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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 mobile.de, supported by continued strong results in other segments.
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 mobile.de, 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 mobile.de, 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 mobile.de
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:
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:
Towards convergence for generalist platforms starting with leboncoin and Kleinanzeigen
Continued focus on operational excellence
Outlook
2023 outlook improved
Long-Term ambition for Core markets confirmed
1 Excluding Kufar and Mexico2 Net cash flow from operating activities adjusted for CAPEX and IFRS 16 lease payments3 Alignment of the organisational structure with the Group strategy, based on three key pillars: Mobility, Re-commerce and Real Estate & Emerging VerticalsFinancial performance
Operating revenues by category
1 Excluding Kufar and Mexico.Presentation of the Q2 2023 Results
Quarterly Earnings ReleaseTime: 31 August 2023 at 07:00 CESTReport 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 https://www.adevinta.com/ir.Presentation of the Quarterly Results Time: 31 August 2023 at 08:30 CESTThe 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/22wdwdst. Participants are also invited to ask questions using the dial-in numbers below. Dial-in details:UK: +44 (0) 121 281 8004USA: +1 718 705 87 96France: +33 1 70 91 87 04Other countries: +39 02 802 09 11Confirmation password: Adevinta2023Q2A recording of the presentation will be available on our website shortly after the live webcast has ended.
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Contact information:
IR contactsMarie de ScorbiacVP Investor Relations & Corporate Affairs+33 6 14 65 77 40ir@adevinta.comAnne-Sophie JugeanInvestor Relations Manager+33 6 74 19 22 81ir@adevinta.com
Media contactVaishali LakhanpalCorporate Communicationsvaishali.lakhanpal@adevinta.compress@adevinta.com ***About AdevintaAdevinta 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 mobile.de 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 Adevinta.com.
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This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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