Vend Marketplaces ASA Q3 2026 Earnings Recap

Vend delivered modest revenue growth alongside higher EBITDA and margins, while cost reductions are running ahead of plan. The stock was roughly flat after earnings (+0.4%), and Blocket’s recovery remains incomplete despite improving indicators.

Key Takeaways

• Q3 revenue was NOK 1,641 million, up 3% year-on-year and 6% in constant currency; the four verticals grew 11% in constant currency, partly offset by lower transition-service revenue.
• EBITDA rose 11% to NOK 711 million, with the margin expanding by about three percentage points to 43%.
• Vend now expects its 2026 cost base, excluding COGS, to decline by around NOK 250 million year-on-year, versus the NOK 150 million reduction indicated at Q2.
• Blocket’s user satisfaction improved to 3.5 in September from 3.3 in June, but management said priorities including private-car supply and traffic still need work. Private car listings’ year-on-year decline narrowed to 5% in September.
• Recommerce transacted GMV grew 17%; meanwhile, Vend’s second NOK 2 billion buyback tranche had reached around NOK 1.4 billion as of October 23.