Adevinta ASA (ADE) - Adevinta reports strong Q1 financial performance in soft macro environment

Strong EU5 1revenue growth: +12% year-on-yearTotal revenues at €480m, up 11% 2  year-on-yearTotal EBITDA of €165m, up 14% year-on-year and EBITDA margin of 34.4%Strong cash flow generation and continued deleveragingOslo, 28 May 2024 -Adevinta ASA (ADE) (“Adevinta'' or “the Company”) reported strong group revenue growth of 11% in the first quarter of 2024 compared to the same period last year. This excludes the impact of the Hungarian business divestment in Q3 2023...

Barcelona, 28/05/2024 (informazione.it - comunicati stampa - economia)

Oslo, 28 May 2024 - Adevinta ASA (ADE) (“Adevinta'' or “the Company”) reported strong group revenue growth of 11% in the first quarter of 2024 compared to the same period last year. This excludes the impact of the Hungarian business divestment in Q3 2023.

EU5 Markets revenues reached €449 million in the quarter, representing a strong 12% growth, despite the soft macroeconomic environment:

Gross operating profit (reported EBITDA) amounted to 165 million euro, up 14% year-on-year, representing a 34.4% margin, up 1 percentage point year-on-year, driven by the strong revenue growth in the period.

This was partly offset by (i) higher marketing costs, driven by a low comparative base in the previous year and by additional investments in key markets, particularly Kleinanzeigen, Mobile.de and France, (ii) higher IT expenses, due to changes in accounting treatment, (iii) higher direct costs from transactional services, in line with the adoption of the service and revenue growth, and (iv) a €(2)m charge on share-based compensation and personnel costs as a result of the voluntary offer.

Antoine Jouteau, CEO Adevinta, comments: 

“Adevinta's strong start to the year has been underpinned by solid operational and financial performance. We have continued the successful execution of our Growing at Scale strategy while our sector expertise, product innovation and robust financials have established a firm foundation for the year ahead. Overall, Adevinta remains a high-performing business with a strong financial foundation and profitable business model. Our strategic growth pillars - Mobility, Real Estate and transactional businesses – continue to be the key drivers of this successful growth story. I would like to thank our employees whose ability, ambition and commitment continue to position Adevinta as a leading online classifieds platform and champion for sustainable commerce.”

Highlights of Q1 2024

Strong Q1 2024 results performance in a soft macro environment

Strong revenue growth in EU5  markets: +12% year-on-year

Total consolidated revenues at €480m, up 11% year-on-year

Reported EBITDA margin of 34.4%, up 1pp year-on-year, despite higher investment in marketing, a €(2)m charge as a result of the voluntary offer, and business mix evolution

Total consolidated EBITDA of €165m, up 14% year-on-year

Strong cash flow generation and continued deleveraging

Continued successful execution of our Growing at Scale strategy

Platform convergence project progressing well and according to plan

Continued focus on operational excellence, with:

Long-term ambition for EU5 Markets confirmed

Aurelia Bidco Norway AS offer

Fulfilment of Regulatory Approvals Condition announced on April 24

Settlement of the Offer expected on May 29

EU5 markets correspond to Germany, France, Spain, Benelux and Italy
Excluding Hungary
Net cash flow from operating activities adjusted for CAPEX and IFRS 16 lease payments

Financial performance

Operating revenues by category

  Excluding Hungary

-end-

Contact information:

IR contacts
Marie de Scorbiac
VP Investor Relations, Corporate Affairs, Group FP&A, Sustainability
+33 6 14 65 77 40

Anne-Sophie Jugean
Investor Relations Senior Manager
+33 6 74 19 22 81
ir@adevinta.com

Media contacts
Vaishali Lakhanpal
Head of Corporate Communications
press@adevinta.com  

John Kiely - Edelman Smithfield
+44 7785 275 665
adevinta@edelman.com  

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About Adevinta 

Adevinta is a leading online classifieds group and champion for sustainable commerce with a focus on Europe. 

Our portfolio of 25+ digital marketplaces spans consumer goods, mobility, real estate, holiday rentals and jobs. Every month, our industry-leading technology enables more than 120 million people and over a million businesses across Europe to connect and trade. Loved local brands include leboncoin in France; mobile.de and Kleinanzeigen in Germany; Fotocasa and InfoJobs in Spain, Subito in Italy; Marktplaats in Benelux and the Canadian marketplace Kijiji. 

Our international team of diverse individuals are united in their purpose to make a positive impact on the environment, the economy and society every single day. 

Adevinta - Changing commerce together .

To find out more, visit Adevinta.com. 

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This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

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