Interim report
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Interim report third quarter 2026 Continued volume growth in a dynamic market
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Axfood interim report 1 January – 30 September 2026 2 Continued volume growth in a dynamic market Third quarter summary • Net sales increased 1.9% to SEK 22,711 m (22,286). • Retail sales increased 2.9% to SEK 20,200 m (19,625). • Operating profit amounted to SEK 1,118 m (1,059) including items affecting comparability of SEK -1 m (-39). The operating margin amounted to 4.9% (4.8). • Adjusted operating profit amounted to SEK 1,119 m (1,099) and the adjusted operating margin to 4.9% (4.9). • Net profit for the period amounted to SEK 772 m (727) and earnings per share before dilution to SEK 3.47 (3.30). • Robert Stekovic has been appointed new Managing Director of Snabbgross and will assume the role on 1 August 2027 at the latest. Summary January - September • Net sales increased 1.8% to SEK 67 ,504 m (66,321). • Retail sales increased 2.9% to SEK 60,462 m (58,736). • Operating profit amounted to SEK 2,888 m (2,712) including items affecting comparability of SEK -15 m (-102). The operating margin amounted to 4.3% (4.1). • Adjusted operating profit amounted to SEK 2,903 m (2,814) and the adjusted operating margin to 4.3% (4.2). • Net profit for the period amounted to SEK 1,944 m (1,802) and earnings per share before dilution to SEK 8.83 (8.24). 1.9% Net sales growth in the third quarter 2026 2.9% Retail sales growth in the third quarter 2026 Key ratios Q3 2026 Q3 2025 Change 9 mos. 2026 9 mos. 2025 Change R12 Full-year 2025 Net sales, SEK m 22,711 22,286 1.9% 67,504 66,321 1.8% 90,334 89,152 Retail sales, SEK 20,200 19,625 2.9% 60,462 58,736 2.9% 80,930 79,204 Operating profit, SEK m 1,118 1,059 5.6% 2,888 2,712 6.5% 3,748 3,572 Adjusted operating profit, SEK m1) 1,119 1,099 1.9% 2,903 2,814 3.1% 3,776 3,688 Operating margin, % 4.9 4.8 0.2 4.3 4.1 0.2 4.1 4.0 Adjusted operating margin , % 1) 4.9 4.9 0.0 4.3 4.2 0.1 4.2 4.1 Net profit for the period, SEK m 772 727 6.3% 1,944 1,802 7.9% 2,518 2,375 Earnings per share before dilution, SEK 3.47 3.30 5.0% 8.83 8.24 7.2% 11.42 10.84 Adjusted earnings per share before dilution, SEK 1) 3.47 3.45 0.7% 8.88 8.61 3.1% 11.53 11.26 Cash flow from operating activities, SEK m 1,956 1,352 44.7% 4,270 4,513 -5.4% 6,507 6,751 Equity ratio, % 21.3 20.4 0.8 21.3 20.4 0.8 21.3 21.2 Net working capital as a share of net sales R12, % -2.7 -3.3 0.5 -2.7 -3.3 0.5 -2.7 -3.3 Return on capital employed R12, % 15.9 16.4 -0.5 15.9 16.4 -0.5 15.9 15.5 Sustainability-labelled products, share of sales, % 26.9 26.7 0.2 27.5 27.1 0.4 27.1 26.6 1) See Note 8 Items affecting comparability for more information. For further information, please contact: Alexander Bergendorf, Head of Investor Relations, tel. + 46 73 049 18 44 The information herein is such that Axfood AB (publ) is required to make public in accordance with the EU Market Abuse Regulation. This report has been prepared in both a Swedish and an English version. In the event of any discrepancies between the two, the Swedish version shall apply. Amounts in parentheses refer to the corresponding period in the previous year. The information was submitted for publication, through the agency of the contact person listed above, at 7:00 a.m. CET on 22 October 2026. Axfood will present the interim report for the third quarter of 2026 in a webcast at 9:30 a.m. CET, today, 22 October 2026. The report will be presented by Simone Margulies, President and CEO, and Anders Lexmon, CFO. A link to the webcast is available at axfood.com. A link to register to participate via conference call is also available at axfood.com. Upon registration, a telephone number and conference ID will be provided. Significant events during the quarter • Continued growth despite deflation and high comparison figures • Strong development in Hemköp with higher growth than the market • The ambition to turn City Gross from loss-making to profitable has been reached
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Axfood interim report 1 January – 30 September 2026 3 CEO message Axfood continued to grow and improve its earnings in the third quarter, and has now turned City Gross from loss-making to profitable. The market is characterised by falling food prices, cost pressure and intense competition. While value for money remains a key factor for consumers, we are seeing some signs of quality and convenience being given more consideration. With strong and distinctive concepts, and investments that improve our efficiency and competitiveness, we are well-positioned for continued profitable growth. Axfood continued to evolve and grow in a dynamic market. Household purchasing power has increased in recent years on the back of real wage increases, tax cuts and the temporary reduction in food VAT. However, we know that the reality is different for every household, and value for money remains a key factor when customers shop for groceries. In parallel, we see that customers are not making an either-or choice. Many want to keep the cost of their weekly groceries down while still occasionally spending a little more on a ready-made meal when time is short or treating themselves to something extra for the weekend. Customers are paying closer attention to prices, while other needs also influence what they put in their baskets. Value for money and quality are not mutually exclusive – this is increasingly how consumers shop. This is where Axfood has a unique strength. With attractive and differentiated store concepts, we meet customers’ varying needs, while maintaining focus on both value for money and other customer benefits. Strong and distinctive concepts that meet a variety of needs In a market where more people can afford to buy more, Axfood’s third- quarter growth was largely driven by higher volumes. Retail sales increased by 2.9% against high comparison figures and market growth of 4.0%. We reached a major milestone, surpassing SEK 90 billion in annualised net sales. Willys holds a very strong position but grew at a slower pace than the market in the third quarter with a 2.1% sales increase. With the customer meeting as our top priority, we work to further increase growth with a focus on price, campaign, assortment and loyalty. During the quarter, this work contributed to a more positive trend compared with the second quarter. At the same time, we continue to upgrade stores to the latest store concept, Willys 5.0, and these stores are having a clear impact on both growth and profitability. We also continue to open new stores to enable more customers to shop at Willys. A few weeks ago, we opened our northernmost store to date, in Kiruna, which was met with a fantastic reception. Hemköp is continuing to advance its position and gained significant market share following volume-driven sales growth of 7 .1%. The store chain is also delivering strong earnings. It is rewarding to see the chain’s long-term efforts to modernise its stores and expand its assortment paying off. Hemköp combines food inspiration with value for money, and its strong performance in areas such as ready-made food and delicacies confirms the indications we are seeing that convenience and the dining experience are being given somewhat more consideration. Profitability in City Gross two years after the acquisition When we acquired City Gross, our ambition was to achieve profitability at some point in the second half of 2026. We are now delivering on that ambition. In the quarter, like-for-like sales increased, and the chain reported positive earnings, less than two years after the acquisition. This is encouraging and the result of extensive efforts by many employees across both City Gross and the Axfood Group. The next step is to gradually strengthen profitability and enable the chain to be competitive long term. Investments that deliver results In a market facing deflation, cost pressure and intense competition, our earnings improved as a result of volume growth and cost control. This is where our structure becomes a real strength. Dagab and Axfood IT allow us to leverage our resources and investments to benefit all of our store chains. Our investments in technology, AI, automation and logistics are boosting our efficiency and making a clear contribution to earnings growth. The fact that productivity at the logistics centre in Bålsta reached its highest level to date during the quarter is a testament to this. I would also like to highlight our ambitious sustainability agenda, which includes positive trends in sustainability-labelled products and initiatives to reduce plastic use and drive the transition to electrified transport. We continue to play an active role in the public debate and, together with our partners, we promote improved public health, increased organic production, climate change mitigation measures and sustainable fishing. Despite an uncertain global environment, we have continued to invest in recent years, and we can clearly see that this has strengthened our competitiveness. Greater efficiency has put us in a better position to develop our offerings and provide attractive prices, while continuing to progress towards our profitability target. Good food should be accessible to more people For me, an important part of our mission is about ensuring that more people have the opportunity to buy affordable, good and sustainable food. T o succeed, we are working to achieve an optimal combination of attractive offerings and efficient operations. We can see that these efforts are yielding results. Now we are continuing to evolve in order to attract more customers and drive profitable growth. Simone Margulies President and CEO Axfood Axfood continues to evolve and grow in a dynamic market. With strong concepts and investments that increase our efficiency and competitiveness, we are well positioned for continured profitable growth.
