Cdon Ab · OMXSTO:CDON
Cdon Ab — Q3 2026 Earnings Presentation
26 slides from Cdon Ab's earnings presentation, Oct 22, 2026
Slide 1: Q3 2026 Earnings Call
Q3 2026 Earnings Call October 22, 2026
Slide 2: Welcome to CDON Group's Q3 earnings call
Welcome to CDON Group’s Q3 earnings call “A quarter with a “Positive inflection strong turn-around” ahead of our most important quarter” Fredrik Norberg Carl Andersson CEO CFO
Slide 3: This is CDON Group
This is CDON Group One of the leading …operating an asset light, scalable business …in a highly attractive market Nordic marketplaces… with an efficient working capital structure… with large potential 3 million Active customers Order Shopping +50% 100 million Marketplaces market share globally Annua
Slide 4: Executive summary
Executive summary One year in: growth initiatives drive a strong turnaround 1. Tech investments drove a clear inflection - Article grouping launched end of August: September GMV +32% and comparable GPAM +10%, vs +11% and -3% in July-August 2. Double-digit GMV growth in both segments - Group GMV +18%
Slide 5: Financial summary: strong top-line but weaker GPAM and EBITDA
Financial summary Strong top-line but weaker GPAM and EBITDA due to high costs Q3 Q3 Q3 GMV GPAM EBITDA Gross Merchandise Value Gross Profit After Marketing Earnings before Interest, Taxes, Depreciation, and Amortization … the attractiveness of our … the operational efficiency … the operational effi
Slide 6: Four consecutive quarters of double digit GMV growth
Sales Four consecutive quarters of double digit GMV growth Items affecting comparability impacted GPAM by 5.8 mSEK in the quarter: - 2.0 mSEK 1p costs - 3.8 mSEK Brand marketing On a comparable basis GPAM grew +1% vs LY
Slide 7: Weak start of the quarter with a very strong ending
Sales Weak start of the quarter with a very strong ending * October MTD figures are based on demand data for the period 1–20 October 2026 and are therefore not directly comparable with reported financial figures.
Slide 8: Our European giants continue to demonstrate their potential
Giants @ CDON Our European giants continue to demonstrate their potential This represents only our giants that are currently live, several other potential giants progressing in our onboarding pipeline x% Share of Group GMV, % 0.7% 2.2% 1.8% 2.9% 3.0% 4.7% 6.2% 5.8% 6.3% 6.8% 6.0% 6.0%
Slide 9: Update on Growth initiatives
Update on Growth initiatives Nordic growth Growth initiatives Retail media Brand marketing Tech resource boost opportunities Monetises CDON’s ~100m annual Accelerated expansion in Invest in long-term brand Expand engineering capacity with visits through high-margin Denmark, Finland, and Norway marke
Slide 10: Expect everything (Förvänta dig allt)
Brand concept CDON Expect everything (Förvänta dig allt) - New CDON brand identity launched on 21 September, across all customer touchpoints in SE - Outdoor in Stockholm and Gothenburg - Online nationwide via YouTube, SoMe and programmatic display from 25 September - 3.8 mSEK invested in Q3, of whic
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Slide 14: Financial performance
Financial performance GROUP
Slide 15: Group GMV up 18% while GPAM was held back by 1P closure and brand launch
Group GMV up 18% while Profit and Loss Highlights - As reported (2025-2026), mSEK GPAM was held back by the 1P closure and brand 2026 2025 2025 launch CDON Group Jul-Sep Jul-Sep ∆ Jan-Dec Comments Total gross merchandise value (GMV) 567.5 481.4 18% 1,930.1 ● GMV up 18% with CDON up 21% and Fyndiq Ne
Slide 16: On a comparable basis GPAM grew 1% while EBITDA was lower
On a comparable basis GPAM grew 1% while EBITDA was lower 2026 GPAM Comparable Comparable Descriptions 1 1P impact: Non-recurring, non-cash costs from cleaning up the remaining balances related to the closed 1P business. 2.0 mSEK in gross profit and 4.4 mSEK in OPEX, mainly currency effects and bad
Slide 17: Double digit growth in both segments with CDON standing out
Gross Merchandise Value, by segment Double digit growth in (2024-2026), mSEK both segments with CDON standing out Comments ● CDON GMV grew 21% to 401 mSEK, driven by Home Electronics and the continued ramp-up of European giants ● Fyndiq GMV grew 11% to 167 mSEK. In July and August order volumes were
Slide 18: Lower CDON take rate as growth comes from lower-commission categories
Take rate, by segment Lower CDON take rate as (2024-2026), mSEK, % of GMV growth comes from lower-commission categories and European giants Comments ● CDON take rate of 13.4% vs 14.7% LY, or 13.9% excluding the 1P costs ● The remaining decline reflects growth in lower-commission categories such as c
Slide 19: Higher reliance on paid traffic and brand launch lifted marketing cost
Marketing cost as % of GMV, by segment Higher reliance on (2024-2026), mSEK paid traffic and the brand launch lifted marketing cost Comments ● CDON marketing cost of 8.0% of GMV vs 6.7% LY. Excluding 3.3 mSEK of brand marketing it was 7.1% ● Fyndiq marketing cost of 14.4% of GMV vs 12.5% LY. Excludi
Slide 20: GPAM in line with last year in both segments excluding 1P costs
Gross Profit After Marketing, by segment GPAM in line with last (2024-2026), mSEK year in both segments excluding 1P costs and brand marketing Comments ● CDON GPAM of 21.8 mSEK, down 17%, with a GPAM margin of 5.4% vs 8.0% LY. Excluding 1P costs and brand marketing GPAM was 27.1 mSEK, up 3%, at a ma
Slide 21: Higher OPEX as we build capacity for the growth initiatives
Adjusted Operational expenses, Group Higher OPEX as we (2024-2026)1, mSEK build capacity for the growth initiatives Comments ● OPEX of 53 mSEK vs 41 mSEK LY ● The increase includes 4.4 mSEK in non-recurring 1P costs and 1.5 mSEK related to growth initiatives affecting comparability ● Also OPEX inclu
Slide 22: EBITDA held back by 1P closure costs and front-loaded growth investments
EBITDA held back by 1P closure costs and front-loaded growth investments EBITDA, Group, by quarter, mSEK EBITDA, Group, R12, mSEK (2024-2026) (2024-2026) x x x 2024 2025 2026 ● Reported EBITDA of ‑5.4 mSEK vs 11.5 mSEK LY. ● LTM EBITDA of 3 mSEK reflects the 1P phase-out and Adjusted EBITDA of 1.0 m
Slide 23: Lower EBITDA weighed on operating cash flow, offset by working capital
Operating Cash Flow before changes in working capital, Group Lower EBITDA (2024-2026), mSEK weighed on operating cash flow, offset by working capital Comments ● Operating cash flow before changes in working capital of ‑2.3 mSEK vs 10.9 mSEK LY, mainly reflecting the lower EBITDA ● Working capital co
Slide 24: Executive summary: Key Takeaways
Executive summary Key Takeaways: One year in, our investments are working 1. Tech-driven inflection: September GMV +32%, with momentum carrying into October 2. Final 1P costs booked, leaving a clean 3P business 3. Full focus on Q4 and converting volume into profit, with operating leverage ahead, and
Slide 25: Q&A
Q&A
Slide 26: GROUP
GROUP