Q3 2026 Cheffelo ENG
Cheffelo presents Q3 2026 financial results: Positive EBIT on lower growth in a seasonally slow quarter
Cheffelo, a leading, profitable Nordic mealkit provider, today reports its results for the third quarter of 2026. Net sales grew by 3.6% excluding currency effects, down from 26.6% in the same quarter last year. Cheffelo posted its first positive EBIT in the seasonally slow Q3, and the company reiterates that its financial targets are unchanged.
Net sales for the third quarter increased by 8.1% to MSEK 288.1 (266.4). The slower growth is explained by lower customer acquisition. Last year's third quarter was particularly strong, with a new partnership and new distribution areas driving a surge in new customers acquisitions that did not repeat this year. In addition, conversion rates were lower in the quarter after Cheffelo rolled out a rebuilt checkout and payments platform and refreshed brands at the same time across all markets. The changes are investments that support long-term growth and traffic has remained strong with new customer acquisition trending closer to last year moving through the fourth quarter.
Due to the lower new customer acquisition rate and the early purchasing behavior of new customers, active customers decreased by 9.0% to 77.5 thousand while order frequency increased by 7.9% and average order value increased by 5.5% in local currency.
Despite the lower growth than seen in H1, Operating profit (EBIT) improved to MSEK 0.4 (-5.3) in a quarter that is seasonally weak because of the summer holidays. Contribution margin rose to 29.4% (27.1%).
For January-September, Net sales increased by 15.0% to MSEK 993.9 (864.4), or by 13.1% excluding currency effects. EBIT more than doubled to MSEK 80.4 (36.7), a margin of 8.1% (4.2%).
"Many big changes all at once caused some challenges with conversions rates which took a bit of the shine off of the first positive Q3 EBIT in two decades of operations. Our improvements are already showing results, and we move forward with stronger brand assets and an improved checkout and payments platform that will support our future growth" says Walker Kinman, CEO of Cheffelo.
In September, a pilot project was launched in Finland, to validate the cross-border production and delivery model and to calibrate product fit, CX and marketing. Volumes are not yet material, but the pilot has provided the foundation for moving into the next phase. Cheffelo's long-term financial targets are unchanged: average Net sales growth of 7-9%, targeting BSEK 1.5 in 2028 and EBIT margin of 7-9% by 2028.
| Third quarter 2026 (Q3 2025) | January-September 2026 (Jan-Sep 2025) |
| Net sales increased by 8.1% to MSEK 288.1 (266.4). Growth excluding currency effects of 3.6% (26.6%) | Net sales increased by 15.0% to MSEK 993.9 (864.4). Growth excluding currency effects of 13.1% (16.1%) |
| Operating profit (EBIT) at MSEK 0.4 (-5.3), a margin of 0.1% (-2.0%) | Operating profit (EBIT) at MSEK 80.4 (36.7), a margin of 8.1% (4.2%) |
| Net profit for the period after taxes at MSEK -3.8 (-5.3) | Net profit for the period after taxes at MSEK 57.0 (27.9) |
| Earnings per share before and after dilution at SEK -0.29 (-0.40) | Earnings per share before and after dilution at SEK 4.38 (2.18) |
CEO Walker Kinman and CFO Erik Bergman will present the report in a webcast for investors, analysts and media on 4 November 2026 at 09:00 CET. https://finwire.videosync.fi/cheffelo-q3-2026
The full interim report for the third quarter is attached and available at https://cheffelo.com/en/financial-reports/