Cheffelo presents H1 2026 financial results: Operating profit doubling in Q2 on higher Net sales
Cheffelo, a leading, profitable mealkit provider in Scandinavia, today announced its financial results for the second quarter and first half of 2026. The company achieved strong growth across all three markets, driven by more active subscribers, improved customer loyalty, and increased average order value, resulting in a new first-half EBIT record.
Net sales for the first half increased by 18.0% to MSEK 705.8, compared with MSEK 598.0 in the same period last year. Adjusted for currency effects, Net sales increased by 17.5% (12.0%). Operating profit (EBIT) increased by 90.8% to MSEK 80.0, corresponding to an EBIT margin of 11.3% (7.0%).
The Norwegian market led the way, with Net sales increasing by 22.3% in local currency during the first half, supported by the successful migration of Adams customers to Godtlevert, improved retention and increased reactivation. Net sales in Sweden increased by 14.3% in the first half, continuing a multi-year growth trajectory. In Denmark, Net sales increased by 7.6% in local currency, marking a return to growth as commercial initiatives began to take hold and the macro environment improved.
Active customers increased by 9.6% year-on-year to 72.4 thousand, while average order value increased by 5.3% to SEK 914, driven by price adjustments and a continued mix shift toward mealkits with more recipes and/or more portions.
Profitability improved as higher volumes translated into stronger operating leverage. Contribution margin for the first half amounted to 32.1% (31.6%), supported by economies of scale, improved discount efficiency and stable unit economics. Sales and marketing expenses was reduced to MSEK 66.2 (67.1), corresponding to 9.4% of Net sales, down from 11.2% in the first half of 2025.
CEO Walker Kinman commented: “First half growth, leading to an increase of over 90% in EBIT, reflects what happens when the right successes build on each other across markets and teams. Strategic choices we made several years ago have contributed to directional clarity, sharpened operational execution, and led to our strong financial results. I couldn’t be prouder of the team.”
The company also continued preparations for its Finland pilot, where first deliveries are planned for September, and began rolling out a refreshed brand identity across its Nordic markets under the shared promise “For all tables.”
Momentum at the start of Q3 remains positive, however growth over the second half is expected to be lower, bearing in mind the 27% growth in local currency during Q3 last year on a surge of new customer acquisition, partly related to new partnership campaigns.
| Second quarter 2026 (Q2 2025) | First half 2026 (H1 2025) | ||
| Net sales increased by 26.6% to MSEK 331.2 (261.7). Growth excluding currency effects of 23.8% (5.1%) | Net sales increased by 18.0% to MSEK 705.8 (598.0). Growth excluding currency effects of 17.5% (12.0%) | ||
| Operating profit (EBIT) at MSEK 44.4 (21.4), a margin of 13.4% (8.2%) | Operating profit (EBIT) at MSEK 80.0 (41.9), a margin of 11.3% (7.0%) | ||
| Net profit for the period after taxes at MSEK 35.3 (17.0) | Net profit for the period after taxes at MSEK 60.8 (33.2) | ||
| Earnings per share before and after dilution at SEK 2.71 (1.34) | Earnings per share before and after dilution at SEK 4.67 (2.61) | ||
Cheffelo CEO Walker Kinman and CFO Erik Bergman will present the report and answer questions at a webcast today, August 20 at 09:00 CET which can be accessed here: https://finwire.videosync.fi/cheffelo-q2-2026
Please see Cheffelo’s Q2 and half-year report attached and on Cheffelo’s website: https://cheffelo.com/en/financial-reports/
For further information, please contact:
Peter Bodor, Head of Corporate Communications, Cheffelo
Telephone (SWE): +46 706 48 70 65
E-mail: peter.bodor@cheffelo.com
Erik Bergman, CFO, Cheffelo
Telephone (SWE): +46 707 74 49 73
E-mail: erik.bergman@cheffelo.com
About Cheffelo
Cheffelo is a leading, profitable Scandinavian mealkit provider that helps people eat well without the hassle of planning and shopping. Since 2006, Cheffelo has made it easier to enjoy varied, nutritious homecooked meals by delivering personalized meal kits with minimal food waste. With nearly 400 highly engaged employees, the company manages its own production facilities, integrating customer-unique packing processes and proprietary technology infrastructure to streamline operations and enable epic customer experiences. The company operates under the brands Linas in Sweden, Godtlevert in Norway, and Retnemt in Denmark. In 2025, Cheffelo generated SEK 1.2 billion in revenue and delivered approximately 17 million meals. Cheffelo is listed on Nasdaq First North Premier Growth Market (ticker: CHEF).
www.cheffelo.com
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This information is information that Cheffelo is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-08-20 07:45 CEST.