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Axfood interim report 1 January – 30 September 2026 4 Swedish food retail Food retail is an important part of Swedish industry and a large employer, providing a livelihood for approximately 110,000 people. In total, there are more than 3,100 food retail stores across Sweden. The food retail market is relatively unaffected by economic fluctuations, with growth driven largely by population growth and inflation. According to the Swedish Food Retail Index, food retail sales growth during the third quarter of 2026 amounted to 4.0%. No calendar effect is deemed to have affected the outcome during the period. On 1 April, the VAT rate on food was lowered from 12% to 6%, a change that was fully reflected in the market price trend during the quarter, which was -6.8% on an annual basis according to Statistics Sweden. The price trend excluding VAT is estimated at -1.5%, primarily due to lower prices for dairy products, coffee, and oils and fats. Given the negative price trend, market growth was driven by higher volumes. Growth in store sales amounted to 3.8% and growth in e-commerce to 7 .7%. The share of sales attributable to e-commerce was 4.0%. 2.5% 7.7% 0% 5% 10% 15% 20% 25% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Growth in Axfood’s online sales compared with the Swedish Food Retail Index Axfood online sales Retail trade index online SvDH/HUI 2.9% 4.0% 0% 5% 10% 15% 20% 25% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Growth in Axfood’s retail sales compared with the Swedish Food Retail Index Axfood retail sales Retail trade index SvDH/HUI
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Axfood interim report 1 January – 30 September 2026 5 Group Net sales and retail sales Third quarter Net sales increased 1.9% and totalled SEK 22,711 m (22,286). Retail sales increased 2.9% and totalled SEK 20,200 m (19,625), which can be compared to the market's growth of 4.0%. Volume growth primarily contributed to this development while food price deflation had a negative impact. Like-for-like sales increased 1.6%, which was driven by the development in Hemköp. Online sales increased 2.5% and totalled SEK 909 m (886), which can be compared to the market’s growth of 7.7%. The share of retail sales attributable to e-commerce was 4.5% (4.5), which was higher than e-commerce penetration on the market of 4.0%. The share of retail sales attributable to private label products was 31.4% (31.5). January - September Net sales increased 1.8% and totalled SEK 67 ,504 m (66,321). Retail sales increased 2.9% and totalled SEK 60,462 m (58,736), which can be compared to the market's growth of 4.0%. Like-for-like sales increased 1.7%. Online sales increased 4.9% and totalled SEK 2,988 m (2,850), which can be compared to the market’s growth of 9.0%. The share of retail sales attributable to e-commerce was 4.9% (4.9), which was higher than the e-commerce penetration on the market of 4.4%. The share of retail sales attributable to private label products was 31.9% (32.4). Read about the performance of each operating segment on pages 9-13. Retail sales per segment SEK m Q3 2026 Q3 2025 Change Change in- like-for-like stores 9 mos. 2026 9 mos. 2025 Change Change in- like-for-like stores R12 Full-year 2025 Willys 12,333 12,076 2.1% 0.3% 36,932 36,116 2.3% 0.5% 49,430 48,614 Hemköp1) 5,753 5,373 7.1% 4.8% 17,164 16,069 6.8% 4.7% 22,793 21,697 City Gross 2,114 2,177 -2.9% 0.6% 6,366 6,551 -2.8% 1.1% 8,707 8,892 Total 20,200 19,625 2.9% 1.6% 60,462 58,736 2.9% 1.7% 80,930 79,204 1) Refers to Hemköp (Group-owned and retailer-owned) and Tempo. Net sales per segment SEK m Q3 2026 Q3 2025 Change 9 mos. 2026 9 mos. 2025 Change R12 Full-year 2025 Willys 12,332 12,074 2.1% 36,927 36,111 2.3% 49,423 48,607 Hemköp 2,170 1,995 8.8% 6,664 6,133 8.7% 8,879 8,348 City Gross 2,114 2,178 -3.0% 6,365 6,557 -2.9% 8,706 8,898 Snabbgross 1,604 1,609 -0.3% 4,461 4,454 0.2% 5,860 5,853 Dagab 20,474 19,984 2.4% 61,209 59,834 2.3% 81,955 80,579 Joint-Group 411 392 4.7% 1,226 1,172 4.5% 1,631 1,577 Internal sales between segments Dagab -16,009 -15,579 -2.8% -48,200 -46,839 -2.9% -64,597 -63,236 Joint-Group/other -385 -368 -4.6% -1,148 -1,101 -4.3% -1,523 -1,476 Total 22,711 22,286 1.9% 67,504 66,321 1.8% 90,334 89,152 City Gross is included as of 1 November 2024 Share of external net sales by operating segment Willys 54% Hemköp 10% City Gross 9% Snabbgross 7% Dagab 20% 14,026 15,873 16,427 19,625 20,200 15.5 13.2 3.5 19.5 2.9 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Q3 2026 Retail sales and growth Retail sales, SEK m Growth, % Excluding Joint-Group 18,674 20,293 20,902 22,286 22,711 36.1 8.7 3.0 6.6 1.9 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Q3 2026 Net sales and growth Net sales, SEK m Growth, %
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Axfood interim report 1 January – 30 September 2026 6 Operating profit Third quarter Operating profit amounted to SEK 1,118 m (1,059). Operating profit includes items affecting comparability totalling SEK -1 m (-39) attributable to structural measures in City Gross. The operating margin was 4.9% (4.8). Adjusted operating profit amounted to SEK 1,119 m (1,099). The increase in operating profit was primarily driven by a higher sales volume, a stable gross margin trend and solid cost control. Operating profit was negatively impacted by food price deflation and costs related to higher fuel prices, which were in line with the preceding quarter. Adjusted operating margin amounted to 4.9% (4.9). Net financial items for the period amounted to SEK -138 m (-135). Profit after financial items amounted to SEK 980 m (924) and net profit for the period to SEK 772 m (727). January - September Operating profit amounted to SEK 2,888 m (2,712). Operating profit included items affecting comparability totalling SEK -15 m (-102). The operating margin was 4.3% (4.1). Adjusted operating profit amounted to SEK 2,903 m (2,814). The adjusted operating margin amounted to 4.3% (4.2). Net financial items amounted to SEK -415 m (-415). Profit after financial items amounted to SEK 2,473 m (2,297) and net profit for the period to SEK 1,944 m (1,802). Read about the performance of each operating segment on pages 9 -13. Adjusted operating profit per segment SEK m Q3 2026 Q3 2025 Change2) 9 mos. 2026 9 mos. 2025 Change R12 Full-year 2025 Willys 576 587 -1.8% 1,599 1,647 -3.0% 2,066 2,114 Hemköp 125 103 21.9% 361 294 22.8% 439 372 City Gross 24 -4 n.m. -28 -104 73.6% 0 -76 Snabbgross 81 101 -19.2% 199 222 -10.3% 234 256 Dagab 341 341 0.0% 919 926 -0.8% 1,233 1,240 Joint-Group -28 -28 0.0% -148 -171 13.7% -196 -219 Adjusted operating profit 1,119 1,099 1.9% 2,903 2,814 3.1% 3,776 3,688 Items affecting comparability 1) -1 -39 -15 -102 -28 -116 Operating profit 1,118 1,059 5.6% 2,888 2,712 6.5% 3,748 3,572 Net financial items -138 -135 -415 -415 -541 -541 Profit after financial items 980 924 6.0% 2,473 2,297 7.6% 3,206 3,031 1) Refers to structural costs in City Gross. See Note 8 Items affecting comparability for more information. 2) Percentage changes are not reported when the comparative figure is negative . Adjusted operating margin per segment SEK m Q3 2026 Q3 2025 Change 9 mos. 2026 9 mos. 2025 Change R12 Full-year 2025 Willys 4.7 4.9 -0.2 4.3 4.6 -0.2 4.2 4.4 Hemköp 5.8 5.1 0.6 5.4 4.8 0.6 4.9 4.5 City Gross 1.1 -0.2 1.3 -0.4 -1.6 1.2 0.0 -0.9 Snabbgross 5.1 6.3 -1.2 4.5 5.0 -0.5 4.0 4.4 Dagab 1.7 1.7 0.0 1.5 1.5 0.0 1.5 1.5 Adjusted operating margin 4.9 4.9 0.0 4.3 4.2 0.1 4.2 4.1 Operating margin 4.9 4.8 0.2 4.3 4.1 0.2 4.1 4.0 Excluding City Gross and Joint-Group 975 1,036 1,007 1,059 1,118 5.2 5.1 4.8 4.8 4.9 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Q3 2026 Operating profit and operating margin Operating profit, SEK m Operating margin, % 1,015 1,095 1,007 1,099 1,119 5.4 5.4 4.8 4.9 4.9 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Q3 2026 Adjusted operating profit and adjusted operating margin Adj. operating profit, SEK m Adj. operating margin, % Share of operating profit by operating segment Willys, 51% Hemköp, 11% Snabbgross, 7% Dagab, 30%
