FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2026
===== 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