Kvartalsrapport Q1 2024

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===== SIDA 1 =====

Continued high inflow of customers and solid earnings
First quarter summary
• Net sales totalled SEK 20,252 m 
(19,252), an increase of 5.2%.
• Retail sales totalled SEK 16,281 m 
(15,225), an increase of 6.9%.
• Operating profit amounted 
to SEK 817 m (695) including 
items affecting comparability 
of SEK — m (-55). The operating 
margin was 4.0% (3.6).
• Adjusted operating profit amounted 
to SEK 817 m (750), an increase of 
9.0%. The adjusted operating 
margin was 4.0% (3.9).
• Net profit for the period was 
SEK 560 m (472) and earnings 
per share before dilution amounted 
to SEK 2.60 (2.20).
• The Annual General Meeting (AGM) 
on 20 March approved a dividend to 
shareholders of SEK 8.50 (8.15) per 
share. The amount is divided into 
two equal payments of SEK 4,25 
each, in which the first payment was 
made in March and the second will 
be made in September. The AGM 
also elected Thomas Ekman as 
the new Chairman, and the Board 
of Directors resolved on the 
repurchase of no more than 385,000 
shares related to the long-term 
share-based incentive programme 
LTIP 2024.
• On 6 February it was announced 
that Klas Balkow chooses to leave 
his role as President and CEO of 
Axfood by year-end 2024 the latest.
Significant events after the balance 
sheet date
• On 17 April, it was announced that 
Axfood's Board of Directors has 
appointed the current Managing 
Director of Hemköpskedjan, 
Simone Margulies, as Axfood's new 
President and CEO from 15 August 
2024.
Net sales, SEK m 20,252 19,252  5.2% 82,110 81,111
Retail sales, SEK m 16,281 15,225  6.9% 64,759 63,703
Operating profit, SEK m 817 695  17.6% 3,475 3,353
Operating profit excl. items affecting comparability, SEK m1) 817 750  9.0% 3,670 3,602
Operating margin, %  4.0  3.6  0.4  4.2  4.1 
Operating margin excl. items affecting comparability, %1)  4.0  3.9  0.1  4.5  4.4 
Net profit for the period, SEK m 560 472  18.7% 2,462 2,373
Earnings per share before dilution, SEK 2.60 2.20  18.1% 11.32 10.92
Earnings per share before dilution excl. items affecting 
comparability, SEK1) 2.60 2.40  8.2% 12.04 11.84
Cash flow from operating activities, SEK m 1,695 481  252.4% 7,021 5,807
Equity ratio, %  19.4  18.1 1.3 19.4 23.9
Net working capital R12, SEK m -2,804 -2,602  7.7% -2,804 -2,620
Return on capital employed R12, %  21.5 20.3 1.2 21.5 20.3
Sustainability-labelled products, share of sales, %2)  27.5  27.4  0.1  26.7  26.7 
Key ratios Q1
2024
Q1
2023 Change R12
Full-year
2023
1) See Note 8 Items affecting comparability for more information.
2) The key ratio has been restated and comparison figures have been recalculated. See sustainability key ratio definitions for more information.
For further information, please contact: 
Alexander Bergendorf, Head of Investor Relations, tel. + 46 73 049 18 44
The information herein is such that Axfood AB (publ) is required to make public in accordance with the EU Market Abuse Regulation.
The information was submitted for publication, through the agency of the contact person listed above, at 7:00 a.m. CET on 25 April 2024.
This interim report is an English translation of the Swedish original. In the event of any discrepancies, the Swedish version shall govern.
Interim report  
1 January - 31 March 2024 Q1
5.2%
Net sales growth for 
the first quarter 2024 
6.9%
Retail sales growth for 
the first quarter 2024

===== SIDA 2 =====

CEO message
Axfood summarises a quarter characterised by a continued positive trend in customer traffic, volume 
growth and strengthened market positions. Despite very high comparison figures, growth was once 
again higher than the market’s, leading to a solid earnings performance. Additional steps were also 
taken as part of the Group’s investments to strengthen its competitiveness over time.
During the first quarter of the year, food price inflation 
continued to decrease, following on from the trend we have 
noticed in the past year. According to Statistics Sweden, 
the rate of inflation was 1.4% overall – and even lower at 
the end of the quarter. The market is now displaying a 
solid recovery with volume growth in the quarter and 
support from a positive calendar effect of 2.2% due to the 
leap day and Easter. In total, the market grew 6.4% in an 
intensified competitive environment, characterised by 
a continued focus on price value among consumers.
Continued momentum for Axfood into the new year 
Given that we were facing uniquely high comparison 
figures, the beginning of the year was strong, with 6.9% 
growth in retail sales. The fact that we posted solid growth 
in a market with low inflation was a result of significant 
volume growth. This confirms that our customers 
appreciate the offerings in our various concepts.
Willys has a competitive offering, with the ambition to 
deliver Sweden’s cheapest bag of groceries, and has 
attracted many new customers for a long time. During the 
first quarter, Willys continued to gain market share, albeit 
at a somewhat slower rate than previously, which is natural 
given the exceptionally high comparison figures. Compared 
with the same period two years ago, Willys has grown more 
than twice as much as the market.
The first quarter saw another excellent performance 
from Hemköp, with like-for-like growth of 7.0%. With a 
focus on price value and store modernisations, more 
consumers are being drawn to Hemköp’s concept. I would 
also like to highlight the initiatives in sustainability. 
Hemköp is an industry leader in the sale of organic goods, 
and during the quarter the chain was recognised for its 
work with an award from Sweden's organic farmers.
In the café and restaurant market, the beginning of the 
year was weak, including a negative effect from Easter. 
This was reflected in Snabbgross’s performance, even 
though Snabbgross once again gained market share during 
the quarter. While Snabbgross navigated a challenging 
market, Snabbgross Club expanded and two additional 
stores were converted to the membership-based consumer 
concept during the quarter.
With continued volume growth and a positive trend 
in customer traffic, Axfood delivered a solid earnings 
performance for the first quarter.
High rate of development through digitalisation 
and automation
Our development clearly shows that we have continuously 
strengthened our competitiveness, and to carry on doing so 
in the future, we are continuing to make investments.
In the back-end operations, we are establishing a new 
logistics structure and are still in a ramp-up phase at the 
new logistics centre in Bålsta. The deployment of auto-
mation and transfer of inventory for dry and refrigerated 
goods is now complete, and operations within the frozen 
assortment were also initiated recently according to plan. 
E-commerce logistics will be added later in the year. We 
continue to expect improvements in efficiency from the 
second half of the year. During the quarter, we also put the 
automation solution at our new fruit and vegetable 
warehouse in Landskrona into operation.
Promoting healthier and more sustainable consumption
Sustainability work at Axfood is wide-ranging and we are 
continuously taking steps in many areas. Right now, we are 
accelerating the transition to renewable fuel in our 
transports from warehouses to stores, which meant that 
we drastically reduced our climate impact per tonne of 
goods transported during the quarter. We also increased 
the amount of self-generated energy from solar panels.
We are continuing to develop an assortment of 
sustainable and healthy products, and it is gratifying to see 
consumers’ increased interest in hybrid products. Through 
Nöt & Grönt, a mince from Garant that is half minced beef 
and half vegetables, customers are offered a healthier and 
more sustainable product at an attractive price.
Focus on continued growth
We can now look back at a positive beginning to the year, 
during which we continued to attract new customers and 
gained market share in an increasingly competitive market. 
With an ambitious agenda for continued development, we 
have a good opportunity to take additional steps towards 
being the leader in affordable, good and sustainable food.
Klas Balkow
President and CEO, Axfood AB
Axfood interim report 1 January – 31 March 2024 | 2
”The fact that we posted solid growth in a market 
with low inflation was a result of significant 
volume growth. This confirms that our customers 
appreciate the offerings in our various concepts."
Significant events during the first quarter
• Strong start to the year through volume growth
• High inflow of customers and increased loyalty
• Continued progress with initiatives for the 
future within digitalisation and automation

===== SIDA 3 =====

Axfood interim report 1 January – 31 March 2024 | 3
Selection of press releases during the quarter
1 February 2024
Axfood gearing up and phasing out fossil fuels over two-year period
6 February 2024
Klas Balkow will leave his role as President and CEO of Axfood
23 February 2024
Axfood publishes Annual and Sustainability Report 2023
20 March 2024
Resolutions at Axfood's 2024 Annual General Meeting
Financial calendar
• The interim report for the second quarter of 2024 will be published at 7:00 a.m. CET on 12 July 2024
• The interim report for the third quarter of 2024 will be published at 7:00 a.m. CET on 24 October 2024
• The year-end report for 2024 will be published at 7:00 a.m. CET on 30 January 2025
Presentation of the interim report
Axfood will present the interim report for the first quarter of 2024 in a webcast at 9:30 a.m. CET, today, Thursday, 
25 April 2024. The report will be presented by Klas Balkow, President and CEO, and Anders Lexmon, CFO.
A link to the webcast is available at axfood.com.
A link to register to participate via conference call is also available at axfood.com. Upon registration, a telephone 
number and conference ID for the conference call will be provided.

