Cdon Ab · OMXSTO:CDON
Cdon Ab — Q1 2026 Earnings Presentation
20 slides from Cdon Ab's earnings presentation, Apr 23, 2026
Slide 1: Q1 2026 Earnings Call
Q1 2026 Earnings Call April 23, 2026
Slide 2: Welcome to CDON Group’s Q1 earnings call
Welcome to CDON Group’s Q1 earnings call “A solid start to “Growth continues and the year” profitability is on track” 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 Solid start of the year 1. Continued solid growth for both segments - +14% GMV growth and +9% GPAM growth 2. Continued positive EBITDA trajectory - Rolling 12 month EBITDA has reached 27 mSEK 3. Our European giants have begun to show their potential - 5% of CDON GMV from these gian
Slide 5: Financial summary Q1
Financial summary Q1 Continued acceleration in Q1 Q1 Q1 Q1 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 consume
Slide 6: Consistent strong improvement from the weak start of last year
Sales Consistent strong improvement from the weak start of last year Four consecutive quarters of positive GMV growth after the weak start of last year
Slide 7: Our European giants have started to demonstrate their potential
Giants @ CDON Our European giants have started to demonstrate their potential This represents only our first 5 giants that are currently live, several other potential giants remain in our onboarding pipeline x% Share of total sales 0.7% 0.2% 1.8% 2.9% 3.0% 4.7%
Slide 8: 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 9: Financial performance
Financial performance GROUP
Slide 10: Growth continues with profitability on track
Profit and Loss Highlights - As reported Growth continues with (2025-2026), mSEK profitability on track 2026 2025 2025 Comments CDON Group Jan-Mar Jan-Mar ∆ Jan-Dec ● 14% higher GMV in a strong quarter for both Total gross merchandise value (GMV) 394.0 344.4 14% 1,930.1 segments Net sales 90.6 80.5
Slide 11: Balanced growth across both segments
Gross Merchandise Value, by segment Balanced growth (2024-2026), mSEK across both segments Comments ● The Group sustained its growth momentum, with GMV exceeding the Q1 2025 benchmark ● In the CDON segment GMV grew by 14%, fueled by the addition of new European merchants as well as continued strong
Slide 12: Segment take rates continue to diverge
Take rate, by segment Segment take rates (2024-2026), mSEK, % of GMV continue to diverge Comments ● Group take rate of 19.1%, effectively flat vs LY ● CDON take rate of 14.0% vs 15.2% LY, reflecting the intended category and merchant mix evolution, but also affected by the negative 1P gross profit ●
Slide 13: Marketing intensity stable with elevated Fyndiq spend
Marketing cost as % of GMV, by segment Marketing intensity (2024-2026), mSEK stable with elevated Fyndiq spend Comments ● Group marketing cost of 8.4% of GMV vs 8.0% LY, and below the Q4 2025 peak of 8.8% ● Marketing cost as % of GMV for the CDON segment at 6.7%, essentially flat vs LY. The exit fro
Slide 14: Fyndiq drives Group GPAM growth
Gross Profit After Marketing, by segment Fyndiq drives Group (2024-2026), mSEK GPAM growth Comments ● Group GPAM +9% vs LY, with Fyndiq carrying the absolute increase ● CDON segment GPAM -2% vs LY driven by the lower take rate than LY. The segment GPAM margin decreased to 7.3% vs 8.5% LY ● Fyndiq’s
Slide 15: Controlled OPEX as growth initiatives are proceeding
Adjusted Operational expenses, Group Controlled OPEX as (2024-2026)1, mSEK growth initiatives are proceeding Comments ● OPEX is slightly higher than the adjusted OPEX of LY, but remains controlled ● Increase in personnel cost higher than the decrease in consultancy costs ● 1.1 mSEK of cost associate
Slide 16: EBITDA trajectory remains intact when considering the adjustment LY
EBITDA trajectory remains intact when considering the adjustment LY EBITDA, Group, by quarter, mSEK EBITDA, Group, R12, mSEK (2024-2026) (2024-2026) x x x 2024 2025 2026 ● Negative EBITDA in a seasonally weak quarter ● Continued positive trajectory, considering the ● On a like-for-like basis, EBITDA
Slide 17: Strong liquidity position with improving cash flow
Operating Cash Flow before changes in working capital, Group Strong liquidity (2024-2026), mSEK position with improving cash flow Comments ● Operating cash flow before changes in working capital was minus 5 mSEK, an improvement versus last year, and in line with the adjusted EBITDA improvement. ● Hi
Slide 18: Executive summary
Executive summary Solid start of the year 1. Continued solid growth for both segments - +14% GMV growth and +9% GPAM growth 2. Continued positive EBITDA trajectory - Rolling 12 month EBITDA has reached 27 mSEK 3. Our European giants have begun to show their potential - 5% of CDON GMV from these gian
Slide 19: Q&A
Q&A
Slide 20: GROUP
GROUP