CDON (CDON) Q1 2026 earnings summary

Executive summary

• Achieved 14% GMV growth and 9% GPAM growth year-over-year, with balanced contributions from both CDON and Fyndiq segments and four consecutive quarters of growth.

• Net sales increased by 13% to SEK 90.6 million, driven by strong marketplace (3P) performance and new European merchants.

• EBITDA for Q1 was SEK -2.8 million, compared to SEK 0.2 million last year, but improved by SEK 1.4 million on an adjusted basis; rolling twelve-month EBITDA reached SEK 27 million.

• Five large European merchants (“giants”) now live, contributing just under 5% of CDON segment GMV, with more in the onboarding pipeline.

• Growth initiatives, including retail media, Nordic expansion, and investments in AI, are progressing as planned, with scaling expected to begin in Q2.

Financial highlights

• Q1 GMV reached SEK 394 million, up 14% year-over-year; net sales grew 13% to SEK 90.6 million.

• Gross profit after marketing (GPAM) increased 9% to SEK 42.2 million, driven by Fyndiq’s performance.

• Group take rate was stable at 19.1% year-over-year; CDON segment take rate declined to 14%, Fyndiq exceeded 34%.

• Marketing costs rose by 20% to SEK 33.1 million, representing 8.4% of GMV; Fyndiq’s marketing cost as % of GMV increased to 13.5%.

• End-of-period cash balance was SEK 96 million, up from SEK 77 million a year ago.

Outlook and guidance

• Four growth initiatives—Retail Media, Nordic Expansion, Brand Marketing, and Tech Resource Boost—are on track, with scaling expected in Q2.

• Expect continued operational leverage and positive EBITDA trajectory, with a 2027 EBITDA target of SEK 100 million.

• Q1 is seasonally weakest for cash generation; positive cash flows anticipated in coming quarters.

• 2026 will be an investment year, focusing on growth initiatives and platform development; brand marketing campaign launch targeted for Q2 2026.