Axfood Ab · OMXSTO:AXFO
Axfood Ab — Q2 2025 Earnings Presentation
30 slides from Axfood Ab's earnings presentation, Jul 11, 2025
Slide 1: A strong quarter with increased market shares
A strong quarter with increased market shares Interim report Q2 2025
Slide 2: A strong quarter with increased market shares
Interim report Q2 2025 2 A strong quarter with increased market shares Q2 A strong quarter with increased Improved productivity and Strategic initiatives to further Continued steps to contribute to market shares, continued momentum efficiency in logistics contributing strengthen the Group’s presence
Slide 3: Agenda
Interim report Q2 2025 3 Agenda –Market update, Q2 and strategic agenda –Financial position –Outlook and summary –Q&A
Slide 4: Market update, Q2 and strategic agenda
Interim report Q2 2025 4 Market update, Q2 and strategic agenda
Slide 5: Significantly outperforming the market
Interim report Q2 2025 5 Significantly outperforming the market Retail sales y-o-y growth Axfood market share development 2015 to H1 2025 Total market share in value, pro forma 2024 including City Gross FY net sales % Axfood* Axfood ex. City Gross* Food retail trade index 25.4% 25 22.9% 25.1% 22.0%
Slide 6: Group net sales and retail sales
Interim report Q2 2025 6 Group net sales and retail sales Strong growth with contribution from all operating segments Net sales, SEK m +9.3% –Net sales increased by 9.3% 22,995 20,797 21,044 –Strong momentum in Willys, Hemköp and Snabbgross 18,468 13,903 –Retail sales increased by 22.9% –Retail sale
Slide 7: Group operating profit
Interim report Q2 2025 7 Group operating profit Increased earnings due to strong growth and cost efficiencies Adj. operating margin, %* +14.7% Adj. operating profit, SEK m* –Operating profit SEK 934 m (836), adjusted 942 959 828 836 operating profit* SEK 959 m (836) 661 –Higher profits in Willys, He
Slide 8: Willys
Interim report Q2 2025 8 Willys Strong growth, increased market share and higher operating profit –Net sales increased by 10.2% and LFL 8.3% –Growth clearly higher than the market Operating margin, % +10.2% –Higher volumes with increased customer traffic and new store establishments Net sales, SEK m
Slide 9: Hemköp
Interim report Q2 2025 9 Hemköp Solid growth in line with the market and strong profitability –Net sales increased by 6.4% –Retail sales growth of 5.8%, LFL 4.6% Operating margin, % +6.4% –Growth in line with the market Net sales, SEK m 1,957 2,082 –Increased customer traffic and higher average tick
Slide 10: City Gross
Interim report Q2 2025 10 City Gross High activity level to strengthen the concept for the future –Net sales amounted to SEK 2,319 m (–) –Positive retail sales growth of 2.6%, LFL 3.5% –Total store network 41 (–) –Closure of Bromma store in Stockholm during the quarter ahead of concept change to Wil
Slide 11: Snabbgross
Interim report Q2 2025 11 Snabbgross Strong performance in weak market with higher sales and improved profitability –Net sales increased by 5.9% and LFL 4.7% –Strong performance in a weak market Operating margin, % +5.9% –Increased customer traffic and higher average ticket value Net sales, SEK m –N
Slide 12: Dagab
Interim report Q2 2025 12 Dagab Strong growth and improved efficiency in logistics operations –Net sales increased by 7.9% –Growth driven by sales to Willys, Hemköp and Snabbgross Adj. operating margin, %* +7.9% –Operating profit SEK 298 m (247) Net sales, SEK m 19,005 19,157 20,676 –Operating margi
Slide 13: Contributing to the green transition
Interim report Q2 2025 13 Contributing to the green transition Renewable energy is one of Axfood’s focus areas to reduce the environmental footprint of the Group and contribute to the green transition in society. In April, Axfood inaugurated Sweden’s largest solar park in Hallstavik in Uppland that
Slide 14: Financial position
Interim report Q2 2025 14 Financial position
Slide 15: First half year sales and operating profit
Interim report Q2 2025 15 First half year sales and operating profit Net sales, Adj. operating Adj. operating SEK m profit, SEK m* margin, %* +6.6% +3.8% -0.1 41,296 44,034 4.0 3.9 1,653 1,716 H1 H1 H1 H1 H1 H1 2024 2025 2024 2025 2024 2025 *Excluding items affecting comparability.
Slide 16: Cash generation analysis
Interim report Q2 2025 16 Cash generation analysis –Strong cash flow from operating activities –Positive impact from changes in net working capital –Reversal of negative calendar effect in Q1 Cash flow from operating activities, SEK m –Cash flow from investing activities somewhat higher than in the
Slide 17: Financial position and investments
Interim report Q2 2025 17 Financial position and investments 24.1% 3,547 15,796 15,337 23.9% 14,861 21.8% 20.9% 3,100 10,724 24.8% Guidance 9,843 2.3 2,593 2.2 2.2 21.1% 1,946 1,600 1.6 19.9% 19.9% -1,700 1.5 18.2% 844 6.1% 714 3.5% 3.7% 2.4% 1.9% 0.6 0.8 0.6 1.4% 1.2% 1.3% 1.5% 1.7% 0.1 0.3 1.4% 1.
