Axfood Ab · OMXSTO:AXFO
Axfood Ab — Q1 2026 Earnings Presentation
33 slides from Axfood Ab's earnings presentation, 2026
Slide 1: Increased earnings through volume growth and improved efficiency
Increased earnings through volume growth and improved efficiency Interim report Q1 2026
Slide 2: Increased earnings through volume growth and improved efficiency Q1
Interim report Q1 2026 2 Increased earnings through volume growth and improved efficiency Q1 Eventful quarter with increased Intense work to prepare and Willys leading in discount, market Strengthening competitiveness through customer traffic, volume growth implement reduction of VAT share gains for
Slide 3: Market update and Q1 development
Interim report Q1 2026 3 Market update and Q1 development
Slide 4: Market development and inflation
Interim report Q1 2026 4 Market development and inflation Total market growth, Food retail trade index Food price inflation, y-o-y** % Total growth* Growth adjusted for price** and calendar effects* % 8 8 7 7 6.4 6.2 6 -0.1pp 6 5.4 5.3 5 4.5 5 -1.8pp. 4.3 4.4 4.4 4 4 3.8 3.6 3.5 3 2.8 3 2.1 2.3 2.2
Slide 5: Axfood growth versus the market
Interim report Q1 2026 5 Axfood growth versus the market Retail sales y-o-y growth Retail sales growth two-year stack % Axfood Food retail trade index Axfood Food retail trade index 30 25 20.1% 20 15 10 5 6.4% 4.4% 3.8% 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 2024 2024 2024 20
Slide 6: Group net sales and retail sales
Interim report Q1 2026 6 Group net sales and retail sales Sales growth from higher volumes Net sales, SEK m +2.6% –Net sales increased by 2.6% 20,252 21,040 21,595 19,252 16,593 –Retail sales increased by 3.8% –Sales growth mainly driven by higher volumes –Total market growth was 4.4%* –E-commerce s
Slide 7: Group operating profit
Interim report Q1 2026 7 Group operating profit Positive earnings development, improved margin Adj. operating margin, %* +7.3% Adj. operating profit, SEK m* –Operating profit SEK 806 m (719), adjusted 750 817 757 812 operating profit* SEK 812 m (757) 653 –Increased profit primarily driven by higher
Slide 8: Willys
Interim report Q1 2026 8 Willys Strong position as the leading discount grocery chain –Net sales increased by 3.8% –Retail sales growth of 3.8%, LFL 2.2% Operating margin, % +3.8% –Higher volumes with increased customer traffic, a higher Net sales, SEK m 11,245 11,579 12,017 average ticket value and
Slide 9: Hemköp
Interim report Q1 2026 9 Hemköp Strong quarter with growth ahead of the market and improved earnings –Net sales increased by 7.6% Operating margin, % +7.6% –Retail sales growth of 5.9%, LFL 4.0% –Growth higher than the market Net sales, SEK m 2,211 1,956 2,055 –Higher volumes with increased customer
Slide 10: City Gross
Interim report Q1 2026 10 City Gross Continued positive trend with good LFL growth, improved cost level –Net sales amounted to SEK 2,033 m (2,059) –Retail sales growth of -1.2%, LFL 3.6% –Total store network 40 (42) –In total 1 store establishment, 1 store closure –Operating profit SEK -54 m (-118),
Slide 11: Snabbgross
Interim report Q1 2026 11 Snabbgross Stable margin despite weak sales growth –Net sales increased by 1.0% and LFL 0.7% –Weak sales development to B2B customers Operating margin, % +1.0% –Strong sales growth through Snabbgross Club Net sales, SEK m 1,178 1,240 1,252 –Total store network 31 (31) 1,147
Slide 12: Dagab
Interim report Q1 2026 12 Dagab Solid growth and continued good productivity in logistics –Net sales increased by 3.7% –Growth driven by sales to food retail customers and +3.7% Operating margin, %* mainly Axfood’s own concepts Net sales, SEK m 19,879 18,518 19,173 17,753 –Operating profit SEK 298 m
Slide 13: Financial position
Interim report Q1 2026 13 Financial position
Slide 14: Cash generation analysis
Interim report Q1 2026 14 Cash generation analysis –Lower cash flow from operating activities –Negative impact from changes in net working capital due to higher inventory level ahead of Easter Cash flow from operating activities, SEK m –Cash flow from investing activities impacted by investments in
Slide 15: Financial position and investments
Interim report Q1 2026 15 Financial position and investments 24.1% 3,547 15,970 23.9% 15,796 15,337 15,613 3,100 14,598 20.9% 21.2% 2,593 2.3 1,946 2.2 2.1 2.1 19.4% 1,731 1.9 17.6% 18.1% 17.3% 16.8% 6.1% 3.5% 3.7% 561 0.8 2.4% 2.6% 0.6 0.7 0.4 0.6 1.4% 1.2% 1.3% 1.5% 1.9% 1.8% 373 1.6% 1.7% 1.8% Q1
Slide 16: Capital efficiency
Interim report Q1 2026 16 Capital efficiency 22,985 23,505 22,800 -3.5% -3.2% -3.4% -3.3% -3.3% 16,442 17,212 Net working capital % of Group net sales 26.5% 20.3% 21.5% 16.8% 16.5% -2,581 20.9% 16.6% -2,620 15.5% -3.3% -2,875 -2,933 -2,916 2022 2023 2024 2025 R12M to 2022 2023 2024 2025 R12M to Mar.
