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Adevinta ASA (ADE) – Adevinta reports strong third quarter performance; announces new appointments to its leadership team and assignment of vertical responsibilities

  • Acceleration of core markets revenue growth: +12% year-on-year
  • EBITDA margin of 34.5%, excluding French DST1, benefiting from strict cost management
  • New leadership team, with new key appointments; assignment of vertical responsibilities to align with the ‘Growing at Scale’ strategy: Re-Commerce, Mobility, Real Estate & Emerging Verticals

Oslo, 24 November 2022 – Adevinta ASA (ADE) (“Adevinta” or “the Company”) reported strong revenue growth of 12% for core markets in the third quarter compared to the same period last year, as a result of strong recovery in Mobile.de and continued solid performance in other markets.

  • Online classifieds revenues improved by 13% year-on-year, supported by double-digit revenue growth in Jobs and Motors benefiting from successful price increases, higher dealer penetration and high added-value product development for car dealers. Real Estate saw high single-digit growth in the period;
  • Transactional revenues grew by 79%, with strong revenue growth in all Core markets;
  • Advertising revenues were flat year-on-year. This was a result of the overall weaker advertising business, especially in automotive display advertising, partly offset by eBay Kleinanzeigen’s strong performance in the quarter.

Excluding the impact from the French digital services tax legislation (DST), Group EBITDA was €141 million (representing a 34.5% EBITDA margin) and improved by 12% compared to Q3’21.

This was the result of (i) the positive topline evolution, (ii) lower marketing investment, driven by different phasing and spend allocation discipline, and (iii) cost management in the current market context. This was partly offset by (i) the continued build-up of global capabilities ahead of the implementation of new operating models for enabling functions and Product and Technology teams, and to accelerate new business model development and value creation, and (ii) higher direct costs from transactional services, in line with the adoption of the service and revenue growth.

Group consolidated EBITDA amounted to 132 million euros, up 5% year-on-year, negatively impacted by the €(9) million euros provision booked related to the French DST.

New appointments in the leadership team and assignment of vertical responsibilities to align with the ‘Growing at Scale’ strategy

In line with the ‘Growing at Scale’ strategy, Adevinta will start to verticalise its operations based on its three key pillars:

  • Re-Commerce;
  • Mobility;
  • Real Estate & Emerging Verticals (including Jobs and Holiday Rentals).

As part of this, Adevinta’s executive leadership team (AdEx) announces new appointments, effective 1 January 2023:

  • Paul Heimann continues his duties as the CEO of eBay Kleinanzeigen, while becoming the leader of the new Re-Commerce vertical.
  • Román Campa, CEO of Adevinta Spain, will combine his existing responsibilities while taking on a new role as Head of Real Estate & Emerging Verticals.
  • Ajay Bhatia, CEO of Mobile.de and already a member of the AdEx, will take on a new role of Head of the new Mobility vertical.
  • Alexandre Collinet, former deputy GM of leboncoin and most recently responsible for the integration of eBay Classifieds Group into Adevinta, will also join Adevinta’s executive team, in the newly created role of Chief Operations Officer (COO).
  • Uvashni Raman (CFO) and Nicki Dexter (People, Communications & Workplace) will continue in their roles.
  • Gianpaulo Santorsola (European Markets), Zac Candelario (International Markets) and Alex Alexander (Product & Technology) will leave Adevinta by the end of 2022 .
  • Julien Jouhault, currently CTO for leboncoin, will join the AdEX as interim CPTO while the search for a permanent CPTO is conducted.

Antoine Jouteau, CEO Adevinta: “Our third quarter results demonstrate progress against our key strategic and financial objectives. I am proud of our team and our contribution to society in the face of a challenging macroeconomic environment.

“We are adapting our organisation to make it even more efficient, with laser-sharp focus on bringing more value to our users and clients.

