VEND MARKETPLACES-UNSPO ADR Business Summary

Vend Marketplaces ASA (OTC: SBSNY) is a premier pure-play operator of online marketplaces across the Nordic region, having rebranded from Schibsted ASA in May 2025 following the divestment of its news media operations. The company generates revenue through a diversified mix of transaction-based fees, professional subscription models, and premium advertising services. Its business is structured into four primary verticals: Mobility (automotive), Real Estate, Jobs, and Recommerce (second-hand goods), which operate through market-leading brands such as FINN.no in Norway, Blocket.se in Sweden, and Tori.fi in Finland. Vend maintains a dominant competitive position, typically holding the #1 or #2 spot in its core geographies, and competes directly with global and regional entities like Adevinta, Hemnet, JobIndex, and AutoScout24 by leveraging deep local network effects and an increasingly integrated transactional platform. The company is led by CEO Christian Printzell Halvorsen, a veteran executive with extensive experience in the group’s marketplace operations and a former CEO of FINN.no. The leadership team includes CFO Per Christian Mørland, who manages financial strategy and capital allocation, and Maria Sandgren, who was appointed as Executive Vice President and Chief Product & Technology Officer (CPTO) in May 2025 to drive the group’s AI-focused technical transformation. Tracing its pedigree to an 1839 founding by Christian Michael Schibsted, Vend remains anchored by the Tinius Trust, which holds a significant ownership stake of approximately 20% via Blommenholm Industrier AS. The Board of Directors is chaired by Karl-Christian Agerup, a seasoned venture capitalist and former CEO of Oslotech, ensuring robust corporate governance as the company executes its pure-play marketplace strategy.