Axfood Ab · OMXSTO:AXFO
Axfood Ab — Investor Day (2025)
102 slides from Axfood Ab's investor day presentation, 2025
Slide 1: Capital Markets Day 2025
Axfood Capital Markets Day 2025 Capital Markets Day 2025 Leveraging our house of brands and operating model
Slide 2: Welcome!
Axfood Capital Markets Day 2025 2 Welcome! Alexander Bergendorf Head of Investor Relations Axfood
Slide 3: Today's speakers
Axfood Capital Markets Day 2025 3 Today’s speakers 1 2 3 4 5 6 7 1. Simone Margulies, President and CEO 2. Nicholas Pettersson, MD Willys 3. Shoan Etemadi, MD Hemköpskedjan 4. Patrick Grabenbauer, MD City Gross 5. Karin Hedlund, CIO/Head of IT 6. Hans Bax, MD Dagab 7. Anders Lexmon, CFO
Slide 4: Agenda
Axfood Capital Markets Day 2025 4 Agenda 12:30 p.m. Store visit Hemköp Torsplan 1:30 p.m. Leveraging our house of brands and operating model | Simone Margulies, President and CEO Willys – Sweden’s leading discount grocery chain | Nicholas Pettersson, MD, Willys Hemköp – strong player in traditional
Slide 5: Leveraging our house of brands and operating model
Axfood Capital Markets Day 2025 Leveraging our house of brands and operating model 5 Leveraging our house of brands and operating model Simone Margulies President and CEO Axfood
Slide 6: Vision and purpose: a family of different concepts
Axfood Capital Markets Day 2025 Leveraging our house of brands and operating model 6 With a vision to lead in affordable, good and sustainable food, we are a family of different concepts in collaboration. Our purpose is to create a better quality of life for everyone.
Slide 7: A family of different concepts in collaboration
Axfood Capital Markets Day 2025 Leveraging our house of brands and operating model 7 A family of different concepts in collaboration Axfood has a broad footprint in Swedish food retail and a presence in all market segments. With attractive and distinctive concepts, consumers’ different preferences a
Slide 8: A central and extensive role in the food value chain
Axfood Capital Markets Day 2025 Leveraging our house of brands and operating model 8 A central and extensive role in the food value chain Axfood plays a central role in the food value chain and can create value by leveraging its high level of integration and capabilities throughout the Group’s opera
Slide 9: Price value and high-quality assortment
Axfood Capital Markets Day 2025 Leveraging our house of brands and operating model 9 Price value High-quality With a focus on price value and quality, Axfood offers a wide assortment that meets customers’ diverse needs and preferences. assortment
Slide 10: Low costs to enable low prices
Axfood Capital Markets Day 2025 Leveraging our house of brands and operating model 10 Low costs to enable low prices Axfood focuses on cost efficiency and productivity in all areas of the Group to deliver an attractive and competitive customer offering.
Slide 11: A demanding market context in recent years
Axfood Capital Markets Day 2025 Leveraging our house of brands and operating model 11 A demanding An uncertain world around us Inflationary environment market context New Willys Plus members in 2022 and – Military conflicts, geopolitical turbulence and climate change – Significant cost pressure – Ch
Slide 12: The Swedish food retail market is large, growing and resilient
Axfood Capital Markets Day 2025 Leveraging our house of brands and operating model 12 The Swedish food retail market is large, growing and resilient Swedish food retail market size* Size and growth rates of Swedish retail markets** SEK bn Market size 2024, SEK m 350 400 CAGR 4% 301 300 290 269 251 2
Slide 13: Market growth driven by discount, Axfood gaining share
Axfood Capital Markets Day 2025 Leveraging our house of brands and operating model 13 Market growth driven by discount, Axfood has been gaining share Segment development on the Swedish food retail market Market shares in Swedish food retail* % Traditional grocery Hypermarkets Discount % Axfood ICA C
Slide 14: Axfood Capital Markets Day 2025 Leveraging our house of brands and operating model
Axfood Capital Markets Day 2025 Leveraging our house of brands and operating model 14
Slide 15: Unique brands that create the strongest customer meetings
Axfood Capital Markets Day 2025 Leveraging our house of brands and operating model 15 CLEAR AMBITIONS TOWARDS 2030 Unique brands that create Sweden’s leading The winner in Sweden’s most the strongest food retail chain each local market affordable food market customer meetings Leading in the mini-mar