===== SIDA 4 =====

The Swedish food retail market
According to the Swedish Food Retail Index, total sales 
growth during the first quarter of 2024 amounted to 6.4%. 
The calendar effect amounted to 2.2% as a result of the leap 
day and a positive effect from Easter. The trend of declining 
inflation continued and the price trend for food amounted to 
1.4% according to Statistics Sweden, which was substantially 
lower than the level of 6.0% in the fourth quarter of 2023. 
Inflation decreased from the previous quarter due to higher 
comparison figures, since the absolute price level was 
relatively unchanged. Adjusted for calendar and price effects, 
sales growth is estimated at 2.8% compared with year-earlier 
quarter, which is the highest annual growth in three years. 
The lower rate of inflation was offset by positive volume 
effects, which resulted in a stable total growth rate for the 
market compared with the fourth quarter of 2023.
Broken down into sales channels, sales growth amounted 
to 6.5% in physical stores and 4.8% in e-commerce. While 
growth in physical stores remained good, the growth in 
e-commerce represented a certain level of recovery following 
a weak performance in the last few years, with the highest 
annual growth in nearly three years. The share of food retail 
sales from e-commerce was in line with the year-earlier 
quarter and amounted to 4.7%.
Growth in Axfood’s retail sales1) compared with the Swedish Food Retail Index
6.9%
6.4%
Axfood retail sales Retail trade index SvDH/HUI
Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024
0%
4%
8%
12%
16%
20%
Growth in Axfood’s online sales1) compared with the Swedish Food Retail Index
8.9%
4.8%
Axfood online sales Retail trade index online SvDH/HUI
Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024
-30%
-20%
-10%
0%
10%
20%
1) Mat.se is included in the sales figures until February 2022.
Axfood interim report 1 January – 31 March 2024 | 4

===== SIDA 5 =====

Group performance
Net sales
Net sales totalled SEK 20,252 m (19,252), an increase of 5.2%.
Retail sales totalled SEK 16,281 m (15,225), an increase of 
6.9%, which was higher than the market growth of 6.4%. 
Volume growth was the primary driver to this performance. 
Like-for-like sales grew 6.0%, driven by a strong performance 
for both Willys and Hemköp.
E-commerce sales totalled SEK 958 m (880), an increase 
of 8.9% which was higher than the market's growth of 4.8%. 
The share of retail sales attributable to e-commerce was 5.9% 
(5.8), which was higher than the e-commerce penetration on 
the market of 4.7%.
The share of retail sales attributable to private label 
products was 33.3% (33.1).
Read about the performance of the Willys, Hemköp, Snabbgross and Dagab 
operating segments on pages 9-12.
Net sales per segment
SEK m
Q1
2024
Q1
2023 Change R12
Full-year
2023
Willys 11,245 10,465  7.5% 44,538 43,757
Hemköp 1,956 1,818  7.6% 7,570 7,432
Snabbgross 1,178 1,147  2.8% 5,348 5,317
Dagab 18,518 17,753  4.3% 74,940 74,175
Joint-Group 379 331  14.4% 1,413 1,365
Internal sales between segments
Dagab -12,702 -11,977  6.1% -50,512 -49,786
Joint-Group/other -322 -283  13.8% -1,187 -1,148
Total 20,252 19,252  5.2% 82,110 81,111
Retail sales
SEK m
Q1
2024
Q1
2023 Change
Change
like-for-like
stores R12
Full-year
2023
Willys 11,248 10,467  7.5%  5.6% 44,544 43,763
Hemköp1) 5,033 4,758  5.8%  7.0% 20,215 19,940
Total 16,281 15,225  6.9%  6.0% 64,759 63,703
1) Refers to Hemköp (Group-owned and retailer-owned) and Tempo.
Axfood interim report 1 January – 31 March 2024 | 5
Net sales and growth
13,067 13,203
16,593
19,252 20,252
9.5
1.0
25.7
16.0
5.2
Net sales, SEK m Growth, %
Q1 2020 Q1 2021 Q1 2022 Q1 2023 Q1 2024
Retail sales and growth
11,483 12,207 12,711
15,225 16,281
11.7
6.3 4.1
19.8
6.9
Retail sales, SEK m Growth, %
Q1 2020 Q1 2021 Q1 2022 Q1 2023 Q1 2024

===== SIDA 6 =====

Operating profit
Operating profit amounted to 817 m (695). Operating profit 
includes items affecting comparability totalling SEK — m 
(-55). Items affecting comparability in the prior year period 
pertained to parallel warehouse operations during the 
transition to the new logistics centre in Bålsta. The operating 
margin was 4.0% (3.6).
Operating profit excluding items affecting comparability 
amounted to SEK 817 m (750), an increase of 9.0 percent. 
The increase was mainly attributable to strong growth and 
effective cost control. Operating profit was negatively 
affected by increased rental levels and personnel costs, 
including the discontinuation of lower employer payroll tax 
for young people. The operating margin excluding items 
affecting comparability was 4.0% (3.9).
Net financial items for the period amounted to SEK -93 m 
(-80). Profit after financial items amounted to SEK 724 m (615) 
and net profit for the period to SEK 560 m (472).
Read about the performance of the Willys, Hemköp, Snabbgross and Dagab 
operating segments on pages 9-12.
Operating profit per segment excluding items affecting comparability
SEK m
Q1
2024
Q1
2023 Change R12
Full-year
2023
Willys 484 454  6.6% 2,107 2,077
Hemköp 101 71  41.5% 329 300
Snabbgross 27 30  -10.6% 262 265
Dagab 268 261  2.8% 1,278 1,271
Joint-Group -63 -67  -5.4% -307 -311
Operating profit excl. items affecting comparability 817 750  9.0% 3,670 3,602
Items affecting comparability1) — -55 -195 -249
Operating profit 817 695  17.6% 3,475 3,353
Net financial items -93 -80 -329 -315
Profit after financial items 724 615  17.7% 3,146 3,037
1) See Note 8 Items affecting comparability for more information.
Operating margin per segment excluding items affecting comparability
%
Q1
2024
Q1
2023 Change R12
Full-year
2023
Willys  4.3  4.3  0.0  4.7  4.7 
Hemköp  5.2  3.9  1.2  4.4  4.0 
Snabbgross  2.3  2.6  -0.3  4.9  5.0 
Dagab  1.4  1.5  0.0  1.7  1.7 
Operating margin excl. items affecting comparability  4.0  3.9  0.1  4.5  4.4 
Operating margin  4.0  3.6  0.4  4.2  4.1 
Axfood interim report 1 January – 31 March 2024 | 6
Operating profit and operating margin
544 565
835
695
817
4.2 4.3 5.0
3.6 4.0
Operating profit, SEK m
Operating margin, %
Q1
2020
Q1
2021
Q1
2022
Q1
2023
Q1
2024
Adjusted operating profit and adjusted 
operating margin
544 565 653 750 817
4.2 4.3 3.9 3.9 4.0
Adjusted operating profit, SEK m
Adjusted operating margin, %
Q1
2020
Q1
2021
Q1
2022
Q1
2023
Q1
2024

===== SIDA 7 =====

Capital expenditures
Total cash flow-affecting capital expenditures in intangible 
assets and property, plant and equipment during the 
January - March period amounted to SEK 354 m (551), of 
which SEK 52 m (124) related to automation.
Investments (cash flow) per segment
SEK m
Q1
2024
Q1
2023
Willys 91 206
Hemköp 14 19
Snabbgross 9 8
Dagab 127 190
Joint-Group 113 128
Total investments in intangible assets and PP&E 354 551
Financial position and cash flow
Cash flow from operating activities improved and 
amounted to SEK 1,695 m (481) during the January - March 
period mainly due to improved working capital. Paid tax 
amounted to SEK -144 m (-233). Net capital expenditures 
had an impact of SEK -353 m (-644) on cash flow. Cash 
flow from financing activities was SEK -1,213 m (-85) 
during the January - March period, affected by higher 
amortisations. Cash and cash equivalents held by the 
Group amounted to SEK 817 m compared with SEK 688 m 
at 31 December 2023. 
Net working capital amounted to SEK -2,804 m over 
a rolling 12 month basis compared with SEK -2,620 m at 
31 December 2023, with a positive impact from reduced 
parallel warehouse operations and accounts payable as 
well as a positive calendar effect at the end of the quarter. 
Working capital as a share of net sales amounted to -3.4 
percent compared to -3.2 percent as of 31 December 2023.
Interest-bearing liabilities and provisions totalled SEK 
10,567 m compared with SEK 10,027 m at 31 December 
2023. Interest bearing net debt amounted to SEK 9,750 m 
compared with SEK 9,339 m at 31 December 2023. 
The equity ratio was 19.4% compared with 23.9% 
at 31 December 2023. 
Net debt/EBITDA was 1.5 compared with 1.5 at 
31 December 2023. Net debt/EBITDA excluding IFRS 16 
was 0.0 compared with 0.0 at 31 December 2023.
Axfood interim report 1 January – 31 March 2024 | 7
Investments (incl. aquisitions, excl. IFRS16)
1,031
3,547
2,593
1,946
551 354
1.9%
6.1%
3.5%
2.4% 2.9%
1.7%
1.5% 1.4% 1.2% 1.3%
1.2% 1.4%
Investments (cash flow), SEK m
Investments (cash flow) % of Group sales
Depreciation ex. leasehold % of Group sales
2020 2021 2022 2023      3M
2023
3M
2024
Net debt/EBITDA
10,889 10,226 10,247 9,339 9,750
1.9 1.8 1.7 1.5 1.5
0.4 0.3 0.3 0.0 0.0
Net debt, SEK m
Net debt/EBITDA multiple
Net debt/EBITDA multiple ex. IFRS 16
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Equity ratio
17.7% 18.4% 17.6% 18.1% 19.4%
24.3% 21.8% 24.1% 23.9%
Q1 Equity ratio at year-end
2020 2021 2022 2023 2024
Capital employed
10,674
13,550
16,442 17,212 16,509
24.2% 22.4% 20.9% 20.3% 21.5%
Capital employed, SEK m
Return on capital employed (ROCE), %
2020 2021 2022 2023 R12
Net working capital
-1,800
-2,260
-2,581 -2,620 -2,804
-3.4%
-3.9% -3.5% -3.2% -3.4%
Net working capital, SEK m
Net working capital % of Group sales
2020 2021 2022 2023 R12

