Axfood Ab · OMXSTO:AXFO
Axfood Ab — Q4 2025 Earnings Presentation
35 slides from Axfood Ab's earnings presentation, Jan 29, 2026
Slide 1: Strong year-end with growth higher than the market
Strong year-end with growth higher than the market Year-end report 2025
Slide 2: Strong year-end with growth higher than the market
Year-end report 2025 2 Strong year-end with growth higher than the market Q4 Strong year-end with higher Strong growth and higher volumes Higher earnings and operating margin Agreement signed for automation customer traffic, volume growth for Willys, Hemköp and Snabbgross, for the Group, driven by i
Slide 3: Market update and Q4 development
Year-end report 2025 3 Market update and Q4 development
Slide 4: Eleven consecutive years of market share gains
Year-end report 2025 4 Eleven consecutive years of market share gains Retail sales y-o-y growth Axfood market share (value) development 2014 to 2025 % Axfood Axfood ex. City Gross Food retail trade index Axfood* Axfood ex. City Gross 25.2% 25 25.1% 22.0% 20 20.7% 19.9% 20.0% 22.0% 22.3% 19.4% 18.7%
Slide 5: Group net sales and retail sales
Year-end report 2025 5 Group net sales and retail sales Higher sales and volumes Net sales, SEK m +4.4% –Net sales increased by 4.4% 22,831 19,740 20,769 21,860 17,062 –Retail sales increased by 8.7% –Higher volumes and positive trend in like-for-like sales in all retail chains –Retail sales increas
Slide 6: Group operating profit
Year-end report 2025 6 Group operating profit Improved profitability Adj. operating margin, %* +13.1% Adj. operating profit, SEK m* –Operating profit SEK 860 m (629), adjusted 815 772 873 734 operating profit* SEK 873 m (772) 653 –Increased profit primarily driven by higher sales volumes and good gr
Slide 7: Willys
Year-end report 2025 7 Willys Growth higher than the market and increased profit, leveraging strong momentum to expand presence –Net sales increased by 5.3% –Retail sales growth of 5.4%, LFL 3.1% Operating margin, % +5.3% –Growth higher than the market Net sales, SEK m 11,861 12,496 –Higher volumes
Slide 8: Hemköp
Year-end report 2025 8 Hemköp Improved profitability, gaining market share and strengthening position in traditional grocery –Net sales increased by 5.4% Operating margin, % +5.4% –Retail sales growth of 5.3%, LFL 3.4% –Growth higher than the market Net sales, SEK m 2,216 1,976 2,103 –Higher volumes
Slide 9: City Gross
Year-end report 2025 9 City Gross Positive development in seasonally strong quarter –Net sales amounted to SEK 2,341 m (1,646) –Retail sales growth of 0.8%, LFL 3.0%* –Total store network 40 (42) –Operating profit SEK 14 m (-40), adjusted operating profit** SEK 28 m (-40) –Operating margin 0.6% (-2.
Slide 10: Snabbgross
Year-end report 2025 10 Snabbgross Increased sales, earnings impacted by lower gross margin –Net sales increased by 6.0% and LFL 5.9% –Higher volumes with increased customer traffic +6.0% Operating margin, % –Higher average ticket value Net sales, SEK m 1,321 1,399 1,244 –Total store network 31 (31)
Slide 11: Dagab
Year-end report 2025 11 Dagab Good growth and continued productivity gains in logistics, lower gross margin –Net sales increased by 4.6% –Growth driven by sales to Axfood’s own concepts Adj. operating margin, %* +4.6% –Operating profit SEK 314 m (329) Net sales, SEK m 19,824 20,746 18,220 19,007 –Op
Slide 12: Financial position
Year-end report 2025 12 Financial position
Slide 13: Full-year net sales and operating profit
Year-end report 2025 13 Full-year net sales and operating profit Net sales, Adj. operating Adj. operating SEK m profit, SEK m* margin, %* +6.1% +7.4% 89,152 +0.1 84,057 3,688 3,433 4.1 4.1 2024 2025 2024 2025 2024 2025 *Excluding items affecting comparability.