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Axfood interim report 1 January – 30 September 2026 7 Capital expenditures T otal capital expenditures in intangible assets and property, plant and equipment (PP&E) during the January – September period amounted to SEK 1 484 m (1 265), of which SEK 191 m (—) pertained to automation for the Group's future logistics centre in Kungsbacka. Including acquisitions of operations, total capital expenditures amounted to SEK 1 487 m (1 267). Capital expenditures primarily consist of investments in the store network and store refurbishments, as well as investments in automation and IT. Year-to-date, investments as a percentage of net sales amounted to 2.2% (1.9). Financial position and cash flow Cash flow from operating activities amounted to 4,270 m (4,513) during the January - September period. Changes in net working capital had an impact of SEK -737 m (-334) on cash flow. The change is mainly explained by effects of the VAT reduction. Net capital expenditures had an impact of SEK -1,493 m (-1,296) on cash flow. Cash flow from financing activities amounted to SEK -3,544 m (-3,618). Net working capital on a rolling 12-month basis amounted to SEK -2,473 m which compares to SEK -2,933 m at 31 December 2025. Net working capital as a share of net sales amounted to -2.7% compared with -3.3% as of 31 December 2025. Cash and cash equivalents held by the Group amounted to SEK 309 m compared with SEK 1,077 m at 31 December 2025. Interest- bearing liabilities and provisions totalled SEK 16,603 m compared with SEK 15,675 m at 31 December 2025. Interest-bearing net debt amounted to SEK 16,294 m compared with SEK 14 598 m at 31 December 2025. The return on capital employed amounted to 15.9% compared with 15.5% at 31 December 2025. The equity ratio amounted to 21.3% compared with 21.2% at 31 December 2025. The equity ratio was 20.4% at 30 September 2025. Net debt/EBITDA was 2.1 compared with 1.9 at 31 December 2025. Net debt/EBITDA excluding IFRS 16 was 0.6 compared with 0.4 at 31 December 2025. Net debt/EBITDA excluding IFRS 16 was 0.7 at 30 September 2025. Investments (incl. acquisitions, excl. IFRS 16) SEK m Q3 2026 Q3 2025 9 mos. 2026 9 mos. 2025 Willys 181 152 578 467 Hemköp 17 107 95 223 City Gross 13 7 67 24 Snabbgross 0 6 6 30 Dagab 293 72 539 231 Joint Group 57 79 201 292 Total investments (cash flow) 560 423 1,487 1,267 Of which capital expenditures in intangible and PP&E 557 423 1,484 1,265 Of which capital expenditures in automation 4 — 191 — Cash flow summary SEK m Q3 2026 Q3 2025 9 mos. 2026 9 mos. 2025 Cash flow from operating activities 1,956 1,352 4,270 4,513 Cash flow from investing activities -557 -421 -1,493 -1,296 Cash flow from financing activities -1,427 -971 -3,544 -3,618 Cash flow for the period -28 -40 -768 -401 2 593 1 946 3 100 1 731 3,5% 2,4% 3,7% 1,9% 1,2% 1,3% 1,5% 1,6% 2022 2023 2024 2025 Investments (incl. acquisitions, excl. IFRS 16) Investments, SEK m Investments (cash flow) % of net sales Depreciation (excl. IFRS16) % of net sales 1 267 1 487 1,9% 2,2% 1,6% 1,7% 9M 2025 9M 2026 16 442 17 212 22 985 23 505 24 486 20,9% 20,3% 16,6% 15,5% 15,9% 2022 2023 2024 2025 R12 Capital employed Capital employed, SEK m Return on capital employed (ROCE), % 15 613 14 598 15 970 15 807 16 294 2,1 1,9 2,1 2,0 2,1 0,7 0,4 0,6 0,6 0,6 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net debt/ EBITDA Net debt, SEK m Net debt/EBITDA multiple Net debt/EBITDA multiple ex. IFRS 16 -2 581 -2 620 -2 875 -2 933 -2 473 -3,5% -3,2% -3,4% -3,3% -2,7% 2022 2023 2024 2025 R12 Net working capital Net working capital, SEK m Net working capital % of Group sales
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Axfood interim report 1 January – 30 September 2026 8 Sustainability Axfood’s sustainability efforts are an integral part of the Group’s operations and encompass the entire food supply chain. Axfood aims to be a positive force in society and to take the lead in promoting a sustainable food system by developing its operations and contributing to sustainable solutions for people and the environment. Social impact is an important component of Axfood’s sustainability agenda, with priority given to areas where political and economic conditions are critical to sustainable development. During the quarter, the focus was for example on organic production, the climate transition and fish stocks in the Baltic Sea. In partnership with the organisation KRAV, Axfood advocated measures to make organic food more competitive by introducing national targets, phasing out PFAS and reducing or eliminating the VAT on organic food. Axfood also co-funded the 2025 Organic Market Report and highlighted the need for national targets and economic incentives. T ogether with other business members of the Haga Initiative climate network, Axfood highlighted the economic consequences of failing to take climate action and the need for early action and long-term policy frameworks. Along with the organisation BalticWaters, Axfood called for measures to rebuild fish stocks in the Baltic Sea, with the goal of ensuring that sustainably caught cod and salmon can once again be sold in Swedish stores by 2035. Axfood has also entered into a partnership with the Laghum Economy model, partnering with businesses and academia to explore and test how economic frameworks can be designed to combine competitiveness with reduced climate and environmental impact. Food Axfood wants to make it easier to make sustainable and healthy choices through a broad and affordable assortment of sustainability-labelled products. T o help improve working and living conditions in the supply chain and make sustainability-labelled products more readily accessible, Garant’s entire tea assortment is now Fairtrade-certified. The share of sales attributable to sustainability-labelled products amounted to 26.9% (26.7) for the quarter. The share of sales attributable to organic products amounted to 3.8% (3.8), KRAV-certified meat to 2.1% (2.1) and Keyhole-labelled foods to 20.1% (19.8). Hemköp is the industry leader with regard to organic products and offers double bonus points on organic and KRAV-certified products for Klubb Hemköp members. Environment Axfood strives to reduce the climate impact of food as far as possible. The plastic trays used for Garant’s meat packaging are being replaced with thin “flowpack” plastic film. This change, which will reduce the use of plastic by more than 300 tonnes per year, is the Group’s single largest plastic reduction initiative to date. Emissions of CO2eq per tonne of delivered goods amounted to 6.6 kg (6.7) during the quarter. This reduction was mainly driven by increased use of renewable fuels, more electric vehicles and route optimisation. The share of electricity in the fuel mix increased to 14.8% (5.5). In total, the Group now has 35 heavy-duty and 6 light electric vehicles in operation – an initiative conducted in collaboration with Scania that has been recognised with Green Power Sweden’s 2026 Electrification Award. The Group is continuing its efforts to create the necessary conditions for the electrification of heavy-duty transport. In parallel, the Group continued to diversify its vehicle and fuel mix, including electricity, biogas, HVO and RME, in order to support a flexible transition to sustainable transport. The carbon footprint per kg of food sold amounted to 2.02 kg CO2eq (1.95). This increase was mainly attributable to increased sales of imported beef as a result of a limited supply of Swedish beef. In addition, adjusted climate data had a negative impact on the development. People Axfood works to promote healthy working conditions, better health and social responsibility throughout the food supply chain. For the third year in a row, Axfood partnered with the organisation F1rst to help provide young people from non-academic backgrounds with work experience and an introduction to the business world. Axfood arranged internships at Willys, Hemköp and Snabbgross. Axfood conducts social audits of suppliers of private label products in countries where the risk of substandard working conditions and human rights violations is considered significant. Of the 88 audits conducted during the quarter, 100% (98.8) met the requirements. Sustainability key ratios Q3 2026 Q3 2025 Change 9 mos. 2026 9 mos. 2025 Change R12 Full-year 2025 Sustainability-labelled products, share of sales, % 26.9 26.7 0.2 27.5 27.1 0.4 27.1 26.6 Organic products, share of sales, % 3.8 3.8 0.0 4.0 4.0 0.0 3.9 3.9 KRAV-certified meat, share of sales, % 2.1 2.1 0.0 2.2 2.2 0.1 2.3 2.2 Keyhole-labelled products, share of sales, % 20.1 19.8 0.3 20.6 20.4 0.2 20.2 20.1 Kg CO2e/kg of food sold 2.02 1.95 4% 2.02 1.94 4% 2.01 1.95 Kg CO2e/tonne of transported goods 6.6 6.7 -2% 6.8 7.2 -6% 6.5 6.9 Share of approved social audits, % 100.0 98.8 1.2 98.0 97.9 0.1 96.7 95.1 Share of women/men in management positions, % — — — 54.1/45.9 53.0/47.0 1.1/-1.1 — 52.8/47.2 1.95 1.98 1.91 2.14 2.02 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Kg CO₂e/kg of food sold 25.9 26.6 26.6 26.7 26.9 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Q3 2026 Sustainability-labelled products, share of sales, %
