Interim report
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Interim Report January-September 2026 | Cheffelo AB (publ) Positive EBIT on lower growth in seasonally slow Q3 Third quarter 202 6 (Q 3 202 5 ) January - September 202 6 ( Jan - Sep 202 5 ) • Net sales increased by 8.1% to MSEK 288.1 (2 6 6 . 4 ) . Growth excluding currency effects of 3.6% ( 26 . 6 %) • Net sales increased by 15.0% to MSEK 993.9 (864.4) . Growth excluding currency effects of 13.1% ( 1 6 . 1 %) • Operating profit (EBIT) at MSEK 0.4 ( - 5.3 ), a margin of 0.1% ( - 2 . 0 % ) • Operating profit (EBIT) at MSEK 80.4 ( 36 . 7 ), a margin of 8.1% ( 4 . 2 %) • Net profit for the period after taxes at MSEK - 3.8 ( - 5.3) • Net profit for the period after taxes at MSEK 57.0 ( 27 . 9 ) • Earnings per share before and after dilution at SEK - 0.29 ( - 0.40) • Earnings per share before and after dilution at SEK 4.38 ( 2 . 1 8 ) Highlights during the t hird quarter of 20 2 6 • First positive third quarter EBIT in Cheffelo’s history • First successful deliveries from pilot project in Finland * For definitions, see page 27 , chapter ”Definitions of Alternative key performance indicators” Net sales 288 053 266 390 8.1% 993 867 864 357 15.0% 1 317 466 1 187 956 10.9% Net sales growth excluding currency effects, % * 3.6 26.6 13.1 16.1 n/a 15.1 Active customers, (in thousands) * 77.5 85.2 -9.0% 77.5 85.2 -9.0% n/a 78.4 Deliveries, (in thousands) * 302 307 -1.8% 1 074 996 7.8% 1 433 1 356 5.7% Average order value, SEK * 954 867 10.1% 926 868 6.7% 919 876 4.9% Sales and marketing expenses * -43 559 -38 251 -13.9% -109 779 -105 399 -4.2% -135 386 -131 006 -3.3% in % of net sales * -15.1 -14.4 -11.0 -12.2 -10.3 -11.0 Contribution margin * 84 575 72 114 17.3% 311 140 261 174 19.1% 414 549 364 583 13.7% Contribution margin, % * 29.4 27.1 31.3 30.2 31.5 30.7 Operating profit (EBIT) 373 -5 251 107.1% 80 407 36 692 119.1% 117 106 73 391 59.6% EBIT margin, % 0.1 -2.0 8.1 4.2 8.9 6.2 Cash flow from operating activities 20 145 41 031 -50.9% 109 427 89 473 22.3% 146 133 126 178 15.8% Earnings per share, before dilution (SEK) -0.29 -0.40 4.38 2.18 6.65 4.47 Earnings per share, after dilution (SEK) -0.29 -0.40 4.38 2.18 6.65 4.47 FY 2025 LTM Δ % KSEK, unless otherwise stated Jan - Sep 2026 Jan - Sep 2025 Δ % Jul - Sep 2026 Jul - Sep 2025 Δ %
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Interim Report | Jan - Sep 2026 | Cheffelo AB (publ) 2 ( 31 ) Comments by the CEO: Cheffelo reports its first profitable third quarter in history. While growth slowed as directionally signaled, financial targets remain on track. Net sales grew 3.6% in local currency in the third quarter, which is well below the 26.6 % we achieved a year ago on a surge in new customers, however in line with the lower second - half growth we signaled in the Q2 report. Even at this growth rate, a higher Contribution margin and good cost control took EBIT to MSEK 0.4 ( - 5.3), the first positive third - quarter result in more than two decades of operation s. The quarter also marked significant progress across the business, including a brand refresh in three markets supported by increased marketing investment, the Finland pilot and a rebuilt checkout. Growth versus growth A surge in new customers is always welcome but can also contribute to bumpy growth rates . New customers pause the service at a faster rate than established customers ( see cohort chart) , so a change in acquisition volume shows up quickly in Net sales. It also means that with the way Active customers are reported , changes in acquisition rates will also heavily influence thos e figures in the period of acquisition. T he nu mber of new customers acquired in Q3 was 3 4 % lower than last year while the number of Active customers declined by 9. 0 % ( + 16 .0 %) . New customer ac q uisitions were close to the level seen in the third quarter of 2024. Several factors were behind the lower acquisition rate compared to last year: • Absence of any new partnership program launches comparable to last year’s SAS EuroBonus partnership, • Absence of distribution expansion into new areas comparable to those opened in Norway in 2025, • A complete rebuild of our check - out process to increase future testing capabilities and incorporating new payment methods previously unavailable, • A material change in the brand s’ visual identit ies having a short - term effect on brand recognition . For these last two points, w eaker traffic conversion was an important factor behind the lower customer acquisition. This is something within our control, and we are addressing it . Conversion rate optimization is a priority , and marketing adjustments with stronger sales messaging are already under way . Investing in future growth The third quarter mark ed the introduction of significant changes in our bu siness. We successfully launched the pilot in Finland , 0% 20% 40% 60% 80% 100% 0 2 4 6 8 10 12 Share of cohort ordering Months since first delivery month Customer retention by cohort year 1) 2023 2024 2025 1) Each line represents the percentage of customers receiving at least one delivery in month n in comparison to all customers that received a delivery in the first month (Month 0). Each yearly cohort is based on the weighted average of the 12 months for e ach year. For the 2025 cohort the line terminates when there is less than 12 cohort data points available for the month.
