Hjalmar Jernstrom
DNB Carnegie Commissioned research
Hello, and welcome to the CDON Group Q2 2026 Earnings Call. My name is Hjalmar Jernstrom, and I’m an analyst, and I’m joined today by CEO, Fredrik Norberg; and CFO, Carl Andersson. Welcome, gentlemen.
Fredrik Norberg
Chief Executive Officer
Thank you. Welcome, everybody. Together with me, as usual, we have our CFO, Carl Andersson, who will join us in a bit. First, on background, CDON Group operates 2 marketplaces, CDON and Fyndiq, 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 pure 3P marketplace player.
To summarize this quarter, it’s a quarter of top line growth and front-loaded investments. We do have a volume expansion across both segments, 13% GMV growth, but with a reported GPAM of minus 10%, partly affected by nonrecurring effects that we will dive deeper in later on. We also have a reported negative EBITDA. This trickles down from the negative GPAM, but also due to our front-loaded growth investments, some nonrecurring distortions and our continued higher marketing cost, which yielded an EBITDA of minus SEK 7.3 million compared to last year of plus SEK
