Axfood Ab · OMXSTO:AXFO
Axfood Ab — Q3 2025 Earnings Presentation
32 slides from Axfood Ab's earnings presentation, Oct 23, 2025
Slide 1: Growth in all segments and increased market shares
Growth in all segments and increased market shares Interim report Q3 2025
Slide 2: Growth in all segments and increased market shares Q3
Interim report Q3 2025 2 Growth in all segments and increased market shares Q3 Strong quarter with high Continued momentum for Improved efficiency in logistics and Plan to establish new logistics centre customer traffic, volume growth Willys, Hemköp and Snabbgross, solid cost control contributing to
Slide 3: Agenda
Interim report Q3 2025 3 Agenda –Market update, Q3 and strategic agenda –Financial position –Outlook and summary –Q&A
Slide 4: Market update, Q3 and strategic agenda
Interim report Q3 2025 4 Market update, Q3 and strategic agenda
Slide 5: Consistently outperforming the market
Interim report Q3 2025 5 Consistently outperforming the market Retail sales y-o-y growth Axfood market share (value) development 2015 to 9M 2025 % Axfood Axfood ex. City Gross Food retail trade index Axfood* Axfood ex. City Gross 25.2% 25 25.1% 22.0% 20 20.7% 22.4% 19.5% 19.4% 19.9% 19.9% 22.0% 18.7
Slide 6: Group net sales and retail sales
Interim report Q3 2025 6 Group net sales and retail sales Strong growth and higher volumes Net sales, SEK m +6.6% –Net sales increased by 6.6% 20,293 20,902 22,286 –Strong momentum and volume growth in Willys, 18,674 Hemköp and Snabbgross 13,723 –Positive trend in like-for-like sales for City Gross
Slide 7: Group operating profit
Interim report Q3 2025 7 Group operating profit Improved profits in all segments Adj. operating margin, %* +9.0% Adj. operating profit, SEK m* –Operating profit SEK 1,059 m (1,007), adjusted 1,015 1,095 1,007 1,099 operating profit* SEK 1,099 m (1,007) 811 –Positive profit development across all ope
Slide 8: Willys
Interim report Q3 2025 8 Willys Increased market share and higher profit, strong focus on increasing presence –Net sales increased by 6.2% and LFL 4.1% –Growth higher than the market Operating margin, % +6.2% –Higher volumes with increased customer traffic and new store establishments, and higher av
Slide 9: Accelerating Willys' store expansion
Interim report Q3 2025 9 Accelerating Willys’ store expansion Willys is accelerating its expansion pace with store establishments to reach even more consumers. In October, a significant milestone was reached when Willys opened store number 250. Number of Willys stores in total in October 2025 250 De
Slide 10: Hemköp
Interim report Q3 2025 10 Hemköp Growth higher than the market and increased profit –Net sales increased by 7.1% –Retail sales growth of 6.2%, LFL 4.8% Operating margin, % +7.1% –Growth higher than the market Net sales, SEK m 1,863 1,995 –Higher volumes with increased customer traffic, 1,779 1,459 1
Slide 11: Hemköp performing strongly in traditional grocery
Interim report Q3 2025 11 Hemköp performing strongly in traditional grocery With its strong growth, Hemköp is outperforming its peers in the traditional grocery segment. Hemköp is also demonstrating stronger trends in household penetration and loyalty. Penetration Loyalty among among households hous
Slide 12: City Gross
Interim report Q3 2025 12 City Gross Continued high activity level to strengthen market position –Net sales amounted to SEK 2,178 m (–) –Retail sales growth of 0.6%, LFL 3.2% –Total store network 40 (–) –Closure of Borlänge store ahead of concept change to Willys –Operating profit SEK -43 m (–), adj
Slide 13: Positive trend in City Gross' like-for-like sales
Interim report Q3 2025 13 Positive trend in City Gross’ like-for-like sales The activity level to strengthen City Gross’ market position is high with improvement initiatives in many areas. Recently, City Gross has demonstrated a positive trend in like-for-like sales. City Gross like-for-like sales o
Slide 14: Snabbgross
Interim report Q3 2025 14 Snabbgross Higher sales and profitability –Net sales increased by 6.0% and LFL 6.0% –Higher volumes with increased customer traffic, Operating margin, % +6.0% and higher average ticket value Net sales, SEK m 15 1,609 –Total store network 31 (31) 1,324 1,437 1,518 1,132 10 –
Slide 15: Dagab
Interim report Q3 2025 15 Dagab Increased profitability with sales growth and productivity gains –Net sales increased by 4.7% –Growth driven by sales to Willys, Hemköp and Snabbgross +4.7% Adj. operating margin, %* –Operating profit SEK 341 m (312) Net sales, SEK m 19,984 18,410 19,090 16,971 –Opera
Slide 16: Increasing efficiency and capacity also in southern Sweden with new Kungsbacka facility
Interim report Q3 2025 16 Increasing efficiency and capacity also in southern Sweden with new Kungsbacka facility Axfood is establishing a new, highly automated logistics centre to increase capacity and efficiency in southern Sweden. Letters of intent have been signed with Witron to use the company’
Slide 17: Financial position
Interim report Q3 2025 17 Financial position
Slide 18: Nine-month sales and operating profit
Interim report Q3 2025 18 Nine-month sales and operating profit Net sales, Adj. operating Adj. operating SEK m profit, SEK m* margin, %* +6.6% +5.8% 66,321 0.0 62,197 2,814 2,661 4.3 4.2 9M 9M 9M 9M 9M 9M 2024 2025 2024 2025 2024 2025 *Excluding items affecting comparability.
