CDON

CDON is a Nordic e-commerce marketplace group centered on the CDON and Fyndiq online platforms. The business connects consumers with third-party merchants and also includes a smaller first-party retail offering, with operations headquartered in Stockholm and focused on the Nordic market.

— CDON
%
CDON Marketplace (3P)46% Third-party marketplace sales where CDON earns service income and transaction fees.
CDON Retail (1P)8% First-party sales of goods sold directly by CDON through warehouse or dropshipment.
Fyndiq Marketplace29% Marketplace platform operated under the Fyndiq brand for consumer goods and merchant listings.
Marketplace services and take-rate income17% Fees, commissions, and related service income generated from marketplace activity.

CDON serves consumers shopping online for a broad mix of everyday and discretionary products, with categories including...

  • Nordic online consumersprimary

    Buy consumer goods across categories such as electronics, groceries, apparel, shoes, and pharmacy items.

  • Third-party merchantsprimary

    List products on CDON and Fyndiq to access Nordic demand and use marketplace services.

  • Larger European merchantssecondary

    Use the platform to reach Nordic customers with broader assortments and cross-border supply.

  • First-party retail shopperssecondary

    Purchase goods sold directly by CDON through warehouse or dropshipment.

CDON is headquartered in Stockholm and operates primarily in the Nordics, with Sweden representing the largest share of...

  • •Headquartered in Stockholm, Sweden
  • •Core commercial focus is the Nordic e-commerce market
  • •Sweden accounted for 70.2% of GMV in Q1 2026
  • •Merchant base includes Europe and China
  • •Cross-border sourcing affects compliance and supply-chain risk

CDON’s stated direction is to grow its marketplace business, raise take rate over time, and expand share in Nordic...

01
Grow Nordic marketplace sharemedium-term

Scale improves merchant attractiveness, consumer choice, and platform economics.

02
Improve take ratemedium-term

Higher monetization per transaction supports platform economics without relying only on volume.

03
Expand merchant base and assortmentshort-term

More and larger merchants increase selection and improve consumer relevance.

CDON’s marketplace model depends on reliable IT systems, merchant trust, and continued consumer traffic, so outages,...

high

IT and data-related disruption

Marketplace operations depend on uptime, data integrity, and secure transactions.

Scope
Platform availability, customer trust, merchant operations
Materiality
high
high

Merchant and payment fraud

The business processes customer payments and relies on merchant fulfillment and compliance.

Scope
Receivables, chargebacks, customer claims
Materiality
high
high

Supply-chain human rights and corruption exposure

Merchants operate in Europe and China, where oversight and standards can vary.

Scope
Merchant onboarding, supplier due diligence, reputation
Materiality
high
medium

Competitive pressure from foreign marketplaces

Aggressive pricing and international platforms can divert traffic and reduce conversion.

Scope
Nordic e-commerce market share
Materiality
high
medium

Impairment of goodwill and capitalized development

Platform businesses rely on assumptions about future cash generation and growth.

Scope
Goodwill, software, development assets
Materiality
medium
Marketplace revenue recognition
Net sales versus GMV comparability
GMV and take rate presentation
Underlying growth and monetization analysis
Goodwill and intangible asset impairment
Potential non-cash write-downs
Useful lives for software and development assets
Expense timing and balance sheet values
Inventory and merchant-related credit risk
Gross profit and working capital

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: 11/08/2026