As a leading marketplace and technology business, I believe we have an important role to play in the transition to sustainable commerce that is beneficial to both our planet and our society.

This is a global undertaking, but we are committed to doing our part by facilitating and driving Re-Commerce at scale across our platforms, fuelling cross-sector and cross-country collaboration, and investing in the Re-Commerce ecosystem and skills that will enable the circular economy to thrive.

Fundamentally, our ambition is to help our users to become better consumers by reusing, rather than adding to landfill. This is important to our leadership, our employees, our investors and society at large.

We also help our users navigate the cost-of-living crisis by making their hard-earned money go further. Adevinta’s platforms increase purchasing power and help people find value, connecting them to the things they want, need and love. We are helping businesses to weather the storm by opening up new markets and cost-effectively connecting them with our users and customers.

Our platforms help people find value, either by selling to generate income or by buying second-hand instead of new. This applies not just to our Re-Commerce operations but to our Mobility and Real Estate verticals as well. We are the go-to destination to make or save money. That is the DNA of our platforms. Those two motivations – reusing things and boosting purchasing power – go hand in hand and enable our consumers to make choices that help themselves as well as the environment.

The second-hand economy is evolving at pace with the expectation that, in industries such as electronics or fashion, the second-hand market will soon overtake the equivalent market for new goods.

Although the opportunity to buy used items has existed for a long time, Adevinta has accelerated its growth by increasing the flow of trade, democratising it and making it truly accessible to everyone. Our data shows that there are 160 million classified ads daily across our European websites.

Across our five core geographic markets, there were 1.8 billion visits on average per month in 2022. It’s not surprising there are such high levels of engagement. We offer fast and barrier-free access to tens of millions of products, with frictionless purchases completed in as little as two taps on a phone or two clicks of a mouse.

Looking ahead, I see exciting new business opportunities.
To capture these, we have started to verticalise our operations based on three key pillars: Re-Commerce, Mobility, and Real Estate & Emerging Verticals (including Jobs and Holiday Rentals).

In all of these, we have identified a large monetisation runaway, with the potential to expand throughout the value chain, and a largely untapped second-hand commerce pool. Aligning our operations with our Growing at Scale strategy in this way will increase Adevinta’s speed, efficiency and agility, sharpening our ability to meet evolving customer needs with innovative products and services.
It also allows us to capture further opportunities within these vertical areas while enhancing our competitiveness and resilience.
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To leverage these opportunities and to ensure focus on delivery and execution, we have aligned our management structure and assigned accountability to these verticals with new appointments to Adevinta’s executive leadership team in 2023.

Our new team brings together a unique combination of entrepreneurial spirit, industry knowledge and a proven record of success.
Moreover, we share the same vision and ambition for Adevinta and we will focus relentlessly on acting for maximum impact. Paul Heimann continues his duties as the CEO of eBay Kleinanzeigen, while becoming the leader of the new Re- Commerce vertical. Román Campa, CEO of Adevinta Spain, combines his existing responsibilities for Adevinta Spain with a new accountability as Head of Real Estate & Emerging Verticals. Ajay Bhatia, CEO of mobile.de and an existing member of the Adevinta executive team, has taken on a new role as Head of the new Mobility vertical. Alexandre Collinet, former deputy GM of leboncoin and most recently responsible for the integration of eBay Classifieds Group into Adevinta, has also joined Adevinta’s executive team in the newly created role of Chief Operations Officer (COO). Julien Jouhault, previously Chief Technology Officer (CTO) for leboncoin, has become Chief Product and Technology Officer (CPTO) for Adevinta. Nicki Dexter (People, Communications & Workplace) continues in her role, and Uvashni Raman (Chief Financial Officer ) will remain in her role until autumn 2023 when she will leave the organisation.
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Gianpaolo Santorsola (European Markets), Zac Candelario (International Markets) and Alex Alexander (Product & Technology) left Adevinta at the end of 2022. I would like to take the opportunity to thank them for their contributions and wish them all the best in their future endeavours.

Our strengths across all our verticals mean we connect with people at some of the most important moments of their lives – including choosing a home, finding a job or buying a car. It is imperative to our users, our customers and our employees that we put people at the heart of what we do.

Our employees across all markets, operations and functional areas are key to our success, define who we are and are the major ingredient that helps us drive our operations and deliver on our ambitious goals. Therefore taking care of and developing our people remains core to our purpose. Adevinta always looks to retain and onboard new talent by providing exciting challenges in every role and giving employees new opportunities as they grow their careers and as we grow our business.

As we adapt to our new ways of working, especially during this exciting new verticalisation journey, I have ensured that the team participates in and contributes to defining the Adevinta of tomorrow. This collective effort is very important to me and ensures that everyone at Adevinta is fully aligned to our ambitions.

During 2022, I was immensely proud of my colleagues throughout the company for their valuable contribution to shaping the future of sustainable shopping in the face of many challenges. I thank them for their hard work over the past year and look forward to working with them as we continue on our journey.

With our innovative technology and talented workforce, we are building the marketplaces of the future and reinventing the way we all consume goods and services.An example of this ethos in action was the successful launch in September of our pilot online buying solution for mobile.de, Germany’s biggest online vehicle marketplace.

This solution allows people to buy a car online and have it delivered to their doorstep within two weeks, including registration and insurance. Mobile.de acts as a partner for both the customer and the professional car dealer. A survey in Germany found that 42% of online shoppers would consider buying their next car online. We are excited about this new product offering and, once it is tested and proven, plan to scale it to other countries.

To ensure we foster more of this kind of innovation, we are optimising our product and technology resources. We are building shared capabilities across cloud, data, IT enterprise services and cyber security, and believe we can do even more to simplify our business, eliminating duplication, enhancing value and reducing time to market. Connecting globally allows us to win locally.

For 2023, we expect core markets revenue to grow in the low double digit range and Group EBITDA to be in the range of €620 to €650 million. This implies a year-on-year expansion of the Group’s reported EBITDA margin. We will also focus on deleveraging and further optimising our debt structure to mitigate the impact of rising interest rates as much as we can.

We are targeting a reduced leverage ratio of below 3x net debt/EBITDA by the end of fiscal year 2023. Our long-term ambition for our core markets remains strong with 2023-2026 annual revenue growth between 11% and 15%, and an EBITDA margin between 40% and 45% from 2026.Thanks to the efforts of our teams, Adevinta has built solid foundations. Today it is a robust company with a focused strategy for the future. We are an outstanding group of platforms and brands, trusted by our users and customers.

Our proven resilient business models allow us to deliver solid financial performance with high margins and healthy cash generation. We have experienced teams who are motivated to deliver our success, including exceptional product/technology and sales professionals. Our focus now is to continue creating value for customers, professional clients and shareholders, enabled by technology and talent alike to drive sustainable innovation. To do this, we need to be even more customer- and business-focused, prioritise how and where we allocate our capital allocation and drive for even more efficiencies in our cost base.

I know we can execute our strategy and achieve our goals. We have the know-how, the financial resources, and most importantly we have the people.

There will always be changes and challenges along the way, but we are a strong company with the potential to become even stronger as we move forward together. 

Antoine Jouteau
CEO Adevinta