Cheffelo-Q2 trading update: 24% organic growth-07/08/2026

Research evidence excerpt

Cheffelo-Q2 trading update: 24% organic growth-07/08/2026

Cheffelo

NEWSFLASH | 8 JUL 2026

Q2 trading update: 24% organic growth

CHEF reported Q2 revenues of SEK 331m, up 27% y/y and 5%/3% above Cons/PAS estimates. Q2 top-line came in at the

upper end of the guidance range communicated in relation to Q1, which implied 14-18% y/y growth in H1’26. The Q2 beat,

all else equal, lifts our Q2 EBIT estimate by 10%, but adds only 3% to FY EBIT due to seasonality. Preliminarily, we expect to

make LSD% positive FY 2026 estimate changes ahead of the Q2 report. CHEF currently trades at 11.9x 2026e EV/EBIT. We

currently have a Buy recommendation, TP SEK 130.

Deviation table

Cheffelo - Deviation table

Historical Actual Q2'26E Deviation (%)

Q2'25 Q1'26 Q2'26 PAS Cons. PAS Cons. y/y q/q

Net sales SEKm 262 374 331 321 316 3.3% 5.0% 26.6% (11.5)%

Active customers 000s 66 93 72 78 (7)% 10% (22)%

Source: Pareto Securities, Factset

Additional comments

• Organic growth in Q2 was 24%

• Active customers amounted to 72k, 7% below PAS, however, increased 10% y/y

• CHEF is currently trading at 11.9x/9.9x EV/EBIT 2026e-2027e

• Preliminary, we expect to make LSD% positive estimate changes ahead of the Q2 report

• Q2 is due 20th of August

Kristian Smolle

+46 709 99 26 96, kristian.smolle@paretosec.com

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