===== SIDA 1 ===== Interim report first quarter 2026 Increased earnings through volume growth and improved efficiency ===== SIDA 2 ===== Increased earnings through volume growth and improved efficiency First quarter summary • Net sales increased 2.6% to SEK 21,595 m (21,040). • Retail sales increased 3.8% to SEK 19,550 m (18,829). • Operating profit amounted to SEK 806 m (719) including items affecting comparability of SEK -6 m (-38). The operating margin was 3.7% (3.4). • Adjusted operating profit amounted to SEK 812 m (757) and the adjusted operating margin to 3.8% (3.6). • Net profit for the period amounted to SEK 525 m (453) and earnings per share before dilution to SEK 2.42 (2.09). • The Annual General Meeting (AGM) on 18 March approved a dividend of SEK 9.00 (8.75) per share. The dividend amount is divided into two equal payments of SEK 4.50. The first payment was made in March, and the second payment will be made in September. In addition, the AGM re-elected all directors except Fabian Bengtsson, who declined re-election. The Board of Directors also resolved on the repurchase of no more than 400,000 shares related to the long-term share-based incentive programme LTIP 2026, which the AGM also approved. . Net sales, SEK m 21,595 21,040 2.6% 89,707 89,152 Retail sales, SEK m 19,550 18,829 3.8% 79,924 79,204 Operating profit, SEK m 806 719 12.1% 3,659 3,572 Operating profit excl. items affecting comparability, SEK m1) 812 757 7.3% 3,743 3,688 Operating margin, % 3.7 3.4 0.3 4.1 4.0 Operating margin excl. items affecting comparability, %1) 3.8 3.6 0.2 4.2 4.1 Net profit for the period, SEK m 525 453 15.9% 2,447 2,375 Earnings per share before dilution, SEK 2.42 2.09 15.9% 11.17 10.84 Earnings per share before dilution excl. items affecting comparability, SEK1) 2.44 2.23 9.6% 11.47 11.26 Cash flow from operating activities, SEK m 1,093 1,232 -11.3% 6,612 6,751 Equity ratio, % 17.3 16.8 0.5 17.3 21.2 Net working capital as a share of net sales R12, % -3.3 -3.3 0.0 -3.3 -3.3 Return on capital employed R12, % 16.5 16.8 -0.3 16.5 15.5 Sustainability-labelled products, share of sales, % 27.9 28.0 -0.1 26.8 26.6 Key ratios Q1 2026 Q1 2025 Change R12 Full-year 2025 1) See Note 8 Items affecting comparability 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. This report has been prepared in both a Swedish and an English version. In the event of any discrepancies between the two, the Swedish version shall apply. Amounts in parentheses refer to the corresponding period in the previous year. The information was submitted for publication, through the agency of the contact person listed above, at 7:00 a.m. CET on 23 April 2026. Axfood will present the interim report for the first quarter of 2026 in a webcast at 9:30 a.m. CET, today, 23 April 2026. 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 2026 2 3.8% Retail sales growth in the first quarter 2026 2.6% Net sales growth in the first quarter 2026 Significant events during the quarter • Positive customer traffic and volume growth • Continued positive trend for City Gross • Strong financial development and increased profitability ===== SIDA 3 ===== CEO message Axfood summarises a quarter with higher volumes in a market characterised by a particularly high activity rate ahead of the Easter holidays and the reduction of VAT on food that came into effect on 1 April. Sales growth was lower than what we had hoped for, however through a clear customer focus and improved efficiency, we are creating value throughout the entire value chain and increased our earnings. Overall, the food retail market performed well in the first quarter of the year. As food price inflation gradually declined during the quarter, growth was primarily driven by volume and a slightly positive calendar effect from the timing of Easter, an important holiday for the industry. The market remains highly competitive and continues to be characterised by a strong focus on price value, with a particularly high activity level ahead of the temporary reduction of VAT on food that came into effect on 1 April. Global uncertainty has clearly increased, with geopolitical turbulence affecting global supply chains. While it is currently difficult to assess the long-term effects of the war in the Middle East, Axfood noted a slight negative impact late in the quarter, in the form of higher fuel costs and a weaker krona. We are monitoring developments and have successfully navigated the uncertain environment of recent years, adapting quickly as conditions have changed. Growth driven by higher volumes, and increased earnings With positive customer traffic and higher volumes, Axfood’s retail sales increased 3.8% in the first quarter of the year, which was below market growth of 4.4%. Excluding City Gross, where sales were impacted by store closures, Axfood's growth was in line with the market. Our financial performance was strong, with increased profitability primarily driven by the higher sales volume, effective cost control and improved productivity. Along with our focus on strengthening our customer meetings and driving growth in our store chains, we worked intensively during the quarter to prepare for and implement the reduction of VAT on food. Through extensive collaboration and a focus on execution throughout the organisation – from stores and support functions to Dagab and Axfood IT – the price points on millions of items were updated in a very short amount of time. Strong customer-focused concepts Our discount chain, Willys, continued to attract additional customers and increase its volumes during the quarter, growing 3.8%. In connection with the VAT reduction, Willys chose to strengthen its position as Sweden’s leading discount chain by leading the way and reduce its prices two days early. A large share of its marketing activities were concentrated to the end of the quarter, which negatively impacted profitability. Willys’ expansion activities were also concentrated to the end of the quarter, with two new stores opening in late March, and the aim is to maintain a high rate of expansion based on the chain’s strong position among consumers. Hemköp performed very well and posted a clear increase in market share during the quarter, delivering growth of 5.9%. Like-for-like growth was also strong at 4.0%, contributing to a solid earnings performance. With a focus on rapidly modernising the store base and enhancing its offering in terms of price value, fresh produce and meal solutions, Hemköp has made excellent progress in recent years. The growth we are experiencing clearly demonstrates that customers truly appreciate Hemköp. Our efforts to develop City Gross into a long-term competitive hypermarket chain is proceeding according to plan, and City Gross continued to deliver a positive performance in the first quarter. The store chain once again reported healthy like-for-like growth of 3.6% and a positive earnings trend. Our improvement initiatives aimed at developing the