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CDON (CDON) investor relations material
CDON Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved strong Q4 growth with 15% GMV increase and 9% full-year growth, rebounding from a weak start to the year.
EBITDA improved significantly, reaching SEK 18.2 million in Q4 (up 73%) and SEK 31 million for the full year (up 580%).
Growth initiatives in retail media, Nordic expansion, and tech are underway, targeting incremental EBITDA of SEK 50 million and total SEK 100 million by 2027.
Financial highlights
Q4 GMV reached SEK 644 million, up 15% year-over-year; full-year GMV was SEK 1,930 million, up 6%.
Q4 net sales increased 10% to SEK 153.2 million; full-year net sales up 2% to SEK 444 million.
Q4 EBITDA was SEK 18.2 million; full-year EBITDA SEK 30.6 million.
GPAM grew 9% in Q4 and 4% for the year, but margins pressured by higher marketing costs.
Cash balance at year-end was SEK 150 million, supported by share issues.
Outlook and guidance
2026 will be an investment year with front-loaded costs, impacting near-term profitability.
Targeting SEK 100 million EBITDA in 2027, with SEK 50 million incremental annual EBITDA from growth initiatives.
Will report quarterly on initiative spend and introduce new KPIs to track progress.
Integration of large European merchants delayed to Q1 2026, expected to further boost growth.
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