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WELCOME to Capital Markets Day

London, 7 March 2019

Disclaimer

2

This presentation (hereinafter referred to as the "presentation") has been prepared by Schibsted ASA ("Schibsted" or the "Company") exclusively for information purposes, and does not constitute an

offer to sell or the solicitation of an offer to buy any financial instruments.

Reasonable care has been taken to ensure that the information and facts stated herein are accurate and that the opinions contained herein are fair and reasonable, however no representation or

warranty, express or implied, is given by or on behalf of the Company, any of its directors, or any other person as to the accuracy or completeness of the information or opinions contained in this

document and no liability is accepted for any such information or opinions.

This presentation includes and is based on, among other things, forward-looking information and statements. Such forward-looking information and statements are based on the current expectations,

estimates and projections of the Company or assumptions based on information available to the Company. Such forward-looking information and statements reflect current views with respect to

future events and are subject to risks, uncertainties and assumptions. The Company cannot give any assurance as to the correctness of such information and statements. Several factors could

cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by

statements and information in this presentation.

There may have been changes in matters which affect the Company subsequent to the date of this presentation. Neither the issue nor delivery of this presentation shall under any circumstance

create any implication that the information contained herein is correct as of any time subsequent to the date hereof or that the affairs of the Company have not since changed.

The Company does not intend, and does not assume any obligation, to update or correct any information included in this presentation.

We have a 180 years track record of transformations...

3

18391860

1966

1992

1996

2000

2003

2006

2010

2013

2014

2015

2016

2017

2018

Schibsted Listed on Oslo

Stock Exchange

Incorporation of Schibsted Classified Media

Launch of

Sale of operations in

Romania

JV with

http://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwjFgeK2vtHeAhVMaBoKHR-eDe8QjRx6BAgBEAU&url=http://www.fkjerv.no/partnere&psig=AOvVaw3GipGLjw0TqiEE2ruvoFxa&ust=1542202571695370

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwiUu4ja1KXgAhVD4eAKHaeFBDEQjRx6BAgBEAU&url=https://www.aftonbladet.se/&psig=AOvVaw2kyfGaXFNHZdNZxaNFb0-C&ust=1549492815287176

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwjQpsPzwqTcAhVOGt8KHdJpAmYQjRx6BAgBEAU&url=https://fr.wikipedia.org/wiki/Fichier:Leboncoin.fr_Logo_2016.svg&psig=AOvVaw3lCeFZDCXHLyXupBsbSmTN&ust=1531861493188849

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwjQpsPzwqTcAhVOGt8KHdJpAmYQjRx6BAgBEAU&url=https://fr.wikipedia.org/wiki/Fichier:Leboncoin.fr_Logo_2016.svg&psig=AOvVaw3lCeFZDCXHLyXupBsbSmTN&ust=1531861493188849

https://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwjulfu5hNfgAhXyzaYKHQpYB_YQjRx6BAgBEAU&url=https://www.adevinta.com/&psig=AOvVaw1pCC62Dy_KrcAIhKsCbcX5&ust=1551189257616134

…creating value through bold investments and long-term strategies

15 443 16 308

5 748

14 051

18 577 16 082

25 435

43 331

51 161

65 073

43 137

53 827

65 626

80 121

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 04.03.2019

Schibsted Market Cap, NOKm

4Source: Factset

We now have two strong, leading businesses. The split enhances value

and increases flexibility to pursue independent strategies

Note: 1 Based on Schibsted combined financial statements, excluding Adevinta, EUR/NOK 9.60, 2 Based on Adevinta combined financial statements EUR/NOK 9.60, 3 EBITDA (before other income and expenses,

impairment, JVs and Associates)

Revenue 2018 €1,303m1 €595m2

EBITDA3 and

EBITDA3 margins

2018

€190m

(15%)

€151m3

(25%)

Nordic digital front-runner

Finn, Blocket & Tori

News Media activities

Growth initiatives including Lendo

Global marketplaces player

Generalist and vertical sites across

– Europe

– LatAm

– North Africa

5


Adevinta is set for growth with a supportive shareholding structure

(24% of capital/

26% of votes)

(listed)

(>50%)

Public owners Blommenholm Industrier AS Public owners

6

✓ No ownership restrictions

✓ Increased flexibility for future strategic

transactions and global expansion

✓ Schibsted will be a long-term active

owner

We help consumers take well-informed decisions

- on issues that make a difference in their lives

Marketplaces News Media Next

7

Purpose

Trustworthiness Respect Knowledge Sustainability Transparency

Two growth companies with excellent management teams

Kristin Skogen Lund

CEO

Trond Berger

CFO

Anders Skoe

EVP – Nordic Marketplaces

Siv Juvik Tveitnes

EVP – News Media

Raoul Grünthal

EVP - Next

Rolv Erik Ryssdal

CEO

Ovidiu Solomonov

SVP – Global Markets

Gianpaolo Santorsola

CEO – Spain

Mette Krogsrud

Chief People and Corporate Affairs

Sven Størmer Thaulow

Chief Data and Technology officer

8

Antoine Jouteau

CEO – Leboncoin

Nicki Dexter

People & Comms

Renaud Bruyeron

Tech & Data

Laila Dahlen

Product & UX

Uvashni Raman

CFO


Agenda for the day

9Schedule subject to change

Company Time Agenda Presenter

9:00 AM – 9:15 AM Opening remarks Ole Jacob Sunde, Chairman – Schibsted

Introduction to Schibsted Kristin Skogen Lund, CEO – Schibsted

Segment deep dive – Nordic Marketplaces Anders Skoe, EVP – Nordic Marketplaces

Segment deep dive – News Media Siv Juvik Tveitnes, EVP – News Media

10:35 AM – 10.55 AM Break

Segment deep dive – Growth Raoul Grünthal, EVP – Next

Segment deep dive – Financial Services Dan Ouchterlony, Head of Lendo

FinancialsTrond Berger, CFO – Schibsted

(with all for final Q&A)

11:45 AM – 12:05 PM Concluding remarks Kristin Skogen Lund, CEO – Schibsted

12:05 PM – 12:45 PM Break

Introduction to Adevinta Rolv Erik Ryssdal, CEO – Adevinta

Segment deep dive – France Antoine Jouteau, CEO – Leboncoin

Segment deep dive – Spain Gianpaolo Santorsola, CEO – Spain

2:40 PM – 2:55 PM Break

Segment deep dive – Brazil Andries Oudshoorn, CEO – Brazil

Segment deep dive – Global Markets Ovidiu Solomonov, SVP – Global Markets

FinancialsBorja de Muller Interim CFO – Adevinta

(with all for final Q&A)

4:15 PM – 4:30 PM Concluding remarks Rolv Erik Ryssdal, CEO – Adevinta

http://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwjFgeK2vtHeAhVMaBoKHR-eDe8QjRx6BAgBEAU&url=http://www.fkjerv.no/partnere&psig=AOvVaw3GipGLjw0TqiEE2ruvoFxa&ust=1542202571695370


CAPITALMARKETS DAY7 MARCH 2019

Nordic

MarketplacesNews Media

Next:

Growth & Financial

Services

60% ownership

international

marketplaces

Our business

11Source: Company data

NOK 7,775m

Revenue 2018

NOK 2,979m

Revenue 2018

NOK 2,843m

Revenue 2018

NOK 5,699m

Revenue 2018

NOK 682m

EBITDA 2018

NOK 426m

EBITDA 2018

NOK 1,267m

EBITDA 2018

NOK 1,441m

EBITDA 2018


Schibsted’s unifying strategy

12

Schibsted empowering people in their daily lives

131) Schibsted Second Hand effect 2017

Helps consumers make

well-informed decisions

Spurs a competitive

environment to the benefit

of the consumer

Increases market visibility

and transparency

Reduces 1.45 million tons

of greenhouse gas each

year1

Contributes to a more eco-

friendly and sustainable

society

Enormous second-hand

benefit effect

Trusted and independent

journalism

Voicing societal trends and

opinions

Defending democratic and

humanistic values

Three distinct business areas well positioned for growth

14

NextNordic


466mMonthly visits

193m Monthly visits

123mMonthly visits

…resulting in a Nordic-focused digital growth company with global ambitions

“Turbocharged accelerator”“Strong network effects”

“Trusted and

iconic brands”

Source: Company data, December 2018. Excluding app related traffic

A digital front-runner fuelled by cross divisional synergies

15

Unmatched amount

of touchpoints for

consumers with

large, unlocked

potential

Distribution

Blink ads

Targeted ads

Integration Traffic

NextNordic


466m Monthly visits

193m Monthly visits

123mMonthly visits

Ambitions for continued long-term growth along multiple

avenues

16

Core business

Adjacent business

New business

Business development

Organically build new business

Venture activities

M&A

International expansion

Tools with proven effect:

Size of bars

indicates

allocation of

resources

Nordic

Marketplaces

News

MediaNext

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwi5rNm1_5veAhVjkosKHYEnAdwQjRx6BAgBEAU&url=https://www.distilnfo.com/lifesciences/2018/08/13/worldwide-ma-activity-predicted-to-hit-new-high-in-2018-but-imbalances-grow/&psig=AOvVaw1jEsAkQ4qAxfieWWZQBBGP&ust=1540364583014976

https://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwjb3Nzw_87gAhXyBBAIHdUBBnwQjRx6BAgBEAU&url=https://thenounproject.com/term/innovation/4198/&psig=AOvVaw1sFJIt2yjNAq9zm4fyimK_&ust=1550913151402846

The Nordics: digital front-runners and a test lab for new

technological initiatives

17

Highest level of

digital capabilities in

Europe and 75%are positive toward

automation

✓ The Nordics has the infrastructure and talent to foster innovative digital

solutions

✓ Digital maturity and competency is high, with almost everyone owning a

computer and speaking English

✓ Relatively small population, easy to launch and test new concepts

✓ The government has high ambitions for digitalising services

The aggregate digital front-runner economy

Norway

Finland

Sweden

Denmark

Estonia

Ireland

Netherlands

Luxembourg

Belgium

Digital front-runners, 9 countries

Source: McKinsey

Advantages in the Nordics

https://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=&url=https://ztatus.se/bankid/&psig=AOvVaw25CIccz_mZk5vlAM9GogZ4&ust=1549039015619994

https://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&ved=2ahUKEwiHi4unupjgAhUBjiwKHTYNAV4QjRx6BAgBEAU&url=https://altinn.github.io/docs/&psig=AOvVaw26rN__jp58TPYdFAhkqt3G&ust=1549039053397907

https://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwiBgqe4upjgAhUFhaYKHXyCBjAQjRx6BAgBEAU&url=https://medlem.nortura.no/organisasjon/nyheter/arkiv-2016/kassasjonsrapporter-pa-altinn-article40154-18398.html&psig=AOvVaw26rN__jp58TPYdFAhkqt3G&ust=1549039053397907

http://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwjSjriQgengAhXly6YKHTiSACoQjRx6BAgBEAU&url=http://www.freeflagicons.com/country/norway/sphere_icon/&psig=AOvVaw27yspYQ2qZRif2Z57YxmJG&ust=1551806819714582

Three functions forming Schibsted’s foundation for growth

18

Helping our businesses strengthen each other

– and to expand into new business models

People

Data and Technology

Finance• Efficient capital allocation

• Investment and cost discipline

• Competent, entrepreneurial, fluid and collaborative organisation

• Talent acquisition and management

• Strengthening data driven product development and advertising

• Support for data- and tech driven new business

• Shared technology where efficient

Multiple concepts initiated over the last three decades, proven

unicorn capabilities

Proven ability to create and scale new business models and leverage tech disruption to evolve successfully

19

Select assets in Next portfolio

0

2

4

6

8

10

12

1 2 3

2009 2018

0

2

4

6

8

10

12

1 2 3

2000 2018

0

2

4

6

8

10

12

1 2 32000 2018

Selection of Schibsted successes

CAGR

23%

CAGR

25%

CAGR

24%

Realised investments

Source: Company data

Digital

Selected divested

companies

Selected closed

initiatives

https://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwil_OW14YPfAhVDDywKHZGDBosQjRx6BAgBEAU&url=https://martinjohannessen.blogspot.com/2017/08/gjesteblogg-lesespillet-poio-tar-barnas.html&psig=AOvVaw1FS4RyzA_vBcshwF1nfjhq&ust=1543929949940893

https://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwjHl8H17oPfAhVMESwKHfDSD7sQjRx6BAgBEAU&url=https://www.vinguiden.com/aktuellt/vinguiden-fyller-17-ar/&psig=AOvVaw2Okj3W-aWGfBcZ30dJ6RHg&ust=1543933571156496

https://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwjc3ZaN74PfAhVKhiwKHYmEBvUQjRx6BAgBEAU&url=https://www.harvest.online/news/67-some-title-2-derfor-er-det-lurt-med-spareavtale&psig=AOvVaw0mgDAM0FknHuTvo0AyfSZu&ust=1543933620691968

https://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwio2KeZ74PfAhXROSwKHRlIDQ4QjRx6BAgBEAU&url=https://www.trustpilot.com/review/www.yepstr.com&psig=AOvVaw2acE3vm4ZqIv_8FU92uveA&ust=1543933649134289

http://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwiDo5_G74PfAhXHiSwKHTTvB_kQjRx6BAgBEAU&url=http://authority.se/kunder/ahum/&psig=AOvVaw2msjrERrd9qha5CP5pRt_Q&ust=1543933736291636


http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwjsgr7Y3OjgAhXL4KYKHWjHBB0QjRx6BAgBEAU&url=http://www.nabonytt.no/comments.asp?id%3D2683&psig=AOvVaw3ZRFgGorNFnsm1uVBtn-kQ&ust=1551797063218613

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwjk8dGn3ejgAhUmwsQBHbsYAQoQjRx6BAgBEAU&url=https://sol.no/&psig=AOvVaw3uLnxp66J8reM1pUSdla2i&ust=1551797222814189

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwi47Ku_3ejgAhVSwqYKHUgwA1AQjRx6BAgBEAU&url=https://ttte.fandom.com/wiki/Schibsted_Forlag&psig=AOvVaw1Gm92YnWpDgLU0fNCzixsd&ust=1551797276196677

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwjF-ZfR3ejgAhVDfZoKHdL_DHYQjRx6BAgBEAU&url=http://www.google.com/url?sa%3Di%26rct%3Dj%26q%3D%26esrc%3Ds%26source%3Dimages%26cd%3D%26ved%3D%26url%3Dhttp://vanalinnapaevad.ee/wp-content/uploads/2018/03/%26psig%3DAOvVaw1jZJEDifatYbnUe2OTrSIq%26ust%3D1551797306986125&psig=AOvVaw1jZJEDifatYbnUe2OTrSIq&ust=1551797306986125