customer offering and streamlining operations are yielding results, and our ambition is still to reach profitability in the second half of the year. Our restaurant wholesaler, Snabbgross, successfully offset weak growth of 1.0% through strict cost control, delivering earnings on a par with last year. Clear direction for value creation In summary, we have closed the books on a quarter with positive customer traffic, volume growth and higher profitability. We are investing in line with our long-term plan to gain further market share and create the right conditions for continued profitable growth. I am glad that our clear focus on efficiency and productivity improvements strengthens our competitiveness. We are enhancing the way we work, increasing the use of data and AI, and further optimising product flows and our new logistics structure. Through innovation, we are also developing our assortment to create attractive offerings and make it easier for customers to choose sustainable and healthy options. I also take a positive view on our high rate of store expansion and modernisation, which is creating new growth opportunities. Equally self-evident is our continued focus on diversity, inclusion, and climate. Axfood is thus well positioned to continue creating long-term value for its customers, employees and owners, and for society at large. Simone Margulies President and CEO Axfood We summarise a quarter with positive customer traffic, volume growth and higher profitability. We are investing in line with our long-term plan to gain further market share and create the right conditions for continued profitable growth. Axfood interim report 1 January – 31 March 2026 3 ===== SIDA 4 ===== Swedish food retail Food retail is an important part of Swedish industry and a large employer, providing a livelihood for approximately 110,000 people. In total, there are more than 3,100 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 2026 amounted to 4.4%. The calendar effect was positive, estimated at 0.5%, and attributable to the fact that the Easter shopping period fell during the quarter. According to Statistics Sweden, food prices increased at an annualised rate of 1.7%, which was lower than in the fourth quarter last year. The annualised rate of inflation declined gradually, particularly in March when the level was unchanged compared with the preceding year, mainly driven by lower dairy prices. Sales growth for the market in physical stores amounted to 4.1% and in e-commerce to 9.3%. The share of food retail sales attributable to e-commerce was 4.8%. Axfood interim report 1 January – 31 March 2026 4 Growth in Axfood’s retail sales compared with the Swedish Food Retail Index 3.8% 4.4% Axfood retail sales Retail trade index SvDH/HUI Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 0% 5% 10% 15% 20% 25% Growth in Axfood’s online sales compared with the Swedish Food Retail Index 6.1% 9.3% Axfood online sales Retail trade index online SvDH/HUI Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 0% 5% 10% 15% 20% 25% ===== SIDA 5 ===== Group Net sales and retail sales First quarter Net sales increased 2.6% and totalled SEK 21,595 m (21,040). Retail sales increased 3.8% and totalled SEK 19,550 m (18,829), which can be compared to the market's growth of 4.4%. Volume growth primarily contributed to this development. Like-for-like sales increased 2.9%, which was driven by the development in all store chains. Online sales increased 6.1% and totalled SEK 1,059 m (998), which compares to market growth of 9.3%. The share of retail sales attributable to e-commerce was 5.4% (5.3), which was higher than e-commerce penetration on the market of 4.8%. The share of retail sales attributable to private label products increased to 32.4% (32.1), which was driven by increased share of sales in Hemköp and City Gross. Read about the performance of each operating segment on pages 9-13. Axfood interim report 1 January – 31 March 2026 5 Net sales and growth 16,593 19,25220,25221,04021,595 25.7 16.0 5.2 3.9 2.6 Net sales, SEK m Growth, % Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2026 Retail sales and growth 12,711 15,22516,28118,82919,550 4.1 19.8 6.9 15.7 3.8 Retail sales, SEK m Growth, % Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2026 Net sales per segment SEK m Q1 2026 Q1 2025 Change R12 Full-year 2025 Willys 12,017 11,579 3.8% 49,045 48,607 Hemköp 2,211 2,055 7.6% 8,504 8,348 City Gross 2,033 2,059 -1.3% 8,872 8,898 Snabbgross 1,252 1,240 1.0% 5,866 5,853 Dagab 19,879 19,173 3.7% 81,285 80,579 Joint-Group 408 390 4.7% 1,596 1,577 Internal sales between segments Dagab -15,823 -15,091 4.9% -63,968 -63,236 Joint-Group/other -382 -365 4.6% -1,493 -1,476 Total 21,595 21,040 2.6% 89,707 89,152 Retail sales SEK m Q1 2026 Q1 2025 Change Change like-for-like stores R12 Full-year 2025 Willys 12,020 11,581 3.8% 2.2% 49,053 48,614 Hemköp1) 5,496 5,191 5.9% 4.0% 22,003 21,697 City Gross 2,033 2,057 -1.2% 3.6% 8,868 8,892 Total 19,550 18,829 3.8% 2.9% 79,924 79,204 1) Refers to Hemköp (Group-owned and retailer-owned) and Tempo. Share of external net sales by operating segment Willys, 56% Hemköp, 10% City Gross, 9% Snabbgross, 6% Dagab, 19% Excluding Joint-Group ===== SIDA 6 ===== Share of operating profit by operating segment Willys, 53% Hemköp, 12% Snabbgross, 3% Dagab, 32% Operating profit First quarter Operating profit amounted to SEK 806 m (719). Operating profit includes items affecting comparability totalling SEK -6 m (-38) attributable to structural measures in City Gross. The operating margin was 3.7% (3.4). Operating profit excluding items affecting comparability amounted to SEK 812 m (757). The increase in operating profit was primarily driven by higher sales volumes and good growth in both total and like-for-like sales, a stable gross margin trend and solid cost control. The operating margin excluding items affecting comparability amounted to 3.8% (3.6). Net financial items for the period amounted to SEK -135 m (-140). Profit after financial items amounted to SEK 670 m (579) and net profit for the period to SEK 525 m (453). Read about the performance of each operating segment on pages 9-13. Axfood interim report 1 January – 31 March 2026 6 Operating profit and operating margin 835 695 817 719 806 5.0 3.6 4.0 3.4 3.7 Operating profit, SEK m Operating margin, % Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2026 Adjusted operating profit and adjusted operating margin 653 750 817 757 812 3.9 3.9 4.0 3.6 3.8 Adj. operating profit, SEK m Adj. operating margin, % Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2026 Operating profit per segment excluding items affecting comparability SEK m Q1 2026 Q1 2025 Change R12 Full-year 2025 Willys 498 495 0.6% 2,118 2,114 Hemköp 114 94 20.7% 391 372 City Gross -48 -80 39.8% -44 -76 Snabbgross 25 25 -2.9% 256 256 Dagab 298 287 3.9% 1,251 1,240 Joint-Group -75 -65 -15.0% -229 -219 Operating profit excl. items affecting comparability 812 757 7.3% 3,743 