Greenfood-Picadeli and Food Solutions drive solid Q1’26 earnings growth-05/19/2026

Research evidence excerpt

Greenfood-Picadeli and Food Solutions drive solid Q1’26 earnings growth-05/19/2026

Greenfood

CREDIT NEWSFLASH | 19 MAY 2026

Picadeli and Food Solutions drive solid Q1’26 earnings growth

Greenfood reported figures two weeks ago, once again delivering y/y improvements and beating our estimates. Adjusted

EBITDA rose to SEK 83.4m from SEK 72m in Q1’25, exceeding expectations backed by strong performance in the Picadeli

and Food Solutions segments. Net leverage (excl. leases) remained stable at 3.3x, in line with Q4’25, and we reiterate our

sub 3.0x net leverage expectation for 2026. We view the bonds as derisked with a call in November 2026 at 103.5% looking

increasingly likely, ~250bps to worst suggest fair pricing at ~105.6%.

• Revenue for Q1’26 was SEK 1,391m, representing a y/y decrease of ~4%. The decrease was primarily driven by the 10% y/y decline in

the Fresh Produce segment, which experienced softer market demand. The Picadeli segment grew 6.5% y/y, while the Food Solutions

segment grew 3%.

• Adjusted EBITDA was SEK 83.4m (vs. PASe: 77.2m), up from SEK 72m in Q1’25. The better-than-estimated EBITDA was driven by solid

performance in the Picadeli and Food Solutions segments.

o Picadeli delivered a solid quarter, with adjusted EBITDA increasing 20.9% y/y to SEK 47.9m (vs. PASe: 44.3m). Performance was

supported by like-for-like growth, continued PoS expansion, and strong operational execution across multiple markets.

o Food Solutions reported adjusted EBITDA of SEK 23.7m (vs. PASe: 21.2m), representing 17.3% y/y growth, primarily driven by

increased sales to Picadeli (salad bars and food-to-go) and stronger sales in Finland, combined with cost-efficient facilities in Finland

and Sweden.

o Fresh Produce delivered adjusted EBITDA of SEK 22m (vs.