Sweden · Delayed Price · Currency is SEK CDON AB Earnings Call Transcripts
Fiscal Year 2026
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The company operates two leading Nordic marketplaces with a scalable, asset-light model and strong growth momentum. Strategic initiatives in retail media, Nordic expansion, and brand marketing aim to drive EBITDA to SEK 100 million next year. EU tariffs on Chinese imports are benefiting local supply strategies, and synergies from unified operations are being realized.
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GMV grew 13% year-over-year, driven by strong merchant onboarding and robust Nordic demand. EBITDA was negative due to front-loaded investments and non-recurring items, but underlying profitability improved. Operational leverage and brand marketing are expected to drive further gains by year-end.
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Solid GMV and net sales growth continued, with Fyndiq driving profitability and European giants boosting CDON’s assortment. Investments in tech, retail media, and Nordic expansion are on track, supporting a positive EBITDA trajectory and improved liquidity.
Fiscal Year 2025
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Q4 delivered 15% GMV growth and a strong EBITDA increase, with CDON segment leading gains. 2026 will be an investment year, targeting SEK 100 million EBITDA in 2027, while growth initiatives in retail media, Nordic expansion, and tech are underway.
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Achieved strong Q3 growth with GMV up 8% and EBITDA more than doubling year-over-year, driven by both CDON and Fyndiq segments. A SEK 45 million capital injection supports new growth initiatives, with further momentum expected in Q4 and 2026.
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GMV and gross profit after marketing both rose 8% year-over-year, with EBITDA turning positive and strong growth in both CDON and Fyndiq segments. Strategic initiatives include onboarding European merchants, launching snus sales, and improving marketing efficiency.
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Challenging start to the year with weak sales, but operational fixes led to a strong March recovery. Net sales and GPAM declined year-over-year, while a strategic review is underway to unlock growth potential. Cash position remains stable at SEK 77 million.
Fiscal Year 2024
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Sales and GMV declined year-over-year due to organizational changes, platform migration, and higher marketing costs, but EBITDA remained positive. Management expects 2025 to be a turning point, with improved efficiency, innovation, and AI integration.
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Platform migration completed on time and on budget, enabling operational efficiencies and AI integration. Despite an 8% GMV decline year-over-year, EBITDA turned positive, with Fyndiq returning to growth and cost reductions on track. Focus remains on supply improvements and leveraging the new platform.
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Sequential improvement seen despite year-over-year declines in GMV and EBITDA, with Fyndiq segment stable and CDON showing signs of recovery. Platform migration and supply initiatives are expected to drive cost savings and growth in H2, though Q3 faces migration-related risks.