3,688 Items affecting comparability1) -6 -38 -83 -116 Operating profit 806 719 12.1% 3,659 3,572 Net financial items -135 -140 -537 -541 Profit after financial items 670 579 15.8% 3,122 3,031 1) Refers to structural costs in City Gross. See Note 8 Items affecting comparability for more information. Operating margin per segment excluding items affecting comparability % Q1 2026 Q1 2025 Change R12 Full-year 2025 Willys 4.1 4.3 -0.1 4.3 4.4 Hemköp 5.1 4.6 0.6 4.6 4.5 City Gross -2.4 -3.9 1.5 -0.5 -0.9 Snabbgross 2.0 2.0 -0.1 4.4 4.4 Dagab 1.5 1.5 0.0 1.5 1.5 Operating margin excl. items affecting comparability 3.8 3.6 0.2 4.2 4.1 Operating margin 3.7 3.4 0.3 4.1 4.0 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 561 m (371), of which SEK 185 m (—) pertained to automation for the Group's future logistics centre in Kungsbacka. Including acquisitions of operations, total capital expenditures amounted to SEK 561 m (373). Investments in intangible and tangible fixed assets consist primarily of store modernisations, new store establishments, automation and IT. During the quarter, investments as a percentage of net sales increased to 2.6% (1.8), mainly as a result of investments in automation. Financial position and cash flow Cash flow from operating activities amounted to SEK 1,093 m (1,232) during the January - March period. Changes in net working capital had an impact of SEK -308 m (-145) on cash flow during the period. The change is mainly explained by higher inventory levels ahead of Easter. Net capital expenditures had an impact of SEK -560 m (-400) on cash flow. Cash flow from financing activities amounted to SEK -1,225 m (-1,232). Net working capital (rolling 12 months) amounted to SEK -2,916 m, which compares to SEK -2,933 m at 31 December 2025. Net working capital as a share of net sales amounted to -3.3% compared with -3.3% as of 31 December 2025. Cash and cash equivalents held by the Group amounted to SEK 384 m compared with SEK 1,077 m at 31 December 2025. Interest-bearing liabilities and provisions totalled SEK 16,354 m compared with SEK 15,675 m at 31 December 2025. Interest-bearing net debt amounted to SEK 15,970 m compared with SEK 14,598 m at 31 December 2025. The return on capital employed amounted to 16.5%, compared with 15.5% at 31 December 2025. The equity ratio was impacted by the dividend and amounted to 17.3% compared with 21.2% at 31 December 2025. The equity ratio was 16.8% at 31 March 2025. Net debt/EBITDA was 2.1 compared with 1.9 at 31 December 2025. Net debt/EBITDA excluding IFRS 16 was 0.6 compared with 0.4 at 31 December 2025. Net debt/EBITDA was 0.8 at 31 March 2025. Axfood interim report 1 January – 31 March 2026 7 Cash flow summary SEK m Q1 2026 Q1 2025 Cash flow from operating activities 1,093 1,232 Cash flow from investing activities -560 -400 Cash flow from financing activities -1,225 -1,232 Cash flow for the period -692 -400Investments (incl. acquisitions, excl. IFRS 16) SEK m Q1 2026 Q1 2025 Willys 209 129 Hemköp 32 44 City Gross 19 5 Snabbgross 5 17 Dagab 220 77 Joint-Group 77 101 Total investments (cash flow) 561 373 Of which investments in intangible and tangible fixed assets 561 371 Of which investments in automation 185 — Net debt/EBITDA 15,796 15,337 15,613 14,598 15,970 2.3 2.2 2.1 1.9 2.1 0.8 0.6 0.7 0.4 0.6 Net debt, SEK m Net debt/EBITDA multiple Net debt/EBITDA multiple ex. IFRS 16 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Investments (incl. acquisitions, excl. IFRS 16) 2,593 1,946 3,100 1,7313.5% 2.4% 3.7% 1.9% 1.2% 1.3% 1.5% 1.6% Investments (cash flow), SEK m Investments (cash flow) % of net sales Depreciation (excl. IFRS16) % of net sales 2022 2023 2024 2025 Q1 2025 Q1 2026 373 561 1.8% 2.6% 1.7% 1.8% Net working capital -2,581 -2,620 -2,875 -2,933 -2,916 -3.5% -3.2% -3.4% -3.3% -3.3% Net working capital, SEK m Net working capital % of Group sales 2022 2023 2024 2025 R12 Capital employed 16,442 17,212 22,985 23,505 22,800 20.9% 20.3% 16.6% 15.5% 16.5% Capital employed, SEK m Return on capital employed (ROCE), % 2022 2023 2024 2025 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. Axfood aims to be a positive force in society and to take the lead in promoting a sustainable food system by influencing decision-makers, leading the way through own initiatives and driving industry issues. Axfood is an active voice in public debate on issues that are important not only to the Group but also to the business sector in Sweden. At the beginning of the year, the main focus was on the climate and facilitating the transition to renewable fuels and electricity, protecting the Baltic Sea and its herring stocks, and circularity. 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 to promote more sustainable production and consumption of food. Axfood is scaling up innovations through private labels and partner- ships. This includes both product development focused on health and the climate, and packaging innovation. During the first quarter, Axfood launched Keyhole-labelled hybrid meatballs containing a combination of meat, vegetables and legumes together with Generation Pep, Fairtrade- certified teas, and a new Tetra Pak packaging solution for tuna. Since mackerel was recently given a red light in the WWF fish guide, this was replaced with MSC-certified Chilean jack mackerel which has a green light. The sales trend for products with various sustainability labels was stable during the first quarter. Overall, the share of sales attributable to sustainability-labelled products amounted to 27.9% (28.0). The share of sales attributable to organic products was 4.1% (4.3), and the share of sales of KRAV-certified meat was 2.3% (2.6). Hemköp is the industry leader with regards to organic products and offers 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 Keyhole-labelled foods was 21.1% (21.3). Environment Axfood strives to reduce the climate impact of food production as far as possible. Its climate targets encompass both its own and suppliers’ operations as well as reducing the carbon footprint per kg of food sold. In 2025, Axfood completed the transition to renewable fuels and electricity both in the company’s own and in procured transports. During the first quarter, emissions of carbon dioxide equivalents amounted to 6.8 kg CO2eq (6.2) per tonne of delivered goods, an increase explained by updated emission factors which impacted the comparison with the prior year. Using comparable emission factors, emissions from own transports decreased 15% during the quarter and amounted to 6.8 kg CO2eq (8.0) per tonne of delivered goods. In addition to the increased use of renewable fuels, this reduction was attributable to a higher number of electric vehicles and greater route optimisation. The share of electricity in the fuel mix increased to 11.8% (2.0). During the quarter, the carbon footprint per kg of food sold decreased by 3.3% to 1.91 kg CO2eq (1.98). This development was mainly due to a decrease in beef sales as a result