Slide 14: Cash generation analysis
Year-end report 2025 14 Cash generation analysis –Strong cash flow from operating activities –Positive impact from changes in net working capital Cash flow from –Improved cash flow from investments operating activities, SEK m –City Gross acquisition impacted the prior year period –2025 investments f
Slide 15: Financial position and investments
Year-end report 2025 15 Financial position and investments 3,547 14,861 15,796 15,337 15,613 14,598 3,100 24.1% 23.9% 2,593 2.2 2.3 2.2 2.1 21.8% 1.9 20.9% 21.2% 1,946 6.1% 1,731 3.5% 3.7% 2.4% 1.9% 0.6 0.8 0.6 0.7 1.4% 1.2% 1.5% 0.4 1.3% 1.6% Q4 Q1 Q2 Q3 Q4 2021 2022 2023 2024 2025 2021 2022 2023 2
Slide 16: Capital efficiency
Year-end report 2025 16 Capital efficiency 22,985 23,505 -3.9% -3.5% -3.2% -3.4% -3.3% 16,442 17,212 Net working capital 13,550 % of Group net sales -2,260 22.4% 20.9% 20.3% -2,581 -2,620 16.6% 15.5% -3.3% -2,875 -2,933 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Net working capital, SEK m Cap
Slide 17: Strategic agenda, outlook and summary
Year-end report 2025 17 Strategic agenda, outlook and summary
Slide 18: Strengthened market positions in 2025
Year-end report 2025 18 Strengthened market positions in 2025 for Willys, Hemköp and City Gross Willys – leveraging strong momentum Hemköp – strengthening position City Gross – a year of transformation – Strong growth and increased market share – Good growth and increased market share – Improvement
Slide 19: Clear strategic development areas
Year-end report 2025 19 Clear strategic development areas Food retail’s Expand and World leading Maximize business Be the market’s Create business most attractive optimise the store operational value through most attractive and stakeholder assortment – network with the efficiency, quality digitalisa
Slide 20: Continuing to develop private label offering
Year-end report 2025 20 Continuing to develop private label offering Axfood continued to develop its private label offering in 2025, and launched approximately 270 new products. Sales from private labels increased, reflecting strong demand and an attractive value proposition. Private label share of
Slide 21: Leveraging house of brands to drive profitable growth
Year-end report 2025 21 Leveraging house of brands to drive profitable growth Axfood leverages its unique house of brands strategy to drive profitable growth and optimise each local marketplace. Expansion Optimising each marketplace Axfood maintains a high pace in its store With its house of brands,
Slide 22: Investment in automation equipment for new logistics centre in Kungsbacka
Year-end report 2025 22 Investment in automation equipment for new logistics centre in Kungsbacka Axfood is establishing a new, highly automated logistics centre in Kungsbacka to increase capacity and efficiency in southern Sweden. In the fourth quarter, Axfood signed an agreement with Witron to inv
Slide 23: Completion of the green transition in transports
Year-end report 2025 23 Completion of the green transition in transports During the fourth quarter, Axfood completed the transition to fossil-free transports – both in its own and in procured transports – and now uses exclusively renewable fuels or electricity. Emissions from own transports CO2e kg/
Slide 24: Application to set targets with Science Based Targets initiative
