Kvartalsrapport Q1 2025

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

Increased market shares 
and stable profit development
Interim report first quarter 2025

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

Increased market shares and stable profit development
First quarter summary
• Net sales increased 3.9% to SEK 21,040 m (20,252).
• Retail sales increased 15.7% to SEK 18,829 m (16,281). Excluding 
City Gross, retail sales increased 3.0%.
• Operating profit amounted to SEK 719 m (817) including items 
affecting comparability of SEK -38 m (—). The operating margin 
was 3.4% (4.0).
• Adjusted operating profit amounted to SEK 757 m (817) and the 
adjusted operating margin was 3.6% (4.0).
• Net profit for the period amounted to SEK 453 m (560) and 
earnings per share before dilution to SEK 2.09 (2.60).
• The Annual General Meeting (AGM) on March 19 resolved on a 
dividend to shareholders of SEK 8.75 (8.50) per share. The dividend 
amount is divided into two payments of SEK 4.50 and SEK 4.25, 
with the first payment made in March and the second payment to 
be made in September. Caroline Berg was elected as the new 
Chairman, and Björn Annwall and Kristofer Tonström as new Board 
members. The Board also resolved on the repurchase of a maximum 
of 385,000 shares linked to the long-term share-based incentive 
program LTIP 2025, which was resolved on by the AGM.
• Work has been initiated to plan for the next steps in the 
development of Axfood’s logistics structure to create conditions for 
growth, higher efficiency and increased capacity from the year 
2030 and onwards. This work comprises the southern parts of 
Sweden, and the plan is to establish a new automated logistics 
centre in the Gothenburg region. Plans are in the early stages and 
more details will be provided in the coming quarters.
Net sales, SEK m 21,040 20,252  3.9% 84,845 84,057
Retail sales, SEK m 18,829 16,281  15.7% 70,600 68,052
Operating profit, SEK m 719 817  -12.1% 3,191 3,290
Operating profit excl. items affecting comparability, SEK m1) 757 817  -7.4% 3,372 3,433
Operating margin, %  3.4  4.0  -0.6  3.8  3.9 
Operating margin excl. items affecting comparability, %1)  3.6  4.0  -0.4  4.0  4.1 
Net profit for the period, SEK m 453 560  -19.2% 2,112 2,219
Earnings per share before dilution, SEK 2.09 2.60  -19.6% 9.65 10.16
Earnings per share before dilution excl. items affecting comparability, SEK1) 2.23 2.60  -14.2% 10.45 10.82
Cash flow from operating activities, SEK m 1,232 1,695  -27.3% 4,996 5,459
Equity ratio, %  16.8  19.4 -2.6 16.8 20.9
Net working capital as a share of net sales R12, % -3.3 -3.4 0.1 -3.3 -3.4
Return on capital employed R12, %  16.8 21.5 -4.7 16.8 16.6
Sustainability-labelled products, share of sales, %  28.0  27.5  0.4  27.4  27.2 
Key ratios
Q1
2025
Q1
2024 Change R12
Full-year
2024
1) See Note 8 Items affecting comparability fore 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 24 April 2025.
This interim report is an English translation of the Swedish original. In the event of any discrepancies, the Swedish version shall govern.
Axfood will present the interim report for the first quarter of 2025 in a webcast at 9:30 a.m. CET, today, Thursday, 24 April 2025. The report will 
be presented by Simone Margulies, 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.
                                                                                                                                                                                                                                                                                                                                                                                                              Axfood interim  report  1 January – 31 March 2025    2
3.9%
Net sales 
growth in the 
first quarter 2025 
 15.7%
Retail sales 
growth in the 
first quarter 2025
Significant events during the quarter
• Volume growth and increased market shares
• Continued strong customer traffic and loyalty
• High level of activity to strengthen City Gross' 
competitiveness
• Improved productivity and lower cost level in logistics

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

CEO message
With a focus on the customer meeting and further volume growth, Axfood continued to strengthen its market positions in the first quarter 
of the year. We reported a stable earnings performance and maintained a high level of activity in areas deemed to be strategically 
important for increased efficiency and market presence. A number of activities have also been initiated to strengthen City Gross. In 
logistics, the productivity of our recently completed logistics centre in Bålsta is continuing to improve, and we are now initiating the 
next steps in the development of the logistics structure to create additional capacity and efficiency from 2030 and onwards.
Following a period of low inflation, Statistics Sweden reported that 
food price inflation was once again on the rise, reaching an annualised 
rate of 3.8% in the first quarter due to various global factors, including 
insufficient supply of raw materials, climate change and geopolitical 
turbulence. Many consumers are affected, and it is evident that our 
customers are still largely focusing on price value and low prices.
In the first quarter we increased our retail sales by 15.7%, driven by 
a positive trend in customer traffic and higher volumes. We continued 
to clearly gain market share also excluding the acquisition of City 
Gross, with growth of 3.0%. Growth for the market was impacted by 
a substantial negative calendar effect of -2.3%.
Our long-standing history of delivering a strong performance in 
various economic climates is proof of our ability to navigate shifts in 
consumer behaviour. At Axfood, we are making systematic and 
concentrated efforts to both improve our internal efficiency as well as 
offset the cost pressure arising upstream in the food supply chain, in 
order to ensure an affordable and attractive offering for our customers. 
Continued momentum for Willys, Hemköp and Snabbgross
Willys is Sweden’s most recommended grocery chain and holds a 
unique market position. Willys recorded growth of 3.0% in the first 
quarter with positive trends in both customer traffic and loyalty. The 
discount segment has been the market’s fastest growing segment for 
a long time, with a clear preference shown among younger consumers 
and families with children. We see considerable potential to continue 
expanding the chain, adding more stores at a rapid rate.
With an attractive offering in the traditional grocery market 
segment, Hemköp also performed well in the first quarter with growth 
of 3.1% and particularly strong growth in like-for-like sales. In the 
restaurant and café segment, Snabbgross continued to deliver strong 
growth of 5.2% despite a continued weak market.
High level of activity to strengthen City Gross
With the acquisition of City Gross, Axfood has established a presence 
in the attractive hypermarket segment. City Gross has faced a number 
of challenging years, and the trend in the first quarter was also weak 
with growth of -3.8%. As previously communicated, this year will be a 
transitional year, and the initiatives that we are now implementing will 
take time to yield results.
We have a clear plan in place to strengthen the store chain by 
clarifying the concept and brand, improving the customer offering, 
implementing a chain management structure and streamlining 
operations. A new communications concept and a stronger, more 
affordable customer offering were recently launched. We are also 
implementing structural measures, including conversions of the stores 
in Borlänge and Bromma to Willys stores. Given our experience, 
expertise and capacity, we see considerable opportunities to turn 
City Gross into a profitable business at some point in the second half 
of 2026.
Initiatives to increase capacity and efficiency
We reached a significant milestone in our logistics operations during 
the quarter when e-commerce flows were implemented at the new 
automated logistics centre in Bålsta. The logistics centre, which is 
one of Europe’s largest, is now fully operational for both stores and 
e-commerce in all temperature zones. The facility’s productivity is 
showing a gradual and clear improvement, and we expect to realise 
efficiency improvements of SEK 200–300 million, at an annualised 
rate, from the second quarter. As previously announced, this will 
contribute to a continued lower cost level in logistics and make Axfood 
more competitive.
With the logistics centre in Bålsta, we have secured long-term 
capacity and efficiency in the flow of goods in central and northern 
Sweden. We are now planning for the next steps in the development of 
our logistics structure to create additional capacity and efficiency in 
the southern parts of Sweden from the year 2030 and onwards. The 
plan is to establish a new automated logistics centre in the Gothenburg 
region that first and foremost will replace our existing warehouse in 
Backa. At the same time, we are looking into how to handle volume 
growth for the other warehouses in the south of Sweden. In the coming 
quarters, we will provide more details around the plans and initiate 
negotiations with relevant parties and stakeholders.
As part of our continuous work to increase productivity and cost 
efficiency, in the quarter we also initiated work on streamlining our 
support functions to further strengthen our competitiveness.
A positive force in society
As one of Sweden’s largest food retail players, we have a social 
responsibility. Our approximately 15,000 employees work each day 
to supply customers across large parts of the country with a compre-
hensive assortment of groceries. At the same time, we are working to 
establish an even broader presence, primarily bringing our discount 
offering to locations where we are not currently active by expanding 
to areas of Sweden where no discount alternative is available. We 
challenge, advocate for and invest in inclusion, more sustainable and 
healthy consumption, and a reduced carbon footprint throughout the 
entire food supply chain. We aim to be a positive force in society, 
which is something that all of us at Axfood are passionate about.
Simone Margulies
President and CEO, Axfood AB
With a focus on the customer 
meeting and further volume growth, 
Axfood continued to strengthen its 
market positions in the first quarter 
of the year. 
                                                                                                                                                                                                                                                                                                                                                                                                              Axfood interim  report  1 January – 31 March 2025    3

