Cheffelo (Q1 Review): Reduced to perfection - Redeye

Redeye comments on Cheffelo's Q1 2026 report, which delivered a quarterly EBIT of SEK35.7m, a new Q1 record, representing a margin of 9.5% versus 6.1% in the prior year and well above our estimate of SEK23.0m. The primary driver was marketing cost savings from the completed consolidation of Cheffelo's two Norwegian brands under the Godtlevert name, which exceeded management's own expectations both in terms of customer retention and financial efficiency. On the strength of the EBIT beat and a constructive H1 2026 guidance of 14-18% net sales growth, we raise our 2026-2028e EBIT estimates and lift our Base Case to SEK128 (122). On our 2028e estimates, Cheffelo trades at an EV/EBIT multiple of 7.3x, which Redeye considers attractive for a capital-light, cash-generative business with a structural negative working capital profile.

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