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Cheffelo (CHEF) investor relations material
Cheffelo Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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.
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