CDON (CDON) DNB Carnegie Micro Cap Day Conference summary

Business overview and model

• Operates two leading Nordic marketplaces with 3 million active customers, 100 million annual visits, and 30 million SKUs supplied by 3,000 merchants.

• Asset-light, scalable model with no inventory; merchants supply products and ship directly to customers.

• Take rates differ: 13% for CDON and 28% for Fyndiq, with customer service provided for all transactions.

• 2025 financials: GMV of $260 million, net sales of $50 million, gross profit after marketing of $23 million, and EBITDA of $3.5 million.

• Founded in 1999 (CDON) and 2010 (Fyndiq), listed on First North, and active in four Nordic countries.

Marketplace positioning and strategy

• CDON focuses on quality consumer electronics and well-known brands, while Fyndiq targets bargain hunters and trending products.

• Emphasizes Nordic trust and values as a differentiator from American and Chinese competitors.

• Marketplace flywheel is established, driving growth through increased supply, customer experience, and traffic.

• Current priorities: massively increasing supply, improving customer happiness, and integrating AI to boost efficiency and keep OpEx low.

• AI is a core pillar, supporting both internal operations and customer-facing processes.

Market analysis and competitive landscape

• Nordic online marketplace penetration is only 10%, compared to 40% in Europe, 50% in the US, and 90% in China.

• Nordic e-commerce market is valued at $45 billion, with only 15-20% of retail online; physical stores still dominate.

• Local competitors can rival or surpass Amazon in several European markets, with similar dynamics in the Nordics.

• Double-digit growth reported since Q4 last year, despite weak consumer sentiment, especially in Sweden.

• EBITDA rolling 12 months reached SEK 20 million in Q2, with expectations for strong Q3 and Q4 due to retail seasonality.