===== SIDA 8 =====

Sustainable development
For Axfood, sustainable development is about seeing the 
whole picture and the relentless pursuit of improvements. 
Sustainability permeates all operations and encompasses 
the entire food supply chain, taking into account the 
environment, animal welfare, and the people who produce, 
sell and consume food.
Food
Axfood strives to make it easier for consumers to make 
sustainable and healthy choices through a broad and 
affordable assortment of sustainability-labelled products. 
Axfood also aims to promote more sustainable production 
and consumption of food.
During the first quarter, sustainability-labelled products 
accounted for 27.5% (27.4) of total sales. The share of sales 
from organic products was 4.6% (4.8), and the share of sales 
of KRAV-certified meat was 2.9% (2.6). Hemköp is the leader 
in the industry with regards to organic food and during the 
quarter the share of sales was 6.5% (6.9). Hemköp offers, 
for example, double points on purchases of organic and 
KRAV-certified products for members of the Klubb Hemköp 
loyalty programme. During the quarter, Sweden's organisation 
for organic farmers, "Ekologiska Lantbrukarna", awarded 
Hemköp their "Ekoinsats" prize for 2023.
During the quarter, the assortment was expanded with 
innovative, sustainable products including "Sillenbergaren", 
which consists of broad beans and residual raw materials 
from herring that would otherwise become animal feed, that 
is sold by Middagsfrid and Urban Deli. Garant’s new hybrid 
product Nöt & Grönt, which contains equal parts minced beef 
and vegetables, was also followed up with a hamburger that 
has half the carbon footprint of a more traditional hamburger.
Environment
Axfood is striving to reduce the climate impact of food 
production as far as possible. The Group’s climate targets 
encompass both its own and suppliers’ operations as well 
as reducing the climate impact per kilo of food sold.
Axfood is working to phase out fossil fuel and to convert 
the company’s own and procured transports between 
warehouses and stores to renewable fuel or electricity by 
2025. The carbon footprint of the Group’s own transports 
decreased significantly during the quarter to 10.6 CO2e (14.9) 
per tonne of delivered goods by halving the use of diesel for 
the Group’s own trucks through the use of renewable fuel.
The Group’s annual energy intensity amounted to 
246.3 kWh (244.6) per square meter. Work is under way 
to reduce electricity consumption in the Group’s operations, 
for example by optimising lighting and store refrigeration.
People
Axfood aspires to be a positive force in society and is working 
to improve work and social conditions throughout the food 
supply chain, including customers, agricultural and production 
workers, and its own employees.
Social audits are conducted in all risk countries in order to 
ensure compliance with Axfood’s Code of Conduct among 
suppliers of private label products. Of the 15 audits conducted 
by Amfori BSCI during the quarter, 15, or 100.0% (100.0), had 
acceptable results. 
Axfood is committed to diversity and inclusion, and firmly 
believes that a mix of skills and perspectives produces better 
results. To utilise people’s expertise and facilitate integration 
into Swedish society for foreign-born academics in a variety 
of professional industries, Axfood participates in the national 
"Jobbsprånget" programme.
Gender balance in senior positions is an important part of 
diversity work. The share of women/men in management 
positions during the quarter totalled 52.2%/47.8% 
(50.8/49.9), and was thereby continued in line with the 
Group’s long-term target.
Sickness-related absence during the first quarter 
decreased to 6.9% (7.2), due in part to investments in 
proactive health initiatives. Axfood’s target is for sickness-
related absence not to exceed 5.3%. 
For more information on Axfood’s sustainability work and key ratios, 
see the website and the 2023 Annual and Sustainability Report.
Sustainability key ratios
Q1
2024
Q1
2023 Change R12
Full-year
2023
Sustainability-labelled products, share of sales, %1)  27.5  27.4  0.1  26.7  26.7 
Organic products, share of sales, %  4.6  4.8  -0.2  4.5  4.6 
KRAV-certified meat, share of sales, %  2.9  2.6  0.3  2.8  2.8 
Share of approved social audits, %  100.0  100.0  —  94.3  94.5 
Electricity consumption, kWh/m2 (stores and warehouses) — — — 246.3 244.6
CO2e, kg/tonne of goods 10.6 14.9 -4.3 11.3 12.3
Share of women/men in management positions, % 52.2/47.8 50.8/49.2 — — 51.2/48.8
Sickness-related absence, %  6.9  7.2  -0.3  6.3  6.4 
1) The key ratio has been restated and comparison figures have been recalculated. See sustainability key ratio definitions for more information.
Axfood interim report 1 January – 31 March 2024 | 8

===== SIDA 9 =====

Operating segment performance
Willys
Net sales totalled SEK 11,245 m (10,465), an increase 
of 7.5%, despite exceptionally high comparison figures. 
Growth in the prior year period amounted to a full 24.3% 
which compared to market growth of 8.9%. 
Growth in retail sales amounted to 7.5%, which was 
higher than the market. Growth in like-for-like sales 
amounted to 5.6%. 
Volume growth was the primary contributor to the 
Willys chain’s strong performance. Price value remained 
relevant for consumers, which benefited Willys as Sweden’s 
leading discounter. It also helped foster loyalty among 
existing customers and led to an increased inflow of new 
customers. The rate of increase in new members in the 
Willys Plus loyalty programme remained strong and the 
total number of members increased to just over 3.6 million.
In cross-border shopping, both total and like-for-like sales 
increased significantly for Eurocash due to high levels of 
customer traffic and a positive Easter performance.
The number of stores in the segment amounted to 241 
(236). There was no new establishments during the quarter, 
however several new establishments are planned for the 
rest of year of both Willys and Willys Hemma. At the end of 
the quarter, online shopping was offered in 159 stores (151).
Operating profit totalled SEK 484 m (454), which 
corresponded to an operating margin of 4.3% (4.3). The 
increase in operating profit was primarily attributable to 
the strong growth in like-for-like sales and effective cost 
control. Operating profit was negatively impacted by 
increased personnel costs and higher rent levels.
Willys key ratios
Q1
2024
Q1
2023 Change R12
Full-year
2023
Net sales, SEK m 11,245 10,465  7.5% 44,538 43,757
Operating profit, SEK m 484 454  6.6% 2,107 2,077
Operating margin, % 4.3 4.3 0.0 4.7 4.7
Retail sales, SEK m 11,248 10,467  7.5% 44,544 43,763
Like-for-like sales growth, % 5.6 21.5 -15.9 — 13.9
Number of stores 241 236 5 — 241
  of which, Willys 180 176 4 — 180
  of which, Willys Hemma 54 53 1 — 54
  of which, Eurocash 7 7 — — 7
Stores offering online shopping 159 151 8 — 158
Private label products, share of sales, % 35.2 34.8 0.5 34.3 34.2
Sustainability-labelled products, share of sales, % 28.5 28.1 0.3 27.5 27.4
Organic products, share of sales, % 4.2 4.3 -0.2 4.1 4.2
Average number of employees 6,848 6,555 293 — 7,052
Share of women/men in management positions, % 63.5/36.5 60.1/39.9 — — 63.1/36.9
Sickness-related absence. % 7.0 7.1 -0.1 6.3 6.3
Axfood interim report 1 January – 31 March 2024 | 9
With the business concept of offering Sweden’s cheapest bag 
of groceries, Willys is the country’s leading discount grocery 
chain, offering a broad assortment both in Group-owned stores 
and online. The Willys operating segment includes the concepts 
Willys, Willys Hemma, the partly owned cross-border grocery 
chain Eurocash and a minority stake in the City Gross 
hypermarket chain.
Net sales and growth
7,740 7,985 8,418
10,46511,245
12.8
3.2 5.4
24.3
7.5
Net sales, SEK m
Growth, %
Q1
2020
Q1
2021
Q1
2022
Q1
2023
Q1
2024
Operating profit and 
operating margin
348 340 367
454 484
4.5 4.3 4.4 4.3 4.3
Operating profit, SEK m
Operating margin, %
Q1
2020
Q1
2021
Q1
2022
Q1
2023
Q1
2024