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwjq_9rr3ejgAhWn2aYKHRdCCUkQjRx6BAgBEAU&url=https://www.rabble.no/bokkilden-rabattkoder-2670&psig=AOvVaw1JXfZtTTimjRf2zS-VipNy&ust=1551797368167730

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwiyuZeG3ujgAhUS6KYKHWhdBn8QjRx6BAgBEAU&url=http://www.sandrewmetronome.com/&psig=AOvVaw1a4xEVQKWJK5uCX-GVDIXP&ust=1551797423983482

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwiJ5O6b3ujgAhXLyKYKHSf2DrIQjRx6BAgBEAU&url=https://schibsted.com/history/2004-large-owners-in-swedish-tv4/&psig=AOvVaw2ElVY82MyjLT619PnA1EPg&ust=1551797469183324

https://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwj6yLSVkOvgAhVIcZoKHZYnCuMQjRx6BAgBEAU&url=https://en.wikipedia.org/wiki/20_minutes_(France)&psig=AOvVaw0ZWVc_qQ0aER1toOGhgq--&ust=1551879496856107

https://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwjul6uqkOvgAhUMEJoKHaijAfIQjRx6BAgBEAU&url=https://en.wikipedia.org/wiki/File:Aftonbladet_TV7.svg&psig=AOvVaw3K0YM9Elq_yhQ6PEqULMEK&ust=1551879644478354

Tenured and solid management supported by excellent

divisional teams

20

Trond Berger

CFO

Mette Krogsrud

Chief People & Corporate Affairs

Sven Størmer Thaulow

Chief Data and Technology officer

✓Presenting at today’s meeting

Kristin Skogen Lund

CEO

✓ ✓

Anders Skoe

EVP Nordic Marketplaces

Siv Juvik Tveitnes

EVP News Media

Raoul Grünthal

EVP Next

(Growth & Financial Services)

✓✓ ✓

NORDIC MARKETPLACES

NORDICMARKETPLACES

Unrivalled Nordic Marketplaces leadership positions

22

Revenue Position Traffic Sustainability

2,843NOKm1

#1in Norway and

Sweden

193mmonthly visits2

Boosts circular

economy saving

1.45m tonns CO2

emissions3

Value propositionMatching buyers and sellers, employers and employees

1) 2018

2) Datawarehouse of each entity

3) Schibsted Second Hand effect 2017

Anders Skoe

1,267NOKm1

EBITDA

No

rdic

Mar

ketp

lace

s

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwidp8GFuvTeAhXG_iwKHS6xCQ4QjRx6BAgBEAU&url=https://www.flaticon.com/&psig=AOvVaw0VrD6l7NrJ1s1sp3uzlixg&ust=1543403965623184

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwikr6v1uvTeAhWLhywKHePHAc8QjRx6BAgBEAU&url=https://www.flaticon.com/free-icon/dollar-symbol-on-circle_21004&psig=AOvVaw29KmxMbkSRFoRywIhWT-LA&ust=1543404213418563

http://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwjMnOLOmujeAhXCtIsKHV8vDFQQjRx6BAgBEAU&url=http://chittagongit.com/icon/sustainability-icon-2.html&psig=AOvVaw2IZXSBEVSJW9brnRrjtclz&ust=1542983160039559

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwjOyfG9uvTeAhULBywKHW8KAswQjRx6BAgBEAU&url=https://iconsmind.com/&psig=AOvVaw0VrD6l7NrJ1s1sp3uzlixg&ust=1543403965623184

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwjs7pKp4KvgAhXDXiwKHfQ6A-YQjRx6BAgBEAU&url=https://www.fotolia.com/tag/ebitda&psig=AOvVaw3eTZzCBE_86U5hi1ExwGUu&ust=1549701944052602

Unrivalled Nordic Marketplaces leadership positions through Finn, Blocket and Tori

Continue to capture adjacent markets with transaction triggered services

Impressive financial track record with robust growth, high margins and

strong cash conversion

Leveraging on Schibsted’s platform capabilities, such as traffic, data and consumer

insight

Nordic Marketplaces highlights

23

Nordic

Marketplaces

Unrivalled Nordic Marketplaces leadership positions in each

of its markets…

24

Traffic RevenueListings

Leadership positions

1

Traffic RevenueListings Traffic RevenueListings

1 1 1 11

1 1

2 22

2 1


Nordic

Marketplaces

Generalist goods

Cars

Jobs

Real estate

Leadership positions


Strong financial performance

25

Nordic Marketplaces revenue and EBITDA margin, NOKm

43 63 100 135267

445654

9091 097 1 192

1 470

1 7301 944

2 205 2 260 2 3332 488

2 7022 843

(16%)

17%

39% 36% 38% 42% 42%48% 49% 47% 51% 51%

49% 48% 46% 46% 45% 42% 45%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Revenue EBITDA

Source: Company data. Based on combined revenues and EBITDA for Finn, Blocket and Tori

Nordic

Marketplaces

Finn is one of Norway’s strongest brands across all industries

Established in 2000

#1Unrivalled market leader in

all verticals

EUR 37.2Revenue per internet capita

201Visits per capita per year1

6mUnique visitors per week2

ü

ü

ü

ü

ü

ü

261) Adobe – via FINN datawarehouse

2) FINN datawarehouse

3) Brand Tracker FINN, aided

Nordic

Marketplaces


Revenue growth driven by verticals

27

656

798

945 377

414

457255

214

200

155

203

225

2016 2017 2018

Professional Private Advertising Other

Jobs33%

Real estate22%

Motor21%

Travel and other8%

Generalist goods

4%

Advertising12%

Diversified revenue base (2018)

High and predictable cash conversion1

still a growth company – even 19 years after inception

94% 94% 94%

2016 2017 2018

12% revenue CAGR

1,826

1,628

1,451

NOKm

1) Defined as EBITDA less maintenance capex

2) Other revenue includes: Personal Finance vertical, revenue from external daughter companies, cost of sales for other MediaHouses in Schibsted, invoicing for employees working for SPT, and more.


Nordic

Marketplaces

4 2204 386

4 689

3 800

4 000

4 200

4 400

4 600

4 800

2016 2017 2018

333417

522

0

100

200

300

400

500

600

2016 2017 2018

Jobs vertical

28

Revenue1 Indexed trend in ARPU3# of employers/recruiters2

Jobmatch – reach passive candidates Subscription to effect packages Packaging of up-sale products