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Interim Report | Jan - Sep 2026 | Cheffelo AB (publ) 3 ( 31 ) and it is doing what we expected , namely calibrating operational performance and exposing issues that were not detected prior to going live. Volumes and incremental financial effect s in the quarter were not material but have provide d the foundation for the next phase . The brand refresh, rolled out after the summer under the shared promise “For all tables,” gives our brands a more distinct visual expression and a more personal tone of voice, while retaining their strong local relevance. We have seen good early measurements of increase d Unaided Ad Awareness and Aided Preference ( two key brand performance indicators) , across all markets , which gives us confidence that we have the foundation that will contribute to strength ening our brands over time. In Denmark, we introduced 150 weekly recipes with focus on increasing the effectiveness of personalization elements of the service and giving more variety to our customers. Market developments Growth in Net sales in Norway and Sweden (including Finland ) were very similar in local currency at 4.2% ( 39 .0 % ) and 4.1% ( 18 .0 % ) respectively. Due to the strengthening of the Norwegian kron e this year, our Net sales for Norway in reported currency grew by 13.6%. The deceleration of growth in Norway and Sweden is predominantly related to the lower customer acquisition volumes . In Denmark , Net sales contracted by 3.2% ( +8 .6 %) in local currenc y and were down 2.9% in reported currency . We increased prices across all brands in August by about 3 % on average and the highest increase was in Denmark . While a price increase will always trigger a certain level of churn, the effect was more than expected in Denmark, contrary to our pricing study expectations in the market. Th e higher cancellations combined with lower new customer acquisition as commented , contributed to the softer third quarter Net sales in Denmark . Lower EBITDA on a country segment basis was entirely explained by increased Sales and marketing investments. It’s always about people One of our key success factors is the engagement of everyone on the team , and some of their work is more physically demanding than the rest . That is why we are especially proud to see our colleagues in production indicating high engage ment in our latest employee survey , with strong scores for psychological safety and support from managers , among other things . We will continue to invest in leadership development across Cheffelo to support a work environment that prioritizes safety and collaboration. Looking forward While short - term growth rates may fluctuate, o ur financial targets have been to deliver on average annual Net sales growth of 7 - 9% . W e remain confident we are on track to exceed BSEK 1.5 in 2028 . The start of Q4 does not signal a n immediate return to double - digit quarterly growth . N ew customer acquisitions are currently trending closer to last year and we are steadily accelerating, which makes us confident we will deliver on our growth targets for 2027 , even if they are somewhat more back - heavy based on how 2026 has developed. We will continue to invest in growth . In Q4 last year we spent almost nothing on marketing for the Adams brand in anticipation of the migration to Godtlevert . In the fourth quarter we will increase S ales and marketing expenses in absolute terms but expect them to remain below 11% of N et sales for the ful l year . Regulatory changes, h igher fuel price s and contract renegotiations will increase logistics costs by approximately 0.5 percentage points
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Interim Report | Jan - Sep 2026 | Cheffelo AB (publ) 4 ( 31 ) from Q4. Despite this development in logistics cost , we still expect Contribution margin for the year to end above 31% and we are confident that we will be able to manage the business to a level exceeding 31% through 2027 . As noted in the notes to our financial statements, we will take a one - time charge of approximately MSEK 3 - 4 in the fourth quarter related to business development advisory fees. Including this charge, o ur expectation is therefor e to finish the full year within our financial EBIT margin target range of 7 - 9% and continue to expand EBIT margin through 2027 on higher Net sales . We made a lot of change s in Q3 to lay the groundwork for future growth and still landed our first profitable third quarter. That does not happen without the engagement and hard work of every one at Cheffelo, and I thank each and every one of them for the effort , and the grit to try again where we d id n’t get it right the first time. This is the team I want to play on! Walker Kinman , CEO Cheffelo
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Interim Report | Jan - Sep 2026 | Cheffelo AB (publ) 5 ( 31 ) Financial performance Third Quarter 202 6 (Q 3 202 5 ) Net s ales Net sales for the quarter amounted to MSEK 288.1 (266.4), an increase of 8.1% compared with the same period last year. Adjusted for exchange rate differences, Net sales increased by 3.6% (26.6%). The positive currency effect was primarily attributable to the stronger Norwegian krone against the Swedish krona compared with the same period last year. The third quarter is characterized by low volumes during the summer month, followed by a r amp - up phase of n ew customers , which makes Net sales in the quarter more dependent on customer acquisition. The comparison period was affected by high customer acquisition, as the third quarter last year was a record for customer acquisition, with new customers increasing by 64%. Number of deliveries decreased by 1.8% to 301.9 thousand (307.4). Number of Active customers decreased by 9. 0 % ( + 16.0%) to 77.5 thousand (85.2), reflecting the strong customer acquisition in the third quarter last year. Order frequency increased by 7 . 9 % (5.6%) to 3. 89 (3.61) , also reflecting the lower customer acquisition compared with last year . Average order value grew by 10.1% to SEK 954 (867), and by 5.5% (3.3%) adjusted for currency differences. The increase was driven by the price adjustments implemented in August, which averaged slightly above 3%, and by lower discounts compared with the third quarter last year, when discounts were higher due to increased customer acquisition . Development per country Net sales in Norway increased by 13.6% in reported currency and by 4 . 2 % (39 .0 %) in local currency, to MSEK 154.8 (136.2). Norway accounted for 53.7% (51.1%) of Group Net sales. In Sweden and Finland, Net sales increased by 4.1% (18 .0 %) to MSEK 102.0 (98.0). From
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Interim Report | Jan - Sep 2026 | Cheffelo AB (publ) 6 ( 31 ) the third quarter, Finland is reported together with Sweden in the segment Sweden and Finland. The mealkits sold in Finland are produced and shipped to Finland from Sweden. The pilot project was launched in September and deliveries so far are limited and not yet material . In Denmark, Net sales decreased by 2.9% in reported currency and by 3 . 2 % ( + 8.6 %) in local currency, to MSEK 31.3 (32.3). The decline was driven by a lower acquisition level versus the same period last year. Profitability Contribution margin for the quarter amounted to MSEK 84.6 (72.1), corresponding to 29.4% (27.1%) of Net sales. The 2.3 percentage point improvement was driven by lower Input goods, at 47.5% (49.8%) of Net sales. The third quarter last year was affected by temporarily higher food costs and higher discount costs related to increased customer acquisition. Fulfilment expenses per delivery increased by 9.9% to SEK 221 (201). The increase was mainly attributable to higher logistics costs, reflecting higher fuel prices and regulatory changes, with early effects visible from August . The Contribution margin typically varies with seasonality, with a lower level expected in the third quarter due to lower volumes during the summer. Sales and marketing expenses for the quarter amounted to MSEK 43.6 (38.3), corresponding to 15.1% (14.4%) of Net sales. In general, Cheffelo reports higher Sales and marketing expenses in the third quarter, reflecting a normal seasonal pattern with increas ed marketing activity to engage customers returning after the summer holidays. This year, the expenses also include activities related to the brand refresh and the launch in Finland. Expenses in Central functions increased by 4.1% to MSEK 29.7 (28.5) but were reduced by 0.4 percentage points as a percentage of Net sales, to 10.3% (10.7%) , reflecting overhead cost leverage. Financial Targets Growth The Group’s objective is a long - term Net sales CAGR of 7 - 9% > BSEK 1.5 in 2028 Profitability The Group’s objective is to achieve a long - term EBIT margin of approximately 7 – 9%.
