Slides
Page 2
Cheffelo Q4 2025 2026-02-19
Page 3
Today’s agenda and presenters • Cheffelo in brief • Q4 2025 • Financials • Concluding remarks • Q&A Erik Bergman CFO Walker Kinman CEO Q4 2026-02-19
Page 4
Cheffelo: this is who we are Winning ambition: We solve dinner – better than anyone else Value proposition: Meals that unite families
Page 5
Our business model: subscription-based home delivery of mealkits On-demand ingredient purchasing – no inventory, minimal food waste Ordering of personalized mealkits from the largest selection of recipes Efficient, tech-enabled packing of mealkits and add-ons & groceries Customer feedback, analysis and product development Customers gather around the dinner table for delicious, nutritious home-cooked meals Flexible delivery options to fit customers’ busy lifestyles. Covering 92% Scandinavian households through outsourced distribution
Page 6
Q4 and full-year highlights: Record Q4 EBIT successfully closes a year of accelerating growth Q4 2025 • Net sales growth of 9.1% (9.7%) • Adjusted for currency, Net sales grew by 12.6% (11.1%) • EBIT MSEK 36.7 (29.4) – Q4 record • Continued strong growth in Norway 23.5% (6.6%)* • 10th quarter sustained YoY quarterly growth in Sweden • Active customers increase by 13.5% • A&G: increase in basket-penetration of 3.7ppt Full year 2025 • Net sales increase by 12.3% (5.8%) to MSEK 1 188 (1 058) • EBIT MSEK 73.4 (41.7) equaling 6.2% (3.9) of Net sales • Dividend of SEK 7.05 (3.32) per share, equal to MSEK 91.8 (42.1) proposed by Board of Directors *Local currency
Page 7
Consolidating Adams Matkasse and Godtlevert to strengthen Norwegian market position • Single brand aligned with Cheffelo value proposition • Customers receive a more personalized experience • Improved sales & marketing and supply chain efficiencies • Supports continued profitable growth • Migration completes March 2026
Page 8
Pilot project in Finland • First cross-border pilot to be run in Finland during 2026 • Test-based approach from existing fulfillment center in Sweden • More details to come closer to launch; exact launch date not yet set
Page 9
Net sales development by market – Q4 2025 (13 weeks vs 14 last year) Norway Net sales1) 23.5% (6.6%) Sweden Net sales 4.0% (15.6%) (Sweden Online Grocery Index Q4, 8.3% (3.5%) 2) Denmark Net sales1) -3.5% (8.0%) (Denmark Online Grocery Index Oct-Nov, 4.2% (7.9%) 3) 1) Net sales in local currency. 2) As measured by the Swedish Food Retailers Federation 3) As measured by Danske Statistik
Page 10
Sustainability highlights 2025 • Food waste in our production reduced by 36% to 1.6g/portion • Only slow-growing chicken in Norway and Denmark • Very strong employee engagement and leadership scores in our latest employee survey • 2% of our Net profit to local Red Cross initiatives that combat food insecurity
Page 11
Financials
Page 12
+12.6% local currency Strong Q4 finish with growth above expectations • 12.6% Net Sales growth in local currency- Solid top-line momentum despite currency headwinds and one fewer delivery week. • Growth driven by more active customers, higher new customer intake and increased order value. 323.6 Net Sales per quarter 296.6 Net sales, MSEK 323.6 296.6 9.1% 1 188.0 1 058.2 12.3% Net sales growth excluding currency effects, % 12.6 11.1 15.1 7.1 Average order value, SEK 901 879 2.5% 876 859 2.1% Active customers, (in thousands) 78.4 69.1 13.5% n/a n/a Order frequency 4.58 4.88 -6.2% n/a n/a FY 2025 FY 2024 Δ %Q4 2025 Q4 2024 Δ %
Page 13
