SECOND QUARTER FOR THE GROUP
- Total Gross merchandise value (GMV) increased by 13% to SEK 521.1 (460.2) million.
- Net sales increased by 3% to SEK 103.4 (100.5) million.
- Take rate decreased by 0.8 percentage points to 17.6% (18.4%).
- Gross margin increased by 4.5 percentage points to 88.9% (84.4%).
- Gross profit after marketing (GPAM) decreased by 10% to SEK 43.5 (48.1) million.
- EBITDA amounted to SEK -7.3 (0.4) million.
- EBIT amounted to SEK -27.8 (-21.3) million.
- Adjusted for SEK 16.7 million in goodwill amortization for the Group due to the acquisition of Fyndiq, EBIT amounted to SEK -11.1 (-4.6) million.
- Earnings per share amounted to SEK -2.43 (-1.99).
- Adjusted earnings per share amounted to SEK -0.98 (-0.44).
YEAR TO DATE FOR THE GROUP
- Total GMV increased by 14% to SEK 915.1 (804.7) million.
- Net sales increased by 7% to SEK 194.0 (181.0) million.
- Take rate decreased by 0.5 percentage points to 18.3% (18.8%).
- Gross margin increased by 2.8 percentage points to 86.2% (83.4%).
- GPAM decreased by 1% to SEK 85.6 (86.7) million.
- EBITDA amounted to SEK -10.0 (0.6) million.
- EBIT amounted to SEK -51.1 (-43.1) million.
- Adjusted for SEK 33.3 million in goodwill amortization for the Group due to the acquisition of Fyndiq, EBIT amounted to SEK -17.8 (-9.8) million.
- Earnings per share amounted to SEK -4.47 (-4.02).
- Adjusted earnings per share amounted to SEK -1.57 (-0.93).
LETTER FROM THE CEO
Strategic investments on track, with continued volume growth
An eventful quarter, driven by volume expansion in both segments, generating GMV growth of 13%.
Despite the GMV growth, the Gross Profit After Marketing (GPAM) decreased by -10% and EBITDA landed at -7.3 mSEK, compared to +0.4 mSEK last year.
This variance is the result of deliberate investments and specific prior-year baseline effects, together with continued structural challenges in marketing efficiency and our strategic focus on supply growth, in particular in the lower margin electronics category.
The growth initiatives added 1.7 mSEK of OPEX. In addition, Q2 2025 OPEX included a 3.0 mSEK one-off benefit due to a contribution from a platform partner affecting comparability.
In total, the non-recurring baseline distortions and active growth investments had a negative impact of 6.3 mSEK on GPAM and 11.0 mSEK on EBITDA compared to last year.
Continued marketing mix shift
As communicated in prior quarters, changes in traffic mix have resulted in greater reliance on paid performance marketing channels, increasing marketing costs relative to gross profit. At the same time, our performance marketing efficiency in these channels remains in line with expectations.
Our strategic mitigation plan for this dependency is already active. We are combining our targeted brand marketing initiatives with core updates to our platform's SEO architecture and customer experience workflows. While these adjustments require upfront capital and have yet to impact our reported metrics, we expect they will help us re-balance our traffic mix over time.
Segment review: non-recurring baseline effects and investments
To understand the quarter's profit variance, the underlying discrepancy between our GMV growth and lower GPAM can be isolated into specific segment non-recurring items:
- Fyndiq: The margin development was primarily impacted by two items. First, the comparison baseline in Q2 last year was exceptionally high, as it benefited from 3.0 mSEK in extraordinary merchant performance fees. Second, we allocated 1.0 mSEK to our brand marketing expenses this quarter. This cost was strictly tied to the production and creation of our upcoming brand assets, and no live media spend was deployed to generate active sales during the period. Adjusting for these factors, Fyndiq’s underlying gross profit after marketing follows a stable trajectory.