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

The Swedish food retail market
Food retail is an important part of Swedish industry and a large 
employer, providing a livelihood for more than 100,000 people. 
In total, there are just over 3,000 food retail stores across 
Sweden. The food retail market is relatively unaffected by 
economic fluctuations, with growth driven largely by population 
growth and inflation.
According to the Swedish Food Retail Index, total food retail sales growth 
during the first quarter of 2025 amounted to 1.9%. The calendar effect was 
negative and amounted to -2.3% attributable to the fact that the first 
quarter of 2024 included both leap day and Easter. Following a period of 
low inflation, food prices increased 3.8% in the first quarter, according to 
Statistics Sweden. This change was primarily the result of price increases 
for coffee, chocolate and dairy products. Adjusted for both calendar and 
price effects, sales growth in food retail is therefore estimated at 0.4%. 
Sales growth in physical stores amounted to 1.9% and in e-commerce to 
2.2%. The share of food retail sales attributable to e-commerce was 4.6%.
                                                                                                                                                                                                                                                                                                                                                                                                              Axfood interim  report  1 January – 31 March 2025    4
Growth in Axfood’s retail sales compared with the 
Swedish Food Retail Index
15.7%
1.9%
Axfood retail sales
Retail trade index SvDH/HUI
Q4 
2022
Q1 
2023
Q2 
2023
Q3 
2023
Q4 
2023
Q1 
2024
Q2 
2024
Q3 
2024
Q4 
2024
Q1 
2025
0%
4%
8%
12%
16%
20%
Growth in Axfood’s online sales compared with the 
Swedish Food Retail Index 
4.1%
2.2%
Axfood online sales
Retail trade index online svDH/HUI
Q4 
2022
Q1 
2023
Q2 
2023
Q3 
2023
Q4 
2023
Q1 
2024
Q2 
2024
Q3 
2024
Q4 
2024
Q1 
2025
-20%
-10%
0%
10%
20%
Market size (excluding VAT) in 2023Food retail market segments in 2023

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

Group
Net sales and retail sales
First quarter
Net sales increased 3.9% and totalled SEK 21,040 m (20,252). Retail sales 
increased 15.7% and totalled SEK 18,829 m (16,281). Excluding acquired City 
Gross, the increase was 3.0%, which compares to market growth of 1.9%. 
The calendar effect was materially negative and amounted to -2.3 percent. 
Despite the calendar effect, volumes increased in Willys, Hemköp and 
Snabbgross. Like-for-like sales grew 1.7% driven by a positive development 
for both Willys and Hemköp.
Online sales increased 4.1% and totalled SEK 998 m (958), which 
compares to market growth of 2.2%. The increase was 0.1% excluding the 
acquired City Gross and the discontinued business Middagsfrid. The 
share of retail sales attributable to e-commerce was 5.3% (5.9), which
 was higher than the e-commerce penetration on the market of 4.6%.
The share of retail sales attributable to private label products was 
32.1% (33.3). Excluding City Gross, the share of sales increased.
Read about the performance of each operating segment on pages 9-13.
                                                                                                                                                                                                                                                                                                                                                                                                              Axfood interim  report  1 January – 31 March 2025    5
Net sales and growth
13,203
16,593
19,25220,25221,040
1.0
25.7
16.0
5.2 3.9
Net sales, SEK m
Growth, %
Q1 
2021
Q1 
2022
Q1 
2023
Q1 
2024
Q1 
2025
Retail sales and 
growth
12,20712,711
15,22516,281
18,829
6.3 4.1
19.8
6.9
15.7
Retail sales, SEK m
Growth, %
Q1 
2021
Q1 
2022
Q1 
2023
Q1 
2024
Q1 
2025
Net sales per segment
SEK m
Q1
2025
Q1
2024 Change R12
Full-year
2024
Willys 11,579 11,245  3.0% 46,110 45,775
Hemköp 2,055 1,956  5.1% 7,978 7,878
City Gross1) 2,059 —  100% 3,705 1,646
Snabbgross 1,240 1,178  5.2% 5,594 5,533
Dagab 19,173 18,518  3.5% 77,244 76,589
Joint-Group 390 379  2.9% 1,530 1,519
Internal sales between segments
Dagab -15,091 -12,702  18.8% -55,953 -53,565
Joint-Group/other -365 -322  13.4% -1,363 -1,319
Total 21,040 20,252  3.9% 84,845 84,057
1) City Gross is included from the acquisition date 1 November 2024.
Retail sales
SEK m
Q1
2025
Q1
2024 Change
Change
like-for-like
stores R12
Full-year
2024
Willys 11,581 11,248  3.0%  1.2% 46,115 45,782
Hemköp1) 5,191 5,033  3.1%  2.9% 20,800 20,642
City Gross2) 2,057 —  100% — 3,686 1,629
Total 18,829 16,281  15.7%  1.7% 70,600 68,052
Total excluding City Gross 16,772 16,281  3.0%  1.7% 66,915 66,424
1) Refers to Hemköp (Group-owned and retailer-owned) and Tempo. 
2) City Gross is included from the acquisition date 1 November 2024.
Share of external net sales by 
operating segment
Willys, 55%
Hemköp, 10%
City Gross, 10%
Snabbgross, 6%
Dagab, 19%
Excluding 
Joint-Group

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

Share of operating profit by 
operating segment
Willys, 55%
Hemköp, 10%
Snabbgross, 3%
Dagab, 32%
Operating profit
First quarter
Operating profit amounted to 719 m (817). Operating profit includes items 
affecting comparability totalling SEK -38 m (—) attributable to carried out 
structural measures in City Gross and the closure of one City Gross store 
ahead of concept change. The operating margin was 3.4% (4.0).
Operating profit excluding items affecting comparability amounted 
to SEK 757 m (817). The profit was negatively impacted by City Gross 
which was acquired on 1 November 2024. Excluding City Gross, adjusted 
operating profit increased, primarily due to increased earnings in Willys 
and Dagab, where increased sales volumes had a positive effect on 
earnings. The positive trend for Dagab was partly also the result of a lower 
cost level in logistics. A lower gross margin and newly established stores 
impacted earnings for Hemköp. Snabbgross continued to navigate a weak 
restaurant and café market and earnings declined slightly. The operating 
margin excluding items affecting comparability amounted to 3.6% (4.0). 
Excluding City Gross, the operating margin excluding items affecting 
comparability was unchanged compared to the prior year.
Net financial items for the period amounted to SEK -140 m (-93). 
The increase was mainly due to higher interest expenses for leasing and 
increased debt in conjunction with the acquisition of City Gross. Profit 
after financial items amounted to SEK 579 m (724) and net profit for the 
period to SEK 453 m (560).
Read about the performance of each operating segment on pages 9-13.
                                                                                                                                                                                                                                                                                                                                                                                                              Axfood interim  report  1 January – 31 March 2025    6
Operating profit and 
operating margin
565
835 695 817 719
4.3 5.0 3.6 4.0 3.4
Operating profit, SEK m
Operating margin, %
Q1
2021
Q1
2022
Q1
2023
Q1
2024
Q1
2025
Adjusted operating 
profit and adjusted 
operating margin
565 653 750 817 757
4.3 3.9 3.9 4.0 3.6
Adj. operating profit, SEK m
Adj. operating margin, %
Q1
2021
Q1
2022
Q1
2023
Q1
2024
Q1
2025
Operating profit per segment excluding items affecting comparability
SEK m
Q1
2025
Q1
2024 Change R12
Full-year
2024
Willys 495 484  2.3% 2,004 1,992
Hemköp 94 101  -6.6% 336 343
City Gross1) -80 —  100% -120 -40
Snabbgross 25 27  -5.4% 251 253
Dagab 287 268  7.0% 1,175 1,156
Joint-Group -65 -63  3.3% -274 -271
Operating profit excl. items affecting comparability 757 817  -7.4% 3,372 3,433
Items affecting comparability2) -38 — -181 -143
Operating profit 719 817  -12.1% 3,191 3,290
Net financial items -140 -93 -451 -405
Profit after financial items 579 724  -20.0% 2,740 2,885
1) City Gross is included from the acquisition date 1 November 2024.
2) Refers to structural costs in City Gross in Q1 2025. In Q4 2024 the item referred to the revaluation of the previous minority interest in City Gross. See Note 8 Items 
affecting comparability for more information.
Operating margin per segment excluding items affecting comparability
%
Q1
2025
Q1
2024 Change R12
Full-year
2024
Willys  4.3  4.3  0.0  4.3  4.4 
Hemköp  4.6  5.2  -0.6  4.2  4.4 
City Gross1)  -3.9  —  -3.9  -3.2  -2.4 
Snabbgross  2.0  2.3  -0.2  4.5  4.6 
Dagab  1.5  1.4  0.0  1.5  1.5 
Operating margin excl. items affecting comparability  3.6  4.0  -0.4  4.0  4.1 
Operating margin  3.4  4.0  -0.6  3.8  3.9 
1) City Gross is included from the acquisition date 1 November 2024.
Excluding City Gross 
and Joint-Group

