Cheffelo (CHEF) Q2 2026 earnings summary

Executive summary

• Net sales grew 18% in H1 2026, with Q2 up 26.6% year-over-year, driven by operational leverage and strong performance in Norway, Sweden, and Denmark.

• EBIT increased by 90.8% to SEK 80 million in H1, with margin improving to 11.3%.

• Regained market leadership in Norway, consolidated brands, and launched a refreshed brand identity across all markets.

• Launched a pilot in Finland, with first deliveries planned for September, leveraging Swedish fulfillment capacity.

• Growth in H2 expected to be driven by improved customer retention, order frequency, and average order value, with increased marketing spend for brand rollout.

Financial highlights

• Q2 net sales grew 26.6% to MSEK 331.2; H1 net sales up 18% to MSEK 705.8.

• Contribution margin reached 32.1% in H1, up 0.5 percentage points year-over-year.

• Free cash flow for H1 was SEK 67.2 million, up from SEK 26.8 million last year.

• Dividend payout nearly doubled to SEK 92 million (SEK 7.05 per share), with cash position at MSEK 142.3 at period end.

• Active customers increased by 9.6% in H1, and average order value rose by up to 6.9%.

Outlook and guidance

• Full-year contribution margin expected to exceed 31%.

• Growth in H2 will be lower due to tough comparables and seasonality, with Q3 typically the weakest quarter.

• Minor price adjustment of just above 3% implemented in August.

• Increased sales and marketing spend in Q3 to support brand rollout.