Slide 1: Q2 & H1 2025
Q2 & H1 2025
Slide 2: Today’s agenda and presenters
Today’s agenda and presenters • Cheffelo in brief • H1 2025 • Financials • Concluding remarks • Q&A Walker Kinman Erik Bergman CEO CFO Q2 2025 20.08.25
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: First half highlights
First half highlights: Higher growth rate and 42% EBIT increase • Reported Net sales growth of 9.6% (5.3) • Adjusted for currency, Net sales grew by 12.0% (6.1) • Continued strength in Norway 18.7% (-0.3) * • Solid growth in Sweden 8.8% (4.4) • Add-ons and Groceries (A&G) up 50% • EBIT profitability
Slide 6: Net sales development by market – H1 2025
Net sales development by market – H1 2025 Norway Net sales1) +18.7% (-0.3%) Sweden Net sales 8.8% (4.4%) (Sweden Online Grocery Index H1 +5.1%) 2) Denmark Net sales1) -2.3% (41.9%) 1) Net sales in local currency. (Denmark Online Grocery Index Jan-May +5.7%) 3 2) As measured by the Swedish Food Retai
Slide 7: Key growth metrics during Q2
Key growth metrics during Q2 Optimize Expand Increase Boost pricing Add-ons & groceries Active customers Order frequency < • AOV up 4.6% • 44% growth in Q2 • Price increases • A&G now 2.0% (1.4%) of • Larger basket sizes Net sales - More portions • Basket penetration Distorted by - More recipes rate
Slide 8: Building momentum for Add-ons & groceries
Building momentum for Add-ons & groceries – helping our customers solve their everyday meal challenges • Bundled offers & flexible add-ons • Seasonal relevance • Improved customer communication
Slide 9: Financials
Financials Cheffelo
Slide 10: H1 Net sales growth of 12% (adjusted for currency)
H1 Net sales growth of 12% (adjusted for currency) • Solid performance in Q2 was partly masked by Easter timing and the impact of a stronger SEK +5.1% local currency • Timing of Easter affects the comparability of many reported metrics. Including last week of Q1, ie including all Easter weeks in bot
Slide 11: Q2 performance on track for Contribution margin target to exceed 31%
Q2 performance on track for Contribution margin target to exceed 31% • Food inflation and adjustments in the pricing logic increased costs, raising Input goods as a percentage of Net Sales from 46.0% last year to 46.7% this year. 31.1% 30.3% • Contribution margin typically varies with seasonality, w
Slide 12: 42% increase in EBIT profitability in the first half
42% increase in EBIT profitability in the first half • EBIT margin increase to 8.2% (7.6%) • Reduced Sales and marketing expenses 8.2% 7.6% vs LY, still achieving 18% new customer growth Q2 Q2 Jan - Jun Jan - Jun LTM FY Δ% Δ% 2025 2024 2025 2024 Q2 2025 2024 Sales and marketing expenses, MSEK -19.5
Slide 13: Increased profitability drives Cash flow
Increased profitability drives Cash flow • YTD Cashflow from operating activities before changes in NWC* increased by 10 MSEK vs LY • Accounts receivables increased by MSEK 17.1, primarily due to payment timing at quarter-end • Proceeds from issue of shares under the long- term incentive programs (L
Slide 14: Looking forward
Looking forward • Full year Net sales growth expected to exceed upper financial target range of 8% • We expect double digit growth in Q3 • Continued strong momentum in Norway and Sweden • Denmark is expected to be flat remaining of the year • 52 weeks in 2025 vs 53 weeks in 2024 • Contribution margi
Slide 15: Concluding remarks
Concluding remarks = a5 Cheffelo
Slide 16: Takeaways: solid performance in Q2 contributing to double-digit H1 growth
Takeaways: solid performance in Q2 contributing to double-digit H1 growth – Easter timing affecting comparability • Local currency growth of 12% - Currency headwinds remain • 42% increase in EBIT profitability • Good progress on A&G with 50% growth • Good start to H2 - Q3 Double-digit growth expecte
Slide 17: Q&A
Q&A