Summary: Vend Marketplaces ASA closed 2025 with a robust fourth quarter highlighted by EBITDA that outperformed the company-compiled consensus by 13.6%. While group revenue met expectations, revenue from vertical segments was 3% ahead and adjusted EBITDA topped forecasts by 11%. Management described continued momentum in Average Revenue Per Account (ARPA) across verticals as it moves into 2026, while offering qualitative rather than numerical guidance.
Vend's vertical segments accelerated their constant-currency growth to 8.1% in Q4, a clear step up from the 2.8% reported in Q3 and the 1.0% recorded in Q2 of 2025. The profit outperformance in the quarter was concentrated in two divisions: Real Estate, which exceeded internal expectations by 15%, and Jobs, which came in 16% ahead of plan. These divisions were the primary contributors to the adjusted EBITDA beat for the period.
On the top line, the group reported revenues that were broadly in line with the company-compiled consensus. Vertical revenues collectively outpaced forecasts by 3%, reinforcing the stronger growth momentum in the later part of the year. The company highlighted that Average Revenue Per Account remains a driver across all verticals as a result of recent go-to-market efforts.
For 2026, Vend opted to provide qualitative commentary rather than specific numerical guidance. Management said the firm entered the year with sustained ARPA momentum across its verticals and expects that momentum to support revenue growth consistent with its unchanged medium-term targets of 5% to 17% growth, which vary by vertical.
Certain operational items and timing changes were disclosed. A planned pricing adjustment in the Mobility business in Sweden has been postponed until the second half of 2026 while the business completes optimization following a recent platform migration. The company also said that its absolute cost base, excluding Cost of Goods Sold, will remain broadly stable in 2026 compared with 2025.
Management acknowledged a notable execution shortfall in the migration of Blocket to the Aurora platform, calling the migration poorly executed. The company described the issue candidly in its commentary while affirming that other elements of the business delivered stronger-than-expected profitability in the quarter.
Context and takeaways: Vend delivered a quarter in which profitability substantially exceeded the company-compiled consensus, driven by stronger performance in Real Estate and Jobs segments and accelerating vertical growth in constant currency. Management is relying on ARPA momentum and go-to-market initiatives to sustain growth, while signalling stability in non-COGS operating costs for 2026.