Slide 1: Cheffelo Q1 2025
Cheffelo Q1 2025 2025-05-07
Slide 2: Today's agenda and presenters
Today’s agenda and presenters • Cheffelo in brief • Q1 2025 • Financials • Concluding remarks • Q&A Walker Kinman Erik Bergman CEO CFO Q1 2025 05.07
Slide 3: Our purpose: Innovating the mealtime experience
Our purpose: Innovating the mealtime experience Our vision: Simplifying everyday life Strong local brands with heritage in innovation and entrepreneurship
Slide 4: Our business model: subscription-based home delivery of mealkits
Our business model: subscription-based home delivery of mealkits • Demand driven business model - Near-zero inventory - Minimal food waste • Local taste preferences - Local chefs and dieticians - Widest selection of recipes • Personalized customer experience - Proprietary tech solutions - AI recomme
Slide 5: Q1 highlights
Q1 highlights: Good start to the year with increased growth rate and jump in EBIT profitability • Net sales growth of 17.6% (2.1%) * • Stand-out growth in Norway (25.4%) * • 3rd quarter with double-digit growth in Sweden (12.6%) • Add-ons and Groceries (A&G) up 55% • Active customer growth of 6.5% (
Slide 6: Net sales development by market – Q1 2025
Net sales development by market – Q1 2025 Norway Net sales1) +25.4% (-5.5%) Sweden Net sales 12.6% (2.1%) (Sweden Online Grocery Index Q1 +2.2%) 2) Denmark Net sales1) +4.8% (43.9%) (Denmark Online Grocery Index Jan-Feb +2.9%) 3 1) Net sales in local currency. 2) As measured by the Swedish Food Reta
Slide 7: Unrivaled Customization – Your taste, your choice
Unrivaled Customization – Your taste, your choice Broadest recipe Over 200 Weekly AI generated menu based on selection every week unique recipes customer preferences and historical every month in purchase patterns Launch of low-calorie all markets dishes in Q4 Choice of 2, 3, 4, 5, or 6 portions Opt
Slide 8: Unrivaled Customization – Meeting customer needs
Unrivaled Customization – Meeting customer needs Grocery product subscription to Multiple delivery simplify weekly refrigerator options on preferred stocking days Do-it-yourself options with raw Deliver to over 91% of proteins and side-salad kits (or households in NO, SE taco-Friday traditions) and
Slide 9: Where is growth coming from?
Where is growth coming from? Optimize Increase Boost Expand pricing Active customers Order frequency Add-ons & groceries • AOV up 4.5% • Third consecutive • Increase of 5.7% in • 55% growth in Q1 • Price increases quarter of growth in Q1 Q1 2025 • A&G now 1.9% (1.4%) of • Larger basket sizes • Activ
Slide 10: Financials
Financials Cheffelo
Slide 11: Double-digit Net sales growth
Double-digit Net sales growth • Net sales growth of 16.5%. +17.6% local currency • 17.6% when adjusting for currency effects. • Timing of Easter affects the comparability of many 336.3 reported metrics. Excluding Easter week, Net Sales 288.7 grew by 14.0% in local currency. • Increase in Active cust
Slide 12: Economies of scale help drive increase in contribution margin
Economies of scale help drive increase in contribution margin • Contribution margin increase of 1.2 pp. • The improvement was driven by continuous improvements in operations and economies 32.6% 31.4% of scale from higher volumes. • Contribution margin typically varies with seasonality, with higher l
Slide 13: EBIT expansion of 105%
EBIT expansion of 105% • EBIT margin increase to 6.1% (3.5%). • The improvement of 2.6 percentage points was primarily driven by economies of scale • Sales and marketing expenses for the quarter amounted to MSEK 47.6 (42.6). • Q1 relative Sales and marketing expenses at same level as LY, when adjust
Slide 14: Increased profitability drives Cash flow
Increased profitability drives Cash flow • Cashflow before changes in NWC* increased by MSEK 9.8 vs LY • A higher cashflow related to higher profitability was offset by a lower cashflow from NWC* • Timing of accounts receivables affects cashflow during the period Q1 Q1 LTM FY Δ MSEK 2025 2024 Q1 202
Slide 15: Looking forward
Looking forward • Full year Net sales growth expected to exceed upper financial target range of 8% • Easter timing will impact Q2 comparisons • Contribution margin expected to exceed 31% on an annual basis • Sales and marketing expenses expected to be around 12% in 2025 • Increased volumes and econo
Slide 16: Concluding remarks
Concluding remarks = a5 Cheffelo
Slide 17: Takeaways: Solid start to the year and good momentum into Q2
Takeaways: Solid start to the year and good momentum into Q2 • Q1 growth in all markets—double digits in Norway and Sweden • Third straight quarter of Active customer growth YoY, driven by higher acquisition • Good momentum moving into Q2 with realistic expectations due to Easter timing reversal • F
Slide 18: Q&A
Q&A