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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.”
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
2023 outlook improved
Long-Term ambition for Core markets confirmed
Second quarter
Year-to-date
yoy %
2022
2023
€ million
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
29%
80
104
mobile.de
194
149
30%
178
198
European Markets
385
347
-21%
30
24
International Markets
47
58
-20%
-10%
3
Other and Headquarters
7
0%
80%
-1
0
Eliminations
-2
65%
EBITDA per segment
-1%
65
64
121
120
46%
43
62
113
79
42%
13%
73
83
157
140
12
23
6%
-47
-45
-91
-92
1%
JVs: OLX Brazil and Willhaben
7%
27
29
Proportionate share of revenues
55
50
798%
13
Proportionate share of EBITDA
22
1
3682%
yoy%1
15%
313
359
Online classifieds revenues
690
601
16%
52%
16
Transactional revenues
49
31
56%
-8%
86
Advertising revenues
155
167
-7%
43%
2
Other revenues
5
41%
1 Excluding Kufar and Mexico.
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 https://adevinta.com/ir.
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 https://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 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.
Q2 2023 Quarterly Report Q2 2023 Results Presentation Q2 2023 Financials and Analytical Information (PDF) Q2 2023 Financials and Analytical Information (XLS) Q2 2023 Webcast
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
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