation of the previous year’s investment in product enhancements and in sales and customer support operations, particularly in legacy eBay Classifieds markets, to support new business models, (ii) higher direct costs from transactional services, in line with the adoption of the service and revenue growth, (iii) higher level of share based compensation, and (iv) the (3) million euro expense related to the French DST.

Antoine Jouteau, CEO Adevinta, comments: 

“We delivered another strong set of results in the second quarter, achieving double digit revenue growth across our core business with excellent performance at, which, together with successful cost discipline, has resulted in a marked improvement in our EBITDA and margins. We continue to execute our business and strategic roadmap, making good progress in the verticalisation and optimisation of our organisation to drive even greater innovation and efficiency, while improving our products and services for end users. These results position us well to reach the top end of the previously announced financial targets for the full year. I continue to be proud of the progress our teams are making and am confident we are on the right track to achieve our long-term goals, creating value for our shareholders and benefits for all our stakeholders.”

1 Excluding Kufar and Mexico

Highlights of Q2 2023

Strong Q2 2023 results performance in a soft macro environment

Strong double digit revenue growth in Core markets: +14% year-on-year, driven by continued outstanding performance at

  • Double digit growth in Classifieds (+17%), with double digit growth in Mobility (+23%) and Real Estate (+11%)
  • Consumer Goods transaction revenues growth up +53% yoy, with strong revenue growth in all Core markets
  • Advertising revenues down 6% yoy

Total consolidated revenues at €465m,  up +12%1 yoy

Reported EBITDA margin of 38.0%, up 3pp yoy, despite business mix evolution, the impact of the French Digital Services Tax and higher share-based compensation

Total consolidated EBITDA of €177m 

Strong cash flow generation and improvement of debt profile:

  • Adjusted NCF from operating activities: €135m2
  • Significant debt repayment: €120m in the quarter, prioritising floating debt
  • Year-end 2023 leverage target reached at the end of Q2 (3x net debt/EBITDA)
  • Credit rating upgrades from Moody’s and Fitch

Further successful execution of our Growing at Scale strategy

Business integration on track, with further roll out of new operating models for support functions, and synergy targets confirmed

Verticalisation3 of Adevinta’s operations ongoing:

  • Finalisation of organisational design
  • Progress on structuring future ways of working

Towards convergence for generalist platforms starting with leboncoin and Kleinanzeigen

Continued focus on operational excellence

  • Successful rebranding of Kleinanzeigen
  • Increased monetisation in key verticals
  • Strong ramp-up of transactional services
  • Financial discipline


2023 outlook improved

  • Double digit Core markets revenue growth 
  • Reported EBITDA at the top end of the previously announced €620m to €650m range
  • Further deleveraging expected, towards 2x net debt/EBITDA in the medium term

Long-Term ambition for Core markets confirmed

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

1 Excluding Kufar and Mexico
2 Net cash flow from operating activities adjusted for CAPEX and IFRS 16 lease payments
3 Alignment of the organisational structure with the Group strategy, based on three key pillars: Mobility, Re-commerce and Real Estate & Emerging Verticals

Financial performance

Second quarter   Year-to-date
yoy % 2022 2023 € million 2023 2022 yoy %
11% 417 465 Operating revenues 901 804 12%
21% 146 177 EBITDA 322 271 19%
  34.9% 38.0% EBITDA margin 35.7% 33.7%  
      Operating revenues per segment      
9% 126 137 France 269 246 9%
29% 80 104 194 149 30%
11% 178 198 European Markets 385 347 11%
-21% 30 24 International Markets 47 58 -20%
-10% 3 3 Other and Headquarters 7 7 0%
80% -1 0 Eliminations -1 -2 65%
      EBITDA per segment      
-1% 65 64 France 121 120 0%
46% 43 62 113 79 42%
13% 73 83 European Markets 157 140 12%
0% 12 12 International Markets 23 23 0%
6% -47 -45 Other and Headquarters -91 -92 1%
      JVs: OLX Brazil and Willhaben      
7% 27 29 Proportionate share of revenues 55 50 11%
798% -2 13 Proportionate share of EBITDA 22 1 3682%

Operating revenues by category

Second quarter   Year-to-date
yoy%1  2022 2023 € million 2023 2022 yoy%1 
15% 313 359 Online classifieds revenues 690 601 16%
52% 16 24 Transactional revenues 49 31 56%
-8% 86 79 Advertising revenues 155 167 -7%
43% 2 3 Other revenues 7 5 41%
12% 417 465 Operating revenues 901 804 13%

1 Excluding Kufar and Mexico.

Presentation of the Q2 2023 Results

Quarterly Earnings Release
Time: 31 August 2023 at 07:00 CEST

Report for the second quarter of 2023, presentation materials, and spreadsheet with key figures and analytical information will be made available on the investor relations pages at

Presentation of the Quarterly Results
Time: 31 August 2023 at 08:30 CEST

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 and on this link: Participants are also invited to ask questions using the dial-in numbers below. 

Dial-in details:
UK: +44 (0) 121 281 8004
USA: +1 718 705 87 96
France: +33 1 70 91 87 04
Other countries: +39 02 802 09 11

Confirmation password: Adevinta2023Q2

A recording of the presentation will be available on our website shortly after the live webcast has ended.


Contact information:

IR contacts
Marie de Scorbiac
VP Investor Relations & Corporate Affairs
+33 6 14 65 77 40
Anne-Sophie Jugean
Investor Relations Manager
+33 6 74 19 22 81

Media contact
Vaishali Lakhanpal
Corporate Communications 

About Adevinta
Adevinta is a leading online classifieds specialist, operating digital marketplaces in 11 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 25 digital brands, covering one billion people and attracting approximately 2.5 billion average monthly visits. Noted assets include top-ranked leboncoin in France, Germany’s leading classifieds sites and Kleinanzeigen, Marktplaats in the Netherlands, Fotocasa, Habitaclia and InfoJobs in Spain, Subito in Italy, and 50% of fast-growing OLX Brasil. Adevinta employs around 5,700 people, including some 3,000 working in product and technology teams, committed to supporting users and customers daily. 

Adevinta is a sustainability leader within the Dow Jones Sustainability Index (DJSI) Europe.Find out more at


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