Cheffelo (CHEF) investor relations material

Executive summary

• Net sales grew 9.6% in H1 (12% in local currency), with Q2 up 1.9% (5.1% ex-currency); growth driven by customer acquisition, higher AOV, and retention, especially in Norway and Sweden.

• EBIT increased by 42% to SEK 41.9 million in H1, with margin rising to 7% and Q2 margin at 8.2%.

• Net profit for Q2 was SEK 17.0 million (up from 13.9), and for H1 was SEK 33.2 million (up from 20.1).

• Add-on and grocery revenue grew by 50% in H1, with basket penetration rising and Q2 A&G sales up nearly 44%.

• Norway led with almost 19% local currency growth in H1, Sweden grew 9%, and Denmark contracted by just over 2%.

Financial highlights

• H1 net sales up 9.6% (12% ex-currency); Q2 net sales up 1.9% (5.1% ex-currency).

• H1 EBIT up 42% to SEK 41.9 million; Q2 EBIT up 9.9% to SEK 21.4 million.

• Contribution margin in Q2 was 30.3%, H1 at 31.6%.

• Cash flow from operating activities before working capital changes was SEK 56.8 million in H1; free cash flow for H1 was SEK 26.8 million.

• Equity/assets ratio at 60.3%; net debt position is negative (net cash).

Outlook and guidance

• Full-year net sales growth expected to exceed 8% target, with double-digit growth anticipated in Q3 despite currency headwinds.

• EBIT expected to be negative in Q3 due to seasonality and higher marketing spend, but underlying growth remains strong.

• Norway projected to maintain high growth; Sweden to continue solid growth; Denmark focus on returning to profitable growth.

• Contribution margin expected to exceed 31% annually, though Q3 will be seasonally lower.

• Q4 expected to return to higher profitability following seasonal patterns.