Cdon Ab · OMXSTO:CDON
Cdon Ab — Q4 2024 Earnings Presentation
18 slides from Cdon Ab's earnings presentation, Feb 13, 2025
Slide 1: Q4 Earnings Call
Q4 Earnings Call February 13, 2025
Slide 2: Welcome to the CDON's Q4 earnings call
Welcome to the CDON’s Q4 earnings call “Disappointing “Seasonally strong sales, but quarter, but not in fundamentals are line with getting stronger” expectations” Fredrik Norberg Carl Andersson CEO CFO
Slide 3: Executive summary
Executive summary A foundational year where we have a new organisation and a new shared platform in place, but with disappointing sales ● Weaker than expected results in Q4 ● Significant improvements to organization ● Operations from one platform
Slide 4: Sales: 2024 operational challenges, 2025 focus on improved results
Sales 2024- Numerous operational challenges negatively impacted results 2025- Full focus on driving improved results Closing of - Media (1P) was the biggest Malmö Platform office migration loser due to both our organisational changes, but also due to migration - Increased dependence of paid traffic
Slide 5: Organisation
Organisation 2024- Malmo layoffs start of the year, limited staff middle of the year 2025- Rebuilt organization with higher levels of productivity - We started 2024 at a mediocre Closing of Period of recruitment Malmö office and onboarding organisational outcome, due to not -> negative output having
Slide 6: Platform
Platform 2024- Full focus on the migration 2025- Shared platform allows for development of new features again - In ‘24, our primary focus was the platform 2022 2023 2024 2025 2026 New features migration, a focus that already started in ‘23, and was successfully completed on schedule in Sep ‘24. New
Slide 7: Financial performance
Financial performance GROUP
Slide 8: Lower GMV and EBITDA following a transformational year
Profit and Loss Highlights - As reported1 Lower GMV and (2023-2024), MSEK EBITDA following a 2024 2023 2024 20231 transformational year CDON Group - Post Acq Oct-Dec Oct-Dec ∆ Jan-Dec Jan-Dec ∆ Comments Total gross merchandise value (GMV) 558.0 625.6 -11% 1,826.4 2,017.7 -9% ● 11% lower GMV in the q
Slide 9: Disappointing Black Friday and Christmas sales for CDON
Gross Merchandise Value, by segment Disappointing Black (2022-2024), MSEK Friday and Christmas sales for CDON Comments ● A weak Q4 for CDON, -17% vs ‘23, as we experience fierce competition during key holiday sales periods ● FY GMV of 1,326 mSEK, equal to -19% for CDON segment ● Positive growth of 6
Slide 10: Strong take rate in the quarter
Take rate, by segment Strong take rate in (2022-2024), MSEK, % of GMV the quarter as we continue to prove the consistency Comments ● Strong take rate in CDON segment explained by higher shipping income, lower AOV, and product mix-effect ● FY Take rate of 14.2% for CDON and 29.0% for Fyndiq ● Some se
Slide 11: Lower GPAM and pressure on our GPAM margin
Gross Profit After Marketing, by segment Lower GPAM and (2022-2024), MSEK pressure on our GPAM margin Comments ● Despite a higher take rate in the quarter GPAM declined by 25% for the CDON segment due to higher marketing expenses. FY GPAM declined by 20% ● CDON’s GPAM margin fell to of 8.3% (9.2%) i
Slide 12: Higher marketing cost following a more expensive traffic mix
Marketing cost as % of GMV, by segment Higher marketing (2022-2024), MSEK cost following a more expensive traffic mix 10.5% 9.8% Comments ● Across both segments we see an 5.3% 5.0% increased share of paid traffic compared to organic and direct traffic ● Further increase in marketing costs for CDON s
Slide 13: Positive EBITDA in the quarter and FY, but not in line with ambition
EBITDA, Segment Positive EBITDA in the (2022-2024), MSEK quarter and FY, but not in line with ambition Comments ● Seasonally strong second half of the year, but lower results compared to our expectations ● EBITDA in the quarter of 10.5 mSEK, 6 mSEK lower than in 2023 ● Full year EBITDA of 4.5 mSEK,
Slide 14: Continued control of our cost base
Adjusted Operational expenses, Group Continued control of (2022-2024)1, MSEK our cost base Comments ● Despite sequentially higher OPEX in the quarter, we argue that we are about to realize the communicated run-rate saving during Q1 ● Q4 still includes consultants, software and other costs that we ha
Slide 15: Positive cash flow in the quarter
Operating Cash Flow before changes in working capital, Positive cash flow in Group the quarter (2022-2024), MSEK Comments ● Positive operating cash flow before changes in working capital on a quarterly and FY basis ● Seasonally strong quarter, from a cash point of view, contributed to a build up in
Slide 16: Summary
Summary ● Weaker than expected results in Q4 ● Significant improvements to organization ● Operations from one platform, with new ways of working ● Fully focused on making 2025 the year of CDON
Slide 17: Q&A
Q&A
Slide 18: GROUP
GROUP