===== SIDA 10 =====

Hemköp
Net sales (including franchise fees) amounted to 
SEK 1,956 m (1,818), an increase with 7.6%.
Growth in retail sales (including Tempo) amounted to 
5.8%. Growth in like-for-like sales amounted to 7.0%. 
Hemköp is continuing to strengthen its position by focusing 
on price value through popular everyday products, 
campaigns and communication as well as investing in the 
modernisation of existing stores and strengthening its 
sustainability profile. The total number of members in the 
Klubb Hemköp loyalty programme increased to just over 
2.0 million. Tempo delivered a weaker performance than 
Hemköp as a result of the challenging market climate for 
smaller store formats. 
The number of stores in the segment amounted to 
321 (326)1). One new retailer-owned Tempo store was 
established during the quarter. The plan for the rest of the 
year includes new establishments of Group- and retailer-
owned stores in both Hemköp and Tempo. At the end of 
the quarter, online shopping was offered in 66 (68) stores. 
Operating profit was SEK 101 m (71), corresponding 
to an operating margin of 5.2% (3.9). The increase in 
operating profit was primarily attributable to growth in 
like-for-like Group-owned stores and lower costs related 
to campaigns. The quarter also saw improved operational 
efficiency and good cost control with lower electricity 
costs.
Hemköp key ratios
Q1
2024
Q1
2023 Change R12
Full-year
2023
Net sales, SEK m 1,956 1,818  7.6% 7,570 7,432
Operating profit, SEK m 101 71  41.5% 329 300
Operating margin, % 5.2 3.9 1.2 4.4 4.0
Retail sales, SEK m 5,033 4,758  5.8% 20,215 19,940
Like-for-like sales growth, % 7.0 9.4 -2.4 — 7.9
Number of stores1) 321 326 -5 — 326
  of which, Group-owned Hemköp/Tempo stores 65 65 — — 66
of which, retailer-owned Hemköp stores 133 136 -3 — 136
of which, retailer-owned Tempo stores1) 123 125 -2 — 124
Hemköp stores offering online shopping 66 68 -2 — 67
Private label products, share of sales, % 27.7 28.0 -0.3 27.1 27.2
Sustainability-labelled products, share of sales, % 27.0 27.4 -0.4 26.6 26.7
Organic products, share of sales, % 6.5 6.9 -0.5 6.4 6.5
Average number of employees 1,613 1,550 63 — 1,649
Share of women/men in management positions, % 52.4/47.6 50.7/49.3 — — 50.7/49.3
Sickness-related absence. % 6.6 6.8 -0.2 6.1 6.1
1) Comparison figures for the number of retailer-owned Tempo stores have been adjusted down by 6 stores due to an adjustment of historical periods. 
The adjustment has not had any other effect on the financial reports. 
Axfood interim report 1 January – 31 March 2024 | 10
Hemköp offers a broad, attractively priced assortment with a 
rich offering of fresh products. Through Group-owned stores, 
retailer-owned stores and an online business, Hemköp inspires 
good meals. The Hemköp operating segment also includes 
Tempo, a mini-mart format comprising retailer-owned stores.
Net sales and growth
1,625 1,554 1,589
1,818 1,956
1.6
-4.4
2.2
14.4
7.6
Net sales, SEK m
Growth, %
Q1
2020
Q1
2021
Q1
2022
Q1
2023
Q1
2024
Operating profit and 
operating margin
61 59 66 71
101
3.7 3.8 4.2 3.9
5.2
Operating profit, SEK m
Operating margin, %
Q1
2020
Q1
2021
Q1
2022
Q1
2023
Q1
2024

===== SIDA 11 =====

Snabbgross
Net sales totalled SEK 1,178 m (1,147), an increase of 2.8%. 
Growth in like-for-like sales amounted to 1.5%. Unlike in the 
food retail market, the calendar effect from Easter was 
negative.
The trend in the market was weak, which had a negative 
impact on Snabbgross’s sales to restaurant and café 
customers. However, the number of B2B customers 
continued to increase and now amounts to more than 
100,000.
The trend in B2C sales through Snabbgross Club was 
positive in terms of total as well as like-for-like figures. 
The number of members in Snabbgross Club continued to 
increase and now amounts to more than 85,000.
The number of stores in the segment amounted to 30 (29). 
In addition to establishments of new Snabbgross Club 
stores, existing stores are being converted to the concept 
on an ongoing basis, with stores converted in Luleå and 
Västerås during the quarter.
Operating profit amounted to SEK 27 m (30), which 
corresponded to an operating margin of 2.3% (2.6). Weak 
growth in like-for-like sales could not fully offset increased 
costs primarily related to personnel and higher rent levels.
Snabbgross key ratios
Q1
2024
Q1
2023 Change R12
Full-year
2023
Net sales, SEK m 1,178 1,147  2.8% 5,348 5,317
Operating profit, SEK m 27 30  -10.6% 262 265
Operating margin, % 2.3 2.6 -0.3 4.9 5.0
Wholesale sales, SEK m 1,183 1,151  2.8% 5,367 5,335
Like-for-like sales growth, % 1.5 19.2 -17.7 — 10.4
Number of stores 30 29 1 — 30
of which, Snabbgross 21 24 -3 — 23
of which, Snabbgross Club 9 5 4 — 7
Sustainability-labelled products, share of sales % 20.7 21.3 -0.5 20.7 20.8
Organic products, share of sales, % 1.3 1.2 0.1 1.3 1.3
Average number of employees 537 495 42 — 568
Share of women/men in management positions, % 41.7/58.3 43.6/56.4 — — 40.7/59.3
Sickness-related absence. % 6.8 7.7 -0.9 6.1 6.3
Axfood interim report 1 January – 31 March 2024 | 11
Snabbgross is one of Sweden’s leading restaurant wholesalers 
with a customer base of restaurants, fast food operators and 
cafés. Snabbgross offers personal service, accessibility, and 
quality at its stores and online. The Snabbgross operating 
segment also includes the concept Snabbgross Club, which is 
directed at consumers.
Net sales and growth
777 736
934
1,147 1,178
6.5
-5.3
26.9 22.7
2.8
Net sales, SEK m
Growth, %
Q1
20
Q1
21
Q1
22
Q1
23
Q1
24
Operating profit and 
operating margin
24
14
30 30
27
3.0
1.9
3.2
2.6
2.3
Operating profit, SEK m
Operating margin, %
Q1
20
Q1
21
Q1
22
Q1
23
Q1
24

===== SIDA 12 =====

Dagab
Net sales totalled SEK 18,518 m (17,753), an increase 
of 4.3%. The increase was mainly attributable to higher 
sales to Axfood's group-owned stores.
Operating profit amounted to SEK 268 m (207), 
corresponding to an operating margin of 1.4% (1.2). 
Operating profit includes items affecting comparability 
of SEK — m (-55), In the previous year, items affecting 
comparability pertained entirely to parallel warehouse 
operations during the transition to the new logistics centre 
in Bålsta. The ramp-up of the logistics centre is still 
ongoing, however since parallel warehouse operations are 
being phased out gradually during 2024, related costs are 
no longer deemed as affecting comparability.
Operating profit excluding items affecting comparability 
amounted to SEK 268 m (261), which corresponded to an 
operating margin excluding items affecting comparability 
of 1.4% (1.5). The higher operating profit was primarily 
attributable to volume growth and positive currency 
effects. However, higher logistics costs due to the 
transition to the new logistics platform had a negative 
impact on operating profit. The accelerated climate 
transition to renewable fuel in transports from warehouses 
to stores also negatively impacted operating profit.
Work on the Group’s new warehouse and logistics 
structure is proceeding. During the first quarter, the ramp-
up of the new logistics centre in Bålsta continued and dry 
goods were fully transferred to the centre. Refrigerated 
goods were also fully transferred to Bålsta. The installed 
automation solution at the new fruit and vegetable 
warehouse in Landskrona was deployed during the quarter.
Dagab key ratios
Q1
2024
Q1
2023 Change R12
Full-year
2023
Net sales SEK m 18,518 17,753  4.3% 74,940 74,175
Operating profit, SEK m 268 207  30.0% 1,083 1,021
Operating profit excl. items affecting 
comparability, SEK m1) 268 261  2.8% 1,278 1,271
Operating margin, % 1.4 1.2 0.3 1.4 1.4
Operating margin excl. items affecting 
comparability, %1) 1.4 1.5 0.0 1.7 1.7
Average number of employees 3,191 3,295 -104 — 3,351
Share of women in management positions, % 30.9 28.2 2.7 — 30.0
Share of women/men in management positions, % 30.9/69.1 28.2/71.8 — — 30.0/70.0
Sickness-related absence. % 7.3 7.9 -0.6 7.0 7.1
1) See Note 8 Items affecting comparability for more information.
Axfood interim report 1 January – 31 March 2024 | 12
Dagab operates and develops the Group’s assortment, 
purchasing and logistics, but also conducts sales to external 
customers. The Dagab operating segment also includes 
retailer-owned Handlar’n and Matöppet, the meal kit company 
Middagsfrid, the online pharmacy Apohem and the restaurant 
chain Urban Deli.
Net sales and growth
11,63411,880
15,062
17,75318,518
10.0
2.1
26.8
17.9
4.3
Net sales, SEK m
Growth, %
Q1
20
Q1
21
Q1
22
Q1
23
Q1
24
Adjusted operating 
profit and adjusted 
operating margin
164
217 247 261 268
1.4 1.8 1.6 1.5 1.4
Operating profit, SEK m
Operating margin, %
Q1
20
Q1
21
Q1
22
Q1
23
Q1
24

