Schibsted ASA (SCHA/SCHB) - Initiation of first tranche of share buyback

With reference to the capital return package announced on 22 March 2024, Schibsted ASA (“Schibsted Marketplaces” or the “Company”) has on 9 September entered into a non-discretionary agreement with BNP Paribas to carry out a share buyback on behalf of the Company.

The share buyback programme is the first out of two tranches, covering purchases of up to a maximum value of NOK 2 billion. The purchases will be split 50/50 in nominal terms between A and B shares, buying up to NOK 1 billion for each of the share classes. The buyback programme will commence on 9 September 2024 and is planned to be finalised within 2 May 2025. Under the programme, the minimum price that can be paid per share is NOK 50 and the maximum price is NOK 500. However, the maximum number of shares to be repurchased under the programme is capped at 11 million A shares and 11 million B shares. NOK 2 billion is equivalent to approximately 3% of the issued shares in Schibsted (total issued shares are approx. 239 million) at the current share price level.

The buyback will be carried out in accordance with the authorisation granted to the Board of Directors by the Company's Annual General Meeting (“AGM”) held on 26 April 2024. The authorisation is valid until the Company’s AGM in 2025. For further information, please see the minutes of the AGM at: https://schibsted.com/ir/corporate-governance/general-meeting/

BNP Paribas will make its trading decisions independently of the Company. The execution of any repurchases will depend on market conditions, and the Company may resolve to terminate the buyback programme before the threshold set out above is reached.

The purpose of the buyback is to reduce the capital of the Company. Apart from some shares repurchased under the programme which will be used in the Company’s employee share saving plan and long-term incentive plans, the Company will seek approval by the Company's AGM for cancellation of the remaining shares repurchased under the programme. 

The share buyback programme is carried out in accordance with the Market Abuse Regulation (EU) No 596/2014 ("MAR") and Commission Delegated Regulation (EU) No 2016/1052 ("Safe Harbour Regulation"). 

This information is made public by Schibsted pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. 

Schibsted currently owns a total of 2,423,946 A-shares and  3,026,170 B-shares.

Oslo, 9 September 2024

SCHIBSTED ASA