Good day and welcome to CDON's Q3 2026 earnings call and investor presentation here at DNB Carnegie. My name is Hjalmar Jernström and I'm joined today by CEO Fredrik Norberg and CFO Carl Andersson, who will present the quarter and take questions.

Questions can be submitted and addressed during the Q&A session. With that said, I leave the word to you guys.

Thank you, and welcome to this earnings call. Let's jump right into a recap of CDON Group.

We consist of two different marketplaces, CDON and Fyndiq. Starting from left, we have 3 million active customers and 100 million annual visits.

Looking in the middle, we have our business model which is, since this quarter, a pure marketplace model, where we don't have any inventory in our books or in our warehouses. We have connected 2,000 merchants that upload their supply, we do the marketing, the merchants ship the products directly to the consumers, and we handle the customer service.

To the right, you see the long-term opportunity where, in the most developed world, 50% of the online sales is through marketplaces, while in the Nordics, we only have 10%. To give a high-level summary of this quarter, we had a strong turnaround in the quarter.

Weak start, but the big inflection point came with the big tech investment that was released that we have been working for quite some time. This led to, end of August, a big turning point, and we saw GMV growth of 32% in September, and this strong growth have continued into October as well.

For full quarter, we have double-digit growth for the group, 18% growth, while CDON showed 21% and Fyndiq 11%. EBITDA was held back by non-recurring costs, mainly from or only from our 1P business that now were closed down in the last quarter, and also our front-loaded investments, mainly in brand marketing in the quarter.

Our European giants kept up the pace and grew with the growth of the company as well, and now keep a share of total sales of 6%. Looking into our numbers, we start with our top-line growth, GMV, 568 million SEK in the quarter and a 18% growth.

I'm going to pause here a little bit and double-click on this number. We had a quite tough start.

1st of July, we added the EU tariffs of €4 of all goods coming outside EU into EU. That had a big dent on Fyndiq sales.

Throughout the quarter, we worked intensively to turn this negative trend around and released one quite big thing that we have been working on for quite some time now, and it's a product data service, enriching and structuring all of our millions of data in a better way. We are launching that in three steps.

The first step was to be able to identify copies of the same products, where we have multiple product cards belonging to one product. Now we are able to showcase only one of those products and be able to expand that into our feeds into Google.

That enabled us to really expand our Google feeds, which is our main marketing channel. We did this by the end of August, and that really pushed the sales.

What happens when we're doing changes like this is, especially when it comes to Google, is that first we see an uptake on GMV, but we don't get the marketing efficiency instantly. That comes with a lagging effect.

This is what we see why GPAM is lower than last year. We didn't really pick up the profitability in the quarter, but it comes later on.

On this, we also have the 1P non-recurring cost, and we also have the front-loaded brand marketing cost. We released our new brand marketing concept 21st of September, loading 3.8 million SEK in costs, both production and media, in the quarter, but obviously don't really getting the upside already yet in the quarter.

Usually, you talk about maybe a lagging effect of 3 to 6 months on big brand marketing investments, definitely not 9 days as in this quarter. This then trickled over to a weaker EBITDA, -5.4 million SEK.

Only adjusted for this 1P non-recurring cost, it was 1 million SEK in EBITDA. If we look into the quarterly performance now, we have four consecutive quarters with double-digit GMV growth, very happy with that.

You can see the GPAM, our most important KPI, is though negative performance compared to last year. In this quarter, if we take away the 1P cost and the brand marketing cost, the comparable GPAM basis shows 1% growth versus last year.

Still, as I said, we have lagging effect both from our Google feed expansion, but also from our brand marketing investments. Looking into the quarter, here you can see the weak start, especially for Fyndiq, it was very weak.

CDON really carried the first two months of the quarter, and then we had this really strong increase in sales for both segments because we did this expansion both on Fyndiq and CDON. The first 20 days in October, you can see it carries over, we continue to have this strong growth.

Looking into our giants, we continue to grow our giants. Since we had 32% growth in September, it was quite hard numbers to keep up with, but our giants did.

They kept up with that increased growth. We also see that this feed expansion of products mainly have nurtured a long-tail type of products, and the giants are usually more focused on the head type of products.

