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Vend Marketplaces (OB:VEND) Stock Faces Q2 Profit That Tests Volatile Earnings Narrative

Simply Wall St · 1d ago

Vend Marketplaces (OB:VEND) has reported Q2 2026 revenue of NOK 1.7 billion and basic EPS of NOK 2.01, setting a fresh reference point for a business that has swung between profits and losses in recent periods. The company has seen quarterly revenue range between NOK 1.5 billion and NOK 1.7 billion over the past six quarters, while basic EPS has moved from a loss of NOK 25.90 in Q1 2026 to a profit of NOK 2.01 in Q2 2026 after large earnings swings in 2025. With analysts highlighting revenue growth expectations, a path toward profitability over the next few years and a focus on how much of that top line can translate into lasting margins, this latest print puts earnings quality and consistency firmly in the spotlight for investors.

See our full analysis for Vend Marketplaces.

With the raw numbers on the table, the next step is to set them against the prevailing narratives, highlighting where Vend Marketplaces' reported margins and growth outlook align with market expectations and where they raise fresh questions.

See what the community is saying about Vend Marketplaces

OB:VEND Revenue & Expenses Breakdown as at Jul 2026
OB:VEND Revenue & Expenses Breakdown as at Jul 2026

Losses on a 12‑month view remain heavy

  • Across the last 12 months, Vend Marketplaces reported total revenue of NOK 6.3b alongside a net income loss of NOK 8.4b and basic EPS of NOK 40.19 in losses, showing that the recent Q2 profit sits against a still loss making full year picture.
  • Consensus narrative highlights a path toward higher margins and earnings, yet these trailing losses create a tension with that view:
    • Analysts see revenue growth of 10.4% per year and forecast earnings growth of 109.28% per year, while the company has reduced losses at a rate of 47% per year over five years. As a result, the story leans on a continued shift from these current losses toward profitability.
    • At the same time, Vend Marketplaces is still unprofitable today on a trailing basis. This means the consensus expectation of margins improving from 18.0% to 24.6% over the next few years depends on this profit trend continuing rather than stalling at the current loss level.

Q2 profit stands out after large swings

  • Q2 2026 shows net income from ongoing operations of NOK 420m and basic EPS of NOK 2.01, following a Q1 2026 period where net income from ongoing operations was a loss of NOK 5.5b and basic EPS showed a loss of NOK 25.90, underlining how volatile recent results have been.
  • Bulls point to this Q2 outcome as fitting a story of improving earnings quality, but the recent numbers cut both ways:
    • Support for the bullish angle comes from management efforts that analysts link to higher margins, such as platform consolidation and cost reductions. These are seen as drivers behind a move from large losses in 2025 to the current quarterly profit.
    • However, the sharp move from a Q1 2026 loss of NOK 5.5b from ongoing operations to a Q2 profit of NOK 420m suggests earnings can still be heavily influenced by one off factors and shifting contributions from discontinued operations. Bulls may need to factor this in when treating Q2 as a turning point.
For a closer look at how optimistic investors frame these swings against future EPS expectations, have a look at the 🐂 Vend Marketplaces Bull Case.

Premium P/S multiple sets a high bar

  • Vend Marketplaces trades on a P/S ratio of 7.8x compared with 1.9x for the wider European Interactive Media & Services industry and 3.2x for peers. The current share price of NOK 238 sits below both a DCF fair value estimate of NOK 299.53 and an analyst price target of NOK 299.87.
  • Bears argue this premium creates execution risk, and the data gives them some clear talking points:
    • The stock trades at more than double the peer average P/S while the company is still loss making on a trailing 12 month basis, so investors are paying a higher multiple without the backing of current profitability.
    • Even with the share price below the DCF fair value estimate and analyst target, the combination of a high sales multiple and ongoing losses means any setback versus the forecast path to profitability could matter more than it would for a cheaper, already profitable stock.
If you want to see how the more cautious investors interpret this high multiple and earnings profile side by side, check out the 🐻 Vend Marketplaces Bear Case.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Vend Marketplaces on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

With sentiment around Vend Marketplaces split between optimism on rewards and concern over past losses, it makes sense to look at the figures directly and move quickly to form a personal view based on what matters most to you, then weigh those potential positives with the 2 key rewards.

See What Else Is Out There

Vend Marketplaces still carries heavy 12 month losses and trades on a high P/S multiple, so any setback against optimistic forecasts could weigh heavily.

If that mix of volatility and execution risk feels uncomfortable, it is worth balancing your watchlist with companies screened as 292 resilient stocks with low risk scores while the market is still pricing in plenty of hope here.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.