Vend Marketplaces Cl-b Stock

Good morning, everyone, and welcome to our Q3 results presentation. My name is Malin Ebenfelt, and I'm Investor Relations Manager in Vend.

As usual, our CEO, Christian; and our CFO, PC, will walk you through the key developments in the quarter. We will then finish with a Q&A session for financial analysts via Teams. [Operator Instructions]

Before I hand over to Christian, let me quickly take you through the disclaimer slide. This presentation contains forward-looking statements. So please refer to this disclaimer on this slide for more information.

And with this, please go ahead, Christian.

Thank you, Malin, and good morning, everyone. And big congratulations to Jann-Boje, who became a father last night. That was why Malin was stepping in this morning.

So our third quarter results show further progress for a simpler , revenue growth, a lower cost base, higher margins and continued capital returns. But there are also areas that need further work, most notably the recovery of Blocket and continued improvement on cost efficiency.

Over time, we see clear potential to keep growing revenues and increased margins. Group revenues in Q3 were NOK 1,641 million, up 3% year-on-year or 6% in constant currency. Our 4 verticals grew 11% in constant currency. That was partly then offset by the phaseout of transition service agreement revenues from the Schibsted separation. Group EBITDA increased 11% to NOK 711 million, with the margin expanding around 3 percentage points to 43%.

Our focus on cost is delivering ahead of what we indicated earlier in the year, and we now expect the 2026 cost base, OpEx, excluding COGS, to decline by around NOK 250 million year-on-year, which is up from the NOK 150 million we indicated at Q2. And this is while we retain flexibility to invest as we do in Recommerce.

Year-to-date, our EBITDA margin is 40%. That is up from the 27% that we had in the same period in 2024, but it is still below leading international marketplaces and improving this remains a key priority for us.

Our capital allocation remains focused on long-term value creation. We have returned excess capital consistently since 2024. And the first NOK 2 billion tranche of our current NOK 4 billion buyback program was completed in August and the second tranche had reached around NOK 1.4 billion as of October 23.

And as we announced last night, we are now taking steps to enable continued share buybacks beyond the current program. And our 14% stake in Adevinta continues to develop well operationally. PC will come back to this a little bit later. And its valuation increased by NOK 3.9 billion in the quarter to NOK 11.1 billion.

And our view on AI as a meaningful opportunity for marketplaces has not changed. If anything, we are more convinced, and I will come back to this and our AI agenda and product updates a bit more in detail in a few pages.

But first, I want to give an update on Blocket, where we continue to see positive momentum following the platform transition. User satisfaction reached 3.5 in September. That is up from 3.3 that we had in June and well above the post-transition low of 1.5. It's now approaching the pre-transition levels.

And importantly, Blocket continued to benefit from significant scale, strong market position. We attract on average 70 million visits and more than 8 million visitors every month. And we have a stable and strong brand position with 97% brand awareness in Sweden.

In Mobility, Blocket continues to hold a strong competitive position. We have a significant advantage in both traffic to car listings, but also in available inventory. At the same time, private car listings continue to recover and the year-on-year decline is narrowing from 26% in Q1 to 8% in Q3 and further to 5% in September. And this is, in fact, in line with the market, the C2C ownership changes declined by 5% in that month.

Professional car listings increased by 1%, and this is actually outperforming the B2C market, which also declined by 5%. And if we look at the demand side, both visits, leads per visit and the share of ads generating leads within 14 days are all up year-on-year.

And at the end of August, we launched Tryggad Bilaffär. This is our transactional C2C solution, which is based on Smidig Bilhandel from FINN. And I can say that our priorities remain strengthening the private car supply, driving traffic and growth in the subvertical categories and increasing app traffic. We are still not where we want to be on these things.

In Recommerce, transacted GMV grew 17% and private listings are approaching last year's levels. And in September, we launched our seller benefit program, which aims to increase volumes further. And all of these developments increase our confidence in the progress towards bringing Blocket back to growth.

And now over to AI. And of course, there's been a lot of debate whether AI agents will bypass marketplaces. But when you look at how people across the Nordics actually use our platforms, I am confident that they won't. In fact, I think that AI makes our direct user relationships, our proprietary data, our transactional services and our strong brand trust even more valuable.

First, our core positions remain strong and robust. In a study we did in August '26 with nearly 4,000 respondents across the Nordics, 70% had used an AI tool in the last month. 25% of these AI users had used it for something related to cars or real estate. Yet, our user behavior remains unchanged. In fact, FINN grew in number of visits over the past year. 95% of our traffic is still owned, more than half of it comes through apps and less than 0.5% of our traffic comes through external AI tools.

Our brands lead the Nordics when it comes to awareness, and also consistently ranks highest when it comes to trust, safety and also being fun to use. So you can say that people come to us to search, to decide, but quite many also come to us to browse for inspiration, dream about the cabin, a car, look for these interesting secondhand points. And this is an engaging habit-driven behavior that I think is very unlikely that AI will replace.

Secondly, I believe that we will lead the Agentic future with our unique data. The key here is that AI agents will only be as good as the data they rely on. They can, of course, pull open listings from multiple sources. That is not different from what Google has been able to do for years, but that doesn't mean that it will be the best experience.

To get the best outcome for consumers, these agents need data that cannot be scrapped. What is the right price for this exact car, which models are holding up in value and which sellers replied within the hour. This is data that we have, that we have earned transaction after transaction over many years, and it compounds every day through these 4 layers of data that we are showing here, real-time ads, aggregated outcomes, verified users and behavior and transaction history. We are now building on this advantage, scaling native vertical agents across our platforms.

In addition to that, we have set up what we call Team Aura. This is a small independent unit. And in our portfolio of bets, they are tasked with thinking more radically, answering one question. If we are building a marketplace from scratch today with AI at the core, what would it look like?

And third, I would say we are very excited about the opportunities we see that our markets are getting bigger because we can serve needs beyond search. In fact, search is only a small part of the deal, but AI lets us do so much more. Think about all the things that a consumer needs as part of a deal, valuation, comparison, financing, negotiation and many more things. And it's the same thing for the professionals.

And I think the logic here is quite simple. The more of the transaction that we coordinate, the more we can create trust for the 2 parties. And the more unique data we can capture and in the end, also the more value that we can create. And we are fortunate to have significant transactional services already such as Fiks færdig, Smidig Bilhandel, Nettbil, Qasa and others, and we will continue to build services that help users beyond the search, so to speak.

So in essence, you can say that our brand trust, our domain -- deep domain insight, our real-time transaction data, that is what gives us the best foundation in the Nordics to build native AI agents. We are certainly not sitting back waiting to see how AI impacts our marketplaces. We are using actively all the things we have built over many years to make sure that Vend stays the best place also in the future to find your next car, your next home, your next jobs or your next pair of sneakers. And that is no matter where you come from, who does the search or what start the search.

So let me now take you through a few of our recent product and AI-powered features. In total, we now have around 30 AI-driven products and features, and these are some of them. In Mobility, AI is now working for both car dealers and carmakers. Dealer Hub gives dealers AI advice on price, on ad content and on visibility and usage of this tool doubled from August to September. With new car, which is now live on Blocket, it's actually AI that builds the carmakers' brand stores over a few hours, and that extends our marketplaces into the new car sales.

In Real Estate, we have our AI tool we call Bytt Stil, which lets users redecorate a home virtually and to see its potential. And it's interesting to see that the users who try it are 6x more likely to sign up for a viewing.

We've also launched image-led discovery on Oikotie, Meglerpromo on FINN. This latter feature is a new agent promotion feature, which is part of the large package.

In Jobs, we have Agentic Apply. This is a feature that simplifies how candidates apply to jobs. Here, we use an AI agent to fetch the recruiter's application form and it fills it in with data from the candidate's profile on FINN. And this is actually solving a significant pain point for many users.

We're also piloting 2 AI-powered offerings for recruiters, FINN Partner for our largest customers and Talent Search, which is a completely new business model, which I will come back to in just a moment.

And finally, we have Recommerce. And here, we are building the foundation for agentic item creation. AI already helps sellers through the whole listing flow with everything from photos to titles to description to price. And what we see is that these AI-generated ads, they actually have 42% higher liquidity in the market. And as I mentioned before, we have also launched a seller benefit program, which is a key source of the volume growth that you will see in Recommerce.

So all in all, we're excited about these things. These products and features make our marketplaces more valuable. And we're also monetizing these things through a number of measures, packages, upsell transactions. But Talent Search actually takes it one step further with a new outcome-based business model. And let me just go a little bit more into this product.

Now as you know, historically, our recruitment business has been built around visibility. But of course, recruiters and employers, they are not looking to buy clicks or applications. They want to hire the right people. And this is where we see that AI and agentic technology actually opens up an entirely new space of opportunities for us.

So with Talent Search from FINN, instead of publishing an ad, and waiting for applications, we have an AI-powered recruitment agent that helps employers find relevant candidates. It handpicks them, invite them directly through FINN. And our vision is to be able to serve interview-ready candidates in as little as 3 days. And this builds on all the strengths and advantages that we have, a proprietary candidate database, unmatched reach in Norway and, of course, a trusted brand.

So I think we are still, of course, at a very early stage with this product, but the first pilots are showing some promising signals. And I think this product also signals something bigger for Vend as a whole, namely that we are focusing more on outcome-based revenue streams beyond the traditional ads.

So with that, let me now turn to the verticals. And as usual, we will start with Mobility. And this time, before we go into the numbers, I would highlight some of the progress that we are making on the product offering and go-to-market.

One year ago, we announced the introduction of car dealer packages in Sweden that followed a successful launch in Norway the year before. And today, around 50% of dealer adds are on our higher tier packages. And throughout the year, we have continued to introduce new features, strengthening our value proposition and improving the dealer performance. The results are reflected in the measures and the metrics you can see here. That includes higher traffic to ads, improved conversion rates and most importantly, fewer standing days.

We've also completed the rollout and migration of all customers to Dealer Hub. And as I mentioned earlier, we are seeing encouraging performance and positive customer feedback on this product. Dealer Hub really strengthened our value proposition through AI-driven recommendations and ad optimization. They also add new lead management and integrated insights based on the unique insights that only we have. And we will begin the rollout in Sweden in November, which then will benefit all the Swedish dealers with these capabilities.

And to align pricing with the value that we deliver, we have recently announced price increases for our car dealers. This will be effective from February 1, 2027, 10% for Blocket in Sweden, 18% for FINN in Norway, 8% for Bilbasen in Denmark. And these increases are then expected to support our financial growth in 2027 and beyond.

With that, let me turn then to the financial performance. And we start with Norway, where ARPA growth remained strong, up 17% for professionals, 10% for private. This was driven by the annual price increases and also for professionals, the basic package adjustment that we did in June. And this comes alongside improved packaging and upselling.

Car volumes grew in both segments, while private subvertical volumes declined. In Sweden, professional ARPA for cars grew 15% following the price increase from May 1. This was partly then offset by lower voluntary spend from dealers. Including subverticals, professional ARPA was up 12%. That is back then to double-digit growth. Private ARPA was flat, and I covered the volume development in my section of Blocket.

If we then turn to Denmark, professional ARPA continued to improve. This was supported by the package split and renewals. Private ARPA declined. This was as expected because that reflects the reversal to a free-to-list model for cars below NOK 50,000 on DBA that we introduced last December. And the professional segment in Denmark continues to face headwinds from market development and also some structural shifts from the changes we have introduced. Private volumes increased 39% year-on-year. This was driven then by the same free-to-list model on DBA, but also 16% growth on Bilbasen.

Turning then to the Mobility financials. Revenues increased 8% in constant currency. Classified revenues grew 8% in currency as well. That was driven by all markets. Transactional revenues also increased 8%. Advertising revenues declined 2%, and that was mainly driven by Sweden.

OpEx, excluding COGS, decreased 2%. That follows the organizational changes we made at the end of the second quarter, while we have continued to invest in marketing and also in our C2B models. And overall, EBITDA increased 7% year-on-year to NOK 406 million with the margin expanding 2 percentage points to 59%.

Moving to Real Estate. And here, we've also focused on strengthening our package offering. This autumn, we launched several product enhancements. They are all included in the large package. Pristips, which is our price estimation tool is now easier to find. Monthly price estimates have nearly doubled to 16,000 per month.

Meglerpromo now generates 25% of agent profile leads. And together, these 2 send agents a lot more sellers who are ready to act. The large package continues to outperform the medium package with 31% more clicks to bid, 24% more unique visitors in the first days after a listing goes live.

And -- we are also now changing how we prove our value to customers, moving from traffic and clicks to real buyer intent. And by tracking qualified leads like bid clicks and viewing sign-ups, we give agents and sellers clear proof of FINN's unmatched value in Norway. And these are some of the key messages that we took out to customers when we announced our new packages and prices for 2027 this autumn. I think agents have received them very well, and we expect these changes to improve ARPA in line with our medium-term targets.

In Norway then, total ARPA grew 16% year-on-year with residential for sale as the primary driver at 17%. On volumes, residential for sale declined 4%. This is against a very strong quarter last year, and total new approved ads were down 6%. And in Finland, average revenue per office and the number of offices were stable quarter-on-quarter. That means that Real Estate delivered another strong quarter with revenues up 14% in constant currency.

Classifieds revenues grew 12%, driven by the ARPA growth in residential for sale in Norway. Total revenues in Finland increased 13% or 22% in constant currency. This follows the move to the subscription-based model in Q1, but also growth in Qasa.

And if we look at our transactional rental business as a whole, Qasa and HomeQ grew their revenues 10%. OpEx, excluding COGS, increased 2%, driven by higher personnel costs. This means that EBITDA reached NOK 206 million, up 23% year-on-year with the margin expanding to 53%.

Then moving to Jobs. Here, our work on product and pricing changes for 2027 is not final yet. The plan is to adjust prices in line with the index across our products, but also to continue to simplify the discount model and to refine our segment model. So we continue to deliver strong ARPA growth in jobs. That's up 11% year-on-year in Q3, driven by upsell products, but also this continued refinement of the volume discount model and the index increase. And on volumes, new approved ads were down 3% year-on-year, and this is an improvement from the 6% decline that we had in the first half as a total.

And then on the jobs financials, revenues increased 8% year-on-year as ARPA growth of 11% more than offset the 3% decline in volumes. And here, OpEx, excluding COGS, increased 6%, driven by higher personnel and marketing costs. And this led to an EBITDA growth of 7% year-on-year to NOK 146 million and a margin of 55%.

And then finally, let's continue with the Recommerce. Here, in Q3, we stepped up marketing, shipping campaigns and seller benefits in Norway to really accelerate our transaction growth. And we see positive results. GMV growth accelerated in Norway to 28% from 17% in Q2. On Blocket GMV grew 17%, which is a clear sign of traction of the transactional model in Sweden after the platform transition. Finland grew 33%, Denmark 52% albeit from a smaller base.

Take rates were stable in Sweden at 10%, Finland at 16%, Denmark at 14%. But in Norway, the take rate declined 0.7 percentage points to 15%, which reflects the shipping campaigns we had in the quarter.

Recommerce then grew revenues 16% in constant currency. Transactional revenues grew 19%, driven by the record volumes, but it was partly then offset by shipping campaigns. Classifieds revenues grew 5%, driven by the private segment and advertising declined 3%, primarily in Finland. OpEx, excluding COGS, increased 11%, and that was driven by the aforementioned marketing investment in Norway.

I just want to say that this is a deliberate choice that we have made. We are investing to strengthen our position to accelerate growth. And this investment has led to an EBITDA decline of NOK 8 million to minus NOK 43 million.

But with that, let me hand it over to PC for the financials. Thank you.

Thank you, Christian, and good morning, everyone.

Let's move to the financials for Q3. In total, revenues on a constant currency basis increased 6% compared to Q3 last year. Vertical revenues that's a better read on the underlying performance grew 11% in constant currency, driven by double-digit growth in both Real Estate and Recommerce and 8% growth in both Mobility and Jobs. Revenues in other HQ declined 58% as expected, mainly due to the lost revenues from exiting the TSAs with Schibsted Media. Total EBITDA ended at NOK 711 million, up 11% from the same period last year. The EBITDA growth was mainly driven by Real Estate and Mobility.

And Christian has covered the vertical performance already, but let me give you some comments on the other HQ segment. Despite the significant revenue drop, other HQ EBITDA improved to minus NOK 8 million in -- from last year to minus NOK 4 million this year. Lower personnel and consultancy costs following the reorganization and optimization efforts after the Schibsted Media separation more than offset the lower revenues.

The low loss in the quarter also reflects seasonality as it also did in Q3 last year. The personnel costs are lower during the summer months, but the allocation that we do from other HQ to the verticals are stable throughout the year.

Now let us look closer into the cost development in the quarter. As before, this slide shows OpEx, excluding COGS. In total, OpEx, excluding COGS in the quarter declined by 6% compared to last year. Personnel costs declined by 2%, where the lower FTE base were partly offset by salary inflation. Total FTEs ended at 1,565, down 83 from Q3 and down 119 from Q3 last year. And this is mainly driven by the reorganization processes that we executed on during the second quarter.

During the last 2 years, we have reduced the total workforce with around 500 FTEs. At the same time, we have invested into key capabilities, but also supporting the growth in our scaling units in Mobility and Real Estate.

As Christian has commented on, we have invested into marketing in the quarter. So the marketing cost is up 15% compared to last year, driven by the mentioned increase in Recommerce. Other operating costs declined 18%, following lower consultancy costs and the exit of the Schibsted TSAs.

Overall, despite limited revenue growth on a reported level on the group, the cost reduction resulted in another 4 percentage point improvement in OpEx, excluding COGS over revenue. The ratio has improved from 58% in Q3 '24 to 51% Q3 last year and to 47% in Q3 2026. Working towards an OpEx to sales ratio around 40%, as stated in our last Capital Markets Day continues to be a key priority for us.

Let me also say a few words on Adevinta. The carrying value of our 14% stake has been revised to NOK 11.1 billion, up NOK 3.9 billion in Q3. The main driver was a multiple expansion of around NOK 4 billion. Around NOK 3 billion of this comes from removing the 15% discount to the peer group and around NOK 1 billion comes from rolling the valuation model into '26 and '27, similar as we also did in Q3 last year.

The 15% discount was originally introduced mainly due to 2 reasons. First, Adevinta has a higher share of Mobility revenues that had a structurally lower multiple compared to the peer group that had a higher share of Real Estate revenues.

And then second, the Adevinta performance at the time was expected to be sort of grow less than the peer group. But as we have seen over the last 2 years, that the actual performance has been very strong and also the expected performance of Adevinta is in line or actually better than what is expected by the peer group. And therefore, we cannot really justify any discount on this stake.

I cannot comment more on forward-looking performance, but the financial for the first half of 2026 shows that Adevinta's performance remains strong. Total revenues grew 11% year-on-year and the 3 key positions that in totality constitutes more than 80% of the revenues grew more than the total 11%. Adjusted EBITDA grew 22% with an EBITDA margin of 50%, up 5 percentage points from last year. Adevinta's net debt as of end of Q2 was around EUR 5.9 billion, slightly down from Q4 2025 due to underlying cash generation.

On the income statement, our operating profit for the quarter increased 26% to NOK 555 million compared to NOK 414 million in Q3 last year. The positive development in operating profit reflects improved EBITDA, lower depreciation and amortization costs, but also lower net other expenses. The other expenses reported in the quarter is mainly related to headcount reductions. The NOK 3.9 billion gain related to the increased value of Adevinta that I mentioned before is included here under financial income. In totality then, net profit for the group ended at almost NOK 4.4 billion.

Now let's move to cash flow from continuing operations. Cash flow from operating activities ended at NOK 590 million, an increase of around 33% compared to last year. The increase is mainly driven by improved earnings, reduced cash outflows related to separation and transaction costs.

Cash flow from investment activities ended at minus NOK 73 million, where the main driver is the capitalization of our own workforce in totality of NOK 81 million, down 25% compared to Q3 last year. And finally, cash flow from financing activities ended at minus NOK 1.5 billion, but this is all driven by the share buybacks around the NOK 1.5 billion number.

In accordance with our capital allocation principles, we continue to return excess cash to our shareholders. The first NOK 2 billion tranche of our NOK 4 billion share buyback program was completed in August. The second NOK 2 billion tranche was also started in August. And as of the end of the quarter, we have bought back shares of around NOK 0.8 billion. As of 23rd of October, we have bought back NOK 1.4 billion of our own share and we expect the program to complete during Q4.

We ended Q3 with a strong balance sheet and a net cash position around NOK 1 billion despite buying back NOK 1.5 billion of shares during the quarter. As announced last evening, the Board has resolved to call an EGM of 23rd of November to renew the authority to buy back shares and to release 14.4 million treasury shares. And this gives us the flexibility to initiate a new share buyback after the second tranche is completed during the fourth quarter.

Wrapping up, I'd like to reiterate that our strategy, our medium-term targets and our capital allocation principles as we introduced in our Capital Markets Day in '24 remain unchanged. For 2026, we expect Real Estate, Jobs and Recommerce to perform in line with the respective medium-term targets.

But based on the results for the first 9 months of 2026, the current market conditions, but also evaluating the effects of our mitigation activities, full year Mobility revenue growth is expected to grow in the lower end of our mid- to high single-digit percent range. Our medium-term target for Mobility remain unchanged.

We now expect our full year 2026 OpEx, excluding COGS, to decline by around NOK 250 million compared to last year. This is revised from around NOK 150 million that we communicated in Q2 this year. And this reflects an accelerated cost and efficiency measures across the whole group.

At our CMD almost 2 years ago, we communicated an ambition to improve OpEx to sales from the current level at that time of 65% to around 40% in the medium term. And then despite the good progress, I have to say, on this metric over the last few years, more work is needed to deliver on this promise, and this remains a key priority for us.

And with that, I'll now hand over to Malin to guide us through the Q&A.

Thank you, PC. I see quite a few raised hands already. And first in line is Andrew from Barclays.

I've got a couple, please. First one is on the extra OpEx savings you've announced now up to NOK 250 million this year. PC, can you help us understand how much of that fell in Q3, how much will come in Q4? And then how we think about the annualization of that into 2027? And then when we think about the OpEx ex COGS into 2027, appreciating you're not guiding at this point, but what do you think is a likely direction? Like can that continue to be down year-on-year as we think into 2027?

And then my other question is to get a bit more color as to the investment that's going into Recommerce in Norway and to better understand the timing of that? Is it in reaction to something that's changed in the competitive environment? Just trying to understand why now?

And the third question builds on the first 2, which is, are you kind of assuming that, that Recommerce investment will continue in Q4, and therefore, we should think about these extra OpEx savings as a cushion to that extra investment in Q4? Or should we think about the extra OpEx savings as being something that's incremental to how consensus was thinking about EBITDA previously?

Thank you. So I'll start on the first one, and then we can -- maybe Christian can start on the second, and I can fill in if needed.

I think year-to-date, 9 months in '26, we are a bit, let's say, higher than NOK 250 million year-on-year cost reduction. So that implies that Q4 will be broadly stable year-on-year. Remember that during last year, we winded down both the revenue and the cost significantly from the CSA. Some of that happened in Q4, but you got full effect in Q3 and then full effect in Q4.

Looking into '27, I'm not going to give sort of a cost outlook for '27. But I think what you can read into our message -- what the actual development as you have seen over the last 2 years and also now in the first 9 months of this year and also including the whole year, will continue into next year. And also then combined with the midterm ambition to work towards 40% OpEx to sales, that will require us to continue to work on cost and efficiencies also going forward.

Yes. And on the Recommerce side, I think it's important to remember that Recommerce is a scale game where in the end, it will be volume that will be driving success. We have done a lot in the past year or so to improve our unit economics, and we now saw the opportunity to further strengthen our position, further grow volume by investing then in marketing, but also in seller benefit program and campaigns and such. So -- and we've seen great success with that. And I think you should expect that to continue also going forward.

Okay. Next in line is Yulia from UBS.

I have a couple, if that's okay. So on Adevinta, I believe previously, your plan was to disclose like revenues and EBITDA once a year, whilst now we have this 1H update. So what's your plan going forward? Are you planning to give us this update 2 times a year or like that would be helpful to understand.

And also in the beginning of the presentation, you mentioned that you continue to see a lower voluntary spend in Swedish Mobility in Q3 in the Professional division. Can you please elaborate on this? And what's driving the dynamics? Why is it still not recovered at this stage?