===== SIDA 13 =====

Other information
Long-term targets and 
capital expenditures 2024
Axfood’s long-term financial targets:
• Grow faster than the market
• Long-term operating margin of at least 4.5%
• Equity ratio of at least 20% at year-end
Axfood’s dividend policy is that the shareholder dividend 
shall be at least 50% of profit after tax. The dividend is 
to be paid out on two occasions.
Investments in 2024 are expected to amount to between 
SEK 1,600 m and SEK 1,700 m, excluding acquisitions and 
right-of-use assets, of which SEK 300 m is attributable to 
automation in the new logistics centre in Bålsta outside 
Stockholm, the distribution centre in Backa in Gothenburg 
and the new fruit and vegetables warehouse in Landskrona.
During 2024, Axfood plans to establish 10–15 new stores.
2024 Annual General Meeting
Axfood’s AGM was held on 20 March 2024 in Stockholm. 
The AGM re-elected all proposed directors, and elected 
Thomas Ekman as new Chairman. The AGM also resolved to 
pay a dividend of SEK 8.50 per share, divided into two equal 
payments in which the first payment was made in March and 
the second payment will be made in September. The AGM also 
resolved to implement an additional long-term incentive 
programme, LTIP 2024.
President and CEO
Axfood’s Board of Directors has appointed Simone Margulies, 
currently Managing Director of Hemköpskedjan, as Axfood's 
new President and CEO from 15 August 2024. Simone 
Margulies thereby succeeds Klas Balkow, who during the 
quarter announced that he is concluding his executive career 
and as such has made an agreement with the Board to leave 
the role as President and CEO. Klas Balkow will remain 
available until year-end 2024 to secure the best possible 
handover to Simone Margulies.
This interim report has not been reviewed by the Company’s auditors.
Stockholm, 25 April 2024
Klas Balkow, 
President and CEO Axfood AB
Parent Company
The Parent Company’s net sales and other operating 
income during the January - March period amounted 
to SEK 109 m (96). After operating expenses of SEK -146 m 
(-132) and net financial items of SEK 29 m (2), profit after 
financial items amounted to SEK -9 m (-34). 
The Parent Company had an interest-bearing net receivable 
of SEK 4,029 m at the end of the quarter, compared with 
SEK 1,995 m at 31 December 2023. The Parent Company 
has no significant transactions with related parties, other 
than transactions with subsidiaries.
Axfood interim report 1 January – 31 March 2024 | 13

===== SIDA 14 =====

Financial statements, Group
Condensed statement of profit or loss 
and other comprehensive income, Group
SEK m
Q1
2024
Q1
2023 R12
Full-year
2023
Net sales 20,252 19,252 82,110 81,111
Cost of goods sold1) -17,289 -16,528 -70,546 -69,785
Gross profit 2,963 2,724 11,564 11,326
Selling expenses -1,019 -1,003 -4,032 -4,015
Administrative expenses -1,266 -1,171 -4,719 -4,625
Share of profit in associated companies and joint ventures -19 -7 -70 -59
Other operating income 172 161 754 743
Other operating expenses -14 -10 -22 -18
Operating profit 817 695 3,475 3,353
Interest income and similar profit/loss items 13 4 78 69
Interest expense and similar profit/loss items -107 -84 -407 -384
Profit before tax 724 615 3,146 3,037
Tax -163 -143 -684 -664
Net profit for the period 560 472 2,462 2,373
Other comprehensive income
Items that cannot be reclassified to profit or loss for the period, net after tax
Revaluation defined benefit pensions -4 1 4 8
Changes in holdings measured at fair value2) — -273 — -273
Items that can be reclassified to profit or loss for the period, net of tax
Changes in hedging reserve 24 -9 -32 -64
Other comprehensive income for the period 20 -281 -28 -329
Total comprehensive income for the period 581 191 2,434 2,044
Net profit for the period attributable to
Owners of the parent 561 475 2,443 2,357
Non-controlling interest -1 -3 18 16
Total comprehensive income for the period attributable to
Owners of the parent 581 194 2,415 2,028
Non-controlling interest -1 -3 18 16
Earnings per share before dilution, SEK 2.60 2.20 11.32 10.92
Earnings per share after dilution, SEK 2.59 2.19 11.27 10.87
1) Includes items affecting comparability,, see Note 8 Items affecting comparability for more information.
2) See Note 5 Financial assets and liabilities for more information.
Axfood interim report 1 January – 31 March 2024 | 14

===== SIDA 15 =====

Condensed statement of financial position, Group
SEK m 31 Mar 2024 31 Mar 2023 31 Dec 2023
Assets 	 	
Goodwill 3,606 3,606 3,606
Other intangible assets 1,508 1,499 1,459
Property, plant and equipment 6,033 5,502 6,019
Right-of-use assets 9,511 9,413 9,210
Financial assets 606 420 625
Deferred tax assets 228 243 249
Total non-current assets 21,491 20,682 21,167
Inventories 4,384 4,521 4,247
Trade receivables 2,241 2,070 2,195
Other current assets 1,769 1,911 1,721
Cash and cash equivalents 817 311 688
Total current assets 9,211 8,813 8,851
Total assets 30,702 29,496 30,018
Equity and liabilities
Equity attributable to owners of the parent 5,634 5,059 6,877
Equity attributable to non-controlling interests 308 289 308
Total equity 5,942 5,348 7,185
Non-current lease liabilities 7,806 7,667 7,497
Provisions for pensions 260 281 262
Deferred tax liabilities 1,351 1,290 1,348
Other non-current liabilities 7 6 7
Total non-current liabilities 9,424 9,245 9,114
Current lease liabilities 1,742 1,754 1,748
Current interest-bearing liabilities 759 1,499 519
Trade payables 8,102 7,130 7,538
Other current liabilities 4,733 4,520 3,913
Total current liabilities 15,336 14,902 13,718
Total equity and liabilities 30,702 29,496 30,018
Axfood interim report 1 January – 31 March 2024 | 15

===== SIDA 16 =====

Condensed statement of cash flows, Group
SEK m
Q1
2024
Q1
2023 R12
Full-year
2023
Operating activities
Operating profit 817 695 3,475 3,353
Depreciation, amortisation, impairment 802 703 3,091 2,993
Interest paid and similar items -107 -84 -404 -381
Interest received and similar items 13 4 78 69
Adjustments for non-cash items 42 48 182 188
Paid tax -144 -233 -495 -584
Changes in working capital 272 -652 1,093 169
Cash flow from operating activities 1,695 481 7,021 5,807
Investing activities
Acquisitions of operations — — -3 -3
Acquisitions of intangible assets -97 -159 -361 -423
Acquisitions of property, plant and equipment -257 -392 -1,388 -1,523
Acquisitions of financial assets — -103 -171 -274
Other changes in investing activities 1 10 4 13
Cash flow from investing activities -353 -644 -1,919 -2,210
Financing activities
Loans raised 759 1,799 2,518 3,558
Amortisation of debt -1,055 -988 -5,275 -5,208
Share repurchases — — -59 -59
Dividend paid out -917 -896 -1,780 -1,759
Cash flow from financing activities -1,213 -85 -4,596 -3,468
Cash flow for the period 129 -248 506 129
Condensed statement of changes in equity, Group
SEK m 31 Mar 2024 31 Mar 2023 31 Dec 2023
Amount at start of year 7,185 6,901 6,901
Total comprehensive income for the period 581 191 2,044
Change in non-controlling interests 0 — 0
Share repurchases — — -59
Share-based payments 10 15 58
Dividend to shareholders -1,834 -1,759 -1,759
Amount at end of period 5,942 5,348 7,185
Axfood interim report 1 January – 31 March 2024 | 16

