CDON (CDON) investor relations material

Executive summary

• Achieved 8% year-over-year GMV growth to SEK 460 million, with both marketplace brands contributing and positive momentum continuing into the current quarter.

• EBITDA turned positive at SEK 0.4 million, a significant improvement from last year's negative results.

• Net sales rose 3% year-over-year, with strong 3P performance offsetting weak 1P business.

• Strategic focus on merchant performance, category prioritization, and onboarding large European merchants for Q3 and Q4.

• New merchant API launched and regulatory approval received for online sale of Swedish snus, with launch planned for Q4.

Financial highlights

• GMV increased by 8% year-over-year to SEK 460 million; GPAM rose 8% to SEK 48 million.

• EBITDA improved to SEK 0.4 million from last year's minus SEK 9.4 million; EBIT improved to SEK -21.3 million.

• Net sales up 3% year-over-year, with group take rate at 18.4%.

• Operational cash flow before working capital changes was positive at SEK 2–2.2 million; cash balance stable at SEK 82 million.

• Marketing costs remained high, reflecting continued reliance on paid channels.

Outlook and guidance

• Expecting positive impact from onboarding large European merchants in Q3 and Q4, with new product category (snus) to launch in Q4.

• Focus on improving marketing mix, increasing organic and direct traffic, and leveraging AI search.

• Clear plan to reduce operating expenses in H2 as migration completes and office savings materialize.

• Ongoing strategic review to maximize long-term shareholder value.