of a supply shortage. People Axfood aspires to be a positive force in society and to advocate for improved health, work and social conditions throughout the food supply chain, which includes its customers, employees, and agricultural and production workers. By 2030, Axfood aims to be Sweden’s most inclusive food company. The first work placements under Willys’ and Hemköp’s “Studiemotiverande Arbetslivsorientering” (SAO) programme ended during the first quarter. The programme aim to help young people in vulnerable areas to strengthen their position in the labour market and increase motivation to study. More young people will be offered jobs in the future as the programme is developed and scaled up. In countries where the risk of substandard working conditions and human rights violations is considered significant, social audits are conducted to ensure compliance with Axfood’s Code of Conduct among suppliers of private label products. Of a total of 30 audits conducted during the quarter, all but three had acceptable results. Audits that were not approved are being followed up with action plans. Axfood interim report 1 January – 31 March 2026 8 Sustainability key ratios Q1 2026 Q1 2025 Change R12 Full-year 2025 Sustainability-labelled products, share of sales, % 27.9 28.0 -0.1 26.8 26.6 Organic products, share of sales, % 4.1 4.3 -0.2 3.9 3.9 KRAV-certified meat, share of sales, % 2.3 2.6 -0.3 2.2 2.2 K e y h o l e - l a b e l l e d p r o d u c t s , s h a r e o f s a l e s , % 21.1 21.3 -0.2 20.2 20.1 Kg CO2e /kg of food sold 1.91 1.98 -3.3% 1.93 1.95 Kg CO2e/tonne of transported goods 6.8 6.2 9.4% 6.6 6.9 Share of approved social audits, % 90.0 95.2 -5.2 93.2 95.1 Share of women/men in management positions, % 53.4/46.6 52.6/47.4 0.8/-0.8 — 52.8/47.2 Sustainability-labelled products, share of sales, % 28.5 27.4 27.5 28.0 27.9 Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2026 Kg CO₂e/kg of food sold 1.98 1.88 1.95 1.98 1.91 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 ===== 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 3.8% and totalled SEK 12,017 m (11,579). Retail sales increased 3.8%. This development was primarily attributable to higher volumes through an increased number of customer visits and a higher average ticket value. New store establishments in the prior year had a positive impact on sales development, at the same time store closures and ongoing larger store modernisations impacted negatively. Growth in like-for-like sales amounted to 2.2%. Willys is Sweden’s most recommended grocery food retail chain and has a unique position in the market through its combination of low prices, a comprehensive range, modern stores and online shopping. Willys continues to attract new members to the Willys Plus loyalty programme, and the total number of members amounted to more than 3.9 million (3.8) at the end of the quarter. The number of stores in the operating segment amounted to 257 at the end of the quarter. At the end of the quarter, two Willys stores were established. One Willys store was closed ahead of a planned relocation. Operating profit totalled SEK 498 m (495), which corresponds to an operating margin of 4.1% (4.3). Increased sales volume and stable gross margin development had positive effects on earnings. Earnings were negatively impacted by increased market investments and price reductions two days prior to the introduction of the reduced food VAT. Axfood interim report 1 January – 31 March 2026 9 Operating profit and operating margin 367 454 484 495 498 4.4 4.3 4.3 4.3 4.1 Operating profit, SEK m Operating margin, % Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2026 Net sales and growth 8,418 10,46511,24511,57912,017 5.4 24.3 7.5 3.0 3.8 Net sales, SEK m Growth, % Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2026 Willys key ratios Q1 2026 Q1 2025 Change R12 Full-year 2025 Net sales, SEK m 12,017 11,579 3.8% 49,045 48,607 Operating profit, SEK m 498 495 0.6% 2,118 2,114 Operating margin, % 4.1 4.3 -0.1 4.3 4.4 Retail sales, SEK m 12,020 11,581 3.8% 49,053 48,614 Like-for-like sales growth, % 2.2 1.2 1.0 — 4.2 Number of stores 257 250 7 — 256 of which, Willys 191 185 6 — 189 of which, Willys Hemma 60 58 2 — 61 of which, Eurocash 6 7 -1 — 6 Stores offering online shopping 175 167 8 — 174 Private label products, share of sales, % 35.7 35.8 -0.1 35.1 35.1 Sustainability-labelled products, share of sales, % 28.8 29.5 -0.6 27.9 27.9 Organic products, share of sales, % 3.8 4.1 -0.3 3.7 3.7 Kg CO2e/kg sold food 1.87 1.98 -5.5% 1.91 1.95 Average number of employees 7,151 6,973 178 — 7,572 Share of women/men in management positions, % 58.6/41.4 58.7/41.3 -0.1/0.1 — 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 7.6% and totalled SEK 2,211 m (2,055). Retail sales increased 5.9%, which was more than the market. Growth in like-for-like sales amounted to 4.0%. This development was primarily attributable to higher volumes through an increased number of customer visits and a higher average ticket value. 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 closer to 2.2 million (2.1) at the end of the quarter. The number of stores in the operating segment amounted to 329 at the end of the quarter. During the quarter, one Group-owned Hemköp and one retailer-owned Tempo were established. In addition, one retailer-owned Tempo was converted to Hemköp. Operating profit amounted to SEK 114 m (94), which corresponds to an operating margin of 5.1% (4.6). The increase in operating profit was primarily driven by the increased sales volume. A stable gross margin development and good cost control also contributed to the development. Earnings in the prior year was negatively impacted by costs for new store establishments. Axfood interim report 1 January – 31 March 2026 10 Operating profit and operating margin 66 71 101 94 114 4.2 3.9 5.2 4.6 5.1 Operating profit, SEK m Operating margin, % Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2026 Net sales and growth 1,589 1,818 1,956 2,055 2,211 2.2 14.4 7.6 5.1 7.6 Net sales, SEK m Growth, % Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2026 Hemköp key ratios Q1 2026 Q1 2025 Change R12 Full-year 2025 Net sales, SEK m 2,211 2,055 7.6% 8,504 8,348 Operating profit, SEK m 114 94 20.7% 391 372 Operating margin, % 5.1 4.6 0.6 4.6 4.5 Retail sales, SEK m 5,496 5,191 5.9% 22,003 21,697 Like-for-like sales growth, % 4.0 2.9 1.1 — 4.0 Number of stores 329 327 2 — 330 of which, Group-owned Hemköp/Tempo stores 70 68 2 — 69 of which, retailer-owned Hemköp stores 135 134 1 — 134 of which, retailer-owned Tempo stores 124 125 -1 — 127 Hemköp stores offering online shopping 67 68 -1 — 65 Private label products, share of sales, % 28.5 28.0 0.4 27.1 27.0 Sustainability-labelled products, share of sales, % 28.7 28.4 0.3 27.7 27.5 Organic products, share of sales, % 5.8 6.1 -0.3 5.5 5.6 Kg CO2e/kg sold food 1.76 1.77 -0.7 % 1.73 1.71 Average number of employees 1,688 1,652 36 — 1,729 Share of women/men in