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

Capital expenditures 
Total capital expenditures in intangible assets and property, plant and 
equipment during the January - March period amounted to SEK 371 m 
(354). Including acquisitions of operations, the total capital 
expenditures amounted to SEK 373 m (354). Investments in intangible 
and tangible fixed assets consist primarily of store refurbishments, 
new establishments, IT investments and the acquisition of trucks. 
Depreciation as share of net sales increased primarily as a result of 
completion of the ramp-up of the logistics centre in Bålsta.
Financial position and cash flow
Cash flow from operating activities amounted to SEK 1,232 m (1,695) 
during the January - March period. Changes in net working capital 
had an impact of SEK -145 m (272) on cash flow during the period, 
primarily due to calendar effects. Net capital expenditures had an 
impact of SEK -400 m (-353) on cash flow. Cash flow from financing 
activities amounted to SEK -1,232 m (-1,213). 
Net working capital (rolling 12 months) amounted to SEK -2,791 m, 
which compares to SEK -2,875 m at 31 December 2024. The change 
is explained by a negative Easter effect. Net working capital as a 
share of net sales amounted to -3.3% compared with -3.4% as of 
31 December 2024. 
Cash and cash equivalents held by the Group amounted 
to SEK 335 m compared with SEK 735 m at 31 December 2024. 
Interest-bearing liabilities and provisions totalled SEK 16,132 m 
compared with SEK 15,596 m at 31 December 2024. Interest-bearing 
net debt amounted to SEK 15,797 m compared with SEK 14,861 m at 
31 December 2024.
The return on capital employed was 16.8%, compared with 16.6% 
at 31 December 2024. 
The equity ratio was 16.8% compared with 20.9% at 31 December 
2024. The equity ratio was affected by the dividend.
Net debt/EBITDA was 2.3 compared with 2.2 at 31 December 
2024. Net debt/EBITDA excluding IFRS 16 was 0.8 compared with 
0.6 at 31 December 2024.
                                                                                                                                                                                                                                                                                                                                                                                                              Axfood interim  report  1 January – 31 March 2025    7
Cash flow summary
SEK m
Q1
2025
Q1
2024
Cash flow from operating activities 1,232 1,695
Cash flow from investing activities -400 -353
Cash flow from financing activities -1,232 -1,213
Cash flow for the period -400 129
Investments (incl. acquisitions, excl. IFRS 16) per segment 
SEK m 
Q1
2025
Q1
2024
Willys 129 91
Hemköp 44 14
City Gross1) 5 —
Snabbgross 17 9
Dagab 77 127
Joint-Group 101 113
Total investments (cash flow) 373 354
1) City Gross is included from the acquisition date 1 November 2024.
Net working capital
-2,260 -2,581 -2,620 -2,875 -2,791
-3.9% -3.5% -3.2% -3.4% -3.3%
Net working capital, SEK m
Net working capital % of Group sales
2021 2022 2023 2024 R12
Net debt/EBITDA
9,750 9,843 10,724
14,861 15,796
1.5 1.5 1.6 2.2 2.3
0.0 0.1 0.3 0.6 0.8
Net debt, SEK m
Net debt/EBITDA multiple
Net debt/EBITDA multiple ex. IFRS 16
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Investments (incl. acquisitions, excl. IFRS 16)
3,547
2,593
1,946
3,100
6.1%
3.5%
2.4%
3.7%
1.4% 1.2% 1.3% 1.5%
Investments (cash flow), SEK m
Investments (cash flow) % of net sales
Depreciation (excl. IFRS16) % of net sales
2021 2022 2023 2024 Q1
2024
Q1
2025
354 373
1.7% 1.8%
1.4%
1.7%
Capital employed
13,550 16,442 17,212
22,985 22,091
22.4% 20.9%
20.3% 16.6% 16.8%
Capital employed, SEK m
Return on capital employed (ROCE), %
2021 2022 2023 2024 R12

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

Sustainability
For Axfood, sustainable development is about seeing the whole picture and the relentless pursuit of improvements. 
Sustainability is an integral part of the Group’s operations and encompasses the entire food supply chain, taking 
into account the environment, animal welfare, and the people who produce, sell and consume food.
In the first quarter, Axfood published its Annual and Sustainability Report 
for 2024, which was prepared in accordance with the EU Corporate 
Sustainability Reporting Directive (CSRD) and the new European 
Sustainability Reporting Standards (ESRS). The Group also continued its 
work on setting science-based targets in line with the Paris Agreement 
through the Science-Based Targets initiative (SBTi). A Code of Conduct 
was also launched for Axfood’s employees, consultants and other people 
working at the Group’s workplaces.
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. The goal is also to promote more 
sustainable production and consumption of food.
During the first quarter, sustainability-labelled products increased to 
28.0% (27.5) of total sales. This increase was primarily due to changes in 
labelling for a large number of products and a positive sales trend for items 
such as fruit and vegetables. The share of sales attributable to organic 
products declined to 4.3% (4.6), mainly due to weak demand. Hemköp is 
the industry leader with regards to organic products and offers, for 
example, double bonus points on purchases of organic and KRAV-certified 
products for members of the Klubb Hemköp loyalty programme. The share 
of sales attributable to KRAV-certified meat declined to 2.6% (2.9).
Axfood collaborates with suppliers, researchers and organisations to 
actively contribute to the development of a sustainable food system. 
Axfood is participating in the Brewed and Renewed project, which gathers 
actors from across the value chain, from breweries and bakeries to retail, 
to investigate how brewers’ spent grain, a residual product from beer 
brewing, can be transformed into an ingredient in tasty, sustainable and 
nutritious foods. The project will also contribute to reducing food waste.
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 carbon footprint per kilo of 
food sold.
In the first quarter, the carbon footprint per kg of food sold was 1.98 kg 
CO2eq, which was essentially in line with 2024.
As part of the Group’s efforts to promote fossil-free agriculture, an 
agreement has been signed with the food producer Dafgårds and the 
innovation company NitroCapt to create a sustainable supply chain. 
The collaboration involves Axfood and Dafgårds investing in reducing 
the carbon footprint of grain production in agricultural operations by 
using NitroCapt’s green nitrogen fertiliser in flour production.
Axfood aims to fully phase out fossil fuel and to convert the company’s 
own and procured transports to renewable fuel or electricity by the end of 
2025. Emissions from own transports decreased by approximately 40% in 
the first quarter to 6.2 CO2eq (10.6) per tonne of delivered goods thanks to 
a considerable increase in the use of renewable fuel.
Outside Hallstavik, Axfood is establishing Sweden’s largest solar park 
in cooperation with the energy company Alight. The park was 
commissioned during the quarter and comprises approximately 92,000 
solar panels covering an area of 71 hectares. Total capacity corresponds 
to approximately 15% of Axfood’s electricity consumption.
People
Axfood aspires to be a positive force in society and is working to improve 
health, work and social conditions throughout the food supply chain, which 
includes 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. All except one of the 21 audits conducted during the 
quarter, 95.2 % (100.0), had acceptable results. One supplier in Turkey did 
not meet the requirements due to remarks on issues such as excessive 
working hours and poor health and safety standards. These remarks have 
been followed up with an action plan.
Axfood is committed to diversity and inclusion, and firmly believes that 
a mix of skills and perspectives yields better results. Gender balance in 
senior positions is an important part of this work. The share of women/
men in management positions during the quarter was 52.6/47.4% 
(52.2/47.8) and thus remained in line with the Group’s long-term target.
Willys and Hemköp are working to develop and offer young people in 
vulnerable areas positions in a “Studiemotiverande Arbetslivsorientering 
(SAO)” programme, providing them with paid work in collaboration with 
schools. The aim of the model is to create career paths and motivate 
young people to study.
For more information on Axfood’s sustainability work and key ratios, see the website 
and the 2024 Annual and Sustainability Report.
                                                                                                                                                                                                                                                                                                                                                                                                              Axfood interim  report  1 January – 31 March 2025    8
Sustainability key ratios 
Q1
2025
Q1
2024 Change R12
Full-year
2024
Sustainability-labelled products, share of sales, %  28.0  27.5  0.4  27.4  27.2 
Organic products, share of sales, %  4.3  4.6  -0.3  4.1  4.2 
KRAV-certified meat, share of sales, %  2.6  2.9  -0.3  2.5  2.7 
Share of approved social audits, %  95.2  100.0  -4.8  96.9  97.9 
Kg CO2e per kg of food sold 1.98 2.01 -0.04 1.99 2.01
CO2e, kg/tonne of transported goods 6.2 10.6 -4.4 6.9 7.9
Share of women/men in management positions, % 52.6/47.4 52.2/47.8 0.4/-0.4 — 52.2/47.8