===== SIDA 17 =====

Financial statement, Parent Company
Condensed income statement, Parent Company
SEK m
Q1
2024
Q1
2023
Full-year
2023
Net sales 6 6 22
Selling and administrative costs -146 -132 -576
Other operating income 103 90 379
Operating profit -37 -36 -176
Net financial items 29 2 725
Profit/loss after financial items -9 -34 550
Appropriations, net — — 2,818
Profit before tax -9 -34 3,367
Tax -4 3 -562
Net profit for the period -12 -32 2,805
Net profit/loss for the period corresponds to total comprehensive income for the period.
Condensed balance sheet, Parent Company
SEK m 31 Mar 2024 31 Mar 2023 31 Dec 2023
Assets
Property, plant and equipment 33 32 34
Participations in Group companies 4,427 4,397 4,421
Other financial assets 2 1 1
Deferred tax assets 7 8 7
Total non-current assets 4,469 4,437 4,463
Receivables from Group companies1) 5,420 5,054 8,123
Other current assets 65 187 26
Cash and cash equivalents 4 10 12
Total current assets 5,490 5,251 8,161
Total assets 9,959 9,689 12,624
Equity and liabilities
Restricted equity 296 296 296
Non-restricted equity 3,271 2,286 5,107
Total equity 3,567 2,582 5,403
Untaxed reserves 3,965 3,661 3,965
Provisions — 4 —
Non-current liabilities 9 8 9
Current interest-bearing liabilities 759 1,499 519
Trade payables 17 34 23
Liabilities to Group companies2) 602 935 2,505
Other current liabilities 1,040 965 201
Total current liabilities 2,418 3,433 3,247
Total equity and liabilities 9,959 9,689 12,624
1) Of which, interest-bearing receivables 5,385 5,022 4,949
2) Of which, interest-bearing liabilities 602 934 2,447
Axfood interim report 1 January – 31 March 2024 | 17

===== SIDA 18 =====

Notes
Note 1 Accounting policies
Axfood applies the International Financial Reporting 
Standards (IFRS) as endorsed by the EU. The accounting 
policies, measurement principles and definitions applied 
correspond with those described in the 2023 Annual and 
Sustainability Report, except for what is stated below.
This interim report has been prepared for the Group in 
accordance with IAS 34 Interim Financial Reporting and the 
Swedish Annual Accounts Act. For the Parent Company, the 
interim report has been prepared in accordance with 
recommendation RFR 2 Accounting for Legal Entities, issued 
by the Swedish Financial Reporting Board (RFR), and the 
Swedish Annual Accounts Act.
New accounting policies effective in 2024 and later
Axfood has determined that new or amended standards 
and interpretations do not and will not have any material 
effect on the consolidated financial statements.
Significant estimates and assessments
Preparing the financial statements in accordance with 
IFRS requires the Board and Executive Committee to make 
judgements and estimates as well as assumptions that affect 
the application of the accounting policies and the Company’s 
result and position as well as other disclosures in general. 
The actual outcome may deviate from these estimates and 
assessments. 
Note 2 Other material information
Seasonal effects
Axfood’s sales are affected to some degree by seasonal 
variations. Sales increase in the quarter in which Easter falls, 
which is either the first or second quarter. Sales also increase 
ahead of Midsummer during the second quarter as well as 
ahead of the major holiday season during the fourth quarter.
Transactions with related parties
The Axfood Group’s transactions with related parties, aside 
from those covered by the consolidated financial statements, 
consist of transactions with associated companies and with 
subsidiaries within the Axel Johnson Group.
Significant risks and uncertainties
Like all business activities, Axfood’s business is exposed to 
risks. The risks are broken down into operational, strategic 
and financial risks. Climate and environmental risks are 
included in operational risks. The risks that could have the 
greatest impact on the Group are the risk of disruptions in the 
logistics chain, IT and information security risks, and 
criminality. Axfood works continuously with risk identification 
and assessment. Major emphasis is placed on preventive work 
and on planning to maintain operating continuity in the event 
of unforeseen events. For a thorough account of the risks that 
affect the Group, please refer to the 2023 Annual and 
Sustainability Report..
Note 3 Operating segments
Segments have been defined based on how Axfood’s 
Executive Committee monitors and governs the operations to 
evaluate performance and allocate resources. The operating 
segments that have been identified are Willys, Hemköp, 
Snabbgross and Dagab. Joint-Group pertains to support 
functions, such as the Executive Committee, Accounting, 
Legal Affairs, HR, Communications, Business Development 
and IT. The Executive Committee reviews the segments’ 
operating profit or loss, both including and excluding items 
affecting comparability.
For information about Axfood’s operating segments, 
see pages 9-12 of this interim report. For a more detailed 
description of the segments, please refer to the 2023 Annual 
and Sustainability Report..
Note 4 Acquired and divested operations
No significant acquisitions or divestment took place in the 
first quarter of 2024.
Axfood interim report 1 January – 31 March 2024 | 18

===== SIDA 19 =====

Note 5 Financial assets and liabilities
Financial assets measured at fair value amounted to 
SEK 157 m (91). SEK 23 m (57) is attributable to Level 2 of the 
fair value hierarchy and SEK 134 m (34) is attributable to Level 
3. Financial liabilities measured at fair value amounted to SEK 
0 m (—). The entire amount is attributable to Level 2 of the fair 
value hierarchy. 
Forward exchange contracts are measured at fair value 
based on the Central Bank of Sweden’s spot rates on the 
accounting date, which is assessed to be a reasonable 
approximation of fair value. 
The carrying amount of the call option agreement entered 
into with City Gross in conjunction with the acquisition 
amounted to SEK 0 m (0). The call option agreement is 
recognised at fair value based on an assessment of the 
change in City Gross’s future sales and earnings performance.
In the first quarter of 2024, Mathem merged with the 
Norwegian company Oda, and as a result of the merger, 
Axfood’s shareholding in Mathem has been transferred to a 
shareholding in the combined company Oda Group. Axfood’s 
shareholding in Oda Group amounts to 4.7%, which is 
equivalent to its previous shareholding in Mathem of 18.5%. 
The carrying amount of the participation in Oda (Mathem) 
amounted to SEK 134 m (34). The value of Axfood’s share 
corresponds to the valuation that was carried out in 
conjunction with the merger of Mathem and Oda.
Note 6 Pledged assets and contingent liabilities
Group, SEK m 31 Mar 2024 31 Mar 2023 31 Dec 2023 Parent Company, SEK m 31 Mar 2024 31 Mar 2023 31 Dec 2023
Pledged assets — — — Pledged assets — — —
Contingent liabilities 47 19 19 Contingent liabilities 264 256 264
Note 7 Long-term share-based incentive programmes
The 2024 AGM resolved to adopt a new long-term share-
based incentive programme that runs over a three-year 
period, LTIP 2024. The programme corresponds in all essential 
respects to LTIP 2023. Allotment of LTIP 2021 will be carried 
out in April 2024 using treasury shares. 
The 2024 AGM resolved to authorise Axfood’s Board of 
Directors to decide on the purchase of a maximum of 385,000 
own shares for the purpose of securing the Company’s 
obligations under LTIP 2024, which the Board has decided to 
do. 
Prior to the allotment of LTIP 2021 and share repurchases 
related to LTIP 2024, the holding of treasury shares amounts 
to 1,065,652 shares, which is sufficient to secure the delivery 
of shares for all of the Company's incentive programmes. 
For more information about incentive programmes, see 
Axfood’s 2022 Annual and Sustainability Report 2023.
Note 8 Items affecting comparability
No items affecting comparability are reported in the first 
quarter 2024. 
Items affecting comparability in the first quarter 2023 
comprised parallel warehouse operations within Dagab. The 
costs mainly included premises and personnel costs and were 
entirely attributable to the transition to the new logistics 
centre in Bålsta. The costs were included in cost of goods sold. 
Segment
Q1
2024
Q1
2023 R12
Full-year
2023
Parallel warehouse operations Dagab — -55 -195 -249
Total — -55 -195 -249
Note 9 Significant events after the balance sheet date
On 17 April, it was announced that Axfood's Board 
of Directors has appointed the current Managing 
Director of Hemköpskedjan, Simone Margulies, as 
Axfood's new President and CEO from 15 August 2024.
Axfood interim report 1 January – 31 March 2024 | 19
Changes in the fair value of financial assets 
attributable to Level 3, SEK m
Amount at start of year 134
Amount at end of period 134