management positions, % 50.7/49.3 49.5/50.5 1.2/-1.2 — 51.0/49.0 ===== 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 2,033 m (2,059) and retail sales to SEK 2,033 m (2,057). Growth in like-for-like sales amounted to 3.6%. This development was primarily attributable to higher volumes through a higher average ticket value. The number of stores amounted to 40 at the end of the quarter. One store was established and one store was closed during the quarter. Operating profit amounted to SEK -54 m (-118), which corresponds to an operating margin of -2.7% (-5.7). Operating profit includes items affecting comparability totalling SEK -6 m attributable to structural measures for stores. Operating profit excluding items affecting comparability totalled SEK -48 m (-80), which corresponds to an operating margin of -2.4% (-3.9). The improvement was mainly driven by the positive growth in like-for-like sales, effects from structural measures and efforts to streamline operations. Earnings were negatively impacted by increased market investments and price reductions two days prior to the introduction of the reduced food VAT. City Gross gives Axfood a presence in the hypermarket segment, the fastest-growing segment in the market after discount. The Group’s knowledge and experience provide the conditions to further develop and strengthen City Gross. This work is progressing according to plan and includes a number of improvement initiatives, with the aim of achieving profitability at some point in the second half of 2026 followed by a gradual improvement in profitability. These initiatives include enhancing the store concept and a review of the customer offering. To streamline the operations, a chain management structure is being introduced and structural measures are being implemented at a handful of stores, mainly pertaining to conversions to other concepts. Axfood interim report 1 January – 31 March 2026 11 City Gross key ratios Q1 2026 Q1 2025 Change R12 Full-year 2025 Net sales, SEK m 2,033 2,059 -1.3% 8,872 8,898 Operating profit, SEK m -54 -118 54.1% -128 -192 Operating profit excl. items affecting comparability, SEK m1) -48 -80 39.8% -44 -76 Operating margin, % -2.7 -5.7 3.1 -1.4 -2.2 Operating margin excl. items affecting comparability, %1) -2.4 -3.9 1.5 -0.5 -0.9 Retail sales, SEK m 2,033 2,057 -1.2% 8,868 8,892 Like-for-like sales growth, % 3.6 — 3.6 — 1,5 Number of stores 40 42 -2 — 40 Stores offering online shopping 40 42 -2 — 39 Private label products, share of sales, % 22.2 21.4 0.8 22.1 21.9 Sustainability-labelled products, share of sales, % 23.7 22.4 1.2 22.3 21.9 Organic products, share of sales, % 3.3 3.3 0.0 3.1 3.1 Kg CO2e/kg sold food 2.08 2.00 3.9% 2.04 2.01 Average number of employees 1,711 1,794 -83 — 1,871 Share of women/men in management positions, % 56.7/43.3 55.7/44.3 1.0/-1.0 — 56.7/43.3 1) See Note 8 Items affecting comparability for more information. ===== 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 1.0% and totalled SEK 1,252 m (1,240). Growth in like-for-like sales amounted to 0.7%, with weak sales development to B2B customers. The trend in B2C sales through Snabbgross Club was strong overall and in terms of like-for-like figures. The number of stores in the operating segment amounted to 31 at the end of the quarter, of which 15 Snabbgross Club. Two Snabbgross stores were converted to Snabbgross Club during the quarter. Operating profit amounted to SEK 25 m (25), which corresponds to an operating margin of 2.0% (2.0). A stable gross margin development and solid cost control compensated for the weak sales growth and contributed to the earnings development. Axfood interim report 1 January – 31 March 2026 12 Net sales and growth 934 1,147 1,178 1,240 1,252 26.9 22.7 2.8 5.2 1.0 Net sales, SEK m Growth, % Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2026 Snabbgross key ratios Q1 2026 Q1 2025 Change R12 Full-year 2025 Net sales, SEK m 1,252 1,240 1.0% 5,866 5,853 Operating profit, SEK m 25 25 -2.9% 256 256 Operating margin, % 2.0 2.0 -0.1 4.4 4.4 Like-for-like sales growth, % 0.7 4.1 -3.4 — 5.2 Number of stores 31 31 — — 31 of which, Snabbgross 16 20 -4 — 18 of which, Snabbgross Club 15 11 4 — 13 Sustainability-labelled products, share of sales % 21.6 21.5 0.1 20.5 20.5 Organic products, share of sales, % 1.5 1.6 -0.1 1.5 1.6 Kg CO2e/kg sold food 2.39 2.39 0.1% 2.35 2.37 Average number of employees 555 547 8 — 600 Share of women/men in management positions, % 44.4/55.6 43.5/56.5 0.9/-0.9 — 43.5/56.5 Operating profit and operating margin 30 30 27 25 25 3.2 2.6 2.3 2.0 2.0 Operating profit, SEK m Operating margin, % Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2026 ===== 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 restaurant chain Urban Deli and the partly owned online pharmacy Apohem. First quarter Net sales increased 3.7% and totalled SEK 19,879 m (19,173). Growth was primarily attributable to sales to food retail customers, and in particular Axfood's own concepts. Operating profit amounted to SEK 298 m (287), which corresponds to an operating margin of 1.5% (1.5). The increased profit is mainly explained by the positive sales growth and a lower cost level as a result of efficiency improvements in logistics. A somewhat lower gross margin as a result of market investments had a negative impact on the earnings development. At the end of the quarter, Dagab was somewhat negatively affected by higher fuel costs and a weaker Swedish krona. Dagab is continuing its efforts to optimise the supply of goods to further increase efficiency and productivity. The focus during the quarter was on ensuring a stable flow of goods during Easter. The roll-out of a new, integrated order and purchasing system was also completed, creating the conditions for further efficiency. Axfood interim report 1 January – 31 March 2026 13 Operating profit and operating margin 247 261 268 287 298 1.6 1.5 1.4 1.5 1.5 Operating profit, SEK m Operating margin, % Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2026 Net sales and growth 15,062 17,75318,51819,17319,879 26.8 17.9 4.3 3.5 3.7 Net sales, SEK m Growth, % Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2026 Dagab key ratios Q1 2026 Q1 2025 Change R12 Full-year 2025 Net sales, SEK m 19,879 19,173 3.7% 81,285 80,579 Operating profit, SEK m 298 287 3.9% 1,251 1,240 Operating margin, % 1.5 1.5 0.0 1.5 1.5 Average number of employees 3,068 2,997 71 — 3,209 Share of women/men in management positions, % 36.7/63.3 33.9/66.1 2.8/-2.8 — 35.3/64.7 2022 and 2023 refer to adjusted operating profit and adjusted operating margin. ===== SIDA 14 ===== Other information 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. Axfood's sustainability targets for 2030: • Share of sales of sustainability-labelled products at least 30 percent • Share of food waste in own operations no more than 0.7 percent • Carbon footprint per kilo of sold food to decrease at least 10 percent. Investments in 2026 are expected to