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

Operating segments
Willys
Willys is the leading discount grocery chain in food retail, 
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 segment. The operating segment Willys also 
includes the partly owned cross-border grocery chain 
Eurocash. 
First quarter
Net sales increased 3.0% and totalled SEK 11,579 m (11,245). Retail 
sales increased 3.0%, which was more than the market. Growth in 
like-for-like sales amounted to 1.2%. The development was primarily 
attributable to increased volumes as a result of a higher number of 
customer visits.
Willys is Sweden’s most recommended grocery chain and has a 
unique position in the market through its combination of low prices, 
a comprehensive range, modern stores and online shopping. The rate 
of increase of new members in the Willys Plus loyalty programme 
continued to be on a high level, and the total number of members 
amounted to more than 3.8 million (3.6) at the end of the quarter. 
In addition, loyalty among existing members remained strong.
The number of stores in the operating segment amounted to 250 
at the end of the quarter.  During the quarter, two new stores were 
established, one of which is Willys and one Willys Hemma.
Operating profit totalled SEK 495 m (484), which corresponds to 
an operating margin of 4.3% (4.3). The increase in operating profit was 
primarily driven by the increased sales volume, a stable gross margin 
development and good cost control.
                                                                                                                                                                                                                                                                                                                                                                                                              Axfood interim  report  1 January – 31 March 2025    9
Operating profit and 
operating margin
340 367
454 484 495
4.3 4.4 4.3 4.3 4.3
Operating profit, SEK m
Operating margin, %
Q1
2021
Q1
2022
Q1
2023
Q1
2024
Q1
2025
Net sales 
and growth
7,985 8,418
10,46511,24511,579
3.2 5.4
24.3
7.5 3.0
Net sales, SEK m
Growth, %
Q1
2021
Q1
2022
Q1
2023
Q1
2024
Q1
2025
Willys key ratios
Q1
2025
Q1
2024 Change R12
Full-year
2024
Net sales, SEK m 11,579 11,245  3.0% 46,110 45,775
Operating profit, SEK m 495 484  2.3% 2,004 1,992
Operating margin, % 4.3 4.3 0.0 4.3 4.4
Retail sales, SEK m 11,581 11,248  3.0% 46,115 45,782
Like-for-like sales growth, % 1.2 5.6 -4.4 — 3.1
Number of stores 250 241 9 — 248
  of which, Willys 185 180 5 — 184
  of which, Willys Hemma 58 54 4 — 57
  of which, Eurocash 7 7 — — 7
Stores offering online shopping 167 159 8 — 166
Private label products, share of sales, % 35.8 35.2 0.5 34.6 34.6
Sustainability-labelled products, share of sales, % 29.5 28.5 1.0 28.5 28.3
Organic products, share of sales, % 4.1 4.2 -0.1 4.0 4.0
Average number of employees 6,973 6,848 125 — 7,273
Share of women/men in management positions, % 58.7/41.3 63.5/36.5 -4.8/4.8 — 58.4/41.6

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

Hemköp
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.
First quarter
Net sales (including franchise fees) increased 5.1% and totalled SEK 
2,055 m (1,956). Retail sales (including Tempo) increased 3.1%, which 
was more than the market. Growth in like-for-like sales amounted to 
2.9%. The development was primarily attributable to increased 
volumes as a result of a higher number of customer visits.
Hemköp is continuing to strengthen its position with a focus 
on price value, fresh products and meal solutions. Hemköp is also 
investing in modernisations of existing stores and strengthening its 
sustainability profile. In total, the number of members in the Klubb 
Hemköp loyalty programme amounted to more than 2.1 million (2.0) 
at the end of the quarter.
The number of stores in the operating segment amounted to 
327 at the end of the quarter. One retailer-owned Tempo store was 
established during the quarter.
Operating profit amounted to SEK 94 m (101), which corresponds 
to an operating margin of 4.6% (5.2). Higher sales volumes had a 
positive impact on earnings, however a somewhat lower gross margin 
negatively impacted the performance. Newly established stores also 
had a negative impact with the relatively high rate of expansion in the 
second half of 2024.
                                                                                                                                                                                                                                                                                                                                                                                                              Axfood interim  report  1 January – 31 March 2025    10
Operating profit and 
operating margin
59 66 71
101 94
3.8 4.2 3.9
5.2
4.6
Operating profit, SEK m
Operating margin, %
Q1
2021
Q1
2022
Q1
2023
Q1
2024
Q1
2025
Net sales and growth
1,554 1,589
1,818 1,956 2,055
-4.4
2.2
14.4
7.6 5.1
Net sales, SEK m
Growth, %
Q1
2021
Q1
2022
Q1
2023
Q1
2024
Q1
2025
Hemköp key ratios
Q1
2025
Q1
2024 Change R12
Full-year
2024
Net sales, SEK m 2,055 1,956  5.1% 7,978 7,878
Operating profit, SEK m 94 101  -6.6% 336 343
Operating margin, % 4.6 5.2 -0.6 4.2 4.4
Retail sales, SEK m 5,191 5,033  3.1% 20,800 20,642
Like-for-like sales growth, % 2.9 7.0 -4.1 — 5.1
Number of stores 327 321 6 — 326
of which, Group-owned Hemköp/Tempo stores 68 65 3 — 68
  of which, retailer-owned Hemköp stores 134 133 1 — 134
  of which, retailer-owned Tempo stores 125 123 2 — 124
Hemköp stores offering online shopping 68 66 2 — 67
Private label products, share of sales, % 28.0 27.7 0.3 27.0 26.9
Sustainability-labelled products, share of sales, % 28.4 27.0 1.4 27.6 27.2
Organic products, share of sales, % 6.1 6.5 -0.4 5.9 6.5
Average number of employees 1,652 1,613 39 — 1,697
Share of women/men in management positions, % 49.5/50.5 52.4/47.6 -2.9/2.9 — 49.3/50.7

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

City Gross
In City Gross' stores and e-commerce, customers are offered a 
combination of a food market hall and hypermarket together 
with one of the market's widest assortment of groceries.
First quarter
Net sales amounted to SEK 2,059 m and retail sales to SEK 2,057 m. 
Compared to the prior year period, growth in total retail sales 
amounted to -3.8%. The negative growth is mainly explained by lower 
volumes and the closing of one store. Like-for-like growth was -3.3%. 
The number of stores in the operating segment amounted to 42 at 
the end of the quarter.
Operating profit amounted to SEK -118 m, which corresponds to an 
operating margin of -5.7%. Operating profit includes items affecting 
comparability totalling SEK -38 m attributable to structural measures 
including closing down the store in Bromma in Stockholm ahead of 
concept change to Willys. Operating profit excluding items affecting 
comparability totalled SEK -80 m, which corresponds to an operating 
margin of -3.9%. The negative profit is mainly explained by the 
negative growth in like-for-like sales.
Axfood’s know-how and experience provide the conditions to 
further develop and strengthen the City Gross concept. City Gross 
provides Axfood with a clear presence in the hypermarket segment, 
which is the fastest growing segment in the market after discount, and 
is therefore increasing the Group’s reach. Efforts to strengthen the 
competitiveness of City Gross have continued with a number of 
improvement initiatives to develop the customer offering and 
streamline operations in order strengthen the store chain to reach 
profitability at some point in the second half of 2026 and to thereafter 
gradually improve profitability. These initiatives include developing 
the store concept and a review of the customer offering in terms of 
attractiveness, efficiency, price value and private label products. At 
the end of April, a new communications concept and an improved, 
more affordable customer offering are being launched. To streamline 
operations, a chain management structure is being implemented, 
including a new operational model as well as new routines and 
procedures. Structural measures will also be implemented at a handful 
of stores in 2025, mainly pertaining to conversions to other concepts. 
The City Gross stores in Bromma, Stockholm, and Borlänge, will be 
converted into Willys stores.
On 1 November 2024 the acquisition of City Gross Sverige AB was completed. 
Reported figures for 2024 pertains to 1 November - 31 December. Comparison figures 
are not presented for periods prior to the acquisition date. Information presented for 
periods prior to the acquisition date is not consolidated and not IFRS adjusted.
                                                                                                                                                                                                                                                                                                                                                                                                              Axfood interim  report  1 January – 31 March 2025    11
City Gross key ratios1) Q1
2025
Q1
2024 Change
Full-year
20242)
Net sales, SEK m 2,059 — — 1,646
Operating profit, SEK m -118 — — -40
Operating profit excl. items affecting comparability, SEK m3) -80 — — -40
Operating margin, % -5.7 — — -2.4
Operating margin excl. items affecting comparability, %3) -3.9 — — -2.4
Retail sales, SEK m 2,057 — — 1,629
Like-for-like sales growth, % — — — —
Number of stores 42 — — 42
Stores offering online shopping 42 — — 42
Private label products, share of sales, % 21.4 — — 20.0
Sustainability-labelled products, share of sales, % 22.4 — — 20.6
Organic products, share of sales, % 3.3 — — 3.0
Average number of employees4) 1,794 — — 1,828
Share of women/men in management positions, % 55.7/44.3 — — 55.5/44.5
1) Data for City Gross is included from the acquisition date 1 November 2024. Comparison figures are not presented for periods prior to the acquisition 
date.
2) Refers to the period 1 November 2024 - 31 December 2024.
3) See Note 8 Items affecting comparability for more information.
4) For the full year 2024, the reported average number of employees refers to the annual working hours for the period 1 January - 31 December. For the 
consolidated period the average number of employees in relation to annual working hours was 305 persons.