Market opportunities

100121

144

0

50

100

150

200

2016 2017 2018

1) Classifieds revenue only, not including advertising revenue

2) Professionals

3) Average revenue per user, professional users only

NOKm

Nordic

Marketplaces

PREMIUMPLUSS+30% +60%

236297

354

0

100

200

300

400

2016 2017 2018

2 658 2 601 2 787

0

500

1 000

1 500

2 000

2 500

3 000

2016 2017 2018

Real estate vertical

29

Revenue1 # of agents2 Indexed trend in ARPU3

Developers/New buildings Property rental Adjacent services


100140

162

0

50

100

150

200

2016 2017 2018

NOKm

Nordic

Marketplaces


2) Professionals


277 309 329

0

50

100

150

200

250

300

350

2016 2017 2018

3 229 3 301 3 372

0

1 000

2 000

3 000

4 000

2016 2017 2018

Motor vertical

30

Revenue1 Indexed trend in ARPU3# of car dealers2

Digital purchase contract Insurance Blink for Motor


100118 128

0

20

40

60

80

100

120

140

2016 2017 2018

NOKm

Nordic

Marketplaces


2) Professionals


109120 123

50

70

90

110

130

2016 2017 2018

89 81102

0

20

40

60

80

100

120

2016 2017 2018

Travel vertical

31

Revenue1 Indexed trend in ARPU3# of agents2

City packages Last minute travels Blocket Resor


100119

96

0

20

40

60

80

100

120

140

2016 2017 2018

NOKm

Nordic

Marketplaces


2) Professionals


Blocket is a strong #1 in generalist goods, motor and jobs

Acquired by Schibsted in 2003

#1Clear market leader in

generalist goods and motor

EUR 11.7Revenue per internet capita

101Visits per capita per year1

5mUnique visitors per week2

321) Extasol – Blocket data warehouse

2) Extasol – Blocket data warehouse

Nordic

Marketplaces


33

438 479 470

290284 252

249 224186

13 15

17

2016 2017 2018

Professional Private Advertising Other

Motor46%

Generalist goods21%

Jobs10%

Real estate1%

Advertising22%

Diversified revenue base (2018)

High and predictable cash conversion1

revenue turnaround underway

95% 95% 93%

2016 2017 2018

925

1,002989

NOKm


2) Other revenue include: Licenscost use of Blocket platform, invoicing for employees working for other Schibsted companies, and more


Nordic

Marketplaces

426 449 420

0

100

200

300

400

500

2016 2017 2018

5 152 5 124 5 080

0

1000

2000

3000

4000

5000

6000

2016 2017 2018

Motor vertical

34

Revenue1 Indexed trend in ARPU3# of car dealers2

Strengthen position within new cars segmentEntering the transactionNew effect-based pricing model


100 109 106

0

20

40

60

80

100

120

2016 2017 2018

NOKm

Nordic

Marketplaces


2) Professionals


219 205 186

0

50

100

150

200

250

2016 2017 2018

3 154 2 931 2 760

0

500

1000

1500

2000

2500

3000

3500

2016 2017 2018

100 95 99

0

20

40

60

80

100

120

2016 2017 2018

Generalist goods vertical

35

Revenue1 # of listers2 Indexed trend in ARPU3

Experiment with pricing for private users Improve pro monetization Blocketpaketet


NOKm

Nordic

Marketplaces


2) Professionals


61

88 95

0

20

40

60

80

100

2016 2017 2018

913 1 043 1 152

0

200

400

600

800

1000

1200

1400

2016 2017 2018

100127 123

0

20

40

60

80

100

120

140

2016 2017 2018

Jobs vertical

36

Revenue1 # of recruiters/employers2 Indexed trend in ARPU3

Blocket EducationPremium products and optimized portfolio Market consolidation


NOKm

Nordic

Marketplaces


2) Professionals


22 21 21

0

4

8

12

16

20

24

28

2016 2017 2018

1 524 1 521 1 479

2016 2017 2018

100 99 98

0

20

40

60

80

100

120

2016 2017 2018

Real estate vertical

37

Revenue1 Indexed trend in ARPU3# of agents2

Developers/New buildingsProperty rental Holiday houses and rentals


NOKm

Nordic

Marketplaces


2) Professionals


Qasa - Very attractive unit economics and strong synergies

38

Nordic

Marketplaces

…to convert users to new model

• Qasa is a fully digital real estate rental platform,

matching tenants and landlords

• Offering a secure digital service with focus on

simplicity and efficiency

• Collaboration with Blocket since 2017

• Enabling Blocket to take a big leap towards the

sub-letting market

Collaboration

starts

Monthly sign value1

Customer

Lifetime Value

Ads

(Real estate rental)

€12 €450

220 000 2 000

Marketplaces Nordics

A fully digital real estate rental platform

Finding suitable tenants Trust in renting process Guaranteed payments

Significant potential…

1) Leading indicator for revenue calculated: Number of Monthly signed contract times LTV of contracts

Schibsted has built Tori into a solid platform for further

potential initiatives

Established by Schibsted in 2009

EUR 630m GMV (the value of goods

sold through Tori in 2018)

335Items sold per hour

4.1Monthly visits per capita1

1.2mUnique visitors per week1

ü

ü

ü

ü

ü

391) Statistics Finland

Nordic

Marketplaces

48

71

92

0

100

2016 2017 2018


40

Classifieds24%

Other2%

Advertising73%

#1 position in generalist goods vertical– strong growth in revenue

NOKm

38% Revenue CAGR


Nordic

Marketplaces

• Target adjacent services (e.g.

insurance, purchase contract, payment

solutions, car tire shops)

Significant ramp-up potential

41

Selected growth opportunities

• Expand position in the Finnish real

estate market, especially in rentals

where marketplaces are immature and

without a clear leader

• Launch Schibsted-concepts proven in

Norway or Sweden and selectively

pursue partnerships and M&A to

establish new or strengthen existing

positions

Nordic

Marketplaces

42

Impressive financial track record for Nordic Marketplaces

2 488

2 7022 843

45% 42%45%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

500

1 000

1 500

2 000

2 500

3 000

2016 2017 2018

Revenue EBITDA margin

Strong revenue growth with stellar margins Capital light business model with high cash conversion1

NOKm



95% 95% 93%

2% 2%

3%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

2016 2017 2018

34%

39%

44%

49%

54%

59%

64%

69%

Cash conversion Capex as % of revenue

Nordic

Marketplaces

43

Multiple vectors of growth within Nordic Marketplaces

Monetisation

• Pricing model

• Advertising

• Traffic generations

• Premium features

• Cross-selling

• Partnerships

Product development

• Rating features

• Payment solutions

• Messaging &

Notifications

• Simplified transaction

experiences

1 2

M&A

• Selective Nordic M&A

43

New ventures

• Vertical white spotting

across geographies

e.g. rental market

Sweden, new

buildings Norway,

travel in Sweden

• Education

Nordic

Marketplaces


Nordic Marketplaces highlights

44

Nordic

Marketplaces

Unrivalled Nordic Marketplaces leadership positions through Finn, Blocket and Tori

Continue to capture adjacent markets with transaction triggered services

Impressive financial track record with robust growth, high margins and

strong cash conversion

Leveraging on Schibsted’s platform capabilities, such as traffic, data and consumer

insight

Blink (Targeted ads) – exemplifying Schibsted’s digital front-

runner capabilities and collaboration across digital positions

45

TRAFFIC AND DATA

Intentional data from Finn promoting tailored properties on VG

Nordic

Marketplaces

Traffic

Fund

Average +20%-30%

increase in

# of new visitors

Real estate agents

retention on site,

~5 times per object

Property seller retention,

~10 times

✓

✓

✓

✓

✓

✓✓

✓✓

✓✓

http://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwip_fT9i9fgAhV_ysQBHRIEAdgQjRx6BAgBEAU&url=http://clipart-library.com/clipart/ziX5rnbjT.htm&psig=AOvVaw0areL0ePSAtlZXRJvdlKQw&ust=1551191277990979

