Kvartalsrapport Q3 2023

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

Continued strong customer traffic and increased market share
Third quarter summary
• Net sales totalled SEK 20,293 m 
(18,674), an increase of 8.7%.
• Retail sales totalled SEK 15,873 m 
(14,026), an increase of 13.2%.
• Operating profit amounted to 
SEK 1,036 m (975) including 
items affecting comparability 
of SEK -60 m (-40). The operating 
margin was 5.1% (5.2).
• Adjusted operating profit amounted 
to SEK 1,095 m (1,015), an increase of 
7.9%. The adjusted operating 
margin was 5.4% (5.4). 
• Net profit for the period amounted 
to SEK 738 m (745) and earnings 
per share before dilution to SEK 
3.38	(3.40).
• In September, a dividend of SEK 
4.00 per share was paid out, the 
second part of the dividend to 
shareholders totalling SEK 8.15 (7.75) 
per share.
Summary January - September
• Net sales totalled SEK 60,342 m 
(53,735), an increase of 12.3%.
• Retail sales totalled SEK 47,196 m 
(40,541), an increase of 16.4%.
• Operating profit amounted to 
SEK 2,609 m (2,599) including items 
affecting comparability totalling 
SEK -179 m (103). The operating 
margin was 4.3% (4.8).
• Adjusted operating profit amounted 
to SEK 2,787 m (2,496), an increase 
of 11.7%. The adjusted operating 
margin was 4.6% (4.6). 
• Net profit for the period amounted 
to SEK 1,841 m (2,017) and earnings 
per share before dilution to SEK 
8.50	(9.43).
Significant events after the balance 
sheet date
• Hans Bax was appointed as the new 
Managing Director of Dagab and 
effective 1 February 2024 will 
succeed Nicholas Pettersson, who 
will take on the role as Managing 
Director of Willys on the same date.
• The Nominating Committee of 
Axfood proposes that Thomas 
Ekman be appointed new Chairman 
of the Board at the Annual General 
Meeting in 2024. Axfood's current 
Chairman, Mia Brunell Livfors, has 
declined re-election.
Net sales, SEK m 20,293 18,674  8.7% 60,342 53,735  12.3% 80,082 73,474
Retail sales, SEK m 15,873 14,026  13.2% 47,196 40,541  16.4% 62,376 55,721
Operating profit, SEK m 1,036 975  6.2% 2,609 2,599  0.4% 3,111 3,101
Operating profit excl. items affecting comparability. SEK m1) 1,095 1,015  7.9% 2,787 2,496  11.7% 3,521 3,229
Operating margin, %  5.1  5.2  -0.1  4.3  4.8  -0.5  3.9  4.2 
Operating margin excl. items affecting comparability, %1)  5.4  5.4  0.0  4.6  4.6  0.0  4.4  4.4 
Net profit for the period, SEK m 738 745  -0.9% 1,841 2,017  -8.7% 2,194 2,370
Earnings per share before dilution, SEK 3.38 3.40  -0.7% 8.50 9.43  -9.9% 10.12 11.04
Earnings per share before dilution excl. items affecting 
comparability, SEK1) 3.60 3.55  1.4% 9.16 8.89  3.1% 11.63 11.36
Cash flow from operating activities, SEK m 1,423 1,487  -4.3% 3,588 4,083  -12.1% 5,432 5,927
Return on capital employed R12, %  20.5  25.8 -5.4 20.5  25.8 -5.4 20.5 20.9
Sustainability-labelled products, share of sales, %  26.0  25.9  0.1  26.4  27.1  -0.7  26.1  26.6 
Key ratios Q3
2023
Q3
2022 Change
9 mos.
2023
9 mos.
2022 Change R12
Full-year
2022
1) See Note 9 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.
The information was submitted for publication, through the agency of the contact person listed above, at 7:00 a.m. CET on 25 October 2023.
This interim report is an English translation of the Swedish original. In the event of any discrepancies, the Swedish version shall govern.
Interim report 
1 January - 30 September 2023 Q3
8.7%
Net sales growth 
for the Axfood Group 
during the third quarter 
13.2%
The Axfood Group’s 
growth in retail sales 
during the third quarter

