Cheffelo (CHEF) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 EBIT and double-digit net sales growth for 2025, with net sales up 12.3% (15.1% in local currency) and EBIT margin rising to 6.2%, driven by strong customer acquisition and improved retention.

• Net profit for 2025 increased 77% to MSEK 57.5, with EPS before dilution at SEK 4.47.

• Active customers grew 13.5% in Q4 year-over-year to 78,444, and deliveries rose 10% to 1,355,596 for the year.

• Board proposes a dividend of SEK 7.05 per share (MSEK 91.8 total), more than double the previous year.

• Consolidation of Norwegian brands and a pilot expansion into Finland in 2026 announced to enhance efficiency and growth.

Financial highlights

• Q4 net sales: SEK 324 million, up 9.1% year-over-year (12.6% in local currency); full-year net sales: MSEK 1,188, up 12.3%.

• Q4 EBIT: SEK 36.7 million (11.3% margin), highest Q4 EBIT recorded; full-year EBIT up 76.1% to MSEK 73.4.

• Net profit up 77% to MSEK 57.5; free cash flow for the year increased to MSEK 83.8; cash and equivalents at year-end MSEK 157.1.

• Contribution margin for Q4: SEK 103 million (32% margin); full-year contribution margin: 30.7%.

• Equity/assets ratio at 61.0%; net debt at MSEK -78.9; no interest-bearing debt other than lease obligations.

Outlook and guidance

• Targeting 7–9% average annual net sales growth, aiming for SEK 1.5 billion by 2028, and EBIT margin of 7–9%.

• 2026 guidance: stable contribution margin (30–31%), sales and marketing expenses at 11% of net sales.

• Expecting moderate growth in Norway, steady growth in Sweden, and a return to organic growth in Denmark.

• Pilot for geographic expansion into Finland planned for 2026.