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Axfood interim report 1 January – 30 September 2026 9 1 Operating segments Willys Willys is the leading discount grocery chain in food retail, offering a broad range of products in both Group-owned stores and online. With the ambition to offer Sweden’s cheapest bag of groceries, Willys aspires to lead and develop the discount segment. The operating segment Willys also includes the partly owned cross-border grocery chain Eurocash. Third quarter Net sales increased 2.1% and totalled SEK 12,332 m (12,074). Retail sales increased 2.1%, which was less than the market. Growth in like-for-like sales amounted to 0.3%. Growth was negatively impacted by food price deflation and compared against high comparison figures. Over the past five years, the discount segment has grown strongly, and Willys’ cumulative growth during the period amounted to 56.6%, compared with 36.1% for the food retail market. Willys continues to strengthen its position for the long term by securing its price position and develop the offering and the customer meeting for example by expanding and upgrading its store base to the latest store concept Willys 5.0. In total, the number of members in the Willys Plus loyalty programme amounted to 4.0 million (3.9) at the end of the quarter. Willys is Sweden’s most recommended grocery food retail chain and has a unique position in the market through its combination of low prices, a comprehensive range, and online shopping. Within cross-border shopping, Eurocash delivered a solid performance with strong like-for-like sales growth. The number of stores amounted to 261 at the end of the quarter. During the quarter, 1 Willys store was established. Operating profit totalled SEK 576 m (587), which corresponds to an operating margin of 4.7% (4.9). The gross margin was stable, however earnings declined mainly due to the weak growth in like- for-like sales. January - September Net sales increased 2.3% and totalled SEK 36,927 m (36,111). Growth in retail sales was 2.3% and 0.5% on a like-for-like basis. Operating profit amounted to SEK 1,599 m (1,647), which corresponds to an operating margin of 4.3% (4.6). Willys key ratios Q3 2026 Q3 2025 Change 9 mos. 2026 9 mos. 2025 Change R12 Full-year 2025 Net sales, SEK m 12,332 12,074 2.1% 36,927 36,111 2.3% 49,423 48,607 Operating profit, SEK m 576 587 -1.8% 1,599 1,647 -3.0% 2,066 2,114 Operating margin, % 4.7 4.9 -0.2 4.3 4.6 -0.2 4.2 4.4 Retail sales, SEK m 12,333 12,076 2.1% 36,932 36,116 2.3% 49,430 48,614 Like-for-like sales growth, % 0.3 4.1 -3.8 0.5 4.5 -4.0 — 4.2 Number of stores — — — 261 256 5 — 256 of which, Willys — — — 196 188 8 — 189 of which, Willys Hemma — — — 59 61 -2 — 61 of which, Eurocash — — — 6 7 -1 — 6 Stores offering online shopping — — — 181 171 10 — 174 Private label product, share of sales, % 34.4 35.0 -0.6 35.1 35.4 -0.3 34.9 35.1 Sustainability-labelled products, share of sales, % 27.8 27.9 0.0 28.4 28.3 0.1 28.2 27.9 Organic products, share of sales, % 3.6 3.6 0.0 3.7 3.7 0.0 3.7 3.7 Kg CO2e/kg sold food 2.02 1.97 3% 1.99 1.94 2% 1.99 1.95 Average number of employees — — — 7,743 7,632 111 — 7,572 Shares of women/men in management positions, % — — — 58.9/41.1 57.9/42.1 1.0/-1.0 — 58.4/41.6 602 652 556 587 576 6.4 6.0 4.9 4.9 4.7 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Q3 2026 Operating profit and operating margin Operating profit, SEK m Operating margin, % 9,450 10,945 11,364 12,074 12,332 20.0 15.8 3.8 6.2 2.1 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Q3 2026 Net sales and growth Net sales, SEK m Growth, %
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Axfood interim report 1 January – 30 September 2026 10 Hemköp Hemköp offers a broad, attractively priced assortment with a rich offering of fresh products. Through Group-owned stores, retailer-owned stores and an online business, Hemköp inspires good meals. The Hemköp operating segment also includes T empo, a mini-mart format comprising retailer-owned stores. Third quarter Net sales (including franchise fees) increased 8.8% and totalled SEK 2,170 m (1,995). Retail sales increased 7 .1%, which was significantly more than the market. Growth in like-for-like sales amounted to 4.8%. This development was primarily attributable to higher volumes through an increased number of customer visits and a higher average ticket value, at the same time as food price deflation had a negative impact on growth. Hemköp continues to strengthen its position with a focus on price value, fresh products and meal solutions. Hemköp is also investing in modernisations of existing stores and strengthening its sustainability profile. In total, the number of members in the Klubb Hemköp loyalty programme was just over 2.2 million (2.1) at the end of the quarter. The number of stores amounted to 328 at the end of the quarter. During the quarter, 1 retailer-owned T empo was established. Operating profit amounted to SEK 125 m (103), which corresponds to an operating margin of 5.8% (5.1). The increase in operating profit was primarily driven by the increased sales volume. A stable gross margin and good cost control also contributed to the development. January - September Net sales increased 8.7% and totalled SEK 6,664 m (6,133). Growth in retail sales was 6.8% and 4.7% on a like-for-like basis. Operating profit amounted to SEK 361 m (294), which corresponds to an operating margin of 5.4% (4.8). Hemköp key ratios Q3 2026 Q3 2025 Change 9 mos. 2026 9 mos. 2025 Change R12 Full-year 2025 Net sales, SEK m 2,170 1,995 8.8% 6,664 6,133 8.7% 8,879 8,348 Operating profit, SEK m 125 103 21.9% 361 294 22.8% 439 372 Operating margin, % 5.8 5.1 0.6 5.4 4.8 0.6 4.9 4.5 Retail sales, SEK m 5,753 5,373 7.1% 17,164 16,069 6.8% 22,793 21,697 Like-for-like sales growth, % 4.8 4.8 0.0 4.7 4.1 0.6 — 4.0 Number of stores — — — 328 326 2 — 330 of which, Hemköp group-owned — — — 70 68 2 — 69 of which, Hemköp retailer-owned — — — 136 133 3 — 134 of which, Tempo retailer-owned — — — 122 125 -3 — 127 Stores offering online shopping — — — 64 66 -2 — 65 Private label product, share of sales, % 27.5 26.6 0.9 27.8 27.2 0.6 27.4 27.0 Sustainability-labelled products, share of sales, % 28.0 28.0 0.1 28.6 28.1 0.5 28.1 27.5 Organic products, share of sales, % 5.2 5.3 -0.1 5.5 5.6 -0.1 5.5 5.6 Kg CO2e/kg sold food 1.74 1.68 3% 1.80 1.72 4% 1.77 1.71 Average number of employees — — — 1,796 1,727 69 — 1,729 Shares of women/men in management positions, % — — — 52.6/47.4 51.4/48.6 1.2/-1.2 — 51.0/49.0 77 78 94 103 125 4.8 4.4 5.1 5.1 5.8 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Q3 2026 Operating profit and operating margin Operating profit, SEK m Operating margin, % 1,608 1,779 1,863 1,995 2,170 10.2 10.6 4.7 7.1 8.8 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Q3 2026 Net sales and growth Net sales, SEK m Growth, %
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Axfood interim report 1 January – 30 September 2026 11 ss City Gross In City Gross' stores and e-commerce, customers are offered a combination of a food market hall and hypermarket together with one of the market's widest assortment of groceries. Third quarter Net sales amounted to SEK 2,114 m (2,178) and retail sales to SEK 2,114 m (2,177). Growth in like-for-like sales amounted to 0.6% with a negative impact from food price deflation. The number of stores amounted to 38 at the end of the quarter. During the quarter, 1 store was closed ahead of conversion to Willys. Operating profit amounted to SEK 23 m (-43), which corresponds to an operating margin of 1.1% (-2.0). Operating profit includes items affecting comparability totalling SEK -1 m (-39) mainly attributable to structural measures for stores. Adjusted operating profit totalled SEK 24 m (-4), which corresponds to an operating margin of 1.1% (-0.2). The improvement was mainly driven by effects from structural measures and efforts to streamline operations. City Gross has given Axfood a presence in the hypermarket segment, the fastest-growing segment in the market after discount in recent years. Since Axfood completed the acquisition of City Gross in November 2024, the ambition has been to achieve profitability at some point in the second half of 2026. This ambition was reached in the third quarter. The next step is to gradually strengthen profitability and enable the chain to be competitive in the long term. January - September Net sales amounted to SEK 6,365 m (6,557) and retail sales to SEK 6,366 m (6,551). Like-for-like growth was 1.1%. Operating profit amounted to SEK -42 m (-206), which corresponds to an operating margin of -0.7% (-3.1). Operating profit includes items affecting comparability totalling SEK -15 m (-102). Adjusted operating profit totalled SEK -28 m (-104), which corresponds to an adjusted operating margin of -0.4% (-1.6). City Gross key ratios Q3 2026 Q3 2025 Change2) 9 mos. 2026 9 mos. 2025 Change R12 Full-year 2025 Net sales, SEK m 2,114 2,178 -3.0% 6,365 6,557 -2.9% 8,706 8,898 Operating profit, SEK m 23 -43 n.m. -42 -206 79.4% -28 -192 Adjusted operating profit, SEK m 1) 24 -4 n.m. -28 -104 73.6% 0 -76 Operating margin, % 1.1 -2.0 3.1 -0.7 -3.1 2.5 -0.3 -2.2 Adjusted operating margin, % 1) 1.1 -0.2 1.3 -0.4 -1.6 1.2 0.0 -0.9 Retail sales, SEK m 2,114 2,177 -2.9% 6,366 6,551 -2.8% 8,707 8,892 Like-for-like sales growth, % 0.6 — — 1.1 — — — 1.5 Number of stores — — — 38 40 -2 — 40 Stores offering online shopping — — — 38 40 -2 — 39 Private label product, share of sales, % 22.6 21.9 0.7 22.4 21.8 0.6 22.3 21.9 Sustainability-labelled products, share of sales, % 23.5 22.4 1.1 23.6 22.3 1.3 23.1 21.9 Organic products, share of sales, % 3.3 3.0 0.3 3.3 3.1 0.1 3.2 3.1 Kg CO2e/kg sold food 2.17 1.94 12% 2.20 1.95 13% 2.19 2.01 Average number of employees — — — 1,828 1,917 -89 — 1,871 Shares of women/men in management positions, % — — — 58.2/41.8 58.2/41.8 0.0/0.0 — 56.7/43.3 1) See Note 8 Items affecting comparability for more information. 2) Percentage changes are not reported when the comparative figure is negative.