We think this is quite strong numbers that they still have 6% of our total GMV, but not happy with that, of course, we want to improve that as well. I know a lot of information, but let's focus on the middle part of this slide.

We start with retail media. We are lagging a bit behind here.

We still don't have any revenue. We are live on both segments, but we see that we need to continue to expand ad placements on the site to make sure that we get more eyes on the retail media ads.

This is being released now in the fourth quarter, now we really see that we have revenue ahead of us. Looking at the Nordic growth, we have some really strong numbers here.

We have a Nordic growth in CDON of 20% versus 2% last year year-to-date, and for Fyndiq, it's 62% versus 38% same period last year. This is very strong, especially considering that, obviously, last year we had a lower basis to grow from also.

We see that this continues now into October as well. Only this year, we have been able to move 130 merchants that previously didn't sell in markets outside Sweden into the other Nordic countries.

Then brand marketing, I will in a bit talk a little bit more on that, but our brand consideration, which is our main KPI that we're showing here, continues to have a small decline compared to last year. Just a reminder, we launched 21st of September, last week in the quarter, obviously, we didn't expect any effect in this quarter.

Then, last but not least, we have our tech and AI resource boost. We don't share any external KPIs, but we can show two quite big initiatives that we now have launched.

The first is, as I mentioned before, the product data service that is released. The first step is now released where we can group duplicated products into one product.

That improves the customer experience and also, obviously, improves our marketing capabilities. We are now looking into expanding step two and three, where we can enrich the products with much better and structured data: colors, sizes, dimensions, and such.

We can also in a better way understand which category a product should belong to, and also see which product belong to which, what is the relation between different products. This is something that we really look forward into.

We see already now an effect in the paid marketing, but also this will enable a lot when it comes to the organic performance, which really have a big potential still. The second part is that we now have a new internal search, and we choose to go with Google.

We've heard they are good at search, and we have now implemented their Google AI Commerce Search, and we can already now see an improvement in conversion rate. For us, the internal search is especially important.

Having millions of products, you need a good internal search. We see that this can really give a positive effect, even though we haven't enabled all features yet.

In the future, we see also a capability here to have, help me out.

Recommendations?

Conversational search, where you can, like an LLM, have a conversation with internal search and thereby find products that fits you, your budget, or the occasion you're looking for. All right.

Jumping into our brand concept for CDON, we call it Förvänta dig allt, in Swedish, Expect Everything, which aligns well with the vast assortment that we have, and now we try to take this out in different commercial films. This new CDON brand identity was launched on 21st of September, outdoor in Stockholm and Gothenburg, and nationwide YouTube, social media, and programmatic display.

We have invested costs of 3.8 million in the quarter, whereof 3.3 is on CDON, both media spend, but mainly also production cost. Now, I will showcase the first two films.

One of them already launched, and the other one is a sneak peek, first time actually officially showing that film as well. The first film is an introduction film, a musical, where we are introducing our new world of CDON-lings.

CDON, har de inte bara CD? Nej!

Förvänta dig TV, förvänta dig ljud. Förvänta dig locktång och allt för din hud.

Förvänta dig spelkonsol, handkontroll. Förvänta dig bakplåt och kaffemaskin, förvänta dig mobil och skal i tusental.

Förvänta dig airfryers, ja en hel affär. Förvänta dig solcellslampa, trädgårdsslang, studsmatta.

Popcornmaskin, ukulele, trampolin. Hängmatta, torktumlare, mandolin.

Robotdammsugare, gräsklippare, vitvaror. Förvänta dig CD.

Faktiskt även det. Det var starten.

Hjälp oss nu. Förvänta dig allt, allt, allt, allt.

På CDON. Förvänta dig allt.

Yes, expect everything. In marketing, you usually talk about a reason to speak.

Now, it's a big occasion when it comes to consumer electronics. It's the biggest gaming release in 13 years.

Of course, we now introduce our CDON-lings in this world of Grand Theft Auto. We deliver the gift.

CDON, CDON, CDON...

13 years I waited for this. Tell me you brought the hardware.

