Equity research CDON AB: First impression Q1 2026 – Better growth than expected

Today, CDON AB published its interim report for Q1 2026. Below are our first impressions of the outcome, including deviations from our estimates.

CDON posted better than expected double-digit growth in both GMV and net sales in Q1 2026, exceeding our expectations. The primary driver of the outperformance is likely the faster-than-anticipated addition of new European merchants during the period. The GPAM margin was in line with expectations. Overall, the CEO expressed confidence for the year ahead, focused on building the leading marketplace in the Nordics.

• For Q1 2026, CDON AB reported a Gross Merchandise Value (GMV) of SEK 394m, corresponding to an 14% increase. Our forecast for the quarter was SEK 373m. The main deviation was in the CDON 3P segment.
• EBITDA decreased to SEK -2.8m (0), compared to our forecast of SEK -4m. The difference from our estimates is a higher Gross Profit After Marketing, and what appears to be lower costs for growth initiatives than assumed.

We believe the report supports our view of a positive growth outlook and pending the conference call do not foresee major changes to our estimates at this point.

The company will host a presentation of the Q1 2026 interim report at 9 am today. We intend to provide a research update on CDON AB shortly. Read our latest update here.

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