Slides
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Q4 2025 Earnings Call February 13, 2026
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Welcome to CDON Group’s Q4 earnings call Carl Andersson CFO “Solid year with a strong momentum” Fredrik Norberg CEO “Significantly improved performance and clear focus for next year”
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This is CDON Group 3k Merchants 3m Active Customers Order Shopping Product info Marketing Payment Customer support Fast delivery …operating an asset light, scalable business with an efficient working capital structure… One of the leading Nordic marketplaces… …in a highly attractive market with large potential Our mission is to unleash the power of the marketplace to give the best shopping experience in the Nordics Key facts and figures ● Launched: 1999 ● Marketplace model since: 2014 (CDON) & 2010 (Fyndiq) ● Listed: Nasdaq First North Growth Market since 2020 (Ticker: CDON) ● HQ: Stockholm, Sweden ● Geography: Sweden, Denmark, Norway, and Finland 3 million Active customers 100 million Annual visits 3,000 Active merchants ~10% Marketplaces market share in the Nordics +50% Marketplaces market share globally 30 million Number of SKUs
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Executive summary Growth and increased profit 1. Solid full year GMV growth, despite the weak start, with a strong ending - +15% GMV growth in Q4 - +9% GMV growth of 2025 2. Strong profitability improvement - Full year EBITDA growth of 26 mSEK to 31 mSEK 3. The growth initiatives have started the year according to plan - Which will be updated in coming reports
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Financial summary Q4 GMV Gross Merchandise Value GPAM Gross Profit After Marketing EBITDA Earnings before Interest, Taxes, Depreciation, and Amortization … the operational efficiency of our business … the operational efficiency of the company … the attractiveness of our proposition to consumers 644 mSEK +15% vs LY 65 mSEK +9% vs LY +18 mSEK +8 mSEK vs LY Continued acceleration in Q4 Q4 Q4 Q4
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Financial summary 2025 GMV Gross Merchandise Value EBITDA Earnings before Interest, Taxes, Depreciation, and Amortization GPAM Gross Profit After Marketing … the operational efficiency of our business … the operational efficiency of the company … the attractiveness of our proposition to consumers 1 930 mSEK +6% vs LY 203 mSEK +4% vs LY +31 mSEK +26 mSEK vs LY Continued strong uplift in GPAM, fueled by both segments 2025 2025 2025
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Consistent strong improvement from the weak start of the year Sales Nine consecutive months of positive GMV growth after a weak start to the year The graphs above use demand (not reported) figures, comparing day-to-day vs LY
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Now is the time to accelerate our journey to become the Nordic market leader - 4 specific growth initiatives are in execution Retail media Monetises CDON’s ~100m annual visits through high-margin advertising formats, creating a scalable, recurring revenue stream in line with global marketplace leaders Nordic growth opportunities Accelerated expansion in Denmark, Finland, and Norway through improved assortment and merchant base, and valuable customer experience improvements to address untapped regional potential Tech resource boost Expand engineering capacity with 12 resources to accelerate product innovation, capture AI-driven opportunities, and strengthen CDON’s long-term competitiveness B DA This phase is about building differentiating features, including building a world-class merchant & customer experience and embedding AI in key processes, to capture significant market share. Brand marketing Invest in long-term brand marketing to achieve a healthy marketing mix, lowering customer acquisition costs, and increasing direct traffic C More info to come about the Growth initiatives later in the presentation
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Financial performance
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2025 2024 2025 2024 CDON Group Oct-Dec Oct-Dec ∆ Jan-Dec Jan-Dec ∆ Total gross merchandise value (GMV) 644.0 558.0 15% 1,930.1 1,826.4 6% Net sales 153.2 139.2 10% 444.0 435.2 2% Cost of goods sold -31.8 -32.7 -3% -78.4 -102.2 -23% Gross profit (GP) 121.5 106.5 14% 365.6 333.0 10% Take rate (%) 18.9 19.1 -0.2 p.p. 18.9 18.2 0.7 p.p. Marketing Cost -56.9 -47.1 21% -162.1 -138.3 17% Gross profit after marketing (GPAM) 64.6 59.3 9% 203.4 194.7 4% OPEX -46.4 -48.8 -5% -172.9 -190.3 -9% Share in associate´s profit/loss after tax 0.0 0.0 N/A 0.0 0.0 N/A EBITDA 18.2 10.5 73% 30.6 4.5 583% D&A -20.5 -42.4 -51% -85.6 -115.8 -26% EBIT -2.3 -31.8 93% -55.0 -111.4 51% Profit and Loss Highlights - As reported (2024-2025), mSEK A very strong end to a positive year Comments ● 15% higher GMV in a strong quarter for both segments. GMV for the full year 6 % higher than last year ● Net sales grew by 10% in the quarter and by 2% for the full year, as 3P continues to grow as share of our business ● GPAM increased by 9% in the quarter and 4% for full year, following higher marketing costs than last year ● EBITDA marked a significant improvement year-over-year, reaching 18 mSEK for the quarter and 31 mSEK for the full year
