Slide 1: Q4 2025 Earnings Call
Q4 2025 Earnings Call February 13, 2026
Slide 2: Welcome to CDON Group's Q4 earnings call
Welcome to CDON Group’s Q4 earnings call “Solid year with a “Significantly improved strong momentum” performance and clear focus for next year” 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 Growth and increased profit 1. Solid full year GMV growth, despite the weak start, with a strong ending - +15% GMV growth in Q4 - +9% GMV growth of 2025 2. Strong profitability improvement - Full year EBITDA growth of 26 mSEK to 31 mSEK 3. The growth initiatives have started the ye
Slide 5: Financial summary Q4
Financial summary Q4 Continued acceleration in Q4 Q4 Q4 Q4 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: Financial summary 2025
Financial summary 2025 Continued strong uplift in GPAM, fueled by both segments 2025 2025 2025 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 operation
Slide 7: Consistent strong improvement from the weak start of the year
Sales Consistent strong improvement from the weak start of the year Nine consecutive months of positive GMV growth after a weak start to the year The graphs above use demand (not reported) figures, comparing day-to-day vs LY
Slide 8: Four specific growth initiatives are in execution
Now is the time to accelerate our journey to become the Nordic market leader - 4 specific growth initiatives are in execution More info to come about the Growth This phase is about building differentiating features, including building a world-class merchant & customer experience and embedding AI in
Slide 9: Financial performance
Financial performance GROUP
Slide 10: A very strong end to a positive year
Profit and Loss Highlights - As reported A very strong end to a (2024-2025), mSEK positive year 2025 2024 2025 2024 Comments CDON Group Oct-Dec Oct-Dec ∆ Jan-Dec Jan-Dec ∆ ● 15% higher GMV in a strong quarter for both Total gross merchandise value (GMV) 644.0 558.0 15% 1,930.1 1,826.4 6% segments. G
Slide 11: Strong growth across both segments, with CDON standing out
Gross Merchandise Value, by segment Strong growth across (2023-2025), mSEK both segments, with CDON standing out as the most positive one Comments ● The Group sustained its growth momentum, with GMV exceeding even the strong Q4 2023 benchmark ● Momentum increased for the CDON segment in the quarter,
Slide 12: Take rate remain stable compared to recent quarters
Take rate, by segment Take rate remain stable (2023-2025), mSEK, % of GMV compared to recent quarters Comments ● The CDON segment take rate dropped compared to LY, to 14.6%, but in line with recent quarters ● Negative category mix effect offset by recently implemented merchant performance fees in th
Slide 13: GPAM grew for the group, despite pressure on the margin
Gross Profit After Marketing, by segment GPAM grew for the (2023-2025), mSEK group, despite pressure on the margin vs LY Comments ● CDON segment GPAM growth trailing GMV growth in the quarter. GPAM grew by 5% in the quarter ● CDON’s GPAM margin decreased to 7.3% (8.3%) in the quarter, while reaching
Slide 14: Marketing costs continue to increase for the Group
Marketing cost as % of GMV, by segment Marketing costs (2023-2025), mSEK continue to increase for the Group Comments ● Across both segments we see a continued high share of paid traffic compared to organic traffic ● Marketing cost as % of GMV increased to 7.3% for the CDON segment, following several
Slide 15: Significantly improved EBITDA, exceeding 2023 levels for the group
Significantly improved EBITDA, exceeding 2023 levels for the group EBITDA, Group, by quarter, mSEK EBITDA, Group, R12, mSEK (2023-2025) (2023-2025) ● A strong and positive quarter delivered significantly ● Continued positive trajectory with EBITDA reaching 31 improved EBITDA of 18 mSEK, up from 11 m
Slide 16: OPEX is trending lower year over year
Adjusted Operational expenses, Group OPEX is trending (2023-2025)1, mSEK lower year over year Comments ● OPEX is lower compared to the adjusted OPEX of last year, with a smaller seasonal uptick ● Lower cost of consultants and stable software costs after the platform migration contribute to the lower
Slide 17: Improved cash flow before changes in WC in the quarter and full year
Operating Cash Flow before changes in working capital, Group Improved cash flow (2023-2025), mSEK before changes in WC in the quarter and full year Comments ● Lower build up in merchant debt during the quarter, and even reduced in full year, led to higher working capital ● Share issue, completed in
Slide 18: Growth initiatives 2026-2027
Growth initiatives 2026-2027
Slide 19: Agenda
Agenda 1 Growth initiatives overview What we’re launching and how each initiative drives impact 2 2026 - 2027 Financial ambition Investment year in 2026 and path toward ~100 mSEK EBITDA in 2027 3 Core marketplace health GMV and take rate as primary indicators, plus initiative KPIs & cost reporting
Slide 20: Now is the time to accelerate our journey to become the Nordic market leader
1 Now is the time to accelerate our journey to become the Nordic market leader - 4 specific growth initiatives are in execution This phase is about building differentiating features, including building a world-class merchant & customer experience and embedding AI in key processes, to capture signifi
Slide 21: Retail Media
Retail Media 1A Monetize ~100m visits by launching retail media with sponsored listings and premium formats to build a high-margin revenue stream Onsite advertising that creates a new revenue stream - A proven and significant revenue source among marketplaces Outcome High-margin monetization that li
Slide 22: Nordic Growth Opps
Nordic Growth Opps 1B Grow market share in the Nordics through improved merchant base, improved & localized customer experience and merchandising Country-specific action plan to close the Nordic share gap, as DK/FI/NO are ~30% of GMV but ~60% of Nordic e-commerce Outcome Build on existing infrastruc
Slide 23: Brand Marketing
Brand Marketing 1C Reintroduce CDON and Fyndiq to Nordic consumers, as we’ve fixed the basics and the platform is ready to deliver a great CX Cross-channel marketing of our 2 brands, CDON and Fyndiq, with clear phase gates and measurement Outcome Build consideration to grow organic traffic and impro
Slide 24: Tech Resource Boost
Tech Resource Boost 1D Scale engineering capacity to enable and accelerate key initiatives and AI boosted innovation Focused capacity ramp (hires + consultants) to expand engineering bandwidth across product, backend, and frontend Outcome Unlocked tech-capacity bottlenecks and accelerated delivery o
Slide 25: Front-loaded 2026 investment positions 2027 EBITDA to approach ~100 mSEK
2 Front-loaded 2026 investment, with transparency on incremental spend, positions 2027 EBITDA to approach ~100 mSEK 2026 2027 Front-loaded investments Incremental EBITDA uplift ● 2026 is designated as a year of ● We remain committed to 50 mSEK of front-loaded investment, where costs incremental annu
Slide 26: GMV and take rate show a healthy underlying marketplace while EBITDA reflects planned investments
3 GMV and take rate show a healthy underlying marketplace while EBITDA reflects planned investments 2026 is an investment year; GMV & take rate reflect the underlying engine while reported initiative costs and effect KPIs evidence traction Core health Initiative tracking ● GMV serves as the primary
Slide 27: Executive summary
Executive summary Growth and increased profit 1. Solid full year GMV growth, despite the weak start, with a strong ending - +15% GMV growth in Q4 - +9% GMV growth of 2025 2. Strong profitability improvement - Full year EBITDA growth of 26 mSEK to 31 mSEK 3. The growth initiatives have started the ye
Slide 28: Q&A
Q&A
Slide 29: GROUP
GROUP