I can start on Adevinta. Yes, you're right. We disclosed the full year '25 numbers when we reported Q4, I think -- Q1, sorry. So what you see now, we intend to also report on a quarterly basis going forward.

Yes. And on the voluntary spend in Sweden, you are absolutely right. What we're seeing is that the price changes that we implemented in May, they are kind of holding up while the, let's say, the bumps, they are somewhat reduced. That is also something we have seen at the earlier price changes and something that tends to come back over time. This is also what we expect here.

But there is also an added element of electric vehicles selling very quickly in Sweden so that you don't need to bump your ad as often because they will sell quickly anyway. So it's kind of both those 2 things. We think it will be a gradual recovery of that over time.

Next in line, we have Olav from Pareto.

I was just wondering if you could give some color on the development of IT expenses year-to-date as it was a big part of your other operating costs in 2025. And I was just wondering if IT costs have come down year-to-date given the platform migrations or if that's a potential lever for 2027? And then I'll ask my second question afterwards.

Yes. On IT expenses, so that goes in other -- in the bucket other costs. And as you have seen, we have a quite sort of big reduction in that. Part of that is coming when we can reduce IT expenses as well when we exit the Schibsted TSAs. And then we have a multiple set of initiatives within the IT domain addressing that cost as well because we carry with us quite a lot of complexity from our own Schibsted base that we are working quite proactively to address.

When it comes to the platform transition, that will also help us to address IT expenses going forward. But the biggest effect on that will come more on the resourcing side. So a number of people needed to operate, maintain and develop and a little bit less on the IT expenses. The exception of that is on cloud costs, where we will see a reduction in cloud costs as we migrate into one common IT stack.

All right. And then secondly, I was just wondering if you could give an update on how Swedish dealers are now distributed across the different package tiers and how this has developed into Q3? And then just some commentary on how this is tracking compared to Norway at the same time when launching the similar packages.

So I don't have the exact split between the packages. I'm not sure if you do, Malin. But I think in general, they're tracking in a positive way. I don't believe we are still at the place where we are in Norway. So there's still room to grow and improve, let's say, the package distribution.

And let us come back to the packet distribution.

Yes, we have. And just remember that the market dynamic is a bit different in Norway and Sweden. So I don't think you should expect the sort of exact same distribution in the 2 markets. In Norway, we have a lot of customers on the higher tier, while in Sweden is more around the mid-tier, but we also have a higher degree of monetary spend that Christian commented on in the previous question.

Next up, we have Ole Martin from DNB Carnegie.

I'll start with a follow-up on the professional ARPA in Sweden. It was up 12%. Can you give any comments on how it evolved during the quarter? How was the exit rate in September would be interesting. And also on the price changes you're implementing, have you made any comments with regards to private for next year in Sweden?

So I don't have any comments on the development in the quarter on the pro ARPA. And I think we are still -- on the private side, we are still focusing on, let's say, the Blocket back to growth and the Blocket recovery. And as we have said before, we want to be very confident in that before we kind of start thinking about price increases in the private segment. Volume is more important for the time being.

But if you were to sort of where is the voluntary spend now compared to what is a normal level? Are we at 20%, 50%? Where are we?

I don't think I will go into detail of where we are on the voluntary spend. We are at a lower level than what we have been before. And as I said, it's partly driven by, let's say, the price increases that we introduced, that's a pattern we've seen before, but it is also partly driven by the market situation where EVs are selling very quickly.

But just to comment on it. This was a big topic in Q2 when we saw quite a big hit on ARPA compared to expectations given the price increase in 1st of May. I think what you see now in Q3 is exactly what we expected and also guided at that point in time. So we're very much sort of in line with the recovery momentum that we have outlined before.

And then a second question. There's this press focus around this new potential entrant in Norway supported by Polaris Media, Amedia and Schibsted. Were you aware of this? And what do you know about this initiative considering that one of your largest shareholders looks to back this new entrant?

We were not aware of this before it was announced. It's not -- it doesn't have any connection with us at all. We don't know much about it either. But also, I will say that we are concentrating all our efforts on, let's say, the Agentic future and the opportunities that come with that and less on this specific competitor.

Okay. And on that note, when do you plan to launch your own agents?

Well, we already have agents, right? Many of the services that I went through before are agents working on behalf of both pro customers and private people. So we do have them. If you're talking about having a chatbot on the site, that's another question that's just another, let's say, incarnation of an agent that is also coming, and we have a team working on that.

And let's move to Giles.

I wanted to come back to Recommerce and get a better understanding, please, Christian, of what your long-term plan is to solving the operating leverage problem that you've got in that segment. You mentioned scale earlier, but if you wanted to expand on that.

And then the second question was on the 2 senior leadership appointments to the AI ventures unit. I think you call it Christian, the AI Aura unit during the presentation. And it would be interesting to hear what do you think success would look like for that unit over the next 2 years?

All right. It was a little bit difficult to hear you, Giles, but let me try. First one was about the Recommerce and the long-term plan and how we think about scale and leverage.

I think what we have seen with the Recommerce in the past year is that it's a strong improvement in profitability, like 10 percentage points improvement in EBITDA. So we are really seeing that scale kicking in. But I also think it is important to build a robust, strong position in the market, and this is what we are now seeing the opportunity to invest in with the seller benefit program with campaigns and with marketing. So that we are doing. But we are balancing these investments with the goal that we have clearly communicated before to reach profitability in the medium term.

On AI and this separate independent Team Aura, as I said, this is one best out of many in our AI portfolio. We've set this team up to operate outside of the line organization to have more freedom to innovate radically. And I think we will see over time what comes out of this, but I hope it will be user experiences that are well received by many people in the Nordics. So it's primarily looking at, let's say, that part of the space, the consumer adoption.

Just a follow-up on the first question. Do you feel like you've got the right type of partnerships or the right type of partnership ethos in all the markets, I guess, but primarily in Norway around the delivery side of the Recommerce business?

Yes, I think we have partnerships...

You sit down with them and say, "We are going to invest."

Yes, we have good partnerships. We have multiple providers that provides, let's say, a competitive environment for shipping, which is important to keep prices low. And as you know, we are selling our delivery business, but we think that we can uphold this competition in the market also with, let's say, an arm's length agreement with Helthjem.

Next up is Markus from SEB.

So I have 2 questions. The first one is on the classifieds growth in Mobility Denmark, up 5% year-over-year. And it seems like that's a slight slowdown year-over-year since Q2. Can you elaborate on how much of that is an actual deceleration? Or how much is due to revenue recognition under your new revenue model? That's the first one.

The technicalities you have to...

So as you might recall, when we changed our business model in Denmark, we were benefiting in the first half from some legacy revenues on top of the new one. So it was a bit -- reported a bit better than the actual underlying. So that revenue is fading out and it's quite small now in the third quarter.

The underlying business performs in line or better than what we saw in Q2. But also, I think Christian mentioned that there is a quite weak market in Q3 in Denmark. So that is sort of holding us back. But there's no changes in, let's say, the commercial offering, there are underlying momentum of that, and we're quite happy with where we are.

That's good. And then my final question is on the outcome-based pricing models that you're alluding to here. And you illustrated in jobs that you're adding AI tools that can potentially be monetized per lead or per outcome. And maybe you can elaborate how you see this more of a broader journey for Vend as you move to this outcome-based pricing and lead-based pricing. Is it -- will it be additive? Or will it be sort of a transition period where it could impact your monetization and be some lumpiness as you transition to these models? Or how do you see that transition?

Well, that's a great question. I think we've said before that, I mean, for quite some time, we have seen that, let's say, the long-term direction of our business models is towards more performance-based, outcome-based, transaction-based models. So that has been the direction of travel for a long time. I think now with AI, this becomes even more important and even more possible also. So I think we will see more of this.

We will, of course, use the opportunity that when we do these changes to also capture value in the market that we see is on the table. So I think there is an opportunity. Of course, it will also be hard at times to do this transition, but I think generally, it's an opportunity.

Next up is Petter from ABG.

Two questions from me. I'll take one at a time. On Blocket first, you say car listings improved 5% or down 5% in September. Are other private Mobility categories recovering too? And how do you see your market shares within car listings versus the other platforms?

Yes. So we saw an improvement both from Q1 and to Q3 and then further in September. I would say in other categories like the subverticals, we still have a tough situation with significant declines. That is a priority going forward to address that. I think in general, we uphold our strong position in Sweden, both in terms of the number of cars listed on our site. We're like 3x bigger than Tradera, but also in terms of traffic to our site, we're many, many times larger than them. So we don't see a significant shift in that position.

Okay. Perfect. And then a question for PC on costs. You have now raised your cost savings target 3x for 2026 from a flat cost base to now down NOK 250 million. What has proven better than expected? And why has the guidance been what you can call relatively conservative?

Yes. Good question. I think when we give an absolute guiding for the year that we chose to do, you need to keep some flexibility because we don't want to lock yourself in because you don't know how, let's say, our product launches will come in time and how we want to sort of fuel that in marketing. We don't know how the competitive situation develops. So that means that when you are a year in front, you will be more conservative. And as you progress throughout the year, you can kind of gradually become more in line with the actual development and what you expect. So that's what we have seen happening.

What we also have seen happening is that throughout the year, we have accelerated initiatives that has been planned in the future to do them earlier. We see that we are able to get bigger effects on the initiatives that we have done, both towards our own workforce, consultants, IT costs and so on. And we are also progressing well on the platform transition. So I think you need to see all of these in combination why we've been able both to deliver, but also then to raise the guidance for the full year.

Next up is Yulia. Did you have one more question?

Yes. I have 2 actually, if that's okay. I just wanted to come back to the OpEx ex COGS target of 40%. At the CMD, you indicated that the largest benefit from the platform consolidation would be realized from 2027 onwards. And I believe at that time, the expectation was that medium-term targets would cover a period until 2027. So I appreciate you've commented already and confirmed that the 40% ratio remains your priority. But do you still view the 40% target as achievable in 2027? And alternatively, if the timing of the benefits has shifted, should we view the 40% target as a longer-term ambition rather than a 2027 target?

And my second follow-up question would be on buybacks. So with regards to the potential size of the new buyback program, what is your current thinking?

I guess that's 2 for me. On the cost side, yes, you're right. We said in November '24 that the 40% was for the medium term. We didn't say exactly a time frame for that. But when asked whether it was like '25 or 2030, we said around 2027. But we're not locking ourselves to a calendar year. But that gives you some indication on the time line that we are working towards. But I'm not going to give you sort of a guiding for '27 as a whole.

Then in terms of the effects, I think we have communicated and shown that we've been able to take out costs faster than what we expected at the CMD, and we are quite happy with that. And that doesn't stop us, right? We will continue on that journey going forward. And then we have had some headwinds that we've been growing less than we expected as we also have discussed earlier in this call, right? So the combination of that, but we have not given up. We're working hard towards delivering on that promise.

On the share buyback, I do not have any information around -- we have now created the flexibility to continue buying back shares even after this current program is finished, and we will come back to you in due time with more information about the future. Great.

Then we have a last question from Martine from Nordea.

Martine from Nordea Markets. I have 4 questions, 2 very specific. The first is just on the other HQ personnel costs. That was NOK 194 million, down from NOK 222 million. Is that run rate now stable after the July reorganization? Or how should I think about that?

Yes. So if you look at other HQ, I mean, compared to last year and also what we've been executing this year, this is -- the big elements of that is part of resetting the cost base after separating for Schibsted Media. That doesn't mean that we have done, and we see more potential going forward. But I think you need to sort of calibrate a bit of the expectations in terms of further reductions because we are now closing in a bit on what we call is a relevant baseline. But we will continue across all our verticals and segments to optimize the cost.

Okay. And the other one is just on the gross margins in Recommerce, which was a bit down relative to the 2 previous quarters. Is it possible to have like any view on your expectation now going into Q4 and 2027?

Well, the reduction in take rate and gross margins is due to the campaigns, the shipping campaigns. And as I said before, we expect to kind of continue to invest in Recommerce to strengthen and grow the position at a faster pace. So I think that should give you some guidance.

Perfect. And also on volumes in Blocket Sweden, like how confident are you for that to return in 2027? And when you say you are taking like specific measures, what are you exactly doing to get those volumes to return?

Well, first of all, if you look at Mobility, the volumes are back, right? Compared to the market, we are where we should be on the private side. We are actually ahead when it comes to the professional side. So the real challenge now lies with the subverticals, and that is where we are going to focus going forward. And there is also more to do on the private side, of course, I mentioned this Tryggad Bilaffär, which is one way to improve the offering in the Swedish private market to get even more of the volume to Blocket. So I think we will continue this journey going forward.

Perfect. And one last question on AI. When you say that less than 0.5% comes through AI tools, that is, of course, not so weird still because it's still in the early phases. But when you track the actual data in nominal terms, it seems to have like more than tripled over like only the last 2.5 months. So that implies that this number might look a little bit different like if you look like next 12 months forward.

And also with the new AI now being launched in the Nordics over Christmas, that way of working is that they will redirect you like, for example, directly to the Facebook marketplaces, which might challenge, especially like Recommerce at first. Like how do you think FINN, of course, they have a strong position in Norway. So -- but how do you think that this specific competition and development will look like in Denmark and Sweden?

Well, first of all, we are not surprised at all by, let's say, Meta Muse, Instinct, other agents that are coming to the market. This is very much in line with how we predicted this would develop even year, 1.5 years ago. And we -- all the actions we have taken are to be prepared for that.

What we do see, as I indicated, is that the maturity of AI is quite good already in the Nordics, but we don't see this translate into a changed user behavior on our sites. It's incredibly small that comes through these tools. It is growing as you indicate, but it is growing quite slowly in my view. And the way I see it is that I don't think the search is actually the biggest problem to be solved by these AI tools, but it's rather to understand the car, understand the house and those kind of user needs around it.

Thanks, everyone. It looks like there is no further questions. So that concludes today's call, and thank you for joining us today.

Thank you.

Thank you so much.

Good morning, and welcome to our Q2 results presentation this morning here from Oslo. My name is Jann-Boje, and I'm heading Investor Relations at Vend. As usual, we have our CEO, Christian; and our CFO, PC, with us to walk you through the development and key performance in the quarter. Following the presentation, we will have an analyst Q&A session with Microsoft Teams. And before I hand over to Christian, let me just quickly walk you through the disclaimer slide.

So our presentation includes forward-looking statements, and please refer for the full text on this slide for more information. And with this, Christian, the floor is yours.

Thank you so much, Jann-Boje, and good morning, everyone. So at the start of the year, I described Vend as now being a focused pure-play marketplace company moving into full-scale execution. And our second quarter results demonstrate this execution through expanded profitability, accelerated cost management and continued strategic progress.

Group revenues ended at NOK 1,696 million. That's flat year-on-year or 2% up on a constant currency basis. Our 4 verticals increased by 10% in constant currency, and this was partly offset by the phaseout of transition service agreement revenues from the Schibsted split.

Group EBITDA increased by 16% to NOK 674 million, with the margin expanding around 5 percentage points to now 40%. And this was driven by cost discipline and strong revenue development in real estate and Recommerce. Jobs continued to grow as monetization more than offset softer volumes. And in Mobility, both Norway and our transactional businesses performed well, but Sweden remains affected by the ongoing platform stabilization and Denmark by dealer adaptation to our new business model.

On the strategic side, I will cover the platform transition and AI more in depth on the next few slides. But on costs, we're actively capturing the savings that our simplification and platform transition make possible, and we have now taken further steps ahead of plan. And we now expect OpEx, excluding COGS, to decline around NOK 150 million year-on-year, and this is up from the NOK 100 million that we indicated at Q1. And PC will cover this more in detail.

We also remain disciplined on capital allocation and the first NOK 2 billion tranche of the buyback program is well underway, and we have repurchased around NOK 1.6 billion as of July 10.

So in summary, while parts of mobility remain challenging in the near term, the underlying health of our business remains strong with growing revenues in the verticals, expanding margins and accelerated strategic delivery. So moving on to the platform transition. In Norway, the Finn migration was completed on time. This was a back-end focused and more technical transition with no changes to the user interface or the product experience, and this was delivered without any disruptions. And the legacy platform shutdown is also progressing well.

Now with Finn complete, the consumer-facing marketplace migration is essentially done with Tori, DBA, Blocket and Finn. So if we then turn to Blocket specifically, we see key metrics continue to improve. User satisfaction, for example, has more than doubled from the post-transition low and is now approaching the pre-transition levels. And total Blocket visits also continue to improve. And the private car listings recovered to minus 9% year-on-year. This is up from the minus 35% that we had just after the transition. And leads per visit in mobility are now up 26% year-on-year. And going forward, our focus remains on the private ads, on the app experience where we have the greatest engagement, but also increasingly on the sub verticals.

So what remains then of the transition that's fairly limited in scope, Bilbasen in Denmark, which is planned for 2027 and professional tools across our brands, most notably Dealer Hub. And completing this allows us to shift more of our resources from migration to new value-creating products and features.

On AI, we continue to experiment broadly. We're also increasingly scaling the things that we see work. And the result is better products for our users and customers and greater internal productivity. And I'll just give you a few examples from the product side. In Recommerce, for example, natural language search is now available across all markets, improving the share of users who see relevant results. In real estate, we have now advanced the virtual staging or the redecoration feature. We have improved the AI-assisted valuation, and we're continuing to experiment with conversational search. And in jobs, we're deploying AI matching application tools for both candidates and recruiters.

And I'll show you a concrete mobility example on the next couple of slides. But I also want to comment on the productivity side. And these are some numbers from our internal survey from June that shows that 86% of our employees now use AI on a daily basis. 42% say that they save more than 4 hours per week from this. And we have doubled the number of employees who are building reusable AI solutions since our last survey in February.

And all of this is managed, as we have said before, within our existing financial framework. But before we move to the verticals, I'd like to give you a concrete example of how AI is creating value in Dealer Hub. We sit on massive amounts of data, pricing trends, buyer behavior, competitive positioning. And we are now using AI to turn all of that into actionable insight on every single car on our sites, helping dealers to spot underperforming cars and sell faster. This is live in Norway with good feedback and it's planned for Sweden in the second half. But let me give you a short demo of this.

So this is Dealer Hub. And when a dealer logs in, they can see all their active listings sorted by priority. Here on the right, there's an AI summary for every car, also the recommended actions for that car. And let's click on this Volkswagen Polo at the top. You will see a side panel open with the daily AI review. This tells the dealer what's working and what isn't.

Below that, you can see the recommended actions for this one, it's renew the ad and ad missing equipment. And then before taking action, the dealer can check the data themselves, the historic performance of this car, a number of different metrics that shows how this car stacks up against the market in general to get a better understanding. And once the car dealer has looked through all of this and is convinced -- he or she can go back up. And with one click, renew ad, confirm, done and then over to the next action, ad missing equipment and done and over to the next car. This is AI reviews in Dealer Hub.

So with that, let's go through the regular walk-through of the verticals. And as usual, we will start with mobility. In Norway, ARPA growth continued to be strong, up 19% for professionals, 13% for private. This was partly driven by the annual price increase, but also further boosted by packaging and improved upselling. Car volumes in both professional and private segments increased, although this was offset by a decline in the subverticals.

In Sweden, the platform situation for car dealers is now stable. And as planned, we implemented a price increase on May 1. As a result, professional ARPA increased 3% in the quarter. This is then the net effect of the price increase, but it was partly offset by lower voluntary spend from dealers such as reduced upselling and add-ons such as the bump as an example.

Private ARPA decreased due to various mix effects. And if we look at volumes, professional volumes increased 1% year-on-year but Pro car volumes grew by 5% in Q2, and that was boosted by a particularly strong June. But as Ed said, offset by a decline in the sub-verticals. For private, the picture improved in Q2. Car listings declined only 9% compared to the 26% drop that we reported in Q1.

And in Denmark, the professional ARPA at DKK 771 increased compared to the DKK 644 that we reported in Q1, and this was supported by improved package splits and renewals. Private ARPA declined. This is due to the reversal of -- to the free-to-list model of cars priced below DKK 50,000 that was done on BBA in September last year. And on volumes, the Danish market has improved compared to Q1 and the decline -- the continued decline that you see now in professional volumes is primarily driven by dealer adaptation to our new business model rather than market conditions as such.

And private volumes turned positive. This was also driven by the mentioned reversal to the free-to-list model and the price volume is up 27% year-on-year.

On to the financials for Mobility. Revenues increased 6% in constant currency. Classifieds revenues also grew 6% in constant currency. Strong growth in Norway at 17%, partly offset by Sweden at minus 2% and Denmark at plus 7%. Transactional revenues increased 13%, driven by Nettbil and Autovex. And advertising revenues declined 13%, and this was mainly driven by Sweden. OpEx, excluding COGS, increased 10%, primarily driven by personnel costs and marketing investments in Sweden, where we have elevated our marketing activity to support the Blocket recovery, and it also reflects the continued investments in our C2B businesses. So overall then, EBITDA decreased 4% year-on-year to NOK 365 million, resulting in a margin of 53%. Then moving to real estate. And in Norway, ARPA grew 16% year-on-year with residential for sale, the primary driver at 17% growth.

And on volumes, residential for sale was flat year-on-year. This is a very resilient outcome, I think, reflecting sustained high activity in the Norwegian housing market. And total new approved ads were down 3%, but that was driven by the rental and leisure home segments. And then moving to Finland. And here, following the shift to the fixed monthly pricing that we introduced at the beginning of the year, we are now tracking the number of offices as our primary volume metric and ARPU or average revenue per office as our pricing metric. And in Q2, ARPO was up 5% quarter-on-quarter driven by package upgrades and increased value-added services.

We had 1,562 offices active on Oikotie, and that was stable quarter-on-quarter. So this means that real estate delivered another strong quarter. Classifieds revenues grew 13% year-on-year with solid growth across all segments. Norway contributed 15% growth with residential for sale then as the key driver. And Finland grew total revenues 18% year-on-year, and this was driven to the -- by the move to the subscription-based model in Q1. And also our transactional businesses, the rental businesses continue to perform well with revenues up 18%, led by Casa and HomeQ in Sweden.

On costs, OpEx, excluding COGS, increased 7%, reflecting continued investments to grow the business. And EBITDA then reached NOK 248 million, which is up 24% year-on-year with the margin expanding to 58%.

Moving to jobs. Here, we continue to deliver strong ARPA growth with ARPA up 15% year-on-year in Q2. This was driven by 2 factors. First, upsell products performed really well, and we also continued to refine our discount model. On volumes, new approved ads were down 9% year-on-year. This was partly due to timing of Easter, which fell differently from last year. But if we look at the year-to-date, the volume decline is 6%, which mirrors the publicly available figures from Statistics Norway, SSB. And then on the job financials, revenues increased 5% year-on-year as the ARPA growth of 15% more than offset the 9% volume decline. And OpEx, excluding COGS, increased 9%. This was driven by planned investments in the team to support continued revenue growth as well as some temporarily higher consultant costs.

And this led to EBITDA growth of 2% year-on-year to SEK 175 million and a margin of 58%. And then finally, we have Recommerce. Here, the transacted gross merchandise value showed a positive picture in Q2. Norway continued to grow with GMV up 17%. And importantly, following the platform transition, Blocket in Sweden returned to GMV growth, which is a positive signal, 2% up. And Finland delivered a strong development with GMV up 32% and Denmark up 68%, although from a smaller base. And take rates also remained solid across all markets, Norway at 16%, Sweden at 10%; Finland, 17% and Denmark at 15%.

And Recommerce then grew revenues 21% year-on-year on a constant currency basis. Transactional revenues grew 20%. This was driven by the strong volume growth across all markets. Classifieds revenues increased 13% and advertising revenues increased 17% year-on-year, also with growth across all markets. Gross margins continued to improve. This was supported by a number of successful COGS and pricing initiatives in Recommerce. OpEx, excluding COGS, increased 5%, and this was driven by marketing investment, a deliberate choice to support the volume growth. And I think it's really good to see the continued EBITDA development and improvement.

EBITDA increased by NOK 23 million year-on-year to minus NOK 33 million, and margin improved 14 percentage points to 14% in this quarter. And keep in mind that this improvement came despite intensified marketing in the quarter and Recommerce continues to advance towards its medium-term targets.

