Cheffelo Ab · OMXSTO:CHEF
Cheffelo Ab — Investor Day (October 2025)
55 slides from Cheffelo Ab's investor day presentation, Oct 22, 2025
Slide 1: Capital Markets Day 2025
Capital Markets Day 2025 2025-10-22
Slide 2: Today's menu: Cheffelo Capital Markets Event
Today’s menu: Cheffelo Capital Markets Event 1. Welcome - Peter Bodor, Head of Corporate Communications & Sustainability 2. The Big Picture: Where we are, where we’re headed, and what’s cooking in the mealkit market - Walker Kinman, Chief Executive Officer 3. Growth in Action: How we’re attracting m
Slide 3: Walker Kinman, CEO
Walker Kinman, CEO Cheffelo
Slide 4: Cheffelo in brief
Cheffelo in brief • Founded in 2008 • A profitable leading supplier of mealkits in the Nordic region • Operations in Sweden, Norway and Denmark • Listed on Nasdaq First North Premier Growth Market in March 2021 (ticker: CHEF) o 16 million meals delivered in 2024 o 1.1 billion SEK in Net sales o 85 t
Slide 5: Our Winning Ambition
Our Winning Ambition We solve dinner – better than anyone else!
Slide 6: Our value proposition: Meals that unite families
Our value proposition: Meals that unite families 1. Recipe and 2. Meal plan ordered 3. Order processing 4. Meal kits ingredient planning and purchasing of packaging ingredients 7. Data analysis and 6. Customers enjoy 5. Delivery of meals to product development home-cooked meals customers
Slide 7: Differentiation: Personalization so smart, it feels simple
Differentiation: Personalization so smart, it feels simple
Slide 8: Differentiation: Nailing it on service reliability
Differentiation: Nailing it on service reliability
Slide 9: 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* *So
Slide 10: Consumer Sentiment (10-Year development)
Consumer Sentiment* (10-Year development) • Consumer Confidence recovery in Norway has taken longer, but now higher than Norway Sweden Denmark Sweden and Denmark • Confidence in Sweden crashed at year-end Aug ‘25 -4 -8 -17 2024 but has now bounced and is moving higher Aug ‘24 -16 -3 -7 • Denmark’s c
Slide 11: Opportunity to benefit from mega trends
Opportunity to benefit from mega trends Food e-commerce is just getting started – Online grocery sales in our markets are set to almost double by 2035. The potential is significant and the category far from saturated.1 Increasing awareness of food-health relationship – studies show home cooking is a
Slide 12: 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 13: Customer acquisition seasonality
Customer acquisition seasonality • Healthy acquisition cycle in 2025 Pandemic Outliers • Driven by Norway • Fluctuating growth rates affected by: • First and third quarter acquisition peaks • High churn in early subscriber lifecycle
Slide 14: Customer retention cohort development
Customer retention cohort development • 2024 cohort tracking towards an all-time high • Early churn offers opportunity for value creation: Most recent annual • Increased personalization and cohort performing Well improvements in product fit • Continuous improvement on service reliability Each line r
Slide 15: Customer retention distributions
Customer retention distributions Vertical boxes and lines in the diagram represents the distribution of data points for all monthly cohorts from Jan 2020 to Dec 2023 after n number of Months since first delivery. 50% of data points are represented in the vertical rectangle while 25% of them are repr
Slide 16: Customer retention distributions
Customer retention distributions • Clear early life-cycle improvement in customer retention for 2024 cohorts. (75% of monthly cohorts outperforming top 25% from previous 4 years every month for the first 9 months following first delivery) • We are investing in: • Personal preference accuracy • Taste
Slide 17: Group revenue retention (all brands)
Group revenue retention (all brands) • High value customers have long-tail relationships and purchase more frequently • This behavior drives a higher revenue retention curve vs customer retention • While 2019 and 2020 have a positive bias due to the pandemic • Long term customer relationships play a
Slide 18: Adam Björklund, CGO
Adam Bjorklund, CGO Cheffelo
Slide 19: Customer acquisition transformation building a foundation for future growth
We are in the middle of a customer acquisition transformation building a foundation for future growth New rules Current status – Endless content & channels Desired business outcomes are fragmenting Building new Attract high-value customers, efficiently • Increase number of new subscribers • Reduce
Slide 20: Accelerating growth - from new customer acquisition
Accelerating growth - from new customer acquisition We are investing in …creating ..doing fewer …and bring new capabilities, space for things better expertise in-house meeting new specialization for speed and customer & scale control expectations..