amount to between SEK 2,200 m and SEK 2,300 m, excluding acquisitions and right-of-use assets, of which approximately SEK 470 m pertains to automation in the new logistics centre in Kungsbacka. During 2026, Axfood plans to maintain a high pace of expansion and establish 10–15 new Group-owned stores. As part of the work to strengthen City Gross, operating profit for 2026 will be charged with structural costs that are expected to amount to approximately SEK 50 m. The costs are recognised in the City Gross segment and pertain primarily to structural measures for stores. Costs are classified as items affecting comparability. Annual General Meeting Axfood's Annual General Meeting (AGM) 2026 was held on 18 March in Stockholm. The AGM re-elected all directors except Fabian Bengtsson who had declined re-election. The AGM also decided to pay a dividend of SEK 9.00 per share. The dividend is divided into two equal payments of SEK 4.50, 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 2026. The Board of Directors resolved on the repurchase of no more than 400,000 shares related to LTIP 2026. New joint organisation for restaurant and convenience trade To create better conditions for both the restaurant trade and the convenience trade to achieve long-term growth with improved profitability, a decision has been made to bring the two operations together into a single organisation. The convenience trade business, which is currently part of Dagab, will be transferred to Snabbgross as of 1 January 2027. However, the logistics operations will remain within Dagab. By consolidating the two businesses, opportunities are being created to further strengthen the customer meeting and offering for both restaurant and convenience trade customers. Axfood interim report 1 January – 31 March 2026 14 ===== SIDA 15 ===== Financial statements, Group Condensed statement of profit or loss and other comprehensive income Axfood interim report 1 January – 31 March 2026 15 SEK m Q1 2026 Q1 2025 R12 Full-year 2025 Net sales 21,595 21,040 89,707 89,152 Cost of goods sold1) -18,382 -17,942 -76,460 -76,020 Gross profit 3,213 3,098 13,247 13,132 Selling expenses -1,423 -1,342 -5,661 -5,581 Administrative expenses1) -1,185 -1,200 -4,718 -4,733 Share of profit in associated companies and joint ventures -3 -8 -43 -48 Other operating income 217 190 888 861 Other operating expenses1) -13 -18 -54 -59 Operating profit 806 719 3,659 3,572 Interest income and similar profit/loss items 15 7 46 38 Interest expense and similar profit/loss items2) -150 -147 -582 -579 Profit before tax 670 579 3,122 3,031 Tax -146 -126 -675 -655 Net profit for the period 525 453 2,447 2,375 1) Includes items affecting comparability, see Note 8 Items affecting comparability for more information. 2) Of which leasing interest expenses was SEK 119 m (-111) in the first quarter, and SEK -455 m for the full year 2025. SEK m Q1 2026 Q1 2025 R12 Full-year 2025 Other comprehensive income Items that cannot be reclassified to profit or loss for the period, net after tax Revaluation defined benefit pensions 5 6 10 11 Items that can be reclassified to profit or loss for the period, net of tax Changes in hedging reserve 22 -17 16 -24 Other comprehensive income for the period 27 -11 26 -13 Total comprehensive income for the period 552 441 2,473 2,363 Net profit for the period attributable to Owners of the parent 523 451 2,411 2,339 Non-controlling interest 2 2 37 37 Total comprehensive income for the period attributable to Owners of the parent 550 439 2,437 2,326 Non-controlling interest 2 2 37 37 Earnings per share before dilution, SEK 2.42 2.09 11.17 10.84 Earnings per share after dilution, SEK 2.41 2.08 11.12 10.79 ===== SIDA 16 ===== Axfood interim report 1 January – 31 March 2026 16 Condensed statement of financial position SEK m 31 Mar 2026 31 Mar 2025 31 Dec 2025 Assets Goodwill 4,848 4,770 4,848 Other intangible assets 2,409 2,452 2,438 Property, plant and equipment 6,957 6,529 6,668 Right-of-use assets 12,957 12,638 12,674 Financial assets 76 197 175 Deferred tax assets 225 243 218 Total non-current assets 27,471 26,829 27,022 Inventories 5,571 5,081 5,285 Trade receivables1) 2,560 1,496 2,538 Other current assets1) 1,230 1,745 992 Cash and cash equivalents 384 335 1,077 Total current assets 9,746 8,656 9,892 Total assets 37,217 35,484 36,913 Equity and liabilities Equity attributable to owners of the parent 6,121 5,622 7,508 Equity attributable to non-controlling interests 325 337 323 Total equity 6,446 5,960 7,830 Non-current lease liabilities 10,741 10,352 10,478 Non-current interest-bearing liabilities 1,700 2,200 2,700 Provisions for pensions 267 290 272 Deferred tax liabilities 1,686 1,513 1,682 Other non-current liabilities 17 9 27 Total non-current liabilities 14,411 14,364 15,160 Current lease liabilities 2,283 2,229 2,224 Current interest-bearing liabilities 1,364 1,061 — Trade payables 7,935 7,101 7,697 Other current liabilities 4,778 4,770 4,001 Total current liabilities 16,361 15,161 13,923 Total equity and liabilities 37,217 35,484 36,913 1) The items are affected by changed invoicing procedures. Condensed statement of cash flow SEK m Q1 2026 Q1 2025 R12 Full-year 2025 Operating activities Operating profit 806 719 3,659 3,572 Depreciation, amortisation, impairment 1,027 1,009 4,096 4,077 Interest paid and similar items -150 -147 -581 -578 Interest received and similar items 15 7 46 38 Adjustments for non-cash items 43 23 112 92 Paid tax -341 -233 -724 -617 Changes in working capital -308 -145 4 166 Cash flow from operating activities 1,093 1,232 6,612 6,751 Investing activities Acquisitions of operations — -2 — -2 Acquisitions of intangible assets -38 -75 -314 -350 Acquisitions of property, plant and equipment -522 -296 -1,605 -1,379 Acquisitions of financial assets 0 -28 -20 -49 Other changes in investing activities 1 1 13 13 Cash flow from investing activities -560 -400 -1,927 -1,767 Financing activities Loans raised 3,064 2,447 7,590 6,973 Amortisation of debt -2,700 -2,089 -7,787 -7,175 Amortisation of lease liability -617 -619 -2,476 -2,478 Share repurchases — — -25 -25 Dividend paid out1) -972 -971 -1,938 -1,938 Cash flow from financing activities -1,225 -1,232 -4,635 -4,643 Cash flow for the period -692 -400 49 341 1) R12 and 2025 includes dividend to minority interests of SEK 49 million (–). Condensed statement of changes in equity SEK m 31 Mar 2026 31 Mar 2025 31 Dec 2025 Amount at start of year 7,830 7,388 7,388 Total comprehensive income for the period 552 441 2,363 Change in non-controlling interests — — 0 Share repurchases — — -25 Share-based payments 7 18 42 Dividend to shareholders -1,943 -1,888 -1,938 Amount at end of period 6,446 5,960 7,830 ===== SIDA 17 ===== Financial statement, Parent Company Axfood interim report 1 January – 31 March 2026 17 Condensed balance sheet SEK m 31 Mar 2026 31 Mar 2025 31 Dec 2025 Assets Property, plant and equipment 18 26 20 Participations in Group companies 4,249 4,029 4,244 Other