So with that, I'll hand it over to PC to go through the financials in more detail.

Thank you, Christian, and good morning, everyone. Let's dive into the financials for the second quarter. In total, revenues on a constant currency basis increased 2% compared to Q2 last year.

Vertical revenues, as mentioned, grew 10%, driven by solid double-digit revenue growth in both Real Estate Recommerce, while we see a mid-single-digit revenue growth in mobility and in jobs. Revenues in Other HQ declined 72%, as expected, driven by the exit of TSAs with Schibsted Media.

Total EBITDA ended at NOK 674 million, 16% up from last year. EBITDA growth is driven by real estate, Recommerce and other HQ. The vertical performance is well covered by Christian, but let me give you some additional comments on the other HQ segment. Despite a significant revenue drop, other HQ EBITDA improved from minus NOK 114 million in Q2 last year to minus NOK 81 million in Q2 this year. This is driven by accelerated cost takeout, more than offsetting the revenue decline from the lost TSA services, in addition to some negative one-offs that we carried in the first half of 2025.

Now let's look closer at the cost development in the quarter. As before, this slide shows OpEx, excluding COGS. In total, OpEx, excluding COGS, in the quarter declined by 10% compared to last year. Other costs decreased 33%, driven by positive effects from our simplification and cost efficiency agenda. Cloud costs and other IT-related costs are significantly reduced after the exit of the different DSAs. Marketing costs increased 23% year-on-year, support driven by supporting our growth agenda in the verticals in the quarter.

Personnel costs increased by 2% from increased personnel costs in mobility, real estate and in jobs, largely offset by a decline in Recommerce and other HQ. Total FTEs ended at 1,648 at the end of Q2 compared to 1,660 at the end of Q1. The reduction during the quarter is driven by a reorganization, reducing around 30 FTEs in our common product and tech units. And then also, as mentioned by Christian, during June, we executed another reorganization with reducing around 70 FTEs within the mobility vertical and the support function. This is not included in the Q2 FTE numbers and takes effect from July 1.

The accelerated reorganization initiatives with reduction of around 100 FTEs during the quarter is enabled by our solid progress on the company simplification and the platform transition agenda. These were earlier planned to be executed at the end of '26 into '27. Overall, despite the limited revenue growth, the cost reduction resulted in almost 5 percentage point improvement in OpEx over revenue with the ratio improving from 57% in Q2 last year to 52% in Q2 '26.

Our operating profit for the quarter increased to NOK 448 million compared to NOK 330 million in Q2 last year. The positive development in operating profit mainly reflects the improved EBITDA and somewhat lower net other expenses compared to last year. The reported other expenses in Q2 this year includes NOK 95 million of costs related to the accelerated reorganization from the previous slide.

The fair value of our 14% ownership stake in Adevinta remained more or less unchanged at NOK 7.2 billion in Q2. A small gain of NOK 53 million was recognized as financial income in the quarter. In totality, net profit for the group ended at NOK 401 million.

Now let's move to cash flow from continuing operations. Cash flow from operating activities ended at NOK 517 million, an increase of more than NOK 200 million compared to last year. The increase is driven by the improved EBITDA, but also a phasing of taxes paid.

Cash flow from investing activities ended at minus NOK 62 million, including NOK 31 million in proceeds from the sale of [ Inntrevelro ] and Bookis. CapEx in the quarter ended at NOK 105 million, down NOK 27 million compared to last year. And a clear majority of our CapEx continued to be associated with the ongoing platform transition.

And then finally, cash flow from financing activities ended at minus NOK 1.9 billion, impacted by the mentioned share buyback program of NOK 1.4 billion in the quarter and a payout of dividend of around NOK 0.5 billion. In accordance with our principles for capital allocation, we continue to return excess cash to our shareholders. At the Q1 results, we announced a new share buyback program of total NOK 4 billion, split in 2 equal tranches. During the second quarter, as mentioned, we bought back shares for NOK 1.4 billion of the first NOK 2 billion tranche.

As of July 10, total share buybacks amount to approximately NOK 1.6 billion, and we expect to complete this tranche during Q3 this year. In May, as we talked about, we paid out an ordinary cash dividend of NOK 2.50 per share, up from NOK 2.25 per share last year. And the total amount is NOK 527 million. At the end of Q2, we had a strong balance sheet with a net cash position of almost NOK 2 billion, and this gives us ample financial headroom to continue the share buyback program in the second half.

So wrapping up, I'd like to reiterate that our strategy, our medium-term targets and our capital allocation principles remained unchanged as presented at the CMD in '24. On outlook, in 2026, the vertical revenue outlook remained unchanged from Q1, real estate, jobs and Recommerce to grow in line with the medium-term target and mobility to grow mid- to high single digit.

For other HQ, we now expect a revenue reduction in '26 of around NOK 350 million, driven by the termination of TSAs with Schibsted Media and the divestments of noncore assets. As mentioned by Christian, we expect OpEx, excluding COGS to decline by NOK 150 million in '26 versus 2025, up from the previous guidance of around NOK 100 million communicated before. And this reflects the accelerated cost initiatives that we have taken in Q2, while we retain the flexibility to invest into growth, primarily in marketing.

And with that, I hand over to Jann-Boje to guide us through the Q&A.

So let me just look here at Microsoft Teams. Already some raised hands. And first in line is Joe from UBS.

So my first question is on professional ARPA growth in mobility in Sweden. You reported 3%, which is only a few percentage points improvement from 1Q, although you obviously increased prices in May. You mentioned the underlying price rises were partly offset by lower voluntary upsell. Can you please quantify the drivers behind this, underlying price versus upsell versus any other factors? Secondly, sort of given the sustained issues here, can you also talk to us about the evolution of the competitive environment in Swedish mobility, please? And then finally, you previously announced you received a notification from the Norwegian tax administration related to that treatment. I think the potential exposure was NOK 500 million.

Could you please just update us on that process? Is it still relevant? That would be helpful.

Yes. So on the first question on the professional ARPA, I don't think we can give a lot more flavor, but it is right, as you said, the ARPA growth was 3%. And of course, the underlying price increase was higher than that, but that was offset by lower voluntary spend. For example, the bump ratio went down a fair bit in Sweden as a result. So that is kind of the choices that the car dealers can make in the market. We've seen that also at previous price changes, and it's something that we have been usually been able to, over time, recover through active work with our customers.

Then on the second question on competitive situation, I think we still remain in a very strong position in Sweden. Of course, the recovery also strengthened that. We have not seen any, let's say, negative development on the competitive side. [indiscernible] is, of course, there. They now have around 40,000 cars compared to 120,000, 130,000 cars for Blocket. So -- and we are still in, let's say, 17x larger traffic situation than them. So we are in a robust situation competition-wise, I would say.

And then on your third question on the VAT case, there is no new information at this stage.

Maybe just one more comment on the competition. We don't see any substitution effect to Tradera. It's more that some professional car dealers then choose to multihome. They have their ads both on Blocket and Tradera, they're not kind of choosing away.

Okay. Next in line, we have Andrew from Barclays.

Three for me as well, please. First one is on the trend for C2C new listing volumes in Swedish mobility. I think you gave a headline stat of minus 9% for the quarter. But can you give us a sense as to how that has trended through the quarter and give us a sense as to what the exit run rate was in June and ideally for July? And then maybe building on that, it looks like the non-car areas are maybe weaker than in cars. So just give us some color around that.

Second question is on your guidance for OpEx ex COGS for the year. state the obvious, it's down more in absolute terms in H1 than you're guiding to for the year. So what are the factors as to why OpEx ex COGS is going to grow in absolute terms in H2?

And then third question is on CapEx, which obviously came down in Q2 have been up in Q1. So it's run rating about NOK 245 million for H1. Is that a kind of sensible run rate for the year? And PC, maybe talk us through how you reduce that CapEx to improve cash conversion into 2027?

Yes. So on the private volume side, we have seen a continuous improvement since the transition. Post transition, it was like minus 35%. In Q1, reported minus 26%, I believe. And now we are reporting minus 9%. So it's a clear positive trend. It's hard to say much about July. It's the summer vacation. So I don't think we should draw too much out of that. But we feel that we are on the, let's say, the right trend and the right momentum in this development. And it is also true, as you said, it's better in cars than it is in the subverticals.

Then the question on the OpEx guidance and outlook. Yes, you're correct that we are down a bit around NOK 200 million after 6 months. But remember, there's a lot of phasing last year with first half carrying a lot of TSA costs that we didn't carry in the same extent in the second half. And also the first half last year carried quite significant negative one-offs. So it is quite an easy comparison. And then the other factor, as I was quite clear on, we have also retained flexibility to invest into growth and particularly then in marketing.

So that gives you some color on that. And then on CapEx, from our side, CapEx is mostly capitalization of our own people. So as we become a smaller organization, that also carries everything else equal, a lower CapEx level, and we're happy where we are. I think looking ahead, we don't have any new guidance other than the 5% to sales indication from the CMD in '24. So we are working ourselves towards that. And I think we are shooting distance at this point in time.

Thanks for good questions, Andrew. And then next in line is Markus from JPMorgan.

Steve, just to follow up on your marketing comments. Just wanted to understand a bit more how directionally we should think about marketing not only next quarter or next 2 quarters, but also concept. It seems that some of your peers talk about more brand marketing, putting this in sort of like the estimate. Where does stand on this? And again, not only in the next 2 quarters, but more conceptually also longer term, what do you think about brand marketing and where does it go?

Yes. No, thanks for that, Marcus. I'm not going to comment in detail by quarter because we need to have the flexibility to adapt linked to our commercial agenda and also the competitive situation in the different sort of markets and verticals. But we are -- as you also see in Q1, we are investing quite heavily into growing our #1 position in Finland. We are investing, taking the long-term perspective on Blocket, making sure that we recover as soon as we can in Sweden, and you should expect us to continue to do that in the second half as well. And then it's important for us to have the flexibility to increase investments if we find that necessary and not be too limited by a very sort of what becomes our short-term outlook statement for the second half, focusing on an absolute cost level. If we look sort of overall, I think in general, we're quite happy.

We've been quite successful on the brand marketing side. We actually see an opportunity to improve both, I would say, on the levels and invest more, but also to get more out of performance marketing. So we're coming a bit from behind, and we're actually building up also organizational capabilities to be a step-up. Around growth marketing.

Thanks. And let's move on to Fredrik from Handelsbanken.

I'm going to keep it to one. I want to come back to the OpEx side. You have been very clear on your ambitions to take the OpEx now down with NOK 150 million. So that's very clear. When you look at the divisions, you have an increase of OpEx of 10% in Mobility and 7% in real estate and 9% in jobs. So what happened in Q2? Was that sort of necessities due to the sort of shift in platforms and more? Or was it temporary staff? Or how should we view that trend we saw in Q2?

Yes. No, thanks for the question, Fredrik. So if you also take us back to Q1 when we gave you a quite sort of detailed breakdown of the FE development into the CMD split by our different verticals and functions, you can see that we actually are operating with more FTEs in our vertical, particularly than in mobility and real estate. Part of that is because those are key investment areas for us on the core classifieds, but we also carry our scaling businesses with C2B models in mobility with NestPil, but also with CASA and Home in real estate.

So that is part -- when you look only at the cost picture, you need to bring that into consideration. And then also in the quarter, as I mentioned, we have stepped up on marketing. That will fluctuate from quarter-to-quarter. And -- but Q2 was more than 20% higher in marketing basically across all our verticals. So -- and I commented on that also to Markus' question. So I think that gives you at least some perspective.

Yes, I think I'll leave with that.

Maybe one additional comment because you pointed out mobility specifically. And there, the increase in OpEx came from both marketing to support the Blocket recovery, but also personnel costs. And that trend on the personnel cost, that is addressed by the reorganization that we now did in June. So you'll see a different trend in the second half.

Thanks, Fredrik. Then we have Henriette from Danske.

So 2 questions, if I may. The first is the other headquarters EBITDA. Do you think that the current EBITDA level is a suitable estimate for the remainder of '26? And also, could you give any indications of this level for next year? And also, secondly, on mobility on the Denmark professional volumes, can you give any comments on what you have seen on volume in Denmark recently and also expect the time line for dealer behavior to normalize in relation to your guidance?

I can start on other HQ EBITDA, our expectation is the same as before to have a deficit on other HQ on a similar level as we saw in 2025, around NOK 300 million. And I think we -- if I remember correctly, we are around NOK 150 million down after 6 months. So you should expect a similar total development in the second half. We have not given any specific guidance beyond that, but we are working as part of our company simplification and we're becoming smaller, you should also expect over time that the deficit of other HQ will become smaller.

On the professional volume side in Denmark, in Q1, we said that there was an effect both from, let's say, the underlying market and from dealer adaptation to our new model. Now the market has come back. So the volume decline that you see now is purely from the dealer adaptations. We have worked quite a bit with our customers during the quarter. Mostly, we have been focused on, let's say, customer satisfaction. And one key initiative that we have done is to roll out what we call 2 for 1, where you get both, let's say, cash -- or sale for cash and a leasing add at the same time. This is something that the dealers have been very interested in, and we see good pickup of that product. But it's not something that they pay for. The other thing we have been working on, which is bit more longer term is to improve their republishing of ads.

So I think that will, over time, also drive some recovery of the volume.

Thanks, Christian. Very, very clear. Then we have Will from BNP.

It's Will Packer from BNP Paribas. A couple from me, please. We've heard from a lot of your peers on LLM traffic in the property and auto verticals that the impact is pretty benign so far, very low levels of referral traffic from LLMs and it's not impacting direct traffic. Could you talk a little bit about how LLM traffic is impacting your jobs business and your generalist business? Is it the same message, which is the impact is minimal and referral traffic is low? It'd be interesting to draw out any different dynamics there.

And then my second question is, in recent history, there have been some tensions with the agents in Norway in your real estate business. It's encouraging to see the operating trends firmly back on track. Could you just talk about the evolution of the relationship there? What's been positive, what's been less positive? Any color would be helpful.

Yes, very good questions. On the second question first, we have very good relationships and continue to be in good dialogue with all our real estate customers in Norway. On the LLM question, we see the same picture as you referred that others are seeing, very low referral traffic from the LLMs, still below 0.5% and hardly increasing perhaps slightly. And that is also true for jobs. We also see actually from our own, let's say, conversational search efforts that we do that some of the feedback from users is that when they use the AI search, they lack some of the, let's say, control that they have on the regular search experience. So I think that might be one reason why they don't use the LLM so much for search.

Okay. Thanks for a good question. And then next, we have Markus from SEB. Markus, can you hear us? It seems like you are muted, but we can't hear you, Markus. So I suggest to put you back in line, and then we can move on to Martin from Nordea this morning. So Martin, if you're ready, please go ahead.

Perfect.

I have 3 questions. I'm sorry if something is going to be repeated. But first, on Adevinta, is it possible to have some more color on the underlying performance now in H1?

Okay. I can answer that. So we -- unfortunately, we cannot give more specific information than what we have published in the Q2 report. We -- in Q1, we gave the update '25 on both bottom and top line and also the net debt. as you can see in the valuation, it's broadly stable. And that goes that is a small currency effect. But if you sort of exclude that, the valuation is stable with a quite stable multiple development in the peer group and also an unchanged sort of underlying assumptions on the performance. So what you can read into that is that we have kept sort of increasing that and it has never gone down. So we are happy with the operational performance in Adevinta, both what we have seen and what we expect for this year, but also going into next year. And that goes for both the top line and the bottom line.

Perfect. Very clear. And on the 70 FTEs for the restructuring, you talked a little bit about it. Is it possible to say something like on additional cost cuts from this? Or is that like included in your additional SEK 50 million now that you guide for on the OpEx cost cut base?

This is included.

Perfect. And just on the mobility, the reason for the advertising sales being much more down in this quarter. Are there any specific reason for this? Or should we expect this to normalize into H2?

Well, I think we had a similar pattern also in Q1. The sales force in Sweden has been very concerned with, let's say, the overall Blocket mobility situation. So I think that is at least part of the reason for the weak results in advertising. So I hope to see that when the situation normalizes for Blocket in general, you will also see the advertising situation normalize over time. But it's hard to predict the timing of that.

Thanks, Martin. Then we go to Giles from Jefferies.

So my first question is on...

E-commerce. In fact, both questions are on e-commerce. The first one is that there's some speculation, Christian, that you're close to launching cross-border listing. So if you'd like to confirm that. And if you are about to launch cross-border listing, some commentary on how you expect that to impact your main metrics within the e-commerce business? And then secondly, sticking with e-commerce, a philosophical question. Why not drop your take rate to drive scale benefits that can reduce your overall cost to serve?

First of all, on the cross-border, we are not commenting on that for competitive reasons. So sorry for that. On the pricing, I think what we are is that we are evolving our pricing logic quite a lot on a per category basis and even per price point basis and so on. So we are optimizing both capture rate and volume at the same time. So I think we found a good balance on that, and that will continue to evolve also going forward.

And a follow-up on that second answer. I'm assuming you don't feel boxed in by your medium-term guidance for e-commerce -- so you can -- you have the agility or the room to maneuver around the interplay between take rate and cost to serve within your guidance envelope. Hopefully, that makes sense.

Well, I can say that we see that we are on a good trajectory to reach the medium-term guidance for e-commerce. And I think we have flexibility as we see it within that to make the trade-offs necessary in volume and take rate.

Thanks, Giles. And then Markus, let's try again. So Markus from SEB.

So I would like to go back to Professional Sweden because it looks like your volumes in June are very high compared to April and May. And then you mentioned this effect with less bump, but it seems to be higher volumes. Is there a dynamic here within the new packages that we should be aware of that this is a dynamic also for the coming quarters? And also on the A buy, is there some lag effect or timing effect from when prices are increased to when they are actually booked in the numbers? So that's the first one.

I don't think you should read too much into the volume numbers with relation to bumps and so on. I don't think there is a connection between that.

I can comment. There's no delayed effect. When we increase pricing, you get an immediate impact on the revenues. But there is this effect that Christian mentioned around, let's say, the bump level. We saw a similar pattern, if you remember Q1 in '25, where we increased pricing, there was a sort of a temporary reduction in the bump rates that then recovered. And we don't know what's going to happen going forward, but we expect this sort of a normalization. So in that sense, there is some delayed effect if we see a similar situation as we saw last year.

That's clear. And then moving to the ARPA, professional ARPA in Denmark in Mobility. It seems to be up quite a bit from Q1. You spoke about more upselling and uptake of products. Can you elaborate more on the seasonality here? Or how should we think about the ARPA in Denmark, which seems to have been quite much better in Q2 than Q1?

There isn't much to add beyond the commentary I already made. There is no seasonality effects into the ARPA as far as I know.

Okay. Then I don't see more questions or hands here. So I think with this, we can round up the session today and wish you all a great summer.

Thank you.

Good afternoon. My name is Karl-Christian Agerup, and I am the Chairman of the Board of Directors of Vend Marketplaces ASA. I would like to welcome everyone present to the Annual General Meeting of Vend. As the Chairman of the Board, I hereby declare this general meeting open. The general meeting is held digitally only. All the items on the agenda are now open for voting, and you may cast your votes. The agenda items and the opportunity to vote will close as the items are processed by the general meeting.

Please be informed that the guide on voting and digital participation in this general meeting is available by accessing the eye symbol on the screen. This guide is also available on the company's website. The notice to this general meeting and appendices to the agenda are also available on the company's website. In addition to me, the following representatives from the company are present: our CEO, Christian Printzell Halvorsen; and our CFO, Per Christian Morland.

In addition, the Chair of the Nomination Committee, Trond Berger and the company's auditor, PricewaterhouseCoopers, represented by Eivind Nilsen, are available. DNB Carnegie Issuer Services has been retained to assist on conducting the general meeting. This was certain practicalities relating to the general meeting. Before we start handling the items on the agenda, we will take record of the shares that are legally represented at today's general meeting. The record of shares attending has also been included in the minutes.

Yes. And I will now read up the represented votes at the general meeting. So we have 115,724,389 shares present by advanced votes. We have 43,211,126 shares represented by proxy. We have 3 shareholders who are attending and voting online, representing a total of 210,448 shares, which sums up to a total of 159,145,963 shares, representing 75.66% of the voting share capital. The figures will also be presented in the minutes, which will be published after the general meeting. Thank you.

Thank you, Andreas. Now that the record of shares present has been recorded, shareholders who have not already logged in can still do so and attend the general meeting, but that will be without the right to vote. We will now move on to the first item on the agenda, which is the election of the meeting Chair. This requires a simple majority of the votes. For the election of the Chair, the proposal is that Andreas Ehrenclou, lawyer at Advokatfirmaet Wiersholm, is elected as meeting Chair. We will close the voting shortly. Those who have not yet voted are asked to vote now.

[Voting]

We can confirm that it's been approved.

Thank you. No questions or objections have been raised. The voting is closed and the election of the meeting Chair has been approved. I will now hand over the management of the meeting to Andreas.

Thank you, Karl-Christian. First, I have certain practicalities before we proceed with the items on the agenda. The general meeting will be conducted in English. The presentation you see on the screen contains the Board's proposal for resolutions in English. The notice has been sent out in both Norwegian and English. All shareholders are entitled to speak at the general meeting. Shareholders who wish to speak should press the button for this on the screen. Please indicate the agenda matter on which you would like to speak. You can either send an advanced message in the chat that you want to speak under a specific item or you can wait until we get to the relevant agenda item.

We will open your mic for communication when we get to the relevant item. Please state your name before you proceed with your input. Oral input is encouraged. However, if you want to give input or ask questions in writing, that is possible by submitting your input in the chat. Written input will be read aloud. Shareholders who have requested to speak will be given the word first in the order received. Written input will be dealt with thereafter. Both the Chairman and CEO are present and available for questions under the relevant items.

It is possible to vote for all items on today's agenda now. The voting will be closed continuously as we proceed the items. I will not read out the voting results for each individual item, but will inform whether the respective item has received a sufficient majority to be approved or not. Final voting results will appear in the minutes published after the general meeting.

We now move on to the next item on the agenda. I remind you that you can vote while I present the items. Item 2 on the agenda is the approval of the notice of the Annual General Meeting and the agenda. The notice of the Annual General Meeting with the proposed agenda and accompanying documents was announced through the stock exchange systems and made available on the company's website on 7th of April 2026. The notice as well as registration and proxy form were sent out to each shareholder on the 8th of April, i.e., within the 3-week deadline. The notice has thus been distributed in accordance with the Public Companies Act Section 510. One last reminder to vote.

[Voting]

No questions or objections have been raised. The voting is now closed. The proposal has been adopted and the general meeting is legally convened.

Moving on to Item 3. Please feel free to vote or ask questions while I summarize the proposal. The Public Companies Act has provisions stating that the minutes must be signed by the meeting Chair and at least one other person chosen by the general meeting among those present. It is proposed that Jann-Boje Meinecke is elected as cosigner of the minutes. We will soon close voting.

[Voting]

No questions or objections have been raised. The voting is now closed, and the election of the cosigner has been approved with the necessary majority.

Item 4 on today's agenda is the approval of the 2025 annual accounts for Vend Marketplaces ASA and the group, including the Board of Directors' report for 2025 and the consideration of the corporate governance statement. The financial statements, including the annual accounts and the annual report have been made available on the company's website. For your information, the company's auditor, PwC, has issued a report without remarks, and the report is included in the annual report.

Furthermore, the company has prepared a statement on corporate governance in accordance with the Accounting Act Section 2-9. The statement is also available on the company's website. According to the Public Companies Act, Section 5-6, the general meeting shall review the corporate governance statement, but it is not subject to voting. Before we proceed to the approval of the annual accounts and the annual report, the CEO, Christian Printzell Halvorsen, will provide an overview of the financial statements. Please be informed that in addition to Christian Printzell Halvorsen, the CFO, Per Christian Morland; and the company's auditor, Eivind Nilsen from PwC, are available if there are any questions or comments under this agenda item.

Thank you, Andreas. 2025 was a defining year for Vend and becoming Vend marked the completion of a transformation already well underway. And today, we stand as what we set out to be, which is a focused and pure-play Nordic marketplace company united as one team and one Vend. We simplified significantly, exiting noncore assets, completing the Schibsted separation, and we removed the dual-class share structure, while at the same time, advancing our platform migration. This drove solid double-digit ARPA growth across verticals and scaled our transactional business.

