Earnings call transcript: Cheffelo Q3 2026 profit milestone overshadowed by slower growth

Cheffelo announced its Q3 2026 earnings, revealing a first-ever positive operating profit, despite a sharp decline in stock price. The company's net sales increased to SEK 288 million, exceeding forecasts by SEK 0.3 million. Although EBIT improved to SEK 0.4 million, it marked a stark contrast to the SEK 5.3 million loss from the previous year.

The stock fell by 14.25% to $78.8 following the earnings release, nearing its 52-week low of $72.2. Cheffelo's Q3 saw an 8.1% revenue rise in reported currency, but the organic growth slowed to 3.6% in local currency. Active customers dropped by 9% year over year, yet order frequency and average order value both increased. The contribution margin improved to 29.4%, thanks to lower input costs and price increases.

Despite these improvements, the company maintained its long-term targets, aiming for 7% to 9% annual growth. Cheffelo's Q3 was a mixed result, with profitability gains but weaker growth and customer count decline. The company remains optimistic about its 2026 growth target and expects to finish 2027 within its EBIT margin range, although weaker customer acquisition trends may affect comparisons for several quarters.

Management emphasized that the slowdown in growth was the main challenge, with the 3.6% local-currency sales growth and 9% drop in active customers being among the factors impacting the stock price.