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

Snabbgross
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.
First quarter
Net sales increased 5.2% and totalled SEK 1,240 m (1,178). Growth in 
like-for-like sales amounted to 4.1%. A higher number of customer 
visits had a positive impact on sales, however the average ticket value 
and number of items per customer visit declined somewhat. Unlike the 
food retail market, the overall calendar effect did not impact the 
outcome since the negative effect of the leap year in the preceding 
year is deemed to have been offset by a positive calendar effect 
related to Easter. 
As a result of the positive development, Snabbgross strengthened 
its position, thereby navigating a continued weak restaurant and café 
market. The number of B2B customers continued to increase and 
amounted to more than 100,000 at the end of the quarter. In addition, 
the trend in B2C sales through Snabbgross Club was strong. The 
number of members in Snabbgross Club continued to increase and 
amounted to more than 130,000 (87,000) at the end of the quarter. 
The number of stores in the operating segment amounted to 31 
at the end of the quarter. During the quarter the Snabbgross store in 
Karlstad was converted to Snabbgross Club.
Operating profit amounted to SEK 25 m (27), which corresponds to 
an operating margin of 2.0% (2.3). While increased sales and a stable 
gross margin trend had a positive effect on earnings, new store 
establishments and initiatives to expand Snabbgross Club negatively 
impacted the earnings development.
                                                                                                                                                                                                                                                                                                                                                                                                              Axfood interim  report  1 January – 31 March 2025    12
Net sales and growth
736
934
1,147 1,178 1,240
-5.3
26.9 22.7
2.8 5.2
Net sales, SEK m
Growth, %
Q1
2021
Q1
2022
Q1
2023
Q1
2024
Q1
2025
Operating profit and 
operating margin
14
30 30 27 25
1.9
3.2 2.6 2.3 2.0
Operating profit, SEK m
Operating margin, %
Q1
2021
Q1
2022
Q1
2023
Q1
2024
Q1
2025
Snabbgross key ratios
Q1
2025
Q1
2024 Change R12
Full-year
2024
Net sales, SEK m 1,240 1,178  5.2% 5,594 5,533
Operating profit, SEK m 25 27  -5.4% 251 253
Operating margin, % 2.0 2.3 -0.2 4.5 4.6
Like-for-like sales growth, % 4.1 1.5 2.6 — 3,3
Number of stores 31 30 1 — 31
of which, Snabbgross 20 21 -1 — 21
of which, Snabbgross Club 11 9 2 — 10
Sustainability-labelled products, share of sales % 21.5 20.7 0.7 20.7 20.7
Organic products, share of sales, % 1.6 1.3 0.3 1.6 1.3
Average number of employees 547 537 10 — 598
Share of women/men in management positions, % 43.5/56.5 41.7/58.3 1.8/-1.8 — 44.4/53.6

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

Dagab
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 online pharmacy 
Apohem and the restaurant chain Urban Deli.
First quarter
Net sales increased 3.5% and totalled SEK 19,173 m (18,518). Growth 
was mainly attributable to sales to Axfood's own concepts Willys, 
Hemköp and Snabbgross.
Operating profit amounted to SEK 287 m (268), which corresponds 
to an operating margin of 1.5% (1.4). The earnings trend was primarily 
attributable to positive sales growth. The gross margin declined 
slightly, which was partly offset by lower costs as a result of the 
progress made in the logistics restructuring. 
Work on the Group’s new warehouse and logistics structure is 
proceeding. During the quarter, the implementation of e-commerce 
flows at the logistics centre in Bålsta was completed, marking the end 
of the ramp-up of the facility. Productivity and efficiency improved 
during the quarter thanks to a focus on optimisation. From the second 
quarter this year, the previously announced efficiency improvements 
of SEK 200–300 m on an annual basis are expected to be realised, 
contributing to a continued lower cost level and improving Axfood’s 
competitiveness. In addition to the investments in Bålsta, the 
expansion of the existing high-bay warehouse in Backa, Gothenburg, 
and the optimisation of the fruit and vegetable warehouse in 
Landskrona are in their final phases to increase capacity and 
streamline operations.
Work has been initiated to plan for the next steps in the 
development of the logistics structure to create additional capacity 
and efficiency from the year 2030 and onwards. Capacity and 
efficiency for product flows in the central and northern parts of 
Sweden has been created with the establishment of the new and highly 
automated logistics centre in Bålsta. With the Group’s growth 
ambitions and the development in recent years, with strong organic 
volume growth and expansion, the plan is to create an even more 
efficient logistics structure also in the southern parts of Sweden. The 
plan is to establish a new automated logistics centre in the Gothenburg 
region that first and foremost will replace the existing warehouse in 
Backa. At the same time, a review of how to handle volume growth for 
the other warehouses in southern Sweden will be conducted. More 
details will be provided in the coming quarters and negotiations will be 
initiated with relevant parties and stakeholders. 
 
                                                                                                                                                                                                                                                                                                                                                                                                              Axfood interim  report  1 January – 31 March 2025    13
Adjusted operating 
profit and adjusted 
operating margin
217 247 261 268 287
1.8 1.6 1.5 1.4 1.5
Operating profit, SEK m
Operating margin, %
Q1
2021
Q1
2022
Q1
2023
Q1
2024
Q1
2025
Net sales and growth
11,880
15,062
17,75318,51819,173
2.1
26.8
17.9
4.3 3.5
Net sales, SEK m
Growth, %
Q1
2021
Q1
2022
Q1
2023
Q1
2024
Q1
2025
Dagab key ratios
Q1
2025
Q1
2024 Change R12
Full-year
2024
Net sales, SEK m 19,173 18,518  3.5% 77,244 76,589
Operating profit, SEK m 287 268  7.0% 1,175 1,156
Operating margin, % 1.5 1.4 0.0 1.5 1.5
Average number of employees 2,997 3,191 -194 — 3,208
Share of women/men in management positions, % 33.9/66.1 30.9/69.1 3.0/-3.0 — 32.3/67.7

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

Other information
Financial targets and capital expenditures 
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 2025 are expected to amount to between SEK 1,600 m 
and SEK 1,700 m, excluding acquisitions and right-of-use assets.
During 2025, Axfood plans to maintain a high pace of expansion and 
establish 10–15 new stores. 
As part of the work to strengthen City Gross and achieve profitability 
at some point during the second half of 2026, operating profit for 2025 is 
expected to be charged with structural costs of SEK 100 m classified as 
items affecting comparability. The costs will be recognised in the City 
Gross segment and pertain primarily to structural measures for a handful 
of stores, mainly through changes of concept.
Annual General Meeting
Axfood's Annual General Meeting (AGM) was held on March 19, 2025 in 
Stockholm. The AGM re-elected all directors except Thomas Ekman who 
had declined re-election, and elected Björn Annwall and Kristofer Tonström 
as new directors. Caroline Berg was elected as the new Chairman. The 
AGM also decided to pay a dividend of SEK 8.75 per share. The dividend is 
divided into two payments of SEK 4.50 and SEK 4.25, respectively, with the 
first payment made in March and the second payment to be made in 
September. In addition, the decision was made to introduce an additional 
long-term incentive programme, LTIP 2025.
Initiatives to increase cost efficiency
With an increased focus on productivity and cost efficiency, initiatives 
are planned to streamline collaboration within and between the Group’s 
support functions. This will create conditions to further strengthen the 
customer meeting and Axfood’s competitiveness over time. The change 
entails that approximately 60 existing positions within these functions 
may be removed.
                                                                                                                                                                                                                                                                                                                                                                                                              Axfood interim  report  1 January – 31 March 2025    14

