Core marketplaces are growing faster than the group

Vend Marketplaces said on 27 October that third-quarter 2026 revenue reached NOK 1.641 billion. Growth was 3% in reported currency and 6% at constant currency; the four core marketplace verticals grew 11%, while the group rate was held back by the phase-out of transitional service revenue left from an earlier separation. [1 · Vend Marketplaces · third-quarter 2026 results, 27 October 2026] [2 · Vend Marketplaces · interim report for the third quarter of 2026]

EBITDA — earnings before interest, tax, depreciation and amortisation — rose 11% to NOK 711 million, lifting the margin from about 40% to 43%. Vend classifies EBITDA as an alternative performance measure, so it is not interchangeable with accounting net profit; operating profit was NOK 555 million, compared with NOK 440 million a year earlier. [1 · Vend Marketplaces · third-quarter 2026 results, 27 October 2026] [2 · Vend Marketplaces · interim report for the third quarter of 2026]

Quarterly net profit also included a NOK 3.92 billion non-cash fair-value gain on an investment. That one-off effect is why revenue, operating profit and EBITDA offer a cleaner view of current operations than carrying headline net income forward into later periods. [2 · Vend Marketplaces · interim report for the third quarter of 2026]

Record recommerce volume still relies on incentives

Recommerce revenue grew 12% to NOK 243 million, while transactional revenue increased 19%. The marketplaces processed 1.9 million transactions, 31% more than a year earlier. Volume is expanding much faster than segment revenue, indicating broader use of the service without by itself proving better monetisation of each transaction. [1 · Vend Marketplaces · third-quarter 2026 results, 27 October 2026] [2 · Vend Marketplaces · interim report for the third quarter of 2026]

The cost of that growth is visible. Marketing expense nearly doubled to NOK 39 million from NOK 21 million, while the EBITDA loss widened to NOK 43 million from NOK 35 million and the margin deteriorated to negative 18% from negative 16%. Vend says marketing and delivery incentives supported gross merchandise value, but it has not disclosed a timetable for segment profitability. [1 · Vend Marketplaces · third-quarter 2026 results, 27 October 2026] [2 · Vend Marketplaces · interim report for the third quarter of 2026]

At group level, Vend raised the expected 2026 reduction in its operating-cost base excluding cost of goods sold to NOK 250 million from NOK 150 million. That offers greater protection for the consolidated margin, but recommerce economics still need separate scrutiny: investors and sellers need evidence on revenue per transaction, repeat use and incentive spending once campaigns end. [1 · Vend Marketplaces · third-quarter 2026 results, 27 October 2026] [2 · Vend Marketplaces · interim report for the third quarter of 2026]

Expert commentary

The quarter reveals two different engines. Vend’s mature vertical marketplaces already support a high group margin, while recommerce is purchasing speed at the cost of a current loss. That structure can work if cash generation from established units funds a bounded experiment rather than concealing a lasting inability to recover customer-acquisition costs. [1 · Vend Marketplaces · third-quarter 2026 results, 27 October 2026] [2 · Vend Marketplaces · interim report for the third quarter of 2026]

A 31% increase in transactions alongside 12% segment revenue growth deserves careful interpretation. Possible explanations include less revenue per transaction, a changing product mix or subsidised delivery; the report does not fully disaggregate them. Quality of growth will be tested by transactional revenue per deal, repeat-user share and the durability of volume when incentives decline. [1 · Vend Marketplaces · third-quarter 2026 results, 27 October 2026] [2 · Vend Marketplaces · interim report for the third quarter of 2026]

Incentives can help buyers and sellers by reducing first-transaction friction, improving marketplace liquidity and shortening the search for a counterparty. Yet a network effect becomes durable only when participants return without a permanent discount. If activity falls quickly when cheap or free delivery ends, marketing created temporary demand rather than a stable habit. [1 · Vend Marketplaces · third-quarter 2026 results, 27 October 2026] [2 · Vend Marketplaces · interim report for the third quarter of 2026]

Vend’s competitive edge depends on more than audience size. Trust, payment convenience, dispute resolution, listing quality and predictable delivery are critical in recommerce. Group cost cuts should not weaken those functions: savings in seller checks or support could increase fraud and cancellations, making the next customer more expensive to acquire. [1 · Vend Marketplaces · third-quarter 2026 results, 27 October 2026] [2 · Vend Marketplaces · interim report for the third quarter of 2026]

The potential social benefit of a secondary market is longer use of goods, but transaction counts are not proof of environmental gains. Some purchases may add to new consumption, while shipping and returns create their own costs. Stronger conclusions require evidence on displacement of new purchases, product life and logistics. [1 · Vend Marketplaces · third-quarter 2026 results, 27 October 2026] [2 · Vend Marketplaces · interim report for the third quarter of 2026]

The next few quarters will provide a stricter test. A constructive outcome would combine sustained double-digit growth with no further EBITDA deterioration, lower marketing cost per transaction and delivery of the NOK 250 million cost reduction. Disclosure of repeat purchases and seller retention would add another useful signal. Risk would surface if volume needs progressively larger incentives or savings in mature segments begin to constrain revenue and service quality. [1 · Vend Marketplaces · third-quarter 2026 results, 27 October 2026] [2 · Vend Marketplaces · interim report for the third quarter of 2026]

Sources

  1. Vend Marketplaces · third-quarter 2026 results, 27 October 2026 — Official release covering revenue, EBITDA, margin, recommerce transaction volume and the revised cost outlook.
  2. Vend Marketplaces · interim report for the third quarter of 2026 — Primary financial report with segment tables, definitions of alternative performance measures and accounting-profit reconciliation.