This is perfect! Set everything up and take the winter off.

If the feds ask, I'm dead. CDON, every miles and mile we've gone, it's a long road.

CDON, bringing everything you want back home.

Yes. I cannot imagine a better segue than this into the financial numbers.

Over to you.

Thank you very much. I guess that's my reason to speak, and let me walk you through the P&L top to bottom.

As we spoke about, GMV, up 18%, fourth consecutive quarter, almost five, very happy about that. CDON 21%, Fyndiq recovering nicely, 11% up on a quarterly basis.

Take rate was down, and that reflects two things: the non-recurring 1P costs burdening gross profit, and CDON's shift towards lower commission categories. We'll cover both later.

Marketing cost was up 36% and includes the brand marketing spend. That leads to a GPAM of 47 million and a margin of 8.3%.

If we exclude the 1P costs and also brand marketing on a comparable basis, we were slightly up 1% compared to last year. The adjusted EBITDA of 1 million compared to 11.5 a year ago, when we exclude the 6.4 million of the total 1P closure cost and adjustment.

The reported numbers don't tell the full story. Let's dive into and look into some of the non-comparable items.

Three things. The 1P impact: non-recurring, non-cash costs from cleaning up the remaining balances related to our 1P business.

2 million of that sits in COGS, impacting gross profit, and 4.4 in OPEX, in FX and bad debt. With this final cost booked, we can finally start to look into the future and put this chapter behind us.

Brand marketing: we launched the films, as we spoke about, on September 21st. That cost does not compare to last year.

I hope anyone in Stockholm and Gothenburg have had a chance to get introduced to the CDON-lings on buses or trams or train stations. Then we also have some growth initiative OPEX: front-loaded investments hitting our P&L now with expected returns over time.

GMV up in CDON to just over 400 million, consumer electronics, but also strong sales in several other categories, as well as the giants contribute. We also saw very strong sales in the non-Swedish market that we're very happy about.

Fyndiq's GMV and Fyndiq quarter in general was really a tale of two halves. I guess one could compare it to Swedish summer in a way.

Strong spring, which set up and pegged the expectations, and then disappointment in July and August, and then we had a lovely ending, as we typically do, in September. The tariffs really burdened us in July and August, and we were able to address it through the new improved and broader product feeds to Google Shopping.

We have seen that the new fee has impacted our average order value and the prices have been increased by the corresponding €3. We anticipate another €2 of a handling fee to be introduced in November, and we will remain on our toes to understand how that could impact GMV going forward.

In September, we were very happy to see that GMV for Fyndiq reached 36%, and that has also carried on into October as well. We saw lower take rate as a percentage of GMV in CDON, down to 13.4%, or 13.9% if you exclude the 1P costs.

If you then exclude the 1P cost, the remaining is a conscious movement. We have been working to optimize both gross profit and gross profit after marketing in absolute terms, not optimizing for a margin in percentage.

The categories that we are currently focusing on, electronics, mobility, but also our work with the European giants, have led to lower commission. We believe that traffic is important.

It adds both attractive assortment, but also attractive traffic volumes that we are looking to build on going forward. Fyndiq take rate was all in all stable, even if it was a quite significant quarter.

We saw the effect or the reducing contribution of our fixed commission when average order value increased. At the same time, we saw higher shipping revenue in the quarter.

Net-net, the take rate was stable in the quarter. Marketing cost increased in CDON to 8%, or 7.1% when you exclude the brand marketing spend.

The marketing cost in Fyndiq increased to 14.4%, or 14.1% when removing the brand marketing spend. The underlying trend is a channel shift towards our paid traffic channels.

However, it is important to remember that the efficiency, or to understand that the efficiency in those channels held up during the quarter. It is clearly a priority to reduce that dependency, and the work that we do with our brand marketing campaigns, the work we do with SEO, and also customer experience, all aim to reduce that dependency and increase our traffic that is direct, coming through LLMs or organic searches on Google, for example.

Reported GPAM came down in CDON to 22 million, but was slightly up if you were to remove the 1P costs and non-comparable brand marketing. GPAM in Fyndiq, similarly down slightly, and the margin likewise.

