Slide 1: Q2 2025 Earnings Call
Q2 2025 Earnings Call July 15, 2025
Slide 2: Welcome to CDON Group's Q1 earnings call
Welcome to CDON Group’s Q1 earnings call “We are regaining “Positive momentum momentum” also visible in our financials” Fredrik Norberg Carl Andersson CEO CFO
Slide 3: This is CDON Group
This is CDON Group The leading Nordic …operating an asset light, scalable business …in a highly attractive market marketplace… model fueled by a negative cash cycle… with large potential 3 million Active customers Order Shopping +50% Marketplaces market 100 million 3k 3m share globally Annual visits
Slide 4: Executive summary
Executive summary We are regaining momentum 1. First quarter with growth in both GMV and GPAM year-over-year since the merger - For both CDON and Fyndiq segment 2. Continued positive sales from end of Q1 - GMV growth every month since March 3. Positive effect from new European merchants yet to be re
Slide 5: Strong uplift in GPAM, fueled by both segments
Financial summary 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 proposition to c
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) 4 consecutive months of growth, with Strong Q2 outcome compared to Q1 given that accelerating growth since March Q2 is usually in line with Q1 - Both segments, CDON and Fyndiq
Slide 7: Clear focus for remainder of 2025
Focus ahead Clear focus for remainder of 2025: ● Pipeline of large European merchants ○ High potential que of european merchants integrating and onboarding during Q3 ● New category, Snus ○ One of the few digital retailers to receive this license, with expected sales start in Q4 ● Focus on SEO/AI-sea
Slide 8: We remain committed to the long term goal of becoming the leading marketplace in the Nordics
We remain committed to the long term goal of becoming the leading marketplace in the Nordics, and continue to believe in the core elements of the marketplace model Massively improve supply Greatly improve customer satisfaction Where “Massively improve supply” is the main focus to create GMV growth,
Slide 9: Financial performance
Financial performance GROUP
Slide 10: Positive momentum in a positive quarter
Profit and Loss Highlights - As reported Positive momentum in (2024-2025), MSEK a positive quarter 2025 2024 2024 CDON Group - Post Acq Apr-Jun Apr-Jun ∆ Jan-Dec Comments Total gross merchandise value (GMV) 460.2 426.1 8% 1,826.4 ● 8% higher GMV in a strong quarter for both Net sales 100.5 97.2 3% 4
Slide 11: Growth across both segments following strategic focus
Gross Merchandise Value, by segment Growth across both (2023-2025), MSEK segments following strategic focus Comments ● Positive GMV growth in CDON segment, for the first time since even before the acquisition of Fyndiq. GMV grew by 6% vs LY ● Very strong quarter for Fyndiq, driven by continuous impr
Slide 12: Mixed take rate development, as category mix pressures commission levels
Take rate, by segment Mixed take rate (2023-2025), MSEK, % of GMV development, as category mix pressures commission levels Comments ● Increased share of sales from home electronics in CDON segment contributed to a lower take rate for the segment, as take rate was equal to 13.7% ● Higher than usual M
Slide 13: Group GPAM growth derived from the Fyndiq segment
Gross Profit After Marketing, by segment Group GPAM growth (2023-2025), MSEK derived from the Fyndiq segment Comments ● Despite GMV growth for CDON, GPAM declined by 2% following higher marketing costs ● CDON’s GPAM margin fell to 7.2% (7.8%) in the quarter ● GPAM increased by 20% in the quarter for
Slide 14: Higher marketing cost vs LY, but broadly in line with recent levels
Marketing cost as % of GMV, by segment Higher marketing cost (2023-2025), MSEK vs LY, but broadly in line with recent levels 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 CDON segment vs p
Slide 15: Positive reported EBITDA, a significant improvement vs LY
EBITDA, Group Positive reported (2023-2025), MSEK EBITDA, a significant improvement vs LY Comments ● Positive EBITDA in a positive quarter for the group as we return to GMV and GPAM growth ● Significantly improved EBITDA of 0.4 mSEK vs -9.4 mSEK last year ● No adjustments in the quarter, compared to
Slide 16: OPEX slightly above ambition, but clear plan to reduce during H2
Adjusted Operational expenses, Group OPEX slightly above (2023-2025)1, MSEK ambition, but clear plan to reduce during H2 Comments ● Lower OPEX vs LY, but higher than Q1 2025 and run-rate ambition ● We have had to keep migration-related consultants longer than expected, and not terminated software co
Slide 17: Positive cash flow in the quarter, following improved commercial performance
Operating Cash Flow before changes in working capital, Group Positive cash flow in (2023-2025), MSEK the quarter, following improved commercial performance Comments ● Positive operating cash flow before changes in working capital following the strong commercial performance ● Cash balance remains sta
Slide 18: Executive summary
Executive summary We are regaining momentum 1. First quarter with growth in both GMV and GPAM year-over-year since the merger - For both CDON and Fyndiq segment 2. Continued positive sales from end of Q1 - GMV growth every month since March 3. Positive effect from new European merchants yet to be re
Slide 19: Q&A
Q&A
Slide 20: Group
GROUP