Q2 2025 Cdon AB Earnings Call Transcript
Key Points
- Cdon AB (OSTO:CDON) reported an 8% increase in gross merchandise value (GMV) compared to last year, reaching SEK460 million.
- The company achieved a positive EBITDA of SEK400,000, a significant improvement from the previous year's adjusted EBITDA of minus SEK4.4 million.
- Both marketplace segments, CDON and Fyndiq, contributed to the positive growth, indicating a balanced performance across the company.
- Fyndiq experienced strong growth, particularly outside of Sweden, with a 13% increase in GMV.
- The company has a clear plan to onboard large European merchants, which is expected to boost sales in the fourth quarter.
- Cdon AB (OSTO:CDON) faced higher marketing costs than anticipated, impacting their gross profit after marketing.
- The company experienced a weak start to the year with a 17% and 18% decline in GMV in January and February.
- There is a mixed take rate development due to a category mix shift, particularly in home electronics, which pressured commission levels.
- Operational expenses are slightly above the company's ambition, partly due to extended use of migration-related consultants.
- The company anticipates a potential drop in customer satisfaction as new merchants are onboarded, which may affect the customer experience.
Perfect. Thank you, Hjalmar. Welcome to this earnings call in this new venue of DNB Carnegie headquarter. Next to my side, as usual, I have our CFO, Carl Andersson, who will jump in with -- when we're talking about numbers later on. First, to give you a backdrop, this is CDON Group.
We consist of two marketplace brands, CDON and Fyndiq. Combined, we have 3 million active customers. This means that we have the last 12 months have 3 million unique customers who have purchased something on CDON or Fyndiq. We have annual visits of 100 million, and combined from 3,000 merchants, we have 30 million SKUs products for sale at our marketplaces. We are operating an asset-light scalable business model fueled by a negative cash cycle.
This means that we get within one to two days, we get paid from customers and then roughly two weeks later, we pay out to the merchants. And we are operating in a highly attractive market, the e-com market of Nordics with a large potential. The potential we're talking about is how you are shopping online.
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