Slide 21: How we will get there – Focus on 3 strategic vehicles
How we will get there – Focus on 3 strategic vehicles North Star Create a world- class AI-native customer 3 acquisition engine Bring more energy to the brands - Improving relevance & 2 stickiness Move marketing operations 1 inhouse - More control & speed Amplify a flagship digital experience - Drivi
Slide 22: What success looks like
What success looks like Acquire (even more) Reduce Cost of high value customers acquisition – All year around – Make every human eye-ball count Elevate measurement Adoption of AI-enabled framework automation – what gets measured - as ROI multiplier within gets done control
Slide 23: Claes Stenfeldt, CCO
Claes Stenfeldt, CCO Cheffelo
Slide 24: Unmatched convenience & choice for modern families
Unmatched convenience & choice for modern families 300 recipes Pick every meal for weekday dinners yourself or let us recommend Flexible delivery 2, 3, 4, 5, 6 portions (home, cabin, 2, 3, 4, 5 dinners/week summer cottage)
Slide 25: Staying relevant all year
Staying relevant all year Menu adapts with the Close collaboration seasons; BBQ for summer, with local suppliers local Christmas specialities, etc Encourages year-round Efficient packaging & Customer engagement reliable deliveries
Slide 26: Personalization that feels effortless
Personalization that feels effortless Covers a wide variety of preferences & dietary needs (vegetarian, family- friendly, quick&easy, etc.) 200+ unique recipes/month Uses ratings & past selections for tailored suggestions Simplifies meal planning
Slide 27: Bringing families together around the dinner table
Bringing families together around the dinner table No need for planning and shopping = more time together Dinner table = connection, well-being, quality time Meals everyone enjoys = easier to gather
Slide 28: Driving loyalty
Driving loyalty • New loyalty program • Focus on CRM (Customer Relationship Management) • Add-ons & Groceries – a complement to the mealkits
Slide 29: We're never better than our last delivery
We’re never better than our last delivery • Weekly in-depth surveys • Real-time feedback on recipes, ingredients, delivery • Continuous digital & physical product improvements • Customer-driven innovation
Slide 30: Anton Nytorp, CTO
Anton Nytorp, CTO Cheffelo
Slide 31: Technology enabling great customer experiences
Technology enabling great customer experiences We enable our chefs …and make your …enable efficient, …and a hassle-free to create great interactions with us high-quality delivery and customer recipes and menus… super simple… production... service The secret sauce: a proprietary custom technology pla
Slide 32: Personalization so smart – it feels simple
Personalization so smart – it feels simple • A unique meal kit to every customer • Using AI and preferences to learn what each customer wants • More opportunities for customization
Slide 33: Enabling personalized mealkit production at scale
Enabling personalized mealkit production at scale • Sophisticated Production technology • Micro-optimizations compound over time • Enabling great customer experiences
Slide 34: Solving dinner better than anyone else
Solving dinner better than anyone else • Platform built for scale – ready to meet the future of Cheffelo • Modular platform enabling geographical, and volume scaling • Large opportunity in using AI even more in our internal operations
Slide 35: Vibeke Amundsen, COO
Vibeke Amundsen, COO Cheffelo
Slide 36: Operational excellence at Cheffelo
Operational excellence at Cheffelo • Eliminate waste • Explore new technology • Design new processes Smarter processes • Find new solutions Engagement • Identify problems and root causes Structured continuous • Implement corrective improvement measures Quality • Agree on best practice Flow • Train p
Slide 37: Operational excellence & service reliability
Operational excellence & service reliability 12% • Higher volumes, lower claims rates, 4% vs LY strong team engagement • Service reliability: On-time, perfect- condition deliveries every week Jan–June • Claims rate down 12% YoY; customer 2022 2023 2024 2025 Target 2025 inquiries all-time low • Robus
