Overall analysis

After a strong August, September brought a slight cooling in activity. However, the core metrics remain clearly positive on a year-over-year basis, signalling that e-commerce continues to grow compared to 2025.

On a month-on-month basis, all core metrics declined. Turnover decreased by -2.7%, Gross Profit by -3.3%, Orders by -7.6%, and Ad Spend by -1.2%. As orders fell more than Turnover, the average order value rose by around 5% compared to August. Efficiency metrics also softened, with ROAS down by -1.5% and POAS® down by -2.1%.

Year-on-year performance remains solid across the core metrics. In September, Turnover increased by +16.1% YoY, while Gross Profit outperformed with a +20.6% YoY increase, lifting the gross margin from 34.4% to 35.8%, and indicating continued improvement in underlying profitability. Orders grew by +12.6% YoY, and Ad Spend rose by +22.7% YoY, confirming sustained investment in paid acquisition.

From an efficiency perspective, Ad Spend grew faster than both Turnover and Gross Profit, which weighed on returns. ROAS declined by -5.4% YoY and POAS by -1.7% YoY, suggesting that while businesses are growing and becoming more profitable, each DKK spent on advertising is generating slightly less than a year ago.

September results:

• Turnover: Down -2.7% from last month and up +16.1% YoY
• Gross Profit: Down -3.3% from last month and up +20.6% YoY
• Ad Spend: Down -1.2% from last month and up +22.7% YoY
• Orders: Down -7.6% from last month and up +12.6% YoY
• POAS®: Down -2.1% from last month and down -1.7% YoY
• ROAS: Down -1.5% from last month and down -5.4% YoY