Overview
Swedish online marketplace operator's Q1 net sales rose 13% yr/yr
Co reported wider adjusted loss per share
Company shifted supply mix, impacting gross profit and take rate
Outlook
Company did not provide specific financial guidance for the current or future periods
Result Drivers
SUPPLY MIX SHIFT - CDON segment's GPAM declined due to clearing old inventory and removing merchants not aligned with brand strategy, which negatively affected gross profit and take rate
MERCHANT PERFORMANCE FEES - Fyndiq segment's GPAM grew 25%, driven by GMV growth and higher merchant performance fees
EUROPEAN GIANTS - Large European merchants onboarded in late 2025 contributed to sales growth, increasing their share of GMV from less than 2% in December 2025 to 5% in March 2026
Company press release:
Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Sales
SEK 90.60 mln
Q1 Adjusted EPS
-SEK 0.59
Q1 EPS
-SEK 2.04
Q1 Gross Margin
83.10%
Q1 EBIT
-SEK 23.30 mln
Q1 EBITDA
-SEK 2.80 mln
Q1 GMV
SEK 394 mln
Analyst Coverage
The one available analyst rating on the shares is "strong buy"
The average consensus recommendation for the miscellaneous specialty retailers peer group is "buy."
Wall Street's median 12-month price target for Cdon AB is SEK105.00, about 48.7% above its April 22 closing price of SEK70.60
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact .