Cheffelo (CHEF) Q1 2026 earnings summary

Executive summary

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

• Record Q1 EBIT of DKK 35.7 million, up 74% year-over-year, driven by higher revenue, cost discipline, and marketing efficiency from Norwegian brand consolidation.

• Active customers increased by 7% to 92,937, with average order value up 5.9% (or 4.0% to SEK 900) due to price adjustments and increased add-ons.

• Brand consolidation in Norway completed, resulting in higher customer retention and cost savings.

• Denmark returned to growth, and Sweden saw double-digit growth, both contributing to overall positive momentum.

Financial highlights

• Net sales reached SEK 375 million, up from SEK 336 million in Q1 2025.

• EBIT up 74% to SEK 35.7 million, with a margin of 9.5% (6.1%).

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

• Free cash flow was SEK 54 million, up SEK 33 million year-over-year, mainly from higher EBIT and favorable working capital timing.

• Cash and cash equivalents at quarter-end were SEK 221 million.

Outlook and guidance

• Net sales growth for H1 2026 expected in the range of 14%-18% (reported growth), with no slowdown in customer demand observed.

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

• Continued double-digit growth anticipated in Sweden, strong growth in Norway, and accelerating growth in Denmark.

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

• Anticipates continued economies of scale and lower sales and marketing expenses due to brand consolidation.