Year-end report 2025 24 Application to set targets with Science Based Targets initiative In the fourth quarter, Axfood applied to have three climate targets validated by the Science Based Targets initiative (SBTi). SBTi target #1 SBTi target #2 SBTi target #3 (FLAG***) Axfood commits to reduce absol
Slide 25: Outlook 2026
Year-end report 2025 25 Outlook 2026 For the full year 2026, Axfood issues an outlook for investments, Outlook 2026 new store establishments and items affecting comparability. Capital expenditures –Planned capital expenditures SEK 2,200-2,300 m excluding leasehold, SEK m* –Excluding acquisitions and
Slide 26: Dividend
Year-end report 2025 26 Dividend Axfood’s dividend policy sets the goal that the shareholder dividend shall be at least 50 percent of profit after tax. The dividend amount is to be paid on two occasions. Ordinary dividend per share, SEK –The Board proposes an increased dividend per share of SEK 9.00
Slide 27: Leveraging our house of brands and operating model provides a competitive edge
Year-end report 2025 27 Leveraging our house of brands and operating model provides a competitive edge House of brands Attractive store network With distinctive concepts and With attractive store locations private label brands, as well as and a significant potential to an affordable and a high-quali
Slide 28: Q&A
Year-end report 2025 28 Q&A
Slide 29: Axfood
Year-end report 2025 29 Net sales 2025, SEK Employees, FTEs 89.2bn 15,612 Efficient sourcing and logistics Customer reach for all brands and channels >6 million customer visits a week Innovative development 396 Group-owned stores of private label products 134 franchise Hemköp 127 franchise Tempo In
Slide 30: Axfood
Year-end report 2025 30 Axfood Q4 Q4 Key ratios SEK m 2025 2024 Chg 2025 2024 Chg Net sales 22,831 21,860 4.4% 89,152 84,057 6.1% Operating margin, % Change in like- 3.1% 3.5% -0.4 4.0% 3.7% 0.3 for-like sales* Net sales, SEK m 89,152 Operating profit 860 629 36.7% 3,572 3,290 8.6% 81,111 84,057 73,
Slide 31: Willys
Year-end report 2025 31 Willys Q4 Q4 Operating margin, % Key ratios SEK m 2025 2024 Chg 2025 2024 Chg Net sales, SEK m Net sales 12,496 11,861 5.3% 48,607 45,775 6.2% 48,607 45,775 43,757 Change in like- 3.1% 3.0% 0.1 4.2% 3.1% 1.1 for-like sales 37,451 32,424 Operating profit 467 443 5.3% 2,114 1,9
Slide 32: Hemköp
Year-end report 2025 32 Hemköp Q4 Q4 Operating margin, % Key ratios SEK m 2025 2024 Chg 2025 2024 Chg Net sales, SEK m Net sales 2,216 2,103 5.4% 8,348 7,878 6.0% 8,348 7,878 Change in like- 7,432 3.4% 4.6% -1.2 4.0% 5.1% -1.1 for-like sales* 6,650 6,202 Operating profit 78 61 27.7% 372 343 8.4% 4.4
Slide 33: City Gross
Year-end report 2025 33 City Gross Q4 Q4 Key ratios SEK m* 2025 2024 Chg 2025 2024 Chg Net sales 2,341 1,646 42.3% 8,898 1,646 440.7% Change in like-for-like sales 1.5% – – 1.5% – – Operating profit 14 -40 136.0% -192 -40 -377.5% Adjusted operating profit** 28 -40 169.6% -76 -40 -89.9% Operating mar
Slide 34: Snabbgross
Year-end report 2025 34 Snabbgross Operating margin, % Q4 Q4 Net sales, SEK m Key ratios SEK m 2025 2024 Chg 2025 2024 Chg 5,853 Net sales 1,399 1,321 6.0% 5,853 5,533 5.8% 5,317 5,533 4,727 Change in like- 5.9% 5.3% 0.6 5.2% 3.3% 1.9 for-like sales 3,825 Operating profit 35 57 -38.7% 256 253 1.5% 5
Slide 35: Dagab
Year-end report 2025 35 Dagab Operating margin, % Net sales, SEK m 80,579 74,175 76,589 66,999 Q4 Q4 Key ratios SEK m 2025 2024 Chg 2025 2024 Chg 52,295 Net sales 20,746 19,824 4.6% 80,579 76,589 5.2% Operating profit 314 329 -4.6% 1,240 1,156 7.2% 1.8 1.5 1.4 1.5 1.5 Operating margin 1.5% 1.7% -0.1