Slide 1: Q1 Earnings Call
Q1 Earnings Call April 24th, 2025
Slide 2: Welcome to CDON Group's Q1 earnings call
Welcome to CDON Group’s Q1 earnings call “Very weak start of “We remain on track the year, but with a to realizing positive ending of communicated cost the quarter” savings” Fredrik Norberg Carl Andersson CEO CFO
Slide 3: A challenging start, with clear improvements in March
Executive summary A challenging start, with clear improvements in March ● Weak sales start of the year ● Decisive operational adjustments led to renewed momentum, resulting in March performance in-line y/y ● Review of strategic alternatives initiated in order to realize full business potential
Slide 4: Weak beginning to the quarter, stronger March
Sales Weak beginning to the quarter, stronger March - January and February struggled due to weakness with key merchants, especially in Sweden - Operational improvements implemented with key merchants during the quarter led to improved performance - As a result, March showed improved results, ending
Slide 5: A weak quarter affecting our GPAM negatively
Sales A weak quarter affecting our GPAM negatively - Weak GMV with key merchants in January/Feb impacted results; 1P/Media remains the weakest category - Increased dependence of paid traffic -> increased marketing costs - Negative development in the most important market, Sweden
Slide 6: New merchant API should drive faster onboarding
Platform New merchant API should drive faster onboarding ● Introduced new merchant API towards end of quarter, consolidating multiple previous interfaces into one efficient solution ● Transition initially caused slowdown in merchant onboarding ● Expect new API to accelerate new merchant onboarding i
Slide 7: CDON initiates review of strategic alternatives
Strategic alternatives CDON initiates review of strategic alternatives in order to realize full business potential Including but not limited to: - Take-private transaction - Capital raise to fund strategic growth opportunities - Sale of the Company (whole or in part) - Other strategic transaction Wh
Slide 8: Financial performance
Financial performance GROUP
Slide 9: Disappointing start to the year, despite positive EBITDA in the quarter
Profit and Loss Highlights - As reported Disappointing start to the (2024-2025), MSEK year, despite positive EBITDA in the quarter 2025 2024 2024 CDON Group - Post Acq Jan-Mar Jan-Mar ∆ Jan-Dec Comments Total gross merchandise value (GMV) 350.4 397.2 -12% 1,826.4 ● 12% lower GMV in a weak quarter im
Slide 10: Both segments struggled to reach growth, but for different reasons
Gross Merchandise Value, by segment Both segments (2023-2025), MSEK struggled to reach growth, but for different reasons Comments ● Uncertain macro environment and uncompetitive supply impacted both segments, but mostly CDON ● GMV for CDON -14% vs LY, but with March sequentially better ● 2024 moment
Slide 11: Steadiness in our take rate
Take rate, by segment Steadiness in our (2023-2025), MSEK, % of GMV take rate Comments ● Strong take rate in CDON segment as we continue to benefit from the higher shipping commission introduced in Q4 2024 ● Seasonal recovery from Q4 in the case of Fyndiq ● Take rate of 15.2% for CDON and 29.2% for
Slide 12: Lower GPAM and continued pressure on our GPAM margin
Gross Profit After Marketing, by segment Lower GPAM and (2023-2025), MSEK continued pressure on our GPAM margin Comments ● Despite the higher take rate in the quarter, GPAM declined 16%, more than GMV, for CDON ● CDON’s GPAM margin fell to 8.5% (8.7%) in the quarter ● Fyndiq’s GPAM declined by 9% in
Slide 13: Lower marketing cost in Q1, but continued expensive traffic mix
Marketing cost as % of GMV, by segment Lower marketing (2023-2025), MSEK cost in Q1, but continued expensive traffic mix Comments ● Across both segments we see a continued high share of paid traffic compared to organic traffic ● Marketing cost as % of GMV came down slightly for both segments, reachi
Slide 14: Positive reported EBITDA, but adjusted EBITDA not in line
EBITDA, Segment Positive reported (2023-2025), MSEK EBITDA, but adjusted EBITDA not in line with our ambition Comments ● Seasonally weak Q1, where we report an improved EBITDA vs LY of 0.2 mSEK ● However, adjusting for the resolution of Bad debt, EBITDA amounts to -4.4. mSEK ● Lower OPEX does not fu
Slide 15: On track with our lower OPEX run-rate
Adjusted Operational expenses, Group On track with our (2023-2025)1, MSEK lower OPEX run-rate Comments ● Satisfied to report a lower OPEX vs LY, and Q4, as we have been able to realize lower personnel and platform costs following the migration ● Some temporary costs still included in Q1 cost base, b
Slide 16: Negative cash flow, in line with seasonal pattern
Operating Cash Flow before changes in working capital, Group Negative cash flow, in (2023-2025), MSEK line with seasonal pattern Comments ● Negative operating cash flow before changes in working capital following the weak performance ● Cash balance remains stable, and end of period balance was 77 mS
Slide 17: Summary
Summary ● Weak sales start of the year ● Decisive operational adjustments led to renewed momentum, resulting in March performance in-line y/y ● Review of strategic alternatives initiated in order to realize full business potential
Slide 18: Q&A
Q&A
Slide 19: GROUP
GROUP