NORDIC MARKETPLACES

Q&A

NEWS MEDIA

World class digital media brands

48

Value propositionLeading provider of independent high quality journalism in Norway and Sweden on

every platform

1) 2018

2) Company data

Siv Juvik Tveitnes

Revenue Position Traffic Sustainability

7,775NOKm1

#1in Norway and

Sweden

466mmonthly visits2

Fundamental

force for

democracy

682NOKm1

EBITDA

New

s M

edia






News Media highlights

49

News Media

Trusted, digital and iconic media brands

Rapidly growing recurring online revenues

Excellent product and tech capabilities

Leveraging on Schibsted’s years of consumer insight and experience to

further grow and develop digital solutions for the future

Willingness to pay for quality online news highest in Norway,

Sweden and Finland

50

6%

7%

7%

8%

8%

8%

8%

8%

9%

11%

11%

11%

11%

11%

12%

12%

13%

14%

15%

16%

18%

26%

30%

GRE

CRO

UK

BUL

GER

HUN

CZE

AUT

POR

FRA

ROU

SPA

IRE

SVK

SUI

ITA

NLD

BEL

DEN

POL

FIN

SWE

NOR

30%26%

18%

16%

15%

8%7%

14%

11%

11%

12%

6%

Source: Reuters Institute Digital News report 2018. Selection of approx. 2,000 respondents Jan-Feb 2018, Have you paid for online news the past year?

News Media


A focused digital strategy has led to a solid growth in digital

revenue streams

51

A focused digital strategy for years, has resulted in an impressive revenue growth rate

From 2005 to 2018, online revenues grew at a CAGR of 17%


News Media

PRINT ONLINE

388618

774 8741 014 1 008

1 149

1 432

1 988

2 390 2 489 2 5202 734

3 015

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Online revenue

17%Revenue CAGR

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwiC7cud1uPfAhWLCCwKHQ17DuEQjRx6BAgBEAU&url=https://annonseweb.schibsted.no/nb/product/min-mote-7818&psig=AOvVaw1vgTjNCtIGCG7jb6WfB96-&ust=1547225483916450

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwjAloDA1uPfAhVMFSwKHS1wCIkQjRx6BAgBEAU&url=https://www.vgtv.no/&psig=AOvVaw2RVz0C5jNNS9H3GBcHfUJZ&ust=1547225547044354

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwi_zq3Q1uPfAhVMBSwKHeLNCNcQjRx6BAgBEAU&url=https://twitter.com/vgpluss&psig=AOvVaw23R5S_dF-CkEsky_hDN2xR&ust=1547225591677244

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwi25ZCkyojgAhUDiaYKHTW8BUQQjRx6BAgBEAU&url=https://www.pinterest.com/pin/117164027782505349/&psig=AOvVaw3rU0A9j0nYiQC_ILqQZTBN&ust=1548493579190214

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwj6soayyojgAhWEDiwKHexHCAMQjRx6BAgBEAU&url=https://appadvice.com/app/vg-pent-no/445267990&psig=AOvVaw0Ble1ucfXFz-7k5Mn63Ko3&ust=1548493615467585

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwiPo7LW25LgAhXDfywKHQylCekQjRx6BAgBEAU&url=https://gjerrigknark.com/33880&psig=AOvVaw03N5foB2Z9Yem7z8z1My66&ust=1548841852252259

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwiZsfzj25LgAhVihaYKHegAC8gQjRx6BAgBEAU&url=https://tipster.no/&psig=AOvVaw2KWEsdzt8mOP70vFHssbeY&ust=1548841879202043

VG has the unrivalled #1 news position in Norway

with 90% direct traffic

52

Acquired in 1966

#1Unrivalled market leader in

Norway

>1bndigital revenue in 2018

90%of traffic is direct2

5.8monline visits per day1

1) Company data, 2018 average

2) Includes web traffic only, excluding partner websites and apps


News Media

http://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwi0yJCit9fgAhXSwcQBHeq6BJEQjRx6BAgBEAU&url=/url?sa%3Di%26rct%3Dj%26q%3D%26esrc%3Ds%26source%3Dimages%26cd%3D%26ved%3D%26url%3Dhttps://vglive.no/%26psig%3DAOvVaw2lleZMBvvrBl5Mnoz7OA8L%26ust%3D1551202897833836&psig=AOvVaw2lleZMBvvrBl5Mnoz7OA8L&ust=1551202897833836


https://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwjVvtbB_ejgAhWjyqYKHda0CB4QjRx6BAgBEAU&url=https://no.wikipedia.org/wiki/Fil:VG_logo.svg&psig=AOvVaw0PINkvN_Su6l3vn3HcXits&ust=1551805867449984

VG has challenged itself for decades – and continues to do so

53

News Media

Always using a «360 degree» approach to how we tell and

distribute our storiesNews Media

54

513638

773

0

100

200

300

400

500

600

700

800

900

2016 2017 2018Online advertising revenue (NOKm)

66

101

151

0

20

40

60

80

100

120

140

160

2016 2017 2018Digital subscription revenue (NOKm)

VG had a strong EBITDA margin of 18% in 2018

55

683863

1 016

1 017882 824

16%

19% 18%

0%

5%

10%

15%

20%

25%

30%

0

200

400

600

800

1 000

1 200

1 400

1 600

1 800

2 000

2016 2017 2018

Online revenues NOKm Offline revenues NOKm EBITDA Margin

…and strong growth in digital subscription revenue

…driven by robust growth in online advertising Strong growth in online revenues


23% revenue CAGR

51% revenue CAGR

News Media


Aftonbladet has the #1 position in Sweden, with 80% direct traffic

56

Acquired in 1996

#1unrivalled market leader in

Sweden

>800monline revenue in 2018

80%of visitors from own sites

and direct traffic2

6.6monline visits per day1

1) Company data, 2018 average

2) Includes web traffic only, excluding partner websites and apps


News Media

739 746 735

0

100

200

300

400

500

600

700

800

2016 2017 2018Online advertising revenue (NOKm)

Growth in digital revenues, solid EBITDA and good profitability

in 2018

57

880 887 892

1 040 943786

12%

14%

11%

0%

5%

10%

15%

20%

25%

30%

0

500

1 000

1 500

2 000

2 500

2016 2017 2018


…driven by growth in digital subscription revenue

…despite stable online advertising revenue

95109 111

0

20

40

60

80

100

120

2016 2017 2018Digital subscription revenue (NOKm)

Growth in online revenues


8% revenue CAGR

News Media

The business model for our premium subscription brands

has changed dramatically

58

#1, #2Unrivalled market leader in

Norway, strong #2 in

Sweden

> 900mOnline revenue in 2018

600kNo of digital subscribers2

5xSubscription revenues

increase past 3 years 1

1) Company data

2) Both digital only and bundles


Schibsted –

Can you please

provide phone

pictures from

subscription

papers?

