22.3.2024 08:02:57 CET | Schibsted | Inside information

Subject to approval at the Annual General Meeting scheduled on 26 April 2024,
Schibsted is pleased to announce that it intends to use most of the cash
proceeds related to the voluntary tender offer for Adevinta (the "Adevinta
Offer") and the sale of its news media operations to the Tinius Trust (the
"Trust" and the "Media Transaction") to return capital to its shareholders by
way of a special dividend of approximately NOK 20 billion, and a multi-year
share buyback programme of approximately NOK 4 billion in total.

The remainder of the cash proceeds, approximately NOK 5 billion, is primarily
intended to be used to strengthen Schibsted's balance sheet by reducing its net
interest-bearing debt.

For more information on the Adevinta Offer and Media Transaction, please refer
to the stock exchange announcements published 21 November 2023, and 11 December
2023 and today respectively.

Key highlights of the capital return package

 * After closing of the Adevinta Offer and the Media Transaction, which are both
   expected for the second quarter 2024, Schibsted is expected to receive
   approximately NOK 29 billion of cumulative cash proceeds (the "Transactions
   Proceeds")
 * In line with its focus on shareholder returns and a strong financial
   position, Schibsted intends to use most of the Transactions Proceeds to
   return capital to its shareholders, and partially to strengthen its balance
   sheet
 * The capital return to shareholders will be implemented through a package
   consisting of a special dividend of approximately NOK 20 billion and a
   multi-year share buyback programme of approximately NOK 4 billion in total
 * Schibsted intends classifying part of the proposed special dividend as
   repayment of capital, which is exempt from Norwegian withholding tax
 * The remainder of the Transactions Proceeds of approximately NOK 5 billion is
   intended to be primarily used for reducing Schibsted's net interest-bearing
   debt to further strengthen its financial position
 * The proposed capital return package remains subject to approval at
   Schibsted's Annual General Meeting scheduled on 26 April 2024

Kristin Skogen Lund, CEO of Schibsted, comments:

"This is another important milestone for Schibsted, following the substantial
value creation over the last two decades, where we have pioneered digitalisation
in the news media and online classifieds industries, creating both a family of
digital brands with unparalleled reach and impact in the Nordic countries, and
Adevinta as a global online classifieds specialist. The proposed use of proceeds
and capital return package follows a thorough process over the last few months,
with focus on shareholder returns and maintaining a strong financial position as
previously communicated when the two transactions were first announced. The aim
is an efficient and timely distribution of most of the Transactions Proceeds to
our shareholders, while retaining some cash, primarily for the purposes of
strengthening our balance sheet."

Details and timeline of the capital return package

Subject to approval at the Annual General Meeting scheduled on 26 April 2024,
Schibsted is pleased to announce that it intends to use most of the Transactions
Proceeds to return capital to its shareholders by way of a special dividend of
approximately NOK 20 billion, and a multi-year share buyback programme of
approximately NOK 4 billion in total.

The remainder of the Transactions Proceeds, approximately NOK 5 billion, is
primarily intended to be used to strengthen Schibsted's balance sheet by
reducing its net interest-bearing debt..

Schibsted currently has approximately NOK 5 billion of paid-in capital available
for repayment as dividends. This amount is intended to be used for classifying
part of the proposed special dividend as repayment of capital, which is exempt
from Norwegian withholding tax