Slide 17: Strategic agenda, outlook and summary
Interim report Q1 2026 17 Strategic agenda, outlook and summary
Slide 18: Unique brands that create the strongest customer meetings
Interim report Q1 2026 18 AMBITIONS TOWARDS 2030 Unique brands that create Sweden’s leading The winner in Sweden’s most the strongest food retail chain every local market affordable food market customer meetings Leading in the mini-mart The leading food retail chain along Sweden’s most affordable St
Slide 19: Clear strategic focus areas
Interim report Q1 2026 19 Clear strategic focus 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 digitalisation
Slide 20: Developing the assortment
Interim report Q1 2026 20 Developing the assortment Axfood offers a wide assortment to meet diverse needs and preferences. A distinctive and relevant offering of branded as well as private label products enables affordable, good and sustainable food. Expanding Developing Promoting international adja
Slide 21: Creating growth opportunities
Interim report Q1 2026 21 Creating growth opportunities Axfood creates growth opportunities by increasing its presence through new store establishments, as well as enhancing the customer experience by modernising existing stores. Willys Hemköp City Gross Accelerating expansion, High pace in store Re
Slide 22: Increasing efficiency with tech and AI
Interim report Q1 2026 22 Increasing efficiency with tech and AI To stay at the forefront, Axfood works to integrate AI in the organisation, streamline processes and enhance data-driven working methods. Optimising logistics Increasing automation structure, and use ofnew dataorder and AI; and newpurc
Slide 23: Value creation through sustainability and health
Interim report Q1 2026 23 Value creation through sustainability and health Through ambitious work related to sustainability and health, Axfood creates value for the Group and its stakeholders. Only renewable fuels and electricity in transports, 15 percent comparable emissions reduction Focus on incl
Slide 24: Unchanged outlook 2026
Interim report Q1 2026 24 Unchanged outlook 2026 –Planned capital expenditures SEK 2,200−2,300 m –Excluding acquisitions and leasehold –Including SEK 470 m for automation in the new logistics centre in Kungsbacka –Plan to establish 10-15 new Group-owned stores –Items affecting comparability of SEK 5
Slide 25: Summary
Interim report Q1 2026 25 Summary Eventful quarter with Intense work to prepare Willys leading in discount, Strengthening competitiveness increased customer and implement reduction market share gains for through data and AI, supply traffic, volume growth of VAT on food products Hemköp, continued pos
Slide 26: Interim report Q1 2026 Q&A
Interim report @12026 Q&A 26 Axfood
Slide 27: Axfood at a glance
Interim report Q1 2026 27 R12M net sales to Q1 2026, SEK Employees, FTEs 89.7bn 14,781 Efficient sourcing and logistics Customer reach for all brands and channels >6 million customer visits a week Innovative development 398 Group-owned stores of private label products 135 franchise Hemköp 124 franch
Slide 28: Axfood
Interim report Q1 2026 28 Axfood Q1 Q1 Key ratios SEK m 2026 2025 Chg 2025 Net sales 21,595 21,040 2.6% 89,152 Operating margin, % Retail sales 19,550 18,829 3.8% 79,204 Net sales, SEK m 89,152 89,707 Operating profit 806 719 12.1% 3,572 81,111 84,057 73,474 Adjusted operating profit* 812 757 7.3% 3
Slide 29: Willys
Interim report Q1 2026 29 Willys Q1 Q1 Operating margin, % Key ratios SEK m 2026 2025 Chg 2025 Net sales, SEK m Net sales 12,017 11,579 3.8% 48,607 48,607 49,045 45,775 43,757 Change in like-for-like sales* 2.2% 1.2% 1.0 4.2% 37,451 Operating profit 498 495 0.6% 2,114 Operating margin 4.1% 4.3% -0.1
Slide 30: Hemköp
Interim report Q1 2026 30 Hemköp Q1 Q1 Operating margin, % Key ratios SEK m 2026 2025 Chg 2025 Net sales, SEK m Net sales 2,211 2,055 7.6% 8,348 8,348 8,504 7,878 7,432 Change in like-for-like sales* 4.0% 2.9% 1.1 4.0% 6,650 Operating profit 114 94 20.7% 372 4.3 4.4 4.5 4.6 4.0 Operating margin 5.1%
Slide 31: City Gross
Interim report Q1 2026 31 City Gross Q1 Q1 Key ratios SEK m* 2026 2025 Chg 2025 Net sales 2,033 2,059 -1.3% 8,898 Change in like-for-like sales* 3.6% – – 1.5% Operating profit -54 -118 54.1% -192 Adjusted operating profit** -48 -80 39.8% -76 Operating margin -2.7% -5.7% 3.1 -2.2% Adjusted operating
Slide 32: Snabbgross
Interim report Q1 2026 32 Snabbgross Operating margin, % Q1 Q1 Net sales, SEK m Key ratios SEK m 2026 2025 Chg 2025 5,853 5,866 Net sales 1,252 1,240 1.0% 5,853 5,317 5,533 4,727 Change in like-for-like sales 0.7% 4.1% -3.4 5.2% Operating profit 25 25 -2.9% 256 5.3 5.0 Operating margin 2.0% 2.0% -0.
Slide 33: Dagab
Interim report Q1 2026 33 Dagab Operating margin, % Net sales, SEK m 80,579 81,285 74,175 76,589 66,999 Q1 Q1 Key ratios SEK m 2026 2025 Chg 2025 Net sales 19,879 19,173 3.7% 80,579 Operating profit 298 287 3.9% 1,240 1.5 1.4 1.5 1.5 1.5 Operating margin 1.5% 1.5% 0.0 1.5% 2022 2023 2024 2025 R12M t