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

CEO message
During the third quarter, Axfood continued to report strong growth and stable profitability, a testament to the 
fact that our customers appreciate our affordable and competitive offering. At the same time, we continued to 
pursue our extensive development agenda to strengthen our position for the future, and we took major steps in 
the establishment the Group’s new warehouse and logistics structure during the quarter.
Annual food price inflation continued to slow considerably 
in the third quarter. However, there is still uncertainty 
concerning future developments due to various factors, 
such as the turbulent global situation, extreme weather and 
the weak Swedish krona. The current inflation rate is 
putting a strain on household finances, and it is clear that 
consumers are continuing to focus on price value and low 
prices.
Continued momentum thanks to strong growth
Despite high comparison figures, Axfood delivered robust 
growth of 13% during the quarter, compared with 6% 
growth in the food retail industry. Axfood’s growth was thus 
twice as high as the market’s, which follows the trend we 
have seen since the beginning of last year.
Willys once again reported exceptional growth, 
reaching an impressive 16% this quarter. The number of 
new customers and members of Willys Plus is continuing to 
grow at a rapid rate, and new and existing customers alike 
are becoming increasingly loyal and shopping more at the 
chain.
With a clear focus on price value, Hemköp grew faster 
than the market for the fourth consecutive quarter. In a 
market that mainly favours the low-price players, Hemköp 
delivered a strong performance. It is truly gratifying to see a 
return on the chain’s investment in store modernisation and 
assortment development, with a focus on health and 
sustainability.
At the same time, we are seeing a certain slowdown in 
the café and restaurant market from previously high levels. 
Nevertheless, Snabbgross’s focus on an affordable and 
flexible offering generated favourable growth, resulting in a 
higher market share.
Increased earnings and stable profitability 
In line with the trend in the first half of the year, operating 
profit increased in the third quarter, and the adjusted 
operating margin was on a par with the previous year. This 
profit trend was attributable to the Group’s strong sales 
growth, which compensated for the continued market 
investments in the store chains, negative currency effects 
and higher operating expenses, such as increased rental 
levels and salary costs.
Continued scale-up of new logistics platform
Our new highly automated logistics centre in Bålsta 
outside Stockholm is a large-scale project that represents 
a completely new way of running our warehouse and 
logistics operations. The transition to Bålsta progressed 
during the quarter, with a focus on continuing to scale up 
and stabilise the operations. A growing number of stores 
and larger volumes were connected to the flow of the dry 
range during the quarter, and the first deliveries of 
refrigerated items from Bålsta to stores were recently 
made.
In addition to scaling up the centre in Bålsta, we also 
continued our efforts to strengthen other parts of our new 
logistics platform. Planning for the new high-bay 
warehouse in Backa, Gothenburg, is under way, and at the
new fruit and vegetable warehouse in Landskrona, testing 
of IT solutions and control systems is ongoing now that 
the automation solution has been fully installed.
Promoting a sustainable food strategy for Sweden
While focusing on delivering affordable, good and 
sustainable food here and now, and developing our 
operations to enable greater efficiency going forward, we 
must not lose sight of the longer-term challenges. We 
recently presented a new version of Food 2030, Axfood’s 
proposal for a sustainable food strategy, filled with 125 
recommendations that can make a real difference in 
accelerating the green transition. As a leading player in the 
food retail industry, we want to take the lead in promoting 
a sustainable food system in Sweden, and Food 2030 is an 
important part of our work to influence decision-makers 
and drive industry issues.
A strong third quarter 
It is with a sense of humility in the face of an uncertain 
global backdrop that I present a strong third quarter for 
Axfood. It is clear that more and more customers 
appreciate the offerings of our various store concepts and 
operations. Together with all of our dedicated employees, 
we will maintain a high level of ambition and pace of 
development in order to further strengthen our position in 
the market.
Klas Balkow
President and CEO, Axfood AB
Axfood interim report 1 January– 30 September 2023 | 2
“It is with a sense of humility in the face of an 
uncertain global backdrop that I present a strong 
third quarter. We are taking further steps in our 
development and continuing to strengthen our 
market position, and it is clear that more and 
more customers appreciate our offerings.”
Significant events during the third quarter 
• Strong growth double that of the market
• High customer traffic and increased loyalty
• Continued progress towards new logistics 
platform

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

Axfood interim report 1 January– 30 September 2023 | 3
Financial calendar
• The Capital Markets Day 2023 will be held on 
24 November 2023
• The year-end report for 2023 will be published at 7:00 
a.m. CET on 1 February 2024
• The 2024 Annual General Meeting (AGM) will be held 
on 20 March 2024
• The interim report for the first quarter of 2024 will be 
published at 7:00 a.m. CET on 25 April 2024
• The interim report for the second quarter of 2024 will 
be published at 7:00 a.m. CET on 12 July 2024
• The interim report for the third quarter of 2024 will be 
published at 7:00 a.m. CET on 24 October 2024
Selection of press releases from Axfood 
during the third quarter of 2023
4 September 2023
Double bonus points on organic food as Hemköp gears up
11 September 2023
Invitation to Axfood’s Capital Markets Day 2023
13 September 2023
Axfood partners with BalticWaters on new research 
laboratory for Baltic Sea fish
22 September 2023
Nominating Committee ahead of Axfood’s 2024 Annual 
General Meeting
Presentation of the interim report for the 
third quarter of 2023
Axfood will present the interim report for the third quarter 
of 2023 in a webcast at 9:30 a.m. CET today, Wednesday, 
25 October 2023. The report will be presented by Klas 
Balkow, President and CEO, and Anders Lexmon, CFO.
A link to the webcast is available at axfood.com.
A link to register to participate via conference call  is also 
available at axfood.com. Upon registration, a telephone 
number and conference ID for the conference call will be 
provided.

