Axfood Ab · OMXSTO:AXFO
Axfood Ab — Q3 2026 Earnings Presentation
35 slides from Axfood Ab's earnings presentation, Oct 22, 2026
Slide 1: Continued volume growth in a dynamic market
Continued volume growth in a dynamic market Interim report Q3 2026
Slide 2: Continued volume growth in a dynamic market Q3
Interim report Q3 2026 2 Continued volume growth in a dynamic market Q3 Continued growth and improved Ambition reached to achieve Strong quarter in Hemköp, Investments in technology, AI, earnings in a market with deflation, profitability in City Gross somewhat better growth in Willys automation and
Slide 3: Swedish food retail market in recent years
Interim report Q3 2026 3 Swedish food retail market in recent years Continued strong market growth Discount segment gaining share over time Axfood also gaining share over time Swedish food retail market size* Segment development in Swedish food retail** Market shares in Swedish food retail** Axfood
Slide 4: A dynamic Swedish food retail market
Interim report Q3 2026 4 A dynamic Swedish food retail market Strong volume-driven market growth Volatile pricing environment in recent years High price awareness among consumers Total market growth by quarter, y-o-y* Food price inflation (CPI) by quarter, y-o-y** Yearly development of top factors’
Slide 5: Q3 development and financial position
Interim report Q3 2026 5 Q3 development and financial position
Slide 6: Axfood growth versus the market
Interim report Q3 2026 6 Axfood growth versus the market Retail sales y-o-y growth Retail sales growth two-year stack % Axfood Food retail trade index % Axfood Food retail trade index 30 30 25 25 22.4% 20 20 15 15 10 10 9.6% 5 4.0% 5 2.9% 0 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Slide 7: Group net sales and retail sales
Interim report Q3 2026 7 Group net sales and retail sales Sales growth with higher volumes Net sales, SEK m +1.9% –Net sales increased by 1.9% 22,711 20,293 20,902 22,286 18,674 –Retail sales increased by 2.9% –Sales growth driven by higher volumes, continued strong above-market growth in Hemköp –Ne
Slide 8: Group operating profit
Interim report Q3 2026 8 Group operating profit Increased earnings despite cost pressure Adj. operating margin, %* Adj. operating profit, SEK m* +1.9% –Operating profit SEK 1,118 m (1,059), adjusted 1,119 1,015 1,095 1,007 1,099 operating profit* SEK 1,119 m (1,099) –Increased profit mainly driven b
Slide 9: Willys
Interim report Q3 2026 9 Willys Improved sales growth trend –Net sales increased by 2.1% Operating margin, % –Retail sales growth of 2.1%, LFL 0.3% +2.1% Net sales, SEK m –Improved sales growth compared to the second quarter 12,332 11,364 12,074 –High comps from the prior years, negative impact from
Slide 10: Hemköp
Interim report Q3 2026 10 Hemköp Continued strong trend with above-market growth –Net sales increased by 8.8% Operating margin, % +8.8% –Retail sales growth of 7.1%, LFL 4.8% Net sales, SEK m –Growth clearly above the market 2,170 1,863 1,995 –Higher volumes with increased customer traffic 1,779 1,6
Slide 11: City Gross
Interim report Q3 2026 11 City Gross Profitability reached two years after the acquisition –Net sales amounted to SEK 2,114 m (2,178) –Retail sales growth of -2.9%, LFL 0.6% –Total store network 38 (40) –In total 1 store closure during the quarter –Operating profit SEK 23 m (-43), adjusted operating
Slide 12: Snabbgross
Interim report Q3 2026 12 Snabbgross Soft sales development in challenging market –Net sales and LFL essentially unchanged –Negative impact from food price deflation Operating margin, % -0.3% Net sales, SEK m –Total store network 31 (31) 1,518 1,609 1,604 1,324 1,437 –Operating profit SEK 81 m (101)