When you exclude the brand marketing there as well, you saw it more or less in line. The important part and what to remember is that on a comparable basis, GPAM held up.

Operating expenses did increase in the quarter and amounted to 53 compared to 41 million a year ago. That increase includes the 4.4 million of OPEX non-recurring 1P costs and also the 1.5 of growth-related OPEX.

On top of that, we also have another 2 million of cost that was related to an incident when we launched the new search during the quarter. We have learned from that incident, and we have addressed and resolved it.

Now the search is both performing from a cost perspective in line with what we expect, and we have seen a conversion increase that looks very promising. This is not included in the 48 million comparable OPEX, as it's rather a cost of or a risk associated with our line of business.

The remaining delta to last year reflects higher software cost, for example, with the new product data platform that we spoke about, but also the fact that we are 76 compared to 71 full-time employees compared to a year ago. Reported EBITDA of -5.4 compared to 11.5.

Adjusted EBITDA of 1 million, but still, on top of that 1, on a comparable basis, one could be adding back the 5.3 related to growth, including brand marketing, as well as thinking about the 2 million of cost associated with the search incident. On the right-hand side, reported LTM EBITDA of 3 million, which is a significant step from the approaching 100 million target that we have in 2027.

However, we do remain committed to it for three main reasons. 1P is out of the way, both in terms of the adjustments and also the negative contribution it has had for several quarters back.

Secondly, we have seen the effect on when comparable GPAM starts to follow the growth of GMV in September, and we expect that into October and Q4 as well. Then thirdly, our cost base is largely fixed.

Yes, it has come up versus last year, but those are conscious decisions, and we don't need to scale that significantly further to match the GMV growth required to reach the 100 million target. A few words on cash.

Operating cash flow before changes in working capital, -2 million compared to positive 11 a year ago, mainly due to the lower EBITDA. Working capital contributes 4 million in the quarter, bringing operating cash flow to 2 million compared to -24 million a year ago.

Our cash position has improved, almost 140 million end of quarter compared to around 90 a year ago. It reflects the higher merchant liabilities, which are a natural consequence of the growing sales, and that is also why our merchant liabilities has come up to around 164 compared to 128 a year ago.

Quite an eventful quarter. A few adjustments related to the 1P business, but what's important to remember is the inflection point and the growing momentum that we saw towards the end of the quarter.

We're really looking forward to, at least I am looking forward to Q4 very much. Back to you, Fredrik, for additional concluding remarks.

Yes. We really have a tech-driven inflection that Carl was talking about.

September GMV 32% and the carried momentum into October as well. We have finally closed down now the 1P costs, and we now operate a clean 3P business, both operationally, but also in our books.

Really have a big focus now into Q4 with our operating leverage ahead, and still going for our ambition of approaching an EBITDA of 100 million SEK for 2027. With that said, we open up for the Q&A.

All right, thank you. Thank you so much.

Let's dive into the questions. First, I guess on the GMV growth, like you mentioned, of course, an impressive acceleration towards the end here.

Could you elaborate a bit on the product feed adjustment that you made, and how this maybe sort of counteracted the headwind from the tolls that we saw in the market?

We have had a kind of a mess when it comes to our structure of products, where we have displayed multiple products. We could have a PlayStation 5 being displayed 10 times from 10 different merchants.

Nobody likes that type of display, neither Google or our customers. What we now, in step one, have been able to do is to group them into one, and to identify that these 10 different PlayStations actually is the same.

With that information, we have been able to dare to expand our product feed immensely compared to before. Before, we were adding much more business intelligence into the feed, which products to push into Google, how much they have sold, and the timing of them, and so on.

Now we have been much more aggressive, to say, to include much broader assortment in the feeds up to Google. That have had a very positive impact, especially on Fyndiq, but also on CDON.

Still, we have also, that's not the full story though, in CDON's case, we still have new supply, new giants coming in, adding to the sales. In Fyndiq's case, we also have this EU tariff of €3, I think I said €4, but €3.

That really hit us hard in the beginning. Then after time, we have seen that we have reached some kind of equilibrium, where our merchants have changed their prices, also assortment according to these new tariffs.

