Equity research CDON AB: First impression Q3, 2025 – Profitable growth in line with preannouncement

Today, CDON AB published its interim report for Q3 2025. Below are our first impressions of the outcome, including deviations from our estimates.

In the quarter, GMV and net sales increased by eight and seven per cent, respectively. This outcome was broadly in line with our expectations and the preannouncement on 18 September. EBITDA improved markedly due to higher sales and lower OPEX, confirming the trend of profitable growth in July and August communicated in the preannouncement.

The focus for Q4 is on preparing for holiday demand and launching partnerships with new major European merchants. In Q3, CDON reported significant progress in onboarding these partnerships with a unified merchant API. However, they have not yet contributed to sales. The growth initiatives announced in September will be a priority for 2026. Preliminarily, we do not expect any major underlying changes to our estimates or base case valuation.

• In Q3 2025, CDON AB reported a Gross Merchandise Value (GMV) of 481m, corresponding to an 8 % increase. Our forecast for the quarter was SEK 475m. The positive deviation was in the Fyndiq segment. While CDON has removed some performance indicators, we gauge that the increase is likely due to more traffic and higher order value, but mitigated by a lower conversion rate.
• EBITDA improved to SEK 11.5 (5.5), roughly in line with our expectations. The improvement is mainly due to higher sales and lower OPEX.

We intend to provide a research update on CDON AB shortly. Read our latest update here.

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