Q3 2024 Schibsted ASA Earnings Call Transcript
Key Points
- Schibsted ASA (SBBTF) reported a 9% year-on-year increase in group revenues for Q3, reaching NOK2.6 billion.
- The group EBITDA improved by 17% to NOK670 million, driven by strong performance in Nordic marketplaces and the delivery segment.
- The company successfully executed a strategic transformation by selling its media business, generating approximately NOK24 billion.
- Schibsted ASA (SBBTF) initiated a share buyback program and returned a special cash dividend, each amounting to NOK2 billion.
- The real estate segment saw a 12% revenue increase, with significant growth in Sweden's rental platform Qasa, which grew by 85%.
- Advertising revenues faced headwinds, with a 19% decline in the mobility segment due to market volatility and dissynergies from the media split.
- The jobs marketplace experienced challenges, particularly outside Norway, with a 3% decline in total jobs revenues due to strong competition in Sweden and Finland.
- Total costs increased by 5% year-on-year, driven by marketing campaigns and investments in new business models.
- The company anticipates muted revenue growth in Q4 due to advertising pressures, portfolio simplification, and challenging volumes in mobility and jobs.
- Schibsted ASA (SBBTF) plans to exit non-core businesses, including its comparison service Lendo Group and skilled trades marketplaces, indicating potential restructuring challenges.
Good morning. And thank you for joining us for Schibsted Marketplaces Q3 results presentation. As usual Christian, our CEO; and PC, our CFO, will provide you with some color and key developments in the third quarter. (Event Instructions)
So without further delay, Christian, please let me hand over to you.
Thank you so much, Jann-Boje. Good morning, and welcome everyone to this third-quarter presentation. This was a quarter where we took another important step in our strategic transformation to becoming a pure-play marketplaces company. And we showed discipline, execution, and commitment to long-term shareholder value creation.
Now, following the sale of our media business and the other transaction, which together generated approximately NOK24 billion. We have now returned the second tranche of our special cash dividend that amounted to NOK2 billion, and we have also initiated the first
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