We believe that we haven't been hit as hard as our competitors because we have a little bit higher average order value. We don't sell stuff that cost 10 kr or 20 kr.

We sell stuff that cost 50 to 100 kr. Then adding €3 on that doesn't have that big of a negative impact as of our mainly Chinese competitors.

That's also a tailwind that we have seen occurring towards the end of the quarter as well.

Yeah. If we look at then the product feed adjustments, and you mentioned that you've done this, is this across the board, or is there still work to be done here?

Can you do additional adjustments to your assortment going forward, maybe helping into the fourth quarter as well?

Yes and no. I would say we are a little bit hesitant to do bigger changes now moving into the peak season.

That aside, we still see some quite interesting tests to be done in our feed. We're looking a lot into enriching the feed also to provide Google with better and cleaner information than we have today, and we believe that could be an interesting test also moving on.

Yeah. Considering these adjustments then, and also like you mentioned, the price adjustments and the merchants that they are acting, do you feel confident maybe also, because we will have an additional hike on this toll going forward that we see in November, you mentioned that, do you feel confident that you can counteract that in a similar manner?

I'm quite humble about these EU tariffs to be honest. It hit us a little bit harder than we thought in the beginning, and then it turned around better than we expected also to be honest.

Now we are adding €2 on the already existing €3. The logic that we don't have this super cheap price points also implies that shouldn't hit us as hard as our competitors.

It's 1st of November, it's in peak season. We are humble enough to say that it's really hard to say that over time, we will be able to handle that, but it's hard to do fast adjustments from week to week when it comes to this big assortment that we have.

I also think it's worth emphasizing a few things around that. Firstly, the supply chain is now accustomed to this kind of fees.

They know how to operate with it, they understand the dynamics and the price elasticity and, well, demand elasticity. I would not expect kind of same behavior this time around.

I think they would be more aggressive on shifting around prices, packaging, etc., to rather counter and offset that. I also see a movement in the supply chain in terms of localizing supply, which we haven't seen before, due to the de minimis fees, which really premiered direct from outside of EU shipping into the Union.

Then, clearly our price point has come up during the quarter. Then adding another €2 on top of that would have a less kind of percentage-wise impact to it.

Lastly, I think the consumer also is more accustomed to the kind of fee on top of it. I think there have been several articles about how this impacted both consumers and non-EU marketplaces.

Definitely impacted conversion rate, but it could perhaps then also push and consolidate purchases into fewer purchases. I guess that benefits us as well.

I think the hike or the shock will be less this time around, is perhaps my observation to it.

Yeah. Maybe an adjustment in share of wallet as well as total consumption is redirected in some sense then.

Potentially, yeah.

Yeah. We have a question here on the line on AI agents.

Marketplaces like Amazon have blocked most AI agents from accessing their marketplace. What is CDON's approach with respect to these agents and shopping on the marketplace?

The other way around. We should enable everybody to find their ways into our assortment and to do the shopping on both our segments the best possible way.

We understand why they're doing this, but for us, it's obvious that this is a new channel of the shopping experience that we must be the best we can be at.

Yeah. Thank you.

Then if we go to the take rate, you spoke of the take rate in both of these segments. If we look at the CDON segment, do you feel, in sort of integrating the giants, have you reached maybe a level of maturity in terms of take rate here?

There is some initial discounts. How are they sort of working together with also the product mix?

Can you maybe elaborate a bit on the mix between these effects?

I think it's really a mix of both, right? Yes, certain merchant could be on an introductory term sheet to get them off the ground, to make sure that they understand the platform and start selling significant volumes.

That definitely has one effect. Then we are a marketplace, and our take rate will naturally flow a little bit, and I think we also need to reflect the historical position of CDON when analyzing the take rate.

We have been quite skewed to electronics. We have been broadening both our assortment and actual sales into other higher-margin categories.

Then when you see certain seasonal patterns or spikes in certain categories, that naturally impacts our take rate within that time period. We have still had the same take rate and kind of rate card at the bottom to it, we haven't made any price adjustments.