- CDON: The variance within this segment stems from multiple distinct factors. As part of our decision to phase out our legacy 1P retail business, the final clearance and sell-out of remaining inventory resulted in a realized execution loss of 1.3 mSEK in excess of the 1P loss last year. Finally, we recorded 1.9 mSEK in brand marketing costs, where the clear majority related to creative production asset fees. This near-term margin pressure was partly offset by a positive contribution of 0.9 mSEK from our merchant performance fees, introduced on CDON at the end of Q3 2025.
Separately, CDON’s reported take rate landed at 12.8% compared to 13.7% last year. This pressure is not a structural decline, but a direct consequence of a deliberate merchant and product mix shift. In 2025, we decided to remove several underperforming merchant accounts with significant sales volumes. These merchants had very high take-rates, due to the nature of the low cost items they were focused on, but both the brand perception and customer experience was not in line with CDON's long-term positioning. In addition, we continue to expand our presence in volume anchor categories such as consumer electronics and, more recently, mobility (e-bikes and e-scooters). These categories typically carry lower take rates, but they play a strategic role: they help build the customer acquisition foundation needed to expand into other categories over time that carry higher take rates.
This expansion is mainly driven by the new European merchants, which have a strong supply within these categories, and we believe these shifts better position us for long-term profitable growth.
Growth initiatives: front-loaded investments
Our four core growth initiatives are progressing on plan. By nature, these strategic pillars require front-loaded operational and development costs, meaning their financial return naturally lags the impact of these investments on our cost structure:
- Retail media: The technical advertising infrastructure is now live and functional at an early stage on CDON, and has entered live beta-testing on Fyndiq. This framework will systematically expand our take rates over time, though it yielded no material financial impact in the current quarter.
- Tech capacity boost: Our expanded technology headcount carries a near-term expense, but it directly enables us to deploy critical customer experience updates at a faster velocity, paving the way for increased operational leverage.
- Nordic expansion: Localization and aggregator pipelines are executing as planned. We are consistently onboarding single-market merchants into cross-border operations, and are just beginning to see positive results with the broader Nordic markets (excluding SE) expanding to 31% of our total GMV compared to 28% in Q2 2025.
- Brand marketing: As outlined, these front-loaded production investments serve as our main long-term foundation for a resilient and balanced marketing mix.
Moving forward into 2027
To summarize, we are currently investing capital ahead of our financial returns. While these front-loaded costs impact our short-term performance, the steps we are taking are necessary to build a better marketplace. With a clean 3P marketplace footprint and our growth initiatives moving forward, we are on the right path to creating a financially sustainable and strong company.
CONFERENCE CALL
CDON Group invites the press, investors and analysts to a webcast where CDON Group’s interim report for the second quarter of 2026 will be presented. After the presentation, there will be an opportunity to submit written questions. The presentation will be held in English on 15 July 2026, at 10:00 CEST.
If you wish to participate via webcast, please use the link below.
Link to Webcast:
https://qcnl.tv/p/qpmePrNo2eIkokHpQliCPA
The presentation material and the webcast will be published on:
https://investors.cdon.com/en/investors/financial-reports/
For further information, please contact:
Fredrik Norberg
CEO
E-mail: fredrik.norberg@cdon.com
Carl Andersson
CFO
E-mail: carl.andersson@cdon.com
Certified Adviser
FNCA Sweden AB is the company's Certified Adviser
About CDON Group
CDON AB (publ) is a leading marketplace group in the Nordics, owning and operating the online marketplaces CDON and Fyndiq. CDON Group is listed on Nasdaq First North Growth Market and is headquartered in Stockholm. In 2023, CDON AB acquired Fyndiq, bringing the two platforms together under the CDON Group. Fyndiq and CDON combine technology competencies, marketplace infrastructure, and customer reach - creating a comprehensive and complementing offering for merchants and consumers alike. The Group's vision is to unleash the power of the marketplace by providing the best shopping experience in the Nordics.
This information is information that CDON is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-07-15 07:00 CEST.