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

Financial statements, Group
Condensed statement of profit or loss and other comprehensive income
                                                                                                                                                                                                                                                                                                                                                                                                              Axfood interim  report  1 January – 31 March 2025    15
SEK m
Q1
2025
Q1
2024 R12
Full-year
2024
Net sales 21,040 20,252 84,845 84,057
Cost of goods sold -17,942 -17,289 -72,479 -71,826
Gross profit 3,098 2,963 12,366 12,231
Selling expenses -1,342 -1,019 -4,711 -4,388
Administrative expenses1) -1,200 -1,266 -5,021 -5,087
Share of profit in associated companies and joint ventures -8 -19 -48 -58
Other operating income 190 172 785 768
Other operating expenses1) -18 -14 -179 -176
Operating profit 719 817 3,191 3,290
Interest income and similar profit/loss items 7 13 45 51
Interest expense and similar profit/loss items2) -147 -107 -496 -456
Profit before tax 579 724 2,740 2,885
Tax -126 -163 -629 -666
Net profit for the period 453 560 2,112 2,219
1) Includes items affecting comparability, see Note 8 Items affecting comparability for more information.
2) Of which leasing interest expenses amounts to SEK -111 m (-86) for the first quarter, respectively SEK -364 m for the full year 2024. 
SEK m
Q1
2025
Q1
2024 R12
Full-year
2024
Other comprehensive income
Items that cannot be reclassified to profit or loss for the period, net 
after tax
Revaluation defined benefit pensions 6 -4 -32 -42
Changes in holdings measured at fair value3) — — -156 -156
Items that can be reclassified to profit or loss for the period, net of tax
Changes in hedging reserve -17 24 -21 20
Other comprehensive income for the period -11 20 -209 -177
Total comprehensive income for the period 441 581 1,903 2,042
Net profit for the period attributable to
Owners of the parent 451 561 2,082 2,192
Non-controlling interest 2 -1 30 27
Total comprehensive income for the period attributable to
Owners of the parent 439 581 1,873 2,015
Non-controlling interest 2 -1 30 27
Earnings per share before dilution, SEK 2.09 2.60 9.65 10.16
Earnings per share after dilution, SEK 2.08 2.59 9.60 10.11
3) See Note 4 Financial assets and liabilities for more information.

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

Axfood interim  report  1 January – 31 March 2025    16
Condensed statement of financial position
SEK m 31 Mar 2025 31 Mar 2024 31 Dec 2024
Assets
Goodwill 4,770 3,606 4,769
Other intangible assets 2,452 1,508 2,439
Property, plant and equipment 6,529 6,033 6,525
Right-of-use assets 12,638 9,511 12,488
Financial assets 197 606 178
Deferred tax assets 243 228 227
Total non-current assets 26,829 21,491 26,627
Inventories 5,081 4,384 4,887
Trade receivables 1,496 2,241 1,532
Other current assets 1,745 1,769 1,651
Cash and cash equivalents 335 817 735
Total current assets 8,656 9,211 8,805
Total assets 35,484 30,702 35,432
Equity and liabilities
Equity attributable to owners of the parent 5,622 5,634 7,053
Equity attributable to non-controlling interests 337 308 335
Total equity 5,960 5,942 7,388
Non-current lease liabilities 10,352 7,806 10,161
Non-current interest-bearing liabilities 2,200 — 2,900
Provisions for pensions 290 260 300
Deferred tax liabilities 1,513 1,351 1,509
Other non-current liabilities 9 7 8
Total non-current liabilities 14,364 9,424 14,878
Current lease liabilities 2,229 1,742 2,233
Current interest-bearing liabilities 1,061 759 2
Trade payables 7,101 8,102 7,229
Other current liabilities 4,770 4,733 3,702
Total current liabilities 15,161 15,336 13,166
Total equity and liabilities 35,484 30,702 35,432
Condensed statement of cash flow
SEK m
Q1
2025
Q1
2024 R12
Full-year
2024
Operating activities
Operating profit 719 817 3,191 3,290
Depreciation, amortisation, impairment 1,009 802 3,582 3,375
Interest paid and similar items -147 -107 -493 -453
Interest received and similar items 7 13 45 51
Adjustments for non-cash items 23 42 441 461
Paid tax -233 -144 -676 -587
Changes in working capital -145 272 -1,095 -678
Cash flow from operating activities 1,232 1,695 4,996 5,459
Investing activities
Acquisitions of operations -2 — -1,562 -1,561
Acquisitions of intangible assets -75 -97 -408 -430
Acquisitions of property, plant and equipment -296 -257 -1,149 -1,109
Acquisitions of financial assets -28 — -117 -89
Other changes in investing activities 1 1 4 5
Cash flow from investing activities -400 -353 -3,231 -3,184
Financing activities
Loans raised 2,447 759 6,370 4,682
Amortisation of debt -2,089 -519 -4,285 -2,715
Amortisation of lease liability -619 -536 -2,378 -2,294
Share repurchases — — -66 -66
Dividend paid out -971 -917 -1,888 -1,834
Cash flow from financing activities -1,232 -1,213 -2,246 -2,227
Cash flow for the period -400 129 -482 47
Condensed statement of changes in equity
SEK m 31 Mar 2025 31 Mar 2024 31 Dec 2024
Amount at start of year 7,388 7,185 7,185
Total comprehensive income for the period 441 581 2,042
Change in non-controlling interests — 0 0
Share repurchases — — -66
Share-based payments 18 10 61
Dividend to shareholders -1,888 -1,834 -1,834
Amount at end of period 5,960 5,942 7,388

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

Financial statement, Parent Company
                                                                                                                                                                                                                                                                                                                                                                                                              Axfood interim  report  1 January – 31 March 2025    17
Condensed balance sheet
SEK m 31 Mar 2025 31 Mar 2024 31 Dec 2024
Assets
Property, plant and equipment 26 33 28
Participations in Group companies 4,029 4,427 4,020
Other financial assets 3 2 2
Deferred tax assets 7 7 7
Total non-current assets 4,065 4,469 4,057
Receivables from Group companies1) 7,471 5,420 10,189
Other current assets 234 65 40
Cash and cash equivalents 6 4 14
Total current assets 7,711 5,490 10,243
Total assets 11,776 9,959 14,300
Equity and liabilities 
Restricted equity 296 296 296
Non-restricted equity 2,575 3,271 4,466
Total equity 2,871 3,567 4,762
Untaxed reserves 4,032 3,965 4,032
Non-current interest-bearing liabilities 2,200 — 2,900
Other non-current liabilities 10 9 10
Non-current liabilities 2,210 9 2,910
Current interest-bearing liabilities 1,061 759 2
Trade payables 14 17 25
Liabilities to Group companies2) 560 602 2,406
Other current liabilities 1,028 1,040 163
Total current liabilities 2,662 2,418 2,596
Total equity and liabilities 11,776 9,959 14,300
1) Of which, interest-bearing receivables 7,465 5,385 7,317
2) Of which, interest-bearing liabilities 544 602 1,727
Condensed income statement
SEK m
Q1
2025
Q1
2024
Full-year
2024
Net sales 3 6 22
Selling and administrative costs -150 -146 -658
Other operating income 109 103 433
Operating profit -38 -37 -203
Net financial items1) 19 29 -304
Profit/loss after financial items -19 -9 -508
Appropriations, net — — 2,132
Profit before tax -19 -9 1,625
Tax -2 -4 -427
Net profit for the period -21 -12 1,198
Total comprehensive income for the period -21 -12 1,198
1) Net financial items for 2024 includes a write-down of shares in subsidiaries of SEK -436 m.