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Interim Report | Jan - Sep 2026 | Cheffelo AB (publ) 7 ( 31 ) Capitalized development costs recognized as revenue amounted to MSEK 1.3 (0.8). The costs relate to work on the technical platform performed by the Group’s own employees. The increase compared with last year was primarily due to the transition from external contractors to Cheffelo employees. Depreciation and amortization amounted to MSEK 11.0 (10.9). Operating profit (EBIT) for the quarter amounted to MSEK 0.4 ( - 5.3), corresponding to a margin of 0.1% ( - 2.0%) of Net sales. The improvement of 2.1 percentage points was driven by the higher Net sales and increased Contribution margin, partly offset by higher Sales and marketing expenses as a percentage of Net sales. This wa s the first third quarter in the company’s history with positive EBIT . Net financial items amounted to MSEK - 2.7 ( - 0.4) , explained by exchange rate differences . Profit before tax amounted to MSEK - 2.3 ( - 5.7). Tax amounted to MSEK - 1.5 (0.4). Net profit for the period amounted to MSEK - 3.8 ( - 5.3). Earnings per share before and after dilution amounted to SEK - 0.29 ( - 0.40). January – September 202 6 ( Jan – Sep 2025 ) Net sales for the period amounted to MSEK 993.9 (864.4), an increase of 15.0% (13.5%) compared with the same period last year. Adjusted for exchange rate differences, Net sales increased by 13.1% (16.1%). Contribution margin for the period amounted to 31.3% (30.2%), an improvement of 1.1 percentage points. The improvement was driven by relatively lower Input goods, at 47.0% (47.5%) of Net sales, and economies of scale in Fulfilment expenses, at 21.7% (22.3%). Sales and marketing expenses amounted to MSEK 109.8 (105.4), an increase of 4.2%. As Net sales grew by 15.0%, the cost ratio declined to 11.0% (12.2%) of Net sales, a reduction of 1. 1 percentage points, supported by the migration of the Adams brand to Godtlevert in Norway . Expenses in Central functions increased by 1.3% and were reduced by 1.2 percentage points as a percentage of Net sales, to 8.9% (10.1%). Depreciation and amortization amounted to MSEK 32.7 (32.6). Operating profit (EBIT) increased by 119.1% to MSEK 80.4 (36.7), corresponding to 8.1% (4.2%) of Net sales, and thereby exceeded EBIT for the full year 2025 of MSEK 73.4. Net financial items amounted to MSEK - 4.6 (0.0). Profit before tax amounted to MSEK 75.8 (36.7), an increase of 106.3%. Tax amounted to MSEK 18.8 (8.8), corresponding to a tax rate of 24.7% (24.1%). Net profit for the period amounted to MSEK 57.0 (27.9). Earnings per share before and after dilution amounted to SEK 4.38 (2.18)
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Interim Report | Jan - Sep 2026 | Cheffelo AB (publ) 8 ( 31 ) Cash and cash equivalents, financing, and financial position Cash flow for the quarter amounted to MSEK 9 . 1 (29.9), resulting in Cash and cash equivalents of MSEK 155.8 (134.0) at the end of the quarter. Cash and cash equivalents were positively affected by exchange rate differences of MSEK 4.4 (0.0). Cash flow from operating activities amounted to MSEK 20.1 (41.0) for the quarter. Cash flow before changes in Net working capital amounted to MSEK 5.7 (10.2). The higher profit before tax was offset by income tax paid of MSEK 0.5, compared with a refund of pre - paid income taxes of MSEK 4.9 in the third quarter last year. Changes in Net working capital amounted to MSEK 14.4 (30.8). Net working capital is affected by seasonal fluctuations in deliveries and by Cheffelo’s operating model, where customer payments are received in connection with the delivery while supplier payments are made later. Volumes normally increase after the summer holiday period, which gives a positive N et working capital effect in the third quarter. The lower inflow compared with last year was mainly due to a smaller increase in operating liabilities. Cash flow from operating activities amounted to MSEK 109 .4 (89.5) for January – September, an increase of MSEK 20.0. Cash flow before changes in Net working capital amounted to MSEK 101.5 (67.0), driven by higher profit before tax. Income tax paid increased to MSEK 4.7 (1.1), reflecting higher profitability in Norway. Changes in Net working capital amounted to MSEK 7.9 (22.5 ) . Cash flow from investment activities was MSEK - 3.7 ( - 3.9) for the quarter and MSEK - 11.4 ( - 11.3) for January – September. This was mostly related to capitalized technology development costs. Free cash flow for the quarter decreased by MSEK 20.9 compared with last year to MSEK 9 . 1 (29.9). The decrease was mainly explained by changes in Net working capital and higher taxes paid . For the period January – September, Free cash flow increased by MSEK 19.6 to MSEK 76.3 (56.7). The increase was primarily attributable to higher profit before tax, partly offset by higher income tax paid and the lower cash flow from Net working capital Dividend policy Cheffelo’s dividend policy is meant to provide shareholders with a dividend that offers a good direct return while giving the company the opportunity to invest in strategic growth opportunities. The target dividend over time should amount to at least 50% of Cash flow from Operating activities less CAPEX and lease amortization.
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Interim Report | Jan - Sep 2026 | Cheffelo AB (publ) 9 ( 31 ) Goodwill amounted to MSEK 131.8 (107.7) and Trademarks to MSEK 317.8 (304.7) at the end of the period, where the change from last year was entirely due to exchange rate fluctuations. Equity amounted to MSEK 461.5 (423.0) and equals an Equity/assets ratio of 58.8% (56.5%). Current lease liabilities amounted to 30.5 (27.3), Non - current lease liabilities amounted to MSEK 38.6 (59.5), and Right - of - use assets amounted to MSEK 59.1 (75.2), which mainly consist of production facilities and offices under IFRS 16. Interest - bearing debt less Cash and cash equivalents gave a Net debt of MSEK - 86.7 ( - 47.2). There was no other interest - bearing debt than lease obligations recognized under IFRS 16. Parent company The Parent company is a holding company. Net sales for the third quarter were MSEK 3 . 7 ( 2 . 9 ). Net sales included management fees and group licenses. Expenses were MSEK 4 . 9 ( 4 . 2 ). The operating loss was MSEK - 1 . 2 ( - 1 . 3 ). The Parent company’s Equity was MSEK 36 8 . 7 (4 3 5 . 5 ). Long - term incentive programs At the A nnual G eneral M eeting held in 2026 , the shareholders of Cheffelo adopted a long - term incentive program aimed at the company’s management and other key employees . A total of 52 000 warrants were authorized, with 30 93 0 currently outstanding at a strike price of SEK 155 . 30 in 202 9 . If the pro gram is exercised in full, it would result in a dilution of 0 . 24 %. For more information about existing long - term incentive programs, please visit Cheffelo’s website: https://cheffelo.com/en/incitament - program/ Employees As of September 3 0 , 2026, Cheffelo employed 4 24 individuals, compared to 401 for the same period last year. Cheffelo continues to focus on directly employing most production staff, as this drives engagement, increases efficiency, and improves the value of training and development efforts. It also provides better job security for e mployees and leads to a reliable, high - quality experience for customers, all of which align with our value proposition and sustainability ambitions. Transactions with related parties During the first nine months of the year , the Group conducted transactions with the media agencies Mood Communication AS and Smood AS, both associated with Petter von Hedenberg, Chairman of Cheffelo. The total value of these transactions was MSEK Financial calendar: Interim report Q4 2026 February 17 , 202 7 Annual General Meeting April 29 , 202 7 Interim report Q1 2027 May 5 , 2027 Interim report Q 2 202 7 August 25 , 202 7 Interim report Q3 2027 November 3 , 2027
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Interim Report | Jan - Sep 2026 | Cheffelo AB (publ) 10 ( 31 ) 2 . 5 . Of this amount, MSEK 0 . 9 was related to Mood Communication AS’s purchase of advertising space on behalf of Cheffelo, while MSEK 0. 0 referred to fees for Mood Communication’s services . During the same period, Smood AS’s purchase of advertising space on behalf of Cheffelo was MSEK 1 . 3 , and MSEK 0. 3 was related to fees for Smood AS’s services. All transactions were conducted on market terms. No other related party transactions occurred during the period. Significant risks and uncertainties Cheffelo’s operations are exposed to certain risks that could have a varying impact on earnings or financial position. These can be divided into industry, operational, and financial risks. When assessing the group’s future development, it is important to consider the risk factors, alongside any opportunities for profit growth. The parent company, through its ownership of the subsidiaries, shares the same risks and uncertainties as the group. For further information about Cheffelo’s risk exposure and handling, please see the group’s annual report for 2025, which is available on the company’s website: https://cheffelo.com/financial - reports/ Review The information in this interim report has been subject to review by the company's auditors .
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Interim Report | Jan - Sep 2026 | Cheffelo AB (publ) 11 ( 31 ) Declaration The board of directors and the CEO assure that the interim report provides a fair overview of the parent company's and the Group's operations, position and results and describes significant risks and uncertainties facing the Parent Company and the companies that are part of the Group. S undbyberg , November 4 , 202 6 Walker Kinman C EO Cheffelo AB (publ) Löfströms Allé 5 (3tr) 172 66 Sundbyberg Sverige 559021 - 1263 Website: www. cheffelo . com Further information: Erik Bergman, CFO Mail: ir@cheffelo.com Presentation for investors, analysts and the media Cheffelo hosts a webcast for investors, analysts and media on November 4 at 09:00 CET. Details can be found here: https://www.finwire.tv/webcast/cheffelo/q3 - 2026/ This information is information that Cheffelo is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 202 6 - 11 - 0 4 07:45 CET.