News Media


The digital growth rate is driven by an impressive growth in

digital subscribers

59

150216

265

350

373336

500

589 601

0

100

200

300

400

500

600

700

2016 2017 2018Digital (k) Bundles (k)

798 840 918

2 911 2 685 2 566

6%

7% 7%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

0

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

2016 2017 2018


Growing online revenues… …supported by rising digital subs


News Media

33% Digital CAGR

Top journalistic quality converts customers

60

News Media

Our unified product and tech initiatives

speed up product development

61

Selected examples

News Media

Personalised front pages (Curate)

Schibsted CreateLive studio

Data driven advertisement

Automatic and

personalised

front pages

Accessible

live studio at

VG premises

State-of-the-art

content

management

system

Customisation of

advertisement and

traffic generation

across platforms

We have launched an automated and personalised front page

– with promising results

62

• Get an overview of the most important news

• Explore and discover content they didn’t even

know they were interested in

• Content they have shown previous interest in

and are willing to pay for

…to increase traffic and subscription

conversion

…addressed through automated and personalised

front pages…Individual interest and behaviours…


News Media

Enhanced readers

engagement with…

…12-13%1 lift in mobile

subscription engagement,

providing…✓

…monetisation

opportunities on increased

traffic through ads✓

✓✓

✓✓

✓✓

63

Multiple vectors of growth within News Media

Monetisation

• Premium subscription

and price model

• Content marketing

• Cross-selling & bundling

• News-adjacent services

and niches

New ventures

• Enhance the depth of

the current subs

relationship through

new ventures

• Broaden advertising

offering and revenue

• eCommerce

Product development

Harness data to …

• Personalise and improve UX

• Personalise editorial and

commercial content

• Algorithmic content

optimization

• Voice and video

1 2 3

M&A

• Selective Nordic M&A

4

News Media


News Media highlights

64

News Media

Trusted, digital and iconic media brands

Rapidly growing recurring online revenues

Excellent product and tech capabilities

Leveraging on Schibsted’s years of consumer insight and experience to

further grow and develop digital solutions for the future

News Media’s front-runner capabilities accelerate new digital

services

65

• Promoting Lendo at Aftonbladet.se enables direct

financing access and comparison for the

consumers

• Feeds views from sites with high traffic generation

to sites with high value

• Enables Schibsted to better understand consumer

needs and preferences and customise the user

experience

• Significant cross-platform value generation

• Together with the traffic fund marketing from

Aftonbladet, the Blocket integrations were an

accelerant in the build-up of Lendo

Lendo growth has been accelerated through a combination of marketing and product integration

News Media

Traffic

Fund


NEXT: GROWTH & FINANCIAL SERVICES

Historical track record of incubating growth businesses

68

Value propositionDriving change through innovation by investing in digital companies that strategically fit,

scaling and helping them become market leaders

1) 2018

2) Company data

Raoul Grünthal

Revenue Position Traffic SustainabilityEBITDA

Gro

wth 1,970

NOKm1

#1digital consumer

service incubator

in the Nordics

123mmonthly visits2

Empowering

people in their

daily life

99NOKm1






http://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwj7scCatqLgAhUD3CwKHVbfA5QQjRx6BAgBEAU&url=http://www.mynewsdesk.com/no/helthjem-slash-schibsted&psig=AOvVaw3PpA7UJgTU6yyGocaReu2A&ust=1549381519640403



https://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwiQ2uDwipjgAhVHhiwKHWCdA7MQjRx6BAgBEAU&url=https://trollwebsolutions.se/frakt-og-logistikk/&psig=AOvVaw3zCj-g-gS_OmBMQ9HFLe-g&ust=1549026314513182

http://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwinurLztqLgAhUBsywKHUHTCgMQjRx6BAgBEAU&url=http://johanthuresson.se/ahum-case/&psig=AOvVaw0edXcQqcwyKXSVhUD_c7sy&ust=1549381737411506


https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwi949XK9cTgAhVL_CoKHdAWC7AQjRx6BAgBEAU&url=https://annonswebb.schibsted.se/sv/brands/omni-173&psig=AOvVaw343z4WdaHEfvUm_MSSDZmJ&ust=1550566793249227

Growth highlights

69

Growth

Proven ability to incubate future market leaders

Robust investment track record and ability to transition into scale-ups

Proven scalable platforms for international growth e.g Prisjakt

Benefit from the Schibsted platform: innovative and entrepreneurial culture, traffic,

data, consumer experience, financial and accelerator capabilities


We have created champions before and will do it again with

unique tools such as…

70

Growth

Current growth

portfolio

Previously part

of growth

portfolio







https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwi949XK9cTgAhVL_CoKHdAWC7AQjRx6BAgBEAU&url=https://annonswebb.schibsted.se/sv/brands/omni-173&psig=AOvVaw343z4WdaHEfvUm_MSSDZmJ&ust=1550566793249227

https://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwi71-q_yt7gAhUL06YKHbTBCT4QjRx6BAgBEAU&url=https://thenounproject.com/term/magical-unicorn/1112380/&psig=AOvVaw1Ik-5vlEOco-xhXnb1F3Ai&ust=1551448561961004

http://www.google.no/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=&url=http://www.brochard-immobilier.com/acheter/portail/472-le-bon-coin.html&psig=AOvVaw289_h_5nx2hSdXmlEzh4ia&ust=1551794980023491

…our turbo-charged accelerator and unified platform…

71

Industrial investments within the growth unit have been accelerated through cross platform traffic, data harvesting and integration

Growth

Traffic

Integration

Data ✓

Traffic to and integration of

high value sites…

…creating data driven

insight, which can be…✓

…harnessed for further

value creation✓

✓✓

✓✓

✓







1 565

3 841

5 400

2016 2017 2018

…and broad distribution network

72

Overview

• New business initiatives have yielded results

• Significant increase in physical reach through

distribution innovation

• Schibsted has successfully combined its digital

portfolio with its physical network to enhance

customer delivery

Schibsted Distribution – 2 delivery networks

Distributed parcels across network, thousands~500k newspapers * 7 nights per week

OsloBergen

StavangerKristiansand

90% households through

partners1

8,000 retailers

Books

Morgenlevering

Parcels

1) includes Adresseavisen, owned through Schibsted’s associated company Polaris Media


Growth

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwiFqN2-_avgAhWliqYKHe4lD0gQjRx6BAgBEAU&url=https://www.ntbinfo.no/release/send-returpakkene-hjemmefra-med-avisbudet?publisherId%3D6851132%26releaseId%3D6851146&psig=AOvVaw0IwSaxJoSiehvBOA3MVtzf&ust=1549709925000746



Solid, diversified portfolio of thriving ventures

Schibsted invest in winning start-ups based on clearly defined investment criteria and with uncompromised capital discipline

73

Price

comparisoneHealthEd-tech Distribution OtherMarketplaces

Min

ori

ties

Maj

ori

ties

Editorial

Growth







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Leading price comparison service for consumer products

Market leader in Sweden and Norway

Strong growth in e-commerce

International scalability potential

Impressive financial track record with

capital light business model

Prisjakt – Swedish and Norwegian market leader with

international growth potential

74

Founded in 2002/Acquired in 2006 – Present in 8 countries

216263

308

23%

13%

31%

0%

10%

20%

30%

40%

50%

0

50

100

150

200

250

300

350

2016 2017 2018Revenue EBITDA margin

Strong growth in revenue and margins

#1Clear market leader

Sweden and Norway

800kDaily visits

CAGR

19%

34 % 37 % 25 %Marketing expense

as % of sales


Growth

✓

✓

✓

✓

✓


We selectively allocate our capital and adhere to a clear and rational

set of investment objectives…

Schibsted invest in winning start-ups based on clearly defined investment criteria and with uncompromised capital discipline while being open for different partnership structures

75

Investment objectives and rationale Investment criteria

ü

ü

ü

ü

ü

Looking for consumer-facing businesses with

market leading potential where Schibsted can use

its core competence leveraging marketing power,

resources, reach and financing to secure

transformational growth

1

2

3

4

Outstanding entrepreneurs and teams

Scalable platforms

International growth potential

Proven products

5

Synergies with Schibsted

Growth

1

2

3

4

…evidenced by our stellar IRR performance

76

Historical investments, value created and IRR


Valuations based on peer valuation, DCF valuation and latest rounds for venture companies. Includes Financial Services. Does not include Blocket.