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Comments ● The Group sustained its growth momentum, with GMV exceeding even the strong Q4 2023 benchmark ● Momentum increased for the CDON segment in the quarter, with GMV increasing by 20%, driven by robust performance in the core category Home Electronics ● FY GMV of 1,326 mSEK, equal to +5% for the CDON segment ● Another solid quarter for Fyndiq, particularly in the Nordic markets outside Sweden, growing by 6% ● FY GMV of 536 mSEK, equal to +7% for the Fyndiq segment Gross Merchandise Value, by segment (2023-2025), mSEK Strong growth across both segments, with CDON standing out as the most positive one
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Take rate remain stable compared to recent quarters Take rate, by segment (2023-2025), mSEK, % of GMV Take rate (%) = (Merchant Commission & Fees + Value-Added Services + Customer Revenues) / Gross Merchandise Value 2024 Comments ● The CDON segment take rate dropped compared to LY, to 14.6%, but in line with recent quarters ● Negative category mix effect offset by recently implemented merchant performance fees in the CDON segment ● Take rate for Fyndiq just below 30%, in line with the 2025 average, and an improvement vs last year 2023 2025
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Gross Profit After Marketing, by segment (2023-2025), mSEK GPAM grew for the group, despite pressure on the margin vs LY Comments ● CDON segment GPAM growth trailing GMV growth in the quarter. GPAM grew by 5% in the quarter ● CDON’s GPAM margin decreased to 7.3% (8.3%) in the quarter, while reaching 7.6% (8.1%) for the full year ● Fyndiq’s GPAM increased by 14% in the quarter ● Fyndiq’s GPAM margin increased to 17.2% (16.0%) in the quarter, while reaching 18.1% (17.4%) for the full year
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Marketing cost as % of GMV, by segment (2023-2025), mSEK Marketing costs continue to increase for the Group Comments ● Across both segments we see a continued high share of paid traffic compared to organic traffic ● Marketing cost as % of GMV increased to 7.3% for the CDON segment, following several quarters below previous peak of 6.9% in Q4 2024 ● For Fyndiq segment, Marketing cost increased to 12.7% as % of GMV ● Marketing costs expected to increase during 2026, as we activate our brand marketing initiatives, but this should over time contribute enable a lower marketing cost as % of GMV2024 20252023 x x
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Significantly improved EBITDA, exceeding 2023 levels for the group EBITDA, Group, by quarter, mSEK (2023-2025) EBITDA, Group, R12, mSEK (2023-2025) ● A strong and positive quarter delivered significantly improved EBITDA of 18 mSEK, up from 11 mSEK ● No one-off adjustments, unlike Q4 2024, which included ~1.3 mSEK in restructuring costs related to the closure of the Malmö office ● Continued positive trajectory with EBITDA reaching 31 mSEK
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Adjusted Operational expenses, Group (2023-2025)1, mSEK OPEX is trending lower year over year Comments ● OPEX is lower compared to the adjusted OPEX of last year, with a smaller seasonal uptick ● Lower cost of consultants and stable software costs after the platform migration contribute to the lower OPEX compared to previous year ● Despite FY25 OPEX of 173 mSEK being slightly above the post integration ambition, the run-rate in Q4 is in line with the ambition 1 Adjusted for costs related to one-off nature Q4 22 (restructuring), Q2 23 (Fyndiq transaction), Q1-Q4 24 (Closing of Malmö office) and Q1 2025 (Bad debt resolution) 20252023 2024
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Improved cash flow before changes in WC in the quarter and full year Operating Cash Flow before changes in working capital, Group (2023-2025), mSEK Comments ● Lower build up in merchant debt during the quarter, and even reduced in full year, led to higher working capital ● Share issue, completed in Q3 and Q4, contributes to an improved cash position and improved current ratio ● Cash balance remains stable with an end of period balance of 150 mSEK 20242023 2025
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Growth initiatives 2026-2027
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Agenda Core marketplace health GMV and take rate as primary indicators, plus initiative KPIs & cost reporting3 1 Growth initiatives overview What we’re launching and how each initiative drives impact 2026 - 2027 Financial ambition Investment year in 2026 and path toward ~100 mSEK EBITDA in 20272
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Now is the time to accelerate our journey to become the Nordic market leader - 4 specific growth initiatives are in execution Retail media Monetises CDON’s ~100m annual visits through high-margin advertising formats, creating a scalable, recurring revenue stream in line with global marketplace leaders Nordic growth opportunities Accelerated expansion in Denmark, Finland, and Norway through improved assortment and merchant base, and valuable customer experience improvements to address untapped regional potential Tech resource boost Expand engineering capacity with 12 resources to accelerate product innovation, capture AI-driven opportunities, and strengthen CDON’s long-term competitiveness B DA This phase is about building differentiating features, including building a world-class merchant & customer experience and embedding AI in key processes, to capture significant market share. 1 Brand marketing Invest in long-term brand marketing to achieve a healthy marketing mix, lowering customer acquisition costs, and increasing direct traffic C
