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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
CDON
CDON (CDON) investor relations material
CDON Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary22 Oct, 2026
Executive summary
Marketplace-only 3P model launched in Q3, with 2,000 merchants supplying products across CDON and Fyndiq; no inventory held on balance sheet or in warehouses.
GMV rose 18% YoY to SEK 567.5m; September growth accelerated to 32% following product-feed improvements.
Reported EBITDA was -SEK 5.4m; adjusted EBITDA was SEK 1.0m after SEK 6.4m of final 1P closure costs.
Marketplaces served 3.04m active customers and recorded 100m annual visits; Nordic marketplace share was cited at 10% versus over 50% globally.
Financial highlights
Net sales rose 3% to SEK 113.4m; gross profit increased 11% to SEK 103.0m.
GPAM was SEK 47.1m, down 10%; comparable GPAM was SEK 52.9m, up 1%, excluding 1P costs and brand marketing.
OPEX was SEK 52.5m versus SEK 40.7m; reported EBITDA was -SEK 5.4m versus SEK 11.5m YoY.
EBIT was -SEK 26.1m; excluding SEK 16.7m of Fyndiq goodwill amortization, EBIT was -SEK 9.5m versus SEK 7.1m.
Operating cash flow was SEK 2.1m versus -SEK 23.7m YoY; cash was SEK 137.9m versus SEK 87m.
Outlook and guidance
Q4 focus is converting volume into profit through Black Week, Christmas and further product-data-service rollouts; operating leverage is expected toward year-end.
The 2027 ambition remains EBITDA approaching SEK 100m; GPAM may grow more slowly than GMV while increasing in absolute terms.
October 1–20 MTD GMV growth was 28%, based on demand data not directly comparable with reported figures.
Growth and brand investments are expected to continue at current levels, without a major further step-up.
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Latest events from CDON
- EBITDA swung positive as marketplace economics improved despite falling GMV.CDON
Q4 2023 - Scalable Nordic marketplaces target SEK 100m EBITDA, leveraging growth and regulatory tailwinds.CDONDNB Carnegie Micro Cap Day Conference
- GMV up 13% with improved gross margin, but EBITDA fell due to investments and higher marketing costs.CDONQ2 2026
- Double-digit GMV and net sales growth with improved profitability and strong strategic execution.CDONQ1 2026
- Q4 delivered double-digit GMV and EBITDA growth, with strong marketplace momentum.CDONQ4 2025
- Returned to growth with 8% higher GMV, positive EBITDA, and strong segment momentum.CDONQ2 2025
- EBITDA improved and platform migration completed, with Fyndiq growth offsetting lower GMV.CDONQ3 2024
- GMV fell 14% and EBITDA was negative, but gross margin and take rate improved.CDONQ2 2024
- Gross margin and take rate rose despite lower sales; strategic review and cost controls ongoing.CDONQ1 2025
Next CDON earnings date
Q4 202611 Feb, 2027
CDON
Next CDON earnings date
Q4 202611 Feb, 2027
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Frequently asked questions
CDON is a leading online marketplace in the Nordic region where millions of consumers shop for the best products. It operates CDON.COM, one of Sweden's largest webshops and the Baltic Sea's leading web store. CDON's business model includes both B2C and B2B throughout the whole supply chain, from delivery to a local retailer to value-added services for manufacturers, large brands and distributors. The company was founded in 1999 and is based in Malmö, Sweden.