Growth

1 500

10 000

Invested Capital Value created

Strategic venture investments

Track record of home runs, e.g., Blocket,

Lendo and Prisjakt

Limited losses on downside

Good investments

Adding value

operationally

Leveraging Schibsted platform to add value

e.g. experts, ad network and data

Supporting entrepreneursBetween 2005 and 2018 Between 2005 and 2018

~

~

Strong value creation historically

77

Multiple vectors of growth within the Growth division

Monetisation

• Advertisement

• Traffic and data

1

M&A

• Bolt-on

• In-market

consolidation

• Expansion within

established

platforms

Product

development

• Adjacent services

• Adding features from

other Schibsted

successes

2

New ventures

• Ed-tech

• Health-tech

• Distribution /

infrastructure

• Minority share to learn

new businesses

3 4 5

Geographic

expansion

Growth


Growth highlights

78

Growth

Proven ability to incubate future market leaders

Robust investment track record and ability to transition into scale-ups

Proven scalable platforms for international growth e.g Prisjakt

Benefit from the Schibsted platform: innovative and entrepreneurial culture, traffic,

data, consumer experience, financial and accelerator capabilities


Exciting positions in an attractive and rapidly developing

financial services market

79

Value propositionEmpowering people to take well-informed financial decisions

Revenue Position Sustainability

1,010NOKm1

#1Loan broker in

Sweden and

Norway

Power is shifting

from suppliers to

consumers

327NOKm1

EBITDA

1) 2018

Dan Ouchterlony

100+Partners

Partners

Fin

anci

al

Ser

vice

s





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Financial Services highlights

80

Financial

Services

Taking advantage of change in financial markets by building disruptive businesses

Exciting portfolio and strong track record in building financial services companies

Scaling Lendo locally and internationally

Leveraging on the trusted and experienced Schibsted platform

81

Financial

Services

2

Lendo empowers users to find and sign the best loan,

80% of revenue fully automated – unique vs. competition

82

Credit scoring

Partners

User interest Info /

Requests

Choice –

accept offer

Delivery

Application

sent

Proposals –

inbox with

offers

Partner

process

1 3

2

5

4

7

6

~5% Lendo receive ~5% of

all loans payed out to

consumers by the

lender at the time of

the transaction

On average 6 offers with 10% spread between worst and best offer

Financial

Services

Lendo – European market leader within loan brokerage

Founded in 2007/Acquired in 2009

#1Clear market leader

Norway and Sweden

NOK ~20bnloan volume per year

NOK 852mRevenue

>500kMonthly sessions

Market leader in Sweden and Norway

Favourable market trends

Digital process – one loan application reaching +25 banks

Virtuous network effects

Diversified financial partner landscape

Impressive financial track record

International scalability potential

83

Financial

Services


✓

✓

✓

✓

✓

✓

✓

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Strong development in underlying consumer finance market

84

Development in household credit card debt vs personal loans, SEKbn Current market trends

43 45 45 46 44 45 46

99 101 106 109 113 120 135

2011 2012 2013 2014 2015 2016 2017

Source: SCB, SSB, Bank of Finland, Statistics Finland, EY

55 52 53 49 52 56 56

9 14 1624

3445

56

2011 2012 2013 2014 2015 2016 2017

40 42 43 43 45 44 4528 29 24

3425

46 48

2011 2012 2013 2014 2015 2016 2017Credit card debt Personal Loans

5%

CAGR

36%

CAGR

9%

CAGR

Consistent growth over last years

Positive consumer sentiment

Stable regulatory environment

(license required)

Explosive growth past years, now

flattening

Increasing regulation and negative

consumer sentiment

Erratic growth and somewhat

immature market behaviour

Increasing regulation

Growth in personal loans volume due to the refinancing of credit card debt and payday loans

Financial

Services


#1 in Sweden and Norway, #2 in Finland, catching up to the

competition

85

#1 #1 #2

Market

position1

Current

trend

✓ Lendo #1 with some margin

✓ Maintaining market share in a flattening

market

✓ Market slowdown due to regulation and

weakened consumer appetite for loans

✓ Brokers are growing faster than the total

market

✓ Some consolidation ongoing

✓ Upside in increasing transparency and

pricing

✓ Lendo #1 by a large margin

✓ Developing faster than #2 in a growing

market


market

✓ Fewer but more professional

competitors, trying to copy key concepts

from Lendo

✓ Lendo #2

✓ Developing faster than #1 in a growing

market

✓ Banks act immaturely vs. broker channel


market

✓ Competitive market, need to invest to win

✓ Upside in continued shift away from

payday loans

1) Estimates based on revenue

Financial

Services


Lendo displays virtuous reinforcing network effects

86

Lendo is a trusted intermediary for both consumers and lenders

More

lenders

More and

better offers

Better customer

experience

More

customers

A consumer applying at a marketplace has a

higher chance of:

receiving the best possible offer✓

getting the full amount requested

compared to applying at one

individual bank✓

✓

Financial

Services

being approved✓✓

✓✓✓

✓✓✓

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Creating value for partners, with low dependence on

individual partners

87

Personal loan partners, % of volume Personal loan partners, % of volume

Financial

Services

Largest partner

13%

Largest partner

19%


Lendo has an impressive financial track record and capital

light business model

88

459

704

852

37%42% 38%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

100

200

300

400

500

600

700

800

900

2016 2017 2018

Revenue EBITDA margin

Strong growth in revenue with stellar margins Solid cash conversion1 and capital light business model

78

17

96% 97% 95%

0%

20%

40%

60%

80%

100%

120%

0

2

4

6

8

10

12

14

16

18

2016 2017 2018

Capex Cash Conversion

Flexible cost base, easy to scale

49% 45% 48%Marketing

expense as

% of sales


Source Company data

Financial

Services

NOKmNOKm

Proven business model with international scalability potential

89

Unique scalable platform due to the automated and capital light business model ready to expand to new markets

Roll-out in Norway in 2012

Roll-out in Denmark in 2018

NOK 47m Revenue year 2

2 yearsTime to breakeven

DKK ~50mRevenue year 2

3-4 yearsTime to breakeven


Financial

Services

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Banking and finance is undergoing significant change,

opening up opportunities for agile players

90

1

2

3

4

• PSD2 gives new opportunities

• Local FSA implementing EU regulations

• Cloud and digital ID tech (Bank-ID)

• Enabling rapid creation and adoption of services

• Local niche providers take market share

• Large banks partner and build venture units

• Banks score low on customer satisfaction

• Digital brands earn rapid trust and take share

Financial

Services

Regulatory

Tech

Competition

Consumer

Financial

services

Consistent, profitable growth since 2009

Note: Excluding financials for minorities e.g. Hypoteket, Bynk, Fronteer, Tillit, Fundingpartner and Dicopay

1) EBITDA excluding internationalisation


91

Financial Services revenue and EBITDA margin, NOKm

20 49104

173

293

405 432

638

892

1 010

25%

34%

23%

10%5%

11%19%

27%34% 32%

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Revenue EBITDA1

Financial

Services

92

Hypoteket first 100% digital mortgage experience in Sweden

Overview Business model

• Schibsted invested in Hypoteket in 2015

during seed stage

• Accelerated and risk reduced by partnering

with Schibsted Growth, e.g, supporting

fund raising and compliance

• Transition into hypergrowth during 2018,

with 2.5bn lent to consumers in less than

12 months

• Efficient, digital processes enable better

consumer pricing, better investor yield, and

lower risk

• Fully transparent and low capital

requirements for investors (Solvency II)

Case study:


Financial

Services

1,0

2,5

Sep 2018 Feb 2019

SEK billion paid out

2.5x

Asset

Managers

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93

Electricity MortgageInsuranceConsumer

loansSME credit

Pension/

Savings

Schibsted entered financial services by pioneering

the aggregator layer, partnering with established providers

Aggregators

Providers

Recent investments into high quality providers

Financial

Services

94

Multiple vectors of growth within Financial Services

Monetisation

• Win existing markets

in Sweden, Norway

and Finland

M&A

• New venture

investments e.g.