And we returned approximately NOK 7.9 billion to shareholders through buybacks and dividends, which reflects our commitment to disciplined capital allocation. Despite the demanding market environment, our focus on monetization and cost discipline delivered strong results. And full year EBITDA reached NOK 2.1 billion, a 30% increase compared to 2024, which really demonstrates the earnings power of our focused marketplace model. And the work of the past 2 years has strengthened Vend, really positioned us for the future. We are more focused, more aligned and better equipped than we were just a few -- a short time ago.

And as you will have seen from the Q1 report this morning, we delivered a strong start to the year on profitability. Verticals grew revenues 9%, Group EBITDA improved 36% and the margin expanded 9 percentage points to 36%. And as communicated last week, we do not expect mobility to achieve revenue growth in line with the 12% to 17% target range in 2026, but our position remains strong and bringing mobility back to stronger growth is a clear priority for us. We do expect that the cost base will decline by approximately NOK 100 million compared to 2025. And having completed our NOK 2 billion buyback program, we announced today a new NOK 4 billion program to be conducted in 2 tranches. Back to you, Andreas.

Thank you. The proposed resolution under Item 4 is now displayed on the screen. If you have not cast your vote, I ask that you do so now as the voting will close shortly.

[Voting]

No questions or objections have been raised, and we are now closing the voting. The Board's proposal for the approval of the annual accounts and the Board of Directors' report have been adopted.

Item 5 on today's agenda is the approval of the Board of Directors' proposal regarding share dividend for 2025. The Board proposes that based on the 2025 annual accounts, a dividend of NOK 2.5 per share be distributed, excluding shares owned by the group. The dividend will be paid out on 12th May, and the share will be traded on the Oslo Stock Exchange exclusive of dividend from 4th of May 2026.

[Voting]

No questions or objections have been raised, and we are now closing the voting. The Board's proposal regarding share dividend for 2025 has been adopted.

Item 6 on today's agenda is the approval of the auditor's fee for 2025 and the attestation of the company's sustainability reporting. As shown on the screen, the Board of Directors proposes that the fee for PwC, the company's external auditor for 2025, for the legally required audit and the attestation of the company's sustainability reporting in the total amount of NOK 6,202,680 are approved. The voting will close in a couple of seconds.

[Voting]

No questions or objections have been raised, and we are now closing the voting. The Board's proposal for the approval of the auditor's fee for 2025 has now been adopted.

The next item on the agenda is an advisory vote on the remuneration report for senior executives for the accounting year 2025. The company has prepared a report on the paid and outstanding remuneration for senior executives in accordance with the Public Companies Act Section 6-16b. This has been published and is available on the company's website. The report has been audited by the company's auditor in accordance with the fourth paragraph of the same provision. The general meeting is asked to give an advisory vote on the report. The Board recommends that the general meeting through this vote endorses the remuneration report.

[Voting]

No comments have been received. The advisory vote shows that the report has received the endorsement of the general meeting.

The next item on today's agenda is approval of the remuneration policy for senior executives. In accordance with Section 6-16a of the Public Companies Act, the Board of Directors has prepared a remuneration policy for the company's senior executives. The current remuneration policy was approved at the Annual General Meeting in 2025. The Board of Directors proposes to update the current remuneration policy to clarify the disclosure of the CEO's maximum annual incentive cap and to improve the transparency and governance standards by formalizing shareholder requirements, introducing a capped recruitment retention flexibility provision and formalizing the principles for treatment of variable pay on termination.

The update also reflects enhancements to the all employee share savings plan. The new and amended remuneration policy is available on the company's website. Pursuant to Section 6-16a of the Public Companies Act, material changes to the company's remuneration policy shall be assessed and approved by the general meeting. Subject to approval by the general meeting, the remuneration policy may apply for a period of up to 4 years. The voting will close in a couple of seconds.

[Voting]

No comments have been received, and the company's policy for remuneration to senior executives has been adopted.

Moving on to the items -- on the agenda item that relate to the Nomination Committee's recommendation. We will start with Item 9, which is the Nomination Committee's report on its work in the period 2025 to 2026. I will let the Chair of the Nomination Committee, Trond Berger, present the Nomination Committee's report. Note that the Nomination Committee's report is available on the company's website. Trond?

Thank you, Andreas. And the Board consists of 7 shareholders and 3 employees elected and the Nomination Committee consists of Ann Kristin Brautaset from Folketrygdfondet; and Andreas Haug from Vor Capital; and then myself, Chair, representing [indiscernible]. We have looked at the Board competence and conducted several interviews of candidates. Rune Bjerke and Ulrike will not stand for reelection. And the Nomination Committee then proposed that Kim Wahl is then elected as a new Board member, and he has extensive experience from the private equity and also have a private company himself today and also extensive experience from large corporations in the Nordics. So we believe he will be a good and strong member of the Vend Board.

Then we have proposed also that Melina Cruickshank from REA Group will be nominated to the company. She has also extensive experience, especially in product development in vertical in the marketplace industry. And she is based out of Australia, but has committed herself to really be participating also in the Board meetings in Vend. We believe she has the competence that then the Board could really benefit. So then that the Board then will consist of Karl-Christian as Chair; Kim Wahl, new Vice Chair; Melina Cruickshank from Australia as explained; Philippe Vimard continue, he is French; then Natasha ten Cate, Dutch, continue; and Rolv Erik Ryssdal, Norwegian; and then Satu Kiiskinen, Finnish. So that's the recommendation from the Nomination Committee.

Thank you, Trond. There will be no voting on this item. So we will now proceed to Item 10 on today's agenda, which is the election of the Board members presented by Trond Berger. The full proposal of the proposed shareholder-elected Board members is now on display on the screen. Note that all members are elected for a period of 1 year. Shareholders may vote on each individual proposed Board member separately, and the voting will happen at the same time. We will soon close the voting, so we ask shareholders who have not voted to do so now.

[Voting]

No comments have been received. The Nomination Committee's proposal has been adopted by the general meeting.

The 11th item on today's agenda is also a proposal from the Nomination Committee. The Nomination Committee proposes that Karl-Christian Agerup be selected as the Chairman of the Board and that Kim Wahl is elected as the Deputy Chairman. We will now wait a couple of seconds while the voting takes place.

[Voting]

No comments have been received. The Nomination Committee's proposal has been adopted by the general meeting.

The next item on today's agenda is the determination of the remuneration for the members of the Board for the period from the Annual General Meeting in 2026 to the Annual General Meeting in 2027. The Nomination Committee's proposal is included in the notice and in the Nomination Committee's report available on the company's website. The proposal is -- we will now proceed to voting, and those of you who have not voted are asked to do so now.

[Voting]

The voting is closed, and the Nomination Committee's proposal for remuneration to the Board members has been adopted.

Moving on to Item 13 and determination of remuneration for the members of the Nomination Committee for the period from the Annual General Meeting in 2026 to the Annual General Meeting in 2027. The Nomination Committee has proposed that the Chair of the Nomination Committee receives a remuneration of NOK 177,000 and the other members each received remuneration of NOK 110,000. I would ask then that those who have not voted do so now.

[Voting]

The voting is closed, and no input has been received on the fee proposal. The Nomination Committee's proposal has been adopted.

The next item on the agenda is the election of the Chair of the Nomination Committee. The current Nomination Committee consists of Trond Berger, Ann Kristin Brautaset and Andreas Haug. Ann Kristin Brautaset and Andreas Haug were elected at the AGM in 2025 for a period of 2 years, while Trond Berger was elected at the AGM in 2024 for a period of 2 years. Trond Berger stands for reelection, and the Nomination Committee proposes to reelect Trond Berger as the Chair of the Nomination Committee for a period of 2 years from the Annual General Meeting in 2026. We will close voting shortly.

[Voting]

The voting is closed, and Trond Berger is elected as the Chair of the Nomination Committee until the General Meeting in 2028.

The next item on the agenda is the granting of authorization to the Board of Directors to administer some of the protection inherent in Article 7 of the company's Articles of Association. Section 7 of the article sets out that certain decision concerning the group's business must be resolved by the general meeting. The articles allow for this decision-making authority to be fully or partially delegated to the Board of Directors. In accordance with previous practice, it is proposed that the Board is granted the right to make decisions within the framework provided by the proposal. Section 7 of the Articles of Association is included in the notice.

The proposed authorization is identical to the authorization granted at the AGM in 2025, apart from the removal of the 2 share classes approved by the general meeting of the company in October 2025. The proposed authorization is now on the screen. We will close voting shortly. If you have not voted, please do so now.

[Voting]

The voting is closed, and the proposal to grant the Board the authorization in accordance with Section 7 of the articles has been adopted.

The next item on the agenda is the reduction of the share capital by redemption of own shares. On 25th of November 2025, the company announced the initiation of the first tranche of a share buyback program with a total frame of up to 3% of the issued shares with a maximum value of NOK 2 billion. As stated in the notice, the share buyback program was still ongoing as at the date of the notice. The Board of Directors proposes to redeem shares acquired as part of the buyback program as of 1st of April 2026, namely 7,298,880 shares by way of a share capital reduction in accordance with Section 12-1 of the Public Companies Act.

The Board proposes to retain the remaining 300,000 shares to be used in the company's share-based incentive schemes. Following the proposed reduction, the company will have a share capital of NOK 105,455,905.50 divided into 210,911,811 shares, each with a nominal value of NOK 0.5. Pursuant to Section 12-2 of the Public Companies Act, the company's auditor has confirmed that after the reduction, the company's nondistributable equity will be fully covered. The confirmation is available on the company's website. The proposed resolution is included in the notice and displayed on the screen, so I will not read the proposal out loud. If you have not voted, please do so now.

[Voting]

The voting is closed, and the Board's proposal has been adopted.

Item 7 on the agenda is the authorization -- sorry, Item 17 on the agenda is the authorization to the Board to buy back company shares. The Board of Directors proposes that the general meeting resolves to grant the Board of Directors an authorization to buy back up to 10% of the company's share for a period from the date of this Annual General Meeting until the Annual General Meeting of the company in 2027, but in no event later than 30 June 2027. The shares may serve as settlement or compensation in the company's share-based incentive schemes as well as the employee share saving plan.

The shares may also be used to improve the company's capital structure. The company will, following the reduction of the share capital in Item 16 above, have a share capital of NOK 105,455,905.50 divided into 210,911,811 shares, each with a nominal value of NOK 0.5. The proposed resolution is included in the notice and displayed on the screen, so I will not read the resolution out loud. We will soon close the voting. So if you have not voted, please do so now.

[Voting]

The voting is now closed, and the Board's proposal has been adopted.

And so now for the final item on today's agenda is the authorization of the Board to increase the company's share capital. Similar to previous years, the Board proposes that the Annual General Meeting grants the Board of Directors authorization to issue new shares in the company. Prior to the share collapse, which was completed in October 2025, the previous Board authorization was only for the issuance of B shares limited to 10% of the share capital within the B share class. Following the combination of the company's share classes, the proposed authority is now limited to 10% of the total share capital. The proposed authority includes the right to set aside preemptive rights of existing shareholders. The proposed resolution is included in the notice and displayed on the screen. We will soon close the voting. If you have not voted, please do so now.

[Voting]

The voting is closed, and the Board's proposal has been adopted.

We have now gone through all the items on the agenda and the Annual General Meeting in Vend Marketplaces ASA is therefore concluded. Thank you for your attendance. I hereby declare the general meeting adjourned.

Good morning, and thank you for joining our Q1 2026 results. My name is Jann-Boje, and I'm heading Investor Relations at Vend. And you're probably aware that last week, we shared a trading update for our Q1 results, including a revised Mobility outlook for revenues for 2026 and updated cost outlook and preliminary figures for the first quarter.

With today's presentation, we will provide the full context for the quarter. And as usual, we have our CEO, Christian; and our CFO, PC here, who will walk you through the performance and the key highlights. Following the presentation, we will then have a Q&A session with financial analysts through Microsoft Teams. And before I hand over to Christian, let me just quickly show you also our disclaimer slide.

And with this, Christian, the floor is yours.

Thank you so much, Jann-Boje, and good morning, everyone. In our annual report, I described 2025 as the year where Vend took shape as a focused pure-play marketplace company. And I think that the first quarter of 2026 demonstrates the strength of the foundation that we have built.

Group revenues ended at NOK 1,543 million, which is up 2%. If you look at the revenues across our 4 verticals, they grew 10%, while group revenues were impacted by the phaseout of transitional service revenues.

Group EBITDA improved by 36% to NOK 563 million, and the margin expanded to 36% from 27% 1 year ago. This is a reflection of the sustained cost discipline and the positive development that we have seen across our verticals.

Real Estate had a particularly strong quarter, where we saw ARPA growth driving both revenue and profitability across Real Estate. Jobs also delivered solid growth, supported by strong ARPA development. And Recommerce showed really encouraging progress with strong transactional growth and improved unit economics.

In Mobility, Norway and our transactional businesses performed well. However, Sweden was held back by the platform migration stabilization. And in Denmark, the professional ARPA growth was offset by volume declines. And as we communicated last week, we don't expect Mobility to achieve revenue growth in line with our stated medium-term target of 12% to 17% in 2026.

Our other verticals are performing in line with their respective targets, however. And our market position in Mobility remains strong. And of course, bringing this segment back to stronger growth is a key priority for us.

At the same time, we are really focusing on the things that we can control. We now expect the 2026 cost base to -- which is OpEx, excluding COGS, to decline by approximately NOK 100 million compared to 2025, and this is a revision to the broadly stable commentary that we made in Q4.

Also, our platform migration continues to advance, and we are accelerating our efforts in AI. These are things I'll come back to in a minute.

We completed the sales of Mittanbud and Lendo. We received Adevinta Spain proceeds. And now having completed our NOK 2 billion buyback program, we are today announcing a new NOK 4 billion program, which will be conducted in 2 tranches.

So while we acknowledge that there are some near-term headwinds in Mobility, the underlying health and the underlying trajectory of our overall business remains strong.

Let's move to transition status. And in Q1, we really focused on establishing a clear path to recovery for Blocket. We are now seeing marketplace -- this marketplace regain momentum. And we are working really hard to improve the user satisfaction score, which is recovering, but quite slowly. From the low, we had of 1.5 in December to now 2.6 for Mobility and 2.9 for Recommerce in April. Improving the Net Promoter Score is going to be a key priority for us throughout 2026.

The good news is that the new platform is proving to be more efficient. We have some examples here. For instance, leads per visit are up 27%, and we're also seeing shorter times to sell in the marketplace.

We also see that ads generating leads within the first 14 days is up 37% year-on-year. And I think these examples really validate the strength of the market, but also the effectiveness of our common platform.

At the same time, we do continue to see lower engagement than we had on the old platform. And this is something that remains a key focus for us to improve going forward. And we're doing a number of things here. We are, for example, specifically working on moving users from the mobile web to the app because it is in the app where we see the strongest engagement, the highest log-in rates and also the best retention.

And I'm happy to say that we already see positive results of the work that we have done. Total visits and app visits to Blocket are growing week by week. And right now, there are some seasonality effects, but we are closing the gap that we are aiming for. And on the commercial side, the planned price adjustments for the dealer packages will take effect from May 1.

When it comes to the private volumes, we recognize that more is needed than just, let's say, technical fixes. This requires us to rebuild the perceived value of the platform and also making sure that the listing process is efficient and safer.

And then finally, commenting on migration in Norway. Here, we reached a key milestone in Q1. This process remains on track. And again, I want to remind you that this is more of a back-end focused transition in Norway. It doesn't really affect the user interface or the experience that consumers are seeing. And this -- to finalize this is important to us because this consolidation really enables us to build once and scale innovations across the Nordics.

We are also accelerating our AI agenda. Here, our approach is to combine advanced technology with our deep and proprietary data. We think this is an advantage that we have that is very hard for others to replicate. And throughout Q1, we have made significant progress in several areas, particularly those where we focus like ad quality and search and matching and also decision support.

And we have some notable examples from our core verticals. For example, in Real Estate, we launched conversational search pilot in Norway. This is a product that moves beyond, let's say, the traditional search filters and allows users to use more, let's say, their intent and their life context, and it's also a very map-based service.

And in Mobility, we have integrated AI-driven recommendations in our pro tool Dealer Hub. Here, we support dealers with market insight and real-time optimization of their inventory, which is something that is important because it reduces their time to sell. This was just launched in Norway, but we plan to also have it in the Swedish market in Q3 of this year.

Now to ensure that we remain at the forefront of this development, we are today announcing that we are establishing a new dedicated AI unit. This team is tasked with building a completely new and let's say, AI-native marketplace experience. We purposely set this up as a separate and lean unit to make sure that it has the speed and the autonomy needed to really innovate outside of the core product environment.

And the goal here is to shift toward a more, let's say, intuitive and agentic user journey, really ensuring that Vend also remains the preferred destination in the future. Worth mentioning that this initiative will be managed within, let's say, the existing financial framework. It doesn't change our financial guidance in any way.

Let's now move to the verticals. And as Jann-Boje said, we preannounced revenue and EBITDA per vertical last week. So the key numbers should already be known, but let me just put some flavor to this development.

And let's begin with Mobility. Here, our ARPA growth continued to be strong in Norway in Q1 with 27% growth for professionals and 13% for the private segment, partly explained by the yearly price increases. Professional ARPA was further boosted by packaging and improved upselling. And car volumes in both pro and private increased, but we did see a decline in subverticals, and this offset the car growth in the private segment.

So we have already discussed Sweden, but let me just mention that we launched new packages to dealers on February 1. We delayed the price increase to May 1, which will now be implemented. And this leads to the pro ARPA being at the same level as last year in this quarter. Car volumes for pro are in line with last year. But just like in Norway, this was offset by a drop in the subverticals.

For private, ARPA growth continued, which is driven by the value-based pricing that we introduced last year. Volumes were, as we have discussed before, impacted by the platform transition and were down across categories in Q1, but worth saying that the trends were improving in March.

Then in Denmark, here, we now report the same KPIs as we do in Norway and Sweden for our professional business. This is after the change that we made to the business model going from pay per day to pay per ad. We are replacing the pay per day gradually, and this will be phased out.

There is a strong starting point for the pro ARPA at SEK 644. This represents, let's say, an underlying growth, which is similar to the levels that we have in the other countries, around 15% to 20%. And I think this really represents the strength that we have with our Danish position.

Now after a strong year for used cars last year, pro volumes declined at the start of 2026. This was particularly true for combustion engine cars and the lower-priced segments. And this was driven by a combination of, let's say, dealer adaptation to our new model, but also a market development where we saw softer domestic demand and an increase of exports of around 35% this quarter. So you can say that roughly 50-50 of these effects were driven by the market and by the changes in the business model, respectively.

The decline that you see here in private ARPA is explained by the reversal to the free-to-list model for cars priced below NOK 50,000 on DBA. And the Bilbasen volumes remain somewhat under pressure as dealers continue to source directly from private sellers. But also here, we saw an improvement in the trend in March, and this seems to be holding up also in April.

So moving then to the financials. Overall, revenues in Mobility increased by 5% in Q1, classified revenues grew by 3%. And this time, I would actually like to comment on each country specifically as the situation is very different in each one. Norway continues to deliver strong development, 21% revenue growth, primarily then driven by the professional segment. We have talked about the Blocket transition challenges in Sweden. This, of course, contributes to the negative growth, where Sweden saw a decline of 7% in classified revenue. And the softer volumes in Denmark led to weak classified revenues development also here. So Q1 ended up slightly 2% up.

Looking then at the transactional business. Here, we continued to deliver well with 15% growth, driven by strong quarters in both Nettbil and AutoVex. And advertising also remained on growth in Q1, up 7% year-on-year, most notably in Norway.

And OpEx, excluding COGS, increased 6%, primarily driven by increased marketing investments in Sweden. And this leads us to an overall EBITDA increase of 2% over Q1 last year, resulting in an overall margin of 48%.

Moving to Real Estate. And here in Norway, ARPA increased 20% year-on-year. This was driven by residential for sale, where we had 19% ARPA growth.

And in Finland, we, at the beginning of the year, successfully pivoted our business model to, let's say, a fixed monthly structure, and this was done to improve monetization. And as a result of this, you can see that we have adjusted our reporting metrics. So we have moved away from ARPA to ARPO, average revenue per office. And ARPO isn't directly comparable to the old ARPA. But if we do, let's say, a like-for-like comparison of realtor revenues, we can indicate an approximate increase of around 25% year-on-year.

Turning then to volumes. And in Norway, residential for sale declined 5% in Q1, but let me also here remind you that Q1 last year was an exceptionally strong quarter. And also the earlier timing of Easter this year impacted Q1 because what we usually see is that the listing activity cools off in the weeks leading up to the holiday.

And in Finland, after changing to the new business model, we are no longer reporting on the listing count, but instead, we follow the total number of offices as the core volume metric that represents the new operational reality. And here, I just want to say that we are satisfied that we retain almost all Finnish realtor offices as our customers post this transition.

Classifieds revenues for Real Estate grew 11% year-on-year in Q1, primarily then driven by the strong double-digit ARPA growth across multiple segments actually in Norway. Total revenues in Finland grew 28%, driven by the business model change that I just explained. And our transactional businesses, Qasa and HomeQ continued solid growth with revenues up 20% year-on-year. And on costs, OpEx, excluding COGS, increased 3% year-on-year. And this, in total, led to -- that the EBITDA reached NOK 164 million in the quarter, which is up 30% year-on-year with a margin of 48%.

So to Jobs. Here, we also continue to deliver strong ARPA growth, 13% year-on-year. This improvement was driven by upsell revenue growth and continued modification of our discount model. Volumes, as you can see, continue to decline somewhat slower than we saw in Q4. This development mirrors what we see in the overall market and in the publicly available figures. So this means that in Q1, Jobs delivered 8% revenue growth, the 13% ARPA growth more than offset then the 4% volume decline. And OpEx, excluding COGS, decreased by 2%, and this led to an EBITDA growth of 18% year-on-year with a margin of 64%.

And then finally, Recommerce. And here, if we look at the gross -- the transacted gross merchandise value, we have a mixed picture with a very positive development in Finland with 44%, continued improvement in Norway with 19%. But at the same time, we see that in Sweden, we recorded a decline of 10% due to the Blocket platform transition and the temporary effects of that. Take rates remained solid across all markets with Norway and Finland reaching 16% and 17%, respectively. And this means that Recommerce revenues increased 20% year-on-year, driven by a 24% increase in the transactional revenues.

Classified revenues increased as we saw strong growth in private classifieds, which more than offset the decline in the pro segment. And advertising revenues increased 30% year-on-year, driven by increased activity in all our markets. And we continued improvement of the gross margin in Q1, driven by several successful initiatives around COGS and pricing.

OpEx, excluding the COGS, declined 1% year-on-year, and this was primarily driven by FTE reductions and increased AI automation. And I think it is really good to see an EBITDA improvement of NOK 43 million year-on-year. This is actually a 25 percentage point margin expansion. But it is worth noting that this EBITDA performance was supported by one-off effects of sponsored shipping campaigns for around NOK 6 million and low marketing spend in general.

If we look going forward, the underlying transactional margin will remain healthy, but we think that will be stabilizing a bit more as we move past these, let's say, campaigns. And we also expect marketing expenses to increase in the coming quarters, both due to -- due to seasonal campaigns that we have scheduled across our markets.

So with that, I'll hand it over to PC to go through the financials.

Thank you, Christian, and good morning, everyone. Let's move to the financials for Q1. As previously mentioned, revenue and EBITDA for the group and also for the verticals were announced at the trading update last week.

So let's just summarize the key figures. In total, revenues on a constant currency basis grew 2% compared to Q1 last year. This is driven by solid underlying revenue growth in Real Estate, Jobs and Recommerce, while Mobility saw a somewhat muted growth momentum. Revenues in other/HQ, as expected, declined 63% due to the exit of the TSA with Schibsted Media. Total EBITDA ended at NOK 563 million, 36% up versus last year, driven by positive developments across all our segments, in particular, Real Estate, Jobs, Recommerce and also other/HQ.

Christian has covered the vertical performance, but let me give you some more context on the other/HQ segment. At the end of 2025, the TSA services for Schibsted Media were fully terminated with the mentioned significant impact on the revenues. EBITDA ended at minus NOK 72 million in the quarter compared to a loss of minus NOK 110 million in the same period last year. We have accelerated our cost reduction and delivered ahead of our original plan, more than offsetting the declining revenues.

