A successful turnaround year with strong momentum
As we close the books on 2025, I can conclude that we have made a strong comeback during the year. Despite a very challenging start to the year, we have progressively built up speed, and it is with great satisfaction that I see us ending the year with solid momentum.
Q4 vs LY 2025 vs LY
GMV: +15% +6%
GPAM: +9% +4%
EBITDA: +73% +583%
I am pleased to end 2025 with +15% GMV growth and substantial earnings improvement. For the full year, we landed an EBITDA of 31 mSEK, which represents an improvement of over 26 mSEK compared to the previous year. This is particularly strong given the challenge with higher marketing costs that we experienced throughout the whole year.
Home Electronics - the proof that our strategy is working
One of the brightest spots during Q4 and 2025 as a whole is our development within Home Electronics in the CDON segment.
In Q4, we delivered a very strong result within Home Electronics, a development that constitutes a strategic proof. Even under fierce competition and price pressure, our ability to take market share through our marketplace model and a relevant offering is confirmed. This focus and these learnings will now form the basis for how we expand our assortment in other popular categories going forward.
Organic strength despite delays
Our partnership with large European merchants represents the next gear for our growth and holds significant potential to build on our existing momentum. I am disappointed that our planned Q4 integration was delayed due to technical delays on both sides. However, I am excited for them to start onboarding fully in Q1 and throughout the year and am pleased that our underlying business delivered strong growth in Q4 even without these new merchants.
In addition to this, we see a positive backfill of new larger European merchants that are interested in joining our marketplaces during the year.
A new era of growth and innovation
We have now left the "back-to-basics" phase behind us.
We are in full swing with our growth initiatives: retail media, Nordic expansion, brand building, and technical acceleration. These initiatives will require investments that will weigh on near-term profitability, but we believe they will bring an incremental 50 mSEK in EBITDA for 2027. Combined with continued growth in our underlying business, this EBITDA from growth initiatives should result in total EBITDA approaching 100 mSEK for 2027. These initiatives will also lead us into our new era: "Growth and Innovation."
It has been a long time since I was looking forward to a year as much as I do to 2026. We have an improved platform, have built an awesome team, have clear plans for our growth initiatives, and I look forward to continuing our recent momentum.
All the best,
Fredrik Norberg
CEO
CDON Group
