Regulatory press release

Cheffelo presents Q2 2024 financial results: Double-digit Net sales increase, improved profitability and growth in active customers

20.08.2024, 07.45

Cheffelo, a leading supplier of meal kits in the Nordic region and a leader in Scandinavian foodtech, today announced its financial results for the second quarter 2024. Cheffelo's Net sales on a local currency basis grew by nearly 12% in the second quarter, with all markets contributing to this strong performance. Denmark led the way with particularly robust growth. The reversal of the Easter timing difference from Q1 provided a further boost, but even after accounting for this, the company still experienced solid growth in Q2.

Cheffelo is pleased to announce active customer growth reaching 0.3% year-over-year, marking the first instance of customer growth since the downturn caused by the post-pandemic downturn. Additionally, order frequency has increased by 12.4% compared to the previous year, highlighting a positive shift in customer purchasing behaviour and reflecting Cheffelo’s commitment to enhancing the customer experience.

CEO Walker Kinman commented: “I am proud of the Cheffelo team as we have achieved double-digit growth in the second quarter, marking our fourth consecutive quarter of growth. We anticipate that the market’s focus on consolidation and shift towards profitability is favorable for our company, and it underscores the importance of having a financially sustainable business model.”

Second quarter 2024 (Q2 2023)	First half 2024 (H1 2023)
Net sales increased by 11.4% to MSEK 256.9 (MSEK 230.5 same period last year). A growth of 11.9% when adjusted for exchange rate differences	Net sales increased by 5.3% to MSEK 545.7 (518.4). A growth of 6.1% when adjusted for exchange rate differences
Operating profit (EBIT) at MSEK 19.5 (15.3), a margin of 7.6% (6.7%)	Operating profit (EBIT) at MSEK 29.5 (27.4), a margin of 5.4% (5.3%)
Net profit for the period after taxes at MSEK 13.9 (8.4)	Net profit for the period after taxes at MSEK 20.1 (15.5)
Earnings per share before dilution at SEK 1.10 (0.67) and after dilution at SEK 1.08 (0.67)	Earnings per share before dilution at SEK 1.58 (1.22) and after dilution at SEK 1.56 (1.22)

Please see Cheffelo’s Q2 report attached and on https://cheffelo.com/financial-reports/

Cheffelo hosts a webcast for investors, analysts and media on Aug 20 at 09:00 CET. Details can be found here: https://cheffelo.com/press-releases/press/?slug=invitation-to-presentation-of-cheffelos-q2-2024-report

About Cheffelo

Cheffelo (previously LMK Group) was founded in 2008 with the vision of simplifying everyday life by offering a large variety of inspiring recipes and ingredients delivered directly to the customer's front door. Today, the group is a leading supplier of meal kits in the Nordic region and a leader in Scandinavian foodtech. The group operates under several brands in Sweden (Linas Matkasse), Norway (Godtlevert and Adams Matkasse) and Denmark (RetNemt). In 2023, the group generated SEK 1 billion in revenue and delivered approximately 15 million meals to its customers. Cheffelo is listed on Nasdaq First North Premier Growth Market (ticker: CHEF). Certified Adviser: FNCA Sweden AB.