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Interim Report | Jan - Sep 2026 | Cheffelo AB (publ) 12 ( 31 ) Auditor’s report Cheffelo AB (publ), corporate identity number 559021 - 1263 Introduction We have conducted a limited review of the condensed interim financial information (interim report) for Cheffelo AB (publ) as of September 30 , 202 6 , and the nine - month period ending on that date. The board of directors and the managing director are responsible for preparing and presenting this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to expre ss a conclusion on this interim report based on our limited review. The focus and scope of the limited review We have conducted our limited 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 limited review consists of making inquiries, primarily of persons responsible for financial and accounting matters, performing analytical procedures, and other review procedures. A limited review has a different focus and a significantly smaller scope compared to the focus and scope of an audit cond ucted in accordance with ISA and generally accepted auditing standards. The review procedures taken in a limited review do not enable us to obtain the assurance that we would become aware of all significant matters that might have been identified in an aud it. Therefore, the conclusion expressed based on a limited review does not have the assurance that a conclusion expressed based on an audit has. Conclusion Based on our limited review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the group in accordance with IAS 34 and the Annual Accounts Act and for the parent company in ac cordance with the Annual Accounts Act. Stockholm, 4 November 2026 Öhrlings PricewaterhouseCoopers AB Victor Lindhall Authorized Public Accountant This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail.
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Interim Report | Jan - Sep 2026 | Cheffelo AB (publ) 13 ( 31 ) Consolidated income statement Consolidated income statement and comprehensive income SEK thousands Note Jul - Sep 2026 Jul - Sep 2025 Jan - Sep 2026 Jan - Sep 2025 Full year 2025 Net sales 2 288 053 266 390 993 867 864 357 1 187 956 Capitalized development costs 1 308 785 4 035 1 243 2 422 Other operating income 217 415 782 1 207 1 651 289 578 267 590 998 684 866 807 1 192 030 Goods for resales -167 839 -161 592 -572 411 -502 014 -686 508 Other external expenses -51 159 -44 639 -133 669 -126 851 -159 292 Personnel costs -59 034 -55 610 -178 972 -168 299 -229 098 Depreciation and amortization -11 007 -10 878 -32 688 -32 643 -43 224 Other operating expenses -166 -122 -537 -308 -518 Operating profit 373 -5 251 80 407 36 692 73 391 Financial income 1 244 1 208 9 325 6 375 9 276 Financial expenses -3 904 -1 641 -13 945 -6 328 -8 859 Net financial items -2 660 -432 -4 621 47 417 Profit before tax -2 288 -5 684 75 787 36 739 73 808 Tax -1 509 415 -18 755 -8 848 -16 351 Net profit for the period -3 797 -5 269 57 032 27 891 57 457 Earnings per share SEK, before dilution -0.29 -0.40 4.38 2.18 4.47 Earnings per share SEK, after dilution -0.29 -0.40 4.38 2.18 4.47 Number of shares by end of the period, before dilution 13 020 424 13 020 424 13 020 424 13 020 424 13 020 424 Number of shares by end of the period, after dilution 13 020 424 13 020 424 13 020 424 13 020 424 13 020 424 Average number of shares, before dilution 13 020 424 13 020 424 13 020 424 12 809 862 12 863 081 Average number of shares, after dilution 13 020 424 13 020 424 13 020 424 12 809 862 12 863 081 SEK thousands Jul - Sep 2026 Jul - Sep 2025 Jan - Sep 2026 Jan - Sep 2025 Full year 2025 Net profit/loss for the period -3 797 -5 269 57 032 27 891 57 457 Other comprehensive income Items that have been or may be transferred to profit/loss for the period 26 729 248 55 433 -12 919 -25 174 Other comprehensive income for the period 26 729 248 55 433 -12 919 -25 174 Comprehensive income for the period 22 932 -5 021 112 465 14 972 32 283 Translation differences for the period when translating foreign operations
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Interim Report | Jan - Sep 2026 | Cheffelo AB (publ) 14 ( 31 ) Consolidated statement of financial position SEK thousands 2026-09-30 2025-09-30 2025-12-31 Assets Goodwill 131 827 107 668 100 168 Trademarks 317 784 304 676 300 860 Other intangible assets 26 507 21 669 21 136 Total intangible assets 476 118 434 013 422 165 Leasehold improvement 706 837 817 Machinery and other technical installations 2 992 4 814 4 112 Equipment 4 917 7 254 6 302 Right-of-use assets 59 088 75 185 67 166 Total tangible assets 67 704 88 090 78 396 Deferred tax assets 7 121 15 637 12 263 Other non-current receivables 8 441 7 941 7 785 Total other non-current assets 15 561 23 578 20 048 Total non-current assets 559 383 545 681 520 608 Inventories 14 240 9 083 17 811 Accounts receivable 35 592 43 611 17 624 Tax assets 1 098 – 967 Prepaid expenses and accrued income 18 332 16 288 7 422 Other receivables 345 156 580 Cash and cash equivalents 155 827 134 008 157 069 Total current assets 225 433 203 146 201 473 Total Assets 784 816 748 827 722 082
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Interim Report | Jan - Sep 2026 | Cheffelo AB (publ) 15 ( 31 ) Consolidated statement of financial position, cont . SEK thousands 2026-09-30 2025-09-30 2025-12-31 EQUITY Share capital 1 202 1 202 1 202 Other contributed capital 1 014 752 1 106 046 1 106 046 Translation reserve 29 849 -13 330 -25 584 Retained earnings including profit/loss for the year -584 314 -670 912 -641 346 Equity attributable to shareholders in parent company 461 488 423 006 440 318 Total equity 461 488 423 006 440 318 Liabilities Non-current lease liabilities 38 566 59 464 51 932 Deferred tax liabilities 67 675 64 545 63 748 Total non-current liabilities 106 241 124 009 115 680 Liabilities to credit institutions 3 381 7 272 4 588 Current lease liabilities 30 535 27 338 26 203 Accounts payable 101 848 97 578 62 449 Contractual liabilities 6 185 5 978 5 611 Tax liabilities 18 063 1 779 7 005 Other liabilities 10 178 16 157 18 268 Accrued expenses and prepaid income 46 897 45 709 41 958 Total current liabilities 217 086 201 812 166 084 Total liabilities 323 327 325 821 281 764 Total equity and liabilities 784 816 748 827 722 082
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Interim Report | Jan - Sep 2026 | Cheffelo AB (publ) 16 ( 31 ) Consolidated statement of cash flows SEK thousands Jul - Sep 2026 Jul - Sep 2025 Jan - Sep 2026 Jan - Sep 2025 Full year 2025 Operating activities Profit before tax -2 288 -5 684 75 787 36 739 73 808 Income tax paid -505 4 937 -4 715 -1 139 -1 164 Adjustment for items not included in cash-flow 8 533 10 964 30 407 31 410 41 484 Cash flow before changes in Net working capital 5 740 10 217 101 478 67 010 114 128 Increase (–)/Decrease (+) in inventories -5 186 -1 145 4 484 1 874 -7 161 Increase (–)/Decrease (+) in operating receivables -14 760 -18 416 -22 872 -25 075 8 854 Increase (+)/Decrease (–) in operating liabilities 34 350 50 375 26 337 45 663 10 357 Total change in Net working capital 14 405 30 815 7 949 22 463 12 051 Cash flow from operating activities 20 145 41 031 109 427 89 473 126 178 Investment activities Acquisition of tangible assets -508 -397 -1 918 -2 524 -2 951 Acquisition of intangible assets -3 198 -3 495 -9 504 -8 792 -10 824 Cash flow from investment activities -3 706 -3 892 -11 422 -11 316 -13 775 Financing activities New share issue – – – 8 017 8 017 Premiums for warrants – – 499 – – Dividends paid – – -91 794 -42 093 -42 093 Amortization of lease liability -7 384 -7 191 -21 709 -21 435 -28 638 Cash flow from financing activities -7 384 -7 191 -113 004 -55 512 -62 714 Cash flow for the period 9 055 29 948 -14 999 22 645 49 689 Cash and cash equivalents at the beginning of the period 142 346 104 023 157 069 114 207 114 207 Exchange rate difference in cash and cash equivalents 4 426 37 13 757 -2 844 -6 827 Cash and cash equivalents at the end of the period 155 827 134 008 155 827 134 008 157 069
