Slide 1: Q3 2025 Earnings Call
Q3 2025 Earnings Call October 23, 2025
Slide 2: Welcome to CDON Group's Q3 earnings call
Welcome to CDON Group’s Q3 earnings call “Happy to report “Well positioned to another strong invest for the future quarter!” following improved profitability and a strengthened balance sheet” 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 Continued strong momentum 1. Seven consecutive months of GMV growth - Both the CDON and Fyndiq segments are growing - Five consecutive months of GPAM growth 2. Positive effect from new European merchants yet to be realized in Q4 - Creating a stronger assortment for Christmas sales
Slide 5: Continued strong uplift in GPAM, fueled by both segments
Financial summary Continued strong uplift in GPAM, fueled by both segments 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 efficiency propos
Slide 6: Consistent strong improvement from the weak start of the year
Sales Consistent strong improvement from the weak start of the year incl. Fyndiq (graph shows demand numbers, not reported) Seven consecutive months of growth since Strongest Q3 GPAM in the last four years March - 12% growth versus last year - Both segments, CDON and Fyndiq show - This growth is par
Slide 7: Leaving Back to Basics for Growth & Innovation
Growth initiatives Leaving Back to Basics for Growth & Innovation
Slide 8: We will accelerate our journey to become the Nordic market leader with 4 specific growth initiatives
Growth initiatives We will accelerate our journey to become the Nordic market leader with 4 specific growth initiatives have been identified With the foundation secured, we are now entering Phase 2: Becoming a Market Leader. This phase is about building differentiating features, including building a
Slide 9: Strategy pillars
Strategy Our operations are guided by our mission, and the path to that is through our three strategy pillars Mission We want to unleash the power of the marketplace to give the best shopping experience in the Nordics Strategy pillars Great Customer Massive Supply Experience AI First
Slide 10: Financial performance
Financial performance GROUP
Slide 11: Maintained momentum leading to double-digit EBITDA
Profit and Loss Highlights - As reported Maintained momentum (2024-2025), MSEK leading to double-digit 2025 2024 2024 EBITDA CDON Group Jul-Sep Jul-Sep ∆ Jan-Dec Comments Total gross merchandise value (GMV) 481.4 445.1 8% 1,826.4 ● 8% higher GMV in a strong quarter for both Net sales 109.8 103.0 7%
Slide 12: Growth across both segments following strategic focus
Gross Merchandise Value, by segment Growth across both (2023-2025), MSEK segments following strategic focus Comments ● Continued growth momentum for the group, with GMV almost in line with Q3 ‘23 ● CDON segment GMV grew by 5% vs LY, fueled by strong performance in Home Electronics ● Another very str
Slide 13: Minor movements in take rate
Take rate, by segment Minor movements in (2023-2025), MSEK, % of GMV take rate Comments ● Merchants’ performance fees for CDON offset a negative product mix effect. Take rate increased for the segment to 14.7% ● In a quarter without any one-off effects, take rate for Fyndiq reached 29.7% 2023 2024 2
Slide 14: Higher GPAM than GMV growth across both segments
Gross Profit After Marketing, by segment Higher GPAM than (2023-2025), MSEK GMV growth across both segments Comments ● CDON segment returns to GPAM growth, also out-growing GMV in the quarter. GPAM grew by 7% in the quarter ● CDON’s GPAM margin increased slightly to 7.9% (7.8%) in the quarter ● GPAM
Slide 15: Marketing costs remain high for the Group
Marketing cost as % of GMV, by segment Marketing costs (2023-2025), MSEK remain high for the Group, following further increase for Fyndiq Comments ● Across both segments we see a continued high share of paid traffic compared to organic traffic ● Marketing cost as % of GMV increased slightly for the
Slide 16: Double-digit EBITDA in a strong quarter
EBITDA, Group Double-digit EBITDA (2023-2025), MSEK in a strong quarter Comments ● Strong EBITDA in another positive quarter ● Significantly improved EBITDA of 11.5 mSEK vs 5.5 mSEK last year ● No adjustments in the quarter, compared to Q3 2024 when adjusting for ~2 mSEK of costs related to closing
Slide 17: OPEX is trending lower, confirming our lower run-rate
Adjusted Operational expenses, Group OPEX is trending (2023-2025)1, MSEK lower, confirming our lower run-rate Comments ● Slightly higher OPEX vs adj. OPEX LY. However, LY reflects an organization that was ramping up after closing of the Malmö office ● Current run-rate better reflects our long-term a
Slide 18: Positive operating cash flow, but significantly reduced merchant debt
Operating Cash Flow before changes in working capital, Group Positive operating (2023-2025), MSEK cash flow, but significantly reduced merchant debt led to negative cash flow after changes in WC Comments ● Positive operating cash flow before changes in working capital following the strong commercial
Slide 19: Executive summary
Executive summary Continued strong momentum 1. Seven consecutive months of GMV growth - Both the CDON and Fyndiq segments are growing - Five consecutive months of GPAM growth 2. Positive effect from new European merchants yet to be realized in Q4 - Creating a stronger assortment for Christmas sales
Slide 20: Q&A
Q&A
Slide 21: GROUP
GROUP