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Axfood interim report 1 January – 30 September 2026 12 Snabbgross Snabbgross is one of Sweden’s leading restaurant wholesalers with a customer base of restaurants, fast food operators and cafés. Snabbgross offers personal service, accessibility, and quality at its stores and online. The Snabbgross operating segment also includes the concept Snabbgross Club, which is directed at consumers. Third quarter Net sales totalled SEK 1,604 m (1,609). Like-for-like sales were essentially unchanged. The development was negatively impacted by food price deflation. Growth in the restaurant market was positive, and consequently Snabbgross lost market share during the quarter. The number of stores amounted to 31 at the end of the quarter, of which 15 Snabbgross Club. Operating profit amounted to SEK 81 m (101), which corresponds to an operating margin of 5.1% (6.3). Earnings were negatively impacted by a lower gross margin from market investments that were not fully compensated for with volume growth. Robert Stekovic has been appointed as the new Managing Director of Snabbgross and will assume the role on 1 August 2027 at the latest. January - September Net sales totalled SEK 4,461 m (4,454). Like-for-like sales were essentially unchanged. Operating profit amounted to SEK 199 m (222), which corresponds to an operating margin of 4.5% (5.0). Snabbgross key ratios Q3 2026 Q3 2025 Change 9 mos. 2026 9 mos. 2025 Change R12 Full-year 2025 Net sales, SEK m 1,604 1,609 -0.3% 4,461 4,454 0.2% 5,860 5,853 Operating profit, SEK m 81 101 -19.2% 199 222 -10.3% 234 256 Operating margin, % 5.1 6.3 -1.2 4.5 5.0 -0.5 4.0 4.4 Like-for-like sales growth, % -0.3 6.0 -6.3 0.0 5.8 -5.8 — 5.2 Number of stores — — — 31 31 0 — 31 of which Snabbgross — — — 16 19 -3 — 18 of which Snabbgross Club — — — 15 12 3 — 13 Sustainability-labelled products, share of sales, % 20.5 20.4 0.1 20.9 20.8 0.1 20.6 20.5 Organic products, share of sales, % 1.6 1.5 0.0 1.6 1.6 0.0 1.5 1.6 Kg CO2e/kg sold food 2.45 2.36 4% 2.49 2.33 7% 2.49 2.37 Average number of employees — — — 631 609 22 — 600 Shares of women/men in management positions, % — — — 45.3/54.7 44.4/55.6 0.9/-0.9 — 43.5/56.5 1,324 1,437 1,518 1,609 1,604 16.9 8.6 5.6 6.0 -0.3 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Q3 2026 Net sales and growth Net sales, SEK m Growth, % 90 86 85 101 81 6.8 6.0 5.6 6.3 5.1 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Q3 2026 Operating profit and operating margin Operating profit, SEK m Operating margin, %
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Axfood interim report 1 January – 30 September 2026 13 Dagab Dagab operates and develops the Group’s assortment, purchasing and logistics, but also conducts sales to external customers. The Dagab operating segment also includes retailer-owned Handlar’n and Matöppet, the restaurant chain Urban Deli, and the partly owned online pharmacy Apohem. Third quarter Net sales increased 2.4% and totalled SEK 20,474 m (19,984). Growth was negatively impacted by food price deflation and was consequently volume driven. The increased sales was primarily attributable to sales to food retail customers, and in particular Axfood’s own concepts. Operating profit amounted to SEK 341 m (341), which corresponds to an operating margin of 1.7% (1.7). Increased productivity as a result of investments and efficiency improvements in the Group’s logistics structure had a positive impact on the earnings development. Earnings were negatively impacted by food price deflation, market investments and higher fuel-related costs, which were in line with the preceding quarter. Dagab is continuing its efforts to optimise the supply of goods to further increase efficiency and productivity. Dagab is also continuing to invest in transports, with the target of electrifying 50% of its vehicle fleet by 2030. During the quarter, the share of electricity in the fuel mix increased to 14.8% (5.5%). In addition to investments in logistics and transportation, the assortment is continuing to be developed at a rapid rate, with more than 70 new private label products launched during the quarter. January - September Net sales totalled SEK 61,209 m (59,834), an increase of 2.3%. Operating profit amounted to SEK 919 m (926), which corresponds to an operating margin of 1.5% (1.5). Dagab key ratios Q3 2026 Q3 2025 Change 9 mos. 2026 9 mos. 2025 Change R12 Full-year 2025 Net sales, SEK m 20,474 19,984 2.4% 61,209 59,834 2.3% 81,955 80,579 Operating profit, SEK m 341 341 0.0% 919 926 -0.8% 1,233 1,240 Operating margin, % 1.7 1.7 0.0 1.5 1.5 0.0 1.5 1.5 Average number of employees — — — 3,182 3,170 12 — 3,209 Shares of women/men in management positions, % — — — 35.9/64.1 35.2/64.8 0.7/-0.7 — 35.3/64.7 2022 and 2023 refer to adjusted operating profit and adjusted operating margin. 16,971 18,410 19,090 19,984 20,474 39.0 8.5 3.7 4.7 2.4 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Q3 2026 Net sales and growth Net sales, SEK m Growth, % 309 340 312 341 341 1.8 1.8 1.6 1.7 1.7 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Q3 2026 Operating profit and operating margin Operating profit, SEK m Operating margin, %
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Axfood interim report 1 January – 30 September 2026 14 Other information T argets and capital expenditures Axfood’s long-term financial targets: • Grow faster than the market • Long-term operating margin of at least 4.5% • Equity ratio of at least 20% at year-end Axfood’s dividend policy is that the shareholder dividend shall be at least 50% of profit after tax. The dividend is to be paid out on two occasions. Axfood's sustainability targets for 2030: • Share of sales of sustainability-labelled products at least 30 percent • Share of food waste in own operations no more than 0.7 percent • Carbon footprint per kilo of sold food to decrease at least 10 percent compared with the base year of 2024 Investments in 2026 are now expected to amount to between SEK 2,000 m and SEK 2,100 m, excluding acquisitions and right-of-use assets. This is a lower level than the previously communicated range of between SEK 2,200 m and SEK 2,300 m, due to delays in automation investments for the new logistics centre in Kungsbacka. Automation investments are now expected to amount to SEK 200 m during 2026. The part of the automation investment that is delayed, approximately SEK 270 m, will instead be paid in 2027 . During 2026, Axfood plans to maintain a high pace of expansion and establish 10–15 new Group-owned stores. As part of the work to strengthen City Gross, operating profit for 2026 is charged with structural costs. The costs are recognised in the City Gross segment and pertain primarily to structural measures for stores. Costs are classified as items affecting comparability. The structural costs are now expected to amount to approximately SEK 25 m, a lower level than the previous estimate of SEK 50 m due to delays with certain structural measures. New logistics centre in Kungsbacka As previously communicated, Axfood plans to establish a new, highly automated logistics centre in Kungsbacka that will ensure increased capacity and efficiency in southern Sweden. The detailed development plan process is ongoing and, as part of this, a protected species assessment has been conducted, identifying the presence of certain protected species in the area of the planned development. A dialogue is ongoing with Kungsbacka Municipality regarding adjustments to protect the area’s nature values. Axfood continues to expect operations and ramp-up of the facility to begin in 2030, in line with the previously communicated timeline, although some delay cannot be ruled out. Nominating Committee Ahead of the 2027 AGM and in accordance with the applicable instructions, a Nominating Committee was appointed during the quarter. The Nominating Committee consists of Marie Ehrling (Axel Johnson AB), Sussi Kvart (Handelsbanken Funds), Hjalmar Ek (Lannebo Asset Management), and Katarina Hammar (Nordea Funds). Marie Ehrling is the Chairman of the Nominating Committee. Axfood’s Chairman, Caroline Berg, is a co-opted member of the Nominating Committee. Altogether the Nominating Committee represents 57.1% of the votes and capital in Axfood as per 11 September 2026. The Annual General Meeting 2027 will be held in Stockholm on 16 March 2027. Shareholders who wish to submit proposals to the Nominating Committee ahead of the AGM can do so by emailing valberedning@axfood.se. In order for the Nominating Committee to be able to address submitted proposals in a constructive manner, proposals must be received in due time before the AGM.
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Axfood interim report 1 January – 30 September 2026 15 Financial statements, Group Condensed statement of profit or loss and other comprehensive income SEK m Q3 2026 Q3 2025 9 mos. 2026 9 mos. 2025 R12 Full-year 2025 Net sales 22,711 22,286 67,504 66,321 90,334 89,152 Cost of goods sold1) -19,354 -18,974 -57,492 -56,481 -77,031 -76,020 Gross profit 3,357 3,312 10,011 9,840 13,303 13,132 Selling expenses -1,355 -1,326 -4,251 -4,111 -5,720 -5,581 Administrative expenses1) -1,088 -1,105 -3,478 -3,525 -4,685 -4,733 Share of profit in associated companies and joint ventures -4 -15 -12 -37 -23 -48 Other operating income 215 200 641 600 901 861 Other operating expenses1) -7 -7 -24 -54 -30 -59 Operating profit 1,118 1,059 2,888 2,712 3,748 3,572 Interest income and similar profit/loss items 10 9 34 29 43 38 Interest expenses and similar profit/loss items 2) -149 -144 -449 -444 -584 -579 Profit before tax 980 924 2,473 2,297 3,206 3,031 Tax -207 -198 -529 -495 -689 -655 Net profit for the period 772 727 1,944 1,802 2,518 2,375 1) Includes items affecting comparability, see Note 8 Items affecting comparability for more information. 2) Of which leasing interest expenses was SEK -123 m (-115) in the third quarter, SEK -363 m (-341) accumulated, and SEK -455 m for the full year 2025. SEK m Q3 2026 Q3 2025 9 mos. 2026 9 mos. 2025 R12 Full-year 2025 Other comprehensive income Items that cannot be reclassified to profit or loss for the period, net after tax Revaluation defined benefit pensions 0 3 -1 9 2 11 Items that can be reclassified to profit or loss for the period, net after tax Changes in hedging reserve 26 -2 74 -2 52 -24 Other comprehensive income for the period 26 1 73 7 54 -13 Total comprehensive income for the period 798 728 2,017 1,808 2,572 2,363 Net profit for the period attributable to Owners of the parent 749 713 1,906 1,778 2,467 2,339 Non-controlling interest 24 14 38 24 51 37 Total comprehensive income for the period attributable to Owners of the parent 775 714 1,979 1,785 2,521 2,326 Non-controlling interest 24 14 38 24 51 37 Earnings per share before dilution, SEK 3.47 3.30 8.83 8.24 11.42 10.84 Earnings per share after dilution, SEK 3.45 3.29 8.79 8.20 11.38 10.79