===== SIDA 20 =====

Key ratios
Change in store structure
Number of stores
Dec
2023
New 
establishment/
acquisitions
Sales/
closures Conversions March 24 March 23
Willys/Willys Hemma/Eurocash 241 — — — 241 236
Hemköp/Tempo, Group-owned stores 66 — — -1 65 65
Snabbgross/Snabbgross Club 30 — — — 30 29
Total, Group-owned stores 337 — — -1 336 330
Hemköp, retailer-owned stores 136 — -4 1 133 136
Tempo, retailer-owned stores1) 124 1 -2 — 123 125
Total, retailer-owned stores 260 1 -6 1 256 261
Total, Group-owned and retailer-owned stores 597 1 -6 — 592 591
1) Comparison figures for the number of retailer-owned Tempo stores have been adjusted down by 6 stores due to 
an adjustment of historical periods. The adjustment has not had any other effect on the financial reports.
New establishments and acquisitions Group-owned stores
During the first quarter, no group-owned stores were 
established or acquired.
Key ratios and other information, Group
3 mos. 2024 3 mos. 2023
Full-year
2023
Operating margin, % 4.0 3.6 4.1
Operating margin excl. items affecting comparability, % 4.0 3.9 4.4
Equity ratio, % 19.4 18.1 23.9
Net debt (+)/net receivable (-), SEK m 9,750 10,889 9,339
Net debt (+)/net receivable (-) excl. IFRS 16, SEK m 202 1,468 93
Net debt/EBITDA, multiple 1.5 1.9 1.5
Net debt/EBITDA excl. IFRS 16, multiple 0.0 0.4 0.0
Net debt-equity ratio (+)/net receivable-equity ratio (-), multiple 1.6 2.0 1.3
Net debt-equity ratio (+)/net receivable-equity ratio (-), excl. IFRS 16, multiple 0.0 0.3 0.0
Capital employed, SEK m 16,509 16,549 17,212
Return on capital employed R12, % 21.5 20.3 20.3
Return on equity R12, % 45.7 47.1 35.0
Average number of employees 12,803 12,421 13,185
Total capital expenditures, SEK m 1,178 1,417 4,087
Investments in intangible assets and in property, plant and equipment, SEK m 354 551 1,946
Depreciation/amortisation, SEK m -796 -700 -2,993
Number of shares outstanding at end of period 215,777,588 215,805,384 215,777,588
Average number of shares outstanding before dilution 215,777,588 215,805,384 215,798,253
Average number of shares outstanding after dilution 216,843,240 216,843,240 216,837,527
Key data per share
Earnings per share before dilution, SEK 2.60 2.20 10.92
Earnings per share before dilution excl. items affecting comparability, SEK 2.60 2.40 11.84
Earnings per share after dilution, SEK 2.59 2.19 10.87
Ordinary dividend per share, SEK1)
— — 8.50
Equity per share, SEK 26.11 23.44 31.87
Cash flow per share, SEK 0.60 -1.15 0.60
1) Paid out on two occasions.
Axfood interim report 1 January – 31 March 2024 | 20

===== SIDA 21 =====

Quarterly overview, Group
SEK m Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022
Net sales 20,252 20,769 20,293 20,797 19,252 19,740 18,674 18,468
Operating profit 817 744 1,036 878 695 502 975 789
Operating profit excl. items affecting 
comparability 817 815 1,095 942 750 734 1,015 828
Operating margin, %  4.0  3.6  5.1  4.2  3.6  2.5  5.2  4.3 
Operating margin excl. items affecting 
comparability, %  4.0  3.9  5.4  4.5  3.9  3.7  5.4  4.5 
Net profit for the period 560 533 738 631 472 353 745 590
Earnings per share before dilution, SEK 2.60 2.42 3.38 2.93 2.20 1.62 3.40 2.75
Earnings per share before dilution excl. items 
affecting comparability, SEK 2.60 2.68 3.60 3.16 2.40 2.47 3.55 2.90
Cash flow from operating activities 1,695 2,219 1,423 1,684 481 1,844 1,487 1,167
Cash flow from operating activities per share, SEK 7.86 10.28 6.59 7.80 2.23 8.54 6.89 5.51
Return on capital employed R12, %  21.5  20.3  20.5  20.6  20.3  20.9  25.8  26.4 
Return on equity R12, %  45.7  35.0  34.8  37.4  47.1  40.8  49.9  51.3 
Net working capital R12 -2,804 -2,620 -2,597 -2,645 -2,602 -2,581 -2,479 -2,389
Equity ratio, % 19.4 23.9 22.7 19.9 18.1 24.1 26.4 24.8
Equity per share, SEK 26.11 31.87 29.44 26.11 23.44 30.62 28.70 28.15
Total capital expenditures (incl. IFRS 16) 1,178 1,242 594 835 1,417 4,046 544 1,247
Investments in intangible assets and property, 
plant and equipment 354 528 309 558 551 883 274 904
Depreciation/amortisation (incl. IFRS 16) -796 -779 -758 -756 -700 -651 -642 -644
Depreciation/amortisation of intangible assets 
and property, plant and equipment -285 -279 -272 -264 -227 -223 -218 -221
Items affecting comparability — -71 -60 -64 -55 -232 -40 -39
Net debt (+)/net receivable (-) 9,750 9,339 10,247 10,226 10,889 8,982 6,868 7,005
Share price, SEK 311.20 273.00 250.40 228.20 253.20 285.90 254.90 294.30
Axfood interim report 1 January – 31 March 2024 | 21

===== SIDA 22 =====

Financial key ratios
In addition to the financial key ratios prepared in accordance 
with IFRS, Axfood presents financial key ratios that are not 
defined by IFRS or by the Swedish Annual Accounts Act, so-
called alternative performance measures (APMs). These APMs 
aim to provide supplementary information that contributes to 
analysing Axfood’s operations and development. The APMs 
used are considered generally accepted in the industry. APMs 
should not be seen as a substitute for financial information 
presented in accordance with IFRS, but as a complement.
The APMs are defined below under the financial key ratio 
definitions. Certain APMs are also reported excluding IFRS 16 
to enable a follow-up of operational development excluding 
the technical accounting effects as a result of IFRS 16. 
Some APMs are also reported excluding items affecting 
comparability since the adjusted performance measure 
provides a better understanding of the operations’ underlying 
development when comparing between periods. 
Reconciliation of EBITDA
SEK m
Q1
2024
Q1
2023 R12
Full-year
2023
Operating profit 817 695 3,475 3,353
Depreciation, amortisation, impairment 802 703 3,091 2,993
EBITDA 1,619 1,398 6,566 6,345
IFRS 16 Lease fees -608 -531 -2,275 -2,198
EBITDA excl. IFRS 16 1,011 867 4,291 4,148
For reconciliation of additional key ratios, see Axfood´s website, axfood.com.
Financial key ratio definitions
Capital employed: Total assets less non-interest-bearing liabilities and 
non-interest-bearing provisions. Measures the Group’s capital use and 
efficiency.
Cash flow from operating activities per share: Cash flow from operating 
activities for the period divided by the average number of shares 
outstanding before dilution. Indicates cash flow generated from operating 
activities.
Cash flow per share: Cash flow for the period divided by the average 
number of shares outstanding before dilution. Indicates cash flow 
generated per share.
Earnings per share (defined in IFRS): Net profit for the period attributable 
to owners of the parent divided by the average number of shares 
outstanding. Reported both before and after dilution. Earnings per share 
are also reported based on earnings excluding items affecting 
comparability. 
EBITDA: Operating profit before depreciation, amortisation and 
impairment. Also reported excluding the effects of reporting in accordance 
with IFRS 16 as EBITDA excl. IFRS 16. Indicates the underlying development 
of the operations. 
Equity per share: Share of equity attributable to owners of the parent 
divided by the number of shares outstanding at the end of the period. 
Indicates shareholders’ share of the Company’s total equity per share.
Equity ratio: Equity including non-controlling interests as a percentage of 
total assets. An equity ratio of at least 20% at year-end is one of Axfood’s 
Group-wide strategic targets. 
Items affecting comparability: Financial effects in connection with major 
acquisitions and divestments or other major structural changes as well as 
material non-recurring items that are relevant in order to understand the 
results when comparing between periods.
Net debt/EBITDA: Net debt divided by EBITDA on a rolling 
12-month basis. Also reported excluding the effects of reporting in 
accordance with IFRS 16. Indicates the Group’s ability to pay its debt.
Net debt-equity ratio/net receivable-equity ratio: Net debt/
net receivable divided by equity including non-controlling interests. Also 
reported excluding the effects of reporting in accordance with IFRS 16. 
Indicates the Company’s debt-equity ratio.
Net debt/net receivable: Interest-bearing non-current and current 
receivables and liabilities less cash and cash equivalents and interest-
bearing financial assets. Net indebtedness is also referred to as net debt. 
Net receivable is also referred to as net receivables. Used to show the 
Company’s net interest-bearing assets and liabilities.
Net debt/net receivable excluding IFRS 16: Interest-bearing non-current 
and current receivables and liabilities, excluding lease liabilities, less cash 
and cash equivalents and interest-bearing financial assets. 
Net working capital: Average current assets less current liabilities 
(adjusted for dividend), on a rolling 12-month basis. Indicates the average 
financing need for the group's working capital. 
Operating margin: Operating profit as a percentage of net sales for the 
period. An operating margin of at least 4.5% is one of Axfood’s strategic 
Group-wide targets.
Operating margin excluding items affecting comparability: Operating 
profit excluding items affecting comparability as a percentage of net sales 
for the period. Also referred to as adjusted operating margin. 
Operating profit: Profit before net financial items and tax. Indicates 
profitability for operating activities.
Operating profit excluding items affecting comparability: Profit before 
net financial items and tax adjusted for items affecting comparability. Also 
referred to as adjusted operating profit.
Return on capital employed: Profit after financial items, plus financial 
expenses on a rolling 12-month basis as a percentage of average capital 
employed. Indicates profitability in both equity and borrowed capital in the 
Company. 
Return on equity: The share of net profit for the period on a rolling 
12-month basis attributable to owners of the parent as a percentage of the 
share of average equity attributable to owners of the parent. Indicates the 
return that owners receive on capital invested. 
Sales growth: Percentage change in sales between two periods. Axfood 
monitors growth in both retail sales and net sales. One of Axfood’s Group-
wide strategic targets is to grow faster than the market and growth in 
retail sales is the target Axfood uses to measure this. 
Axfood interim report 1 January – 31 March 2024 | 22