Slide 16: Clear strategic development areas
Axfood Capital Markets Day 2025 Leveraging our house of brands and operating model 16 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 stakeholde
Slide 17: Expand and optimise the store network
Axfood Capital Markets Day 2025 Leveraging our house of brands and operating model 17 Expand and optimise the store network 290 287 Municipalities Municipalities 262 Municipalities 182 Municipalities with at in Sweden with at least with at least least one Willys, Hemköp one ICA store one Coop store
Slide 18: Be the market's most attractive employer
Axfood Capital Markets Day 2025 Leveraging our house of brands and operating model 18 Be the market’s Different job roles in the Group most attractive employer 300+ Axfood’s ambition is to be the market’s leading employer through strong values, exceptional leadership and employee engagement. Total n
Slide 19: Create business and stakeholder value through health and sustainability
Axfood Capital Markets Day 2025 Leveraging our house of brands and operating model 19 Create business and stakeholder value through health and sustainability Food Environment People Clear ambitions – Sustainable assortment – Fossil-free transports – Diversity, equality and inclusion for 2030 – Food
Slide 20: Better quality of life for everyone
Axfood Capital Markets Day 2025 Leveraging our house of brands and operating model 20 PURPOSE VISION BUSINESS CONCEPT Better quality of A leader in affordable, A family of different life for everyone good and sustainable food concepts in collaboration THE STRONGEST CUSTOMER MEETINGS, STRATEGIC DEVEL
Slide 21: House of brands provides a competitive edge
Axfood Capital Markets Day 2025 Leveraging our house of brands and operating model 21 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
Slide 22: Willys – Sweden's leading discount grocery chain
Axfood Capital Markets Day 2025 Willys 22 Willys – Sweden’s leading discount grocery chain Nicholas Pettersson Managing Director
Slide 23: Willys in brief
Axfood Capital Markets Day 2025 Willys 23 Willys in brief Market position Number of stores* Net sales, SEK m Sweden’s leading 247 47,263 Items in assortment** Operating profit, SEK m discount grocery chain 10k 2,060 Business concept Share of Axfood* Net sales Operating profit By offering Sweden’s ch
Slide 24: More than just low prices
Axfood Capital Markets Day 2025 Willys 24 More than Modern and attractive stores Wide and varied assortment Low prices just low – Attractive store locations – Store refurbishments – Well known brands – Strong private labels – Ambition to offer Sweden’s cheapest bag of groceries prices – Concept deve
Slide 25: Consistency in market share gains over time
Axfood Capital Markets Day 2025 Willys 25 Consistency in market share gains over time Uninterrupted growth above the market Average annual market share gain 0.5 pp. since 2018 Retail sales development, total Willys’ market share (ex. Eurocash) % Willys (ex. Eurocash) Food retail trade index % 20 16
Slide 26: Delivering leading customer satisfaction
Axfood Capital Markets Day 2025 Willys 26 Delivering leading customer satisfaction Willys is Sweden’s most recommended food retail chain Stable customer satisfaction at high level Customer willingness to recommend (net promoter score, NPS) Customer satisfaction index (NKI) Willys Main competitor 1 M
Slide 27: Strong brand perception among consumers
Axfood Capital Markets Day 2025 Willys 27 Strong brand perception among consumers Consideration and preference has Price value and low prices not the only parameters increased substantially in recent years driving consumer liking for Willys’ offering Offers price value Index Offers low prices Index
Slide 28: Attracting many households, especially with children
Axfood Capital Markets Day 2025 Willys 28 Attracting many households, especially households with children Penetration among all households, May-July 2024 Penetration among households with children, May-July 2024 Difference in penetration between households with children and all households 67 61 48 5
Slide 29: Accelerated expansion
Axfood Capital Markets Day 2025 Willys 29 Accelerated expansion Willys has accelerated its expansion pace with establishments of new stores to reach even more consumers throughout Sweden. Stores to be opened in the coming years Number of Willys stores …..with more to come! at the end of each period
