Q1 2025Quarterly summary

Executive summary

  • A challenging start, with clear improvements in March
  • Significant operational adjustments led to renewed momentum, resulting in March performance being in line with the previous year
  • 12% lower GMV during the quarter compared to the previous year
  • EBITDA of SEK 0.2 million, but adjusted for provisions for doubtful receivables, adjusted EBITDA amounted to SEK -4.4 million
  • Review of strategic alternatives initiated to realize the full potential of the business

Fredrik

A weak start to the year, but with a positive end to the quarter.

Fredrik Norberg, CEO

Key Figures

Summarized message from the CEO

A challenging start, with clear improvements in March 

The first quarter of 2025 began with considerable challenges, marked by weaker-than-expected performance in January and February. However, decisive operational adjustments (in particular, improved ways of working with key merchants) enabled us to regain momentum, concluding the quarter on an encouraging note. Notably, March delivered a performance in line with last year's figures. 

Financial overview

Overall, Gross Merchandise Volume (GMV) declined by 12% year-over-year, while Gross Profit After Marketing (GPAM) saw a 13% decrease compared to Q1 2024 (equivalent to a 5.7 mSEK decrease in GPAM). Despite this significant GPAM decline, disciplined cost management significantly mitigated the blow to EBITDA. Like for like EBITDA was -4.4 mSEK in the quarter compared to -2.2m SEK last year.  Reported EBITDA reached a positive 0.2 mSEK due to resolution of bad debt.

From a geographical perspective, Sweden continued to struggle while the rest of the Nordic countries performed well for both CDON and Fyndiq. We are addressing the situation in Sweden through targeted initiatives.  

Enhanced operational efficiency

Reducing operational expenses remains a core focus, and we have made substantial progress in this area. Current OPEX is significantly lower—approximately 40 mSEK below the run-rate at the time of our merger. We remain firmly on track to realize our previously communicated merger synergies. 

Simplified merchant integration

To streamline merchant onboarding, we introduced a unified merchant API towards the end of the quarter, consolidating multiple previous interfaces into one efficient solution. Although this transition momentarily slowed new merchant onboarding, we expect it to boost merchant acquisition substantially in the upcoming quarters. This will further enhance our marketplace offerings, ensuring customers have access to popular products at attractive prices. 

Navigating Global Trade Uncertainties

We continue to monitor global trade developments closely. CDON Group has minimal direct exposure to the US market. However, we remain attentive to developments concerning China, given Fyndiq's substantial number of Chinese merchants. Currently, trade dynamics between Europe and China appear stable, but we will continue to evaluate any long-term impacts carefully. 

Looking Forward

We remain focused on building the strategic foundations necessary to capitalize on our significant growth potential and lead the transformation towards marketplace-driven shopping in the Nordics. Each month we get more building blocks in place and I remain confident about the potential of our business model and company. 

Fredrik Norberg
CEO 

Carl

Carl Andersson

CFO (Chief Financial Officer)

carl.andersson@cdon.com

Our marketplaces

CDON Group operates two leading Nordic marketplaces: CDON and Fyndiq, which together offer unparalleled reach. CDON is the region's largest marketplace with millions of products in categories such as consumer electronics, home goods, and media. Fyndiq complements this as the Nordic region's largest online marketplace for bargains, focusing on offering exciting products at attractive prices.