===== SIDA 23 =====

Operating key ratio definitions and glossary
Average number of employees: Total number of hours worked divided 
by the number of hours worked per year of 1,920. Also referred to as FTEs.
Joint-Group: Pertains to support functions, such as the Executive 
Committee, Finance/Accounting, Legal Affairs, Communications, Business 
Development, HR and IT.
Like-for-like sales: Sales in stores that existed and generated sales in the 
current period and the comparison period.
Online sales: Reported online sales of the concepts Willys, Hemköp Group-
owned stores and Hemköp retailer-owned stores.
Private label products, share of sales: Sales of private label products, 
excluding meat, fruits and vegetables, as a percentage of retail sales. 
R12: The sum of the past 12 months determined on a rolling basis. 
Retail sales: Reported store sales including online sales for the concepts 
Willys, Willys Hemma, Eurocash, Hemköp Group-owned stores, Hemköp 
retailer-owned stores and Tempo, excluding adjustments mainly related 
to customer bonuses.
Share price: Closing share price.
Wholesale sales: Company and private customer sales including online 
for the concepts Dagab and Snabbgross (including Snabbgross Club).
Key ratio definitions for sustainability
Electricity consumption in stores and warehouses: Reported as the 
number of kilowatt hours (kWh) of purchased electricity used per square 
metre (sq. m.). The selection includes electricity consumption under joint 
contracts for a total of 300 of Axfood’s Group-owned stores and ten 
warehouses. The number of square metres corresponds to the total area of 
all stores and warehouses in the selection. Reported data is presented on a 
rolling 12-month basis.
Emissions from own transports: Emissions (kg CO2e) from purchased fuel 
(litres) in relation to total transported goods (tonnes) between warehouses 
and stores or consumer. Transports between warehouses and consumers 
pertain to e-commerce transports and amounts to only a small share of the 
total. Reported data pertains only to goods delivered by own transports. 
Reported data is presented with a one-month lag.
Gender equality: The share of women in management positions at 
the end of the current period. Management positions are defined as 
employed managers with employee responsibility, including the 
Executive Committee. 
KRAV-certified meat, share of sales: Sales from KRAV-certified meat 
items (fresh and frozen) as a percentage of the Axfood Group’s total sales 
of meat products. The selection includes stores in the Willys, Hemköp (also 
franchise) and Snabbgross store chains.
Organic products, share of sales: Sales from organic-labelled products 
with a valid country of origin marking as a percentage of Axfood’s total 
food sales. The selection includes stores in the Willys, Eurocash, Hemköp 
(also franchise) and Snabbgross store chains.
Share of approved social audits: Share of social audits where the supplier 
received a score of A, B or C on a scale of A to E, where A is without 
remarks and E is unacceptable. Social audits comprise on-site visits and 
inspections to ensure suppliers fulfil the requirements of Axfood’s Code 
of Conduct. The selection includes on-site visits carried out by the 
organisation Amfori BSCI.
Sickness-related absence: The number of reported hours of sickness-
related absence in relation to scheduled work time. The selection includes 
active employees in Axfood. Active employees pertains to all employees 
in the Group except for employees of Urban Deli AB and Hall Miba AB. 
Internal consultants and employees on parental leave or leave of absence 
are not included. Sickness-related absence for the first quarter pertains 
to time worked during the December–February period.
Sustainability-labelled products, share of sales: Sales from sustainability-
labelled products with a valid country of origin marking as a percentage 
of Axfood’s total food sales. The selection includes stores in the Willys, 
Eurocash, Hemköp (also franchise) and Snabbgross store chains. Frozen 
fruits, berries and vegetables are included as of the first quarter 2024, 
which leads to a slight increase in the share of sustainable sales. It has 
furthermore been discovered that Eurocash has not been included in the 
Willys segment reporting in previous periods. Comparison figures have 
been restated.
Axfood interim report 1 January – 31 March 2024 | 23

===== SIDA 24 =====

About Axfood
Axfood is a leader in food retail in Sweden and a family of different concepts in collaboration. The Group 
has approximately 13,000 employees (FTEs) and net sales of more than SEK 80 billion. Axfood aspires 
to be a strong force in society that drives development toward more sustainable food production and 
consumption. The share is listed on Nasdaq Stockholm and the principal owner is Axel Johnson.
Purpose
Better quality 
of life for 
everyone.
Vision
A leader in 
affordable, 
good and 
sustainable 
food.
Business concept
A family of 
different 
concepts in 
collaboration.
Business model and strategy
Axfood’s business model covers purchasing and assortment, logistics and sales 
channels and concepts. The customer is always in focus and value is created for 
Axfood and the Group’s stakeholders in every step. Axfood pursues a strategy of 
growth-promoting and efficiency enhancing priorities. The strategy is built on 
six strategic focus areas: customer offering, customer meeting, expansion, 
supply chain, work approach and people. To promote growth, the focus is on 
developing and offering an attractively priced assortment. Apart from growing 
sales at existing stores, key initiatives include continued expansion through the 
e-commerce roll-out and establishment of new formats and more stores. The 
Group strives to increase efficiency in the organisation through a more data-
driven work approach and continuous development of logistics solutions of the 
future. To stay at the forefront, Axfood continues to build a culture that enables 
the industry’s best employees to be attracted and developed. Axfood aspires to 
take the lead in promoting a sustainable food system and to be a strong force 
for change in society.
Long-term financial targets and dividend policy
Axfood’s long-term financial targets: 
• Grow faster than the market
• Long-term operating margin of at least 4.5%
• Equity ratio of at least 20% at year-end
Axfood’s dividend policy is that the shareholder dividend shall be at least 
50% of profit after tax. The dividend is to be paid out on two occasions.
2030 targets
Axfood’s purpose is to create a better quality of life for everyone. The Group 
works to improve and simplify life around food for everyone it impacts through 
its different concepts, operations and brands. The ambition is to, by 2030:
• be Sweden's most inclusive food company
• be the strongest driving force for sustainable food in Sweden
• have created a healthier Sweden
• be a leader in the development of the simplest and best food experiences
          Operating segments
• Willys has the ambition to offer Sweden’s cheapest bag of groceries 
and is the leading discount grocery chain. Willys aims to develop the 
discount segment in food retail with a wide assortment in Group-owned 
stores and online. The Willys operating segment includes the concepts 
Willys, Willys Hemma, the partly owned cross-border grocery chain 
Eurocash and a minority stake in the City Gross hypermarket chain.
• Hemköp offers a broad, attractively priced assortment with a rich 
offering of fresh products. Through Group-owned stores, retailer-
owned stores and an online business, Hemköp inspires good meals. 
The Hemköp operating segment also includes Tempo, a mini-mart 
format comprising retailer-owned stores.
• Snabbgross is one of Sweden’s leading restaurant wholesalers with 
a customer base of restaurants, fast food operators and cafés. 
Snabbgross offers personal service, accessibility and quality at its 
stores and online. The Snabbgross operating segment also includes 
the concept Snabbgross Club, which is directed at consumers.
• Dagab operates and develops the Group’s assortment, purchasing and 
logistics, but also conducts sales to external customers. The Dagab 
operating segment also includes retailer-owned Handlar’n and Matöppet, 
the meal kit company Middagsfrid, the online pharmacy Apohem and the 
restaurant chain Urban Deli.
Investment case
• The food retail market is relatively unaffected by economic swings and is 
driven largely by population growth and inflation. Axfood has a clear strategy 
for addressing the trends in the market through concrete priorities in six 
focus areas. The goal is to grow faster than the market with a long-term 
operating margin of at least 4.5%.
• To meet customers’ varying needs, Axfood is a family of different concepts 
with strong market positions. With a clear expansion plan, a focus on the 
customer meeting in physical stores and in e-commerce as well as the 
development of meal solutions, customers’ evolving behaviours in the market 
are being met.
• Economies of scale and cost efficiency are achieved through close 
collaboration between the central functions and Group companies. Dagab is 
the joint purchasing and logistics company, setting high demands for price, 
quality and sustainability. Axfood’s common IT company has a crucial role in 
the Group’s digital development, automation and data-driven work approach 
to meet future needs.
• Axfood has a solid balance sheet, and the business model generates stable 
cash flow with efficient management of working capital. During the last five 
years, the dividend yield has on average been slightly more than 3%.
• Axfood has long been working to be a positive force in society. Axfood is 
taking the lead in promoting a sustainable food system, and innovative and 
sustainable products are being launched through the private label 
assortment.
Axfood AB, SE-107 69 Stockholm  
Solnavägen 4 
Telephone: +46 8-553 990 00 
Corporate reg. number: 556542-0824 
info@axfood.se, axfood.com
linkedin.com/company/axfood
Instagram: @axfoodkoncernen