Axfood AB (publ) (AXFO) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you, Alex, and good morning, everyone. We summarize the quarter with the volume growth, improved efficiency and increased profitability, and that in a market that is characterized by a high activity level. Through a clear customer focus and collaboration, we continue to create value with our strong and distinctive concepts. Before we start the presentation, I briefly want to comment on the situation in the world around us. It is clear that global uncertainty has increased over the past few months, and it's currently very difficult to assess the long-term effects of the war in the Middle East. In recent years, we have successfully navigated a volatile and uncertain environment, adapting quickly as conditions have changed, and we're carefully monitoring developments. Turning to page three. With that very brief introduction, let me now take you through the recent market developments and Axel's first quarter performance. So next page is number four. Market growth amounted to 4.4% during the quarter, a similar level compared to the fourth quarter last year. Stronger volumes contributed to this development as the annual rate of food price inflation came down and amounted to 1.7%, according to Statistics Sweden. Inflation decreased gradually during the quarter, and particularly in March, when the overall price level was unchanged compared to the prior year. This was mainly driven by the dairy category, but prices were also lower in several other categories, including fruit and vegetables. In addition to the improved volume trend, a 0.5% positive calorie effect from Easter also contributed to the market development this quarter. So please go to the next slide, number five. As a result of positive volume traffic and high volumes, Saxford retail sales increased 3.8% in t...