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Cheffelo (CHEF) investor relations material
Cheffelo Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 net sales grew 23.3% year-over-year to SEK 266.4 million, driven by a 64% surge in customer acquisition and strong performance in Norway and Sweden.
Year-to-date EBIT tripled to SEK 36.7 million, with the first positive Q3 EBITDA since 2020 and no management adjustments.
The company reinforced its number two position in the Nordic meal kit market and continues to focus on profitable, tech-driven growth.
New financial targets set: 7-9% net sales CAGR and 7-9% EBIT margin by 2028.
Customer acquisition in Q3 was the highest since the pandemic.
Financial highlights
Net sales rose 23.3% year-over-year (26.6% in local currency) to SEK 266.4 million, marking the highest Q3 growth since listing.
Contribution margin for Q3 was 27.1%, down from 27.9% due to higher discounting and food costs; YTD at 30.2%.
Q3 EBIT loss narrowed to SEK 5.3 million from SEK 17.2 million last year; EBITDA turned positive at SEK 5.6 million.
Free cash flow for Q3 was SEK 29.9 million, with year-to-date free cash flow at SEK 56.7 million, surpassing full-year 2024.
Cash position at period end was SEK 134 million, up from SEK 98 million a year ago, with negative net debt of SEK -47.2 million.
Outlook and guidance
Long-term targets: 7-9% net sales CAGR, SEK 1.5 billion net sales, and 7-9% EBIT margin by 2028.
Full-year 2025 contribution margin expected between 30%-31%; sales and marketing expenses to be below 12% of net sales.
Q4 net sales growth expected in the high single digits, with a lower EBIT percentage due to a shorter quarter and lower contribution margin.
Full-year EBIT margin expected slightly below LTM EBIT of 5.7% but above previous 5% target.
How will discount strategy evolve post-SAS partnership?
Denmark growth strategy: specific actions planned?
What are the key levers to reach 7-9% EBIT margin by 2028?
Pricing changes: customer behavior impact
Denmark strategy: low share, weak consumer sentiment
Non-discount acquisition: scalability and cost
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Frequently asked questions
Cheffelo develops and markets meal kits for the home delivery to consumers in Sweden, Norway, and Denmark. The company offers dinner kits that contain ingredients required to cook dinner at home. Cheffelo is the leading meal kit group in the Nordic region. The concept is to make it easy for consumers to cook delicious meals at home for a given price point per serving. The consumer does not need to go shopping, just go online and order the desired number of meals, which are delivered on a weekly basis.
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