Axfood Ab · OMXSTO:AXFO
Axfood Ab — Investor Presentation (March 2026)
61 slides from Axfood Ab's investor presentation, Mar 25, 2026
Slide 1: Affordable, good and sustainable food
Affordable, good and sustainable food Axfood company presentation 2026 Updated 25 March 2026 This document is an English translation of the Swedish original. In the event of any discrepancies, the Swedish version shall govern.
Slide 2: Business review
Company presentation 2 Business review
Slide 3: Vision to be a leader in affordable, good and sustainable food
Company presentation 3 With a vision to be a leader in affordable, good and sustainable food, Axfood is a family of different concepts in collaboration. The Group’s purpose is to create a better quality of life for everyone.
Slide 4: This is Axfood
Company presentation 4 This is Axfood Axfood is a leader in food retail in Sweden and a family of different concepts working in collaboration. Each week, more than six million customer meetings take place through almost 400 Group-owned stores, e-commerce and over 700 collaborating retailer-owned sto
Slide 5: Central role in the value chain
Company presentation 5 Central role in the value chain Axfood has an integrated business model that covers purchasing and assortment, product flow and logistics as well as concepts and channels. While the operations in each area create value and navigate prevailing drivers and market conditions, Axf
Slide 6: Attractive concepts with strong market positions
Company presentation 6 Attractive concepts with strong market positions Each Axfood concept has a solid position in its respective market segment and should offer the best customer experience. The breadth of concepts and brands is a competitive advantage, and collaboration creates economies of scale
Slide 7: Axfood has a strong position in Swedish food retail
Company presentation 7 Axfood has a strong position in Swedish food retail Food retail market size 2024 (ex. VAT), SEK bn 302 Market shares 2024 Market segmentation 2024 Discount Hypermarkets Traditional grocery Hard discount Soft discount Larger formats Smaller formats ICA 51% 6% 15% 27% 44% 8% Axf
Slide 8: Financial overview
Company presentation 8 Financial overview Million customers/week Average number of employees, FTEs >6 15,620 Operating segments’ Operating segments’ share of external net sales* share of operating profit** 19% 31% Group-owned stores Net sales, SEK bn 7% 10% 55% 6% 53% 396 89.2 9% 9% Operating profit
Slide 9: Net sales and profit development
Company presentation 9 Net sales and profit development Net sales Earnings per share* SEK bn SEK 100 15 89.2 90 84.1 81.1 CAGR +6% 11.84 80 CAGR +8% 73.5 11.36 11.26 10.82 70 10.14 10 9.12 60 57.9 53.7 7.87 50.7 50 46.0 48.1 7.02 6.98 7.41 41.2 43.4 6.48 40 5 30 20 10 0 0 2015 2016 2017 2018 2019 20
Slide 10: Eleven years of increased market shares
Company presentation 10 Eleven years of increased market shares Axfood growth Axfood market share* % Market growth 30 25 25.2% 20 16.4% 15 10 5 4.5% 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Source: Axfood/HUI Research *The market share for 2024 corresponds to the market share at year
Slide 11: More than 20 years as a positive force for change
Company presentation 11 More than 20 years as a positive force for change 2000 Axfood is formed through the combination of D&D Dagligvaror (which included Dagab) and 2004 2013 the listed company Hemköp. At the same time, Spar, Hemköp and Billhälls Warehousing, transport and Spar Sverige, Spar Inn Sn
Slide 12: More than 20 years as a positive force for change
Company presentation 12 More than 20 years as a positive force for change 2018 2019 2022 Inauguration of new automated Construction start of Integration of Bergendahls Food and system conversion 2024 perishable warehouse in Jönköping. new highly automated of City Gross’ stores. Axfood new partner to
Slide 13: Strategy
Company presentation 13 Strategy
Slide 14: Clear direction for the future
Company presentation 14 Clear direction for the future Axfood’s business concept is a family of different concepts in collaboration, and the vision is to be a leader in affordable, good and sustainable food. This is how Axfood creates a greater quality of life for everyone, which is the Group’s purp
Slide 15: Unique brands that create the strongest customer meetings
Company presentation 15 AMBITIONS TOWARDS 2030 Unique brands that create Sweden’s leading The winner in Sweden’s most the strongest food retail chain every local market affordable food market customer meetings Leading in the mini-mart The leading food retail chain along Sweden’s most affordable Stro
Slide 16: Clear strategic focus areas
Company presentation 16 Clear strategic focus areas Food retail’s Expand and World leading Maximize business Be the market’s Create business most attractive optimise the store operational value through most attractive and stakeholder assortment – network with the efficiency, quality digitalisation,
Slide 17: An affordable, good and sustainable assortment
