CDON regains momentum
After a period of operational transformation, we are beginning to see the results of our efforts.
From a financial perspective, Q2 2025 showed clear improvement across key metrics. GMV increased by 8% year-over-year, GPAM grew by 8%, and EBITDA turned slightly positive.
These results represent an improvement compared to Q1 2025, which suffered year-over-year declines of 12% in GMV, 13% in GPAM, and with an adjusted EBITDA of -4.4 mSEK.
The shift is not just visible in the numbers – it is tangible in how the organization operates.
A clear upward trajectory
Momentum from the end of Q1 carried into April, and both May and June saw meaningful improvements in GMV and GPAM. This confirms that our Q1 focus on merchant performance, category prioritization, and operational clarity is yielding results. CDON’s core category, Home Electronics, led the way, while Home & Garden lagged due to unusually cold summer weather – a reminder of the importance of assortment breadth.
Paid traffic remains high
Customer acquisition costs remained elevated as we continued to rely too much on paid channels. Organic and direct traffic’s part of the marketing mix are still below 2024 levels, but our SEO recovery plan is now in full swing with a new agency in place.
Unlocking new growth through merchant onboarding
One of our most important initiatives this year is the rollout of our new unified merchant API. Designed to simplify and accelerate onboarding, this new infrastructure is now live. The first wave of major European merchants is starting to integrate in Q3, and expected to start generating sales in Q4.
Entering new verticals
We recently received regulatory approval to sell Swedish snus online – one of the few digital retailers with this license. We plan to launch this vertical in Q4, adding a new, high-demand category to the platform.
Exploring strategic alternatives
We continue to evaluate strategic alternatives to maximize long-term shareholder value. The management team and board of directors remain committed to making the best long-term decisions for CDON and its shareholders.
In summary
CDON has regained momentum, and we are beginning to see the results of our efforts. With a more seasoned team, a stabilized tech platform, and positive commercial performance, we have laid the foundation for the next phase of CDON’s evolution.
While there is more work ahead, I am excited for our potential to generate scalable, sustainable growth.
All the best!
Fredrik Norberg