Slide 30: Evolution of Willys
Axfood Capital Markets Day 2025 Willys 30 Evolution Willys’ store concept has evolved significantly over of Willys time as the chain has developed its brand and offering, and strengthened its position in the market. 2004 2008 2013 2018 2024 2000 Willys 1.0 Willma Willys 3.0 Willys 4.0 Willys 5.0
Slide 31: Concept development with Willys 5.0
Axfood Capital Markets Day 2025 Willys 31 Concept Number of planned store upgrades to Willys 5.0 in 2025 20+ development with Willys 5.0 The latest iteration of Willys’ store concept is called Willys 5.0 and entails a significant improvement to the customer experience through a substantial upgrade o
Slide 32: Driving loyalty with Willys Plus
Axfood Capital Markets Day 2025 Willys 32 Driving loyalty with Willys Plus Willys Plus is Willys’ customer loyalty programme with approximately 3.9 million members. Customer data is used to create better Members in Willys Plus offerings, all campaign materials are at end of period, million uniquely
Slide 33: A highly competitive online offering
Axfood Capital Markets Day 2025 Willys 33 A highly competitive online offering Willys has a strong e-commerce offering with a distinctive and clear market position. E-commerce market Same low prices online shares in 2024 as in physical stores, transparent fee model Others 12% Flexible delivery optio
Slide 34: Summary
Axfood Capital Markets Day 2025 Willys 34 Summary Favourable market Track record of Strong brand Accelerated store position and the leading strong growth and equity and high expansion to reach player in discount market share gains customer satisfaction even more consumers
Slide 35: Hemköp – strong player in traditional grocery
Axfood Capital Markets Day 2025 Hemköp 35 Hemköp – strong player in traditional grocery Shoan Etemadi Managing Director
Slide 36: Hemköp in brief
Axfood Capital Markets Day 2025 Hemköp 36 Hemköp in brief Market position Number of stores* Net sales, SEK m Strong player in 200 8,103 Retail sales, SEK m* Items in assortment traditional grocery 21,100 8-12k Operating profit, SEK m Business concept 347 Share of Axfood** Hemköp offers a broad and T
Slide 37: Strong player in traditional grocery
Axfood Capital Markets Day 2025 Hemköp 37 Strong player Modern and attractive stores Wide and varied assortment in traditional – Attractive store locations – Store refurbishments – Well known brands – Strong private labels grocery – Concept development – Large selection of fresh products and meal so
Slide 38: Strong momentum for Hemköp in recent years
Axfood Capital Markets Day 2025 Hemköp 38 Strong momentum for Hemköp in recent years Hemköp has been outperforming peers in traditional grocery Clear share gains in traditional grocery for Hemköp Retail sales development, total Hemköp’s market and segment share (ex. Tempo) % % Hemköp (ex. Tempo) Foo
Slide 39: Increased penetration and loyalty
Axfood Capital Markets Day 2025 Hemköp 39 ...with increased penetration and loyalty Hemköp has increased its customer reach Positive trend in customer loyalty Penetration among households, April-June Customer loyalty, April-June % 2021 2023 2025 % 2021 2023 2025 60 30 50 25 unch. -2 pp. 21 40 39 39
Slide 40: Rewarding sustainable choices with Klubb Hemköp
Axfood Capital Markets Day 2025 Hemköp 40 Rewarding sustainable choices with Klubb Hemköp Klubb Hemköp is Hemköp’s customer loyalty programme with approximately 2.1 million members. Customer data is used to create better Members in Klubb Hemköp offerings through customised offers, at end of period,
Slide 41: Developing meal solutions offering
Axfood Capital Markets Day 2025 Hemköp 41 Developing Units sold every day of store- made sandwiches and hot meal solutions food meals, and similar offering Hemköp offers a wide assortment of prepared meals 15k and meal solutions. The offering has been expanded and developed in recent years to meet s
Slide 42: A hybrid model to optimise competitiveness in each local marketplace
Axfood Capital Markets Day 2025 Hemköp 42 A hybrid model to optimise competitiveness in each local marketplace Hemköp operates a hybrid operating model with both Group-owned and retailer-owned stores. The combination of operating models allows Hemköp to maintain a presence in large parts of Sweden.