Slide 13: Dagab
Interim report Q3 2026 13 Dagab Resilient profitability despite headwinds –Net sales increased by 2.4% –Sales growth driven by higher volumes Operating margin, %* –Growth driven by sales to food retail and mainly Net sales, SEK m +2.4% Axfood’s own concepts –Negative impact from food price deflation
Slide 14: Cash generation analysis
Interim report Q3 2026 14 Cash generation analysis –Lower operating cash flow for the YTD period –Negative impact from changes in net working capital mainly due to effects from VAT reduction Cash flow from operating activities, SEK m –Somewhat higher negative investing cash flow –Increased investmen
Slide 15: Financial position and investments
Interim report Q3 2026 15 Financial position and investments 3,547 15,613 15,970 15,807 16,294 24.1% 3,100 14,598 23.9% 23.7% 2,593 21.2% 24.1% 2.1 2.1 2.1 22.7% 1,946 1.9 2.0 21.3% 1,731 20.9% 20.4% 6.1% 1,487 3.7% 1,267 3.5% 0.7 2.4% 1.9% 1.9% 2.2% 0.6 0.6 0.6 1.4% 1.5% 0.4 1.2% 1.3% 1.6% 1.7% 1.6
Slide 16: Capital efficiency
Interim report Q3 2026 16 Capital efficiency -2.7% -3.5% -3.2% -3.4% -3.3% Net working capital 24,486 22,985 23,505 % of Group net sales 16,442 17,212 -2,581 -2,620 -2,473 -2,875 -2,933 20.9% 20.3% 16.6% 15.5% 15.9% 2022 2023 2024 Net working capital, SEK m 2025 Net working capital % of net sales R1
Slide 17: Partly revised outlook 2026
Interim report Q3 2026 17 Partly revised outlook 2026 –Planned capital expenditures SEK 2,000−2,100 m –Excluding acquisitions and leasehold –Revision from previous guidance of SEK 2,200-2,300 m due to changes in timing of automation investments for the new logistics centre in Kungsbacka now estimate
Slide 18: Strategic agenda
Interim report Q3 2026 18 Strategic agenda
Slide 19: Ambitions towards 2030
Interim report Q3 2026 19 AMBITIONS TOWARDS 2030 Unique brands that create Sweden’s leading The winner in Sweden’s most the strongest food retail chain every local market affordable food market customer meetings Leading in the mini-mart The leading food retail chain along Sweden’s most affordable St
Slide 20: Developing and expanding Willys
Interim report Q3 2026 20 Developing and expanding Willys Willys continues to reach more consumers by maintaining a high pace in its store expansion, in addition to developing its offering and upgrading existing stores to its newest store concept Willys 5.0. High expansion pace Building loyalty Numb
Slide 21: Strong momentum in Hemköp
Interim report Q3 2026 21 Strong momentum in Hemköp Hemköp is continuing to strengthen its position with focus on price value, fresh products and meal solutions. Hemköp is also investing in modernisations of existing stores and strengthening its sustainability profile. Gaining share Improving offeri
Slide 22: Continued progress in City Gross
Interim report Q3 2026 22 Continued progress in City Gross Axfood’s work to strengthen City Gross is progressing according to plan. During the third quarter, City Gross demonstrated profitability and reached break-even on a rolling twelve-month basis. Reaching break-even City Gross adjusted operatin
Slide 23: Clear strategic focus areas
Interim report Q3 2026 23 Clear strategic focus areas Food retail’s Expand and World leading Maximise business Be the market’s Create business most attractive optimise the store operational value through most attractive and stakeholder assortment – network with the efficiency, quality digitalisation
Slide 24: Creating growth opportunities
