Cheffelo (CHEF) Q3 2025 earnings summary

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.