Company presentation 17 An affordable, good and sustainable assortment Axfood offers a wide assortment to meet customers’ diverse needs and preferences. A distinctive and relevant offering of branded as well as private label products enables affordable, good and sustainable food for everyone. Attrac
Slide 18: Wide and affordable customer offering
Company presentation 18 Wide and affordable customer offering Axfood will offer its customers the market’s most attractive assortment – relevant, affordable and sustainable. Good and sustainable food Private label products Affordability Meal solutions
Slide 19: Differentiated private label products
Company presentation 19 Differentiated private label products Private label products ensure a distinctive and efficient assortment. Share of sales from private label products, % Axfood ex. City Gross Axfood 33 33 33 31 31 31 30 32 30 28 27 27 Number of private label product launches in 2025 270 2023
Slide 20: A growing Group
Company presentation 20 A growing Group Axfood’s target is to grow faster than the market. This will be achieved through continued establishment of new stores, a broad e-commerce offering and the development of new customer offerings. Modern and High pace attractive stores of expansion – The custome
Slide 21: Modern and attractive stores
Company presentation 21 Modern and attractive stores Axfood’s stores must be accessible to customers so that it is convenient and easy to shop. The customer in focus where employees Continuous work to update Improved customer experience and more Broad contact network and advanced are the front-line
Slide 22: High pace in expansion and store modernisations
Company presentation 22 High pace in expansion and store modernisations Axfood increases its presence through new store establishments, and enhances the customer experience by maintaining a high pace in modernising existing stores. Number of Group-owned stores at year-end 389 396 325 337 298 302 304
Slide 23: A competitive e-commerce offering
Company presentation 23 A competitive e-commerce offering Axfood has a strong digital presence with a mix of omnichannel players and pure-play e-commerce retailers. Five consumer brands, unique Differentiated business models, same Collaboration in logistics, Innovative and customer-friendly customer
Slide 24: Operational efficiency in all processes
Company presentation 24 Operational efficiency in all processes Dynamic markets are placing high demands on operational efficiency. Axfood creates the conditions for competitiveness through an Axfoods ambition är att vara marknadens ledande arbetsgivare integrated value chain and clear collaboration
Slide 25: Highly automated logistics for the future
Company presentation 25 Highly automated logistics for the future – In Bålsta, outside Stockholm, Axfood has established a new highly automated logistics centre – one of the largest and most modern in Europe – which was fully operational in 2025 – At the distribution centre in Backa, Gothenburg, the
Slide 26: A tech-driven organisation
Company presentation 26 A tech-driven organisation A changing world demands continuous development. Through agility and drive, Axfood can be at the forefront and ensure a long-term sustainable and resilient business model. Leading in digital development – Increased focus on AI, data and automation –
Slide 27: Tech and AI is used in all parts of Axfood's own operations
Company presentation 27 Tech and AI is used in all parts of Axfood’s own operations Axfood has a central and extensive role in the entire food supply chain. The Group’s integrated business model creates opportunities to maximise business value through digitalisation, automation and AI. Axfood’s own
Slide 28: Ambition to become the market's leading employer
Company presentation 28 Ambition to become the market’s leading employer Axfood strives to be the market’s most attractive employer by uniting strong values, clear leadership and an inclusive corporate culture. A purpose- Core values driven Group The store is our stage Together we are stronger – A c
Slide 29: Axfood's employee value proposition
Company presentation 29 Axfood’s employee value proposition Axfood’s employee value proposition (EVP) describes the shared culture, how collaboration and development take place, and what it is like to be part of the Group. At Axfood you can..… Grow Be you Challenge Impact Within the Axfood In a warm
Slide 30: Core values
Company presentation 30 Core values The store Together we Axfood’s core values make it easier to make the right decisions is our stage are stronger and have the right priorities in day-to-day operations. Through knowledge exchange, development and dialogue within the Group, the core values are trans
Slide 31: Value creation through sustainability and health
Company presentation 31 Value creation through sustainability and health Axfood aims to be a positive force in society and the strongest driving force for sustainable food in Sweden. Through ambitious work related to sustainability and health, Axfood creates value for the Group and its stakeholders.
Slide 32: An ongoing journey...
