Slide 1: Q2 2026 Earnings Call
Q2 2026 Earnings Call July 15, 2026
Slide 2: Welcome to CDON Group’s Q2 earnings call
Welcome to CDON Group’s Q2 earnings call “Strategic “Front-loaded costs investments on driving future returns” track, with continued volume growth” 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 A quarter of top-line growth and front-loaded investments 1. Volume expansion across both segments - +13% GMV growth, with reported GPAM of -10%, affected by non-recurring effects 2. Reported negative EBITDA - Front-loaded growth investments, non-recurring distortions, and continue
Slide 5: Continued double digit growth in Q2
Financial summary Q2 Continued double digit growth in Q2 Q2 Q2 Q2 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
Slide 6: Five consecutive quarters of positive GMV growth
Sales Five consecutive quarters of positive GMV growth
Slide 7: This was an eventful quarter, containing both expected and unexpected items
This was an eventful quarter, containing both expected and unexpected items Executing growth initiatives according to plan Front-loaded costs driving future returns Non-recurring distortions Present in both this year and last year and clearly identified and explained Strategic supply focus High-volu
Slide 8: GPAM and EBITDA bridge: Baseline effects, investments and product mix
GPAM and EBITDA bridge: Baseline effects, investments and product mix CDON Fyndiq Group baseline effects Non-recurring - 1P phase out loss - One-off merchant - One-off contribution from Quantified bridge - Positive contribution from performance fees last year platform partner last year impact mercha
Slide 9: Our European giants continues to demonstrate their potential
Giants @ CDON Our European giants continues to demonstrate their potential This represents only our giants that are currently live, several other potential giants progressing in our onboarding pipeline x% Share of total GMV, % 0.7% 2.2% 1.8% 2.9% 3.0% 4.7% 6.2% 5.8% 6.3%
Slide 10: 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 11: Financial performance
Financial performance GROUP
Slide 12: Continued growth in the second quarter
Profit and Loss Highlights - As reported Continued growth in (2025-2026), mSEK the second quarter 2026 2025 2025 Comments CDON Group Apr-Jun Apr-Jun ∆ Jan-Dec ● 13% higher GMV as momentum carried over Total gross merchandise value (GMV) 521.1 460.2 13% 1,930.1 from previous quarters Net sales 103.4
Slide 13: On a comparable basis, both GPAM and EBITDA improved year-over-year
On a comparable basis, both GPAM and EBITDA improved year-over-year 2025 GPAM Comparable 2026 GPAM Comparable Comparable Descriptions 1 Merchant Fees: Boosted last year's base through high merchant performance fees, including a one-off component; a high prior-year comparison, not weakness this year
Slide 14: Both segments grew, but Fyndiq stood out positively
Gross Merchandise Value, by segment Both segments grew, but (2024-2026), mSEK Fyndiq stood out positively Comments ● The Group sustained its growth momentum, with GMV exceeding the Q2 ‘25 benchmark ● In the CDON segment GMV grew by 7%, fueled by the growth of European merchants as well as continued
Slide 15: Take rate decline attributed to shifts in merchant and product mix
Take rate, by segment Take rate decline attributed (2024-2026), mSEK, % of GMV to shifts in merchant and product mix year-over-year Comments ● Group take rate of 17.6%, a drop from last year of 18.4%, but connected with the strategic direction ● CDON take rate fell to 12.8% vs 13.7% LY. The negative
Slide 16: Continued reliance on paid marketing, with cost from brand marketing
Marketing cost as % of GMV, by segment Continued reliance on (2024-2026), mSEK paid marketing, with cost from brand marketing in the quarter Comments ● Group marketing cost of 9.3% of GMV vs 8.0% LY ● Marketing cost as % of GMV for the CDON segment at 7.2%. Adjusted for brand marketing of 1.9 mSEK i
Slide 17: Multiple drivers contribute to the year-over-year decline in GPAM
Gross Profit After Marketing, by segment Multiple drivers (2024-2026), mSEK contribute to the year-over-year decline in GPAM Comments ● Reported Group GPAM -10% vs LY, but grew 4% on a comparable basis vs LY ● CDON segment GPAM -17% vs LY and the GPAM margin decreased to 5.6% vs 25 24 7.2% LY. Howev
Slide 18: OPEX increase as growth initiatives are proceeding
Adjusted Operational expenses, Group OPEX increase as (2024-2026)1, mSEK growth initiatives are proceeding Comments ● OPEX is higher than the adjusted OPEX of LY, but remains controlled ● Considering the one-off effect in Q2 ‘25, 3 mSEK related to a platform partner contribution, and the 1.7 mSEK of
Slide 19: Underlying EBITDA trajectory intact despite non-comparable items in H1 2026
Underlying EBITDA trajectory intact despite non-comparable items in H1 2026 EBITDA, Group, by quarter, mSEK EBITDA, Group, R12, mSEK (2024-2026) (2024-2026) x x 2024 2025 x 2026 ● Negative reported EBITDA affected by several non ● Continued positive trajectory, considering the comparable items adjus
Slide 20: Investments during the quarter led to negative operating cash flow
Operating Cash Flow before changes in working capital, Group Investments during (2024-2026), mSEK the quarter led to negative operating cash flow Comments ● Operating cash flow before changes in working capital was -6 mSEK ● Higher end-of-period cash balance of 141 mSEK vs 82 mSEK LY, following the
Slide 21: Key Takeaways: Building a resilient platform for 2027
Executive summary Key Takeaways: Building a resilient platform for 2027 1. Top-line growth of 13% demonstrates solid underlying market traction 2. 1P retail drag is permanently eliminated, leaving a clean 3P business footprint 3. Front-loaded growth initiatives on track, with operational leverage si
Slide 22: Q&A
Q&A
Slide 23: GROUP
GROUP