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Axfood interim report 1 January – 30 September 2026 16 Condensed statement of financial position SEK m 2026-09-30 2025-09-30 2025-12-31 Assets Goodwill 4,860 4,825 4,848 Other intangible assets 2,608 2,468 2,438 Property, plant and equipment 6,879 6,573 6,668 Right-of-use assets 13,197 12,607 12,674 Financial assets 116 176 175 Deferred tax assets 239 244 218 Total non-current assets 27,900 26,893 27,022 Inventories 5,249 5,150 5,285 Trade receivables 2,424 2,686 2,538 Other current assets 1,179 718 992 Cash and cash equivalents 309 334 1,077 Total current assets 9,161 8,888 9,892 Total assets 37,062 35,781 36,913 Equity and liabilities Equity attributable to owners of the parent 7,533 6,952 7,508 Equity attributable to non-controlling interests 350 359 323 Total equity 7,883 7,311 7,830 Non-current lease liabilities 10,997 10,375 10,478 Non-current interest-bearing liabilities 2,500 2,400 2,700 Provisions for pensions 269 280 272 Deferred tax liabilities 1,696 1,513 1,682 Other non-current liabilities 10 8 27 Total non-current liabilities 15,473 14,576 15,160 Current lease liabilities 2,327 2,241 2,224 Current interest-bearing liabilities 510 651 — Trade payables 7,423 7,435 7,697 Other current liabilities 3,446 3,567 4,001 Total current liabilities 13,706 13,894 13,923 Total equity and liabilities 37,062 35,781 36,913 Condensed statement of cash flow SEK m Q3 2026 Q3 2025 9 mos. 2026 9 mos. 2025 R12 Full-year 2025 Operating activities Operating profit 1,118 1,059 2,888 2,712 3,748 3,572 Depreciation, amortization, impairment 1,048 1,023 3,106 3,046 4,136 4,077 Interest paid and similar items -148 -144 -448 -443 -583 -578 Interest received and similar items 10 9 34 29 43 38 Adjustments for non-cash items 27 25 84 76 101 92 Paid tax -108 -170 -657 -572 -702 -617 Changes in working capital 9 -451 -737 -334 -236 166 Cash flow from operating activities 1,956 1,352 4,270 4,513 6,507 6,751 Investing activities Acquisitions of operations -2 — -2 -2 -2 -2 Acquisitions of intangible assets -283 -116 -388 -290 -448 -350 Acquisitions of property, plant and equipment -272 -308 -1,096 -975 -1,500 -1,379 Acquisitions of financial assets 0 0 -8 -37 -20 -49 Other changes in investing activities 0 2 2 8 6 13 Cash flow from investing activities -557 -421 -1,493 -1,296 -1,964 -1,767 Financing activities Loans raised 4,110 1,550 9,721 5,609 11,086 6,973 Amortisation of debt -3,939 -993 -9,411 -5,460 -11,126 -7,175 Amortisation of lease liability -626 -610 -1,860 -1,853 -2,485 -2,478 Share repurchases — — -51 -25 -51 -25 Dividend paid out1) -971 -918 -1,943 -1,889 -1,992 -1,938 Cash flow from financing activities -1,427 -971 -3,544 -3,618 -4,568 -4,643 Cash flow for the period -28 -40 -768 -401 -25 341 1) R12 and 2025 includes dividend to minority interests of SEK 49 m (–). Condensed statement of changes in equity SEK m 2026-09-30 2025-09-30 2025-12-31 Amount at start of year 7,830 7,388 7,388 Total comprehensive income for the period 2,017 1,808 2,363 Change in non-controlling interests -3 0 0 Share repurchases -51 -25 -25 Share-based payments 33 28 42 Dividend to shareholders -1,943 -1,889 -1,938 Amount at end of period 7,883 7,311 7,830
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Axfood interim report 1 January – 30 September 2026 17 Financial statement, Parent Company Condensed income statement SEK m Q3 2026 Q3 2025 9 mos. 2026 9 mos. 2025 Full-year 2025 Net sales 3 3 10 9 13 Selling and administrative costs -133 -126 -453 -447 -602 Other operating income 106 107 331 342 452 Operating profit -24 -15 -112 -96 -138 Net financial items1) 16 15 219 52 118 Profit/loss after financial items -8 -1 107 -44 -19 Appropriations, net — — — — 2,040 Profit before tax -8 -1 107 -44 2,020 Tax -4 -2 0 -4 -416 Net profit for the period -12 -2 108 -48 1,604 Total comprehensive income for the period -12 -2 108 -48 1,604 1) Net financial items for 2026 include a dividend of SEK 171 million from subsidiaries. Condensed balance sheet SEK m 2026-09-30 2025-09-30 2025-12-31 Assets Property, plant and equipment 15 22 20 Participations in Group companies 4,265 4,236 4,244 Other financial assets 4 2 3 Deferred tax assets 10 6 6 Total non-current assets 4,294 4,266 4,273 Receivables from Group companies 1) 5,929 6,747 8,941 Other current assets 648 524 200 Cash and cash equivalents 8 5 392 Total current assets 6,585 7,276 9,534 Total assets 10,878 11,542 13,807 Equity and liabilities Restricted equity 296 296 296 Non-restricted equity 2,344 2,532 4,198 Total equity 2,640 2,828 4,494 Untaxed reserves 4,113 4,032 4,113 Non-current interest-bearing liabilities 2,500 2,400 2,700 Other non-current liabilities 13 10 9 Non-current liabilities 2,513 2,410 2,709 Current interest-bearing liabilities 510 651 — Trade payables 13 15 24 Liabilities to Group companies 2) 984 1,488 2,342 Other current liabilities 105 118 124 Total current liabilities 1,612 2,272 2,490 Total equity and liabilities 10,878 11,542 13,807 1) of which, interest-bearing receivables 5,913 6,730 6,170 2) of which, interest-bearing liabilities 980 1,484 1,693
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Axfood interim report 1 January – 30 September 2026 18 Noter Note 1 Accounting policies Axfood applies the International Financial Reporting Standards (IFRS) as endorsed by the EU. The accounting policies, measurement principles and definitions applied correspond with those described in the 2025 Annual and Sustainability Report, except for what is stated below. This interim report has been prepared for the Group in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. For the Parent Company, the interim report has been prepared in accordance with recommendation RFR 2 Accounting for Legal Entities, issued by the Swedish Financial Reporting Board (RFR), and the Swedish Annual Accounts Act. All amounts are rounded off to the nearest million kronor, unless stated otherwise. T otals may be affected by rounding. Amounts in parentheses refer to the corresponding period in the previous year. New or amended accounting policies in 2026 and later IFRS 18 and related amendments to other standards are applicable for reporting periods beginning on or after 1 January 2027 with retrospective application. The new standard has been endorsed by the EU and will replace IAS 1. The standard does not affect the recognition or measurement of items in the financial statements, but only presentation and disclosures. An analysis of the impact of the standard's impact on the Group is ongoing. The standard has not been pre-adopted. No other new or amended standards or interpretations that have been endorsed for application in 2026 or later are to have any material effect on the consolidated financial statements. Significant estimates and assessments Preparing the financial statements in accordance with IFRS requires the Board and Executive Committee to make judgements and estimates as well as assumptions that affect the application of the accounting policies and the Company’s result and position as well as other disclosures in general. The actual outcome may deviate from these estimates and assessments. Note 2 Other material information Seasonal effects Axfood’s sales are affected to some degree by seasonal variations. Sales increase in the quarter in which Easter falls, which is either the first or second quarter. Sales also increase ahead of Midsummer during the second quarter as well as ahead of the major holidays in the fourth quarter. Transactions with related parties The Axfood Group’s transactions with related parties, aside from those covered by the consolidated financial statements, consist of transactions with associated companies and with subsidiaries within the Axel Johnson Group. Significant risks and uncertainties Like all business activities, Axfood’s business is exposed to risks. The risks are broken down into operational, strategic and financial risks. Operational and strategic risks include sustainability risks. The risks that could have the greatest impact on the Group are the risk of disruptions in the logistics chain, IT and information security risks, and criminality. Axfood works continuously with risk identification and assessment. Major emphasis is placed on preventive work and on planning to maintain operating continuity in the event of unforeseen events. For a thorough account of the risks that affect the Group, please refer to the 2025 Annual and Sustainability Report. Note 3 Operating segments Segment reporting follows the internal reporting structure for reporting to the Executive Committee, which is the decision-making body within Axfood that comprises the chief operating decision-maker. The operating segments that have been identified are Willys, Hemköp, City Gross, Snabbgross and Dagab. Joint-Group pertains to support functions, such as the Executive Committee, Finance, Legal Affairs, Communications, Business Development, HR, IT and Insurance. The Executive Committee reviews the segments’ operating profit or loss, both including and excluding items affecting comparability. For information about Axfood’s operating segments, see pages 9-13 of this interim report. For a more detailed description of the segments, please refer to the 2025 Annual and Sustainability Report. Note 4 Financial assets and liabilities Financial assets measured at fair value amounted to SEK 87 m (7). SEK 80 m (0) is attributable to Level 2 of the fair value hierarchy and SEK 7 m (7) is attributable to Level 3. Financial liabilities measured at fair value amounted to SEK — m (3). Forward exchange contracts are measured at fair value based on the Central Bank of Sweden’s spot rates on the accounting date, which is assessed to be a reasonable approximation of fair value. The carrying amount of the participation in Oda Group amounted to SEK 7 m (7). Axfood's shareholding in Oda Group amounted to 0.9% (2.3). The carrying amount are unchanged since 31 December 2025 and in line with the issue carried out during the first quarter. Note 5 Acquired and divested operations There have been no significant acquisitions or divestments during the year.
