CDON delivered a solid Q2, with GMV of SEK 460m coming in 3% above our estimate and growing 8% y/y, driven by improved merchant performance and category focus in the CDON segment, and strong execution in Fyndiq across the Nordics. EBITDA was in line with our estimate. Our first take is for minor mechanical estimate revisions to FY25E based on the Q2 report. Our current mid-point of SEK 92 is under review.

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