financial assets 3 3 3 Deferred tax assets 7 7 6 Total non-current assets 4,277 4,065 4,273 Receivables from Group companies1) 6,684 7,471 8,941 Other current assets 353 234 200 Cash and cash equivalents 3 6 392 Total current assets 7,039 7,711 9,534 Total assets 11,316 11,776 13,807 Equity and liabilities Restricted equity 296 296 296 Non-restricted equity 2,231 2,575 4,198 Total equity 2,527 2,871 4,494 Untaxed reserves 4,113 4,032 4,113 Non-current interest-bearing liabilities 1,700 2,200 2,700 Other non-current liabilities 13 10 9 Non-current liabilities 1,713 2,210 2,709 Current interest-bearing liabilities 1,364 1,061 — Trade payables 15 14 24 Liabilities to Group companies2) 495 560 2,342 Other current liabilities 1,089 1,028 124 Total current liabilities 2,963 2,662 2,490 Total equity and liabilities 11,316 11,776 13,807 1) Of which, interest-bearing receivables 6,678 7,465 6,170 2) Of which, interest-bearing liabilities 491 544 1,693 Condensed income statement SEK m Q1 2026 Q1 2025 Full-year 2025 Net sales 3 3 13 Selling and administrative costs -160 -150 -602 Other operating income 109 109 452 Operating profit -48 -38 -138 Net financial items 16 19 118 Profit/loss after financial items -33 -19 -19 Appropriations, net — — 2,040 Profit before tax -33 -19 2,020 Tax 1 -2 -416 Net profit for the period -31 -21 1,604 Total comprehensive income for the period -31 -21 1,604 ===== 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 2025 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. Amounts in parentheses refer to the corresponding period in the previous year. New or amended accounting policies in 2026 and later IFRS 18 and related amendments to other standards are applicable for reporting periods beginning on or after 1 January 2027 with retrospective application. The new standard has been endorsed by the EU and will replace IAS 1. The standard does not affect the recognition or measurement of items in the financial statements, but only presentation and disclosures. An analysis of the impact of the standard's impact on the Group is ongoing. The standard has not been pre-adopted. No other new or amended standards or interpretations that have been endorsed for application in 2026 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 holidays in 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. Operational and strategic risks include sustainability 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 2025 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, IT and Insurance. 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 2025 Annual and Sustainability Report. Note 4 Financial assets and liabilities Financial assets measured at fair value amounted to SEK 33 m (7). SEK 26 m (0) is attributable to Level 2 of the fair value hierarchy and SEK 7 m (7) is attributable to Level 3. Financial liabilities measured at fair value amounted to SEK 8 m (40). 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 (7). Axfood's shareholding in Oda Group amounted to 0.9% (2.3). The carrying amount are unchanged since 31 December 2025 and in line with the issue carried out during the first quarter. Note 5 Acquired and divested operations There have been no significant acquisitions or divestments during the year. Axfood interim report 1 January – 31 March 2026 18 ===== SIDA 19 ===== Note 6 Pledged assets and contingent liabilities Note 7 Long-term share-based incentive programmes The 2026 AGM resolved to adopt a new long-term share-based incentive programme that runs over a three-year period, LTIP 2026. The programme corresponds in all essential respects to LTIP 2025. The 2026 AGM further resolved to authorise Axfood's Board of Directors to decide on the repurchase of no more than 400,000 own shares for the purpose of securing the Company's obligations under LTIP 2026. Allotment of LTIP 2023 will be carried out in April 2025 using treasury shares. The holding of treasury shares amounts to 921,517 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 2025 Annual and Sustainability Report. Note 8 Items affecting comparability Items affecting comparability in the first quarter totalled SEK -6 m (-38) and pertain in its entirely to structural costs relating to City Gross. The costs are included in other operating expenses, cost of goods sold, and in administrative 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 2026 19 Group, SEK m 31 Mar 2026 31 Mar 2025 31 Dec 2025 Contingent liabilities 27 18 28 Parent Company, SEK m 31 Mar 2026 31 Mar 2025 31 Dec 2025 Contingent liabilities 267 275 267 There are no pledged assets in either the Group or the parent company. Item affecting comparability Segment Q1 2026 Q1 2025 R12 Full-year 2025 Structural costs City Gross -6 -38 -83 -116 Total -6 -38 -83 -116 ===== SIDA 20 ===== Key ratios Change in store structure New establishments and acquisitions, group-owned stores First quarter Willys Karlstad Skåre Willys Lund Nova Hemköp Jönköping Strandängen City Gross Norrtälje Axfood interim report 1 January – 31 March 2026 20 Number of stores Dec 2025 New establishment/ acquisitions Sales/ closures Conversions Mar 2026 Mar 2025 Willys/Willys Hemma/Eurocash 256 2 -1 — 257 250 Hemköp/Tempo, Group-owned stores 69 1 — — 70 68 City Gross 40 1 -1 — 40 42 Snabbgross/Snabbgross Club 31 — — — 31 31 Total, Group-owned stores 396 4 -2 — 398 391 Hemköp, retailer-owned stores 134 — — 1 135 134 Tempo, retailer-owned stores 127 1 -3 -1 124 125 Total, retailer-owned stores 261 1 -3 0 259 259 Total, Group-owned and retailer-owned stores 657 5 -5 — 657 650 ===== SIDA 21 ===== Key ratios and other data, Group Axfood interim report 1 January – 31 March 2026 21 Quarterly overview Full-year SEK m Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 R12 Full-year 2025 Net sales 21,595 22,831 22,286 22,995 21,040 21,860 20,902 21,044 89,707 89,152 Retail sales 19,550 20,468 19,625 20,282 18,829 18,836 16,427 16,509 79,924 79,204 Operating profit 806 860 1,059 934 719 629 1,007 836 3,659 3,572 Operating profit excl. items affecting comparability 812 873 1,099 959 757 772 1,007 836 3,743 3,688 Operating margin, % 3.7 3.8 4.8 4.1 3.4 2.9 4.8 4.0 4.1 4.0 Operating margin excl. items affecting comparability, % 3.8 3.8 4.9 4.2 3.6 3.5 4.8 4.0 4.2 4.1 Items affecting comparability -6 -13 -39 -25 -38 -143 — — -83 -116 Net profit for the period 525 574 727 622 453 361 715 582 2,447 2,375 Cash flow from operating activities 1,093 2,238 1,352 1,929 1,232 1,872 1,013 879 6,612 6,751 Capital employed 22,800 23,505 23,258 22,282 22,091 22,985 18,058 16,907 22,800 23,505 Return on capital employed R12, % 16.5 15.5 16.4 17.0 16.8 16.6 19.6 21.0 16.5 15.5 Return on equity R12, % 41.1 32.1 31.1 34.3 37.0 31.5 36.2 40.7 41.1 32.1 Net working capital R12 -2,916 -2,933 -2,880 -2,819 -2,791 -2,875 -2,902 -2,870 -2,916 -2,933 Net working capital as a share of net sales R12, % -3.3 -3.3 -3.3 -3.2 -3.3 -3.4 -3.5 -3.5 -3.3 -3.3 Total capital expenditures (incl. IFRS 16) 1,494 1,190 732 