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Interim Report | Jan - Sep 2026 | Cheffelo AB (publ) 17 ( 31 ) Consolidated statement of equity Consolidated statement of equity for the year ending December 31, 2025 Consolidated statement of equity for the period ending September 30, 2025 SEK thousands Share Capital Ongoing New share issue Other contributed Capital Translation reserve Retained earnings including profit/loss for the year Total Equity Opening equity 2025-01-01 1 170 – 1 140 154 -411 -698 803 442 111 Comprehensive income for the year Net profit for the year 57 457 57 457 Other comprehensive income for the year -25 174 -25 174 Comprehensive income for the year – – – -25 174 57 457 32 283 Transactions with the Group's owners Contribution from and value transfers to owners Dividends paid -42 093 -42 093 New share issue 32 7 985 8 017 Total transactions with the Group's owners 32 – -34 108 – – -34 076 Closing equity 2025-12-31 1 202 – 1 106 046 -25 584 -641 346 440 318 Equity attributable to shareholders in the parent company SEK thousands Share Capital Ongoing New share issue Other contributed Capital Translation reserve Retained earnings including profit/loss for the year Total Equity Opening equity 2025-01-01 1 170 – 1 140 154 -411 -698 803 442 111 Comprehensive income for the period Net profit for the period 27 891 27 891 Other comprehensive income for the period -12 919 -12 919 Comprehensive income for the period – – – -12 919 27 891 14 972 Transactions with the Group's owners Contribution from and value transfers to owners Dividends paid -42 093 -42 093 New share issue 32 – 7 985 8 017 Total transactions with the Group's owners 32 – -34 108 – – -34 076 Closing equity 2025-09-30 1 202 – 1 106 046 -13 330 -670 912 423 006 Equity attributable to shareholders in the parent company
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Interim Report | Jan - Sep 2026 | Cheffelo AB (publ) 18 ( 31 ) Consolidated statement of equity for the period ending September 30, 2026 SEK thousands Share Capital Ongoing New share issue Other contributed Capital Translation reserve Retained earnings including profit/loss for the year Total Equity Opening equity 2026-01-01 1 202 – 1 106 046 -25 584 -641 346 440 318 Comprehensive income for the period Net profit for the period 57 032 57 032 Other comprehensive income for the period 55 433 55 433 Comprehensive income for the period – – – 55 433 57 032 112 465 Transactions with the Group's owners Contribution from and value transfers to owners Dividends paid -91 794 -91 794 Premiums for warrants 499 499 Total contribution from and value transfers to owners – – -91 295 – – -91 295 Total transactions with the Group's owners – – -91 295 – – -91 295 Closing equity 2026-09-30 1 202 – 1 014 752 29 849 -584 314 461 488 Equity attributable to shareholders in the parent company
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Interim Report | Jan - Sep 2026 | Cheffelo AB (publ) 19 ( 31 ) Parent company - Income statement SEK thousands Jul - Sep 2026 Jul - Sep 2025 Jan - Sep 2026 Jan - Sep 2025 Full year 2025 Net sales 3 741 2 852 12 077 9 259 12 733 3 741 2 852 12 077 9 259 12 733 Personnel costs -3 995 -2 986 -12 585 -10 186 -14 208 Other external expenses -916 -1 188 -4 302 -3 563 -3 676 Operating loss -1 170 -1 322 -4 811 -4 490 -5 150 Financial items Interest income 236 532 1 010 2 034 2 565 Interest expenses – 0 – -2 -2 Loss after financial items -934 -790 -3 801 -2 458 -2 588 Received group contribution – – – – 35 000 Profit/loss before tax -934 -790 -3 801 -2 458 32 412 Tax 73 128 -11 379 -6 180 Net profit/loss for the period -861 -663 -3 813 -2 079 26 232
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Interim Report | Jan - Sep 2026 | Cheffelo AB (publ) 20 ( 31 ) Parent company - Statement of financial position SEK thousands 2026-09-30 2025-09-30 2025-12-31 Assets Non-current assets Shares in subsidiaries 296 354 296 354 296 354 Deferred tax asset 1 307 7 877 1 318 Total financial assets 297 661 304 231 297 672 Total non-current assets 297 661 304 231 297 672 Current assets Short term receivables Receivables from Group companies 68 246 126 879 171 996 Current tax asset 509 473 799 Other receivables 116 256 139 Prepaid costs and accrued revenue 392 303 296 Total short term receivables 69 263 127 912 173 230 Cash and cash equivalents 10 013 10 015 12 Total current assets 79 276 137 927 173 242 Total Assets 376 937 442 158 470 914 SEK thousands 2026-09-30 2025-09-30 2025-12-31 Equity and liabilities Equity Restricted equity Share capital 1 202 1 202 1 202 Non-restricted equity Premium reserve 1 014 752 1 106 046 1 106 046 Retained earnings -643 431 -669 663 -669 663 Profit/loss for the year -3 813 -2 079 26 232 Total Equity 368 710 435 506 463 818 Short term liabilities Accounts payable 174 218 140 Other liabilities 1 146 897 1 407 Accrued expenses and prepaid income 6 906 5 538 5 550 Total short term liabilities 8 227 6 652 7 097 Total equity and liabilities 376 937 442 158 470 914
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Interim Report | Jan - Sep 2026 | Cheffelo AB (publ) 21 ( 31 ) Note s Note 1 Accounting principles This interim report in summary for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting and applicable provisions in the Annual Accounts Act. The interim report for the Parent Company has been prepared in accordance with Chapter 9 of the A nnual Accounts Act, Interim Report. For the Group and the Parent Company, the same accounting principles and calculation bases have been applied as in the most recent annual report. New or amended IFRS standards that entered into force on 1 January 2026 have not had a material impact on the Group’s financial reports. The Group is currently evaluating the effects of IFRS 18 Presentation and Disclosure in Financial Statements, which ent ers into force on 1 January 2027. Disclosures in accordance with IAS 34.16A appear not only in the financial statements and their accompanying notes but also in other parts of the interim report. Warrants During 2026, the Group introduced a long - term incentive program in the form of warrants, aimed at senior executives and other key employees. The warrants have been acquired by the participants at market value, calculated using the Black & Scholes valuation model. As the participants have paid a market - based price, no personnel cost arises in accordance with IFRS 2 Share - based Payment. The option premium received is recognized directly in equity. Taxes The tax expense for the interim period is recognized based on the accumulated result for the period. The tax expense is an estimate and may need to be adjusted in subsequent interim periods during the financial year. Note 2 Revenues and operating segments Distribution of revenue from contracts with customers The distribution of revenue from contracts with customers in main geographic markets and the time of revenue recognition are summarized below . Group Operating segments SEK thousands Jul - Sep 2026 % of Total Jul - Sep 2025 % of Total Jan - Sep 2026 % of Total Jan - Sep 2025 % of Total Geographic market Norway 154 751 54% 136 174 51% 526 350 53% 435 241 50% Sweden and Finland 101 964 35% 97 954 37% 356 364 36% 320 432 37% Denmark 31 338 11% 32 262 12% 111 153 11% 108 684 13% Total 288 053 100% 266 390 100% 993 867 100% 864 357 100% Time of revenue recognition Goods recognized at a given time 288 053 100% 266 390 100% 993 867 100% 864 357 100% Total revenue from contracts with customers 288 053 100% 266 390 100% 993 867 100% 864 357 100%