Interim report Q3 2026 24 Creating growth opportunities Axfood creates growth opportunities by increasing its presence through new store establishments, as well as enhancing the customer experience by modernising existing stores. Faster realised gains from new stores in recent years Sales/store for
Slide 25: Operational efficiency in all processes
Interim report Q3 2026 25 Operational efficiency in all processes Axfood creates competitiveness through high efficiency and cost focus with an integrated value chain and clear collaboration. Record high productivity in Bålsta Number of cases handled per worked hour 25% Q1 Q2 Q3 Q4 Q1 Q2 Q3 ’25 ’25
Slide 26: Value creation through sustainability and health
Interim report Q3 2026 26 Value creation through sustainability and health Through ambitious work related to sustainability and health, Axfood creates value for the Group and its stakeholders. Assortment and packaging development, reduced plastics use and more sustainability labels Only renewable fu
Slide 27: Continued volume growth in a dynamic market Q3
Interim report Q3 2026 27 Continued volume growth in a dynamic market Q3 Continued growth and improved Ambition reached to achieve Strong quarter in Hemköp, Investments in technology, AI, earnings in a market with deflation, profitability in City Gross somewhat better growth in Willys automation and
Slide 28: Q&A
Interim report @3 2026 Q&A 28 Axfood
Slide 29: Axfood at a glance
Interim report Q3 2026 29 R12M net sales to Sep 2026, SEK Employees, FTEs 90bn 15,790 Efficient sourcing and logistics Customer reach for all brands and channels >6 million customer visits a week Innovative development 400 Group-owned stores of private label products 136 franchise Hemköp 122 franchi
Slide 30: Axfood
Interim report Q3 2026 30 Axfood Q3 Q3 9M 9M Key ratios SEK m 2026 2025 Chg 2026 2025 Chg Net sales 22,711 22,286 1.9% 67,504 66,321 1.8% Operating margin, % Change in like- 1.6% 4.3% -2.7 1.7% 4.4% -2.7 Net sales, SEK m for-like sales* Operating profit 1118 1,059 5.6% 2,888 2,712 6.5% 89,152 90,334
Slide 31: Willys
Interim report Q3 2026 31 Willys Q3 Q3 9M 9M Operating margin, % Key ratios SEK m 2026 2025 Chg 2026 2025 Chg Net sales, SEK m Net sales 12,332 12,074 2.1% 36,927 36,111 2.3% 48,607 49,423 45,775 43,757 Change in like- 0.3% 4.1% -3.8 0.5% 4.5% -4.0 for-like sales* 37,451 Operating profit 576 587 -1.
Slide 32: Hemköp
Interim report Q3 2026 32 Hemköp Q3 Q3 9M 9M Operating margin, % Key ratios SEK m 2026 2025 Chg 2026 2025 Chg Net sales, SEK m Net sales 2,170 1,995 8.8% 6,664 6,133 8.7% 8,879 8,348 7,878 Change in like- 7,432 4.8% 4.8% 0.0 5.4% 4.8% 0.6 for-like sales* 6,650 Operating profit 125 103 21.9% 361 294
Slide 33: City Gross
Interim report Q3 2026 33 City Gross Q3 Q3 9M 9M Key ratios SEK m 2026 2025 Chg 2026 2025 Chg Net sales 2,114 2,178 -3.0% 6,365 6,557 -2.9% Change in like-for-like sales* 0.6% – – 1.1% – – Operating profit 23 -43 n.a. -42 -206 79.4% Adjusted operating profit** 24 -4 n.a. -28 -104 73.6% Operating mar
Slide 34: Snabbgross
Interim report Q3 2026 34 Snabbgross Operating margin, % Net sales, SEK m Q3 Q3 9M 9M Key ratios SEK m 2026 2025 Chg 2026 2025 Chg 5,853 5,860 Net sales 1,604 1,609 -0.3% 4,461 4,454 0.2% 5,317 5,533 4,727 Change in like- -0.3% 6.0% -6.3 0.0% 5.8% -5.8 for-like sales Operating profit 81 101 -19.2% 1
Slide 35: Dagab
Interim report Q3 2026 35 Dagab Operating margin, % Net sales, SEK m 80,579 81,955 74,175 76,589 66,999 Q3 Q3 9M 9M Key ratios SEK m 2026 2025 Chg 2026 2025 Chg Net sales 20,474 19,984 2.4% 61,209 59,834 2.3% Operating profit 341 341 0.0% 919 926 -0.8% 1.5 1.4 1.5 1.5 1.5 Operating margin 1.7% 1.7%