Hypoteket, Bynk,

Tillit

• Bolt-on M&A

Product development

• Build new products

e.g. Bynk, Hypoteket,

Lendo for business,

and Kreddy

1 2 3 4

Geographic expansion

Financial

Services


Financial Services highlights

95

Financial

Services

Exciting portfolio and strong track record in building financial services companies

Scaling Lendo locally and internationally

Leveraging on the trusted and experienced Schibsted platform

Taking advantage of change in financial markets by building disruptive businesses

97

ü

FINANCIALS AND FORECASTS

Schibsted has proven superior shareholder value creation capabilities

98Source: Factset

0

50

100

150

200

250

300

350

400

Jan-

09

Apr

-09

Jul-0

9

Oct

-09

Jan-

10

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3

Oct

-13

Jan-

14

Apr

-14

Jul-1

4

Oct

-14

Jan-

15

Apr

-15

Jul-1

5

Oct

-15

Jan-

16

Apr

-16

Jul-1

6

Oct

-16

Jan-

17

Apr

-17

Jul-1

7

Oct

-17

Jan-

18

Apr

-18

Jul-1

8

Oct

-18

Jan-

19

Share price

Share price development (NOK)

1

6

7

2

3

4

58

9

Equity issue of

NOK 1.3bn

50% buyout of

LBC

JV with Telenor

and SPH

Deal with

Naspers

Acquisition of

Milanuncios

Equity issue of

10% of B shares

Buyout of Telenor

from Brazil and Chile Equity issue of

10% of B shares

Announcement of

Adevinta Spin-off

Proven financial performance track record

Robust revenue growth1

(NOK million)

Resilient EBITDA performance1

(NOK million)

Strong cash flow and cash conversion1,2

(NOK million)

Robust growth combined with resilient margins and low capex translate into a high and predictable cash conversion

1) Excluding Adevinta


Source: Company data99

7 838 7 679 7 750

4 173 4 597 4 761

12 011 12 275 12 511

-

2 000

4 000

6 000

8 000

10 000

12 000

14 000

2016 2017 2018Offline Online

1 556

1 7161 827

13% 14% 15%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

200

400

600

800

1 000

1 200

1 400

1 600

1 800

2 000

2016 2017 2018

EBITDA EBITDA margin

CAGR 6.8%

online revenue

CAGR total revenue

2.1%

475

581 522

70%66%

71%

0%

20%

40%

60%

80%

100%

120%

0

100

200

300

400

500

600

700

2016 2017 2018

CAPEX Cash conversion

Revenue and EBITDA split

100

Revenue split 2016-2018

2 488 2 702 2 843

8 137 7 873 7 775

1 854 1 937 1 970

638 892 1 010

(1 106) (1 129) (1 086)

12 011 12 275 12 511

(2 000)

0

2 000

4 000

6 000

8 000

10 000

12 000

14 000

2016 2017 2018

Nordic Marketplaces News Media GrowthFinancial Services HQ /Eliminations

EBITDA split 2016-2018


1 122 1 135 1 267

644 759 682

185 115 99 170 302 327

(565) (595) (548)

1 556 1 716 1 827

-1 000

-500

-

500

1 000

1 500

2 000

2 500

3 000

2016 2017 2018

Nordic Marketplaces News Media GrowthFinancial Services HQ /Eliminations

Our financial reporting structure disclosure going forward

101

Please find detailed financial information available for download on the Schibsted webpage

Nordic Marketplaces Norway Sweden

Other

(incl. Shpock, Finland &

HQ)

News Media VG AftonbladetSubscription

newspapers

Other news media

(incl. Publishing)

Financial Services Lendo established Lendo investment Other financial services

Growth Distribution Prisjakt Group Other growth

Schibsted Group HQEliminations

(excl. Adevinta)Adevinta

Eliminations

(incl. Adevinta)

Financial targets and policies

102

M&AM&A activities targeted primarily to strengthen market positions and bolt on adjacent businesses

Dividend policyStable to increasing dividend over time

Leverage policyTarget NIBD/EBITDA in the range of 1-3x, making it possible to lever up if a particularly attractive investment becomes available.

Any over-capitalisation to be addressed through (extraordinary) dividend or share buyback

Revenue Nordic MarketplacesTargeting revenue growth of 8-12% for the division in the medium to long-term

EBITDA News MediaStable EBITDA margin for the division

Nordic

Marketplaces

News

Media

Capitalisation

Capital allocation

Aligning management and employee incentives to shareholder value

103

Key attributes of the LTI plan

✓ Restricted shares and Performance shares - performance

calculation based on Total Shareholder Return relative to a peer

group

✓ The composition of the peer group is intended to reflect the

underlying values in Schibsted in a balanced matter. Mainly

including companies involved in online classifieds, but also other

media companies

✓ Strong alignment of participants and shareholders interest

✓ Base salary times a percentage forms the LTI base

At the 25th percentile, the face value of

the Performance Base shall vest at 50%

At the 50th percentile, the face value of

the Performance Base shall vest in full

At or above the 75th percentile, the face

value of the Performance Base shall vest

at 300%

✓

✓

✓

• Provided that prevailing market conditions so permit, Schibsted intends to sell down 5% Adevinta shares in the market.

• The divestment will take place in the form of Adevinta B-shares.

• The Tinius Trust intends to divest a limited portion of its direct holding in Adevinta, in the form of Adevinta B shares with any

remaining holding subject to a customary lock up.

• Schibsted as a majority owner will support a simplified governance structure without ownership or voting limitations and an

amalgamation into one share class by 2019 year end, subject to EGM approval.

Sale of shares following demerger

104

Active and significant long-term owner of Adevinta

Knowledge

sharing

105

Schibsted will exercise its ownership through representation on

Adevinta’s Board of Directors

Collaboration through knowledge and competence sharing

Schibsted ASA will continue to be an active, significant long-term owner

of Adevinta – the global leading online classifieds company

Adevinta will be well equipped to play an active role in any structural

development of the marketplace Industry


106

ü

Q&A

CONCLUDING REMARKS

The core elements within Schibsted

Historical track record of incubating growth businesses

Unrivalled Nordic marketplaces leadership positions through Finn, Blocket and Tori

Multiple growth avenues

World class digital media brands

Tenured and solid management team

Proven financial performance and track record with high degree of recurring revenues

Strong growth in a fast developing financial services market through Lendo et al.

108

To conclude

110

“Strong network effects”

“Trusted and iconic”

“Turbo charged

accelerator”

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