Vend Marketplaces ASA (VEND.OL): 3Q Revenue Slightly Below Expectations; Further Progress on Cost Reduction

Vend reported 3Q with revenue 1% below company consensus, while EBITDA came in 2% ahead. The revenue miss was mainly driven by Mobility, where revenues were 2% below consensus partially due to softer than expected volume trends. The EBITDA beat reflected faster than expected delivery on the simplification agenda with TSA exits contributing to lower operating costs. The company updated Mobility revenue growth guidance to the lower end of its mid-to-high single digit growth range for 2026, and increased its OPEX ex-COGS reduction target to NOK 250m (previous NOK 150m), reflecting additional cost-saving initiatives. While the revenue miss is likely to weigh on sentiment, we expect the impact to be partly offset by the upgraded cost savings outlook and plans for an additional share buyback. Nevertheless, we expect consensus revenue estimates to move lower following the weaker Mobility guidance and think shares will be down slightly. Our NOK 247 target price combines a DCF valuation (NOK 24