Cheffelo (CHEF) Q1 2026 earnings summary

Executive summary

• Net sales in Q1 2026 grew 11.4% year-over-year to SEK 375 million (MSEK 374.6), or 13.5% in local currency, with Norway leading at 16.7%, Sweden at 12.1%, and Denmark at 4.4%.

• Record Q1 EBIT of SEK 35.7 million (MSEK 35.7), up 74% year-over-year, driven by higher revenue, cost discipline, and brand consolidation.

• Active customers increased by 7% to 92,937, with average order value up 5.9% (local currency) to SEK 900, and order frequency stable.

• Brand consolidation in Norway completed ahead of schedule, resulting in higher customer retention, cost savings, and operational efficiencies.

• Ongoing preparations for a pilot launch in Finland in H2 2026.

Financial highlights

• Net sales reached SEK 375 million (MSEK 374.6), up from SEK 336 million (MSEK 336.3) in Q1 2025.

• EBIT margin improved to 9.5% from 6.1% year-over-year.

• Contribution margin stable at 32.4%, with input goods at 47% of net sales due to investments in food quality.

• Free cash flow increased to SEK 54 million (MSEK 53.9), up SEK 33 million year-over-year, supported by higher EBIT and favorable working capital.

• Cash and cash equivalents at quarter-end were MSEK 221.0.

Outlook and guidance

• Net sales growth for H1 2026 expected in the range of 14%-18% (reported growth), with continued double-digit growth in Sweden, strong growth in Norway, and accelerating growth in Denmark.

• Contribution margin for full year expected between 30%-31%.

• Pilot launch in Finland planned for H2 2026, with break-even estimated at SEK 150 million turnover.

• No slowdown in customer demand observed.