CDON AB’s (USOTC:CDOAF) stock climbed 7.3% today after the company reported its second-quarter results, highlighting a return to gross merchandise value (GMV) growth and improved profitability after several quarters of decline.
The Nordic e-commerce platform posted group GMV growth of 8% year-over-year in Q2, marking a strong reversal from declines of 11.8% in Q1 2025 and 10.8% in Q4 2024. Within the group, the CDON segment expanded by 6.4%, while the Fyndiq segment bounced back with 12.8% growth.
CDON reported group EBITDA of SEK 0.4 million, a notable improvement from a SEK 9.4 million loss in the same period last year, demonstrating a clear turnaround in profitability.
Both GMV and gross profit after marketing (GPAM) exceeded expectations, with group GMV beating forecasts by 25.6% and GPAM surpassing projections by 20.4%. Segment-wise, CDON’s GMV was 28.2% above estimates, with GPAM 8.6% ahead. Fyndiq’s GMV outpaced estimates by 18.8%, although its GPAM came in 35.6% below forecasts.
Jefferies commented, “CDON has reported solid results with an overall return to GMV growth and an improvement in EBITDA profitability. The release indicated that the company’s initiatives were the key drivers behind the overall performance.”
The company reaffirmed its long-term qualitative ambitions to become the leading marketplace in the Nordic region, aiming for double-digit market share, rising take rates, and strong incremental margins.
Additionally, CDON confirmed it is continuing to explore strategic alternatives to maximize shareholder value, a process initially announced in April 2025.
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