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Axfood interim report 1 January – 30 September 2026 19 Note 6 Pledged assets and contingent liabilities Note 7 Long-term share-based incentive programmes The 2026 AGM resolved to adopt a new long-term share-based incentive programme that runs over a three-year period, L TIP 2026. The programme corresponds in all essential respects to L TIP 2025. The 2026 AGM further resolved to authorise Axfood's Board of Directors to decide on the repurchase of no more than 400,000 own shares for the purpose of securing the Company's obligations under L TIP 2026. During the second quarter Axfood repurchased 127 ,000 shares for a total of SEK 33.6 m, at an average price of SEK 264.36 per share. Allotment of L TIP 2023 was carried during the second quarter using treasury shares. The holding of treasury shares amounts to 959,311 shares, which is sufficient to secure the delivery of shares for all of the Company’s incentive programmes. For more information about incentive programmes, please refer to the 2025 Annual and Sustainability Report. Note 8 Items affecting comparability Items affecting comparability in the third quarter totalled SEK -1 m (-39), and cumulative SEK -15 m (-102) and pertain in its entirely to structural costs relating to City Gross. The costs are included in other operating expenses, cost of goods sold, and in administrative expenses. Note 9 Significant events after the balance sheet date No significant events after the balance sheet date. Group, SEK m 2026-09-30 2025-09-30 2025-12-31 Contingent liabilities 27 29 28 Parent Company, SEK m 2026-09-30 2025-09-30 2025-12-31 Contingent liabilities 267 286 267 There are no pledged assets in either the Group or the parent company. Item affecting comparability Segment Q3 2026 Q3 2025 9 mos. 2026 9 mos. 2025 R12 Full-year 2025 Structural costs City Gross -1 -39 -15 -102 -28 -116 Total -1 -39 -15 -102 -28 -116
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Axfood interim report 1 January – 30 September 2026 20 Key ratios Changes in store structure New establishments and acquisitions, group-owned stores First quarter Willys Karlstad Skåre Willys Lund Nova Hemköp Jönköping Strandängen City Gross Norrtälje Second quarter Willys Lycksele Willys T anum Willys Vallentuna Third quarter Willys Kiruna Number of stores Dec 2025 New establishment/ acquisitions Sales/ closures Conversions Sep 2026 Sep 2025 Willys/Willys Hemma/Eurocash 256 6 -1 — 261 256 Hemköp/Tempo, Group-owned stores 69 1 — 0 70 68 City Gross1) 40 1 -2 -1 38 40 Snabbgross/Snabbgross Club 31 — — — 31 31 Total, Group-owned stores 396 8 -3 -1 400 395 Hemköp retailer-owned stores 134 1 — 1 136 133 Tempo, retailer-owned stores 127 3 -7 -1 122 125 Total, retailer-owned stores 261 4 -7 0 258 258 Total, Group-owned and retailer-owned stores 657 12 -10 -1 658 653 1) City Gross Helsingborg Berga has been closed in preparation for its conversion to a Willys store. A new Willys store is scheduled to open during the fourth quarter of 2026.
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Axfood interim report 1 January – 30 September 2026 21 Key ratios and other data, Group Quarterly overview January-September Full-year SEK m Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 9 mos. 2026 9 mos. 2025 R12 Full-year 2025 Net sales 22,711 23,197 21,595 22,831 22,286 22,995 21,040 21,860 67,504 66,321 90,334 89,152 Retail sales 20,200 20,713 19,550 20,468 19,625 20,282 18,829 18,836 60,462 58,736 80,930 79,204 Operating profit 1,118 964 806 860 1,059 934 719 629 2,888 2,712 3,748 3,572 Adjusted operating profit 1,119 972 812 873 1,099 959 757 772 2,903 2,814 3,776 3,688 Operating margin, % 4.9 4.2 3.7 3.8 4.8 4.1 3.4 2.9 4.3 4.1 4.1 4.0 Adjusted operating margin, % 4.9 4.2 3.8 3.8 4.9 4.2 3.6 3.5 4.3 4.2 4.2 4.1 Items affecting comparability -1 -8 -6 -13 -39 -25 -38 -143 -15 -102 -28 -116 Net profit for the period 772 647 525 574 727 622 453 361 1,944 1,802 2,518 2,375 Cash flow from operating activities 1,956 1,221 1,093 2,238 1,352 1,929 1,232 1,872 4,270 4,513 6,507 6,751 Capital employed 24,486 23,216 22,800 23,505 23,258 22,282 22,091 22,985 24,486 23,258 24,486 23,505 Return on capital employed R12, % 15.9 16.4 16.5 15.5 16.4 17.0 16.8 16.6 15.9 16.4 15.9 15.5 Return on equity R12, % 34.1 37.5 41.1 32.1 31.1 34.3 37.0 31.5 34.1 31.1 34.1 32.1 Net working capital R12 -2,473 -2,688 -2,916 -2,933 -2,880 -2,819 -2,791 -2,875 -2,473 -2,880 -2,473 -2,933 Net working capital as a share of net sales R12, % -2.7 -3.0 -3.3 -3.3 -3.3 -3.2 -3.3 -3.4 -2.7 -3.3 -2.7 -3.3 Total capital expenditures (incl. IFRS 16) 1,475 993 1,494 1,190 732 1,443 1,183 3,508 3,962 3,358 5,152 4,548 Investments in intangible assets and in PP&E 557 366 561 464 423 471 371 481 1,484 1,265 1,948 1,730 Depreciation/amortisation (incl. IFRS 16) -1,048 -1,029 -1,027 -1,030 -1,019 -1,003 -1,001 -944 -3,104 -3,024 -4,133 -4,054 Depreciation/amortisation of intangible assets and PP&E -395 -385 -380 -379 -373 -357 -354 -341 -1,160 -1,085 -1,539 -1,463 Equity ratio, % 21.3 19.1 17.3 21.2 20.4 18.2 16.8 20.9 21.3 20.4 21.3 21.2 Net debt 16,294 15,807 15,970 14,598 15,613 15,337 15,796 14,861 16,294 15,613 16,294 14,598 Net debt excl. IFRS 16 2,970 2,774 2,946 1,896 2,997 2,407 3,215 2,467 2,970 2,997 2,970 1,896 Net debt/EBITDA, multiple 2.1 2.0 2.1 1.9 2.1 2.2 2.3 2.2 2.1 2.1 2.1 1.9 Net debt/EBITDA excl. IFRS 16, multiple 0.6 0.6 0.6 0.4 0.7 0.6 0.8 0.6 0.6 0.7 0.6 0.4 Net debt-equity ratio, multiple 2.1 2.2 2.5 1.9 2.1 2.3 2.7 2.0 2.1 2.1 2.1 1.9 Net debt-equity ratio excl. IFRS 16, multiple 0.4 0.4 0.4 0.2 0.4 0.3 0.5 0.3 0.4 0.4 0.4 0.2 Average number of employees 15,790 15,029 14,781 15,620 15,675 14,907 14,578 13,709 15,790 15,675 — 15,620 Sustainability-labelled products, share of sales, % 26.9 27.5 27.9 25.8 26.7 26.7 28.0 26.0 27.5 27.1 27.1 26.6 Kg CO2e/kg of food sold 2.02 2.14 1.91 1.98 1.95 1.88 1.98 2.13 2.02 1.94 2.01 1.95 Number of shares outstanding at end of period 215,883,929 215,883,929 215,921,723 215,921,723 215,921,723 215,921,723 215,744,895 215,744,895 215,883,929 215,921,723 215,883,929 215,921,723 Average number of shares outstanding before dilution 215,883,929 215,943,218 215,921,723 215,921,723 215,921,723 215,874,569 215,744,895 215,744,895 215,916,290 215,847,062 215,917,648 215,865,727 Average number of shares outstanding after dilution 216,843,240 216,782,605 216,843,240 216,843,240 216,843,240 216,776,894 216,843,240 216,843,240 216,823,028 216,821,125 216,828,081 216,826,653 Earnings per share before dilution, SEK 3.47 2.94 2.42 2.60 3.30 2.85 2.09 1.62 8.83 8.24 11.42 10.84 Adjusted earnings per share before dilution, SEK 3.47 2.97 2.44 2.65 3.45 2.94 2.23 2.28 8.88 8.61 11.53 11.26 Earnings per share after dilution, SEK 3.45 2.93 2.41 2.59 3.29 2.83 2.08 1.61 8.79 8.20 11.38 10.79 Ordinary dividend per share, SEK — — — 9.00 — — — 8.75 — — — 9.00 Equity per share, SEK 34.89 31.20 28.35 34.77 32.20 28.83 26.06 32.69 34.89 32.20 34.89 34.77 Cash flow from operating activities per share, SEK 9.06 5.65 5.06 10.36 6.26 8.94 5.71 8.68 19.77 20.91 30,14 31.27 Cash flow per share, SEK -0.13 -0.22 -3.21 3.44 -0.19 0.18 -1.85 2.08 -3.54 -1.86 -0.12 1.58 Share price, SEK 259.20 257.40 321.70 290.20 292.10 279.60 225.80 234.00 259.20 292.10 — 290.20
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Axfood interim report 1 January – 30 September 2026 22 Financial key ratios In addition to the financial key ratios prepared in accordance with IFRS, Axfood presents financial key ratios that are not defined by IFRS or by the Swedish Annual Accounts Act, so-called alternative performance measures (APMs). These APMs aim to provide supplementary information that contributes to analysing Axfood’s operations and development. The APMs used are considered generally accepted in the industry. APMs should not be seen as a substitute for financial information presented in accordance with IFRS, but as a complement. The APMs are defined below under the financial key ratio definitions. Certain APMs are also reported excluding IFRS 16 to enable a follow-up of operational development excluding the technical accounting effects as a result of IFRS 16. Some APMs are also reported excluding items affecting comparability since the adjusted performance measure provides a better understanding of the operations’ underlying development when comparing between periods. Financial key ratio definitions Adjusted operating margin: Operating profit excluding items affecting comparability as a percentage of net sales for the period. Also referred to as operating margin excluding items affecting comparability. Adjusted operating profit: Profit before net financial items and tax adjusted for items affecting comparability. Also referred to as operating profit excluding items affecting comparability. Capital employed: Total assets less non-interest-bearing liabilities and non-interest bearing provisions. Measures the Group’s capital use and efficiency. Cash flow from operating activities per share: Cash flow from operating activities for the period divided by the average number of shares outstanding before dilution. Indicates cash flow generated from operating activities. Cash flow per share: Cash flow for the period divided by the average number of shares outstanding before dilution. Indicates cash flow generated per share. Earnings per share (defined in IFRS): Net profit for the period attributable to owners of the parent divided by the average number of shares outstanding. Reported both before and after dilution. Earnings per share are also reported based on earnings adjusted for items affecting comparability. EBITDA: Operating profit before depreciation, amortisation and impairment. Also reported excluding the effects of reporting in accordance with IFRS 16 as EBITDA excl. IFRS 16. Indicates the underlying development of the operations. Equity per share: Share of equity attributable to owners of the parent divided by the number of shares outstanding at the end of the period. Indicates shareholders’ share of the Company’s total equity per share. Equity ratio: Equity including non-controlling interests as a percentage of total assets. An equity ratio of at least 20% at year-end is one of Axfood’s Group-wide strategic targets Items affecting comparability: Financial effects in connection with major acquisitions and divestments or other major structural changes as well as material non-recurring items that are relevant in order to understand the results when comparing between periods. Net debt/EBITDA: Net debt divided by EBITDA on a rolling 12-month basis. Also reported excluding the effects of reporting in accordance with IFRS 16. Indicates the Group’s ability to pay its debt. Net debt-equity ratio/net receivable-equity ratio: Net debt/net receivable divided by equity including non-controlling interests. Also reported excluding the effects of reporting in accordance with IFRS 16. Indicates the Company’s debt-equity ratio. Net debt/net receivable: Interest-bearing non-current and