Now let's take a closer look at the cost development in the quarter. As this slide shows as before, focusing on OpEx, excluding COGS. In total, OpEx, excluding COGS in the quarter declined by 12%. Other costs decreased by 34%, driven by positive effects from the company simplification and cost efficiency agenda, in addition to some one-off costs that we have mentioned in 2025, in particular, the big kickoff that we have starting 2025. Personnel costs increased by 1%, reflecting increased personnel costs in the verticals, largely offset by the decline in the other/HQ segment. Total marketing costs increased by 15%, driven by some increased activity across all our verticals. Overall, this resulted in an almost 9 percentage point improvement in OpEx, excluding COGS over revenue from 63% in Q1 last year to 55% in Q1 2026.

This time, we have added an FTE overview to highlight the reduction and development in FTEs from the CMD in November 2024 until Q1 this year. Total number of FTEs has declined at around 290 since the time of the CMD. The reduction is, as expected, concentrated around our common functions and customer operations, driven by the execution of the Vend's simplification and cost efficiency agenda, including the exit of the TSAs with Schibsted Media.

We have increased FTEs in Mobility and Real Estate to support the growth of both the core business but also our scaling business. And these increases also reflect some movements between common functions and the verticals. For Jobs, the decline is mainly driven by the exit of our Jobs business in Finland and Sweden, while Recommerce have driven quite significant reductions from an operational perspective.

Our total product and tech organization across the common functions, but also what is included in the vertical numbers is around 800 FTEs. And this is around 100 FTEs lower than at the time of the CMD.

At our trading update last week, we announced the carrying value of Vend's 14% stake in Adevinta has been revised down to NOK 7.2 billion, and this is NOK 8.9 billion lower compared to Q4 2025. The reduction is due to the following factors. We received cash proceeds from the Adevinta Spain transaction of NOK 3.2 billion in the period and around NOK 6 billion is attributed to the effects of the clear multiple contraction that we have observed during the quarter.

The underlying performance of Adevinta is solid. And as you can see, we have made a small upward adjustment of NOK 200 million based on better performance in 2025, partly offset by some negative currency effects during Q1.

Going forward, we will, on a yearly basis, provide the high-level metrics for Adevinta. The 2025 full year revenue and EBITDA numbers for Adevinta shows strong underlying operational development with total revenue growth of 9% and adjusted EBITDA increase of 30%. Total net debt at the end of 2025 stood at EUR 5.9 billion.

Let's move to our operating profit that increased to NOK 331 million compared to NOK 222 million in Q1 last year. The positive development reflects the improved EBITDA, partly offset by some increases on depreciation and amortization costs and somewhat higher net other expenses.

As mentioned on the previous slide, the fair value of our 14% stake in Adevinta has decreased from NOK 16.1 billion to NOK 7.2 billion in Q1. Adjusted for the capital distribution of NOK 3.2 billion, a loss of NOK 5.8 billion was recognized as a financial expense in the quarter. In totality, net loss for the group ended at minus NOK 5.5 billion.

Now let's move to cash flow. Cash flow from continuing operations, focusing on operating activities ended at NOK 485 million compared to NOK 254 million in Q1 last year. The increase is mainly driven by the improved EBITDA, but also some positive effects related to working capital and provisions and lower paid taxes, partly offset by increase in net interest payments. Cash flow from investing activities in Q1 ended at plus NOK 2.9 billion, mainly driven by the capital distribution from Adevinta Spain. CapEx was NOK 116 million in the quarter, slightly lower than Q1 last year. And finally, cash flow from financing activities ended at minus NOK 1.5 billion due to the share buyback program.

In accordance with our principle for capital allocation, we continue to distribute and return excess cash to our shareholders. We delivered solid operational cash flow. And in addition, we have received proceeds from Adevinta Spain and our own transaction with Lendo and Mittanbud. The NOK 2.0 billion share buyback program that we announced and started in November was completed in April this year.

At the end of Q1, we had a strong balance sheet with a net cash position of NOK 3.4 billion. Fully in line with our policy of paying a progressive dividend, the Board has proposed an ordinary dividend for 2025 of NOK 2.50 per share, amounting to NOK 527 million to be resolved at the Annual General Meeting later today. And then today, we have announced a new share buyback program of NOK 4.0 billion with the first NOK 2 billion tranche being launched already now in the coming week.

Now let's take a step back and look at our midterm targets. Just to wrap up, I'd like to reiterate that our strategy, our medium-term target and our capital allocation principles that we announced at the CMD remain unchanged.

For 2026, we have communicated that we expect our verticals to grow in line with the medium-term targeted range. And as we have talked about last week and today, Mobility in Sweden and Denmark have had a slow start, and we now expect full year revenue growth for '26 in the mid- to high single digit growth range for Mobility as a whole, and this is below what we expected earlier of 12% to 17%. The medium-term targets remain unchanged for Mobility also. The other verticals are expected to deliver revenue growth in line with their respective medium-term targets.

In other/HQ, as before, we expect revenue reduction in 2026 to be around NOK 300 million compared to '25, and this is reflecting the termination of the TSA with Schibsted Media, but also effects from our own exit processes with Lendo, Prisjakt and also Delivery overtime.

On cost, based on the current progress and additional measures, we expect 2026 full year OpEx, excluding COGS, to decline by approximately NOK 100 million compared to '25. This represents a revision of the commentary at the Q4 report where we expected the cost to be broadly stable in 2026.

Overall, we remain committed and confident in our ability to deliver on our medium-term target, supported by our growth initiatives, a simplified portfolio, continued platform consolidation and a sustained cost discipline.

And with that, I hand over to Jann-Boje to guide us through the Q&A.

Thanks, PC. A lot of raised hands already here on Teams, which is good. And first up, we have Yulia at UBS. So Yulia, please unmute [indiscernible].

I have 2, if that's okay. The first one would be about the macro environment in Norway. How would you summarize it? And on the back of it, if you could comment on the number of new approved listings by vertical in Norway in April? And do you see any changes on the back of the macro situation?

And my second question would be about Blocket and the planned price increases. So just given the volumes still remain down year-on-year, you've seen some pushback in the beginning of the year and competition seems to be increasing. What gives you comfort that you will not face an elevated volume headwind as a result of these price increases?

Okay. On the macro in Norway, I would say it is fairly okay. But of course, we do see some challenges in Jobs, in particular, that's kind of where we have seen a reduction. But I wouldn't say that there are any big changes in the macro in Norway as it stands. I don't have any comments on the NAA for April.

Then when it comes to planned price increases, we are now, as we said, implementing the price increases for the professional segment. We have confidence in that, that is a segment that is holding up really well. We see that we -- the volume level is stable. We are delivering really well when it comes to leads. So there is an intact, let's say, willingness to pay from the professionals. So we have high confidence there.

On the private side, we have postponed further, let's say, price optimization to really make sure that we fix and resolve the situation in the private segment before we kind of continue that task.

Thanks, Yulia. Then next, we have Will from BNP. Will, if you can hear us, please go ahead.

A couple from me. Firstly, traffic dynamics are a bit harder to unpick for them versus some of your listed peers considering the size of your generalist business. So for each of your key units, which I would describe as Norway Property, Norway Autos, Swedish Autos and Norway Jobs, could you give us a bit of an overview of traffic trends? And typically, as long as kind of relative traffic trends versus peers have been fine, historically, investors wouldn't be too focused. On the other hand, at the moment, with potential risk around AI, could you talk to how LLM traffic has developed in those segments? And in particular, does the generalist business give you an additional moat? So for example, is there a lower rate of LLM traffic than some of your peers, which are already quite low?

And then secondly, could you give us some commentary around the absolute central cost number for 2026 and 2027? From history, there's a certain reticence to comment specifically on that, but it's quite important here and there's quite a few moving parts. And if you're not willing to, could you kind of give us some insight as to why that's difficult and what particular elements of the outlook are harder to comment on for central costs?

Yes. So the first question was around traffic, and it was a quite detailed question. I think I'll try to keep the answer on a relatively high level. We have around 300 or more million visits per month to our sites. I would say, in general, our traffic is fairly stable in our key positions. The exception, of course, now is Blocket, where we have seen a shift. We kind of keep the reach on a monthly basis. We reached the same number of users. But we see that each user is visiting us less frequently, and that is the key topic that we are working on when it comes to, let's say, the traffic numbers. So that's important.

Then when it comes to AI and LLMs, the volume of traffic from LLMs is still very low, and there hasn't been a significant shift in that number. And I do think that we see the Recommerce vertical as a positive in -- for our totality when we think about, let's say, the moat that we can have against AI and LLMs because, of course, Recommerce is one of our most visited verticals and most frequently visited verticals as well. So it is definitely a strength for us in that sense.

I guess I can take the cost questions on central costs. If you look at -- start a bit on the total, we have been quite clear that our total cost base from the CMD and towards the midterm should go down in absolute terms and significant down in relation to revenue.

The biggest change in the cost structure and the cost base will be in the central and the common function. That is also something that you can see if you look at the FTE details that we provide today. So that has already happened and will continue to happen going forward. And this is where we have then -- we see the biggest effects of the big change from the old company and the Schibsted used to be with the new pure-play marketplace company and particularly now also then with the exit of the TSAs with Schibsted Media.

This is also where we see the positive effects from a cost perspective once we are exiting our own companies with Lendo, Prisjakt and Mittanbud. And we are just in the middle of that. I mean we're still serving Lendo as a TSA until after summer as an example. So we are in the midst of this journey to reset the cost base. And then, of course, on the bottom line, we're also losing some revenues as we talked about earlier today.

But all in all, I think we have said for 2026 that we expect other/HQ. Earlier, we said that we are prepared for a drag of up to NOK 100 million. We revised that in Q4 to NOK 50 million. And I think with the updated, let's say, cost measures today, you should expect that EBITDA will be broadly stable for 2026 versus 2025, reflecting the updated message on cost. And then this will also continue beyond 2026.

Just one quick follow-up. In terms of Norway Jobs traffic, is there any trends to pull out there? Or is that consistent with the others, perhaps an area of particular investor scrutiny?

Yes. The Jobs position is holding up really well. It's at its, let's say, highest level ever when it comes to, let's say, awareness, top of mind and these things, and it enjoys very high traffic. So there's not been any negative development in that area.

Thank you very much, Will. And then next, we have Ed from Morgan Stanley. So Ed, could you please go ahead with your questions?

Sure. Two for me as well, please. First of all, on Finland, I just wonder if you could give a bit more color around the switch to the subscription model. It's obviously been a business you've talked about for some time having a lot of latent potential, but why the slightly different commercial format. I wonder if you could give us some context around the competitive and commercial situation to help us understand that change.

And then second of all, on the AI mode unit, it's an interesting initiative. I just wondered if you expect to produce anything tangible that we'll be able to see on some sort of given time line? Or is this sort of very much sort of a demonstration of sort of background R&D and it may come to something or it may not?

Yes, great questions. So the switch we made in business model in Finland was where we go from a listing-based model to, let's say, an all-you-can-eat model where we charge a price per office. So we really think that, that is a beneficial model to make sure that we capture all the volume in the market because you have a subscription and you get -- you will post everything in a sense. And it's also a quite robust model in a volatile market. And when we introduced it, we also then took the chance to raise prices and starting that journey given the strength that we have developed over the last few years.

And then when it comes to the AI mode unit, yes, the intention of that team is, as I said in my introduction, to develop let's say, an AI native experience, what would the marketplace look like if we were starting today, right, not having all the legacy. That's why I have said it on the outside so that they get free reins in a way. And the idea is definitely that they will produce something that is tangible and used by many of our users across our markets.

Thanks so much, Ed. Then we can go to Oslo with Petter from ABG. So Petter, please go ahead.

So I can start with 2 questions. I can take one by one at a time. So Christian, on the Mobility in Sweden, you are talking about fixing things in the private segment. What do you need to fix there to improve that?

Yes. So we -- just to be very clear on that, we have already fixed many things in Sweden, and that's also why we see improved trends, both when it comes to listings and when it comes to traffic in total and in our apps.

But there are a number of things that we can still do. We will -- for example, as I mentioned, we are driving more traffic to our apps where we see higher engagement and better loyalty and so on. We're also working on improving the app in general. And also improving the search experience is a key topic for us. Categorization, how you search, all of those things are examples of things that we are working on and a number of small things as well.

Okay. And then on costs, PC, in Q1 now, I mean, costs are down NOK 120 million, I think, excluding COGS, and you're guiding costs down NOK 100 million. So that means that we are basically then saying flattish costs for the remaining of 2026. And you just mentioned that you are still having some serving Lendo as on costs. So how should we see this? And also in the context of your target saying 40% OpEx to sales in 2027.

Yes. Thanks for that. I think we at NOK 116 million is the number that we were down in Q1. Just remember, Q1 has quite easy comps on last year because we have now reduced our costs with the TSA and last year, we carried quite a lot of cost. And you will not see that repeating 4 times during the year. So that will gradually become smaller, that sort of positive effect year-on-year. In addition, also last year, we spent around NOK 25 million on the company event and that we don't have this year. So in one way, it is a bit bigger decline than what you should expect going forward.

But you are right, if you just take the headline numbers, that means that the total cost base will develop quite stable for the remaining 3 quarters as we now have guided on. And I think if you look at Q1, you see that the personnel cost is actually increasing slightly. And so there's no major shift expected on the personnel expenses.

And then year-on-year, the other expenses will sort of gradually come down and be more stable as well. And then we have reserve flexibility on the marketing to make sure that we have enough capacity to invest into strengthening our positions, defend our position, and we have talked about the situation in Sweden and in Denmark. So I think those pieces together is what sort of compromised the totality of our NOK 100 million reduction in costs year-on-year.

Thanks, Petter. Then next, we have Andrew from Barclays.

Two from me as well, please. First one is for PC on the guidance. There's obviously quite a lot of moving parts here. So it would be helpful if you could be specific in terms of how you feel about where the current consensus EBITDA sits for 2026, which I believe pre your trading update was around NOK 2.6 billion. Could you give us the moving parts in terms of what could or could not mean you can get to NOK 2.6 billion? First question.

And then the second one is on Denmark Mobility. I feel like you're being maybe a little bit more vocal about there being some issues with dealers around the pricing model migration there. It would be helpful to get a lot more color in terms of what those issues are and why you have confidence that we're going to work through those in Denmark, and we're not setting ourselves up for a few quarters of disappointment there.

I can start on the outlook. So I'm not going to give any specific comments around EBITDA for a year or versus consensus. Just to remind the structure that we have in place where we communicate the expectations on the revenue growth for all our verticals and also for other/HQ. So with the updated now, you should assume mid- to high single digit growth for Mobility, 12% to 17% for Real Estate, 5% to 10% on Jobs and then Recommerce be above 20%. And then we have comment on the minus SEK 300 million year-on-year on other/HQ.

So there, you have a quite good, let's say, structure in terms of assessing the revenue development. And then we have commented that the total cost development, excluding COGS, is expected to go down around SEK 100 million. So then you can use those pieces and then compare that to the current market expectations.

Yes. And on Denmark, let me explain a little bit the backdrop in Denmark because this market is in a quite specific situation with a very intense EV transition. So new car sales is performing well. That usually translates to also good used car sales. But in fact, what we're seeing now is a reduction of around 10% in used car sales in Denmark.

One reason here is that there's a lot of exports of combustion engine cars to other markets. That increase was 35% in this quarter. So that's kind of one side of it. That represents half of, let's say, the volume or, let's say, the impact on Denmark.

And the other half is then a result of the business model change. And as I said, there are price increases baked into the business model change, but there are also changes in behavior from the dealers, for example, that they do less relisting of cars. They didn't have to do that in the pay per day model. Now we have to incentivize them to do it, less dual listing of both for sale and leasing cars. And there are also some -- for example, if you're exporting a car that -- in the old model, you would just list it for a few days before it was exported. Now you will wait in doing that.

So I think we are working really actively on resolving these things. So making it easier to relist -- thinking through how we are going to incentivize people to do double listing, being clearer in our communication about the value that we provide to the car dealers and of course, just being in constant interaction and dialogue with our customers and car dealers in Denmark.

Thanks, Andrew. Then we can go back to Markus from SEB. So Markus, please go ahead.

[Technical Difficulty]

Markus, can you hear us?

We can't hear you. So maybe put you back in the queue and go to Henriette from Danske and take you later, Markus. So Henriette, please go ahead.

Two questions for me. First, on Blocket. Have you seen any further change in listings following competitor Tradera receiving car listings from [indiscernible] from April?

And also a follow-up question on the OpEx guiding for '26. If I understand you correctly, you expect personnel costs and the employee base to be broadly flat year-over-year. So further employee reduction is expected from '27 onwards. Can you elaborate a little bit on this?

So on the Blocket situation first, it is true that the competition has intensified somewhat. What we see is that it's not affecting our numbers as we can see. If you look at Tradera, it's now kind of stabilized at around 15,000 cars compared to around 140,000 for Blocket. So we are still way ahead. Same when it comes to traffic, they are at around 20,000 daily. We are 35x higher than that. So I think we have a good grasp of that situation.

Where we see, let's say, more competition is for the lower-priced cars. Those have, to some degree, moved to, for example, Facebook groups, as an example, or Facebook marketplace.

And then on your cost question, I'm not going to give sort of exact outlook by cost line, but I can repeat and reflect a bit on the total situation, right?

So what we saw in '25 was quite a big reduction in cost also on the personnel cost because of the structural changes of exiting the TSAs with media and cleaning up the cost structure, particularly in our common and support functions. Then also for '26, we don't have these bigger structural changes as we had in '25. And in '27, we expect more effects once we have come past the transition milestones that we are still in the midst of right now.

And then as I just referred to earlier in the question was that the cost base was quite stable in Q1. So don't expect any major shifts in the coming quarters. But we will, as you have seen over the last quarter, continue to work on our cost base, work on our FTE base, and you should expect it to gradually go down also from the current levels that you see. And then also just remember that there is salary inflation coming in, particularly in the second half, eating up some of the potential reductions.

Thanks, PC. Then we have next Olav from Pareto Securities. Olav, please unmute.

Can you hear me?

Yes.

Two questions from me here. Could you help us unpack a bit the 2026 guidance downgrade in Mobility across geographies to help us understand like how much stems from Sweden and how much from Denmark?

And then secondly, can you give some color on how dealers in Sweden have distributed across the new package tiers and then also try to compare it to Norway at the same point in time last year?

Do you want me to take -- I can take...

You take the guidance.

Yes. [indiscernible] the guidance. No, we're not going to give you sort of a geographical breakdown of that. We're measuring the Mobility on the total business and total revenues. But I mean, if you look at what we have talked about today, Norway is developing well and in line with our expectations. So you should read the reason for the downgrade is the situation that we have in Sweden and also in Denmark. But I'm not going to give you sort of a breakdown of the split between those 2 markets.

And when it comes to the package distribution, I can give you some rough numbers, but also keep in mind that as we are now implementing, let's say, the price change for this, the distribution may change. So roughly speaking, it's around 60% or so on the base package, so -- which is higher than what we have in Norway. There's very few on the medium package, around 5%, 6% and then the rest is on the largest package. So that's the situation right now, and it may change, as I said.

Very good. Then we have Giles from Jefferies.

So my first question was on the AI unit. And Christian, I was curious to know what's actually changed here because as far as I'm aware, you've had a 40%,50% AI unit for a couple of years now seeking to drive AI through the organization. So what's actually going to change there? Is it the number of resources? Is it the scope? Is it the pace? What's actually changed?

Secondly, [indiscernible] Recommerce 10% decline you spoke about platform migration, but that was completed in Q4. So I'm wondering if there's a competition in that decline. And then finally, sticking with the same [ team ] of Recommerce, we've obviously had plenty of results now and they're printing a level of GMV growth that's a multiple of yours on a blended basis. And I think they would attribute it to the focus on driving down the cost to serve and driving up convenience and the vertical integration as a part of that. So Christian, are you still thinking that selling Delivery is the right thing to do?

I didn't hear the second question, to be honest. If you can just repeat the second question. We can start with the first one there, Giles, on the AI mode unit, and then we take it step by step.

So on the AI unit, yes, you're right. We have a unit already that we call Department of AI. That unit's mandate is to really support the rest of our organization in driving both AI adoption in ways of working, but also in integrating AI into our products. That department will continue to work exactly as it has. They are doing a really good job, and it is kind of why we see the great rollouts of AI in our products.

This new team will be a small separate and stand-alone team that will have the mandate to rethink the marketplace experience with an AI native back, so to speak. So it's a different mandate from the department that we already have.

And then your second, was your question whether it was right for us to sell Delivery? Was that sort of the summary of the question? Yes. So I think...

In a sentence, yes.

Yes. So I think the -- our assessment hasn't changed. Distribution logistics is an important part of the Recommerce business, but we don't see the need that we own our own distribution business. But we are interested in securing competition in last mile in the Norwegian -- in any market, but particularly here in the Norwegian market. So that is a focus for us, but we don't see that we need to own that business.

And then the last question was on -- the last question was on...

Yes, go ahead, Christian. Go ahead.

I'm not sure I got the entire question here either. But of course, Vinted has impressive growth across Europe. It shows the potential of Recommerce in my view. We also see good growth in our markets. And it is about, as you say, making sure that this is cost efficient for people to buy used instead of new and also make it really easy and convenient. That is kind of driving adoption of Recommerce.

Thanks, Giles. And then Markus, we can try again from SEB, if you can unmute and try again.

Yes. Can you hear me now?

Perfect.

So if I understand you correctly, my first question here is on Blocket has really progressed as we could hope and expect since we reported in February, and it seems to be -- it could be at a good run rate for the second half, it seems. So for the guidance downgrade, what surprised you in March, April? Is it that Denmark trend is more sticky than we could hope? Or what surprised you really over March, April? And it would be helpful then to understand the trends from February, March, April. Where is it going in the wrong direction?

I wouldn't say that it is going in the wrong direction. It is right that you say that Blocket is progressing in positive direction on key metrics, but the work is not done yet. And we recognize that this will take some time throughout this year to have a focus on putting Blocket back to growth in a way, and we will really focus on that.

And then in Denmark, I think we have got a better grasp of the situation in Denmark after this quarter and that kind of resulted in the conclusion. I don't know if you want to add anything.

A couple of points maybe. In our outlook, we have not assumed any significant price events in the private segment. Our focus now is really to stabilize situation, improve and protect the position of Blocket also within the private segment in Sweden.

And then in Denmark, it's a bit hard to say. We try never to give an outlook on how markets develop because it's very difficult. But we don't assume in our outlook a reversal of the market dynamics that Christian talked about. So that is an unknown in our outlook. So we just try to provide our best view based on what we know and what we expect for the rest of the year.

So a short follow-up on that on traffic for March and April in Blocket and Bilbasen. Where is it year-over-year in March, April in the works for Mobility in Blocket and Bilbasen.

So we are not disclosing exact numbers, but it is in Blocket improving week by week. So we are closing the gap in that area.

And in Bilbasen, is it...

Again, not commenting on concrete numbers. I mean, the traffic is not an issue in Bilbasen. It's the other things that we have mentioned that are the things that we are working on there.

Thanks, Markus. And then I can still see ahead from you, Jos, but I guess it's an old hand. If not scream out. And with this, I think we can conclude the Q&A and the presentation today. And thank you so much for tuning in and maybe some of you at the AGM later today.

Thank you.

Bye.

Good morning, and welcome to our Q4 results presentation. As usual, Christian, our CEO; and PC, our CFO, will walk us through the performance and key developments in the quarter. This time, we will also spend a bit of time on AI to share our perspective, and we know it's a topic which many of you are interested in. Afterwards, we will, as usual, have a Q&A session with financial analysts, which you can join by Microsoft Teams. So please go to the website and find the link. Let me then just show the disclaimer slide to go through. And then Christian, the floor is yours.

Thank you very much, Jann-Boje. And good morning, everyone. Very happy to be here to present our Q4 results today. But I -- just quickly, I wanted to take a moment first to reflect on our 2025 results as a whole. Because 2025 was a defining year for Vend, it was a year where we delivered on key strategic priorities and where we made good progress towards our financial targets and a year where we fundamentally reshaped this company. Vend now is a much simplified marketplace company with a leaner cost base and with a sharp focus on our 4 Nordic verticals. And I'll come back to this in just a little bit. .