Slide 19: Cash generation analysis
Interim report Q3 2025 19 Cash generation analysis –Strong cash flow from operating activities –Positive impact from changes in net working capital Cash flow from –Cash flow from investing activities somewhat operating activities, SEK m higher than in the prior year –Increased investments in retail
Slide 20: Financial position and investments
Interim report Q3 2025 20 Financial position and investments 26.4% 3,547 15,796 15,337 15,613 23.9% 23.7% 14,861 22.2% 3,100 10,724 24.1% 2,593 Guidance 1,267 2.2 2.3 2.2 21.8% 22.7% 2.1 20.9% 20.4% 1,946 1,600 1,058 1.6 -1,700 6.1% 3.5% 3.7% 2.4% 1.9% 0.6 0.8 0.6 0.7 1.4% 1.2% 1.3% 1.5% 1.7% 0.3 1.
Slide 21: Capital efficiency
Interim report Q3 2025 21 Capital efficiency 22,985 23,258 -3.9% -3.5% -3.2% -3.4% -3.3% 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% 16.4% -3.3% -2,875 -2,880 2021 2022 2023 2024 R12M to 30 2021 2022 2023 2024 R12M to 30 September Septem
Slide 22: Outlook and summary
Interim report Q3 2025 22 Outlook and summary
Slide 23: Revised outlook 2025
Interim report Q3 2025 23 Revised outlook 2025 –Planned capital expenditures of SEK 1,600−1,700 m –Excluding acquisitions and leasehold –Reiterated guidance –Plan to establish 9 new Group-owned stores –Revision from previous guidance of 10-15 new Group-owned stores due to timing of certain new store
Slide 24: Leveraging our house of brands and operating model provides a competitive edge
Interim report Q3 2025 24 Leveraging our house of brands and operating model provides a competitive edge House of brands Attractive store network With distinctive concepts and With attractive store locations private label brands, as well as and a significant potential to an affordable and a high-qua
Slide 25: Interim report Q3 2025 Q&A
Interim report @3 2025 25 Axfood
Slide 26: Axfood at a glance
Interim report Q3 2025 26 R12M net sales to Q3 2025, SEK Employees, FTEs 88.2bn 15,675 Efficient sourcing and logistics Customer reach for all brands and channels ~5 million customers a week Innovative development 395 Group-owned stores of private label products 133 franchise Hemköp 125 franchise Te
Slide 27: Axfood
Interim report Q3 2025 27 Axfood Q3 Q3 9M 9M Key ratios SEK m 2025 2024 Chg 2025 2024 Chg 2024 Net sales 22,286 20,902 6.6% 66,321 62,197 6.6% 84,057 Operating margin, % Change in like- 4.3% 3.1% 1.2 4.4% 3.8% 0.6 3.7% for-like sales* Net sales, SEK m 88,181 Operating profit 1,059 1,007 5.2% 2,712 2
Slide 28: Willys
Interim report Q3 2025 28 Willys Q3 Q3 9M 9M Operating margin, % Key ratios SEK m 2025 2024 Chg 2025 2024 Chg 2024 Net sales, SEK m Net sales 12,074 11,364 6.2% 36,111 33,917 6. 5% 45,775 47,973 45,775 43,757 Change in like- 4.1% 2.4% 1.7 4.5% 3.1% 1.4 3.1% for-like sales 37,451 32,424 Operating pro
Slide 29: Hemköp
Interim report Q3 2025 29 Hemköp Q3 Q3 9M 9M Operating margin, % Key ratios SEK m 2025 2024 Chg 2025 2024 Chg 2024 Net sales, SEK m Net sales 1,995 1,863 7.1% 6,133 5,776 6.2% 7,878 8,235 7,878 Change in like- 7,432 4.8% 4.5% 0.3 4.1% 5.4% -1.3 5.1% for-like sales* 6,650 6,202 Operating profit 103 9
Slide 30: City Gross
Interim report Q3 2025 30 City Gross Q3 Q3 9M 9M Key ratios SEK m* 2025 2024 Chg 2025 2024 Chg 2024 Net sales 2,178 – – 6,557 – – 1,646 Change in like-for-like sales – – – – – – – Operating profit -43 – – -206 – – -40 Adjusted operating profit** -4 – – -104 – – -40 Operating margin -2.0% – – -3.1% –
Slide 31: Snabbgross
Interim report Q3 2025 31 Snabbgross Operating margin, % Q3 Q3 9M 9M Net sales, SEK m Key ratios SEK m 2025 2024 Chg 2025 2024 Chg 2024 5,774 Net sales 1,609 1,518 6.0% 4,454 4,213 5.7% 5,533 5,317 5,533 4,727 Change in like-for- 6.0% 4.9% 1.1 5.8% 2.7% 3.1 3.3% like sales 3,825 5.0 5.3 5.0 Operatin
Slide 32: Dagab
Interim report Q3 2025 32 Dagab Operating margin, % Net sales, SEK m 79,658 74,175 76,589 66,999 Q3 Q3 9M 9M 52,295 Key ratios SEK m 2025 2024 Chg 2025 2024 Chg 2024 Net sales 19,984 19,090 4.7% 59,834 56,765 5.4% 76,589 1.8 1.5 1.5 1.6 1.4 Operating profit 341 312 9.3% 926 828 11.9% 1,156 Operating