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Hello, and welcome to the CDOM Group Q2 2026 earnings call. My name is Hjalmar Jernström, and I'm an analyst, and I'm joined today by CEO Fredrik Nordberg and CFO Karl Andersson. Welcome, gentlemen.

Thank you. Welcome, everybody. Together with me, as usual, we have our CFO, Karl Andersson, who will join us in a bit. For some background, Celion Group operates two marketplaces, Celion and Fyndik in the Nordics. We have 3 million active customers, 100 million annual visits, and 3,000 active merchants. We operate an asset-light scalable business with an efficient working capital structure, and we are in a highly attractive market potential with the anomaly of how we shop online in the Nordics compared to the rest of the world, where you utilize marketplaces in much higher extent. We will also get back a little bit to the asset-light part since we now can also disclose that we are closing down our 1P business. So from now on, we are a pure 3P marketplace player. To summarize this quarter, it's a quarter of top-line growth and front-loaded investments. We do have a volume expansion across both segments. 13% GV growth, but with a reported GPAM of minus 10%, partly affected by non-recurring effects that we will dive deeper in later on. We also have a reported negative EBITDA. This trickles down from the negative GPAN, but also due to our front-loaded growth investments, some non-recurring distortions, and our continued higher marketing costs, which yielded an EBITDA of minus 7.3 million steg compared to last year of plus 0.4. Happy to report that our large European merchants, as we call them the giants, continue to scale, and they now make up 6% of our total DMV. And our key growth initiatives are on track, and we expect to see the operational leverage to start by the end of this year. So, looking at the numbers, high-level GNV, north of 500 million SEC with a growth of 13% compared to last year. Our GPAM, 44 million SEC, 10% lower than last year, and EBITDA, minus 7.3 million SEC. Okay, let's dig a little bit deeper into this. First, really happy and proud to to be able to report that we have five consecutive quarters of positive G&E growth. But trying to summarize this quarter, it was a really eventful quarter containing both expected and unexpected items, and we will do our best to try to unfold all these different items. First up, we are executing on our growth initiatives that we have been talking about now for about six months. It's according to plan, and according to plan also, we have front-loaded costs that will drive future returns. We also this quarter have some non-recurring distortions. They are present both this year and last year, and they are hopefully clearly explained throughout this call. And then we have a consequence from our strategic supply focus. On Sirion, we have a focus on high volume, low take rate type of categories, such as home electronics, and merchants that deliver a good quality and a good customer experience. This translates into lower take rates on sale. And last but not least, as we have been talking about, I think, for more than a year now, we have continued higher marketing costs. Not necessarily that our paid marketing is more inefficient, but we still have this shift of our marketing mix. from direct and organic traffic into paid traffic, and this increases our marketing costs over gross profit. We are mitigating this, and the mitigation is to unleash the brand marketing later this fall, focus on better customer experience, to have happy customers returning is the best way of marketing, and improve SEO architecture in the platform that hopefully will be enabled later this year. I tried to drill this down one level further and to bridge into our GPAM and EBITDA. We have the baseline effects, investments, and product mix. So looking at the first row, we are talking about the non-recurring baseline effects. For CD-ON, this includes the 1P phase-out loss that I mentioned in the beginning. We have now exited the 1P business, and with that, selling the last pieces in the warehouse, that generated a loss. That's a one-off. We still believe that long-term 1P is a strategic part of building a marketplace, but 1P business for us have for a long time yielded a loss. And now we have said that let's focus first on 3P and let's make that really optimize that the best way we can. And then we can maybe get back on focusing on 1P in the future. We also, in the quarter, had a positive contribution from merchant performance fees for Ceylon. This was introduced last year, so comparing to this quarter with last year, we did not have any merchant fees last year, which was introduced later last year. Moving over to Findic. We had one-off merchant performance fees last year, which was higher than usual. And the net compared to last year was much higher last year. And this was also deliberate to purging non-performing merchants and increasing the quality of our supply. On a group level, we have a one-off contribution from platform partner from last year that Carl will explain a little bit more on. On the next row, we have our growth investments. We have been talking about for some time. We are talking about the brand marketing cost for both Pidon and Fintech. Now it's much more into creating our commercial films that we will release during the fall. So only cost and no revenue from those investments. On a group level, we have our OPEX from our increased tech boost and written media, which also have only cost and no revenue in this quarter. Then we have the underlying business, the third row. We are, I have already talked about the lower take rate, which is a part for Ceylon and a consequence of our strategy going for high volume, low take rate type of categories, such as home electronics. For the group, we also have the increased marketing cost that I just talked about. So trying to quantify the impact from this bridge, summarizing these two first rows, we see that this had a baseline distortion with a negative impact of minus 6.3 million sec on GPAM and minus 11 million sec on EBITDA compared to last year. But you really need to be focused here because we are both adding and deducting both this year and last year. So we're trying our best to give you a clear explanation. Looking into our giants, we are happy to show that we continue to increase. Now the giants make up 6.3% of our total GMB. And as a marketplace nerd, it's really lovely to see this graph showcasing the beauty of a marketplace. The bars are showing the GMV and the line is showing the supply. And here you see the classic correlation between increased supply and increased sales, which we can see here in front of us. So a very good continuous progress from our big European giants. A short update on our growth initiatives before we continue deeper into the numbers. As I mentioned, Retail Media is live on CDON for our merchants to promote their products onsite. We are now live with a beta test on Fyndik as well. However, no revenue has been reported in this quarter yet. Looking at the Nordic growth, we see a quite strong expansion in this area. Our Nordic countries have grown with 12% versus last year's of 2% growth. And Fyndik grew with 51% compared to 38% last year. This was maybe a little bit of an anomaly. We shouldn't expect this powerful growth in the Fyndik Nordic countries, but we saw a quite strong growth now correlated to seasonal sales on Fyndik. Looking into brand marketing, as I mentioned, we have created and focused on the creative concept and also producing the commercial films, generating mainly costs. We have done some small tests on Cedion in late June, but still this is a slow-moving target, and we can see now that the brand consideration compared to August last year when we started to measure this is going down. So we have a brand consideration of 39% for Cedion and 27% for Finlick. TechBoost is according to plan, and we have personnel and consultants in place. in according to plan. All right, let's continue to unfold this quarter with the financial performance.

Thank you very much, Fredrik. And let's start with the financial performance from a reported perspective. So as mentioned, G&G grew by 13% as momentum carried over from previous quarters and in both segments. Net sales is up 3% as we phased out 1P, which had an adverse effect on net sales compared to the 3P part of the business. And we also saw a larger share of Finvick as part of Group G and D. JPAM decreased 10%, but I will explain and dive into the effects on the next page. JPAM amounted to 43.5 million. Reported EBITDA of minus 7.3 compared to plus 0.4 last year. So this page is important to understand the underlying performance of our business in the quarter. So let's spend a bit of time here. And to be clear, this is not an adjustment to the figures. It's us trying to make the two periods comparable. Starting with 2025, There are two items that we need to look into. It's the merchant fees that were high last year. There was a one-off component to it on Kindik, and we also didn't have any merchant performance fees on CDON last year. Next effect of that, 2.1. We also had a one-off platform partner contribution, which reduced our OPEX last year. So a comparable G-Pump of 46 million and a comparable EBITDA of minus 4.7. Moving into 26, there are three effects that we need to look into. If the incremental loss from our 1-2 business minus 1.3 million this year, that drag that has been there for some time is now permanently gone. We invested 2.9 million in brand marketing