The third quarter marks a turning point for CDON. It successfully concludes a 2.5-year chapter of rebuilding our foundation, our back-to-basics phase. Fueled by improved business performance and a new capital injection, we will now launch into 2026 with a new exciting era of growth and innovation.
Solid growth and profitability
Our financial results for the third quarter demonstrate the increasing health of our business.
Group GMV grew by 8% year-over-year, a development that was accelerated by a return to double-digit growth in September, which finished at +11% versus last year.
We did not only grow our GMV, but also improved our profitability where Gross Profit After Marketing (GPAM) for the group grew by +12% in the quarter. Nevertheless, our marketing mix remains more expensive compared to the previous year, which negatively impacts our GPAM in relation to the GMV.
This improved operational performance translated directly to the bottom line, with EBITDA reaching +11.5 mSEK, more than doubling the +5.5 mSEK delivered in the same period last year.
Onboarding major European merchants: paving the way for Q4
A cornerstone of our strategy for the CDON segment is to massively increase our supply with relevant, high-quality European merchants.
In Q3, we made significant progress on this front by leveraging our new, unified merchant API. The integration process for the first wave of major European merchants is well underway. While these partnerships are still in progress, and have not yet contributed to our sales figures in Q3, we are actively preparing for their commercial launch in the fourth quarter.
Investing in our future growth
To propel our growth even more, we successfully completed a directed share issue of approximately 45 mSEK in September.* This share issue officially concludes the strategic review initiated in April and provides us with the capital to invest in four key growth initiatives:
- Nordic Expansion: Seizing growth opportunities in the Danish, Finnish, and Norwegian markets
- Tech and AI acceleration: Expanding our engineering team to accelerate platform development and integrate AI-driven improvements
- Brand Marketing: Rebuilding awareness, preference, and the marketing mix for our brands across the Nordics
- Retail Media: Further monetizing our significant website traffic through strategic advertising partnerships
This oversubscribed share issue is a vote of confidence from our owners and other investors, and gives us the firepower to execute on our strategic roadmap with pace and precision.
Primed for a strong finish to the year
I am very proud of what our team has accomplished this year and believe they have put us on a strong trajectory for future growth.
Our full attention is now dedicated to the important holiday season ahead. We have worked diligently to ensure we are well-prepared for Q4, with a stronger operational foundation and an improving assortment from a broader variety of merchants.
In early 2026, I am excited to turn our full focus onto our strategic priorities, which include our four key growth initiatives, as well as driving continued growth in our underlying business. But for now, we are all excited to enter the important last quarter of the year.
All the best,
Fredrik Norberg CEO
CDON Group
