Cheffelo (CHEF) CMD 2025 summary

Strategic Direction, Market Outlook, and Positioning

• Updated long-term targets: 7%-9% net sales CAGR through 2028, aiming for SEK 1.5 billion in sales and 7%-9% EBIT margin by 2028, reflecting continued momentum and economies of scale.

• Holds #2 market position in the Nordics, reaching 91% of Scandinavian households and 85,000 active customers, with 16 million meals delivered in 2024.

• Growth strategy focuses on price optimization, expanding add-ons/groceries, increasing customer base, and boosting order frequency, leveraging mega trends in food e-commerce, health, convenience, and sustainability.

• No current plans for geographical expansion, but the tech platform is ready for multi-country scaling.

• Competitive landscape is evolving, with major players reducing presence and the company capitalizing on rising demand and profitability focus.

Customer Acquisition, Retention, and Growth Initiatives

• Customer acquisition reached post-pandemic highs, with a 64% increase in Q3 2024 and 16% rise in active customers, driving 27% year-over-year growth.

• 2024 and 2025 customer cohorts show record retention, with long-term customers generating about 60% of revenue and 75% outperforming previous years in early lifecycle.

• Growth team reorganized to a capability-led approach, investing in AI, analytics, and automation, and emphasizing digital flagship experience and AI-native acquisition.

• Loyalty program, add-ons, and tailored meal options enhance engagement, with add-ons and groceries now over 2% of revenue and a 30% increase in customers using these services.

• Marketing strategy focuses on profitable, high-value customer growth and brand energization.

Product, Technology, and Operational Excellence

• Personalization is central, with over 200 unique recipes monthly and 60%-80% of customers actively choosing meals; new portion sizes (up to six) drive sign-ups and retention.

• Proprietary, cloud-native tech platform enables robust personalization, seamless customer experience, and operational scalability across brands and countries.

• In-house UX design and AI-driven tools enhance the customer journey, reduce friction, and support rapid iteration and innovation.

• Operational excellence reflected in 12% lower claim rates, expanded delivery areas, flexible slots, and real-time delivery tracking, with capacity to double current production.

• Sustainability initiatives reduced plastic use by 42%-42.6%, ice-bag use by 20%, and food waste to near zero (2.5g per portion), with a capital-light, low-inventory model supporting efficiency.