Q3 2021 Report

We are pleased to share that we continued our positive development in the third quarter, with an underlying1 revenue growth of 11 percent which included an increase in revenues across all segments. EBITDA margin was strong at 21 percent,

driven by Nordic Marketplaces.

Revenues in Nordic Marketplaces increased by an underlying1 18 percent. The strong rebound in revenues over the last quarters demonstrates the strength of our marketplaces, built on strong brands and market positions as well as continuous product development. As in previous quarters, the revenue increase was driven by our professional customers in Norway, Sweden and Finland, and particularly within the Job verticals. Denmark had a soft quarter as car dealers were confronted with low inventory and high turnover which

affected both online classifieds and advertising spend negatively.

News Media reached a new important milestone with more than one million purely digital subscriptions and delivered an underlying2 revenue growth of 7 percent. This was achieved by strong digital advertising sales and continued good progress of our subscription business. To build on this trend and grasp the growth potential for this business, we have started to ramp up investments, for example in the podcast subscription service PodMe and our

business news site E24.

Distribution continued to achieve solid revenue growth, though somewhat lower than earlier this year due to reduced volume growth following the reopening of the Norwegian society. This trend also affected Prisjakt, which witnessed lower activity and a revenue decline during the third quarter.

Contrarily, Lendo has been supported by the reopening of the economies and delivered strong underlying2 revenue growth of 21 percent while EBITDA decreased due to increased marketing spend in Sweden and expansion investments.

Finally, our Ventures business had an eventful quarter with the listing of the learning platform Albert on 01 October, and a good deal flow which included our investment in Tibber, an energy company which empowers people by lowering their energy bill and consumption.

- Kristin Skogen Lund, CEO

1. Foreign exchange neutral basis and including pro-forma revenues for Marketplaces Denmark and Oikotie in Q3 2020
2. Foreign exchange neutral basis

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• Underlying1 revenue growth of 11 percent, strong EBITDA margin of 21 percent
• Nordic Marketplaces: 18 percent underlying1 revenue growth, primarily driven by the Job vertical. Strong quarter for Norway with 33 percent revenue growth and 54% EBITDA margin. Sweden and Finland with good development, while Denmark had a soft quarter due to low inventory and high turnover in Motors.
• News Media: 7 percent underlying2 revenue growth thanks to strong digital advertising sales and continued growth in subscriptions. EBITDA margin of 13 percent, somewhat lower than last year due growth investments and one-offs in the same period last year.
• eCommerce & Distribution: 13 percent underlying2 revenue growth driven by higher volumes for parcels and breakfast delivery. EBITDA declined year-on-year due to step-fixed costs to expand our delivery capacity.
• Financial Services & Ventures: Strong underlying2 revenue growth of 21 percent in Lendo, while EBITDA declined as a result of increased marketing spend in Sweden and expansion investments. Good deal flow and successful listing of the learning platform Albert on 01 October. Prisjakt witnessed lower activity and revenues year-on-year as societies reopened, strong EBITDA margin of 32 percent.

	Third quarter		Year to date
(NOK million)	2021	2020	Change	2021	2020	Change
Schibsted Group
Operating revenues	3,667	3,188	15%	10,687	9,287	15%
- of which digital	2,461	1,971	25%	6,922	5,648	23%
EBITDA	769	678	13%	2,106	1,461	44%
EBITDA margin	21%	21%		20%	16%
Operating revenues per segment
Nordic Marketplaces	1,121	827	35%	3,044	2,324	31%
News Media	1,928	1,809	7%	5,720	5,381	6%
eCommerce & Distribution	424	376	13%	1,422	1,112	28%
Financial Services & Ventures	533	496	7%	1,500	1,433	5%
EBITDA per segment
Nordic Marketplaces	499	356	40%	1,348	995	35%
News Media	247	272	(9%)	728	456	60%
eCommerce & Distribution	(10)	9	>(100%)	28	14	>100%
Financial Services & Ventures	97	110	(12%)	196	188	4%
Other/Headquarters	(65)	(69)	6%	(193)	(192)	(0%)

Effective 01 July, Schibsted has implemented a new organizational model and financial segments, which links marketplaces with distribution, sharpens focus on venture investments and financial services, and paves the way for an even more ambitious company-wide growth agenda. Restatements have been made available at schibsted.com/ir.

Historical income statement figures have been re-presented due to the classification of Adevinta as a separate item under

"Discontinued operations" (see Note 6).

Alternative performance measures (APMs) used in this report are described at the end of the report.

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	Third quarter		Year to date
(NOK million)	2021	2020	Change	2021	2020	Change
Classifieds revenues	893	649	37%	2,427	1,833	32%
Advertising revenues	135	110	23%	379	317	20%
Other revenues	93	68	37%	238	174	37%
Operating revenues	1,121	827	35%	3,044	2,324	31%
EBITDA	499	356	40%	1,348	995	35%
EBITDA margin	45%	43%		44%	43%

Nordic Marketplaces had another strong quarter with high revenue growth, primarily driven by the Job vertical.