===== 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 2024 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.
All amounts are rounded off to the nearest million kronor, unless stated 
otherwise. Totals may be affected by rounding.
New or amended accounting policies in 2025 and later
No new or amended standards or interpretations that have been endorsed 
for application in 2025 or later are to 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 2024 Annual 
and Sustainability Report.
Note 3 Operating segments
Segment reporting follows the internal reporting structure for reporting to 
the Executive Committee, which is the decision-making body within 
Axfood that comprises the chief operating decision-maker. The operating 
segments that have been identified are Willys, Hemköp, City Gross, 
Snabbgross and Dagab. Joint-Group pertains to support functions, such as 
the Executive Committee, Finance, Legal Affairs, Communications, 
Business Development, HR 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 9-13 of 
this interim report. For a more detailed description of the segments, please 
refer to the 2024 Annual and Sustainability Report. City Gross is a new 
operating segment from the fourth quarter 2024.
                                                                                                                                                                                                                                                                                                                                                                                                              Axfood interim  report  1 January – 31 March 2025    18

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

Note 4 Financial assets and liabilities
Financial assets measured at fair value amounted to SEK 7 m (157). SEK — 
m (23) is attributable to Level 2 of the fair value hierarchy and SEK 7 m 
(134) is attributable to Level 3. Financial liabilities measured at fair value 
amounted to SEK 40 m (0). 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 participation in Oda Group amounted to 
SEK 7 m (134). Axfood's shareholding in Oda Group amounted to 2.3% (4.7). 
The carrying amount and shareholding are unchanged since 31 December 
2024.
Note 5 Acquired and divested operations
Acquired operations
On 1 November 2024, the acquisition of 90.1% of the shares in City Gross 
Sverige AB (“City Gross”) was completed, which means that Axfood’s 
holding in City Gross increased from 9.9% to 100% in conjunction with the 
transaction. City Gross was consolidated from 1 November 2024 and was 
previously recognised as an associated company.
In connection with the completion of the transaction, the previous 
minority stake was revalued, resulting in an earnings effect of SEK -143 m, 
which was recognised under other operating expenses and charged to the 
joint-Group segment in the fourth quarter of 2024. In the operational 
earnings follow-up, this item is recognised as an item affecting 
comparability. 
In the first quarter of 2025, the acquisition of City Gross had an impact 
of SEK 290 m on consolidated net sales and SEK -118 m on consolidated 
operating profit. Prior to the acquisition, City Gross was an external 
customer of many of the companies in the Axfood Group, which is why the 
impact on the Axfood Group does not correspond with City Gross’s net 
sales and operating profit.
The fair value according to the preliminary purchase price allocation is 
presented in the table. Minor adjustments were made to the preliminary 
purchase price allocation during the first quarter. The purchase price 
allocation may change after the valuation of the acquired assets is 
complete and will be finalised no later than one year from the date of the 
acquisition. The identified surplus values in the transaction are primarily 
attributable to brand (City Gross) and goodwill (buyer-specific synergies, 
future customers and market position) and, to a lesser extent, customer 
relationships (members of the Prio customer programme). Goodwill is not 
deemed to be tax deductible.
                                                                                                                                                                                                                                                                                                                                                                                                              Axfood interim  report  1 January – 31 March 2025    19
Changes in the fair value of financial assets attributable to Level 3, SEK m
Amount at start of year 7
Amount at end of period 7
Fair value according to preliminary purchase price allocation, SEK m
Brand 710
Customer relationships 8
Intangible assets 111
Property, plant and equipment 404
Right-of-use assets 2,016
Inventories 610
Trade receivables 7
Other current assets 196
Cash and bank balances 82
Deferred tax, net -109
Lease liabilities -2,016
Current financial liabilities -416
Trade payables -560
Other current liabilities -350
Total acquired identifiable net assets 694
Goodwill 1,131
Total acquired identifiable net assets including goodwill 1,825
Purchase consideration paid, 100% 1,825
Deduct value of previously owned minority stake 9,9% -181
Cash and cash equivalents in City Gross Sverige AB -82
Change in consolidated cash and cash equivalents 1,562
Cash consideration paid 1,645

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

Note 6 Pledged assets and contingent liabilities
During the fourth quarter 2024, the Group made a new likelihood 
assessment of its guarantee commitments to government authorities 
such as the Swedish Customs Service and the Swedish Board of 
Agriculture. The new assessment is that it is extremely unlikely that the 
commitments will be utilised, and the commitments are therefore not  
recognised as a pledged asset or contingent liability. Corresponding 
assessment has already been made regarding the guarantee 
commitment towards NREP Logicenters.
Note 7 Long-term share-based incentive programmes
The 2025 AGM resolved to adopt a new long-term share-based incentive 
programme that runs over a three-year period, LTIP 2025. The programme 
corresponds in all essential respects to LTIP 2024 with the following 
changes. The share right for the previous performance condition that the 
total shareholder return should exceed 0% was replaced with a share right 
linked to the total shareholder return in relation to reference group of 
companies. In addition, the maximum level for full allocation for the share 
rights linked to the relative total shareholder return was adjusted slightly.
The 2025 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 2025. 
Allotment of LTIP 2022 will be carried out in April 2025 using treasury 
shares. 
During the third quarter 2024 Axfood repurchased 148,000 shares for a 
total of SEK 38.6 m, at an average price of SEK 260.48 per share. Prior to 
the allotment of LTIP 2022 and share repurchases related to LTIP 2025, the 
holding of treasury shares amounts to 1 098 345 shares, which is sufficient 
to secure the delivery of shares for all of the Company’s incentive 
programmes.
For more information about incentive programmes, please refer to the 
2024 Annual and Sustainability Report.
Note 8 Items affecting comparability
Items affecting comparability in the first quarter totalled SEK -38 m (—) 
and pertain in its entirely to structural costs relating to City Gross. The 
costs are included in other operating expenses and in administrative 
expenses. For the full year 2025, items affecting comparability are 
estimated to amount to SEK 100 million. Items affecting comparability for 
the full year 2024 comprised in its entirety of the revaluation of the 
previous minority stake in City Gross which has been carried out in 
connection with the acquisition of the remaining shares in City Gross. 
The cost was included in other operating expenses.
Note 9 Significant events after the balance sheet date
No significant events after the balance sheet date.
                                                                                                                                                                                                                                                                                                                                                                                                              Axfood interim  report  1 January – 31 March 2025    20
Group, SEK m 31 Mar 2025 31 Mar 2024 31 Dec 2024
Contingent liabilities 18 47 18
Parent Company, SEK m 31 Mar 2025 31 Mar 2024 31 Dec 2024
Contingent liabilities 275 264 275
There are no pledged assets in either the Group or the parent company.
Item affecting 
comparability Segment
Q1
2025
Q1
2024 R12
Full-year
2024
Structural costs City Gross -38 — -38 —
Revaluation of City Gross Joint-Group — — -143 -143
Total -38 — -181 -143

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

Key ratios
Change in store structure
New group-owned store 
establishments and acquisitions
First quarter
Willys Vimmerby
Willys Hemma Malmö Oxie
 
                                                                                                                                                                                                                                                                                                                                                                                                              Axfood interim  report  1 January – 31 March 2025    21
Number of stores
Dec
2024
New 
establishment/
acquisitions
Sales/
closures Conversions
Mar
2025
Mar
2024
Willys/Willys Hemma/Eurocash 248 2 — — 250 241
Hemköp/Tempo, Group-owned stores 68 — — — 68 65
City Gross 42 — — — 42 —
Snabbgross/Snabbgross Club 31 — — — 31 30
Total, Group-owned stores 389 2 — — 391 336
Hemköp, retailer-owned stores 134 — — — 134 133
Tempo, retailer-owned stores 124 3 -2 — 125 123
Total, retailer-owned stores 258 3 -2 — 259 256
Total, Group-owned and retailer-owned stores 647 5 -2 — 650 592

