Slides
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Q3 2026 Earnings Call October 22, 2026
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Welcome to CDON Group’s Q3 earnings call Carl Andersson CFO “A quarter with a strong turn-around” Fredrik Norberg CEO “Positive inflection ahead of our most important quarter”
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This is CDON Group 2k 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 2,000+ Selling merchants ~10% Marketplaces market share in the Nordics +50% Marketplaces market share globally 30 million Number of SKUs
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Executive summary One year in: growth initiatives drive a strong turnaround 1. Tech investments drove a clear inflection - Article grouping launched end of August: September GMV +32% and comparable GPAM +10%, vs +11% and -3% in July-August 2. Double-digit GMV growth in both segments - Group GMV +18% (CDON +21%, Fyndiq +11%); reported GPAM -10%, +1% excluding 1P costs and brand marketing 3. EBITDA held back by non-recurring costs and front-loaded investments - Reported EBITDA -5.4 mSEK, adjusted EBITDA +1.0 mSEK (11.5 mSEK LY), including 5.3 mSEK for growth initiatives 4. European giants continue to scale - 6% of group GMV, up from <1% a year ago
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Financial summary 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 568 mSEK +18% vs LY 47 mSEK Comparable GPAM: 53 mSEK LY reported: 52 mSEK -5.4 mSEK Adj. EBITDA: 1.0 mSEK LY reported: 11.5 mSEK Strong top-line but weaker GPAM and EBITDA due to high costs Q3 Q3 Q3
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Four consecutive quarters of double digit GMV growth Sales Items affecting comparability impacted GPAM by 5.8 mSEK in the quarter: - 2.0 mSEK 1p costs - 3.8 mSEK Brand marketing On a comparable basis GPAM grew +1% vs LY
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Weak start of the quarter with a very strong ending Sales * October MTD figures are based on demand data for the period 1–20 October 2026 and are therefore not directly comparable with reported financial figures.
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Our European giants continue to demonstrate their potential This represents only our giants that are currently live, several other potential giants progressing in our onboarding pipeline Giants @ CDON x% Share of Group GMV, % 0.7% 2.2% 1.8% 2.9% 3.0% 4.7% 6.2% 5.8% 6.3% 6.8% 6.0% 6.0%
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More than 130 merchants have expanded to additional markets outside of Sweden so far this year. AI-powered search and customer chat are also now live in all markets. Nordic GMV growth YTD vs LY: ●CDON: 20% YTD vs 2% LY ●Fyndiq: 62% YTD vs 38% LY Update on Growth initiatives 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 Brand marketing Brand consideration¹: ●CDON: 37% (vs Aug ‘25: 42%)² ●Fyndiq: 29% (vs Aug ‘25: 31%)² Invest in long-term brand marketing to achieve a healthy marketing mix, lowering customer acquisition costs, and increasing direct traffic The full brand launch went live in Sweden on 21 September, bringing a new CDON brand identity to all customer touchpoints. It is a key step toward lower acquisition costs and a larger share of direct traffic Retail Media Revenue: ●CDON: 0 mSEK ●Fyndiq: 0 mSEK Retail media is now live on both CDON and Fyndiq. Continued focus on expanding ad placements, starting with search results, and onboarding more merchants as advertisers. New personnel and consultants in place and focused on growth activities. Thanks to rapid development around agentic coding we see even higher output per resource Growth initiativesKPIsStatus 1. The brand consideration measurement largely reflects the period prior to the launch of our advertising campaigns and therefore does not capture their impact. 2. Aug ’25 is used as the benchmark, as this marks the start of consideration tracking. No external KPI ●Product data service released ●New internal search (Google AI commerce)
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Expect everything (Förvänta dig allt) - New CDON brand identity launched on 21 September, across all customer touchpoints in SE - Outdoor in Stockholm and Gothenburg - Online nationwide via YouTube, SoMe and programmatic display from 25 September - 3.8 mSEK invested in Q3, of which 3.3 mSEK CDON Brand concept CDON
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Financial performance
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2026 2025 2025 CDON Group Jul-Sep Jul-Sep ∆ Jan-Dec Total gross merchandise value (GMV) 567.5 481.4 18% 1,930.1 Net sales 113.4 109.8 3% 444.0 Cost of goods sold -10.4 -16.6 -37% -78.4 Gross profit (GP) 103.0 93.1 11% 365.6 Take rate (%) 18.1 19.3 -1.2 p.p. 18.9 Marketing Cost -55.9 -41.0 36% -162.1 Gross profit after marketing (GPAM) 47.1 52.2 -10% 203.4 OPEX -52.5 -40.7 29% -172.9 EBITDA -5.4 11.5 N/A 30.6 D&A -20.7 -21.1 -2% -85.6 EBIT -26.1 -9.6 -172% -55.0 Profit and Loss Highlights - As reported (2025-2026), mSEK Group GMV up 18% while GPAM was held back by the 1P closure and brand launch Comments ● GMV up 18% with CDON up 21% and Fyndiq up 11% ● Take rate of 18.1% vs 19.3% LY, reflecting the non-recurring 1P costs and CDON’s shift toward lower-commission categories ● Marketing cost up 36% including 3.8 mSEK for brand marketing ● GPAM of 47.1 mSEK, a GPAM margin of 8.3% vs 10.8% LY. Excluding 1P costs and brand marketing GPAM grew 1% ● Adjusted EBITDA of 1.0 mSEK vs 11.5 mSEK LY, excluding 6.4 mSEK in 1P closure costs ● On the following page we provide a breakdown of items affecting comparability
