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Adevinta ASA (ADE) - Adevinta reports strong Q1 financial performance in soft macro-economic environment; significant progress in executing the Growing at Scale strategy

  • Further acceleration in Core markets revenue growth : +15% year-on-year, driven by outstanding performance at
  • Total consolidated revenues at €435m, up +14%1 yoy
  • Total consolidated EBITDA of €145m and reported margin of 33.4%
  • 2023 financial targets confirmed

Oslo, 23 May 2023 - Adevinta ASA (ADE) (“Adevinta” or “the Company”) reported an acceleration of revenue growth of 15% for Core Markets in the first quarter compared to the same period last year. This was as a result of outstanding performance in, benefiting from both a positive price and volume effect, and continued strong performance in other segments.

  • Online classifieds revenues improved by 18%, supported by strong double-digit revenue growth in Mobility which benefited from the successful price increase implemented in April last year, the recovery of dealer listings at, mainly driven by the easing of comps and lower demand, and high value added product development both for users and car dealers. Real Estate posted double-digit growth over the quarter, driven by France. Jobs performance was steady, despite lapping tougher comps in Spain;
  • Transactional revenues grew by 62% year-on-year, with strong revenue growth in all Core markets;
  • Advertising revenues in core markets were down 3% year-on-year, as a result of an overall weaker advertising market, especially in automotive display advertising, partially offset by Italy and the performance of Kleinanzeigen in the quarter.

Gross operating profit (reported EBITDA) amounted to 145 million euros, up 16% year-on-year, representing a 33.4% margin, up 1 percentage point year-on-year.

This was the result of (i) the positive topline evolution, (ii) lower marketing spend across all markets, driven by different phasing, spend discipline and prioritisation, and (iii) cost management in the current market context. This was partly offset by (i) personal costs driven by the continued scaled build-up of global capabilities, with the implementation of new operating models for support functions and Product and Technology teams, the annualisation of the previous years investment in product enhancements and in sales and customer support operations, particularly in legacy eCG markets, to support new business models, (ii) higher direct costs from transactional services, in line with the adoption of the service and revenue growth, and (iii) the (3) million euro expense related to the French DST.

Antoine Jouteau, CEO Adevinta, comments:

“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 and transaction revenues. 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.”

Highlights of Q1 2023

Strong Q1 2023 results performance in a soft macro environment

Further acceleration in Core markets revenue growth : +15% year-on-year, driven by outstanding performance at

  • Double digit growth in Classifieds (+18%), with double digit growth in Mobility (+19%) and Real Estate (+13%). Jobs remained dynamic (+5%) despite tougher comps
  • Consumer Goods transaction revenues growth up +62% yoy, with strong revenue growth in all Core markets, especially in France (+48%) and Kleinanzeigen (+95%)
  • Advertising revenues down 3% yoy

Total consolidated revenues at €435m, up +14%2yoy

Reported EBITDA margin of 33.4%, up 1pp yoy, despite French DST impact and business mix evolution

Total consolidated EBITDA of €145m

Strong cash flow generation and continued deleveraging

  • Adjusted NCF from operating activities: €84m3, up €39 yoy
  • Debt repayment: €80m in the quarter, prioritising floating debt

Continued execution of our Growing at Scale strategy

Business integration on track, with further roll out of new operating models for support functions, and synergy targets confirmed

Verticalisation4 of Adevinta’s operations ongoing:

  • Key Design Principles defined, to align with long-term strategy
  • Go live planned for 2024 (subject to works councils approvals)

Strong focus on operational excellence, with:

  • Increased monetisation of Mobility and Real Estate verticals, along with product improvements and increased added-value for customers
  • Continued rapid scaling and product launches, e.g. in transactional services
  • Strong financial discipline

Outlook: all targets confirmed

2023 outlook

  • Low double digit Core Markets revenue growth
  • Reported EBITDA in the range of €620m to €650m
  • Leverage reduced to below 3x net debt/EBITDA by year end

Long-Term ambition for Core markets

  • 2023-2026 annual revenue growth between 11% and 15%
  • 2026 EBITDA margin: 40-45%

Synergy targets confirmed

Financial performance

First quarter
€ million20232022yoy %
Operating revenues43538712%
EBITDA margin33.4%32.3%
Operating revenues per segment
European Markets18716811%
International Markets2328-19%
Other and Headquarters4311%
EBITDA per segment
European Markets756711%
International Markets1111-1%
Other and Headquarters-47-45-5%
Non-consolidated JVs
Proportionate share of revenues272315%
Proportionate share of EBITDA92260%

Operating revenues by category

First quarter
€ million20232022yoy %1
Online classifieds revenues33128816%
Transactional revenues251660%
Advertising revenues7681-6%
Other revenues4338%
Operating revenues43538714%

1 Excluding InfoJobs Brazil, Kufar and Mexico.

Presentation of the Q1 2023 Results

Quarterly Earnings Release
Time: 23 May 2023 at 16:45 CEST

Report for the first quarter of 2023, presentation materials, and spreadsheet with key figures and analytical information will be made available on the investor relations pages at

Presentation of the Quarterly Results
Time: 23 May 2023 at 17:30 CEST

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 and on this link: Participants are also invited to ask questions using the dial-in numbers below.

Dial-in details:
UK: +44 (0) 121 281 8004
USA: +1 718 705 87 96
Norway/Sweden: +46 850 51 00 30
France: +33 1 70 91 87 04
Confirmation password: Adevinta2023Q1

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


Contact information:

IR contacts
Marie de Scorbiac
VP Investor Relations & Corporate Affairs
+33 6 14 65 77 40

Anne-Sophie Jugean
Investor Relations Manager
+33 6 74 19 22 81

Media contact
Mélodie Laroche
Corporate Communications


About Adevinta

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 2.5 billion average monthly visits. Noted assets include top-ranked leboncoin in France, Germany's leading classifieds sites and Kleinanzeigen, Marktplaats in the Netherlands, Fotocasa, Habitaclia and InfoJobs in Spain, Subito in Italy, and 50% of fast-growing OLX Brasil. Adevinta employs around 5,700 people, including some 3,000 working in product and technology teams, committed to supporting users and customers daily.

Adevinta is a sustainability leader within the Dow Jones Sustainability Index (DJSI) Europe.Find out more at


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

1 Excluding InfoJobs Brazil, Kufar and Mexico
2 Excluding InfoJobs Brazil, Kufar and Mexico
3 Net cash flow from operating activities adjusted for CAPEX and IFRS 16 lease payments
4 Alignment of the organisational structure with the Group strategy, based on three key pillars: Mobility, Re-commerce and Real Estate & Emerging Verticals


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