“Aligning our operating structures with our strategy increases efficiency and speed, as well as our ability to cater to evolving customer needs with tailored and innovative products and services. It also allows us to capture further opportunities within these vertical areas, and enhances our competitiveness and resilience.

“My new executive team and I share the same vision and ambition for Adevinta. It is my pleasure to welcome Alexandre Collinet, Julien Jouhault, Paul Heimann and Román Campa. Each brings with them a combination of entrepreneurial spirit, industry knowledge and a proven track record of commercial success. I thank Alex Alexander, Gianpaolo Santorsola and Zac Candelario for their contributions to Adevinta and wish them well in their next endeavours.

“I remain very confident and excited about the many opportunities that we have ahead of us. As we navigate the current uncertain environment, we will continue to balance growth and profitability with disciplined investment in the mid to longer term.”

Highlights of Q3, 2022

Strong Q3 2022 results performance in a soft macro environment

Acceleration of core markets revenue growth: +12% year-on-year

  • Steady double-digit growth in Classifieds (+13%), with continued strong performance in Jobs (+15%), Motors (+13%) and Real Estate (+10%)
  • Acceleration in Consumer Goods transaction volumes especially in France (+49%) and eBay Kleinanzeigen (+140%)
  • Resilient advertising revenues, flat year-on-year, despite lower OEM spend and weaker market environment

Total consolidated revenue growth2: +11% year-on-year

  • Total consolidated revenues of €408m

EBITDA margin of 34.5%, excluding French DST, benefiting from strict cost management

  • EBITDA excluding French DST of €141m, up 12% year-on-year
  • French DST1 YTD adjustment of €(9)m
  • Total consolidated EBITDA of €132m (representing a 32.4% margin)

Acceleration of cash generation and deleveraging

  • Adjusted NCF from operating activities: €145m3
  • Debt repayment: €90m in the quarter, prioritising floating debt
  • Continued cash optimisation measures

Further steps to deliver our Growing at scale strategy

New leadership team, with new key appointments; assignment of vertical responsibilities to align with the ‘Growing at Scale’ strategy:

  • Re-Commerce, led by Paul Heimann
  • Mobility, led by Ajay Bhatia
  • Real Estate & Emerging Verticals, led by Román Campa

2022 portfolio optimisation programme close to completion with sales of Mexico, Australia and South Africa closed and Canada review completed

Continued execution on strategy for growth businesses with increased monetisation of Motors and Real Estate verticals and continued rapid scaling and product launches of transactional services


FY 2022 target confirmed

  • Low double-digit revenue growth for core markets
  • Underlying EBITDA4 in the range of €575-600m range, including French DST impact

2023 outlook

  • Double-digit Core Markets revenue growth despite soft macro environment
  • Year-on-year improvement in EBITDA margin
  • Group leverage down to 2-3x net debt/EBITDA by year-end
  • Long-term ambition remains

Synergy targets confirmed to achieve our financial ambition

Financial performance

    Combined* IFRS
Third quarter   Year-to-date Year-to-date
yoy% 2021 2022 € million 2022 2021 yoy% 2022 2021
10% 371 408 Operating revenues 1,213 1,127 8% 1,213 745
5% 126 132 EBITDA 403 390 3% 403 232
  34.0% 32.4% EBITDA margin 33.2% 34.6%   33.2% 31.1%
2% 139 141 Underlying EBITDA 430 416 3% 430 248
  37.4% 34.5% Underlying EBITDA margin 35.5% 36.9%   35.5% 33.3%
      Operating revenues per segment          
12% 106 119 France 365 335 9% 365 335
15% 71 82 Mobile.de 231 214 8% 231 71
11% 158 176 European Markets 522 476 10% 522 298
-6% 32 30 International Markets 88 97 -8% 88 36
0% 0   Disposals   3 -100%   3
343% 1 3 Other and Headquarters 9 6 63% 9 6
-161% 2 -1 Eliminations -4 -3 -21% -4 -3
      EBITDA per segment          
2% 52 53 France 173 161 8% 173 161
11% 41 46 Mobile.de 125 126 -1% 125 41
12% 65 72 European Markets 212 196 9% 212 100
34% 11 14 International Markets 37 36 5% 37 10
0% 0   Disposals   -5 -100%   -5
-24% -43 -53 Other and Headquarters -145 -123 -18% -145 -75
      Non-consolidated JVs          
30% 22 28 Proportionate share of revenues 78 60 31% 78 60
15% 5 6 Proportionate share of EBITDA 6 8 -26% 6 8

