Q2 2026 Cdon AB Earnings Call Transcript
Key Points
- Cdon AB (CDOAF) reported a 13% growth in Gross Merchandise Volume (GMV), marking five consecutive quarters of positive GMV growth.
- The company has successfully transitioned to a pure 3P marketplace model, eliminating the loss-making 1P business.
- Cdon AB (CDOAF) has a strong cash position, with a higher end-of-period cash balance of 141 million SEK compared to 82 million SEK last year.
- The company is seeing strong growth in its Nordic markets, with Sidion growing by 12% and Findik by 51% compared to last year.
- Retail Media infrastructure is live and showing positive returns for merchants, with plans to scale across both platforms.
- Cdon AB (CDOAF) reported a negative EBITDA of SEK 7.3 million, down from +0.4 million last year, due to front-loaded growth investments and higher marketing costs.
- The company's GPAM decreased by 10% compared to last year, partly due to non-recurring effects and strategic focus on low take rate categories.
- Marketing costs as a percentage of GMV increased to 9.3% from 8% a year ago, driven by a shift from direct and organic traffic to paid channels.
- The take rate for the group declined to 17.6% from 18.4% a year ago, reflecting a strategic shift towards high volume, low take rate categories.
- The company is facing challenges with the efficiency of marketing spend, particularly in the Findik segment, due to changes in consumer prices and tariffs.
Hello, and welcome to the Sedion Group Q2 2026 earnings call. My name is Yami Janstrom, and I'm an analyst, and I'm joined today by CEO Fredrik Norberg and CFO Kolande Schon. Welcome, gentlemen.
Thank you.
Welcome, everybody. Together with me, as usual, we have our CFO, Kolande Schon, who will join us in a bit. First, some background.
Seedon Group operates two marketplaces, Seedon and Findik in the Nordics. We have 3 million active customers, 100 million annual visits, and 3,000 active merchants. We operate an asset-light scalable business with an efficient working capital structure, and we are in a highly attractive market potential with.
The anomaly of how we shop online in the Nordics compared to the rest of the world, where you utilize marketplaces in much higher extent.
We will also get back a little bit to the asset light part since we now can also disclose that we are closing down our 1P business. So from now on, we are a
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