Cheffelo, a leading meal kit provider in the Nordic region and a well‑established, profitable, dividend‑paying company, today announced its financial results for the first quarter of 2026. The company again delivered double‑digit growth, driven by more customers, higher loyalty and increased average order value, resulting in the highest first‑quarter EBIT in its history.
The year started strongly, with quarterly growth contributing to record Q1 EBIT profitability of MSEK 35.7, which was a 73.8% increase from last year. Cheffelo’s Net sales grew by 11.4% in the quarter. Adjusted for currency, Net sales grew by 13.5% (17.6%). Comparability is affected by Easter timing, as much of the school vacation period when many customers pause their deliveries, fell in Q1, while in 2025 they occurred in Q2.
The Norwegian market led the way with 16.7% Net sales growth, while the company also completed a successful consolidation of its Norwegian brands, reaching business case targets ahead of plan and with higher-than-expected customer retention. This move was designed to offer Norwegian customers an even more personalized meal kit experience, including 150 weekly recipes to choose from, while at the same time giving Cheffelo efficiency gains aimed at further strengthening competitiveness in the Norwegian market.
Net sales growth in Sweden returned to double digits in the period at 12.1%, while the business in Denmark grew by 4.4% in local currency, roughly in line with last year’s Q1 growth rate. During the second half of 2026, Cheffelo will expand its geographic footprint and run a cross-border pilot project in Finland, by leveraging existing fulfillment capabilities.
CEO Walker Kinman commented: “Given the way the year started, we remain very optimistic about Cheffelo’s competitiveness and ability to continue to acquire market share in a profitable manner. We have good momentum in the second quarter which does not appear to be impacted by weaker consumer sentiment, and we expect to deliver between 14 and 18 percent growth over the first half as Q1 Easter calendar effects unwind. The team continues to move from win to win, and I want to thank our loyal customers, our entire team, suppliers and partners, for a successful quarter.”
With stronger profitability and increased cash flow, a SEK 7.05 per share dividend was approved at the Annual General Meeting on April 29, corresponding to a total dividend of MSEK 91.8. This brings total cash dividends distributed to shareholders to MSEK 182.4 since 2022.
Cheffelo has strengthened its financial flexibility with two additional tools. At the AGM in April, shareholders approved a resolution to authorize the Board of Directors to resolve on issues of shares, warrants and /or convertible bonds, provided that such issues do not increase the number of shares outstanding in Cheffelo by more than 10%. In addition, the board has authorized management to establish a reserve credit facility of approximately MSEK 30 to provide further capital flexibility.
While there are no imminent plans to use these tools, they provide additional capital flexibility to drive further shareholder value creation, if needed.
First quarter 2026 (Q1 2025)
· Net sales increased by 11.4% to MSEK 374.6 (336.3).
· Growth excluding currency effects of 13.5% (17.6%)
· Operating profit (EBIT) at MSEK 35.7 (20.5), a margin of 9.5% (6.1%)
· Net profit for the period after taxes at MSEK 25.5 (16.1)
· Earnings per share before dilution at SEK 1.98 (1.27) and after dilution at SEK 1.98 (1.24)
Please see Cheffelo’s Q1 and full-year report attached and on https://cheffelo.com/financial-reports/
Cheffelo hosts a webcast for investors, analysts and media on May 6 at 09:00 CET. Details can be found here: https://finwire.videosync.fi/cheffelo-q1-2026
