CDON (CDON) Q3 2026 earnings summary

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.