CDON (CDON) Q1 2026 earnings summary

Executive summary

• Group GMV grew 14% year-over-year to SEK 394 million, with balanced growth across CDON and Fyndiq segments and European giants now contributing 5% of CDON GMV.

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

• EBITDA for Q1 was SEK -2.8 million, an improvement on an adjusted basis compared to last year, with rolling twelve-month EBITDA reaching SEK 27 million.

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

• Five large European merchants (“giants”) are live, with more in the onboarding pipeline.

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, with Fyndiq driving all absolute growth.

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

• OPEX increased 5% year-over-year, mainly due to personnel costs and growth initiatives.

• 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, targeting SEK 100 million EBITDA by 2027.

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

• 2026 will be an investment year, with ongoing OPEX and CapEx for growth initiatives.

• Brand marketing campaign preparations are complete, with launch targeted for Q2 2026 and expected impact in H2.