The results that we present for the fourth quarter today are strong. They demonstrate the resilience of our business, and they come as a result of targeted efforts in line with our strategy. Group revenues remained rather stable at NOK 1,510 million, this reflects, on one hand, anticipated headwinds, both in advertising and soft volumes in Jobs. But at the same time, disciplined focus on monetization and ARPA was very strong with the 15% to 20% growth in several of our key segments.

The growth in Classifieds revenues, combined then with the disciplined cost management, delivered exceptional results in terms of profitability, and group EBITDA rose with 53% year-on-year and ended up at NOK 491 million. This represents a margin expansion of 12 percentage points to 32%. Let me also mention that the EBITDA for the full year increased 30% compared to 2024. And I think this is a good opportunity to thank my team and all our fantastic employees for their efforts to make this achievement possible.

Now in the last quarter of the year, we also continued our simplification agenda. We sold our skilled marketplace portfolio, also several of our venture investments, and we removed the dual class share structure, and that means that we are now operating with this one share one vote system.

We also reached a major technical milestone in November with the migration of Blocket to our common Aurora platform. I'll also mention this a little bit more in detail in a few minutes.

Finally, reflecting our solid financial position and confidence in our trajectory, we launched a new NOK 2 billion share buyback program in Q4 and last evening, the Board also resolved to propose increasing the ordinary dividend for 2025 to NOK 2.5 per share compared to NOK 2.25 last year.

In November 2024, we presented our strategic agenda at the Capital Markets Day in Barcelona. And today, I'd like to give a summary of our progress on this plan since then. And I already touched upon some of the simplification measures that we have done with our organization. Now first of all, our cost level is significantly reduced. If we look at our OpEx to sales ratio excluding COGS, that has improved by 8 percentage points from 65% to 57% compared to the baseline we presented at the CMD. We have now also found homes -- new homes for most of our noncore assets. And I also want to say that the sales progress for delivery is progressing well.

We've simplified the company structure materially. The separation from Schibsted Media has been completed. And as mentioned, we no longer have this dual-class share structure.

As mentioned at CMD, verticalization is really the essence of our growth strategy. We have successfully executed on a number of, let's say, vertical-specific product and pricing initiatives that has resulted in a strong ARPA growth. And we have rolled out our transactional Recommerce model to all our markets. And the transition to one common platform is also on track with the Blocket transition in November.

On the expansion part, we continue to scale our transactional models in mobility and real estate. And we have seen strong growth in both Nettbil, AutoVex and Qasa through last year. In Finland, we reached the #1 position in real estate. And our focus now is to translate that leadership into a sustainable category leadership with stronger monetization. And last, but certainly not least, we have also forcefully executed on our capital allocation agenda, and we have returned close to NOK 8 billion to shareholders in 2025 alone, and our share buyback program is continuing into '26 as well.

So now I'd like to just tell a few more comments to the platform transition. This is the slide we showed at CMD and moving all our marketplaces, except Oikotie to a common Aurora platform is something we see has several benefits. It unlocks cost efficiencies. It supports our long-term monetization agenda because it means that we can roll out pricing and product innovations and structures simultaneously and uniformly across all our markets.

I would also say that it's a key to scaling our AI initiatives. It means that we can develop things once and then rapidly roll out those with few or no adaptations in all markets. And I said, this is the chart that we showed at the CMD. It shows that we still have some things to do. But all our main brands, except FINN in Norway and Bilbasen in Denmark are now on the common platform.

And I also want here to remind everyone that Aurora, the common platform, is built on the FINN technology, and the FINN business logic. And that means that the upcoming FINN transition is of a different nature. It's a more tech transition which then leads to the shutdown of the old legacy FINN platform. And that means that there are no kind of planned changes to the user interface or the product experience, which means that this is an initiative that carries low business risk.

Then I'd like to spend a few minutes on Blocket in Sweden. And Blocket continues to come from a position of strength. It's a well-known and highly loved brand in Sweden with lots of engagement across categories. And I think that is a very important context for what we've seen through this platform transition. Blocket -- our Blocket users really care about the Blocket brand and product. And many of the users have long-established habits, particularly in vehicles. So on November 18, we completed the platform transition for Blocket. And as in previous transitions in Finland and Denmark, we did expect that there would be some user and dealer reactions to changes in the product and in the user journeys. But it's fair to say that the reactions we have seen have been stronger. They have been more widespread than we expected. And we are also seeing some of that in the engagement on the site afterwards.

Early on, we did experience some technical issues with data and ad statistics to dealers. But I also want to mention that these issues were quickly identified, quickly resolved, but they do explain in part some of the initial reactions from the dealers.

If we then look at the metrics. On the professional side, the number of professional sellers, the number of professional car ads is in line with last year. Leads are slightly down, but that is also partly due to seasonality, but on the private side, new car ads are down around 27%. We've also seen that the user satisfaction has recovered more slowly than what we experienced in Tori and in DBA when we did those transitions.

But it's also important to say that conversion is better in the new product compared to the old Blocket product. And that explains why, for example, dealer leads and Recommerce transactions are much less affected than the overall traffic on the site. And I also want to say that we have seen improvements on these key metrics since the beginning of this year.

Of course, improving the Blocket situation is a top priority for Vend as we enter this year. And we are working continuously to roll out product improvements. We have a particular focus on the app experience, on the search and on the ad insertion for private ads. And of course, also, we are in parallel in continuous dialogue with both users and customers. We have increased our support as one example.

And from a commercial perspective, we have postponed the planned price increases to later in the first half of 2026. And our goal is to be a long-term partner with the car industry. And this initiative has been very well received by our customers. So our overall objective is quite clear when it comes to Blocket, stabilize usage, stabilize customer satisfaction and then kind of restore and build on the momentum from having a shared platform.

Then I'd like to turn to AI. And I'll begin here by reminding you of the incredibly strong positions that we have across the Nordics. The brands that we operate are 2 household brands. They're known and used by almost everyone in our markets. FINN, of course, is in a complete league of its own with 99% unaided awareness and close to 30 visits per capita every single month. And I really think this matters in an AI context because it means that our brands are really destinations in their own right. They're not dependent on traffic from other sources, whether that is from Google, social media or other sources, users come directly to our sites.

And importantly also, traffic from AI platforms today is negligible, even when users use AI tools, they still go directly to our sites to act on that. And that direct relationship with users is really visible. When you look at our engagement metrics, for example, 70% to 80% of our users are logged in, half of them are even identified with electronic IDs. So we know exactly who they are. More than half of our traffic comes through our apps, which is really the channel that is the most engaging. And this combination of trusted brands, direct traffic, deep user relationships is something that is extremely difficult to replicate, and what we believe is an incredibly strong starting point in this new AI world.

And it is really against this backdrop that we are, as we've said many times before, very excited about the opportunities that come from AI to improve the user and customer experiences. And we truly believe that we have the right assets to build winning AI products in the features. And in particular, I would say that we see 3 structural advantages that we have.

First, it's about the unique data that we have. This is our most important strategic assets. And we truly believe that the most powerful AI products come from combining, let's say, general-purpose models with deep structured and domain-specific data. And this is exactly what we have in our company. Of course, we will take active measures to protect this data. And the approach we will take will vary somewhat across verticals and brands depending on the strength of those. And it's also something that we will experiment with and adapt as we see the landscape evolves over time.

Now the second structural advantage is the vertical focus. Our marketplaces really support quite complex, high stakes and long-running user journeys. And -- this is really something that makes them particularly well suited for tailored AI solutions. And we will work, in particular with securing ad supply, improving discovery and matching and supporting better decisions for users and customers.

And thirdly, we benefit from scale. Common Nordic platform allows us to build once and roll out to all our markets. And already 18 months ago, we built up our department of AI that ensures that we have specialist competence across the organization. And then finally, I just want to mention again that we don't foresee any AI investments beyond the financial guidance that we have given.

So turning to data. And as mentioned, this is what we believe is a decisive differentiator when it comes to building the winning AI products. Of course, the actual data varies somewhat from vertical to vertical, but it broadly falls into these 4 categories. First, it's real-time ad data, and unlike e-commerce, as an example, all our objects are unique, and they are constantly changing. That means that the global AI platforms, if they're going to -- if they want this data, they either have to rely on crawled snapshots, which are quite quickly outdated or they have to rely on, let's say, on-demand lookups, which are slow. And both these approaches lead to a weaker user experience than what we can provide natively on our sites.

Secondly, we have aggregated and enriched data, which should build from both the ads and also the user behavior. These can be things like price insights, demand trends, popularity signals things and models that are proprietary to us and also quite difficult for these other parties to replicate.

And thirdly, we have a deep personal and behavioral data, of course, AI platforms will also know a lot about you as a person, but we truly believe that we have the most detailed insight into the intent that people have in our verticals.

And then fourth, we have transactional data. This is an area that is growing quite rapidly for us. Data from Fiks Ferdig, in Recommerce from Smidig Bilhandel, in Mobility Nettbil and so on. This really reflects actual transactions between people, including what you have bought at what price and so on. And altogether, this data is quite unique, I would say. It's something that we continuously develop and evolve, because this is what we believe will allow us to build the most personalized, the most accurate products for our users and customers.

As I mentioned, we established the central department of AI more than 18 months ago. And since then, we have developed, rolled out and tested a range of different AI features across the company, as you can see on this page. But I would also like to say that it is still early days. There isn't any established best practice out there yet. And our goal and priority is to experiment, to learn and then to scale what we see working.

And we will, in particular, focus our efforts on a few areas. It's about securing and improving the quality of ads. It's about improving discovery and matching and it's about providing users and customers with the best decision support.

And I thought it would be useful actually to show Jobs as an example because this is the vertical where we so far have launched the most AI features, and where we have also seen quite solid improvements in key metrics. And what we really see in Jobs is that the user and customer needs, they actually differ by stage of their journey, and as you can see also on this page, in the consideration phase, for example, when you're early, candidates explore more, let's say, the range of options that they have based on preferences they might have with regards to how they want to have their life or how they think about their career and so on. Then when you come into the more active search phase, the experience becomes more tailored towards more concrete job opportunities.

And then finally, when the candidate has found a relevant and attractive job, we use JobMatch to analyze the fit at that individual role level, helping that candidate make a decision whether this is the right opportunity or not for them. And I really think that this -- overall, these vertically tailored products that we build on unique data will outperform more generic AI platforms in delivering the best user experience for these kind of use cases.

And we are confident that we will be able to develop these tailored AI products. I think we have a history where we have shown that we are willing to innovate and we take that mindset with us also into the AI era, and we go into that shift with a quite strong position, I would say.

So let's move to the more, let's say, regular part of the presentation, and let's start with Mobility. Here, ARPA growth remained strong across all markets and segments in Q4. Professional ARPA was up double digit in every market. It was particularly strong in Norway. And that was following the package launch and also in Denmark, following price adjustments that we made both in January and in August of '25.

Private ARPA also showed solid momentum, most notably in Sweden. This was driven by upselling by the value-based pricing and new packages. And Denmark was softer year-on-year, and that came as a result of the reversion of to freemium for cars below NOK 50,000.

If we then turn to volumes. And here, we have already shared the volumes for October and November in our presilent newsletter in December. So I think you should know the general direction. In Norway, professional volumes declined. That was mainly due to weakness in the sub verticals, both motorcycles, caravans, which is a reflection of the macro environment. Cars, however, remained stable. Private volumes in Norway was increasing quite a lot, and this was driven by the tax changes regarding electric vehicles starting in January of '26.

Then in Sweden and also as we have mentioned on the previous slides, volumes were impacted by the platform transition. Professional volumes also declined, but this was due to the business model change that we have mentioned before in heavy machinery from -- where we went from a subscription to a paper ad model. Cars was broadly flat in volume. And private volumes were down broadly across our categories.

Then in Denmark, the market still remains a healthy market. That means fast sell-through rates. And that in the model that we had in '25, reduces the average daily listings for professionals. And the decline in private volumes reflects the introduction of the listing fees that we have mentioned before.

If we then move to the financials. Revenues in Mobility increased 11% in Q4 and supported by the strong ARPA growth, Classifieds grew 12%, and the transactional business model delivered 23% growth, and this was driven by a strong quarter in both Nettbil and in AutoVex.

Finally, I would say, advertising returned to growth in Q4, where we saw 3% year-on-year growth following the declines that we have seen previously. OpEx excluding COGS increased only slightly, and this is despite the continued investments in the transactional business and in our core product and platform. And then overall, EBITDA increased 21% over Q4 last year, and this results in a 54% margin.

Moving then to real estate. In Norway, ARPA increased 22% year-on-year. This was driven primarily by residential for sale, which delivered a 21% ARPA growth in Q4. And for the full year, ARPA in residential for sale was 12% growth.

And in Finland, ARPA increased 12% year-on-year in Q4, and it was supported by underlying drivers that we have also discussed before, price increases, mix effects between for sale and rentals, and also continued growth in upsell.

Turning to volumes. In Norway, residential for sale actually returned to growth in Q4, and that was after a decline in the quarter before. So we saw 3% year-on-year growth here. And this capped an exceptionally strong year for residential for sale, where ad volumes reached an all-time high, ending up 6% for the full year.

Total volumes for Norway declined 4%, and this was driven by lower activity in the rental segment together with commercial and leisure homes. And in Finland, total volumes were down 4% year-on-year. Residential for sale actually grew, but rental volumes continued to decline further, which is a reflection of the ongoing market dynamics in Finland. So in total then, Classifieds revenues grew 15% in Q4. This was driven by the strong ARPA growth and also the high volumes in residential for sale in Norway. The transactional business led by Qasa and HomeQ in Sweden continued to develop well also. And here, transactional revenues were up 31%.

And these businesses, of course, they continue still to be smaller in absolute terms, but they are actually becoming now increasingly so and a meaningful contributor to the growth in real estate. And then on costs, OpEx excluding COGS declined 4% year-on-year, and this is despite the marketing investments that we're doing in Finland, which I think reflects the solid cost control that we have in real estate. And overall then, as a result, EBITDA reached NOK 123 million in the quarter, and that is up 60% from the year before.

Then we have Jobs. Here, Jobs continued to deliver exceptional ARPA growth of 21%. This was, as before, driven by our segmented price model by adjustments to volume discounts and better upsell of distribution products. Same pattern as before, also volumes continued to decline due to challenging macro, and again, I just want to say that if we compare our volumes to, let's say, the available numbers from Statistics Norway, our numbers reflect what we see in the total national market.

Then in Norway, Jobs delivered 7% underlying revenue growth in Q4 and that means that the strong ARPA growth more than offset the 11% decline in volume. And OpEx, excluding COGS, decreased 22%, and this is primarily a reflection of the exits from Sweden and Finland as well as some FTE reductions in Norway. And in total, then EBITDA grew 33%, and this resulted in an EBITDA margin of 56%.

And then finally, we have Recommerce. And here, we saw transacted gross merchandise value continue to grow. Finland, in particular, delivered solid GMV growth in Q4. Well, as mentioned before, Blocket's GMV declined and this was a reflection of the temporary impact of the platform transition. In Norway, we also saw transactional volume growth. That improved to 15% year-on-year, and take rates remained solid across all markets, which is a reflection of the scalability of the model that we have in Recommerce. And in total, Recommerce revenues then increased 4%. That means that the strong transactional growth and the private growth offset a 19% decline in advertising as well as the continued phaseout of low-margin and noncore revenue streams.

Transactional revenues grew by 23% and we also had a continued improvement in the transactional gross margin. This was supported by both lower COGS as well as pricing initiatives. And here, it's worthwhile to remind everyone that in Q4 last year, we had a one-off of NOK 10 million in a VAT accrual that reduced the reported transactional revenues. That means that the underlying year-on-year growth in transactional revenues and in the total revenues for Recommerce then will be somewhat lower than what you see reported here.

And OpEx, excluding COGS declined 6% year-on-year, driven by both FTE reductions and increased AI automation. And EBITDA then improved to minus NOK 44 million, which is an equivalent to 16 percentage points margin improvement.

And with that, I will conclude my section and hand it over to PC to go through the financials in some more detail.

Thank you, Christian. Good morning, and welcome, everyone. Let's move to the financials for Q4. In total, revenues on a constant currency basis ended 1% below Q4 last year. This is driven by decline in the Other/HQ segment, offset by solid underlying revenue growth in Mobility, Real Estate, Jobs and Recommerce. Total EBITDA ended at NOK 491 million, 53% up compared to last year, driven by positive developments in all verticals. Christian has already covered the vertical performance, but let me give you some additional insights for the Other/HQ segment.

The year-on-year decrease in revenues in Other/HQ was, as earlier quarters, driven by a change in allocation model, combined with revenue decline following the termination of the TSA revenues linked to the split with Schibsted Media. At the end of 2025, TSA with Schibsted Media were fully terminated. Other/HQ had an EBITDA of minus NOK 76 million in the quarter compared to a loss of minus NOK 71 million in the same quarter last year. We have accelerated our cost reductions and delivered ahead of our original plan, but we're not fully able to offset the declining revenues in the quarter.

Now let's look closer at the cost development in the quarter. As before, this slide shows OpEx, excluding COGS. During the second half of 2025, we have been able to accelerate the cost takeout ahead of our original plan. This is a combination of earlier termination of the TSA agreements with Schibsted Media, but also a somewhat higher-than-planned cost takeout across our organization. In total, OpEx, excluding COGS, in the quarter declined by 17% compared to last year. Personnel costs were down 11% year-on-year, driven by significant FTE reductions, mainly from the downsizing process that was executed in 2024, combined with closing our jobs positions in Finland and in Sweden, but also ongoing FTE management throughout the year. Total workforce continues to decline, slightly down and now stand at 1,669 FTEs.

Total marketing costs were down 15% year-on-year, driven by the job exits, partly offset by higher marketing costs in Real Estate and Recommerce. Other cost has decreased 26%, driven by general cost reductions in addition to the mentioned termination of the TSAs with Schibsted Media. Overall, this resulted in more than a 10 percentage point improvement in OpEx, excluding COGS over revenue from 67% in Q4 last year to 57% in Q4 2025. Our operating profit for the quarter increased to NOK 234 million from a loss of almost NOK 1.4 billion last year that was impacted by the impairment in Finland.

Adjusted for impairments recognized in 2024, the positive development in operating profit reflects the improved EBITDA, but also somewhat lower depreciation and amortization costs and lower net other expenses. The reduction in other expenses is mainly due to lower costs related to restructuring and separation. The fair value of our 14% stake in Adevinta has decreased from NOK 18.9 billion in Q3 to NOK 16.1 billion now at the end of Q4.

Based on the updated valuation, a loss of NOK 2.8 billion was recognized as financial expense in the quarter. The decrease is due to multiple contractions in the industry, partly offset by improved performance in Adevinta. Our valuation methodology is kept totally unchanged. In totality, net loss for the group ended at minus NOK 2.5 billion.

Now let's move to the cash flow from continuing operations in Q4. Cash flow from operating activities ended at NOK 555 million compared to NOK 245 million in the previous year. The increase is driven by the improved EBITDA, but also positively impacted by lower restructuring payments, positive development in working capital, lower taxes paid, partly offset by some increased net interest expenses. Cash flow from investing activities ended at positive NOK 68 million, mainly related to the proceeds from sales activities linked to our venture portfolio, offset by CapEx of NOK 137 million in the quarter. And finally, cash flow from financing activities ended at minus NOK 1.2 billion, which includes repayment of interest-bearing bonds of NOK 681 million in the quarter and the share buybacks of NOK 448 million.

With our solid operational cash flow and significant divestments during 2025, we have, in accordance with our principles for capital allocation, returned a material amount to our shareholders throughout the year. We have paid out cash dividends of more than NOK 1 billion. Additionally, we have bought back own shares amounting to almost NOK 7 billion throughout ordinary share buyback programs, but also the reverse book bill that we executed in June.

Despite these significant distributions, we ended the year with a net cash position of NOK 210 million. During 2025, we have repurchased Vend bonds for NOK 753 million, of which NOK 681 million in the quarter. As of 30th of January 2025, we have around NOK 1.1 billion remaining of our ongoing NOK 2 billion share buyback program. The Board has decided to propose an ordinary dividend for 2025 of NOK 2.50 or around NOK 537 million to be resolved at the upcoming Annual General Meeting in April. This is fully in line with our policy of paying a progressive dividend and a slight increase from the levels of NOK 2.25 in '24 and NOK 2.0 in 2023. The scope rating of BBB+ with a stable outlook confirms Vend as a solid investment-grade company.

Now let's take a step back and look at our medium-term targets and how we are performing. Despite 2025 being a transition year, we have made solid progress towards the medium-term targets. At the CMD in November 2024, we highlighted ARPA improvements and transactional revenues as our key growth drivers. In 2025, ARPA has improved significantly across mobility, real estate and jobs. Transactional revenues within Recommerce, Real Estate, Rental and Mobility has increased more than 20%. In 2025, the strong underlying growth was partly offset by decisions to close down revenue streams, the separation from Schibsted Media and some volume headwinds. The announced and partly implemented product, packaging, go-to-market initiatives for 2026 across all our verticals are expected to support revenue growth in line with our medium-term targets.

Despite somewhat muted revenue growth, the vertical EBITDA margin has improved significantly throughout the year. Mobility, Real Estate and Jobs already have EBITDA margins around the medium-term target levels and Recommerce shows significant progress towards becoming -- having positive margins in the medium term.

Looking at our cost development, we are pleased to report strong progress against our targets. OpEx, excluding COGS over revenues, ended at 57% in '25 compared to 65% at the time of the CMD. CapEx ended at 8% compared to 9% at the same time period. The improvements in these ratios have been delivered on broadly flat revenues, showing a significant cost reduction. Going forward, revenue growth is expected to be the main driver for further ratio improvements towards the targeted levels.

Wrapping up, I'd like to reiterate that our strategy, our medium-term targets and our capital allocation principles that we presented at the Capital Markets Day remain unchanged. As we enter 2026, we have a sustained ARPA momentum across our verticals, reflecting our go-to-market initiatives. And as I mentioned, we expect these actions to support revenue growth in the verticals in line with our medium-term targets. Visibility on volume remain limited. At the same time, the underlying health and resilience in our marketplaces is strong.

In Other/HQ, we expect revenues to be reduced by around NOK 300 million compared to 2025, primarily reflected the termination of the TSAs, but also effects related to the ongoing divestments of our noncore assets. On cost, following the accelerated delivery of cost reduction in 2025, we expect our absolute cost base, excluding COGS, to remain broadly stable in 2026 compared to 2025.

Overall, we remain committed and confident in our ability to deliver on the medium-term financial targets, supported by our growth initiatives, a simpler portfolio, continued platform consolidation and a sustained cost discipline. And with that, thank you for joining, and let me hand over to Jann-Boje to take us through the Q&A.

Thanks, PC. I can see. Many of you are reconnected here on Teams. And first up is Hakon from Kepler Cheuvreux.

Two questions from me today. With the Blocket migration now completed and stabilization phase underway, when do you expect Aurora to start contributing more clearly to revenue or cost efficiency? And also on the Adevinta valuation, it was revised down due to peer multiple compression. Should we interpret this as a purely market driven? Or have there been any changes in underlying assumption we should be aware of in the period?

es. So I can take the Blocket question first. So yes, the migration of our sites to a common platform is a key pillar of our strategy, contributing both to cost efficiency and to revenue growth, as you say. And I would say that now that we have most of our major sites on this, it is already a driver to, let's say, increased innovation capacity and so on. So -- but we have also before said that most of the cost efficiency of it will come in '27.

And then on your second question, as I mentioned in my section, the modeling and the valuation model is the same. It's entirely due to market factors. It's actually offset a bit by improved underlying assumptions related to Adevinta.

Thanks, Hakon. Then next in line, we have Will Packer from BNP.

Three from me, please. Firstly, could we talk about your plans on ChatGPT integration? We've seen the likes of Scout and Hemnet sort of submit apps for the forthcoming app launch in Europe. I suppose your position is potentially a little bit different because of the huge traffic from FINN generalist. So any kind of insight as to how you're thinking about that strategic question would be useful. Obviously, the context that traffic is very low currently is very clear.

Secondly, in the context of all the noise around AI, I think it's fair to say that the Jobs segment is in particular focus. And could we just talk a little bit about the sustained weak inventory trends? So if I look at the Norwegian economy, we've seen 3 years of solid GDP growth, especially in '24 and '25. We've seen low unemployment, and yet we've seen a double-digit CAGR and decline in FINN Jobs inventory. Is that just because genuinely, there has been a 10% per annum reduction in available new jobs? To me, that sounds surprising. Is there some underlying market share loss or alternatives? Just some kind of commentary there would be helpful. And then on a related note, it feels like AI is not necessarily having a productivity positive impact within the job segment. You've got talk about AI slop tsunami, AI applications, AI job screening is not making the market more efficient. How do you see that as an opportunity for FINN Jobs? How can you exploit that? Just a little bit of color there would be helpful.

Yes. First, on the ChatGPT question. I think we have extremely strong confidence in the strength of our positions. And based on that, we don't see it as the -- let's say, that it's necessary to be the first mover on having an app in ChatGPT. But we are -- so that means we don't have any current plans of launching ChatGPT app. That doesn't mean that we're not evaluating it. We are evaluating various options for, let's say, controlled data distribution through these AI platforms, and that includes apps as one option also. So let's see where we end. We are following the evolution and yes, we will come back to that later.

Then on Jobs, first on the volume part, it's important to remember that there was a huge boom with COVID. And it has actually been a negative trajectory since then. And we are now back to volumes that are more, let's say, in line with the volumes that were before the COVID boom. If we follow our volumes compared to, let's say, the national statistics, they are very much in line. So there are no indications that we are losing market share as such. And in fact, if you look at many of the parameters that we have, let's say, in unaided awareness and things like that, we are actually coming out stronger in the Jobs area than we did before.

Then on a more broad question around how will, let's say, the overall job market evolve with AI and so on? And what kind of opportunities does that mean for us? Well, it's hard to kind of say in general how the job market will evolve. But I actually see many opportunities for us to leverage AI to make the entire job market more effective. It provides a lot of new tools to be better and more targeted at matching consumers and recruiters in a very good way. I think the tools that we showed were indicative of that. And we actually get a lot more insight into candidate preferences as an example.

Thanks, Christian. And then next in line, we have Giles from Jefferies.

So it was a question back on the AI and thank you for the comments on the content today. It'd be useful to hear -- I guess it's a different way of asking the same question around Jobs, but it would be interesting to hear you talk about how you see the risk and the opportunity, I suppose, for each of your 4 verticals, which vertical are you most worried about, which are you most excited about?

And the second question then is on Tradera launching in Mobility. And if we look over to Spain, obviously, Wallapop has been very successful disrupting, using Recommerce as a platform to disrupt [ coaches ] in Mobility. So I'd like to hear why it will be different for you in Sweden, especially given the recent [ botched ] migration.

And then lastly, and I think it's probably a short answer and we will instinctively know, but the shuttering of Wheelaway, it feels a little bit odd because you had the playbook from AutoVex, you got the dominant position in mobility. It was the asset-light model. It just feels odd that you would choose to shutter this one at all. So a bit more on your decision there.

Yes. Those were quite big and broad questions. But on the first one, on the, let's say, the strength of the different verticals in the AI era. I'm not going to say that one is stronger than the other. I think they all have their different strengths. In general, I would say that they all support, as I also mentioned in my introduction, quite complex and, let's say, high-risk transactions for users that also take a long time. And as such, they are very suitable for quite specific AI solutions as we mentioned.

I also want to say that, for example, in many of our verticals like in Mobility and in Recommerce, we have a strong element of consumer content, private content, which is also strengthening the position in the AI, let's say, era because that is kind of harder for these platforms to get hold of. So yes, so I think they all have their strengths.

Then Tradera. Yes, we have heard that Tradera is launching a car site. We haven't seen it yet. So I think it's too early to say anything about that, but we are confident in the strength of the Blocket position. It is still a very, very strong brand and has a very strong traffic situation as well. So we are confident in that.

And then Wheelaway.

And Wheelaway was the last question. And yes, we shut down Wheelaway after attempting to approach the Swedish market with the C2B model. We had to conclude that the competition in the Swedish market was a lot tougher than we expected. And that also many of the car dealers have a quite, let's say, mature approach themselves to how they source private cars, which made it harder to kind of enter with that kind of model in the Swedish market.

Thanks for good questions, Giles. And then we have Markus from SEB.

So 2 questions from me as well. So digging a bit more on the OpEx side here into 2026 and your comments on flat costs. If I look at the Q4 level and try to adjust for seasonality and even some inflation, considering you don't have these TSA costs, et cetera, why shouldn't cost be substantially down in 2026 given the level that you are exiting 2025? What are the offsetting factors? That's the first one.

And then if you can also elaborate a bit more in Jobs would be helpful on the ARPA growth there. It's very high. You mentioned some changes to the discount model and some upselling, but is there any mix here? Or how should we think about the ARPA into 2026 in jobs?

So I'll start on the cost side. Yes. So you are correct. We are now guiding on a broadly stable OpEx, excluding COGS base in '26 compared to 2025. And I think, as you also mentioned, you need to remember there are seasonality if you look at the sequential development on a quarterly basis, particularly from Q3 into Q4. But also remember that a lot of the, let's say, the positive development we've had in '25 is either connected to us serving the TSAs that is no longer there. So that will not repeat itself in '26. But also, we did a lot of measures in '24, both on downsizing and shutting down jobs that we haven't -- we don't have a similar initiative executed in 2025.

So just keep those in mind. We will continue to work on our cost agenda. We will continue to implement structural cost initiatives. We will continue to push and leverage AI to become more productive. And we expect, as we have said before, that we will be fewer FTEs also going forward. And then a bit later, you will also start to see more effect coming from the platform transition. So I think that's the combination of those efficiencies will be likely offset by general cost inflation. And also, we are investing into our growth businesses that has been mentioned by Christian, as you also can see partly in the numbers in Q4.

And on the jobs ARPA, I think we have to separate '25 and '26. '25 is very much driven by 3 factors. One is kind of a general price increase. The second is changes to the volume discount structure. And the third is better upsell of distribution products. There could be some mix effects also from quarter-to-quarter, but that is not driving the kind of the big numbers here. Those 3 are the main drivers.

Then going into '26, there will be a slightly different drivers. It will be a more modest, let's say, price increase in line with the CPI adjustment. There will be some changes to the volume discounts also here. But let's say, the new distribution product, the Plus product that we have launched in the market will have a bigger, let's say, impact. And overall, you should expect a somewhat more modest ARPA growth in '26 than what we have seen in '25, but in line with our guidance.

Thanks, Markus. Then next, we have Silvia from Deutsche Bank.

I would also like to ask 3 questions. The first is on the Blocket platform transition. Could you provide more specific insights into the current volume trends since the start of 2026? And what is your expected time line for accelerated growth from the announced platform? Is there any risk related to this, the price increase could be delayed further into H2?

Then the second question is a follow-up on the guidance for costs that you were just discussing. So while you guided for the cost base to remain broadly stable in 2026, can you also comment on your prior message about the temporary EBITDA headwind that you expected for this year. Has anything changed on this front? And can you perhaps share more color on your expectations for HQ in 2026? And also perhaps about the COGS, just a reminder of how to think about the gross margin development as you further expand into transactions?

And then finally, just on the Advertising revenue trends. The Q4 results still showed a diverse picture for advertising revenues. So I wanted to ask if you could share your updated outlook for Advertising revenue growth in 2026 in light of the current macro environment and as the TSA agreement expired.

Yes. On Blocket first and what we see into this year, I think just a reminder first that on, let's say, the professional volumes and also professional sellers, it's kind of broadly stable, right? So it's in the private side, the private ads that we see a decline. That decline, we also see going into '26 that continues from '25. But it's also fair to say that with all the, let's say, initiatives and product improvements and so on that we have done, we also see, let's say, an improvement week-over-week since the beginning of the year.

So at the current time, we don't expect any, let's say, further delays in the price increases. We have said that they will come later in the first half of this year.

Then I also take the advertising thing. So we saw in Q4 that it came back to growth in Mobility for the first time, still a decline in Recommerce. Going into this year, I think the trend will continue, but it is hard to predict, as we have also said before. But for example, we could expect, let's say, going into the year that for Recommerce, it is broadly, let's say, on a stable level as what we saw in Q4.

And then on your second question, there was multiple questions in that, but let me start. On the HQ Other segment, in Q3, we gave an update that we -- given the significant revenue reduction in '26 compared to '25, we could see a negative drag up to NOK 100 million in '26 compared to '25. Now that we have a bit more information and we have seen quite a good progress already in Q4, we have somewhat increased visibility. We still don't have perfect information because we're still exiting some of our companies. But if I'm going to give you kind of an updated assessment from my side, I gave you the revenue we expect to be around NOK 300 million lower on an annual basis. That has not materially changed.

But then I think given our cost progress as of now, I think a better update now will be up to NOK 50 million drag is what you could expect for that segment in '26.

Then you have a question around COGS. Remember that the main part of our COGS is related to the transactional revenues, particularly then in Recommerce. So we haven't given specific guidance and color on that, but you can see the trends in the data that we have provided for '25. And then as transactional revenues growing in Recommerce, you should also increase COGS in a similar way, right? But we have been able to improve the margins on that in '25, and we will continue to try to do that also going forward.

Then you asked about second half. I'm not going to give you any more color on the phasing of the cost development throughout 2026.

Thanks, Silvia. Then back to Oslo. We have [indiscernible] from Arctic. Can you hear us?

I have 2 questions. So the first is with regards to Blocket and the delayed price increases for 2026. How should we kind of -- is this due to the pushback? And how should we look at this going for the rest of 2026? And my second is related to Adevinta. So Adevinta has quite some leverage now. And given that the value fell approximately 15% quarter-over-quarter, how should we bridge this? Because given the leverage, I would assume that the value would have dropped approximately 30%. So some more color on the performance and maybe leverage as well.

First on Blocket. I want to say that we have worked a lot with our car dealers. Before we made the transition, we had a lot of, let's say, positive engagement and so on from the car dealers going into this and still have. Then, of course, as I also mentioned in my presentation, there have been reactions. There have been some issues that happened as we launched on the new platform.

And we felt that in this situation, it is better to have a long-term view on the, let's say, the partnership that we have with the car industry and don't push ahead on this pricing agenda, but rather kind of just push it a little bit forward in time to -- and still do it, of course, but kind of make sure that we stabilize and we prioritize delivering value to our customers at this point in time. And this has been very positively received by the car dealers. So it's part of our building trust and, let's say, Net Promoter Score and so on over time with the industry.

And then on Adevinta, I cannot give you too much details on the questions. But just to sort of be clear that our model is the same as before. As I also said in my comments that the contraction of the multiples also reflecting the leverage situation is a clear negative in the quarter compared to Q3, but that this is somewhat offset by underlying improvements in the performance of Adevinta.

And that is coming from both closing on a strong 2025, but also increased visibility and confidence into the performance now as we have entered 2026. And then remember, we do evaluation now on a combination of the multiples of '25 and '26 and also looking at both EBITDA and also EBITDA minus CapEx. I cannot give you more color on the leverage situation at Adevinta other than what was communicated in Q2 last year.

Thanks, PC, and thanks for the questions. Then there's a hand from you, Giles. I don't know if it's a new or old one. It seems like it's an old hand from you, Giles.

And then I don't see any further questions, and we can round up for today. So thank you very much for joining.

Thank you.

Good morning, and welcome to our Q3 results presentation. My name is Jann-Boje, and I'm heading Investor Relations at Vend. And as usual, our CEO, Christian; and our CFO, PC, are here also with me to present the performance and highlights for the quarter. Following the presentation, we will also have a Q&A session by Microsoft Teams where analysts can connect. Let me then show you the disclaimer slide before I hand over to Christian. Christian, please go ahead.

Thank you, Jann-Boje, and good morning, everyone. Very happy to be here to present our Q3 results. This was a quarter that really showed our progress towards becoming a pure-play marketplace company. We advanced monetization across our verticals. We executed with discipline when it came to cost, and we also took further steps to simplify our company. And financially, group revenues ended at NOK 1,595 million, and this represents a 1% year-on-year decline. Underneath the surface, however, the revenue development was positive for our verticals, driven by a solid ARPA growth.

So this overall decline is then a result of several factors, reduction in the other HQ segment, the strategic decision to discontinue certain revenue streams in Recommerce and Jobs as well as a continued soft advertising area. Group EBITDA increased by 24% to NOK 640 million, and this was driven by reduced operating expenses across the group. And this is a reflection of lower personnel costs, also somewhat reduced marketing and lower costs related to the phaseout of TSA agreements with Schibsted Media.

As I mentioned, we also continue to simplify the company. This is really to sharpen our execution. And during the quarter, we signed an agreement to sell Lendo, and we also started the sales process for delivery, together with also continued focus on exiting our venture portfolio. In parallel with all this, we are finalizing the removal of the dual share class. And also consistent with the capital allocation policy, the Board yesterday approved a new share buyback program that will start later this quarter. And here at the beginning, I also want to say that I'm very happy that we have appointed Yale Varty as our new Chief Commercial Officer for Vend. To me, this is an important step in strengthening our commercial leadership for the future for this company.

So let's then move to the verticals, and let's begin with Mobility. And today, I'd like to -- before we go into the actual results, to spend a little bit time on the latest developments when it comes to dealer product packages and pricing. And one year ago, we announced new dealer packages in Norway, and these went live at the beginning of the year. And I would say that they have been a great success. Right now, around 70% of the volume from dealers is on the Pluss or Premium tiers of these packages. And that is also the reason why we are reporting now a 20% ARPA uplift in Q3.

So to me, this model is really a proof that a more structured and a more transparent approach to the market creates value both for dealers and for us. It creates a better customer satisfaction and it improves performance at the same time. So we are now taking the next step. That means scaling this to Sweden, and we will launch dealer packages there in February of next year. And these packages will be very similar to the ones we had in Norway. And that means that they will also include features that really strengthen the value that we deliver to car dealers.

And that, for example, includes things like integrated car valuation, buyer safety elements and also better dealer branding. Then there will be additional things that will come throughout the year. For example, Insight products will come later. And I also want to mention that with the Blocket launch on our Aurora platform that will happen a little bit later this quarter, dealers will also benefit from things like improved search, better filtering and also integration and traffic to their digital stores. So I would say, overall, this really marks another step in our path to harmonizing our offering across the Nordics.

Now in addition to these changes that we're doing in Sweden, we're also harmonizing and changing the business model in Denmark, where we are moving to a pay per ad model. And we will obviously also continue to optimize the dealer packages that we have in Norway. So then let's move to the quarterly results. And here, we can see that the average revenue per ad or ARPA, which is our most important KPI, continues to grow well across all markets and all segments. And as we also saw in Q2, Sweden really leads the uplift here, and this is driven by both strong professional ARPA, and I would say, exceptional ARPA development in the private segment, and this is driven by upsell by value-based pricing and also new packages.

Then in Norway, we also see a solid ARPA growth, and this is driven then by the package launches that I just mentioned that we came in the market with at the beginning of the year. And for Denmark, professional ARPA developed in line with the adjustments that we did at the year-end and also additional changes that we made in August of this year. Here, private ARPA was boosted by the introduction of listing fees for cars below DKK 50,000. However, these changes were reverted in mid-September to reboost listing volumes and to strengthen network effects by having more inventory.

So if we then look at volumes. And here, we already announced the July and August numbers in our pre-silent newsletter that came on September 18. So most of this should already be known to you. But in Norway, we show a volume decline in Q3. This is mainly a result of a drop in subcategories. That means things like boat, caravans, motorcycles and so on. In these categories, we see a macroeconomic effect in this quarter. Cars, however, remained flat and even saw growth in the private area. For Sweden, Pro volume dropped, and this is due to the change in business model that we have mentioned before in sub-verticals in categories like heavy machinery. Cars remained flat in Sweden and private volume declined across categories.

And in Denmark, I would say the overall market continues to perform very well. That means fast sell times. And unfortunately, for us, that means a decline in average daily listings for our Pro segment. And the drop that we see here in the private segment, that is something that we did expect. We have said it before, and this was driven by the introduction of the listing fees that I mentioned before. These are -- as I said, they have now been reverted and we see since the reversal growth week after week in this area.

Moving then to the financials. And revenues in Mobility increased 8% overall in Q3. We had a couple of effects that had a negative effect, and that was the closing of Tori [ Autot ] with approximately NOK 8 million and the split from media with an additional NOK 5 million. If you take these factors into account, the underlying growth was 12%. On the back of the ARPA growth, classifieds revenues grew by 13%, while the transactional revenues grew by 18%. Advertising, however, was down 14% year-on-year. Then OpEx, excluding COGS, remained flat in Q3, and this is despite the continuous investments that we are making both in the transactional service as well as in core product and platform.

And all in all, EBITDA increased by 16% compared to Q3 of last year, and this results in a margin of 57%. And if we were to exclude the transactional models, the margin was 64%, and this is up from 62% last year. Moving then to Real Estate. And let me also take a moment here to address some of the recent updates and announcement that we have made to product packages and pricing in Norway. I think these changes are quite important because they are strategic steps that we are making in aligning, let's say, the value that we deliver with the price that we charge to the market.

And going into 2026, we are enhancing our large package. The purpose is to offer even greater value to the agents, but also to home sellers and to buyers. And one of the most important improvements is better agent promotion. This is something that we have designed to improve visibility and to really drive new sales mandates to agents on the large package. And just to give you an example of this, the launch of our home valuation tool that we call [indiscernible]. This is a feature that is exclusive to large agents. And it's a feature that, on one hand, helps home sellers get the valuation of their home. But on the other hand, also is a source for quality leads for agents.

And it's only 2 months since we launched this service. And in that period, 40,000 homes have assessed their value using this tool, and we receive a lot of positive feedback from this tool. Now we're also narrowing the price gap between large and medium package from approximately 40% on average to now around 22% on average. And this is to more correctly reflect, let's say, the performance difference between the 2 package tiers. So overall, I would say that by offering more structure and by strengthening the platform tools, we really see that we benefit both agents, but also home buyers and sellers.

And we see this as continued positive traction in the market where traffic continue to trend in a positive direction for real estate in Norway. Let's then move to the ARPA KPIs. And in Norway, Real Estate ARPA grew by 17%. The main driver here was residential for sale, where the ARPA growth was 18% year-on-year, and this is very much in line with what we have communicated previously. In Finland, we saw 19% year-over-year ARPA increase, and this is stronger than what we saw in the first half, driven partly by price increases, but also by changes in the product mix between for sale and for rent. We've also done better when it comes to upsell.

Looking at the volume. And here in Norway, we had an exceptionally strong first half year. And now in Q3, we saw a decline of 3% as we've expected. We pointed out this in our Q2 presentation that we expected a volume decline in the second half of the year because of the very strong start and when we see at the -- let's say, the historical full year trends. In Finland, residential for sale volumes declined by 8% year-on-year and total volumes declined by 10%. And this also reflects the ongoing transition of rental listings from the, let's say, traditional classifieds model to the transactional business model that we have with Qasa.

So for Real Estate, classifieds revenues grew by 9% year-over-year. And this was, of course, then driven by the aforementioned ARPA growth in residential for sale in Norway. But our transactional models, Qasa and HomeQ, they have also developed very well in Sweden. I can also add that our launch in Norway is also showing very promising signs. And overall, this segment of the transactional business models, here, we saw revenue growth of 29% in the third quarter. OpEx, excluding COGS, increased 5% year-on-year in this quarter, and this was driven by the marketing efforts that we're doing in Finland.

And overall, this results then in an EBITDA margin of 48% for the quarter. And again, here, if we adjust for the transactional business and only look at the more traditional classifieds business, the margin was around 53%. Then to Jobs. And here, we continue to deliver exceptional ARPA growth of 17%. This is driven by our segmented price model, also changes that we have made to discounts as well as improved performance in our distribution products. Volumes, however, continue to decline. This reflects the macroeconomic environment in Norway. And if we look at, let's say, the year-to-date trends and compare it with the numbers from statistics Norway, we see that they mirror each other and that this confirms that we are tracking with, let's say, the overall national averages on volume development.

So Jobs delivered then 1% underlying revenue growth in Norway. Classifieds grew by 2%, driven by the ARPA growth, but of course, then counteracted by the volume decline that was around 13%. For Jobs, OpEx, excluding COGS, decreased by 25%, and this was primarily driven by the exits in Sweden and Finland as well as some reductions in FTEs in Norway. And EBITDA grew 11% year-on-year, and this resulted in an EBITDA margin for Jobs of 55%. And finally, Recommerce. Here, transacted gross merchandise value or GMV continued to grow across all our markets, while our take rates remained solid.

And this underpins our belief in the strong demand and the scalability of the Recommerce transactional model. Overall, Recommerce revenues declined 2%. This is driven by softness in advertising as well as the phaseout of low-margin and noncore revenue streams, while we still have a strong transactional growth with a revenue increase of 20% year-on-year. And transactional gross margin improved significantly in the quarter, and this was driven by lower cost of goods sold. OpEx, excluding COGS, decreased 2% year-on-year, and this was driven by FTE reductions from the platform consolidation, among other things. And these cost reductions were slightly counteracted by increased marketing efforts in this quarter.

So overall, EBITDA improved to NOK 44 million and -- minus NOK 44 million, and this was a 6 percentage points margin improvement for Recommerce. And with that, I'll hand it over to PC to go a little bit deeper into our financials. Thank you.

Thank you, Christian, and good morning, everyone. Let me take you through the highlights of the financials for Q3. In total, revenues ended 1% below Q3 last year, primarily driven by the decline in other HQ, offset by continued improvement and underlying growth in Mobility, Real Estate and Jobs. Total EBITDA ended at NOK 640 million, up 24% from last year, driven by positive developments across all our verticals, but also other HQ. Christian has already covered the development in the verticals, but let me give you some color on the other HQ segment.

The year-on-year decrease in other HQ was, as earlier quarters, mainly affected by a change in our allocation model and the revenue decline following the split from Schibsted Media. Revenues from Schibsted Media are declining a bit faster than expected due to earlier termination of certain TSA services. Other HQ had an EBITDA of minus NOK 8 million in the quarter compared to minus NOK 31 million in Q3 last year. So far, we've been able to reduce our cost faster than the reduction in the TSA revenues. Now let's move over to cost development in the quarter.

This slide shows the development of OpEx, excluding COGS. The overall cost development and workforce reductions are progressing well. Earlier termination of certain TSA revenues, as I mentioned, has enabled an additional NOK 25 million in reduction in external costs. In total, OpEx, excluding COGS, declined by 14% in the quarter. Personnel costs were down 13% year-on-year, driven by significant FTE reduction, mainly from the downsizing process that we executed last year, but also from the process of exiting the Jobs business in Sweden and in Finland as well as ongoing FTE management throughout the year.

Our total workforce continued to trend slightly downwards. And at the end of Q3, we are a little bit below 1,700 FTEs in the company. Total marketing costs were down 7% year-on-year, driven by the job exits in Sweden and in Finland, partly offset by higher marketing costs in Real Estate and in Recommerce. Other costs decreased 18%, driven by general cost reduction across, but also a positive effect from the termination of the TSA revenues -- or TSA services with Schibsted Media. So overall, this resulted in a 7 percentage point improvement in OpEx, excluding COGS over revenue from 58% in Q3 last year to 51% in Q3 this year.

Let me move to the income statement. Our operating profit for the quarter increased to NOK 440 million, up from NOK 263 million last year. This is mainly due to the improved EBITDA, but also somewhat lower depreciation and amortization costs and also lower net other expenses. The fair value of our 14% ownership stake in Adevinta has decreased from NOK 20 billion in Q2 to NOK 18.9 billion now at the end of Q3. The decrease is due to a multiple contraction in the industry, partly offset by improved performance for Adevinta.

And then based on the updated valuation, a loss of NOK 1.1 billion was recognized as a financial expense in Q3. Our valuation methodology is kept unchanged. In totality, net loss for the group ended at around NOK 650 million minus. Let's move to cash flow. Cash flow from operating activities for the continuing operations ended at NOK 442 million, driven by the strong EBITDA. Cash outflow from investment activities in Q3 ended at minus NOK 21 million, and this includes a CapEx of NOK 108 million, offset by proceeds from sales processes within the venture portfolio and also some additional proceeds from the Prisjakt transaction. And then finally, cash flow from financing activities ended at minus NOK 18 million, mainly due to lease payments in the quarter.