1,443 1,183 3,508 923 907 4,859 4,548 Investments in intangible assets and in property, plant and equipment 561 464 423 471 371 481 344 360 1,919 1,730 Depreciation/amortisation (incl. IFRS 16) -1,027 -1,030 -1,019 -1,003 -1,001 -944 -823 -806 -4,080 -4,054 Depreciation/amortisation of intangible assets and property, plant and equipment -380 -379 -373 -357 -354 -341 -305 -299 -1,489 -1,463 Equity ratio, % 17.3 21.2 20.4 18.2 16.8 20.9 23.7 21.1 17.3 21.2 Net debt (+)/net receivable (-) 15,970 14,598 15,613 15,337 15,796 14,861 10,724 9,843 15,970 14,598 Net debt (+)/net receivable (-) excl. IFRS 16 2,946 1,896 2,997 2,407 3,215 2,467 1,129 306 2,946 1,896 Net debt/EBITDA, multiple 2.1 1.9 2.1 2.2 2.3 2.2 1.6 1.5 2.1 1.9 Net debt/EBITDA excl. IFRS 16, multiple 0.6 0.4 0.7 0.6 0.8 0.6 0.3 0.1 0.6 0.4 Net debt-equity ratio (+)/net receivable-equity ratio (-), multiple 2.5 1.9 2.1 2.3 2.7 2.0 1.5 1.5 2.5 1.9 Net debt-equity ratio (+)/net receivable-equity ratio (-) excl. IFRS 16, multiple 0.4 0.2 0.4 0.3 0.5 0.3 0.2 0.0 0.4 0.2 Average number of employees 14,781 15,620 15,675 14,907 14,578 13,709 13,486 12,902 — 15,620 Sustainability-labelled products, share of sales, % 27.9 25.8 26.7 26.7 28.0 26.0 26.6 26.9 26.8 26.6 Kg CO2e per kg of food sold 1.91 1.98 1.95 1.88 1.98 2.13 1.99 1.92 1.93 1.95 Number of shares outstanding at end of period 215,921,723 215,921,723 215,921,723 215,921,723 215,744,895 215,744,895 215,744,895 215,892,895 215,921,723 215,921,723 Average number of shares outstanding before dilution 215,921,723 215,921,723 215,921,723 215,874,569 215,744,895 215,744,895 215,768,250 215,860,865 215,909,934 215,865,727 Average number of shares outstanding after dilution 216,843,240 216,843,240 216,843,240 216,776,894 216,843,240 216,843,240 216,843,240 216,806,696 216,826,653 216,826,653 Earnings per share before dilution, SEK 2.42 2.60 3.30 2.85 2.09 1.62 3.26 2.68 11.17 10.84 Earnings per share before dilution excl. items affecting comparability, SEK 2.44 2.65 3.45 2.94 2.23 2.28 3.26 2.68 11.47 11.26 Earnings per share after dilution, SEK 2.41 2.59 3.29 2.83 2.08 1.61 3.25 2.67 11.12 10.79 Ordinary dividend per share, SEK — 9.00 — — — 8.75 — — — 9.00 Equity per share, SEK 28.35 34.77 32.20 28.83 26.06 32.69 31.17 28.30 28.35 34.77 Cash flow from operating activities per share, SEK 5.06 10.36 6.26 8.94 5.71 8.68 4.69 4.07 30.62 31.27 Cash flow per share, SEK -3.21 3.44 -0.19 0.18 -1.85 2.08 -1.66 -0.81 0.23 1.58 Share price, SEK 321.70 290.20 292.10 279.60 225.80 234.00 286.20 278.40 — 290.20 ===== 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. 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 2026 22 Reconciliation of EBITDA SEK m Q1 2026 Q1 2025 R12 Full-year 2025 Operating profit 806 719 3,659 3,572 Depreciation, amortisation, impairment 1,027 1,009 4,096 4,077 EBITDA 1,833 1,727 7,755 7,649 IFRS 16 Lease fees -735 -736 -2,936 -2,937 EBITDA excl. IFRS 16 1,098 992 4,819 4,712 For reconciliation of additional key ratios, see Axfood´s website, axfood.com. ===== SIDA 23 ===== Operating key ratio definitions 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, IT, and Insurance. 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 Keyhole-labelled products, share or sales: Sales from Keyhole-labelled food as a percentage of total food sales. The selection includes sales in Group-owned stores as well as retailer-owned Hemköp stores. Kg CO2e/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 selection includes sales in Group-owned stores as well as retailer-owned Hemköp stores. KRAV-certified meat, share of sales: Sales from KRAV-certified meat items (fresh and frozen) as a percentage of total sales of meat products. The selection includes sales in Group-owned stores as well as retailer-owned Hemköp stores. Organic products, share of sales: Sales from organic-labelled products with a valid country of origin marking as a percentage of total food sales. The selection includes sales in Group-owned stores as well as retailer-owned Hemköp stores. 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 audits 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 Supplier 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 23 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 sales in Group-owned stores as well as retailer-owned Hemköp stores. Axfood interim report 1 January – 31 March 2026 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 15,000 employees (FTEs) and net sales of close to SEK 90 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. Axfood has an integrated business model and plays a central role across the entire food supply chain. Its vision is to be the leader in affordable, good and sustainable food. This creates a greater quality of life for everyone, which is the Group’s purpose. With a focus on customer meetings, Axfood has a clear strategy for 2030 based on its values-driven culture and core values, comprising focus areas aimed at driving growth and increasing efficiency. 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, and plays a key role in efforts to streamline the flow of goods. Financial targets and dividend policy Axfood’s financial targets are to grow faster than the market, to have a long-term operating margin of at least 4.5% and to have an equity ratio of at least 20% at year-end. The shareholder dividend is to be at least 50% of profit after tax and is to be paid out on two occasions. Investment case Axfood is one of the leading players in food retail in Sweden. With its broad presence, strong concepts and brands, and efficiency through collaboration, conditions are created for long-term profitable growth. The most important reasons to invest in Axfood are: • Strong store concepts with leading positions in attractive market segments • Efficiency and economies of scale through close collaboration • Strong financial position and stable cash flows Selection of press releases 20 January 2026 Axfood and Generation Pep continue joint efforts for healthy eating habits among children and young people 29 January 2026 Axfood reaches milestone - all trucks run on fossil-free fuels 20 February 2026 Axfood publishes Annual and Sustainability report for 2025 18 March 2026 Resolutions at Axfood's 2026 Annual General Meeting Financial calendar • The interim report for the second quarter of 2026 will be published at 7:00 a.m. CET on 15 July 2026 • The interim report for the third quarter of 2026 will be published at 7:00 a.m. CET on 22 October 2026 • The year-end report for 2026 will be published at 7:00 a.m. CET on 28 January 2027 Signature This interim report has not been reviewed by Axfood's auditor. Stockholm, 23 April 2026 Simone Margulies President and CEO Axfood Axfood interim report 1 January – 31 March 2026 24 Axfood AB SE-113 65 Stockholm, visiting address Solnavägen 4 Telephone: +46 8 553 990 00, info@axfood.se, axfood.se linkedin.com/company/axfood, Instagram: @axfoodkoncernen Corporate reg. number: 556542-0824