CDON (CDON) Q2 2026 earnings summary

Executive summary

• Achieved 13% year-over-year GMV growth to SEK 521.1 million, with both CDON and Fyndiq segments contributing to volume expansion and large European merchants now representing 6.3% of total GMV.

• Transitioned to a pure 3P marketplace model, exiting the loss-making 1P business and eliminating a persistent drag on profitability.

• Reported negative EBITDA of SEK -7.3 million, impacted by front-loaded investments in brand marketing, technology, and retail media, as well as non-recurring items and higher marketing costs.

• Strong performance from large European merchants and robust Nordic demand, with onboarding pipeline and efficiency improvements.

Financial highlights

• GMV reached SEK 521.1 million, up 13% year-over-year; net sales increased 3% to SEK 103.4 million, impacted by the 1P phase-out.

• Gross margin improved by 4.5 percentage points to 88.9% year-over-year, reflecting a higher share of 3P marketplace sales.

• Gross profit after marketing (GPAM) was SEK 43.5 million, down 10% year-over-year, with margin at 8.3%.

• EBITDA was SEK -7.3 million, compared to SEK +0.4 million last year, reflecting investments and one-off items.

• Operating cash flow before working capital was SEK -6 million; cash balance at quarter-end was SEK 141 million, up from SEK 82 million last year.

Outlook and guidance

• Operational leverage from growth initiatives and brand marketing campaigns expected to materialize by year-end, with anticipated uplift in brand awareness and direct traffic.

• Growth initiatives in retail media, technology, and Nordic expansion are progressing as planned, with expected long-term positive impact despite short-term margin pressure.