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Interim Report | Jan - Sep 2026 | Cheffelo AB (publ) 22 ( 31 ) The differences in accounting principles between the information regarding the operating segments and the principles applied in the preparation of the financial statements consist of the application of IFRS 16 Leasing. Note 3 Fair value for financial instruments Fair Value The carrying amount of long - term receivables constitutes a reasonable approximation of fair value. The carrying amount of accounts receivable, other current receivables, cash and bank, accounts payable and other current liabilities constitute a reasonable approximation of fair value. Note 4 Significant events after end of period In the fourth quarter , Cheffelo expects to recognize a one - off advisory fee of MSEK 3 – 4 related to business development. Not e 5 Seasonal variation The Group sales vary with the annual cycle . Volumes are impacted by vacation periods and there is a trend for volumes to decrease in proximity to the summer and Christmas holidays. SEK thousands Jul - Sep 2026 Jul - Sep 2025 Jul - Sep 2026 Jul - Sep 2025 Jul - Sep 2026 Jul - Sep 2025 Jul - Sep 2026 Jul - Sep 2025 Jul - Sep 2026 Jul - Sep 2025 Jul - Sep 2026 Jul - Sep 2025 Net sales from external customers 154 751 136 174 101 964 97 954 31 338 32 262 – – – – 288 053 266 390 Net sales from other segments 5 725 5 380 2 373 1 560 1 560 1 270 -13 399 -11 774 3 741 3 565 – – 8 925 -1 979 1 627 3 426 -6 098 -2 621 8 261 8 304 -1 170 -1 380 11 545 5 750 Depreciation and amortization -11 007 -10 878 Other operating expenses -166 -122 Financial items, net -2 660 -433 Consolidated profit before tax -2 288 -5 683 N o rway Sweden and F inland D enmark T o tal co nso lidated Eliminatio ns and differences in acco unting principles Gro up-wide Profit Before Depreciation and Amortization and Other operating expenses SEK thousands Jan - Sep 2026 Jan - Sep 2025 Jan - Sep 2026 Jan - Sep 2025 Jan - Sep 2026 Jan - Sep 2025 Jan - Sep 2026 Jan - Sep 2025 Jan - Sep 2026 Jan - Sep 2025 Jan - Sep 2026 Jan - Sep 2025 Net sales from external customers 526 350 435 241 356 364 320 432 111 153 108 684 – – – – 993 867 864 357 Net sales from other segments 19 166 16 294 6 430 3 926 4 854 3 842 -43 526 -35 635 13 076 11 574 – – 66 711 26 500 31 260 24 837 -4 335 -1 918 24 536 25 053 -4 541 -4 829 113 632 69 643 Depreciation and amortization -32 688 -32 643 Other operating expenses -537 -308 Financial items, net -4 621 47 Consolidated profit before tax 75 787 36 739 Eliminatio ns and differences in acco unting principlesN o rway T o tal co nso lidatedSweden and F inland D enmark Gro up-wide Profit Before Depreciation and Amortization and Other operating expenses
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Interim Report | Jan - Sep 2026 | Cheffelo AB (publ) 23 ( 31 ) Not e 6 . Selected Key performance indicators All performance indicators below, except for Net s ales , constitute alternative Key performance indicators that are not defined according to IFRS and do not replacing any measurement within IFRS. For more information se e section about Definitions of key performance indicators . Alternative key performance indicators Operating key performance indicators SEK thousands, unless otherwise indicated Jul - Sep 2026 Jul - Sep 2025 Jan - Sep 2026 Jan - Sep 2025 LTM FY 2025 SALES MEASURES Net sales 288 053 266 390 993 867 864 357 1 317 466 1 187 956 Net sales growth, % 8.1 23.3 15.0 13.5 12.3 Net sales growth (adjusted for exchange rate differences), % 3.6 26.6 13.1 16.1 15.1 MARKETING MEASURES Sales and marketing expenses -43 559 -38 251 -109 779 -105 399 -135 386 -131 006 Sales and marketing expenses as a share of Net sales, % -15.1 -14.4 -11.0 -12.2 -10.3 -11.0 PROFITABILITY MEASURES Contribution margin 84 575 72 114 311 140 261 174 414 549 364 583 EBITDA 11 379 5 627 113 095 69 335 160 374 116 614 Operating profit (EBIT) 373 -5 251 80 407 36 692 117 106 73 391 MARGIN MEASURES Contribution margin, % 29.4 27.1 31.3 30.2 31.5 30.7 EBITDA margin, % 4.0 2.1 11.4 8.0 12.2 9.8 EBIT margin, % 0.1 -2.0 8.1 4.2 8.9 6.2 CASH FLOW MEASURES Capex ratio, % 1.3 1.5 1.1 1.3 1.1 1.2 Cash flow from operating activities 20 145 41 031 109 427 89 473 146 133 126 178 Free cash flow 9 055 29 948 76 296 56 722 103 339 83 765 CAPITAL STRUCTURE Net working capital -90 415 -90 307 -90 415 -90 307 -90 415 -79 238 Net working capital as a share of Net sales, % -31.4 -33.9 -9.1 -10.4 -6.9 -6.7 Equity/assets ratio, % 58.8 56.5 58.8 56.5 58.8 61.0 Jul - Sep 2026 Jul - Sep 2025 Jan - Sep 2026 Jan - Sep 2025 LTM FY 2025 Customers and orders Number of active customers per closing date 77 526 85 181 77 526 85 181 77 526 78 444 Number of deliveries 301 941 307 364 1 073 861 996 276 1 433 181 1 355 596 Order frequency 3.89 3.61 Unit Economics Average order value, SEK 954 867 926 868 919 876 Growth in average order value (adjusted for exchange rate diff.), % 5.5 3.3 4.9 4.3 n/a 4.6 Contribution margin per delivery, SEK 280 235 290 262 289 269 EBITDA per delivery, SEK 38 18 105 70 112 86
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Interim Report | Jan - Sep 2026 | Cheffelo AB (publ) 24 ( 31 ) Reconciliation tables regarding alternative key performance indicators that are not defined according to IFRS Jul - Sep 2026 Jul - Sep 2025 Jan - Sep 2026 Jan - Sep 2025 LTM FY 2025 SALES MEASURES Net sales 288 053 266 390 993 867 864 357 1 317 466 1 187 956 Net sales growth, % 8.1 23.3 15.0 13.5 12.3 Calculation of Net sales (adjusted for the previous year's exchange rate) Net sales 288 053 266 390 993 867 864 357 1 187 956 Exchange rate change (positive exchange rate change is presented with a negative sign and negative exchange rate 12 065 -7 133 16 603 -19 890 -29 550 change is presented with a positive sign) Net sales (adjusted for the previous year's exchange rate) 275 988 273 523 977 264 884 247 n/a 1 217 506 Calculation of Net sales growth (adjusted for exchange rate differences) Net sales (adjusted for the previous year's exchange rate) 275 988 273 523 977 264 884 247 1 217 506 Net sales in previous period -266 390 -215 995 -864 357 -761 651 -1 058 204 Net sales growth (adjusted for exchange rate differences) 9 597 57 528 112 907 122 596 n/a 159 303 