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Monetize ~100m visits by launching retail media with sponsored listings and premium formats to build a high-margin revenue stream High-visibility placements Scalable rollout Win-win value Prominent ad slots while keeping a strong shopping experience Improved customer product discovery and increased sales for merchants 1A Retail Media Onsite advertising that creates a new revenue stream - A proven and significant revenue source among marketplaces Limited internal resource requirement as platform grows Outcome High-margin monetization that lifts take rate without harming the customer experience
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Grow market share in the Nordics through improved merchant base, improved & localized customer experience and merchandising Country-specific action plan to close the Nordic share gap, as DK/FI/NO are ~30% of GMV but ~60% of Nordic e-commerce Fast-track onboarding Improved CX Merchandising & pricing Onboard priority merchants rapidly to expand assortment Improve category curation and price competitiveness to win the click and the basket Localized UX and content (language, SEO, CRM) to increase conversion and repeat 1B Nordic Growth Opps Outcome Build on existing infrastructure to capture under-penetrated demand in NO, DK, & FI, given our strong Swedish footprint and scalable marketplace
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Reintroduce CDON and Fyndiq to Nordic consumers, as we’ve fixed the basics and the platform is ready to deliver a great CX 1C Brand Marketing Cross-channel marketing of our 2 brands, CDON and Fyndiq, with clear phase gates and measurement Distinctive creatives High-impact reach One clear value story, consistent assets and tone Test, measure, and scale through clear phase gates and decision criteria Gated approach Concentrate spend in fewer, high impact channels Reintroduce CDON and Fyndiq to Nordic consumers, as we’ve fixed the basics and the platform is ready to deliver a great CX Build consideration to grow organic traffic and improve customer acquisition cost over time, reducing reliance on performance marketing Outcome
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Scale engineering capacity to enable and accelerate key initiatives and AI boosted innovation Focused capacity ramp (hires + consultants) to expand engineering bandwidth across product, backend, and frontend Growth capacity Faster delivery AI enablement Unlocking potential for engineers to focus on key initiatives & innovation Build the capabilities and tools to keep CDON group fully AI-boosted Accelerate delivery to bring initiatives to market faster 1D Tech Resource Boost Outcome Unlocked tech-capacity bottlenecks and accelerated delivery of growth levers, key initiatives, and innovation
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Front-loaded 2026 investment, with transparency on incremental spend, positions 2027 EBITDA to approach ~100 mSEK Note: This page includes forward-looking statements. These statements are based on current expectations and assumptions and involve risks and uncertainties. 2 ● We remain committed to 50 mSEK of incremental annual EBITDA from the growth initiatives in 2027 (as previously communicated) ● We aim for 2027 EBITDA to approach ~100 mSEK, including both growth initiatives and business as usual growth ● 2026 is designated as a year of front-loaded investment, where costs are expected to weigh on near-term profitability while building capabilities for long-term value creation ● We will report quarterly the actual initiative spend incremental to normal operating costs (business as usual), to maintain transparency 2026 Front-loaded investments 2027 Incremental EBITDA uplift
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GMV and take rate show a healthy underlying marketplace while EBITDA reflects planned investments ● GMV serves as the primary indicator that our marketplace engine is creating and converting demand ● Take rate shows how well we are monetizing that activity ● GPAM and EBITDA will be adversely impacted by investments in brand building and operating expenditures related to growth initiatives 3 ● Initiative costs are reported each quarter ● A consistent set of proxy KPIs is disclosed to evidence initiative traction ● Additional data points potentially disclosed on a need-basis to evidence quality and customer impact 2026 is an investment year; GMV & take rate reflect the underlying engine while reported initiative costs and effect KPIs evidence traction Core health Initiative tracking
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Executive summary Growth and increased profit 1. Solid full year GMV growth, despite the weak start, with a strong ending - +15% GMV growth in Q4 - +9% GMV growth of 2025 2. Strong profitability improvement - Full year EBITDA growth of 26 mSEK to 31 mSEK 3. The growth initiatives have started the year according to plan - Which will be updated in coming reports
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Q&A