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On a comparable basis GPAM grew 1% while EBITDA was lower 2026 GPAM Comparable 2026 EBITDA Comparable 1 1P impact: Non-recurring, non-cash costs from cleaning up the remaining balances related to the closed 1P business. 2.0 mSEK in gross profit and 4.4 mSEK in OPEX, mainly currency effects and bad debt. With these final costs booked the phase-out is complete 2 Brand marketing: Launch of the new CDON brand campaign, live since 21 September. 3.8 mSEK in total, a combination of media and production of brand assets 1 2 3 3 Growth OPEX: Front-loaded investment in growth initiatives such as tech capacity and retail media; incurred ahead of returns Comparable Descriptions 21
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Comments ● CDON GMV grew 21% to 401 mSEK, driven by Home Electronics and the continued ramp-up of European giants ● Fyndiq GMV grew 11% to 167 mSEK. In July and August order volumes were held back by the EU’s new €3 customs duty on low-value parcels from outside the EU, while merchants adjusted their prices ● In September a broader product feed to Google Shopping, made possible by article grouping, lifted Fyndiq GMV growth to 36% Gross Merchandise Value, by segment (2024-2026), mSEK Double digit growth in both segments with CDON standing out
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Lower CDON take rate as growth comes from lower-commission categories and European giants Take rate, by segment (2024-2026), mSEK, % of GMV Take rate (%) = Gross profit / GMV 20252024 2026 Comments ● CDON take rate of 13.4% vs 14.7% LY, or 13.9% excluding the 1P costs ● The remaining decline reflects growth in lower-commission categories such as consumer electronics and mobility, and European giants that partly join on introductory terms ● Fyndiq take rate stable at 29.6% vs 29.7% LY
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Marketing cost as % of GMV, by segment (2024-2026), mSEK Higher reliance on paid traffic and the brand launch lifted marketing cost Comments ● CDON marketing cost of 8.0% of GMV vs 6.7% LY. Excluding 3.3 mSEK of brand marketing it was 7.1% ● Fyndiq marketing cost of 14.4% of GMV vs 12.5% LY. Excluding 0.5 mSEK of brand marketing it was 14.1%, as the revised traffic acquisition strategy raised paid marketing in September ● Channel mix shifted further towards paid traffic, while efficiency in paid channels held up during the quarter x x x 202620252024
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Gross Profit After Marketing, by segment (2024-2026), mSEK GPAM in line with last year in both segments excluding 1P costs and brand marketing Comments ● CDON GPAM of 21.8 mSEK, down 17%, with a GPAM margin of 5.4% vs 8.0% LY. Excluding 1P costs and brand marketing GPAM was 27.1 mSEK, up 3%, at a margin of 6.8% vs 8.0% LY ● Fyndiq GPAM of 25.3 mSEK, down 2%, with a GPAM margin of 15.2% vs 17.3% LY. Excluding brand marketing GPAM was 25.8 mSEK, in line with LY, at a margin of 15.5% vs 17.3% LY
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Adjusted Operational expenses, Group (2024-2026)1, mSEK Higher OPEX as we build capacity for the growth initiatives Comments ● OPEX of 53 mSEK vs 41 mSEK LY ● The increase includes 4.4 mSEK in non-recurring 1P costs and 1.5 mSEK related to growth initiatives affecting comparability ● Also OPEX included 2.0 mSEK from an incident in connection with the launch of our new AI search ● The remaining increase is driven by higher software and staff and consultancy costs, with an average of 76 (71) full-time employees 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) 20262024 2025
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● LTM EBITDA of 3 mSEK reflects the 1P phase-out and growth investments in 2026. We expect operating leverage to start showing towards the end of the year, and our ambition of EBITDA approaching 100 mSEK in 2027 remains unchanged EBITDA held back by 1P closure costs and front-loaded growth investments EBITDA, Group, by quarter, mSEK (2024-2026) EBITDA, Group, R12, mSEK (2024-2026) ● Reported EBITDA of ‑5.4 mSEK vs 11.5 mSEK LY. Adjusted EBITDA of 1.0 mSEK excluding 6.4 mSEK in 1P costs, and including 5.3 mSEK for growth initiatives and 2.0 mSEK from the AI search incident x x x 202620252024
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Lower EBITDA weighed on operating cash flow, offset by working capital Operating Cash Flow before changes in working capital, Group (2024-2026), mSEK Comments ● Operating cash flow before changes in working capital of ‑2.3 mSEK vs 10.9 mSEK LY, mainly reflecting the lower EBITDA ● Working capital contributed 4.4 mSEK, bringing operating cash flow to 2.1 mSEK vs ‑23.7 mSEK LY ● Cash of 138 mSEK vs 87 mSEK LY, mainly reflecting higher merchant liabilities and strong cash flow in Q4 2025 ● Merchant liabilities of 164 mSEK vs 128 mSEK LY, following higher GMV20252024 2026
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Executive summary Key Takeaways: One year in, our investments are working 1. Tech-driven inflection: September GMV +32%, with momentum carrying into October 2. Final 1P costs booked, leaving a clean 3P business 3. Full focus on Q4 and converting volume into profit, with operating leverage ahead, and our 2027 ambition of approaching EBITDA of 100 mSEK unchanged
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Q&A