We increase our 2025/2026 EBITDA estimates for the core Marketplaces verticals by 6%/1%, respectively, with only minor changes for 2027. Group estimates are impacted by the reclassification of Delivery as discontinued operations. Q1 results strengthened trust in Schibsted’s medium-term targets, with cost reductions in Q1 of 9% y/y driven by fewer FTEs. This follows consensus downgrades YTD and low expectations heading into Q1. Further portfolio streamlining—including disposals of Delivery and Le ....