current receivables and liabilities less cash and cash equivalents and interest-bearing financial assets. Net indebtedness is also referred to as net debt. Net receivable is also referred to as net receivables. Used to show the Company’s net interest-bearing assets and liabilities. Net debt/net receivable excluding IFRS 16: Interest-bearing non-current and current receivables and liabilities, excluding lease liabilities, less cash and cash equivalents and interest-bearing financial assets. Net working capital: Average current assets less current liabilities (adjusted for dividend), on a rolling 12-month basis. Indicates the average financing need for the group's working capital. Net working capital as a share of net sales: Working capital divided by net sales, rolling 12 months. Shows the group's ability to use working capital to generate sales. Operating margin: Operating profit as a percentage of net sales for the period. An operating margin of at least 4.5% is one of Axfood’s strategic Group-wide targets. Operating profit: Profit before net financial items and tax. Indicates profitability for operating activities. Return on capital employed: Profit after financial items, plus financial expenses on a rolling 12-month basis as a percentage of average capital employed. Indicates profitability in both equity and borrowed capital in the Company. Return on equity: The share of net profit for the period on a rolling 12-month basis attributable to owners of the parent as a percentage of the share of average equity attributable to owners of the parent. Indicates the return that owners receive on capital invested. Sales growth: Percentage change in sales between two periods. Axfood monitors growth in both retail sales and net sales. One of Axfood’s Group-wide strategic targets is to grow faster than the market and growth in retail sales is the target Axfood uses to measure this. Reconciliation of EBITDA SEK m Q3 2026 Q3 2025 9 mos. 2026 9 mos. 2025 R12 Full-year 2025 Operating profit 1,118 1,059 2,888 2,712 3,748 3,572 Depreciation, amortisation, impairment 1,048 1,023 3,106 3,046 4,136 4,077 EBITDA 2,166 2,083 5,994 5,759 7,884 7,649 IFRS 16 Lease fees -738 -735 -2,205 -2,201 -2,940 -2,937 EBITDA exkl. IFRS 16 1,428 1,348 3,789 3,557 4,944 4,712 For reconciliation of additional key ratios, see Axfood’s website, www.axfood.com
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Axfood interim report 1 January – 30 September 2026 23 Operating key ratio definitions Average number of employees: Total number of hours worked divided by the number of hours worked per year of 1,920. Also referred to as FTEs. Joint-Group: Pertains to support functions, such as the Executive Committee, Finance, Legal Affairs, Communications, Business Development, HR, IT, and Insurance. Like-for-like sales: Sales in stores that existed and generated sales in the current period and the comparison period. Online sales: Reported online sales of the concepts Willys, Hemköp Group-owned stores, Hemköp retailer-owned stores and City Gross. Private label products, share of sales: Sales of private label products, excluding meat, fruits and vegetables, as a percentage of retail sales. Retail sales: Reported store sales including online sales for the concepts Willys, Willys Hemma, Eurocash, Hemköp, Group-owned stores, Hemköp retailer-owned stores, Tempo and City Gross, excluding adjustments mainly related to customer bonuses. R12: The sum of the past 12 months determined on a rolling basis. Share price: Closing share price. Wholesale sales: Company and private customer sales including online for the concepts Dagab and Snabbgross (including Snabbgross Club). Key ratio definitions for sustainability Keyhole-labelled products, share or sales: Sales from Keyhole-labelled products as a percentage of total food sales. The selection includes sales in Group-owned stores as well as retailer-owned Hemköp stores. Kg CO2e/kg of food sold: The amount of greenhouse gas emissions (kilo carbon dioxide equivalents) from food in relation to total food sold (kilo food). The selection includes sales in Group-owned stores as well as retailer-owned Hemköp stores. Kg CO2e/tonne of transported goods: Emissions (kg CO2e) from purchased fuel (litres) in relation to total transported goods (tonnes) between warehouses and stores or consumer. Transports between warehouses and consumers pertain to e-commerce transports and amounts to only a small share of the total. Reported data pertains only to goods delivered by own transports. Reported data is presented with a one-month lag. KRAV-certified meat, share of sales: Sales from KRAV-certified meat items (fresh and frozen) as a percentage of total sales of meat products. The selection includes sales in Group-owned stores as well as retailer-owned Hemköp stores. Organic products, share of sales: Sales from organic-labelled products with a valid country of origin marking as a percentage of total food sales. The selection includes sales in Group-owned stores as well as retailer-owned Hemköp stores. Share of approved social audits: Share of social audits where the supplier received a rating of 1 or 2 on a three-point scale where rating 1 refers to approved audits, rating 2 to approved audits with remarks, and rating 3 to non-approved audits. Social audits comprise on-site visits and inspections carried out to ensure that suppliers fulfil the requirements of Axfood's Supplier Code of Conduct. The selection includes audits of suppliers of private label products and fresh fruit and vegetables operating in risk countries, as well as tomato suppliers in Italy. All audits have been carried out according to one of the 23 trusted third-party standards that Axfood accepts. Share of women/men in management positions: The share of women/men in management positions at the end of the current period. Management positions are defined as employed managers with employee responsibility, including the Executive Committee. Sustainability-labelled products, share of sales: Sales from sustainability-labelled products with a valid country of origin marking as a percentage of retail and wholesale sales from the corresponding chains. The selection includes sales in Group-owned stores as well as retailer-owned Hemköp stores.
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Axfood interim report 1 January – 30 September 2026 24 Auditor’s review report T o the Board of Directors of Axfood AB (publ) Corporate registration number 556542-0824 Introduction We have reviewed the interim report for Axfood AB (publ) for the period 1 January 2026–30 September 2026. The Board of Directors and the President are responsible for the preparation and presentation of this interim financial information in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope of the review We conducted our review in accordance with the International Standard on Review Engagements (ISRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (ISA) and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that we would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion based on an audit Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not, in all material aspects, prepared for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act. Stockholm, 22 October 2026 Deloitte AB Didrik Roos Authorised Public Accountant
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Axfood interim report 1 January – 30 September 2026 25 About Axfood Axfood is a leader in food retail in Sweden and a family of different concepts in collaboration. The Group has approximately 15,000 employees (FTEs) and net sales of SEK 90 billion. Axfood aspires to be a strong force in society that drives development toward more sustainable food production and consumption. The share is listed on Nasdaq Stockholm and the principal owner is Axel Johnson. Axfood has an integrated business model and plays a central role across the entire food supply chain. Its vision is to be the leader in affordable, good and sustainable food. This creates a greater quality of life for everyone, which is the Group’s purpose. With a focus on customer meetings, Axfood has a clear strategy for 2030 based on its values-driven culture and core values, comprising focus areas aimed at driving growth and increasing efficiency. A unique family of companies Axfood is primarily represented in the Swedish food retail market through the leading discount grocery chain Willys, Hemköp in the traditional grocery segment and the hypermarket chain City Gross. With T empo, Handlar’n and Matöppet, Axfood also has a position in mini-marts, while Eurocash operates stores in cross-border shopping adjacent to Norway. In addition to these concepts, Axfood also has a presence in cafés and restaurants with the wholesale business Snabbgross and the restaurant chain Urban Deli, and a position in the online pharmacy market with Apohem. Dagab is responsible for ensuring that the assortment, purchasing and logistics maintain high efficiency and quality, and plays a key role in efforts to streamline the flow of goods. Financial targets and dividend policy Axfood’s financial targets are to grow faster than the market, to have a long-term operating margin of at least 4.5% and to have an equity ratio of at least 20% at year-end. The shareholder dividend is to be at least 50% of profit after tax and is to be paid out on two occasions. Investment case Axfood is one of the leading players in food retail in Sweden. With its broad presence, strong concepts and brands, and efficiency through collaboration, conditions are created for long-term profitable growth. The most important reasons to invest in Axfood are: • Strong store concepts with leading positions in attractive market segments • Efficiency and economies of scale through close collaboration • Strong financial position and stable cash flows Selection of press releases 2 July 2026 Axfood’s climate targets validated by Science Based T argets initiative 10 August 2026 Robert Stekovic new Managing Director of Snabbgross 13 August 2026 Nominating Committee ahead of Axfood’s 2027 Annual General Meeting 17 September 2026 Therese Kempe new Managing Director of Apohem 17 September 2026 Change in the Nominating Committee ahead of Axfood’s 2027 Annual General Meeting Financial calendar • The year-end report for 2026 will be published at 7:00 a.m. CET on 28 January 2027 • The Annual General Meeting 2027 will be held on 16 March 2027 • The interim report for the first quarter of 2027 will be published at 7:00 a.m. CET on 21 April 2027 • The interim report for the second quarter of 2027 will be published at 7:00 a.m. CET on 15 July 2027 • The interim report for the third quarter of 2027 will be published at 7:00 a.m. CET on 28 October 2027 Signature Stockholm, 22 October 2026 Simone Margulies President and CEO Axfood Axfood AB SE-113 65 Stockholm, visiting address Solnavägen 4 T elephone: +46 8 553 990 00, info@axfood.se, axfood.se linkedin.com/company/axfood, Instagram: @axfoodkoncernen Corporate reg. number: 556542-0824