Slide 1: Cc h eg f fe | ©) | LINAS Goat fPaevert @) RETNEMT
Cc h eg f fe | ©) | LINAS Goat fPaevert @) RETNEMT
Slide 2: Cheffelo Q4 2025
Cheffelo Q4 2025 2026-02-19 Cheffelo
Slide 3: Today's agenda and presenters
Today’s agenda and presenters • Cheffelo in brief • Q4 2025 • Financials • Concluding remarks • Q&A Walker Kinman Erik Bergman CEO CFO Q4 2026-02-19
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: Q4 and full-year highlights
Q4 and full-year highlights: Record Q4 EBIT successfully closes a year of accelerating growth Q4 2025 • Net sales growth of 9.1% (9.7%) • Adjusted for currency, Net sales grew by 12.6% (11.1%) • EBIT MSEK 36.7 (29.4) – Q4 record • Continued strong growth in Norway 23.5% (6.6%)* • 10th quarter sustai
Slide 7: Consolidating Adams Matkasse and Godtlevert to strengthen Norwegian market position
Consolidating Adams Matkasse and Godtlevert to strengthen Norwegian market position • Single brand aligned with Cheffelo value proposition • Customers receive a more personalized experience • Improved sales & marketing and supply chain efficiencies • Supports continued profitable growth • Migration
Slide 8: Pilot project in Finland
Pilot project in Finland • First cross-border pilot to be run in Finland during 2026 • Test-based approach from existing fulfillment center in Sweden • More details to come closer to launch; exact launch date not yet set
Slide 9: Net sales development by market – Q4 2025
Net sales development by market – Q4 2025 (13 weeks vs 14 last year) Norway Net sales1) 23.5% (6.6%) Sweden Net sales 4.0% (15.6%) (Sweden Online Grocery Index Q4, 8.3% (3.5%) 2) Denmark Net sales1) -3.5% (8.0%) 1) Net sales in local currency. (Denmark Online Grocery Index Oct-Nov, 4.2% (7.9%) 3) 2)
Slide 10: Sustainability highlights 2025
Sustainability highlights 2025 • Food waste in our production reduced by 36% to 1.6g/portion • Only slow-growing chicken in Norway and Denmark • Very strong employee engagement and leadership scores in our latest employee survey • 2% of our Net profit to local Red Cross initiatives that combat food
Slide 11: Financials
Financials Cheffelo
Slide 12: Strong Q4 finish with growth above expectations
Strong Q4 finish with growth Net Sales per quarter +12.6% above expectations local currency • 12.6% Net Sales growth in local currency- Solid top-line momentum despite currency headwinds and one 323.6 296.6 fewer delivery week. • Growth driven by more active customers, higher new customer intake and
Slide 13: Contribution margin
Contribution margin Contribution margin trend • Input goods as % of net sales showed a smaller year-on-year variance in Q4 than in Q3, driven by successful mitigating actions • FY Contribution margin at 30.7% was a slight reduction vs LY, reflecting continued investment in customer growth and experi
Slide 14: FY EBIT increase of 76.1%
FY EBIT increase of 76.1% EBIT (Operating profit) +7.3 MSEK • EBIT of MSEK 36.7 is the highest Q4 EBIT ever recorded • MSEK 2.0 reduced Sales and marketing expenses vs LY, still achieving 17% new customer growth • Economies of scale due to the strong volume growth combined with controlled unit econo
Slide 15: Increased profitability drives Cash flow
Increased profitability Cash flow Q4 2025 drives Cash flow • FY Free cash flow of MSEK 83.8 was an increase of MSEK 37.0, with Q4 contributing with an increase of MSEK 11.3 vs LY • FY Cash flow from Net working capital contributed MSEK 12.1, up MSEK 4.7 vs LY, driven by one additional payment day on
Slide 16: Proposed dividend
Proposed dividend • The Board will propose a dividend of SEK 7.05, to be decided at the AGM on April 29th. • With this dividend, we will have 3.32 distributed a total of MSEK 182.4 in cash to shareholders since 2022 in the 1.75 1.78 form of dividends. 0.30 Free cash flow 83.8 MSEK Cash proceed from
Slide 17: Looking forward
Looking forward • Net Sales Expectations in 2026: • Norway: continued growth, however at a more moderate level than seen in 2025 • Sweden: steady growth rate to continue in 2026 • Denmark: expected return to organic growth in 2026. • Full-year contribution margin of 30–31% • Sales and marketing expe
Slide 18: Concluding remarks
Concluding remarks = a5 Cheffelo
Slide 19: Acceleration in 2025, supporting growth ambitions
Acceleration in 2025, supporting growth ambitions • Solid finish to 2025 with double-digit growth in local currency for the quarter and the full year • Business model benefits from scale with new Q4 EBIT record and FY EBIT increasing by 76% • Norway brand integration further strengthens value propos
Slide 20: Q&A
Q&A
Slide 21: Cc h eg f fe | ©) | LINAS Goat fPaevert @) RETNEMT
Cc h eg f fe | ©) | LINAS Goat fPaevert @) RETNEMT