Equity research CDON AB: Preview Q2 2026 – Sowing the seeds of profitable growth

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We view the macro backdrop as generally favourable, enabling CDON to continue to invest in growth initiatives. Hence, we expect continued growth in Q2 2026, albeit with still somewhat subdued margins. Focus will likely remain on the company’s comments on the progress of the measures to spur profitable growth, with the target of significantly boosting EBITDA to close to SEK 100m in 2027 (from SEK 31m in 2025).

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