Slide 1: Cheffelo
Cheffelo
Slide 2: Cheffelo Q3 2025
Cheffelo Q3 2025 2025-11-05 Cheffelo
Slide 3: Today’s agenda and presenters
Today’s agenda and presenters • Cheffelo in brief • Q3 2025 • Financials • Concluding remarks • Q&A Walker Kinman Erik Bergman CEO CFO Q3 2025-11-05
Slide 4: Cheffelo: this is who we are
Cheffelo: this is who we are Winning ambition: We solve Value proposition: Meals that dinner – better than anyone else unite families
Slide 5: Our business model: subscription-based home delivery of mealkits
Our business model: subscription-based home delivery of mealkits Ordering of On-demand ingredient Efficient, tech-enabled Covering 92% Scandinavian personalized mealkits purchasing – no packing of mealkits and households through from the largest inventory, minimal food add-ons & groceries outsourced
Slide 6: YTD EBIT tripling on double-digit Net sales growth
YTD EBIT tripling on double-digit Net sales growth • Reported Net sales growth of 23.3% (2.4%) • Adjusted for currency, Net sales grew by 26.6% (3.8%) • Driven by 64% increase in customer acquisition • Continued strength in Norway 39.0% (0.1%)* • Solid growth in Sweden 18.0% (11.9%) • Add-ons and Gr
Slide 7: The Scandinavian mealkit market
The Scandinavian mealkit market • Strengthening the number 2- position across the Nordics • Most personalized • Strong brand assets • Local profile • Growing • Profitable • Estimated market shares by market* • Norway: 44% • Sweden: 24% • Denmark: 7% Est. BSEK 5.1 (M€ 447) Mealkit market in 2024* *S
Slide 8: Net sales development by market – Q3 2025
Net sales development by market – Q3 2025 Norway Net sales1) 39.0% (0.1%) Sweden Net sales 18.0% (11.9%) (Sweden Online Grocery Index Q3, 8.4% (7.5%) 2) Denmark Net sales1) 8.6% (8.6%) 1) Net sales in local currency. (Denmark Online Grocery Index Jul-Aug, 6.6% (2.0%) 3) 2) As measured by the Swedish
Slide 9: Where will 7-9% growth come from?
Where will 7-9% growth come from? 2% 1% 3-4% 1-2% Optimize Expand Increase Boost pricing Add-ons & groceries Active customers Order frequency • Price adjustments to • Expansion of basket • Continuing to improve • Continued offset inflation while penetration to on acquisition improvement but maintain
Slide 10: Key growth metrics during Q3
Key growth metrics during Q3 Optimize pricing Expand Increase Boost Add-ons & groceries Active customers Order frequency • AOV up 3.3%1) • 64% growth in Q3 • 16% increase in active • 5.6% increase in order customers frequency despite • Approximately 2% price • Basket penetration up higher share of n
Slide 11: Financials
Financials Cheffelo
Slide 12: 26.6% Net Sales growth in local currency
26.6% Net Sales growth in Net Sales per quarter local currency +26.6% local currency • Highest third-quarter growth since the listing • Growth driven by: 216.0 • 64% increase in new customer acquisition 266.4 • Active customers increased by 16.0% • 5.6% higher order frequency • Average order value i
Slide 13: Contribution margin
Contribution margin Contribution margin trend • Contribution margin increased by 19.6% vs LY to MSEK 72.1, driven by strong topline growth. • Contribution margin at 27.1%, impacted by more discounts related to higher customer acquisition and higher food costs. • Full-year contribution margin is expe
Slide 14: YTD EBIT tripling!
YTD EBIT tripling! EBIT (Operating profit) • Strong volume growth and strict cost discipline drove the improved profitability • The first positive third-quarter EBITDA since 2020. +12.0 MSEK • Reduced Sales and marketing expenses vs LY, still achieving 64% new customer growth Q3 Q3 Jan - Sep Jan - S
Slide 15: Increased profitability drives Cash flow
Increased profitability Cash flow Q3 2025 drives Cash flow • Free cash flow increased by MSEK 32.9 versus last year. • Year-to-date, free cash flow amounts to MSEK 56.7, already exceeding the full-year figure for 2024. Q3 Q3 Jan - Sep Jan - Sep LTM FY Δ Δ MSEK 2025 2024 2025 2024 Q3 2025 2024 Cash f
Slide 16: Looking forward
Looking forward • Net sales growth in the high single digits, in line with our new long-term growth targets. • Continued strong momentum in Norway and Sweden • Growth rate will be lower in Q4 compared to Q3 due to the seasonality of new customer acquisition. • 52 weeks in 2025 vs 53 weeks in 2024 wi
Slide 17: Concluding remarks
Concluding remarks = a5 Cheffelo
Slide 18: Successful customer acquisition and operational execution fuels 2025 growth ambitions
Successful customer acquisition and operational execution fuels 2025 growth ambitions • Almost 27% Net sales growth in Q3 - Driven by 64% increase in customer acquisition • YTD EBIT tripling • Good momentum into Q4 • New financial targets: - Net sales CAGR of 7–9% - SEK 1.5 billion in Net sales by 2
Slide 19: Q&A
Q&A
Slide 20: LiNAS odt fPrLevert
LiNAS odt fPrLevert Cheffelo| ,.... () retnemtT Adams.