Calculation of Net sales growth (adjusted for exchange rate differences), % Net sales growth (adjusted for exchange rate differences) 9 597 57 528 112 907 122 596 159 303 Net sales in previous period 266 390 215 995 864 357 761 651 1 058 204 Net sales growth (adjusted for exchange rate differences), % 3.6 26.6 13.1 16.1 n/a 15 Costs Goods for resale, Other external expenses and Personnel costs Capitalized development costs 1 308 785 4 035 1 243 5 214 2 422 Goods for resale -167 839 -161 592 -572 411 -502 014 -756 902 -686 508 Other external expenses -51 159 -44 639 -133 669 -126 851 -166 313 -159 292 Personnel costs -59 034 -55 610 -178 972 -168 299 -239 771 -229 098 Total costs Goods for resale, Other external -276 724 -261 056 -881 018 -795 921 -1 157 773 -1 072 475 expenses and Personnel costs of which: Input goods -136 871 -132 608 -467 060 -410 546 -618 227 -561 713 Fulfilment expenses -66 607 -61 669 -215 667 -192 637 -284 690 -261 660 Sales and marketing expenses -43 559 -38 251 -109 779 -105 399 -135 386 -131 006 Central functions (Administration, HR, Customer Service and IT) -29 687 -28 529 -88 511 -87 339 -119 469 -118 096 Total -276 724 -261 056 -881 018 -795 921 -1 157 773 -1 072 475 MARKETING MEASURES Sales and marketing expenses -43 559 -38 251 -109 779 -105 399 -135 386 -131 006 Net sales 288 053 266 390 993 867 864 357 1 317 466 1 187 956 Sales and marketing expenses as a share of Net sales, % -15.1 -14.4 -11.0 -12.2 -10.3 -11.0 PROFITABILITY MEASURES Net sales 288 053 266 390 993 867 864 357 1 317 466 1 187 956 Input goods -136 871 -132 608 -467 060 -410 546 -618 227 -561 713 Fulfilment expenses -66 607 -61 669 -215 667 -192 637 -284 690 -261 660 Contribution margin 84 575 72 114 311 140 261 174 414 549 364 583
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Interim Report | Jan - Sep 2026 | Cheffelo AB (publ) 25 ( 31 ) Reconciliation tables regarding alternative key performance indicators that are not defined according to IFRS cont. Jul - Sep 2026 Jul - Sep 2025 Jan - Sep 2026 Jan - Sep 2025 LTM FY 2025 Profit before tax -2 288 -5 684 75 787 36 739 112 855 73 808 Net financial items -2 660 -432 -4 621 47 -4 251 417 Operating profit (EBIT) 373 -5 251 80 407 36 692 117 106 73 391 Depreciation 11 007 10 878 32 688 32 643 43 268 43 224 EBITDA 11 379 5 627 113 095 69 335 160 374 116 614 Margin measures Contribution margin 84 575 72 114 311 140 261 174 414 549 364 583 Net sales 288 053 266 390 993 867 864 357 1 317 466 1 187 956 Contribution margin, % 29.4 27.1 31.3 30.2 31.5 30.7 Operating profit (EBIT) 373 -5 251 80 407 36 692 117 106 73 391 Net sales 288 053 266 390 993 867 864 357 1 317 466 1 187 956 EBIT margin, % 0.1 -2.0 8.1 4.2 8.9 6.2 EBITDA 11 379 5 627 113 095 69 335 160 374 116 614 Net sales 288 053 266 390 993 867 864 357 1 317 466 1 187 956 EBITDA margin, % 4.0 2.1 11.4 8.0 12.2 9.8 Calculation of Capex ratio Acquisition of tangible assets -508 -397 -1 918 -2 524 -2 345 -2 951 Acquisition of intangible assets -3 198 -3 495 -9 504 -8 792 -11 537 -10 824 Capex -3 706 -3 892 -11 422 -11 316 -13 882 -13 775 Net sales 288 053 266 390 993 867 864 357 1 317 466 1 187 956 Capex ratio, % 1.3 1.5 1.1 1.3 1.1 1.2 Cash flow from operating activities 20 145 41 031 109 427 89 473 146 133 126 178 Acquisition of tangible assets -508 -397 -1 918 -2 524 -2 345 -2 951 Acquisition of intangible assets -3 198 -3 495 -9 504 -8 792 -11 537 -10 824 Amortization of lease liability -7 384 -7 191 -21 709 -21 435 -28 912 -28 638 Free cash flow 9 055 29 948 76 296 56 722 103 339 83 765 Calculation of the equity/assets ratio Equity 461 488 423 006 461 488 423 006 461 488 440 318 Total assets 784 816 748 827 784 816 748 827 784 816 722 082 Equity/assets ratio, % 58.8 56.5 58.8 56.5 58.8 61.0
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Interim Report | Jan - Sep 2026 | Cheffelo AB (publ) 26 ( 31 ) Reconciliation tables regarding operating key performance indicators Jul - Sep 2026 Jul - Sep 2025 Jan - Sep 2026 Jan - Sep 2025 LTM FY 2025 Net sales 288 053 266 390 993 867 864 357 1 317 466 1 187 956 Number of deliveries 301 941 307 364 1 073 861 996 276 1 433 181 1 355 596 Average order value, SEK 954 867 926 868 919 876 Net sales (adjusted for the previous year's exchange rate) 275 988 273 523 977 264 884 247 1 217 506 Number of deliveries 301 941 307 364 1 073 861 996 276 1 355 596 Average order value, SEK 914 890 910 888 n/a 898 (adjusted for exchange rate differences) Average order value in previous period, SEK 867 861 868 851 859 Growth in average order value (adjusted for exchange rate diff.), % 5.5 3.3 4.9 4.3 n/a 4.6 Contribution margin 84 575 72 114 311 140 261 174 414 549 364 583 Number of deliveries 301 941 307 364 1 073 861 996 276 1 433 181 1 355 596 Contribution margin per delivery, SEK 280 235 290 262 289 269 EBITDA 11 379 5 627 113 095 69 335 160 374 116 614 Number of deliveries 301 941 307 364 1 073 861 996 276 1 433 181 1 355 596 EBITDA per delivery, SEK 37.7 18.3 105.3 69.6 111.9 86.0
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Interim Report | Jan - Sep 2026 | Cheffelo AB (publ) 27 ( 31 ) Definitions of Alterna t ive key performance indicators Key performance indicators Definition/ calculation Purpose Capex Acquisition of tangible assets and acquisition of intangible assets. The aim is to show how much has been invested during the year. Capex ratio, % Capex in relation to Net sales Shows the proportion of Net sales made up of Capex. Operating profit/loss (EBIT) Profit/loss before tax and net financial items Intended to demonstrate the earning capacity of the business, regardless of the capital structure and tax situation. EBIT margin, % Operating profit/loss (EBIT) in relation to Net sales The measure shows profitability independently of capital structure and tax situation. EBITDA Operating profit/loss (EBIT) before depreciations and amortization of tangible and intangible assets Shows the earning capacity of the operating activities, excluding depreciation and amortization , as well as the financing and tax situation. EBITDA margin, % EBITDA in relation to Net sales Shows the earning capacity of the operating activities, excluding depreciation and amortization , as well as the financing and tax situation in relation to Net sales. Fulfilment expenses Fulfilment expenses consist of packaging costs, including costs for production facility management, direct personnel costs, consumables and other direct production costs, as well as costs for getting the product to the customer, including logistics costs, direct personnel costs for the administration of logistics, route planning, etc. Intended to provide a more in - depth understanding of the company's costs for providing the service and used in the calculation of Contribution margin. Input goods The cost of input goods includes food, packaging, menu booklets and other products that the Group sells Intended to provide a more in - depth understanding of the company's cost components and used in the calculation of Contribution margin. Contribution margin Net sales, less Input goods and fulfilment expenses. Shows the profitability after input goods and fulfilment expenses. Contribution margin, % Contribution margin in relation to Net sales. Intended to give a picture of Contribution margin over time.
