CDON Ab (CDON) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello, and welcome to the CDOM Group Q2 2026 earnings call. My name is Hjalmar Jernström, and I'm an analyst, and I'm joined today by CEO Fredrik Nordberg and CFO Karl Andersson. Welcome, gentlemen. Thank you. Welcome, everybody. Together with me, as usual, we have our CFO, Karl Andersson, who will join us in a bit. For some background, Celion Group operates two marketplaces, Celion and Fyndik in the Nordics. We have 3 million active customers, 100 million annual visits, and 3,000 active merchants. We operate an asset-light scalable business with an efficient working capital structure, and we are in a highly attractive market potential with the anomaly of how we shop online in the Nordics compared to the rest of the world, where you utilize marketplaces in much higher extent. We will also get back a little bit to the asset-light part since we now can also disclose that we are closing down our 1P business. So from now on, we are a pure 3P marketplace player. To summarize this quarter, it's a quarter of top-line growth and front-loaded investments. We do have a volume expansion across both segments. 13% GV growth, but with a reported GPAM of minus 10%, partly affected by non-recurring effects that we will dive deeper in later on. We also have a reported negative EBITDA. This trickles down from the negative GPAN, but also due to our front-loaded growth investments, some non-recurring distortions, and our continued higher marketing costs, which yielded an EBITDA of minus 7.3 million steg compared to last year of plus 0.4. Happy to report that our large European merchants, as we call them the giants, continue to scale, and they now make up 6% of our total DMV. And our key growth initiatives are on track, and we expect to see the operational leverage to start by the end of...