Slide 18: Capital efficiency
Interim report Q2 2025 18 Capital efficiency 22,985 22,282 -3.9% -3.5% -3.2% -3.4% -3.2% 16,442 17,212 Net working capital 13,550 % of Group net sales -2,260 22.4% 20.9% 20.3% -2,581 -2,620 16.6% 17.0% -2,819 -3.2% -2,875 2021 2022 2023 2024 R12M to 2021 2022 2023 2024 R12M to 30 June 30 June 2025 2
Slide 19: Outlook and summary
Interim report Q2 2025 19 Outlook and summary
Slide 20: Unchanged outlook 2025
Interim report Q2 2025 20 Unchanged outlook 2025 –Planned capital expenditures of SEK 1,600−1,700 m –Excluding acquisitions and leasehold –Plan to establish 10-15 new Group-owned stores –Items affecting comparability of SEK 100 m –Structural costs related to a handful of City Gross stores mainly thr
Slide 21: Summary
Interim report Q2 2025 21 Summary A strong quarter Continued momentum High activity level to Improved profit through with increased for Willys, Hemköp and strengthen City Gross’ strong sales growth and market shares Snabbgross competitiveness efficiency in logistics
Slide 22: Capital Markets Day 2025
Interim report Q2 2025 22 Capital Markets Day 2025 – On 18 September, Axfood will host a Capital Markets Day (CMD) for institutional investors, analysts and financial media. – The CMD will be held in Stockholm at Urban Deli Hagastaden, Hagaesplanaden 4. The event will start at 1.30 p.m. (CET) and is
Slide 23: Q&A
Interim report @2 2025 Q&A 23 Axfood
Slide 24: R12M net sales to Q2 2025, Employees, FTEs
Interim report Q2 2025 24 R12M net sales to Q2 2025, SEK Employees, FTEs 86.8bn 14,907 Efficient sourcing and logistics Customer reach for all brands and channels ~5 million customers a week Innovative development 393 Group-owned stores of private label products 133 franchise Hemköp 125 franchise Te
Slide 25: Axfood
Interim report Q2 2025 25 Axfood Q2 Q2 H1 H1 Key ratios SEK m 2025 2024 Chg 2025 2024 Chg 2024 Net sales 22,995 21,044 9.3% 44,034 41,296 6.6% 84,057 Operating margin, % Change in like- 7.1% 2.3% 4.8 4.5% 4.1% 0.4 3.7% for-like sales* Net sales, SEK m Operating profit 934 836 11.7% 1,653 1,653 0.0%
Slide 26: Willys
Interim report Q2 2025 26 Willys Q2 Q2 H1 H1 Operating margin, % Key ratios SEK m 2025 2024 Chg 2025 2024 Chg 2024 Net sales, SEK m Net sales 12,458 11,305 10.2% 24,037 22,550 6.6% 45,775 45,775 47,263 43,757 Change in like- 8.3% 1.3% 7.0 4.8% 3.4% 1.3 3.1% for-like sales 37,451 32,424 Operating pro
Slide 27: Hemköp
Interim report Q2 2025 27 Hemköp Q2 Q2 H1 H1 Operating margin, % Key ratios SEK m 2025 2024 Chg 2025 2024 Chg 2024 Net sales, SEK m Net sales 2,082 1,957 6.4% 4,138 3,912 5.8% 7,878 7,878 8,103 Change in like- 7,432 4.6% 4.6% 0.0 3.8% 5.8% -2.0 5.1% for-like sales* 6,650 6,202 Operating profit 97 87
Slide 28: City Gross
Interim report Q2 2025 28 City Gross Q2 Q2 H1 H1 Key ratios SEK m* 2025 2024 Chg 2025 2024 Chg 2024 Net sales 2,319 – – 4,378 – – 1,646 Change in like-for-like sales – – – – – – – Operating profit -45 – – -163 – – -40 Adjusted operating profit** -20 – – -100 – – -40 Operating margin -1.9% – – -3.7%
Slide 29: Snabbgross
Interim report Q2 2025 29 Snabbgross Operating margin, % Q2 Q2 H1 H1 Net sales, SEK m Key ratios SEK m 2025 2024 Chg 2025 2024 Chg 2024 5,533 5,684 Net sales 1,605 1,516 5.9% 2,845 2,695 5.6% 5,533 5,317 4,727 Change in like-for- 4.7% 1.5% 3.2 4.4% 1.5% 2.9 3.3% like sales 3,825 5.0 5.3 5.0 Operatin
Slide 30: Dagab
Interim report Q2 2025 30 Dagab Operating margin, % Net sales, SEK m 78,763 74,175 76,589 66,999 Q2 Q2 H1 H1 52,295 Key ratios SEK m 2025 2024 Chg 2025 2024 Chg 2024 Net sales 20,676 19,157 7.9% 39.849 37,675 5.8% 76,589 1.8 1.5 1.5 1.6 1.4 Operating profit 298 247 20.6% 585 516 13.5% 1,156 Operatin