On the financial position, net debt amounted to NOK 25 million at the end of Q3. There were no refinancing activities in the quarter. Due to the still strong cash balance, Vend has deposited a total of NOK 1.6 billion in short-term liquidity funds to achieve a slightly higher return than bank deposits. The Scope Ratings of BBB+ with a positive stable outlook confirms Vend as a solid investment-grade company. Then let me end my presentation with a reminder of the financial framework and some comments on the outlook.

I want to again reiterate our strategy, our medium-term targets and also the capital allocation principles that we laid out at the Capital Markets Day in November last year. Our strategy execution is going well, and we are on track to deliver on our medium-term targets. Regarding portfolio simplification, we are on track, and we have, during the first 9 months of 2025, made multiple divestments. In addition to selling Prisjakt and Lendo, we have also divested several of our venture portfolio investments. The exit processes for our skilled trade marketplaces is progressing as planned. And also during the quarter, we have initiated a process to sell delivery.

The collapse of the AMB share structure is currently ongoing and will be completed during November, well ahead of the end of year deadline. And once the share collapse is completed, we will, as announced last night, launch another NOK 2 billion share buyback program. A couple of messages related to outlook before we move to the Q&A. As we enter the final quarter of 2025, we expect continued solid ARPA momentum across all our verticals. Volume trends, though, remain difficult to predict. Our simplification agenda will continue to affect the results also in Q4, reflecting the final effects of the phaseout and the deconsolidation of revenue streams in Recommerce, but also the exit of our Jobs position in Finland and in Sweden.

And following the separation from Schibsted Media, advertising revenue continued to be under pressure at least compared to the last year. Our cost agenda remains firmly on track. The cost base is expected to stay below last year's level, although we expect the rate of the decline to moderate a bit in Q4, as we start to analyze some of the big savings that we did last year. Looking beyond 2025, we have already launched and are in the midst of launching go-to-market activities in all our verticals aligned with our product and pricing strategy.

These actions are expected to drive revenue growth across our verticals in line with our medium-term targets. Structural initiatives, including common platform consolidation, divestments and support function realignment will continue to deliver efficiencies over time. Revenues in other HQ will continue to be under significant pressure also going into 2026. And then this is driven by completing the TSA with Schibsted Media by the end of 2025, combined with effects from progressing on the other exit processes that I mentioned.

Based on the current knowledge that we have, we expect a temporary EBITDA headwind of up to NOK 100 million in 2026 compared to 2025. And we expect to be able to mitigate this fully in 2027. Overall, we remain confident in our ability to deliver on the medium-term targets. And with that, I hand over to you, Jann-Boje, and go into the Q&A.

Thank you, PC. So looking at Microsoft Teams, a lot of questions already. I think first in line is Will from BNP Paribas.

Three for me, please. So as I'm sure you're aware, GenAI has become a more prominent investor concern for the classifieds in recent months, which has dragged some share prices, a whole host of concerns, be it weakening network effects as traffic leaks to GenAI search or disruption by Agentic AI. I wanted to hone in on a couple of specific areas. So firstly, do you think you can sufficiently invest in your tech stack and consumer offering in the context of these rapidly emerging developments within the envelope of the cost cutting and margin expansion as you outlined in your CMD?

I think consensus has 1,000 basis points of margin expansion to 2027. Can you sufficiently invest in offerings such as prompt-based search or hiring new staff with GenAI expertise? Secondly, Zillow has integrated their inventory on to ChatGPT. The U.S. market is a special one with MLSs, high competitive intensity, buying agents. So the market context is obviously very different. But would you consider a similar move? And then finally, on a slightly different note, press reports from the FT suggest that Mobile.de is considering an IPO next year. In the event that it goes ahead, would you consider fully or partially monetizing your stake? Or would you prefer to hold for the long term?

All right. I can answer the AI questions, and you can take the last question. So first of all, I would say that we remain very positive when it comes to the opportunities from AI. We think it plays to our strengths and that this provides significant opportunity both for productivity gains and for delivering better services to users and customers. Of course, there are some risks, as you point out, but I really think that we are in a great position to deliver on that. And it's really about combining world-class AI with this deep vertical knowledge.

When it comes to investments, I would say that, yes, AI will require some investments. But at the same time, we also know that AI will have productivity gains and free up capacity. So I think within that, we believe that there is room to make the sufficient investments in AI within the financial guidance that we have given. Then to your question about Zillow, I think it's too early to comment on, let's say, the impact of an initiative like that. When you look at the -- it's very nascent. But when you look at that product today, it doesn't really provide any, let's say, new or very different user benefit. But of course, we're following this. We are testing and experimenting. But for right now, we don't have any plans to launch a similar app, but that may change as things evolve.

And then on your third question related to Adevinta, we don't comment on rumors or speculations in the market related to Adevinta. But what I can say is -- just repeat what we have said before is, first of all, we're very happy with being a 14% owner of Adevinta, and we believe this is a good, let's say, case for our shareholders going forward, both operationally and also structurally. And also just reiterate our capital allocation principles in the case that there are any proceeds coming in. As you have seen before, we will follow those guidelines that we have communicated and stick to, and there's no change in that.

Thanks for the question, Will. Then we can move on to the next one, who is Yulia from UBS.

This is Yulia from UBS. I have 3, if I may. The first one is about go-to-market initiatives. Could you please share a little bit more details about what these initiatives are? And is there any particular angle with regards to verticals or maybe geographies?

The second question would be about EBITDA loss in other HQ in Q3. That number was meaningfully smaller in Q3 as compared to 1Q and 2Q. Should we think about the Q3 number as a good proxy for Q4 number? And then also, as we think about 2026, should we -- how should we think about that? Should we take Q3 number, then add on top this NOK 100 million headwind and divide by 4, which would imply about NOK 33 million loss per quarter?

And then finally, you spoke about scaling dealer packages in Sweden in February. You mentioned that about 70% in Norway of volumes is going through Pluss and Premium already. Do you think the -- like what's -- first of all, what's the Premium penetration? And then do you think this mix between Pluss and Premium is already where you wanted it to be? Or do you expect any further changes?

All right. I'll answer the first and the last, and you can take the middle question, PC. So first question was around go-to-market. And when we talk about go-to-market, it's really all the work that goes into bringing new products, prices and so on to our customers. And that is a process that takes up quite a lot of time and capacity throughout the full year, everything from building products that we really know deliver value to the customers, packaging those in a good way and working with our sales force to train them in how to talk about the value we deliver to customers and so on and how to answer questions and concerns from the customers.

So this is something that we have professionalized substantially over recent years and that we're quite happy with how it works recently. And it's particularly important in Jobs, Real Estate and Mobility. Then when it comes to packages in Norway and the distribution among different tiers, I don't think we will comment more on, let's say, the details of how it's divided between Pluss and Premium. But I can say that when it comes to Norway, it is, of course, still an area that we will continue to optimize and work on both when it comes to the pricing and kind of the distribution of products for customers.

And then your question on the losses in other HQ. So let me take a step back. So this is where we see the effects, both positive and negative related to the massive sort of transformation we are going through. When we met at the Capital Market Day last year, we had a sort of a last 12 months deficit of NOK 316 million. And at that point, we said that we need to be prepared that this could be NOK 100 million to NOK 200 million worse before it's coming down. If we then look at where we are as of now, over the last 12 months, similar number, we are a bit lower than NOK 300 million in deficit last 4 quarters.

And then what we are saying is we've been able to reduce cost faster than the revenue has declined so far. That's not necessarily going to continue going forward. So there's 2 effects that you see going into '26. Both is that you get the sort of -- a bit sort of front-loading the EBITDA effect in '25 and also we're not able to fully address all the effects at the same time as the revenue fall off going into next year. So I'm not going to give you sort of a concrete, let's say, outlook either for Q4 or '26, but I think then you have some parameters to work for.

Thanks, Yulia. Then we can move over to Fredrik from Handelsbanken. Fredrik, can you hear us?

Yes. Christian, when you describe the various verticals, you talk a lot about the effects on ARPA and sort of the volume declines. Are you sure that all the volume declines are just from the backdrop of weak macro? Is it so that you are too aggressive in certain instances when it comes to price increases, for example, as you described in Denmark on the private side. So are there any other areas where you are evaluating any other sort of moves when it comes to pricing going forward would be interesting to hear.

Yes. Great question. Of course, we follow the development between price and volume very closely. And as you mentioned, we saw that the volume decline in Denmark on the private side was too high. So we kind of reverted that initiative. I would say, if you look at this topic more broadly, we are quite confident that the volume declines that we see are driven by macro or other market dynamics, but not that we are losing market share.

I mean it could be -- let's say, for example, in Mobility, we see that sub-verticals are doing quite poorly in Norway. That's clearly driven by macro. In Sweden for sub-verticals, it's driven by the business model change that we're doing. and so on and so forth. So we remain confident in the approach that we have made to pricing and packaging in -- yes, broadly, I would say.

Okay. And I have a follow-up, if I may, on Recommerce. It's still loss-making. You sound optimistic about sort of the model you have and the progress going forward. Do you have a plan B? I mean, what's your thinking in terms of how long would you let it be sort of the loss-making in the way it is would be interesting.

We remain confident in the progress and in the potential of Recommerce. So that's what we are aiming for, and we don't have a plan B as such.

Thanks, Fredrik. Then I think we go back to Oslo. So Markus from SEB is next in line.

So first one is just to go back on the TSAs. And maybe you can break down into 2026 and in the revenues and cost is up to NOK 100 million, how much is cost and how much is revenues? And then secondly, on the TSAs, it seems in Q3 that HQ costs are coming down due to external expenses rather than headcount. So maybe also you can elaborate when and how you expect to reduce the headcount on HQ and maybe also how that will trickle down to the allocated HQ expenses into the vertical. So maybe you can elaborate a bit more there.

And then the second one I have is on the car volumes. New car sales have picked up in the Nordics, and it seems like dealer inventories are improving into Q4. How do you see the Mobility volumes now into 2026?

Shall I start...

Yes.

The first 2 ones. Yes, on TSAs, maybe give a bit more color on the TSA revenue related to Schibsted Media. Again, bring us back to the Capital Markets Day last year at that point and also entering this year, we said that we had around NOK 300 million in annual TSA revenues. That -- in the first half, that was only slightly going down. And then as I mentioned earlier today, we have seen an acceleration of those revenues going down.

And we expect for the year to end around NOK 200 million for 2025. For 2026, that will be 0. So that shows the development on the revenue side. And then the cost side, I'm not going to give you a specific number, but that's included in the perspectives that we then share with you on the development on HQ/Other, both for this year and next year. I think maybe I wasn't totally clear when I talked about Q3. So when I talked about reduction in external spend, that was the additional cost reduction, which is linked to the faster ramp down of the CSA services.

And those have specific external components, license costs, cloud-related costs. And that's why they were able to drop down at the same pace as the revenue fall down. In HQ/Other, we have a significant FTE reduction in the already numbers for this year, and we will continue to reduce that also going into next year. So you see a reduction across all cost items in the support functions.

Yes. So when it comes to volumes, I first want to say and reiterate what we have said, it remains hard to predict volume development also going forward. So we will not give you any hard statements as such. But also repeat what we said about the Mobility volumes that it is actually better if you look at cars than it is if you look at the sub-verticals. So that's a general trend. Also, you mentioned some, let's say, more positive signs externally. There is good new car sales in our markets, and that usually translates also to good used car sales.

There are also some changes in regulations, for example, that they're changing the VAT for electric vehicles in Norway, where that is being reduced going into '26 and also in '27, and that is likely to increase new car sales for electric vehicles in Norway even further. So let's see what this ends up with. It's hard to predict, but there are at least some promising signs.

Thanks, Markus. Then next up is Petter from ABG.

So 2 questions for me. One is on cost. At the Capital Markets Day, you set a medium-term target of OpEx target of 40% of sales by '27. How should we think about the phasing into '26 and '27 on that? Will this happen gradually? Or should we expect a more significant step down primarily in 2027?

The second question is on Mobility in Sweden and the new package structure. I totally understand that this won't go live before February. But have you received any feedback so far on the structure?

Yes. On OpEx, excluding COGS over revenue, so as I said earlier, we are on the last 12 months, a year ago, at 65% and communicated a clear target to go towards 40% level. And as you have seen already this year, we are taking steps towards that. We still have some way to go. And that will be a combination of continuing the underlying revenue growth in the verticals that, of course, will help us out, at the same time, manage our cost development.

So I think you will see those 2 effects continue to improve on that relative measure towards 2027. And there's not like at one point, suddenly, there's going to be a massive drop. So I'm not going to give you any more color on that specifically for 2026.

Yes. On the car packages for Pro's in Sweden, first, I want to just say that the first step is to launch Blocket on the Aurora platform, and that will happen a little bit later in this quarter. And it's on that new platform that we will launch these new packages in February. So we have actually been out in the market discussing with the largest dealers, both kind of the new platform and how that looks as well as the packages. And I would say that the feedback so far is positive and promising, I would say.

Thanks, Petter. Next one up is Silvia from Deutsche Bank.

Just one question left from my side on the 2026 outlook. I know it's still early, but given the message you provided in the release and earlier in the call that you expect to drive revenue growth across the verticals in line with the medium-term targets for 2026, that implies an improvement sequentially. And I just wanted to ask about your expectations within that for volumes since you said it's hard to predict. How can you be confident to increase revenue towards the medium-term targets without clear visibility on the volumes at this stage? So what are you expecting?

And perhaps also related to that, what are your expectations on the macro impacts on advertising now that those phasing effects will be pretty much in the base from the removal of the Schibsted Media assets?

Yes, I'll try to give some color on that. So yes, you're right, we have confirmed that our pricing and packaging monetization measures that we have already or are in the midst of introducing help us to deliver on revenue growth in line with our medium-term targets set by each vertical. In general, given that volumes is hard to predict, we assume a quite flattish development of volumes across our verticals. And then it becomes -- if that's significantly different, then we will have to look at that -- what is possible to do.

On advertising, if you look at the development this year, it's very much driven by the separation from Schibsted Media. It's not really market driven, and we see no sort of big changes in that. So our base assumption is also that advertising will be okay from a macro perspective and the stabilization and potential sort of improvement over time is coming more from our action of developing advertising products relevant for our customers.

Thanks, Silvia. I can't see any more hands up currently. I'm also checking my Inbox if anyone written a question there, but it seems like we covered it for today. So thank you for tuning in, and I'm sure we stay in touch.

My name is Karl-Christian Agerup, and I'm the Chairman of the Board of Directors of the Marketplaces ASA.

I would like to welcome everyone present to this Extraordinary General Meeting of Vend Marketplaces ASA. Are we shifting to the agenda, please? As the Chairman of the Board, I hereby declare this general meeting open. This general meeting is held digitally only. All the items on the agenda are now open for voting, and you may cast your votes. The agenda items and the opportunity to vote will close as the items are processed by the general meeting.

Please be informed that the guide on voting and digital participation in this general meeting is available by accessing the symbol on the screen. This guide is also available on the company's website. The notice to this general meeting and the appendices to the agenda are also available on the company's website.

In addition to me, the following representatives from the company are present: our CEO, Christian Halvorsen; and our CFO, Per Christian Morland Christian. DNB Carnegie Issuer Services has been retained to assist in conducting the general meeting. That was certain practicalities relating to the general meeting. Before we start handling the items on the agenda, we will take a record of the shares that are legally represented at today's general meeting. The record of shares attending must also be included in the minutes. I will wait for that information.

Yes. Hello, Fred from DNB here. I will read out the represented numbers. We have a total of 71,900,270 shares represented, and those are voting for 10 times. And then 87,496,782 B shares, and this represents then 75.03% of the A shares and 75.53% of the B shares. And I can also say there are no shareholders that has logged in when we took the registration. So we have 9 guest log-ins that are following the meeting today.

Thank you. Now that the record of shares present has been recorded, shareholders who have not already logged in can still do so and attend the general meeting, but that will be without the right to vote. We will now move on to the first item on the agenda, which is the election of the meeting Chair. Next slide, please. For the election of the Chair, the proposal is that Andreas Ehrenclou, lawyer at [ Alvocat ], law firm Don is elected the meeting Chair. We will close the voting shortly. Those who have not yet voted are asked to vote now.

[Voting]

Freddy from DNB again. I can confirm based on proxies and advance votes that we have 100% in favor of Andreas as proposed.

Thank you. So no questions or objections have been raised, the voting is closed and the election of the meeting chair has been approved with the necessary majority. I will now hand over the meeting to Andreas. Andreas?

Thank you, Karl-Christian. I will start with certain additional practicalities before we proceed with the agenda. So this general meeting will be conducted in English. The presentation you see on the screen contains the Board's proposal for resolution in English. The notice has been sent out in both Norwegian and English.

All shareholders are entitled to speak at the general meeting, shareholders who wish to speak should press a button for this on the screen. You can either send an advanced message in the chat that you want to speak under a specific item or you can wait until the relevant agenda item. We will open your mic for communication when we get to the relevant agenda item. Please state your name before you proceed with your input.

And just one technical information here. This is for registered shareholders. So this is not an option for the guest log-ins. So you will not have this option of writing messages or clicking on taking the vote.

Yes. And on the voting, it is possible to vote for all items on today's agenda now.

[Voting]

The voting will be closed continuously as we process the items. I will now -- I will not read out the voting results for each individual item, but will inform whether the respective item has received a sufficient majority to be approved or not funding Final voting results will appear in the minutes published after the general meeting. We now move on to the next item on the agenda. I remind you that you can vote while I present the items.

So next slide, please. Item 2 on the agenda is the approval of the notice of the Annual General Meeting and the agenda. The notice of the extraordinary general meeting with the proposed agenda and accompanying documents were announced through the stock exchange system and made available on the company's website on the 29th of September 2025. The notice as well as the registration and proxy forms were sent to each shareholders on the same day, i.e., within the same -- within the 3-week deadline.

The notice has thus been distributed in accordance with the public Companies act, Section 510. There are no questions or as no questions or objections have been raised. We will now close voting. Yes. So we can now confirm that the item has been approved.

Moving on to item 3. Please feel free to vote or ask questions while I summarize the proposal. The Public Companies Act has provisions stating that the minutes must be signed by the meeting Chair and at least one other person chosen by the general meeting among those present. It is proposed that Simen Bjireth Mosten is elected as co-signer of the minutes. We will soon close voting.

[Voting]

Okay. No questions or objections have been raised. The voting is now closed, and we can confirm we have the sufficient majority of the votes. Moving on to Item 4, which is the proposal to remove the company's dual share class structure. We would like to start with explaining the special voting requirements. So for the combination of the share classes, aspecial voting requirement is triggered. For the required change in the articles of association, 3/4 of the votes cast and the share capital present at the AGM must vote in favor of the resolution.

In addition, 3/4 quarters of the Class A shares present at the AGM must also vote in favor. Further, due to the voting rights of A shares being reduced, a majority amongst the shareholders owning only Class A shares is required. At least half of those votes from those shareholders holding only A shares must vote in favor. This means that shareholders with both A and B shares are excluded from this count. In connection with the sale of the company's news media operations to Blndholmnduste in 2024, it was agreed that the company's current dual share class structure would be removed during the course of 2025.

At present, the company's share capital is divided into A shares and B shares. Each A share carries 10 votes at the company's general meeting and each B share carries 1 vote. Both classes of shares enjoy the same economic rights. The Board of Directors is proposing that the dual share class structure is removed by amending Section 4, resulting in 1 class of shares in the company with each carrying 1 vote.

The Board of Directors is also proposing to amend Section 7 and 8 of the Articles of Association to reflect removal of the dual class share structure. All proposed amendments to the Articles of Association have been set out in the notice. It is proposed that the holders of A shares shall be compensated for the loss of premium at which the A shares have been trading to the B shares by way of a rights issue. The Board of Directors will approve the share issue based on an amended authorization to increase the share capital subject to the general meeting's approval of such amendment as per Item 5 on today's agenda. The details of the proposed share issue is set out in the notice, and I will not go through it in detail here.

I would, however, like to highlight the change in the process communicated by the company on 20th of October 2025. In the notice, it was stated that the subscription rights would be listed on the Euronext Oslourse. However, as announced in the stock exchange notification on 20th of October, the company has decided not to seek a listing of the subscription rights due to feedback from the Norwegian Financial Supervisory Authority informing that this would require a prospectus. If anyone has any questions or would like further clarification, Chair of the Board, the CEO and the company's advisers are available to answer.

If there are no further questions, we will proceed to vote on the Board's proposal for the combination of the share classes and amendments to the Articles of Associations with understanding that implementation is conditional upon the approval of Item 5. The proposed resolution under Item 4, together with the proposed changes to Article 4, 7 and 8 of the articles is included in the notice, and I will not go through these in detail unless requested to do so.

Okay. And we have received one question, which I will read out loud and ask the Chairman to answer. And the question is, Mr. Chairman, the Board of Vent has chosen not to amend Article 6 restrictions on ownership and voting rights in the Articles of Association. Could you please explain the rationale for maintaining Paragraph 6 unchanged given that other amendments are being made to neutralize super voting rights?

Yes, I can give a brief answer to that. The reason for a change in that paragraph was not being made was that all the changes that has been made today are basically reversing the changes made in 2015 when the dual tier share structure was introduced in 2015. That was also the agreement with the buyer of Schibsted Media as we were separating them into a separate company. The Board has not considered other changes to the bylaws other than that.

Thank you, Karl-Christian. There are no further questions, and we are now closing the voting.

And Freddy from DNB. I can confirm that all the special requirements have been met as there are only 1,080 shares that has voted against on this item #4.

Thank you. That means the Board's proposal for the removal of the company's dual share pass structure and the amendments to the articles have been adopted. If the next slide, we will move on to the approval of the Board's authorization to issue shares to the Board of Directors at the Annual General Meeting.

Under the current authorization, the Board is authorized to issue B shares in the company. Following the combination of the share classes, the reference to the B shares is no longer relevant and the company -- and the Board of Directors has therefore proposed to amend the authorization to apply to ordinary shares. No other changes to the authorization has been made. The proposed resolution under Item 5 is included in the notice displayed on the screen, and so I will not read out the proposals. If you have not voted, please do so now. No questions or objections have been raised, and we are now closing voting.

And we can confirm that this item also has received sufficient majority on all the requirements.

Thank you. The next item on the agenda is the reduction of the share capital by redemption of owned shares. The company currently holds 1, sorry, 1,195,678 shares and 13,678,627 B shares acquired through completed buyback programs. Following the share collapse, the Board of Directors proposes to redeem 14,874,297 ordinary shares by way of a share capital reduction in accordance with Section 121 first sub Paragraph 2 of the Public Companies Act.

The Board proposes to retain the remaining 300,000 owned shares to be used in the company's share-based incentive schemes. Pursuant to Section 12.2 of the Public Companies Act, the company's auditor has confirmed that after reduction, the company's non-distributable equity will be fully covered. The confirmation is available on the company's website. If you have not voted, please do so now.

And we can confirm a sufficient majority also on this item.

Item 7 on today's agenda is the authorization of the Board of the authorization of the Board to buy back company shares.

As a result of the company's acquisition of shares under previous buyback programs, the company has acquired shares corresponding to 6.4% of the company's share capital since the Annual General Meeting in 2025. In order to give the company the flexibility to continue using buybacks of shares as a means to distribute capital to shareholders going forward, the Board of Directors proposes that the Extraordinary General Meeting resolves to grant the Board of Directors a new authorization to buy back up to 10% of the company's shares for a period from the date of this Extraordinary General Meeting and until the Annual General Meeting of the company in 2026, but in no event later than 30th of June 2026.

The shares may serve as settlement or compensation in the company's share-based incentive schemes as well as the employee share saving plan. The shares may also be used to improve the company's capital structure. The proposed resolution is included in the notice and displayed on the screen, so I will not read the proposed resolution. We will soon close voting. If you have not voted, please do so now.

[Voting]

And we can confirm sufficient majority also on the site. The voting is closed and the Board's proposal has been adopted. We have now gone through all the items on the agenda and the Annual General Meeting in the Venmarkplaces ASA is therefore concluded. Thank you for your attendance. I hereby declare the general meeting adjourned.