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

研报英文原文证据摘录

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

For disclosures on relevant definitions, methods, risks, potential conflicts of interests etc. and disclaimers please see www.paretosec.com. Investment Recommendations should be reviewed in

conjunction with the information therein. When distributed in the US: This document is intended for institutional investors and is not subject to all of the independence and disclosure standards

applicable to equity/debt research reports prepared for retail investors.