CHEFNasdaq StockholmFood DistributionIFRS · SEK

Cheffelo

Cheffelo is a Nordic meal-kit company that designs, markets, and delivers ready-to-cook dinner boxes and related food products to households. The business operates through local brands and fulfillment operations in Sweden, Norway, and Denmark, with a model built around recurring home delivery of weekly meal plans.

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Revenue1,188m SEK
+24,836.1 %y/y
Operating profit (EBIT)73.4m SEK
+76.1 %y/y
EBIT margin6.2%
−868.8 ppy/y
Net income57.5m SEK
+77.2 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-6,000-4,000-2,00002,000m SEK2021: 5.6 m SEK20212022: 1,081 m SEK2022: EBIT -108 m SEK20222023: 1,000 m SEK2023: EBIT 31 m SEK20232024: 4.8 m SEK2024: EBIT 42 m SEK20242025: 1,188 m SEK2025: EBIT 73 m SEK2025TTM 2026: EBIT -5,208 m SEKTTM-5,208
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year
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Business

Share of revenue
Meal kits / dinner boxes85 %

Pre-portioned ingredients and recipes delivered for home cooking.

Subscription and recurring orders10 %

Ongoing customer orders managed through weekly menu selection and delivery.

Add-ons and ancillary food items5 %

Complementary products sold alongside core meal kits.

Customers

Cheffelo sells primarily to households that want convenient home-cooked dinners without the work of meal planning and grocery shopping. Its core customers are families and time-constrained consumers in the Nordic region who value variety, predictable delivery, and recipe guidance. The model also appeals to customers seeking portion control, reduced food waste, and a simpler weekday routine.

Household meal-kit subscribers

Recurring customers who order weekly dinner boxes for convenience and variety

Families and busy households

Buy larger boxes and family-oriented recipes to simplify weekday meals

Health- and waste-conscious consumers

Choose portioned ingredients and recipes to reduce waste and improve planning

Strategy

Cheffelo’s strategy centers on growing its meal-kit business within the Nordic region while improving unit economics through product innovation and operational efficiency. The company has also signaled interest in testing geographic expansion from existing fulfillment capabilities, while keeping the core business focused on recurring household demand. Brand execution, menu innovation, and logistics efficiency are important because they directly affect customer retention and delivery economics.

Strengthen core Nordic market positionsShort term

The meal-kit model depends on dense local demand and efficient delivery routes.

Expand through product innovationMedium term

Menu variety and recipe quality help retain subscribers and attract new households.

Evaluate selective geographic expansionMedium term

New markets can add growth if existing fulfillment capabilities can support them.

Geography

Cheffelo’s business is concentrated in Sweden, Norway, and Denmark, where it runs local market operations and fulfillment. The company has described these as its core markets and has also indicated a pilot for cross-border expansion from existing fulfillment capabilities into Finland. Geography matters because delivery density, logistics, and local consumer preferences are central to the meal-kit model.

Risks

Cheffelo is exposed to demand volatility, logistics execution risk, and competitive pressure typical of consumer subscription and food-delivery businesses. Because the model depends on fresh ingredients, route density, and repeat ordering, disruptions in supply, delivery, or customer acquisition can quickly affect performance. The company also faces financial and regulatory risks tied to food safety, labor, seasonality, and the use of lease-based fulfillment infrastructure.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Operational and logistics disruption1Consumer demand and competition2Food safety and sourcing risk3Seasonality in sales volumes4Lease accounting and fixed-cost leverage5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Operational and logistics disruptionImpact: HighLikelihood: Low

    Meal-kit delivery depends on timely sourcing, packing, and last-mile distribution.

    Exposure: Fulfillment centers and delivery routes

  2. Consumer demand and competitionImpact: HighLikelihood: Low

    Household meal subscriptions are discretionary and customers can switch to alternatives.

    Exposure: Recurring subscriber base

  3. Food safety and sourcing riskImpact: HighLikelihood: Low

    Fresh ingredients and recipe execution create quality and safety exposure.

    Exposure: Ingredient procurement and production

  4. Seasonality in sales volumesImpact: MediumLikelihood: Low

    The company notes lower volumes around summer and Christmas holidays, which affects comparability and planning.

    Exposure: Core Nordic consumer demand

  5. Lease accounting and fixed-cost leverageImpact: MediumLikelihood: Low

    Fulfillment operations use leased assets, which can amplify reported obligations and earnings sensitivity.

    Exposure: IFRS 16 lease portfolio

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Accounting

Judgemental items
Seasonality

Sales volumes vary through the year, especially around summer and Christmas holidays, affecting quarter-to-quarter comparisons.

Impact: Revenue and margin comparability

IFRS 16 leases

Operating segment information differs from statutory statements due to lease accounting, affecting EBITDA-like measures and liabilities.

Impact: Operating profit and balance sheet lease obligations

Goodwill and trademarks

The balance sheet contains large intangible assets that require periodic impairment assessment.

Impact: Asset values and earnings if impaired

Segment vs statutory reporting differences

Group-wide and eliminations include central costs and accounting principle differences, which affect segment reconciliation.

Impact: Reported segment profitability

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Last updated: 24/09/2026

Cheffelo (XSTO) – Food Distribution | Financial Analysis – Clarifo