Contribution margin • Input goods as % of net sales showed a smaller year-on-year variance in Q4 than in Q3, driven by successful mitigating actions • FY Contribution margin at 30.7% was a slight reduction vs LY, reflecting continued investment in customer growth and experience. Contribution margin trend Contribution margin, % 32.0 32.3 -0.3 pp 30.7 30.9 -0.2 pp Contribution margin, MSEK 103.4 95.8 8.0% 364.6 326.7 11.6% Input goods as % of Net Sales -46.7% -45.8% -0.9 pp -47.3% -46.2% -1.1 pp Fullfilment cost per delivery -192.1 -192.7 -0.3% -193.0 -196.6 -1.8% Contribution margin per delivery, SEK 287.8 283.8 1.4% 268.9 265.1 1.5% FY 2024 Δ %Q4 2025 Q4 2024 Δ % FY 2025
Page 14
FY EBIT increase of 76.1% • EBIT of MSEK 36.7 is the highest Q4 EBIT ever recorded • MSEK 2.0 reduced Sales and marketing expenses vs LY, still achieving 17% new customer growth • Economies of scale due to the strong volume growth combined with controlled unit economics +7.3 MSEK EBIT (Operating profit) Sales and marketing expenses, MSEK -25.6 -27.6 7.3% -131.0 -134.1 2.3% in % of net sales -7.9 -9.3 -11.0 -12.7 EBIT (Operating profit), MSEK 36.7 29.4 24.8% 73.4 41.7 76.1% EBIT-margin, % 11.3 9.9 1.4 pp 6.2 3.9 2.2 pp FY 2025 FY 2024 Δ %Q4 2025 Q4 2024 Δ %
Page 15
Increased profitability drives Cash flow • FY Free cash flow of MSEK 83.8 was an increase of MSEK 37.0, with Q4 contributing with an increase of MSEK 11.3 vs LY • FY Cash flow from Net working capital contributed MSEK 12.1, up MSEK 4.7 vs LY, driven by one additional payment day on operating receivables, partly offset by higher inventory from timing of inbound deliveries. Cash flow Q4 2025 *NWC = Net Working Capital **Free cash flow: Cash flow from operating activities less amortization of lease liabilities and CAPEX Cash flow from operating activities 36.7 24.3 12.4 126.2 85.1 41.1 thereof Changes in Net working Capital -10.4 -16.9 6.5 12.1 4.7 7.4 Cash flow from operating activities before changes in Net working Capital 47.1 41.2 5.9 114.1 80.4 33.7 Cash flow from investment activities -2.5 -1.7 -0.8 -13.8 -11.0 -2.8 Cash flow from financing activities -7.2 -6.9 -0.3 -62.7 -50.0 -12.7 Free Cash flow 27.0 15.7 11.3 83.8 46.7 37.0 Cash position end of period 157.1 114.2 42.9 FY 2024 Δ MSEK Q4 2025 Q4 2024 Δ FY 2025
Page 16
Proposed dividend • The Board will propose a dividend of SEK 7.05, to be decided at the AGM on April 29th. • With this dividend, we will have distributed a total of MSEK 182.4 in cash to shareholders since 2022 in the form of dividends.1.75 1.78 0.30 3.32 Free cash flow 83.8 MSEK Cash proceed from LTIP 8.0 MSEK Total dividend 91.8 MSEK
Page 17
Looking forward • Net Sales Expectations in 2026: • Norway: continued growth, however at a more moderate level than seen in 2025 • Sweden: steady growth rate to continue in 2026 • Denmark: expected return to organic growth in 2026. • Full-year contribution margin of 30–31% • Sales and marketing expenses expected to be around 11% in 2026
Page 18
Concluding remarks
Page 19
Acceleration in 2025, supporting growth ambitions • Solid finish to 2025 with double-digit growth in local currency for the quarter and the full year • Business model benefits from scale with new Q4 EBIT record and FY EBIT increasing by 76% • Norway brand integration further strengthens value proposition and strategic capabilities in Norway • Calibrating geographic expansion ambitions with a cross- border pilot project in Finland during 2026 • Looking forward, we are off to a good start to 2026, in all markets • Expect continued scale benefits with growth • Dividend proposal of SEK 7.05 per share
Page 20
Q&A