Cheffelo (CHEF) Q3 2026 earnings summary

Executive summary

• Q3 net sales rose 8.1% to MSEK 288.1, or 3.6% excluding currency effects; growth slowed amid lower customer acquisition and weaker conversion.

• First positive Q3 EBIT in more than two decades: MSEK 0.4 versus a MSEK 5.3 loss a year earlier.

• Financial targets remain unchanged; brand refresh, rebuilt checkout and Finland pilot laid groundwork for future growth.

Financial highlights

• Q3 net sales were MSEK 288.1, up 8.1% reported and 3.6% excluding currency effects; Jan–Sep sales rose 15.0% to MSEK 993.9.

• Q3 EBIT was MSEK 0.4, with a 0.1% margin, versus a MSEK 5.3 loss and -2.0% margin; Q3 net loss was MSEK 3.8.

• Jan–Sep EBIT rose 119.1% to MSEK 80.4; net profit was MSEK 57.0.

• Q3 contribution margin rose to 29.4% from 27.1%; contribution margin value increased 17% to nearly MSEK 85.

• Jan–Sep basic and diluted EPS was SEK 4.38 versus SEK 2.18; Q3 EPS was SEK -0.29 versus SEK -0.40.

Outlook and guidance

• Long-term targets remain 7–9% average annual net sales growth and a 7–9% EBIT margin; net sales are expected to exceed MSEK 1.5bn in 2028.

• FY2026 contribution margin is expected above 31%; sales and marketing spend is expected below 11% of net sales.

• FY EBIT margin is expected within the 7–9% target range, including a Q4 one-time MSEK 3–4 business-development advisory fee; margin expansion is expected through 2027.

• Q4 marketing spend will rise in absolute terms; logistics costs are expected to increase by 0.5 percentage points due to regulatory changes, fuel prices and contract renegotiations.