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Solving dinner, better than anyone else

Our business is built around a daily moment that really matters; families sitting down to eat together.

Cheffelo helps modern families in the Nordics solve everyday dinner in a simple, flexible and reliable way. Through our flexible mealkit subscriptions, our customers get nutritious, well-balanced and tasty meals with less stress and less food waste.

Cheffelo offers a proven, profitable and dividend‑paying mealkit business, backed by strong local brands, efficient operations and well-established technology advantage.

Investors get exposure to an underpenetrated, structurally growing food e‑commerce category, with disciplined financial execution, attractive cash generation and a management team that has proven it can navigate tough markets. While competition, consumer sentiment and execution are part of our day-to-day risks, Cheffelo’s focus, scale and operational excellence give it solid foundations to create long‑term, sustainable value.

1. Clear value for customers – and a proven business model

Most households struggle with “What’s for dinner?” several times a week. Cheffelo removes the need for planning, reduces time spent shopping, and makes it easier to cook good food from scratch at home.

Our personalized menus, with the category’s widest selection of recipes, easy-to-use digital experience and reliable deliveries, keep customers over time. This helps driving attractive unit economics and recurring revenue.

For new investors, this means:

  • You are not taking early-stage start-up risk.

  • You are investing in a business with a track record and a clear outlook.

2. Profitable growth in a more mature and consolidating market

We have shown that we can grow and stay profitable even when the food e-commerce market has faced pressure from inflation, shifting consumer confidence and a volatile macro-environment.

The category is now more mature, with fewer players and more rational competition. This reduces “landgrab” discounting wars and supports stable, profitable growth.

3. Competitive advantages that are hard to copy

Cheffelo’s strengths come from how we combine people, operational discipline, suppliers and technology into a system that is very hard to replicate – even in a world with increasingly powerful AI.

Personalization and menu system
Every week we curate a menu with hundreds of recipes that work profitably when scaled. This is not about algorithms. It is about process management and how our chefs, planners, buyers, and operations teams work together with intelligent tools, built on many years of experience.

Unique products and supplier partnerships
Our close relationship with our suppliers allows us to create custom products and pre‑portioned ingredients, exactly tailored to our recipes.

Service reliability and operational excellence
Customers rely on us for a smooth, on‑time delivery of all ingredients they need for the week. Doing this reliably at scale without speculating on perishable ingredient inventories is complex and we are good at it. Just as importantly, when something unexpected happens, our customer service teams are proactive in providing information or quick to respond to a claim, further contributing to a reliable customer experience.

Technology is the secret sauce
Our in‑house technology platform and use of data science, advanced algorithms and machine learning help personalize menus, forecast demand and run our operations efficiently. We are already using generative AI to amplify talent in an operational setting, allowing us to accelerate our development, while keeping humans at the steering wheel.

However, the real moat lies in how we combine technology with our people, processes and partnerships to deliver a simple, personal dinner service that customers can trust week after week.

4. Strong brands and local trust in the Nordics

Cheffelo’s brands are well known and trusted in the Nordic region. Customers value simplicity, the available recipe variety that fits different preferences and personalization options and service reliability.

We focus on product, service and operational excellence rather than engaging in discount wars. This approach has helped us build a loyal customer base and a resilient business.

5. Attractive cash generation and direct shareholder returns

Cheffelo generates solid cash flows. Between 2022 and 2026, we paid out more than MSEK 182 in dividends, while still investing in the business.

We combine:

  • Investments in growth and product development, and
  • Structural economies of scale

Returning capital to shareholders in line with, and historically even above, our dividend policy.

6. Disciplined targets and experienced management

Cheffelo has clear financial ambitions and targets:

  • 7–9% average annual Net sales growth (CAGR) reaching SEK 1.5b by 2028.

  • 7–9% EBIT margin through 2028.

These targets are backed by specific growth drivers: more active customers, higher order frequency, increased basket size including an expanded add‑ons and grocery offering.

The management team has a proven track record, having successfully navigated market downturns and industry shifts. Their focus is on profitable growth, efficient capital allocation and long‑term value creation.

7. Why invest now – and is Cheffelo future-proof?

People will keep eating dinner at home. At the same time, long-term trends such as:

  • More two-income households,
  • Longer working hours, active lifestyles,
  • Focus on health and sustainability,
  • Support the need for convenient, nutritious, lower-waste dinner solutions delivered to the home.

Compared to total grocery spending, mealkits are still a small share of the market. We see room for:

  • Higher penetration among existing target groups.
  • Food e-commerce growth
  • Broader offerings (e.g. dietary needs, seasonal occasions and personalization features).

8. Competition and key risks

Investors should also consider the main risks in our model:

Competition
Currently, our main competition is one global mealkit player with significant market share in our markets, driven by high marketing investments and extensive discounting. In addition, there are a small number of, mostly niche, players.

Large grocery chains and online players launch mealkit offerings. At the same time, we have seen these kinds of players withdrawing from the market, due to lack of profitability and not having the required focus, technology and logistics set up that’s suitable for personalized mealkits at scale.

Consumer confidence and spending
As a consumer business, we are affected by changes in household purchasing power and confidence. In weaker macro environments, customers may sacrifice convenience for cheaper ways to manage their dinners and pause or cancel subscriptions.

We mitigate this by offering a service that saves time, reduces waste and makes it easier to eat well at home, without the need to stress.

Cost inflation and supply chain
Rising direct materials, labor, or logistics costs can impact profitability. Our scale, purchasing power and data-driven planning help us mitigate these effects, but cannot fully remove them.

Execution risk
Our financial targets assume continued operational excellence and successful execution of our growth plans. Missteps in logistics, customer experience or technological deployments could slow progress.

We are transparent about these risks and work actively to manage them. We believe our track record and our competitive advantages provide a solid foundation for long-term, sustainable value creation.

Address

Löfströms Allé 5
172 66 Sundbyberg, Sweden
Org.nr: 559021-1263

Contact Us

Contact us
ir@cheffelo.com

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2026 Cheffelo AB.