Company presentation 32 An ongoing journey... 2008 2010 2015 2013 Axfood decides to stop Willys’ stores receive the Swedish Society One of Sweden’s largest solar power Axfood introduces an extensive selling red-listed fish and for Nature Conservation’s Bra Miljöval facilities is built on the roof of
Slide 33: ...to drive sustainable development
Company presentation 33 ...to drive sustainable development 2018 2020 2022 2024 The first truck run Axfood is the first to launch Partnership begins with the non-profit Axfood reaches target and on liquefied biogas eggs from free-range hens organisation Generation Pep to halves food waste compared i
Slide 34: Strategy that creates clear competitive advantages
Company presentation 34 Strategy that creates clear competitive advantages Family of brands Attractive store network Distinctive concepts and private label With attractive store locations and products as well as an affordable and significant potential for expansion, high-quality assortment allow Axf
Slide 35: Operating segments
Company presentation 35 Operating segments
Slide 36: Willys – leader in the discount segment
Company presentation 36 Willys – leader in the discount segment Willys is Sweden’s leading discount grocery chain, offering a broad range of products in both Group-owned stores and online. With the ambition to offer Sweden’s cheapest bag of groceries, Willys aspires to lead and develop the discount
Slide 37: Willys in brief
Company presentation 37 Net sales, SEK m Willys in brief 48,607 Operating profit, SEK m 2,114 Sweden’s leading discount grocery chain – Willys is Sweden’s leading discount grocery chain, featuring a wide assortment in Group-owned stores and online. With the business concept of offering Sweden’s chea
Slide 38: Hemköp – affordable passion for food
Company presentation 38 Hemköp – affordable passion for food Hemköp offers a broad, attractively priced assortment with a rich offering of fresh products. Group-owned stores, retailer- owned stores and e-commerce aim to inspire good, tasty meals in a simple and well thought-out manner. The operating
Slide 39: Hemköp in brief
Company presentation 39 Net sales, SEK m Hemköp in brief 8,348 Operating profit, SEK m 372 Affordable passion for food – Hemköp offers an inspiring, broad and attractively priced assortment with a rich offering of fresh products. Hemköp’s Group-owned stores, retailer- owned stores and online busines
Slide 40: City Gross – challenger in the hypermarket segment
Company presentation 40 City Gross – challenger in the hypermarket segment City Gross’ stores and e-commerce offer customers a combination of a food market hall and hypermarket, along with one of the market’s widest assortments of food. With knowledge and extensive commitment to food, City Gross cha
Slide 41: City Gross in brief
Company presentation 41 Net sales, SEK m City Gross in brief 8,898 Operating loss, SEK m -192 Challenger in the hypermarket segment – City Gross’ stores and e-commerce offer customers a combination of a food market hall and hypermarket, along with one of the market’s widest assortment of food – With
Slide 42: Snabbgross – restaurant wholesaler with unique position
Company presentation 42 Snabbgross – restaurant wholesaler with unique position Snabbgross is one of Sweden’s leading restaurant wholesalers with a customer base of restaurants, fast food operators and cafés. Through a broad presence with physical stores, Snabbgross has a unique position in the mark
Slide 43: Snabbgross in brief
Company presentation 43 Net sales, SEK m Snabbgross in brief 5,853 Operating profit, SEK m 256 Restaurant wholesaler with unique position – Snabbgross is one of Sweden’s leading restaurant wholesalers with a customer base of restaurants, fast food operators and cafés. Snabbgross offers personal serv
Slide 44: Dagab – sustainable and efficient product supply
Company presentation 44 Dagab – sustainable and efficient product supply Dagab handles the assortment, purchasing and logistics for Axfood concepts as well as for external B2B customers. The Dagab operating segment also includes the retailer concepts Handlar’n and Matöppet as well as the partly owne
Slide 45: Dagab in brief
Company presentation 45 Net sales, SEK m Dagab in brief 80,579 Operating profit, SEK m 1,240 Sustainable and efficient product supply – Dagab handles the assortment, purchasing and logistics for all of Axfood as well as for external B2B customers – The Dagab operating segment includes the retailer c
Slide 46: Financial position
Company presentation 46 Financial position
Slide 47: Financial targets
Company presentation 47 Financial targets Grow more than Long term operating Equity ratio at least the market margin at least 4.5% 20% at year-end Growth in retail sales Operating margin Equity ratio 16.4% 14.3% 4.7% 24.1% 23.9% 11.9% 21.8% 20.9% 21.2% 4.2% 4.1% 3.9% 4.0% 6.8% 1.9% Target Outcome 20
Slide 48: Strong financial position
Company presentation 48 Net working capital as share of Group net sales Equity ratio Strong financial position -3.3% 21.2% Net debt/EBITDA Return on capital employed 1.9x 15.5% Net debt/EBITDA (ex. IFRS 16) Return on shareholders’ equity 0.4x 32.1% All figures from 2025.
