Axfood Ab · OMXSTO:AXFO
Axfood Ab — Q2 2026 Earnings Presentation
35 slides from Axfood Ab's earnings presentation, Jul 15, 2026
Slide 1: Strengthened presence and positive earnings development
Strengthened presence and positive earnings development Interim report Q2 2026
Slide 2: Strengthened presence and positive earnings development Q2
Interim report Q2 2026 2 Strengthened presence and positive earnings development Q2 High activity level to strengthen Continued volume growth, however Strong quarter in Hemköp, Willys’ growth Climate targets approved by presence, competitiveness overall growth impacted by high impacted by high comps
Slide 3: Market update and Q2 development
Interim report Q2 2026 3 Market update and Q2 development
Slide 4: Market development and inflation
Interim report Q2 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 excl. VAT** and calendar effects* % Inflation incl. VAT Inflation excl. VAT 8 8 7 6.2 6 5.3 6 4.4 5.4 3.8 3.5 4 4.9 5 4.5 4.
Slide 5: Axfood growth versus the market
Interim report Q2 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 30 25.5% 25 25 20 20 15 15 10.1% 10 10 5 3.7% 5 2.1% 0 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 20
Slide 6: Group net sales and retail sales
Interim report Q2 2026 6 Group net sales and retail sales High comps and deflation impacts growth Net sales, SEK m +0.9% –Net sales increased by 0.9% 22,995 23,197 20,797 21,044 18,468 –Retail sales increased by 2.1% –Sales growth driven by higher volumes, strong growth above market in Hemköp –High
Slide 7: Group operating profit
Interim report Q2 2026 7 Group operating profit Increased earnings despite lower sales growth Adj. operating margin, %* +1.4% Adj. operating profit, SEK m* 942 959 972 –Operating profit SEK 964 m (934), adjusted 828 836 operating profit* SEK 972 m (959) –Increased profit mainly driven by a higher sa
Slide 8: Willys
Interim report Q2 2026 8 Willys Growth impacted by very high comps –Net sales increased by 1.0% Operating margin, % +1.0% –Retail sales growth of 1.0%, LFL -1.0% Net sales, SEK m –Soft sales growth on the back of very high comps and 12,458 12,578 food price deflation 11,023 11,305 9,204 –Total store
Slide 9: Hemköp
Interim report Q2 2026 9 Hemköp Strong quarter with growth clearly above the market –Net sales increased by 9.6% Operating margin, % +9.6% –Retail sales growth of 7.4%, LFL 5.2% Net sales, SEK m –Growth clearly above the market 2,283 1,957 2,082 –Higher volumes with increased customer traffic 1,860
Slide 10: City Gross
Interim report Q2 2026 10 City Gross Continued positive earnings trend –Net sales amounted to SEK 2,218 m (2,319) –Retail sales growth of -4.2%, LFL -0.8% –Total store network 39 (41) –In total 1 store closure during the quarter –Operating profit SEK -11 m (-45), adjusted operating profit* SEK -3 m
Slide 11: Snabbgross
Interim report Q2 2026 11 Snabbgross Soft sales development, stable earnings –Net sales and LFL unchanged –Sales impacted by food price deflation Operating margin, % Net sales, SEK m 0.0% –Total store network 31 (31) 1,488 1,516 1,605 1,605 1,299 –Operating profit SEK 93 m (96) –Operating margin 5.8
Slide 12: Dagab
Interim report Q2 2026 12 Dagab Volume growth and higher logistics productivity –Net sales increased by 0.9% –Food price deflation, sales growth driven by higher volumes Operating margin, %* –Growth driven by sales to food retail and mainly Hemköp +0.9% Net sales, SEK m –Operating profit SEK 280 m (
Slide 13: Financial position
Interim report Q2 2026 13 Financial position
Slide 14: First half year net sales, operating profit and operating margin
Interim report Q2 2026 14 First half year net sales, operating profit and operating margin Net sales, Adj. operating Adj. operating SEK m profit, SEK m* margin, %* +1.7% +4.0% +0.1pp. 44,034 44,793 1,716 1,784 3.9 4.0 H1 H1 H1 H1 H1 H1 2025 2026 2025 2026 2025 2026 *Excluding items affecting compara
Slide 15: Cash generation analysis
Interim report Q2 2026 15 Cash generation analysis –Lower cash flow from operating activities –Negative impact from changes in net working capital mainly due to effects from VAT reduction Cash flow from operating activities, SEK m –Somewhat lower negative cash flow from investing 1,929 activities 1,
Slide 16: Financial position and investments
Interim report Q2 2026 16 Financial position and investments 24.1% 3,547 15,970 23.9% 15,337 15,613 15,807 3,100 14,598 20.9% 21.2% 24.8% 2,593 21.1% 1,946 2.2 19.9% 19.1% 1,731 927 2.1 2.1 2.0 18.2% 844 1.9 6.1% 3.5% 3.7% 0.7 2.4% 1.9% 2.1% 0.6 0.6 0.6 1.4% 1.5% 1.9% 0.4 1.2% 1.3% 1.6% 1.6% 1.7% Q2
Slide 17: Capital efficiency
Interim report Q2 2026 17 Capital efficiency 22,985 23,505 23,216 -3.0% -3.5% -3.2% -3.4% -3.3% 16,442 17,212 Net working capital % of Group net sales -2,581 20.9% 20.3% 16.6% 16.4% -2,620 -2,688 15.5% -3.0% -2,875 -2,933 2022 2023 2024 2025 R12M to 2022 2023 2024 2025 R12M to June 2026 June 2026 Ne