Slide 43: High pace in refurbishing and upgrading stores
Axfood Capital Markets Day 2025 Hemköp 43 High pace in refurbishing and upgrading stores Hemköp maintains a high pace in developing and modernising its stores, in addition to expanding its presence. While store refurbishments vary in scale, larger scale upgrades includes significant investments and
Slide 44: Strong ambition in sustainability
Axfood Capital Markets Day 2025 Hemköp 44 Strong ambition in sustainability Hemköp has a clear sustainability profile Hemköp drives sustainable consumption through with a focus on the assortment, resource industry-leading share of sales from organic efficiency and minimising food waste. products and
Slide 45: Summary
Axfood Capital Markets Day 2025 Hemköp 45 Summary Strong player in traditional Increased loyalty Strengthening customer Developing grocery, track record of and market offering, price value and presence and outperforming main peers penetration customer meeting modernising stores
Slide 46: City Gross – challenger in the hypermarket segment
Axfood Capital Markets Day 2025 City Gross 46 City Gross – challenger in the hypermarket segment Patrick Grabenbauer Managing Director
Slide 47: City Gross in brief
Axfood Capital Markets Day 2025 City Gross 47 City Gross in brief Market position Number of stores* Net sales, SEK m Challenger in the 40 8,897 Items in assortment Adj. operating profit*, SEK m hypermarket segment 20k-45k -181 Business concept Share of Axfood net sales** 10% City Gross offers custom
Slide 48: More than 30 years as a challenger in Swedish food retail
Axfood Capital Markets Day 2025 City Gross 48 More than 30 years as a challenger in Swedish food retail 1996 2010 2024 Net sales for the City Gross store in City Gross’ reaches Axfood acquires the remaining shares Hyllinge, Sweden’s largest food retail 30 stores in total, located in City Gross. Patr
Slide 49: Hypermarkets an attractive part of Swedish food retail
Axfood Capital Markets Day 2025 City Gross 49 Hypermarkets an attractive part of Swedish food retail Hypermarket segment has grown as share of market over time Good growth for hypermarkets City Gross’ segment share is 11% Segmentation development on the Swedish food retail market Segment growth rate
Slide 50: Prior to the inflationary years, City Gross demonstrated growth
Axfood Capital Markets Day 2025 City Gross 50 Prior to the inflationary years, City Gross demonstrated growth Net sales, SEK billion 15 CAGR CAGR 3% -3% 9.5 10.0 9.9 10 9.0 9.0 9.3 9.4 9.1 8.3 8.6 5 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Data is based on historical City Gross financial
Slide 51: Key focus areas in City Gross turnaround
Axfood Capital Markets Day 2025 City Gross 51 Key focus areas in City Gross turnaround During the course of 2025, City Gross has initiated several improvement initiatives to turn the business around to profitability at some point in the second half of 2026. Operational Brand and store Customer offer
Slide 52: Increasing operational efficiency
Axfood Capital Markets Day 2025 City Gross 52 Increasing operational efficiency Chain management Organisation structure – Improving work approach – New internal organisation in stores, centralised and management governance – Synergies with Axfood in – New operating model support functions, 30 roles
Slide 53: Sweden's most affordable food market
Axfood Capital Markets Day 2025 City Gross 53 Sweden’s most affordable food market Store experience Assortment A vibrant food market A vast assortment with and convenient a focus on fresh produce hypermarket offering Price value Sustainability Always affordable on Easy to shop sustainably, everyday
Slide 54: Developing the store base
Axfood Capital Markets Day 2025 City Gross 54 Developing the store base In the short term, to create a healthy core, structural measures are being Number of stores implemented at a handful of stores, incl. 40 conversions to other Axfood concepts. In 2025, stores in Bromma, Stockholm, and Borlänge ha
Slide 55: A new store concept
Axfood Capital Markets Day 2025 City Gross 55 A new store concept City Gross will launch a new and more attractive store concept in 2026, with the first pilot store being Linköping. The concept is developed based on the new strategy for revitalising the brand. Goal to create a vibrant food market wi
Slide 56: A strong customer offering
Axfood Capital Markets Day 2025 City Gross 56 A strong customer Food market with focus on fresh produce offering Wide offering of fruit and vegetables with focus on quality, locally sourced and in season Deli offering that inspires with staffed manual counters and in packaging Wide range of internat
Slide 57: Strengthening price value offering and sustainable assortment
Axfood Capital Markets Day 2025 City Gross 57 Strengthening price value offering and sustainable assortment In recent years, City Gross has strengthened its price value offering by introducing Axfood’s private label brands in its assortment. City Gross has also increased its share of sales from sust
Slide 58: Summary
Axfood Capital Markets Day 2025 City Gross 58 Summary More than 30 years Presence in the attractive High activity level to strengthen as a challenger in hypermarket segment, the business and reach profitability Swedish food retail significant potential at some point in H2 2026 BILD
Slide 59: Break
Axfood Capital Markets Day 2025 59 Break
Slide 60: Agenda
Axfood Capital Markets Day 2025 60 Agenda 12:30 p.m. Store visit Hemköp Torsplan 1:30 p.m. Leveraging our house of brands and operating model | Simone Margulies, President and CEO Willys – Sweden’s leading discount grocery chain | Nicholas Pettersson, MD, Willys Hemköp – strong player in traditional
Slide 61: A tech powered organisation
Axfood Capital Markets Day 2025 A tech powered organisation 61 A tech powered organisation Karin Hedlund CIO/Head of IT Axfood
Slide 62: Axfood has the market's most attractive tech-organisation
Axfood Capital Markets Day 2025 A tech powered organisation 62 Axfood has the market’s most attractive tech-organisation, which through innovation and sustainable development creates value and efficiency.