This is a natural consequence of the marketplace model. We still see an opportunity to expand our take rate over time, both by widening the assortment and, of course, increasing the size of the basket in terms of both items and price, and frequency from our consumers, of course, but then also adding on top of that in terms of retail media, for example.

That's definitely a take rate booster that's still largely untapped. We carefully monitor the take rate, but we also bear in mind that we currently optimize for absolute gross profit and absolute gross profit after marketing, if anything.

I think it's better to compare this number, you shouldn't really compare with last year because we have really changed our whole merchant basis and getting rid of the Fyndiq-type of merchants with high take rate, but high complaint rate as well. That, you can see in the numbers now when we compare to last year.

Comparing CDON this quarter with last quarter, that's a very good comparison. There we can see that we are now improving and increasing the take rate.

Yeah. On the Fyndiq take rate, were you at all surprised that the take rate was sort of maintained despite the tariffs?

Were you maybe worried that this would have some sort of impact on the take rate in the third quarter?

It naturally would have an immediate effect that we understood, adding another €3 on top of the average order value. With our fairly large share of fixed fees on the sale, that naturally had a consequence.

We've

been constantly working on optimizing all of our revenue streams, and we have seen higher shipping revenue during the quarter following increased shipping fees. We were able to model and understand where this would take us.

The net effect of 0.1% doesn't really tell the full story. It was quite eventful, and we did work quite actively during the quarter with it.

Okay. That's very clear.

Thank you. On the cost side, you spoke a lot about what was sort of recurring and what was one-offs here.

How should we view the sort of scaling going forward, if we look into maybe 2027, of course, and your EBITDA target? To what degree are they sticky going forward, and how much of these sort of recurring investments will maybe sort of span even forward for a few quarters, maybe?

Let's split that into a few buckets. Our cost base is largely fixed.

We don't scale with GMV. Our platform doesn't scale with GMV, which is the beauty of our model.

It rather scales with number of articles, and we constantly work to optimize that. Personnel, yes, it has increased, and that is due to sort of the second bucket of our growth initiatives, the conscious decisions to invest more.

At the same time, I think it's fair to assume that at this level, we're quite happy with that investment, and won't see too much more of additional, kind of a step-up in level of it. We'll see a continuation of the current level rather than a further increase.

Then we'll continue to invest in the Nordic growth during next year, and similarly brand marketing during next year, to really make sure that we address the underlying trend of a channel mix to paid over organic. Still, that's on GPAM level.

Going back to OPEX, I think it's pretty fair to assume that it's largely sticky. Yes, we have added cost versus last year, but they're conscious and due to our forward-leaning growth investments.

Yeah. What are maybe the challenges to increase the share of then the organic traffic?

I know you spoke of some of the initiatives, but maybe we can just repeat that a bit.

Yeah. A lot of challenges.

Where to start? We don't own our own product information, inventory, to start with.

That's a problem. Secondly, we have millions of products.

That could also be seen as a problem. It's a big inventory for Google to index, and that is a problem also.

Then I would add also now that with the new AI era, a lot of these questions have changed also on what to focus on. Now you're talking much more about FAQs and three bullet points on products and so on, which the AIs much more like than previously.

I would say, for us, it's still a lot about the structure of the product, the data that it's getting more structured. Now with this product data service that we have launched the first step, and waiting for the second and third step, that's going to enable a much more structured data set into Google and everywhere else.

Perfect. Thank you so much.

Then on the giants, we have seen now the rapid expansion here. Could you elaborate a bit on maybe the current pacing, something on the pipeline of merchants integrating going forward?

Do you feel that you can maybe push this lever a bit now right now?

Definitely. We don't see that we have reached any maturity level.

We still have a good hunting list. We still have a good conversion when it comes to contacting merchants.

For us now, it's much more that we're moving over to new categories to focus on. Now we get an onboarding pace based on last year's focus on consumer electronics, which fits very good now with the Grand Theft Auto release, which we think will create a lot of investments in monitors, TVs, audios, and so on.

Now I lost my track.

Giants and the

Giants, yeah, thank you. Now we are much more focusing on second and third level of categories, expanding our assortment.