Oikotie numbers were included from mid-July 2020 onwards, and Denmark was included from 1 July 2021, which affected revenue growth positively. On a foreign exchange neutral basis, and adjusting Q3 2020 figures with pro-forma numbers for

Oikotie and Denmark, revenues increased 18 percent compared to Q3 last year.

EBITDA increased significantly compared to Q3 last year driven by the continued strong development in Marketplaces Norway. On a foreign exchange neutral basis, and adjusting the Q3 2021 figures with pro-forma numbers for Oikotie and Denmark, EBITDA increased 25 percent compared to Q3 last year.

	Third quarter		Year to date
(NOK million)	2021	2020	Change	2021	2020	Change
Classifieds revenues	522	388	34%	1,490	1,137	31%
Advertising revenues	58	45	30%	171	144	19%
Other revenues	68	53	27%	190	155	23%
Operating revenues	647	486	33%	1,851	1,436	29%
EBITDA	351	230	52%	988	685	44%
EBITDA margin	54%	47%		53%	48%

Marketplaces Norway delivered a strong 33 percent revenue growth compared to Q3 last year. As in the previous quarter, the growth was primarily driven by higher volumes and improved ARPA in the Job vertical.

"Traditional" Motors (excluding Nettbil) experienced volume growth compared to Q3 last year as the previous experienced imbalance between supply and demand has narrowed somewhat.

Real estate revenues were negatively affected by a volume decline compared to Q3 last year, driven by an economic environment with higher interest rates ahead, following a period of very high activity.

The Travel vertical saw higher revenues during the third quarter, in line with the ease of COVID-19 related travel restrictions.

Advertising revenues ended 30 percent above Q3 last year driven by both direct and programmatic advertising.

The strong EBITDA margin in Q3 was driven by higher revenues, combined with costs somewhat lower than planned due to longer time lines to fill vacant positions within the product and technology function.

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	Third quarter		Year to date
(SEK million)	2021	2020	Change	2021	2020	Change
Classifieds revenues	224	209	7%	664	620	7%
Advertising revenues	44	44	(1%)	134	126	6%
Other revenues	4	2	75%	11	5	>100%
Operating revenues	271	256	6%	809	752	8%
EBITDA	121	121	(0%)	349	330	6%
EBITDA margin	45%	47%		43%	44%

Revenues in Marketplaces Sweden increased by 6 percent, driven by the Job and Motor vertical.

The growth in Motors was driven by higher professional revenues from the premium product "Bump". Jobs achieved revenue growth driven by continued volume recovery combined with increased ARPA.

C2C classifieds revenues saw declining revenues in the quarter, due to lower volumes and reduced pricing across categories.

EBITDA margin ended slightly below last year driven by increased investments in marketing and product development.

	Third quarter		Year to date
(EUR million)	2021	2020	Change	2021	2020	Change
Classifieds revenues	5.9	4.4	35%	18.2	6.4	>100%
Advertising revenues	1.6	1.8	(13%)	5.6	4.2	33%
Other revenues	1.1	1.2	(8%)	3.5	1.2	>100%
Operating revenues	8.6	7.4	16%	27.3	11.9	>100%
EBITDA	1.5	1.4	5%	3.3	1.8	83%
EBITDA margin	17%	19%		12%	15%

The table above consists of Schibsted's Finnish Marketplaces, Tori and Oikotie. Oikotie numbers were included from mid-July 2020 onwards, somewhat driving the growth compared to Q3 last year. Adjusting Q3 2020 figures with pro-forma numbers, classifieds revenues increased year-on-year in Q3 across all verticals, especially within Jobs.

Advertising revenues suffered somewhat from platform migrations in the quarter, resulting in some product capabilities not in production, and experienced a decline compared to Q3 last year.

EBITDA was affected by investments in marketing, product and technology in the quarter.

	Third quarter		Year to date
(DKK million)	2021	2020	Change	2021	2020	Change
Classifieds revenues	60	-	-	60	-	-
Advertising revenues	12	-	-	12	-	-
Other revenues	12	-	-	12	-	-
Operating revenues	83	-	-	83	-	-
EBITDA	19	-	-	19	-	-
EBITDA margin	23%	-		23%	-

The table above consists of Schibsted's Danish Marketplaces, the Motor vertical Bilbasen and the Generalist Den Blå Avis (DBA). Financials from our Danish operations are included from 1 July 2021, and when adjusting Q3 2020 figures with pro-forma numbers, total revenues declined 9 percent year-on-year in Q3.

Revenues declined due to challenging market conditions, with low car dealer inventory and high turnover, affecting revenues negatively. The Generalist vertical has also experienced negative effects from changed user habits after the reopening

of society, leading to lower volumes and traffic compared to a period with high activity last year.

Advertising revenues were also down compared to Q3 last year, due to price pressure within programmatic, combined with car dealers holding back their spending.

EBITDA declined compared to Q3 last year due to the revenue shortfall, combined with increased costs from eBay separation and Schibsted integration.

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