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

Key ratios and other data, Group
                                                                                                                                                                                                                                                                                                                                                                                                              Axfood interim  report  1 January – 31 March 2025    22
Quarterly overview Full year
SEK m Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 R12 Full-year 2024
Net sales 21,040 21,860 20,902 21,044 20,252 20,769 20,293 20,797 84,845 84,057
Retail sales 18,829 18,836 16,427 16,509 16,281 16,507 15,873 16,098 70,600 68,052
Operating profit 719 629 1,007 836 817 744 1,036 878 3,191 3,290
Operating profit excl. items affecting comparability 757 772 1,007 836 817 815 1,095 942 3,372 3,433
Operating margin, %  3.4  2.9  4.8  4.0  4.0  3.6  5.1  4.2 3.8 3.9
Operating margin excl. items affecting comparability, %  3.6  3.5  4.8  4.0  4.0  3.9  5.4  4.5 4.0 4.1
Items affecting comparability -38 -143 — — — -71 -60 -64 -181 -143
Net profit for the period 453 361 715 582 560 533 738 631 2,112 2,219
Cash flow from operating activities 1,232 1,872 1,013 879 1,695 2,219 1,423 1,684 4,996 5,459
Capital employed 22,091 22,985 18,058 16,907 16,509 17,212 17,408 16,452 22,091 22,985
Return on capital employed R12, %  16.8  16.6  19.6  21.0  21.5  20.3  20.5  20.6  16.8 16.6
Return on equity R12, %  37.0  31.5  36.2  40.7  45.7  35.0  34.8  37.4  37.0 31.5
Net working capital R12 -2,791 -2,875 -2,902 -2,870 -2,804 -2,620 -2,597 -2,645 -2,791 -2,875
Net working capital as a share of net sales R12, % -3.3 -3.4 -3.5 -3.5 -3.4 -3.2 -3.2 -3.4 -3.3 -3.4
Total capital expenditures (incl. IFRS 16) 1,183 3,508 923 907 1,178 1,242 594 835 6,521 6,516
Investments in intangible assets and in property, plant and equipment 371 481 344 360 354 528 309 558 1,556 1,539
Depreciation/amortisation (incl. IFRS 16) -1,001 -944 -823 -806 -796 -779 -758 -756 -3,575 -3,369
Depreciation/amortisation of intangible assets and property, plant and equipment -354 -341 -305 -299 -285 -279 -272 -264 -1,300 -1,231
Equity ratio, % 16.8 20.9 23.7 21.1 19.4 23.9 22.7 19.9 16.8 20.9
Net debt (+)/net receivable (-) 15,797 14,861 10,724 9,843 9,750 9,339 10,247 10,226 15,797 14,861
Net debt (+)/net receivable (-) excl. IFRS 16 3,215 2,467 1,129 306 202 93 1,224 1,006 3,215 2,467
Net debt/EBITDA, multiple 2.3 2.2 1.6 1.5 1.5 1.5 1.7 1.8 2.3 2.2
Net debt/EBITDA excl. IFRS 16, multiple 0.8 0.6 0.3 0.1 0.0 0.0 0.3 0.3 0.8 0.6
Net debt-equity ratio (+)/net receivable-equity ratio (-), multiple 2.7 2.0 1.5 1.5 1.6 1.3 1.5 1.7 2.7 2.0
Net debt-equity ratio (+)/net receivable-equity ratio (-) excl. IFRS 16, multiple 0.5 0.3 0.2 0.0 0.0 0.0 0.2 0.2 0.5 0.3
Average number of employees 14,578 13,709 13,486 12,902 12,803 13,185 13,269 12,643 — 13,709
Number of shares outstanding at end of period 215,744,895 215,744,895 215,744,895 215,892,895 215,777,588 215,777,588 215,777,588 215,777,588 215,744,895 215,744,895
Average number of shares outstanding before dilution 215,744,895 215,787,900 215,802,234 215,819,227 215,777,588 215,798,253 215,805,142 215,818,919 215,779,726 215,787,900
Average number of shares outstanding after dilution 216,843,240 216,834,104 216,831,059 216,824,968 216,843,240 216,837,527 216,835,622 216,831,813 216,834,104 216,834,104
Earnings per share before dilution, SEK 2.09 1.62 3.26 2.68 2.60 2.42 3.38 2.93 9.65 10.16
Earnings per share before dilution excl. items affecting comparability, SEK 2.23 2.28 3.26 2.68 2.60 2.68 3.60 3.16 10.45 10.82
Earnings per share after dilution, SEK 2.08 1.61 3.25 2.67 2.59 2.41 3.36 2.91 9.60 10.11
Ordinary dividend per share, SEK1 — 8.75 — — — 8.50 — — — 8.75
Equity per share, SEK 26.06 32.69 31.17 28.30 26.11 31.87 29.44 26.11 26.06 32.69
Cash flow from operating activities per share, SEK 5.71 8.68 4.69 4.07 7.86 10.28 6.59 7.80 23.15 25.30
Cash flow per share, SEK -1.85 2.08 -1.66 -0.81 0.60 0.82 0.96 -0.04 -2.23 0.22
Share price, SEK 225.80 234.00 286.20 278.40 311.20 273.00 250.40 228.20 — 234.00

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

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.
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. 
Net working capital as a share of net sales: Working capital divided by net sales, 
rolling 12 months. Shows the group's ability to use working capital to generate sales.
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 2025    23
Reconciliation of EBITDA
SEK m
Q1
2025
Q1
2024 R12
Full-year
2024
Operating profit 719 817 3,191 3,290
Depreciation, amortisation, impairment 1,009 802 3,582 3,375
EBITDA 1,727 1,619 6,773 6,665
IFRS 16 Lease fees -736 -608 -2,580 -2,452
EBITDA excl. IFRS 16 992 1,011 4,194 4,213
For reconciliation of additional key ratios, see Axfood´s website, axfood.com.

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

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, 
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, 
Hemköp retailer-owned stores and City Gross.
Private label products, share of sales: Sales of private label products, excluding meat, 
fruits and vegetables, as a percentage of retail sales. 
Retail sales: Reported store sales including online sales for the concepts Willys, Willys 
Hemma, Eurocash, Hemköp Group-owned stores, Hemköp retailer-owned stores, Tempo 
and City Gross, excluding adjustments mainly related to customer bonuses.
R12: The sum of the past 12 months determined on a rolling basis. 
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
CO2e, per kg/tonne of transported goods: 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.
Kg CO2e/kg of food sold: The amount of greenhouse gas emissions (kilo carbon dioxide 
equivalents) from food in relation to total food sold (kilo food). The sample includes sales 
in stores within Willys, Eurocash, Hemköp (also retailer-owned), City Gross and 
Snabbgross.
KRAV-certified meat, share of sales: Sales from KRAV-certified meat items (fresh and 
frozen) as a percentage of the Axfood’s total sales of meat products. The selection 
includes stores in the Willys, Eurocash, Hemköp (also retailer-owned), City Gross 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 retailer-owned), City Gross and 
Snabbgross store chains. 
Share of approved social audits: Share of social audits where the supplier received a 
rating of 1 or 2 on a three-point scale where rating 1 refers to approved audits, rating 2 to 
approved with remarks and rating 3 to non-approved audits. Social audits comprise on-
site visits and inspections carried out to ensure that suppliers fulfil the requirements of 
Axfood's Code of Conduct. The selection includes audits of suppliers of private label 
products and fresh fruit and vegetables operating in risk countries, as well as tomato 
suppliers in Italy. All audits have been carried out according to one of the 15 trusted third-
party standards that Axfood accepts.
Share of women/men in management positions: The share of women/men in 
management positions at the end of the current period. Management positions are 
defined as employed managers with employee responsibility, including the Executive 
Committee.
Sustainability-labelled products, share of sales: Sales from sustainability-labelled 
products with a valid country of origin marking as a percentage of retail and wholesale 
sales from the corresponding chains. The selection includes stores in the Willys, Eurocash, 
Hemköp (also retailer-owned), City Gross and Snabbgross store chains. 
                                                                                                                                                                                                                                                                                                                                                                                                              Axfood interim  report  1 January – 31 March 2025    24

===== SIDA 25 =====

About Axfood Other
Axfood is a leader in food retail in Sweden and a family of different concepts in collaboration. 
The Group has approximately 15,000 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.
Business model and strategy
Axfood’s vision is to be the leader in affordable, good and sustainable food. This is how Axfood creates a greater quality of life 
for everyone, which is the Group’s purpose. The business model covers purchasing and assortment, product flow and 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. The strategy rests upon a values-steered culture and core values, and consists of six growth-promoting and 
efficiency-improving focus areas. 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.
A unique family of companies
Axfood is primarily represented in the Swedish food retail market through the leading discount grocery chain Willys, Hemköp in 
the traditional grocery segment and the hypermarket chain City Gross. With Tempo, Handlar’n and Matöppet, Axfood also has a 
position in mini-marts, while Eurocash operates stores in cross-border shopping adjacent to Norway. In addition to these 
concepts, Axfood also has a presence in cafés and restaurants with the wholesale business Snabbgross and the restaurant chain 
Urban Deli, and a position in the online pharmacy market with Apohem. Dagab is responsible for ensuring that the assortment, 
purchasing and logistics maintain high efficiency and quality
Financial targets and dividend policy 
Axfood's long-term financial targets is to grow faster than the market, a long-term operating margin of at least 4.5% and an 
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.
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.
Selection of press releases
21 February 2025
Axfood publishes Annual and Sustainability Report for 2024
21 February 2025
Halved food waste and increased fossil-free transports when Axfood summarises 2024
4 March 2025
Axfood, Dafgårds, and NitroCapt collaborate on Swedish green fertilizer
19 March 2025
Resolutions at Axfood’s 2025 Annual General Meeting
Financial calendar
• The interim report for the second quarter of 2025 will be published at 7:00 a.m. CET on 11 July 2025
• Axfood's Capital Markets Day 2025 will be held on 18 September 2025
• The interim report for the third quarter of 2025 will be published at 7:00 a.m. CET on 23 October 2025
• The year-end report for 2025 will be published at 7:00 a.m. CET on 29 January 2026
Signature
This interim report has not been reviewed by the Company’s auditors.
Stockholm, 24 April 2025
Simone Margulies
President and CEO Axfood AB
Contact
                                                                                                                                                                                                                                                                                                                                                                                                              Axfood interim  report  1 January – 31 March 2025    25
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