Slide 63: A tech powered organisation
Axfood Capital Markets Day 2025 A tech powered organisation 63 A tech powered organisation Data and AI Operations Platforms and and security partnerships Group-wide Talent and collaboration innovation Culture and leadership
Slide 64: Axfood's tech organisation in brief
Axfood Capital Markets Day 2025 A tech powered organisation 64 Axfood’s tech organisation in brief Number of employees working ~400 with tech and IT in Axfood, FTEs Systems and solutions Application engineering Tech Product Architecture Enterprise Cyber security Tech Platform Software engineering UX
Slide 65: Tech that increases efficiency and empowers employees
Axfood Capital Markets Day 2025 A tech powered organisation 65 Tech that increases efficiency and empowers employees To stay at the forefront, Axfood continuously works to develop and streamline processes and data-driven working methods.
Slide 66: Key trends in tech and retail
Axfood Capital Markets Day 2025 A tech powered organisation 66 Key trends in tech and retail Reinventing the Embedding and Scalable retail experience accelerating AI and secure IT – Unified commerce – Integration of next – Resilient, modern – Smart stores generation AI architecture – Hyper localisat
Slide 67: Axfood's digital transformation
Axfood Capital Markets Day 2025 A tech powered organisation 67 Axfood’s digital transformation 2004 2009 2014 2018 2020 2022 2024-2025 New store platform Introduction Implementation Automation in new Mobile self- Bergendahls Food Rollout of new and cash register of self-service concluded of new Jönk
Slide 68: Key transformations
Axfood Capital Markets Day 2025 A tech powered organisation 68 Key transformations New store platform New merchandising system Data and AI Logistics of the future
Slide 69: Partnerships to accelerate transformation
Axfood Capital Markets Day 2025 A tech powered organisation 69 Partnerships to accelerate transformation Axfood engages in both larger-scale partnerships, as well as partnerships with smaller innovation companies, to develop commercial systems and accelerate the Group’s digital transformation. In re
Slide 70: Leveraging AI
Axfood Capital Markets Day 2025 A tech powered organisation 70 Leveraging AI 6+ 100+ 2+ Years with modern AI models in production Years with machine learning generative AI
Slide 71: Axfood's AI roadmap
Axfood Capital Markets Day 2025 A tech powered organisation 71 Axfood’s AI roadmap 2024-2025 2025- 2020-2023 2018-2019 Machine learning on AWS Platform for Gen AI applications AI agents Customer centric analysis Personalisation Gen AI used in packaging design Gen AI solutions at scale Marketing auto
Slide 72: AI is already used in most parts of Axfood's own value chain
Axfood Capital Markets Day 2025 A tech powered organisation 72 AI is already used in most parts of Axfood’s own value chain Axfood’s own operations Production Transport Purchasing and assortment Product flow and logistics Concepts and channels Transport Consumption – Assortment planning – Warehousin
Slide 73: Summary
Axfood Capital Markets Day 2025 A tech powered organisation 73 Summary Axfood is Focus on innovation Creating value and Leveraging data a tech powered and sustainable efficiency in the and AI to accelerate organisation development Group companies transformation
Slide 74: Dagab – a data-driven full-scale supplier
Axfood Capital Markets Day 2025 Dagab 74 Dagab – a data-driven full-scale supplier Hans Bax Managing Director
Slide 75: Dagab in brief
Axfood Capital Markets Day 2025 Dagab 75 Dagab in brief Point of deliveries, Net sales, SEK m Sustainable and 78,763 customers and stores efficient product supply 7k Items in assortment Operating profit, SEK m Business 70k 1,266 Share of Axfood* Dagab handles the assortment, The Dagab operating segm
Slide 76: An extensive value chain
Axfood Capital Markets Day 2025 Dagab 76 An extensive value chain Business Assortment Product Supplier Negotiation Purchasing Product flow Ware- Transports Delivery analysis selection development selection management housing Private label product Negotiations with Heavy-duty trucks launches each yea
Slide 77: Supplying a diverse customer base
Axfood Capital Markets Day 2025 Dagab 77 Supplying a diverse customer base Share of Dagab’s net sales* 90% 10% Food retail and foodservice Service trade (list not exhaustive) Food retail E-commerce Cashier-less Pharmacy *Refers to net sales to food retail and convenience trade in 2024.