Combined: these figures reflect the results of Adevinta group as if the eBay Classifieds Group (acquired on 25 June 2021) has been part of the group during the full periods presented. These numbers are presented to facilitate comparability.

Operating revenues by category

    Combined* IFRS
Third quarter   Year-to-date Year-to-date
yoy%2 2021 2022 € million 2022 2021 yoy% 2022 2021
13% 278 311 Online classifieds revenues 912 830 11% 912 569
77% 9 16 Transactional revenues 47 33 46% 47 30
-2% 81 79 Advertising revenues 246 260 -4% 246 141
13% 2 2 Other revenues 7 4 61% 7 4
11% 371 408 Operating revenues 1,213 1,127 8% 1,213 745

* Combined: these figures reflect the results of Adevinta group as if the eBay Classifieds Group (acquired on 25 June 2021) has been part of the group during the full periods presented. These numbers are presented to facilitate comparability.

Quarterly Earnings Release

Time: 24 November 2022 at 07:00 CET

Report for the third quarter of 2022, presentation materials, and spreadsheet with key figures and analytical information will be made available on the investor relations pages at https://www.adevinta.com/ir.

Presentation of the Quarterly Results

Time: 24 November 2022 at 08:30 CET

The company will conduct the presentation as a live audio webcast and conference call, including a Q&A session. CEO Antoine Jouteau and CFO Uvashni Raman will present. The whole management team of Adevinta will participate in the Q&A session.

The webcast will be available on https://www.adevinta.com/ir and on this link: https://edge.media-server.com/mmc/p/eknfdtrf. Participants are also invited to ask questions using the dial-in numbers below.

Dial-in details:

UK: +44 121 281 8004

USA: +1 718 705 87 96

Norway/Sweden: +46 850 51 00 30

France: +33 1 70 91 87 04

Spain: +34 917699498

Confirmation password: Adevinta2022Q3

A recording of the presentation will be available on our website shortly after the live webcast has ended.


Media contacts

Mélodie Laroche

Corporate Communications

T: +33 (0) 6 84 30 52 76


Edelman Smithfield

John Kiely / Latika Shah / Olivia Adebo

T: +44 (0)7785 275665 / +44 (0)7950 671 948 / +44 (0)7787 284 441


IR contact

Marie de Scorbiac

Head of Investor Relations

T: +33 (0) 6 84 30 52 76


Adevinta is a leading online classifieds specialist, operating digital marketplaces in 11 countries. The company provides technology-based services to connect buyers with sellers and to facilitate transactions, from real estate to motors, and consumer goods.

Adevinta’s portfolio spans more than 25 digital brands, covering one billion people and attracting approximately three billion average monthly visits. Leading brands include top-ranked leboncoin in France, Germany’s leading classifieds sites mobile.de and eBay Kleinanzeigen, Marktplaats in the Netherlands, fotocasa and InfoJobs in Spain, Subito in Italy, and 50% of fast-growing OLX Brasil. Adevinta employs around 8,100 people, including 3,000 (approx) working in product and technology teams, committed to supporting users and customers daily. Find out more at




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

1 Prudent provision booked following unfavourable ruling received from the French Tax Authority

2 Continuing operations, excluding InfoJobs Brazil and Kufar

3 Net cash flow from operating activities adjusted for CAPEX and IFRS 16 lease payments

4 Consolidated EBITDA before share-based compensation impact

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