CDON (CDON) Q4 2025 earnings summary

Executive summary

• Achieved strong Q4 growth with 15% GMV increase and 9% full-year growth, rebounding from a weak start to the year.

• EBITDA improved significantly, reaching SEK 18.2 million in Q4 (up 73%) and SEK 31 million for the full year (up 580%).

• Growth initiatives in retail media, Nordic expansion, and tech are underway, targeting incremental EBITDA of SEK 50 million and total SEK 100 million by 2027.

Financial highlights

• Q4 GMV reached SEK 644 million, up 15% year-over-year; full-year GMV was SEK 1,930 million, up 6%.

• Q4 net sales increased 10% to SEK 153.2 million; full-year net sales up 2% to SEK 444 million.

• Q4 EBITDA was SEK 18.2 million; full-year EBITDA SEK 30.6 million.

• GPAM grew 9% in Q4 and 4% for the year, but margins pressured by higher marketing costs.

• Cash balance at year-end was SEK 150 million, supported by share issues.

Outlook and guidance

• 2026 will be an investment year with front-loaded costs, impacting near-term profitability.

• Targeting SEK 100 million EBITDA in 2027, with SEK 50 million incremental annual EBITDA from growth initiatives.

• Will report quarterly on initiative spend and introduce new KPIs to track progress.

• Integration of large European merchants delayed to Q1 2026, expected to further boost growth.