We see that they really bring both a broad, but also a strong assortment when it comes to these most wanted type of products in home, in toys, and so on. I think we talked about this last time.

What we learned is also that the ones that are the biggest with the biggest potential, maybe, takes the longest time to get onboarded as well. Some of these that we have been talking now for about a year are getting onboarded now.

It's really a long-term game, but we still see that we're far away from any maturity level here.

Yeah. Perfect.

Thank you. Speaking of maybe, not maturity, it's still maybe early stages, but the growth outside of Sweden, is this mainly to easy comparables, or what were the key drivers here, would you say?

Not easy comparables, definitely not. CDON has been live quite long time now outside Sweden, Fyndiq also for is it 5, 7 years, or something like that?

No, the basis, no comps that makes this easier. I think we have reached this flywheel effect that we talk about in the marketplace.

With good supply, you get more customers. With more customers, we attract more merchants, and they expand the supply.

With expanded supply, you get more customers. Then you get the flywheel going.

That, I think, is what we are seeing now in the rest of Nordic. We have a really high acceleration in the flywheel.

Yeah. Is this maybe some pattern that you have identified that could be seen driving the growth then in the coming quarters?

Is that a fair assumption? If you have identified that the flywheel is now taking off here.

We don't see that it's going to slow down. We cannot see that it's going to accelerate even more, but yeah, it should continue as this.

Yeah.

Okay.

Thank you. If we are looking forward a bit, we have the busy season coming up, and you mentioned also this game release and things surrounding that, and we also see in Sweden at least quite a strong consumer-based confidence.

How do you think these items boil together now looking into Q4, and what will be the main priorities that you have to capture the full potential in the fourth quarter?

A lot of moving parts now. On the Fyndiq side, we have the new tariffs of €2, 1st of November.

It's going to be very interesting how that pans out. It's going to hit our competitors harder than us, or is it going to hit us harder than the last time?

Hard to say. Definitely that this is a consumer-strong Q4 now with it's not only Grand Theft Auto also, it's two other, a little bit nerdy, but gaming releases.

World of Warcraft is getting a big release also, and then also,

Legend of Zelda.

Zelda, thank you. Legend of Zelda is also updated now.

It's three quite big game releases. This, we know that it's not that consumers only buy the games.

They buy everything around that. They take the opportunity to buy the new TV that they have been considering for some time.

We are quite optimistic for this quarter.

Thank you. Then finally, maybe, this eludes back to what we already spoken of, but you reiterate the EBITDA target here.

Could you sort of roughly paint a picture from where we are right now? Did the Q3 outcome sort of change it in any direction based on the way how you saw it?

Maybe you sort of broadly can paint a picture towards target from where we are right now.

We're very happy to see the kind of exit pace of Q3 and start of Q4. It's really the first time we speak about monthly performance, that we felt so strongly that we needed to tell the full picture and show that September was not a one-hit wonder.

We're very happy about that, and can really build on that. We are, of course, happy to showcase the effect of the investments that we set out to do about a year ago.

The picture is quite simple, right? Q4, our most important quarter, we expect this to continue, and would want to see ideally further operational leverage and improving profitability in Q4.

Building on that, further brand marketing campaigns going into early 2027, reducing our dependency on the paid traffic, or rather not necessarily reducing the dependency, but rather building up the organic and direct performance, adding on top to it. Then we anticipate kind of further strong performance from our key merchants, the European giants, going into 2027, and we would expect kind of gradual improvement from here out until reaching that approaching 100 million target of 2027.

Okay. Thank you so much.

Then one final question, the new CCO. Could you elaborate a bit on what's in the pipeline, and what's the tasks ahead for the new CCO?

It's Emma Danielsson, previously from Kicks, strong beauty brand, and that's also something that she really brings to the table, a strong, well-known brand, not only dependent on paid marketing, and also very strong when it comes to loyalty, CRM, and such. I think there are a lot of pieces of the puzzle that we have been missing that she brings to the table now.

Really looking forward to this. Jumps right into the peak season, which is the best way to learn the business.

All right. Thank you so much, Fredrik and Carl, for coming here today.

Thank you.

Thank you.