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Interim Report | Jan - Sep 2026 | Cheffelo AB (publ) 28 ( 31 ) Key performance indicators Definition/calculation Purpose Net w orking capital Total of Inventories, Accounts receivable, Prepaid expenses and accrued income and other receivables, less Accounts payable, O ther liabilities and Accrued expenses and prepaid income This measure shows how much working capital is tied up in the Group's operations, and can be measured in relation to Net sales in order to understand how effectively the tied up working capital is used. Working capital in relation to Net sales, % Working capital in relation to Net sales This key performance indicator shows how much working capital is used in relation to Net sales, in order to provide an understanding of how effectively the tied up working capital is used Free cash flow Operating cash flow, less investment in tangible and intangible assets and less payments relating to lease liabilities. Adjusted operating cash flow gives Group management a clear overview of the development of cash flow. It shows how much cash is available after accounting for capital expenditures, which can be used to pay dividends, reduce debt, or reinvest in the busines s. Sales and marketing expenses Cost of sales and marketing activities, including personnel costs, costs for mass media (e.g. TV and radio), online marketing and direct sales costs Intended to provide an understanding of the cost of retaining existing customers and attracting new customers. Sales and marketing expenses in relation to Net sales, % Sales and marketing expenses in relation to Net sales Intended to provide comparability between periods for the cost of retaining existing customers and attracting new customers. Change in sales and marketing expenses, % Sales and marketing expenses in the current period less sales and marketing expenses in the previous period, in relation to Sales and marketing expenses in the previous period. For quarterly changes: Sales and marketing expenses in the current quarter less sales and marketing expenses in the corresponding quarter in the previous period, in relation to Sales and marketing expenses in the corresponding quarter in the previous period. Intended to provide an understanding of how Sales and marketing expenses have changed over time. Equity/assets ratio, % Total equity (including non - controlling interests) in relation to Total assets. Equity/assets ratio is often used in the assessment of a company's financial stability and long - term solvency. Net sales growth, % Net sales in the current period less Net sales in the previous period, in relation to Net sales in the previous period. Shows how Net sales have changed compared to the previous period. Net sales (adjusted for the previous year's exchange rate) Net sales for the Group, where subsidiaries with a different functional currency than the parent company's reporting currency, SEK, are translated. This translation is carried out by means of the subsidiaries' Net sales in the functional currency for the c urrent year being translated to the parent company's reporting currency, SEK, at the previous year's exchange rate. The companies in the Group that have SEK as their functional currency are not translated. Used in the calculation of "Net sales growth (adjusted for exchange rate differences)". Intended to provide a comparable figure with the same currency impact as the comparison period. Exchange rate change Exchange rate change is calculated as Net sales for the current year less Net sales (adjusted for the previous year's exchange rate) Demonstrates the effect of the exchange rate change. Net sales growth (adjusted for exchange rate differences) Net sales (adjusted for the previous year's exchange rate) for the current year less the previous year's Net sales Shows the company's growth, excluding the impact of exchange rate fluctuations. Net sales growth (adjusted for exchange rate differences), % Net sales growth (adjusted for exchange rate differences) divided by the previous year's Net sales Shows the company's growth, excluding the impact of exchange rate fluctuations, as a percentage. LTM Last Twelve Months Sum of the financial metric or KPI during the immediately preceding 12 - month time period. Net Debt Interest - bearing debt less Cash and cash equivalents Net debt is a metric used to assess financial liquidity and the ability to meet financial obligations.
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Interim Report | Jan - Sep 2026 | Cheffelo AB (publ) 29 ( 31 ) Definitions of operating key performance indicators Key performance indicators Definition/calculation Purpose Number of active customers as per the closing date Number of unique customers per brand who have received at least one delivery in the past 3 months Intended to provide a better understanding of income generation. Number of deliveries Number of completed deliveries during the period Intended to provide a better understanding of income and cost generation Order frequency Number of deliveries per Active customers Intended to provide a better understanding of income generation. Average order value, SEK Average Net sales per delivery Shows how much each delivery, on average, contributes to Net sales Contribution margin per delivery, SEK Average Contribution margin per delivery Shows how much each delivery, on average, contributes to Contribution margin EBITDA per delivery, SEK EBITDA per delivery Shows how much each delivery, on average, contributes to EBITDA Average order value (adjusted for exchange rate differences), SEK Net sales for the period per delivery, with a revalued exchange rate for subsidiaries in another currency at the previous year's exchange rate Included in the calculation to show the company's growth per delivery, excluding exchange rate fluctuations Growth in average order value (adjusted for exchange rate differences) % The increase in “Average order value (adjusted for exchange rate differences). SEK” in relation to the previous period’s “Average order value (adjusted for exchange rate differences). SEK” Shows growth in average order value adjusted for exchange rate effects
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Interim Report | Jan - Sep 2026 | Cheffelo AB (publ) 30 ( 31 ) Qua rterly data MSEK, unless otherwise indicated Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Net sales 287.8 230.5 211.0 270.3 288.7 256.9 216.0 296.6 336.3 261.7 266.4 323.6 374.6 331.2 288.1 Active customers, (in thousands)* 83.6 64.6 73.4 68.7 81.5 64.8 73.4 69.1 86.8 66.0 85.2 78.4 92.9 72.4 77.5 Deliveries, (in thousands)* 337.8 264.8 243.7 312.4 345.2 298.9 250.8 337.5 388.5 300.4 307.4 359.3 416.2 355.7 301.9 Average order value, SEK* 852 871 866 865 836 859 861 879 866 871 867 901 900 931 954 Sales and marketing expenses* -42.4 -21.4 -35.4 -31.9 -42.6 -22.6 -41.3 -27.6 -47.6 -19.5 -38.3 -25.6 -44.7 -21.5 -43.6 in % of net sales* -14.7% -9.3% -16.8% -11.8% -14.7% -8.8% -19.1% -9.3% -14.2% -7.5% -14.4% -7.9% -11.9% -6.5% -15.1% Contribution margin* 90.9 72.2 58.9 85.9 90.8 79.8 60.3 95.8 109.6 79.4 72.1 103.4 121.2 105.3 84.6 Contribution margin, %* 31.6% 31.3% 27.9% 31.8% 31.4% 31.1% 27.9% 32.3% 32.6% 30.3% 27.1% 32.0% 32.4% 31.8% 29.4% Operating profit (EBIT) 12.1 15.3 -12.8 16.1 10.0 19.5 -17.2 29.4 20.5 21.4 -5.3 36.7 35.7 44.4 0.4 EBIT-margin, % 4.2% 6.7% -6.1% 6.0% 3.5% 7.6% -8.0% 9.9% 6.1% 8.2% -2.0% 11.3% 9.5% 13.4% 0.1% Cash flow from operating activities 45.4 -0.2 39.3 -2.3 36.4 17.4 7.0 24.3 30.4 18.1 41.0 36.7 64.6 24.7 20.1 Changes in Net working Capital 28.5 -22.2 34.2 -27.4 18.1 -11.1 14.6 -16.9 2.2 -10.6 30.8 -10.4 21.1 -27.6 14.4 Cash flow from operating activities before changes in Net working Capital 16.8 21.9 5.1 25.1 18.3 28.5 -7.6 41.2 28.1 28.7 10.2 47.1 43.4 52.3 5.7 2023 2024 2026 2025
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Interim Report | Jan - Sep 2026 | Cheffelo AB (publ) 31 ( 31 ) Cheffelo is a leading, profitable Nordic mealkit provider that helps people eat well without the hassle of planning and shopping. Since 2008, Cheffelo has made it easier to enjoy varied, nutritious homecooked meals by delivering personalized meal kits with minimal food waste. With around 400 highly engaged employees, the company manages its own production facilities, integrating customer - unique packing processes and proprietary technology infrastructure to streamline operations and enable epic customer experiences. The company operates under the brands Linas in Sweden, Godtlevert in Norway, Retnemt in Denmark and Cheffelo in Finland . In 2025, Cheffelo generated SEK 1.2 billion in revenue and delivered approximately 17 million meals. Cheffelo is listed on Nasdaq First North Premier Growth Market (ticker: CHEF).