Slide 78: A data-driven full-scale supplier
Axfood Capital Markets Day 2025 Dagab 78 A data-driven full-scale supplier 2.9bn Total number of line items 6.5k 22.6k Total number of Total number of campaign active planograms forecasts with AI
Slide 79: Efficient and modern logistics
Axfood Capital Markets Day 2025 Dagab 79 Efficient and modern logistics Strong logistics platform High efficiency Own warehouses and High efficiency with a well-developed own route optimisation and vehicle fleet optimised filling ratios Increased level of automation Green transition Through automati
Slide 80: A more automated and efficient logistics platform
Axfood Capital Markets Day 2025 Dagab 80 A more automated and efficient logistics platform In recent years, the logistics structure has been developed to expand capacity and increase efficiency. The largest investment has been the new logistics centre in Bålsta. Bålsta logistics centre Backa, Gothen
Slide 81: New Kungsbacka facility to increase efficiency and capacity
Axfood Capital Markets Day 2025 Dagab 81 Increasing efficiency and capacity also in southern Sweden with new Kungsbacka facility In Kungsbacka outside Gothenburg, Axfood is establishing a new, highly automated logistics centre to increase capacity and efficiency in southern Sweden. Letters of intent
Slide 82: Accelerating the green transition in transports
Axfood Capital Markets Day 2025 Dagab 82 Accelerating the green transition in transports Transport emissions account for a large share of Axfood’s total carbon footprint. To further reduce emissions, in 2024, the transition to renewable fuels in both own and procured transports was accelerated to fu
Slide 83: From private labels to private brands
Axfood Capital Markets Day 2025 Dagab 83 From private Number of private label product launches in 2024 280 labels to private brands Axfood’s extensive range of private label products, including Garant, Eldorado, Minstingen, Fixa, Såklart, Mevolution and Gastrino, is a significant competitive edge. T
Slide 84: Potential to expand private label offering
Axfood Capital Markets Day 2025 Dagab 84 Potential to expand private label offering Axfood’s share of sales from private labels has increased over the years, reflecting a strong value proposition. There is continued good potential to expand private label offering, as penetration is relatively low in
Slide 85: Summary
Axfood Capital Markets Day 2025 Dagab 85 Summary Full-scale supplier handling assortment, Utilising vast amounts of data Structural changes in logistics purchasing and logistics for Axfood’s and analytics to add value and platform to increase efficiency concepts and external customers optimise opera
Slide 86: Investing in growth and value creation
Axfood Capital Markets Day 2025 Investing in growth and value creation 86 Investing in growth and value creation Anders Lexmon CFO Axfood
Slide 87: Our financial framework to create value
Axfood Capital Markets Day 2025 Investing in growth and value creation 87 Our financial framework to create value Growth Profitability Financial position We serve our customers We will increase productivity With a strong financial with a variety of concepts and leverage our house of position and sta
Slide 88: Reiterating financial targets
Axfood Capital Markets Day 2025 Investing in growth and value creation 88 Reiterating financial targets Growth Profitability Financial position Growth in retail sales Operating margin Equity ratio Growth in retail sales ex. City Gross Adj. operating margin* Series 2 Series 2 4.7% 4.1% 24.1% 23.9% 4.
