Statement from Tinius Trust on Schibsted’s Adevinta position

The Tinius Trust believes the board and management of Schibsted is a solid and competent owner of Adevinta.

The Tinius Trust is, through Blommenholm Industrier and Schibsted, a direct and an indirect investor in Adevinta. The Trust initiated the demerger of Adevinta and supported the merger between Adevinta and some of eBay’s international online classified assets.

Schibsted has developed significant online classifieds expertise and remains the most important digital news media and online classifieds group in the Nordic countries.

As such, Schibsted retains significant hands-on experience in developing an international online classifieds portfolio. The Tinius Trust believes Adevinta and its owners can continue to benefit from this ownership going forward. Nevertheless, The Tinius Trust has supported Adevinta being given increased freedom to maneuver, in a changing international market.

The Tinius Trust has a long-term perspective on its ownership in Schibsted and Adevinta. It believes the board and management of Schibsted is a solid and competent owner of Adevinta, with flexibility to pursue such structural or financial strategies that best protect long-term shareholder value.

The Tinius Trust has significant and sufficient financial resources to look past what is now a volatile and unpredictable financial environment. When the timing is appropriate, and new opportunities arise, the Tinius Trust will be supportive of actions that may be taken to strengthen both Schibsted and Adevinta.

Oslo, 24 March 2023