Slide 18: Strategic agenda, outlook and summary
Interim report Q2 2026 18 Strategic agenda, outlook and summary
Slide 19: Unique brands that create the strongest customer meetings
Interim report Q2 2026 19 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 20: Developing and expanding Willys
Interim report Q2 2026 20 Developing and expanding Willys Willys continues to reach more consumers by maintaining a high pace in its store expansion, in addition to developing its offering and upgrading existing stores to its newest store concept Willys 5.0. High expansion pace Upgrading stores Buil
Slide 21: Strong momentum for Hemköp
Interim report Q2 2026 21 Strong momentum for Hemköp Hemköp is continuing to strengthen its position with focus on price value, fresh products and meal solutions. Hemköp is also investing in modernisations of existing stores and strengthening its sustainability profile. Gaining share Building loyalt
Slide 22: New store concept for City Gross
Interim report Q2 2026 22 New store concept for City Gross During the quarter, City Gross launched its new store concept in a first pilot store in Linköping. The concept is developed based on the new strategy for revitalising the brand and will now be evaluated and optimised. Goal to create a vibran
Slide 23: Clear strategic focus areas
Interim report Q2 2026 23 Clear strategic focus areas Food retail’s Expand and World leading Maximise 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 24: Operational efficiency in all processes
Interim report Q2 2026 24 Operational efficiency in all processes Axfood creates the conditions for competitiveness through high efficiency and cost focus with an integrated value chain and clear collaboration. Collaboration Leveraging to create value data and AI – Productivity and cost focus – Tech
Slide 25: Value creation through sustainability and health
Interim report Q2 2026 25 Value creation through sustainability and health Through ambitious work related to sustainability and health, Axfood creates value for the Group and its stakeholders. Food Environment People Positive trend for 2030 climate targets Focus on diversity and sustainability label
Slide 26: Unchanged outlook 2026
Interim report Q2 2026 26 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 27: Summary
Interim report Q2 2026 27 Summary High activity Continued volume Strong market positions, clear level in the growth, however overall strategic priorities and several ongoing Group, increased growth impacted by high initiatives to strengthen presence, earnings comps and deflation competitiveness, and
Slide 28: Q&A
Interim report @2 2026 Q&A 28 Axfood
Slide 29: Axfood
Interim report Q2 2026 29 R12M net sales to June 2026, SEK Employees, FTEs 90bn 15,029 Efficient sourcing and logistics Customer reach for all brands and channels >6 million customer visits a week Innovative development 400 Group-owned stores of private label products 136 franchise Hemköp 121 franch
Slide 30: Axfood
Interim report Q2 2026 30 Axfood Q2 Q2 H1 H1 Key ratios SEK m 2026 2025 Chg 2026 2025 Chg Net sales 23,197 22,995 0.9% 44,793 44,034 1.7% Operating margin, % Change in like- 0.7% 7.1% -7.8 1.7% 4.5% -2.8 Net sales, SEK m for-like sales* 89,152 89,910 Operating profit 964 934 3.2% 1,770 1,653 7.1% 81
Slide 31: Willys
Interim report Q2 2026 31 Willys Q2 Q2 H1 H1 Operating margin, % Key ratios SEK m 2026 2025 Chg 2026 2025 Chg Net sales, SEK m Net sales 12,578 12,458 1.0% 24,595 24,037 2.3% 48,607 49,165 45,775 43,757 Change in like- -1.0% 8.3% -9.3 0.6% 4.8% -4.2 for-like sales 37,451 Operating profit 524 565 -7.
Slide 32: Hemköp
Interim report Q2 2026 32 Hemköp Q2 Q2 H1 H1 Operating margin, % Key ratios SEK m 2026 2025 Chg 2026 2025 Chg Net sales, SEK m Net sales 2,283 2,082 9.6% 4,493 4,138 8.6% 8,704 8,348 7,878 Change in like- 7,432 5.2% 4.6% 0.6 4.6% 3.8% 0.8 for-like sales* 6,650 Operating profit 123 97 25.8% 236 192 2
Slide 33: City Gross
Interim report Q2 2026 33 City Gross Q2 Q2 H1 H1 Key ratios SEK m* 2026 2025 Chg 2026 2025 Chg Net sales 2,218 2,319 -4.4% 4,251 4,378 -2.9% Change in like-for-like sales -0.8% – – 1.3% – – Operating profit -11 -45 75.5% -65 -163 60.0% Adjusted operating profit** -3 -20 85.9% -51 -100 49.0% Operatin
Slide 34: Snabbgross
Interim report Q2 2026 34 Snabbgross Operating margin, % Net sales, SEK m Q2 Q2 H1 H1 Key ratios SEK m 2026 2025 Chg 2026 2025 Chg 5,853 5,865 Net sales 1,605 1,605 0.0% 2,857 2,845 0.4% 5,317 5,533 4,727 Change in like- 0.0% 4.7% -4.7 0.3% 4.4% -4.1 for-like sales Operating profit 93 96 -2.8% 118 1
Slide 35: Dagab
Interim report Q2 2026 35 Dagab Operating margin, % Net sales, SEK m 80,579 81,465 74,175 76,589 66,999 Q2 Q2 H1 H1 Key ratios SEK m 2026 2025 Chg 2026 2025 Chg Net sales 20,856 20,676 0.9% 40,735 39,849 2.2% Operating profit 280 298 -6.2% 578 585 -1.2% 1.5 1.4 1.5 1.5 1.5 Operating margin 1.3% 1.4%