Cheffelo (CHEF) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered strong results with net sales up 16.5% to SEK 336 million, driven by robust growth in Norway and Sweden and a 30% increase in new customer acquisition.

• EBIT more than doubled to SEK 20.5 million, with margin expanding to 6.1% from 3.5% year-over-year, reflecting higher volumes and improved cost discipline.

• Active customers grew by 6.5% for the third consecutive quarter, with order frequency up 7% and average order value rising 4.5%, supported by effective marketing and expanded delivery footprint.

• Product innovation, expanded add-ons and groceries, and menu options contributed to higher order frequency and customer retention.

• Net profit rose to SEK 16.1 million, with EPS before dilution at SEK 1.27.

Financial highlights

• Net sales reached SEK 336 million, up from SEK 289 million in Q1 2024; local currency growth was 17.6% excluding currency effects.

• Contribution margin improved to 32.6% from 31.4% last year, and EBITDA rose 41.9% to SEK 31.5 million.

• Free cash flow was SEK 20.5 million, temporarily dampened by timing of accounts receivable.

• Add-ons and groceries grew 55% year-over-year, now representing 1.9% of net sales.

• Equity/assets ratio increased to 58.2%, and net cash position at quarter-end.

Outlook and guidance

• Management expects to exceed the upper end of the 8% net sales growth target for 2025, with most growth from Norway and Sweden.

• Contribution margin is expected to remain above 31% for the full year, with EBIT margin likely above the midpoint of the 4%-6% target range.

• Sales and marketing expenses targeted at 12% of net sales for the year.

• Easter timing effects will reverse in Q2, impacting year-over-year comparisons.

• No material direct impact from tariffs expected; consumer confidence remains a watchpoint.