Slide 1: LiNAS odt £P evert
LiNAS odt £P evert Che fF | occ a () retnemtT Adams.
Slide 2: Cheffelo Q1 report 2024
Cheffelo Q1 report 2024
Slide 3: Today's agenda and presenters
Today’s agenda and presenters • Cheffelo in brief • Q1 2024 • Financials • Concluding remarks • Q&A Walker Kinman Erik Bergman CEO CFO
Slide 4: 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 5: 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 6: Q1 financial highlights
Q1 financial highlights: Continued profitable growth • Net sales growth in local currency of 2.1% • Third consecutive quarter with growth • Excluding Easter, Net sales growth of 4.3% • Denmark growth of 44% • Order frequency: +4.8% vs LY • Continued investment in the customer experience • Contributi
Slide 7: Continued enhancement of the Customer Experience
Continued enhancement of the Customer Experience Operational excellence The physical product The digital product experience experience - Lower fulfillment cost - Fewer items needed from - Launch of continuous - More delivery time slots your own pantry improvements and - Real-time tracking - Recipes
Slide 8: Common value proposition coming to life
Common value proposition coming to life Increase marketing excellence Promising initial results: • First campaign based on common • Driving more liking and better message communication concept understanding • Synergies: development and reuse of • Higher purchase intent than benchmark materials • Upl
Slide 9: Improving consumer confidence
Improving consumer confidence Denmark - Market outlook more positive than rest of Nordics - Statbank.dk has reported growth in online Groceries since May 2023 - Consumer confidence has returned to a neutral level. Sweden - Online Grocery Index Q1 +4.8% 1) - Consumer confidence approaching a neutral
Slide 10: Market development Q1
Market development Q1 Denmark Net sales +43.9% (-30.7%) Sweden Net sales +2.1% (-10.1%) Norway Net sales -5.5% (-19.3%)
Slide 11: 2024 focus remains on strengthening the core
2024 focus remains on strengthening the core Marketing Excellence Long-term profitable growth • Performance marketing and social • Net Sales CAGR of 6-8% selling • >1.2b SEK in 2026 • New Nordic value proposition • EBIT margin approx. 4-6% • Strategic partnerships • 50-70 million range in 2026 Epic
Slide 12: Financials
Financials Cheffelo
Slide 13: Net sales
Net sales +2.1% loc currency • Excluding the Easter week in Q1, Net Sales grew by 4.3% in local currency. • MSEK 5.2 negative effect from currency 288.7 287.8 • Active customers grew sequentially from Q4 to Q1 by 18.7% • Order frequency continues to increase, up 4.8% Q1 Q1 LTM FY Δ% Δ% 2024 2023 Q1
Slide 14: Stable Contribution margin
Stable Contribution margin 1 pp higher • On track to achieve annual target • Continued good trend for fulfillment cost, 5% lower average cost per 1 pp lower delivery in Q1 • Improvements in fulfillment efficiency enabled enhancement in the kitchen experience Q1 Q1 LTM FY Δ% Δ% 2024 2023 Q1 2024 2023
Slide 15: Consistent Profitability
Consistent Profitability • Sales and marketing stable at 14.7% of Net sales • The lower volumes related to Easter affect comparability versus LY Q1 Q1 LTM FY Δ Δ% 2024 2023 Q1 2024 2023 Sales and marketing expenses, MSEK -42.6 -42.4 0.5% -131.3 -131.1 0.2% in % of net sales -14.7 -14.7 -13.1 -13.1 E
Slide 16: Healthy Cashflow
Healthy Cashflow Q1 Free Cashflow Waterfall vs LY Q1 Q1 +1.5 Δ MSEK 2024 2023 Cash flow from operating activities 36.4 45.4 -8.9 -10.4 +0.2 thereof Changes in Net working Capital 18.1 28.5 -10.4 36.3 27.6 Cash flow from investment activities -2.1 -2.9 0.8 MSEK MSEK Cash flow from financing activitie
Slide 17: Looking forward
Looking forward • We expect high single digit growth in Q2 - Double-digit growth in Denmark to continue through much of 2024 - Easter timing effect reverses in Q2 • We expect to see contribution margins slightly above 30% on an annual basis • Sales and marketing expenses are expected to be around 13
Slide 18: Concluding remarks
Concluding remarks = a5 Cheffelo
Slide 19: Takeaways
Takeaways: • Third quarter of continued growth • Continued double digit growth in Denmark • Investing in the Customer experience • Stable profitability • Positive cash flow excluding changes to NWC • Quarter affected by Easter timing effects
Slide 20: Q&A
Q&A