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Axfood (AXFO) investor relations material

Axfood Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary23 Oct, 2025

Executive summary

  • Achieved strong growth and increased market share across all segments, with high customer traffic and volume growth, outperforming the Swedish food retail market in both sales and earnings growth.

  • Willys, Hemköp, and Snabbgross led growth, while City Gross showed a positive turnaround trend.

  • Improved efficiency in logistics and cost control, with continued investments in sustainability and store modernization, including a new automated logistics center in Kungsbacka.

  • Maintained a high rate of development and expansion, focusing on efficiency, cost control, and strengthening competitive advantages.

Financial highlights

  • Q3 2025 net sales increased 6.6% to SEK 22,286m; retail sales up 19.5% to SEK 19,625m (6.2% excluding City Gross).

  • Operating profit reached SEK 1,059m (4.8% margin); adjusted operating profit SEK 1,099m (4.9% margin).

  • Net profit for Q3 was SEK 727m; EPS before dilution SEK 3.30.

  • Cash flow from operating activities was SEK 1,352m in Q3 and SEK 4,513m for 9M 2025, up 25.8% year-over-year.

  • For the first nine months, net sales increased 6.6% to SEK 66,321m; operating profit (excluding comparability items) increased 5.8% to over SEK 2.8 billion.

Outlook and guidance

  • Investments for 2025 expected at SEK 1,600–1,700m, excluding acquisitions and leaseholds.

  • Store expansion plan revised to nine new group-owned stores for 2025 due to slight delays, plus three retail-owned stores joining from competitors.

  • City Gross targeted to reach profitability in the second half of 2026, with ongoing structural measures and current progress in line with the turnaround plan.

  • New logistics centre in Kungsbacka to be operational by 2030, increasing capacity by at least 20%.

  • Items affecting comparability for the year mainly relate to City Gross structural costs, estimated at SEK 115–150m.

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Frequently asked questions

Axfood is a retail and wholesale business operating in the grocery market. The purpose of Axfood's activity is to develop the food retail and wholesale businesses in Sweden to be profitable, sustainable and responsible for a selection of good quality food at attractive prices, with attractive shopping environments and an efficient supply chain where all stakeholders benefit from growth. Their business has grown strongly over time and their main markets are food, alcohol and tobacco products, as well as various personal care and general merchandise items.

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