Cheffelo’s Net sales grew by 16.5% in the quarter to MSEK 336.3 (288.7), or 17.6% excluding currency effects.  Operating profit (EBIT) more than doubled, increasing by 105% to MSEK 20.5 (10.0), corresponding to an EBIT margin of 6.1% (3.5%). Norway led geographic growth with a 25.4% Net sales increase in local currency, while Sweden grew by 12.6%, its third consecutive quarter with double-digit year-on-year growth, Denmark showed stable development, compared to an exceptionally strong first quarter in 2024. 
 
The timing of Easter, which fell in Q2 this year compared to Q1 in 2024, had a positive impact on Cheffelo’s results. Adjusted for this calendar shift, Net sales grew by 14.0% in local currency. This timing effect will reverse in Q2, affecting growth comparability. While underlying customer and sales trends remain strong in both Sweden and Norway, Denmark is expected to remain flat in the near term. 
 
CEO Walker Kinman commented: 
“Q1 was a fast-paced, high-energy quarter for Cheffelo. We hit double-digit growth in Net sales and customer acquisition while delivering triple-digit EBIT growth. This performance is proof of the dedication and coordination of our team and the strength of our business model. Based on our Q1 results, we now expect 2025 to exceed the high end of our full-year Net sales growth target of 8% with continued margin expansion.” 

 First quarter 2025 (Q1 2024)
· Net sales increased by 16.5% to MSEK 336.3 (288.7).
· Growth excluding currency effects of 17.6% (2.1%)
· Operating profit (EBIT) at MSEK 20.5 (10.0), a margin of 6.1% (3.5%)
· Net profit for the period after taxes at MSEK 16.1 (6.2)
· Earnings per share before dilution at SEK 1.27 (0.49) and after dilution at SEK 1.24 (0.49)
 
Please see Cheffelo’s Q1 report attached and on https://cheffelo.com/financial-reports/  
 
Cheffelo hosts a webcast for investors, analysts and media on May 7th at 09:00 CET. Details can be found here: https://cheffelo.com/en/mfn_news/invitation-to-presentation-of-cheffelos-q1-2025-report/