Slide 89: Track record of growth in net sales and earnings
Axfood Capital Markets Day 2025 Investing in growth and value creation 89 Track record of growth in net sales and earnings Group net sales Group adjusted operating profit* SEK bn SEK bn 100 5 84 81 80 73 4 CAGR +8% 3.6 CAGR +8% 3.4 3.2 60 58 3 54 2.7 48 51 2.5 43 46 2.3 41 2.0 40 2 1.9 1.9 1.8 20 1
Slide 90: Strong cash flow generation and low gearing
Axfood Capital Markets Day 2025 Investing in growth and value creation 90 ...with strong cash flow generation and low gearing Cash flow from operating activities Leverage SEK bn Net debt/EBITDA multiple Net debt/EBITDA multiple ex. IFRS 16 8 2.2 2.2 CAGR +9% 5.9 6.0 6 5.8 5.5 1.6 1.5 1.5 4.9 4.6 1.2
Slide 91: Efficient use of capital
Axfood Capital Markets Day 2025 Investing in growth and value creation 91 ...and efficient use of capital Net working capital, NWC Return on capital employed, ROCE Capital employed, SEK m ROCE, % NWC, SEK m NWC % of Group sales ROCE ex. IFRS 16, % -2.0 -2.3 -2.0 -2.6 -3.0 -3.2 -3.2 -3.4 -3.5 -3.4 23
Slide 92: We have transformed our business
Axfood Capital Markets Day 2025 Investing in growth and value creation 92 We have Group capital expenditures excl. IFRS 16 transformed Total capex, SEK billion Capex % Group net sales our business Underlying capex* % Group net sales 3.5 Investments have resulted in 3.1 6.1 a strong omni-channel reta
Slide 93: Faster profitability ramp up for new stores
Axfood Capital Markets Day 2025 Investing in growth and value creation 93 Faster profitability ramp up for stores established in recent years Sales/store (inflation adjusted*) for new Operating margin for new stores stores in second full year of operations in second full year of operations By years*
Slide 94: Efficiency gains from the Bålsta logistics centre
Axfood Capital Markets Day 2025 Investing in growth and value creation 94 Realising efficiency gains from the Bålsta logistics centre investment A step up in logistics productivity Realising efficiency gains Number of cases handled in Bålsta Estimated annualised efficiency per worked hour, rolling 3
Slide 95: Investing in a new logistics centre in Kungsbacka
Axfood Capital Markets Day 2025 Investing in growth and value creation 95 Investing in a new logistics centre in Kungsbacka to add capacity and efficiency Capital expenditures Financing Investment need in upper Financing through end of EUR 260-280 m operating cash flow range during 2025-2030 and cre
Slide 96: A history with increasing dividends
Axfood Capital Markets Day 2025 Investing in growth and value creation 96 A history with increasing dividends Ordinary dividend per share, SEK 8.50 8.75 8.15 7.50 7.75 7.00 7.00 7.25 6.00 5.00 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 97: A business model generating stable cash flows and strong returns
Axfood Capital Markets Day 2025 Investing in growth and value creation 97 Net working capital as share of Group net sales Equity ratio A business model generating stable cash flows and strong returns -3.2% 20.9% Net debt/EBITDA Net debt/EBITDA (ex. IFRS 16) 2.2x 0.6x Return on capital employed Retur
Slide 98: Q&A
Axfood Capital Markets Day 2025 98 Q&A
Slide 99: Closing remarks
Axfood Capital Markets Day 2025 Closing remarks 99 Closing remarks Simone Margulies President and CEO Axfood
Slide 100: Summarising the Capital Markets Day
Axfood Capital Markets Day 2025 Closing remarks 100 Summarising the Capital Markets Day Leveraging our house of brands and operating model House of brands Attractive store network With distinctive concepts and With attractive store locations private label brands, as well as and a significant potenti
Slide 101: Capital Markets Day 2025
Axfood Capital Markets Day 2025 101 Capital Markets Day 2025
Slide 102: Forward-looking statements
Axfood Capital Markets Day 2025 102 Forward-looking statements Certain information contained in this presentation, including any information on the Group’s plans or future financial or operating performance and other statements that express the Group’s management’s expectations or estimates of futur