Today, Schibsted released its Q1 2024 results.
Commencing a transformational year to realise our full potential
“In the quarter, we made important progress related to the major, structural changes which we announced in November and December. Alongside these processes, we are currently developing comprehensive measures to adjust the organisation and cost base for a new setting and a more challenging macroeconomic environment,” CEO
“We were pleased to see that the
“Operationally, our financial performance in Q1 was negatively affected by the continued volatile macroeconomic environment and the structural changes in the company. Underlying¹ Group revenues decreased by 1 per cent to 3,794 million compared to the same period last year. EBITDA ended at 454 million, up 7 per cent due to News Media,” CEO
“Nordic Marketplaces saw a solid, double-digit increase in average revenue per ad, ARPA, across most verticals, and transactional revenues continued to grow well. This resulted in an underlying¹ growth of 9 per cent in Classifieds revenues despite the volatile macroeconomic environment which continued to affect volumes, and proves our strong business model. Total underlying¹ revenues for Nordic Marketplaces increased by 6 per cent, affected by declining advertising revenues. EBITDA ended at
“Despite a volatile advertising market and a continued decline in the print business, News Media’s profitability improved considerably compared to Q1 last year as a result of cost reductions from the cost programme which was announced last year,” CEO
“In Growth & Investments, macroeconomic factors continued to lead to reduced demand for Lendo and Prisjakt, resulting in a revenue decline. To address the uncertainty and downturn in these businesses, we have started to implement cost measures which led to lower operating costs and partly mitigated the decline in EBITDA,” CEO
“While we are happy with and proud of our achievements over the last few months related to the aforementioned transformational transactions, we acknowledge that the cost development needs to be addressed in Nordic Marketplaces, and Schibsted Marketplaces as the remaining company. The ongoing reorganisation associated with the separation of our media business is currently creating constraints on our ability to take necessary cost measures. While this is anticipated to impact our financial performance adversely in the short-term, we want to emphasise the temporary nature of these effects. We are actively updating our strategy for Schibsted Marketplaces and developing comprehensive measures to adapt the organisation and cost base to the new setting. Schibsted Marketplaces continues to operate robust businesses with unique market positions and our ambitions remain high. We are eager to share the results of our strategic work at the upcoming Capital Markets Day, scheduled for Q4 this year,” CEO
This quarter's highlights
● Group: Revenues of 3.794m, down 1% YoY on an underlying¹ revenue basis. EBITDA of 454 million, up 7 per cent due to News Media.
● Nordic Marketplaces: 6% underlying¹ revenue growth, while Classifieds revenues were up 9% driven by ARPA. EBITDA of
● News Media: Significant profitability improvement, driven by reduced costs. EBITDA of
● Delivery: EBITDA of
● Delivery: Revenue decline of 12 per cent. EBITDA of
● Growth & Investments: 12 per cent underlying¹ revenue decline, driven by Lendo and Prisjakt which are affected by macroeconomic factors. Cost measures partly mitigated the decline in EBITDA which ended at
● Decided to temporarily pause current financial targets for Nordic Marketplaces.
| First quarter | Full Year | ||
(NOK million) | 2024 | 2023 | Change | 2023 |
Schibsted Group |
|
|
|
|
Operating revenues | 3,794 | 3,776 | 0% | 15,756 |
- of which digital | 2,772 | 2,670 | 4% | 11,383 |
EBITDA | 454 | 423 | 7% | 2,519 |
EBITDA margin | 12% | 11% |
| 16% |
¹ Foreign exchange neutral basis
Alternative performance measures used in this release are described and presented in the section Definitions and reconciliations in the quarterly report.
Programme for the day,
Publication of the Q1 results including interim report, presentation, and financials and analytical information.
CEO
https://channel.royalcast.com/landingpage/hegnarmedia/20240426_1/
For the Q&A at the end of the presentation, we invite analysts to ask questions in a live format by using the raise-hand-feature in Microsoft Teams.
Microsoft Teams link:
https://teams.microsoft.com/l/meetup-join/19%3ameeting_MmRmM2VmOGYtN2VhMy00ODI1LWE2YTEtNTRiNjgyNWMxOTM1%40thread.v2/0?context=%7b%22Tid%22%3a%226f6d5d78-35df-4e19-83aa-7efcf9b475bc%22%2c%22Oid%22%3a%222475081b-3683-4421-90d7-20303166e40e%22%7d
Meeting-ID: 379 326 598 028
Password: yF8Boq
It will also be possible to send in written questions through the webcast player.
A recording of the presentation will be available on our IR website shortly after the live webcast has ended.
Disclosure regulation
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
Contacts
Daniel Frykholm , VP, Head of Group Communication, +46 70 206 77 86, daniel.frykholm@schibsted.comJann-Boje Meinecke , VP, Head of Investor Relations, +47 941 00 835, jbm@schibsted.com- Malin Ebenfelt, Investor Relations Officer, +47 916 86 710, ir@schibsted.com
- Øyvind Vormeland Salte, Communication Director Norway, +47 992 39 021, oyvind.salte@schibsted.com
About Schibsted
Schibsted is a family of digital brands with a strong Nordic position, and more than 5,000 employees. Millions of people enjoy interacting with our companies every day through our online marketplaces such as FINN,
Schibsted is listed on Oslo Børs and has a sizable investment in
Attachments
- Download announcement as PDF.pdf
- Results presentation Q1 2024.pdf
- Schibsted Financials and Analytical Info Q1 2024.pdf
- Interim Report Q1 2024.pdf
© NTB Norway, source