Equity research CDON Q2 2026: First impression – Solid GMV while growth investments weigh on margins

Today, CDON AB published its interim report for Q2 2026. Below are our first impressions of the outcome, including deviations from our estimates.

Gross Merchandise Value (GMV) grew in the double digits, once again stronger than expected, driven by high volumes in categories such as Home Electronics and Sports and Outdoor. However, the take rate fell more than expected as a mix shift into faster-growing but lower-margin merchants and categories weighed on net sales. Margins were lower than expected as marketing costs increased to 9.3% (8.0) of GMV largely driven by strategic front-loaded growth initiative costs in, e.g., brand marketing.

• For Q2 2026, CDON AB reported a Gross Merchandise Value (GMV) of SEK 521m, corresponding to a 13% increase, a similar strong rate as the previous quarter. Our forecast was SEK 491m. The main positive deviation was in the Fyndiq segment. Due to a lower take rate, net sales increase was limited to 3%, slightly below our expectations.
• EBITDA decreased to SEK -7.3 (0.4), compared to our forecast of SEK -3m. The difference from our estimates is a lower take rate and higher marketing costs than assumed.
• Cash flow from operations increased to SEK 50m (10) from improved working capital.

Growth has been stronger than expected. However, we will likely need to review our assumed trajectory for take rate and margins somewhat going forward. At the same time, we expect operating costs relative to sales to normalise in 2027, supporting an improvement in profitability.

The company will host a presentation of the Q2 2026 interim report at 10 am today. We intend to provide a research update on CDON AB shortly. Read our latest update here.

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