Slide 49: Dividend and total return
Company presentation 49 Dividend and total return According to Axfood’s dividend policy, the share- holder dividend is to be at least 50% of profit after tax and is to be paid out on two occasions. Dividend per share, SEK Total shareholder returns Axfood SIX Return Index, indexed 8.50 8.75 9.00 500
Slide 50: Investment case
Company presentation 50 Investment case Axfood is one of the leading players in food retail in Sweden. A broad presence, strong concepts and brands, and efficiency through collaboration create the conditions for long- term profitable growth. The most important reasons to invest in Axfood are present
Slide 51: Summary
Company presentation 51 Summary
Slide 52: Well positioned in growing and changing market
Company presentation 52 Well positioned in growing and changing market – Axfood is a family of different and well-positioned concepts in close collaboration, with strong positions in prioritised segments. – Axfood’s vision is to be a leader in affordable, good and sustainable food. The purpose is to
Slide 53: Read more about Axfood
Company presentation 53 Read more about Axfood – Axfood’s website axfood.com is the Group’s primary information channel and provides a wealth of information that is relevant for the company’s stakeholders. The website provides, for example, current and historical financial information and informatio
Slide 54: Appendix
Company presentation 54 Appendix
Slide 55: Net sales, SEK / Employees, FTEs
Company presentation 55 Net sales, SEK Employees, FTEs Affordable, 89.2bn 15,620 good and sustainable food Efficient sourcing and logistics Customer reach for all brands and channels >6 million customer visits a week Innovative development 396 Group-owned stores of private label products 134 franchi
Slide 56: Axfood key ratios
Company presentation 56 Axfood Key ratios, SEK m 2025 2024 Chg Net sales 89,152 84,057 6.1% Operating margin, % Change in like- 4.0% 3.7% 0.3 for-like sales* Net sales, SEK m 89,152 Operating profit 3,572 3,290 8.6% 81,111 84,057 73,474 Adjusted operating 3,688 3,433 7.4% profit** 57,891 Operating m
Slide 57: Willys
Company presentation 57 Willys Operating margin, % Key ratios, SEK m 2025 2024 Chg Net sales, SEK m Net sales 48,607 45,775 6.2% 48,607 45,775 43,757 Change in like- 4.2% 3.1% 1.1 37,451 for-like sales* 32,424 Operating profit 2,114 1,992 6.1% 5.0 4.7 4.7 4.4 4.4 Operating margin 4.4% 4.4% 0.0 Numbe
Slide 58: Hemköp
Company presentation 58 Hemköp Operating margin, % Key ratios, SEK m 2025 2024 Chg Net sales, SEK m Net sales 8,348 7,878 6.0% 8,348 7,878 7,432 Change in like- 6,650 4.0% 5.1% -1.1 for-like sales* 6,202 4.4 4.3 4.4 4.5 Operating profit 372 343 8.4% 4.0 Operating margin 4.5% 4.4% 0.1 Number of store
Slide 59: City Gross
Company presentation 59 City Gross Axfood acquired City Gross Sverige AB on 1 November 2024. Reported data Key ratios, SEK m 2025 2024 Chg for the January–December 2024 period pertain to the two-month period from 1 November to 31 December. The data presented for periods prior to the acquisition date
Slide 60: Snabbgross
Company presentation 60 Snabbgross Operating margin, % Net sales, SEK m Key ratios, SEK m 2025 2024 Chg 5,853 5,533 5,317 Net sales 5,853 5,533 5.8% 4,727 Change in like-for- 3,825 5.2% 3.3% 1.9 like sales 5.3 5.0 5.0 4.6 4.4 Operating profit 256 253 1.5% Operating margin 4.4% 4.6% -0.2 Number of st
Slide 61: Dagab
Company presentation 61 Dagab Operating margin, % Net sales, SEK m 80,579 74,175 76,589 66,999 Key ratios, SEK m 2025 2024 Chg 52,295 Net sales 80,579 76,589 5.2% 1.8 1.5 1.4 1.5 1.5 Operating profit 1,240 1,156 7.2% Operating margin 1.5% 1.5% 0.0 2021 2022 2023 2024 2025