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View All NewsWorld – Adevinta reports first quarter revenue and EBITDA growth
Adevinta (ADE:OSL), a Norway-based provider of online job advertising and classified ad websites, reported first-quarter operating revenue on Tuesday rose by 12% when compared to the same period a year ago.
The 12% revenue growth excludes InfoJobs Brazil, Kufar and Mexico.
Last year, the group completed the sale of its stake in InfoJobs Brazil, the largest jobs marketplace in Brazil, to Redarbor, a Spain-based company. The group also divested from Belarusian marketplace Kufar in 2022 and on September 2022 it sold its Mexican online classifieds businesses Segundamano and Vivanuncios to Navent Group, an operator of online real estate marketplaces in Latin America.
EBITDA for the quarter stood at €145 million, an increase from €125 million the year prior. The EBITDA margin stood at 33.4%, up from 32.3% the year prior.
| (€ millions) | Q1 2023 | Q1 2022 | Change | Excluding InfoJobs Brazil, Kufar and Mexico |
| Operating Revenue | 435 | 387 | 12% | 14% |
| EBITDA | 145 | 125 | 16% | - |
| EBITDA margin | 33.4% | 32.3% | - | - |
The group said EBITDA growth was the result of positive top line growth; lower marketing spend across all markets, driven by different phasing, spend discipline and prioritisation; and cost management in the current market context.
Antoine Jouteau, CEO Adevinta, said, “We saw a strong start to the year for Adevinta, during which we delivered solid financial performance and made significant progress in the execution of our business and strategic roadmap. Underpinning this performance was the exceptional growth in mobile.de and transaction revenues.”
Revenue by segment
| (€ millions) | Q1 2023 | Q1 2022 | Change excluding InfoJobs Brazil, Kufar and Mexico |
| France | 132 | 120 | 10% |
| Mobile.de | 90 | 68 | 32% |
| European markets | 187 | 168 | 11% |
| International markets | 23 | 28 | -19% |
| Other and Headquarters | 4 | 3 | 11% |
| Eliminations | -1 | -1 | 41% |
Revenue by category
| (€ millions) | Q1 2023 | Q1 2022 | Change excluding InfoJobs Brazil, Kufar and Mexico |
| Online classifieds revenues | 331 | 288 | 16% |
| Transactional revenues | 25 | 16 | 60% |
| Advertising revenues | 76 | 81 | -6% |
| Other revenues | 4 | 3 | 38% |
| Other and Headquarters | 4 | 3 | 11% |
| Operating revenues | -1 | -1 | 41% |
Looking ahead, Jouteau said, “We continue to build the foundations for an even more efficient and innovative organisation, while we improve our products and services. I remain encouraged by the continued energy and dedication shown by our teams and I am confident that we are well positioned to execute and deliver on the many opportunities that lie ahead.”
For FY 2023, the group sees low double digit revenue growth in its Core Markets. Adevinta also forecasts reported EBITDA in the range of €620 million to €650 million.
The group also sees long-term annual revenue growth for 2023-2026 between 11% and 15% with 2026 EBITDA margin forecasted between 40-45%.
Adevinta shares closed on 23 May at €6.92, up 1.91% on the day. The company has a market cap of NOK 93.73 billion (€7.95 billion).