Slide 38: Customer satisfaction through lean operations
Customer satisfaction through lean operations Engagement Quality Flow Operational Excellence
Slide 39: Personalization at scale
Personalization at scale • 30,000+ personalized meal kits delivered weekly • Seamless, scalable production for unique customer needs • Technology & agile teams enable Personalization so smart, it feels simple
Slide 40: Innovations in delivery experience
Innovations in delivery experience • Expanded delivery areas in Norway & Sweden • Flexible delivery slots in Denmark • Customers in control: real-time updates
Slide 41: Sustainability progress
Sustainability progress • 20% reduction in ice-bag use (2022–2024) • 12.3 tons less plastic used (42.6% reduction) • Near-zero food waste: 2.5g per portion in 2024 • Supplier collaboration for optimized packaging
Slide 42: Engaged teams at the heart of our operations
Engaged teams at the heart of our operations • 250+ team members in operations, many part-time • Success built on engagement, leadership, and teamwork • Team leaders drive psychological safety, clear goals, and feedback culture • Culture: Proud to deliver, challenge the status quo, better together
Slide 43: Erik Bergman, CFO
Erik Bergman, CFO Cheffelo
Slide 44: Updated financial targets
Updated financial targets Financial Targets Growth The Group’s objective is a long-term Net sales CAGR of 7-9% > BSEK 1.5 in 2028 Profitability The Group’s objective is to achieve a long-term EBIT margin of approximately 7-9% in 2028
Slide 45: 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 46: Trading update
Trading update Net Sales • Net sales for the third quarter amounted to MSEK 266.4 (216.0), an increase of 23.3% versus last year. • Adjusted for currency effects, that equals a growth of 26.6%. • A 64% increase in customer acquisition, gives the highest customer inflow since the pandemic Profitabili
Slide 47: 3 Key factors for being on top of profitability
3 Key factors for being on top of profitability Financial target Profitability The Group’s objective is to achieve a long- term EBIT margin of approximately 7-9% in 2028 1 2 3 Control of unit Efficient customer Disciplined economics acquisition approach to OPEX Contribution Managed Sales and Cost fo
Slide 48: Economies of Scale to drive increased EBIT
Economies of Scale to drive increased EBIT • The improvement in the LTM* EBIT margin has increased from 3.2% to over 4.9%, which is to a large extent supported by economies of scale. • Every new customer and every additional delivery means: • Our fixed costs are spread over more meal kits. • Fulfill
Slide 49: Seasonality – a defining feature of Cheffelo's business
Seasonality – a defining feature of Cheffelo’s business • Every quarter is unique due to the Example of week-by-week volume trend interplay of customer behavior, holidays and campaign timing. • The peak seasons for customer acquisition is in beginning of the year and after summer. • Understanding th
Slide 50: Seasonality – effect on quarterly profitability and cashflow
Seasonality – effect on quarterly profitability and cashflow • Quarters with seasonal higher volumes have a higher contribution margin as fixed • Each is unique and reflects Two main factors affecting seasonal cost are spread over more deliveries. volume and marketing activity. changes to net workin
Slide 51: 3 Factors behind our strong cash conversion
3 Factors behind our strong cash conversion 1 2 3 Unit economics Capital light Negative & Margins model working capital Contribution No structural debt margin per 1.1% except IFRS 16 delivery CAPEX as % of leases (LTM Q2’2025) Net Sales Negative working 270 SEK (LTM Q2 2025) capital -5.8% Working Ca
Slide 52: Capital allocation
Capital allocation • Current cash position is sufficient to manage seasonal swings • Asset light model with no need for large investments • As we grow organically, our negative NWC model is not limited by working capital • Ambition: maintain a strong dividend yield while enabling the company to inve
Slide 53: Q&A
Q&A Cheffelo
Slide 54: Walker's closing remarks
Walker's closing remarks Cheffelo
Slide 55: LiNAS odt TPrevert
LiNAS odt TPrevert Cheffelo .... () retnemT Adams.