Slide 1: Cheffelo Q4 and full-year report 2024
Cheffelo Q4 and full-year report 2024 2025-02-19
Slide 2: Today’s agenda and presenters
Today’s agenda and presenters • Cheffelo in brief • Q4 2024 • Financials • Concluding remarks • Q&A Walker Kinman Erik Bergman CEO CFO
Slide 3: Our purpose: Innovating the mealtime experience
Our purpose: Innovating the mealtime experience Our vision: Simplifying everyday life Strong local brands with heritage in innovation and entrepreneurship
Slide 4: Our business model: subscription-based home delivery of mealkits
Our business model: subscription-based home delivery of mealkits • Demand driven business model - Near-zero inventory - Minimal food waste • Local taste preferences - Local chefs and dieticians - Widest selection of recipes • Personalized customer experience - Proprietary tech solutions - AI recomme
Slide 5: Q4 and full-year highlights
Q4 and full-year highlights: Strong finish to the year with increased growth rate and increase in full year EBIT • Net sales growth of 9.7% (5.8%) - Solid growth across all markets - 2nd quarter with double-digit growth in Sweden: 15.6% • Improved customer experience: - Order frequency growth of 7.3
Slide 6: Net sales development by market – Q4 2024
Net sales development by market – Q4 2024 Norway Net sales1) 6.6% (3.1%) Sweden Net sales +15.6% (7.7%) (Sweden Online Grocery Index Q4 +3.5%) 2) Denmark Net sales1) +8.0% (46.9%) (Denmark Online Grocery Index Jan-Nov +6.0%) 3 1) Net sales in local currency. 2) As measured by the Swedish Food Retail
Slide 7: Good cohort inflow from Middagsfrid in Sweden
Good cohort inflow from Middagsfrid in Sweden • Agreement announced in August – taking advantage of market consolidation • Customer acquisition has met expectations - inflow of excellent cohorts to Linas • Positive effect on Q4 of ~1.4 ppt of Net sales growth
Slide 8: New initiatives on calorie management
New initiatives on calorie management • Calorie smart recipes launched in Sweden and Denmark - well received by customers • WeightWatchers Swedish partnership discontinued at end of 2024 • New digital partnership channels launched in Sweden
Slide 9: Where will growth come from?
Where will growth come from? Optimize Increase Boost Expand pricing Active customers Order frequency Add-ons & groceries • Price increases of • Two consecutive • Increase of 7.3% in • New product bundling 2-3% in all brands quarters of growth in Q4 2024 yielding increased in Dec 2H 2024 • Reorganiza
Slide 10: Financials
Financials Cheffelo
Slide 11: Strong finish to the year with increased growth rate
Strong finish to the year with increased growth rate +11.1% local currency • 11.1% Net sales growth in local currency in Q4. • A less pronounced seasonal slowdown, 270.3 combined with improvements in the offering, 296.6 contributed to the higher order frequency • Full year growth of 7.1% in local cu
Slide 12: 2024 was impacted by one additional delivery week
2024 was impacted by one additional delivery week • In 2024, calendar effects led to 53 delivery weeks - one more than in the previous year • The additional week is explained by the number if delivery opportunities during the year, which is determined by the number of Mondays, as most deliveries occ
Slide 13: Strong contribution margin fuels higher ambition
Strong contribution margin fuels higher ambition • Full year contribution margin at 30.9%, surpassing our goal of exceeding 30% 32.3% 31.8% • Improvements in fulfillment efficiency sponsoring enhancements to the kitchen experience • Increasing ambition level to 31% in 2025 Q4 Q4 Jan - Dec Jan - Dec
Slide 14: Sales and marketing
Sales and marketing • Full year spend at 12.7% of net sales achieve target of 13% • Organizational shift reallocating cost from Sales and marketing to the technology team • Slightly higher Sales and marketing expenses vs last year, while Net sales shifted to growth Q4 Q4 Jan - Dec Jan - Dec Δ% Δ% 20
Slide 15: Full year EBIT increase of 36%
Full year EBIT increase of 36% • Strong finish to the year with Q4 EBIT increased by almost 83% compared to last year • The shift in profitability from Q3 to Q4 was driven by a higher allocation of sales and marketing spend in Q3, while Q4 benefited from increased volumes and improved cost efficienc
Slide 16: Free Cash flow
Free Cash flow • Free cashflow of 46.7 was an increase of MSEK 1.5 versus previous year • A higher cashflow related to higher profitability was offset by a lower cashflow from NWC* Q4 Q4 Jan - Dec Jan - Dec Δ Δ MSEK 2024 2023 2024 2023 Cash flow from operating activities 24.3 -2.3 26.5 85.1 82.2 2.9
Slide 17: Proposed Dividend
Proposed Dividend • The Board will propose a dividend of SEK 3.32, to be decided at the AGM on April 25th. • The proposed dividend this year is based on Free cash flow less changes 3.32 to net working capital generated during the year 1.75 1.78 • With this dividend, we will have 0.30 distributed a t
Slide 18: Looking forward: Strong momentum of 2024 to extend into 2025
Looking forward: Strong momentum of 2024 to extend into 2025 • Net sales growth is expected to be in line with financial targets, aiming to exceed BSEK 1.2 in 2026. • Delivery volumes in Sweden and Norway expected to reach high single digits or low double digits in Q1. • Top-line in Denmark expected
Slide 19: Concluding remarks
Concluding remarks = a5 Cheffelo
Slide 20: Takeaways: Solid finish to the year and good momentum into 2025
Takeaways: Solid finish to the year and good momentum into 2025 • Q4 growth in all markets—double digits in Sweden and Norway accelerating • Continued increase in order frequency and active users, driven by improved customer experience • Good signals at start of 2025 – on track to exceed BSEK 1.2 in
Slide 21: Q&A
Q&A