FIRST QUARTER FOR THE GROUP
Total Gross merchandise value (GMV) increased by 14% to SEK 394.0 (344.4) million.
Net sales increased by 13% to SEK 90.6 (80.5) million.
Take rate decreased by -0.1 percentage points to 19.1% (19.2%).
Gross margin increased by 0.9 percentage points to 83.1% (82.2%).
Gross profit after marketing (GPAM) increased by 9% to SEK 42.2 (38.6) million.
EBITDA decreased to SEK -2.8 (0.2) million.
EBIT amounted to SEK -23.3 (-21.8) million.
Adjusted for SEK 16.7 million in goodwill amortization for the Group due to the acquisition of Fyndiq, EBIT amounted to SEK -6.7 (-5.2) million.
Earnings per share amounted to SEK -2.04 (-2.03).
Adjusted earnings per share amounted to SEK -0.59 (-0.48).
Letter from the CEO
A strong start to the growth journey: our giants strategy is delivering
We entered 2026 with a clear roadmap: moving from "back-to-basics" to "growth and innovation." Q1 confirms this momentum. Group GMV grew by 14%, our "European Giants" strategy is showing strength, and our four growth initiatives are executing on plan.
Q1 momentum with a deliberate supply mix shift
I am pleased to report a GMV growth of 14% for the quarter. What is particularly encouraging is that this growth is evenly balanced between our two segments, CDON and Fyndiq.
Group GPAM grew 9%, but with distinct dynamics between the two segments.
- Fyndiq: GPAM grew by 25%, driven by GMV and by increased merchant performance fees.
- CDON: GPAM declined by 3% despite the 14% GMV growth. This reflects a deliberate shift: we cleared out old 1P inventory, which had a negative effect on Q1 gross profit. In addition, we removed merchants whose supply didn't fit our long-term brand ambition for CDON, focusing instead on merchants with higher-quality supply. While these merchants provide an improved customer experience compared to those we have removed, they also generate slightly lower take-rate as a result of their supply.
EBITDA was -2.8 mSEK, compared to 0.2 mSEK last year. However, last year's figure included a 4.6 mSEK one-time bad debt reversal. Adjusted for this, our underlying performance shows clear year-on-year improvement even as we invest in growth.
Marketing mix changes
In February, we exited Prisjakt. Their price increases made the channel unprofitable for us. By cutting this spend and reinvesting in more efficient paid channels, we have this quarter slowed the negative trend of increased marketing costs as a share of GMV for CDON.
Our growth engine: the European Giants
Our core growth strategy for CDON is working. The large European merchants, our "giants" onboarded late last year, are beginning to demonstrate their potential. By adding their massive assortment of popular products at competitive prices, they have been able to drive strong sales growth.
In March 2026, these Giants accounted for 5% of our GMV. To put that into perspective, they represented less than 2% in December 2025. This positive growth is just the beginning, and it serves as proof that our model of scaling through these European Giants can generate material sales.
Growth initiatives on track
Our four pillars are progressing as scheduled:
- Retail Media: the technology is live and operational, starting to unlock high-margin revenue
- Nordic Expansion: a new Finnish aggregator is being integrated, and we continue to expand our existing merchant base across the Nordics
- Brand Marketing: We have partnered with a brand marketing agency for our upcoming brand relaunch
- Tech resource boost: the majority of the new resources are already in place, and the output has increased according to plan - amplified by the AI investment described below.
Increased investment in AI
It is rare for a CEO to highlight increased costs as something positive. However, our increased AI costs are an exception, indicating how AI is now becoming fully integrated across our entire organization.
We see this in our expenditures for platforms like Anthropic, which increased significantly during the quarter. This investment lets us move at a pace we have not previously achieved. Our AI efforts range from building and deploying new features to analyzing sales data, and we are continuously finding new use cases.
In summary: a quarter according to plan
We have had a solid financial start to 2026. We are growing, our strategic partnerships are delivering strong results, and our growth initiatives are progressing with precision and velocity. I look forward to an exciting year as we continue to build the leading marketplace in the Nordics.
Conference call
CDON Group invites the press, investors and analysts to a conference call and webcast where CDON Group's interim report for the first quarter of 2026 will be presented. After the presentation, there will be an opportunity to ask questions. The presentation will be held in English on 23 April 2026, at 09:00 CEST.
If you wish to participate via webcast, please use the link below. You will be able to submit written questions through the webcast.
Link to webcast: https://qcnl.tv/p/Mu8Y10BspPL5q_r0EqgxmQ
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 2026-04-23 08:00 CEST.