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

The Swedish food retail market
Market development
According to the Swedish Food Retail Index, total sales 
growth during the third quarter of 2023 amounted to 6.2%. 
The calendar effect during the quarter is estimated at -0.2 
of a percentage point. Sales in physical stores increased by 
6.5%. E-commerce sales declined by 0.6%. The share of food 
retail sales from e-commerce amounted to 3.6% during the 
quarter.
Food price inflation
During the July–September 2023 period, food prices 
increased by 9.1% compared with the year-earlier period, 
according to Statistics Sweden. The annual rate of inflation 
thus continued to decline compared with the preceding 
quarter and the level of 14.5% in the second quarter of 2023.
Growth in Axfood’s retail sales1) compared with the Swedish Food Retail Index
13.2%
6.2%
Axfood retail sales Retail trade index svDH/HUI
Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023
0%
4%
8%
12%
16%
20%
1) Includes retail sales growth in the Tempo concept as of the first quarter of 2022. Comparison figures are not restated.
Growth in Axfood’s online sales1) compared with the Swedish Food Retail Index
8.3%
-0.6%
Axfood online sales Retail trade index online svDH/HUI
Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023
-30%
-20%
-10%
0%
10%
20%
1) Mat.se is included in the sales figures until February 2022.
Axfood interim report 1 January– 30 September 2023 | 4

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

Group performance
Net sales
Third quarter
Net sales totalled SEK 20,293 m 
(18,674), an increase of 8.7%. This 
increase is attributable to high food 
price inflation and a higher number 
of new customers.
Retail sales totalled SEK 15,873 m 
(14,026), an increase of 13.2%, which 
was significantly higher than the 
market’s growth of 6.2%. Volume 
growth, pricing and positive mix effects 
contributed to this performance. Like-
for-like sales growth was 10.5%, 
primarily driven by Willys’ strong 
performance, but also good growth for 
Hemköp relative to the market.
Online sales totalled SEK 723 m 
(667), an increase of 8.3% which 
compares to the market's growth
of -0.6%. The share of retail sales 
attributable to e-commerce was 
4.6% (4.8), which was higher than the 
e-commerce penetration on the market 
of 3.6%. 
The share of retail sales attributable 
to private label products was 31.9% 
(31.0).
January - September
Net sales totalled SEK 60,342 m 
(53,735), an increase of 12.3%.
Retail sales increased 16.4% and 
amounted to SEK 47,196 m (40,541). 
Like-for-like growth was 13.8%.
Online sales totalled SEK 2,404 m 
(2,327), an increase of 3.3%. The 
share of retail sales attributable to 
e-commerce was 5.1% (5.7).
The share of retail sales attributable 
to private label products was 32.4% 
(31.1).
Read about the performance of the Willys, 
Hemköp, Snabbgross and Dagab operating 
segments on pages 9-12.
Net sales per segment
SEK m
Q3
2023
Q3
2022 Change
9 mos.
2023
9 mos.
2022 Change R12
Full-year
2022
Willys 10,945 9,450  15.8% 32,432 27,071  19.8% 42,813 37,451
Hemköp 1,779 1,608  10.6% 5,456 4,858  12.3% 7,248 6,650
Snabbgross 1,437 1,324  8.6% 4,072 3,557  14.5% 5,242 4,727
Dagab 18,410 16,971  8.5% 55,167 48,780  13.1% 73,387 66,999
Joint-Group 342 305  12.2% 1,012 897  12.9% 1,350 1,234
Internal sales between segments
Dagab -12,333 -10,709  15.2% -36,953 -30,619  20.7% -48,824 -42,490
Joint-Group/other -287 -275  4.5% -846 -809  4.6% -1,134 -1,097
Total 20,293 18,674  8.7% 60,342 53,735  12.3% 80,082 73,474
Retail sales
SEK m
Q3
2023
Q3
2022 Change
Change
like-for-like
stores
9 mos.
2023
9 mos.
2022 Change
Change
like-for-like
stores R12
Full-year
2022
Willys 10,951 9,453  15.8%  12.4% 32,440 27,079  19.8%  16.6% 42,818 37,458
Hemköp1) 4,923 4,573  7.6%  6.4% 14,756 13,462  9.6%  8.1% 19,557 18,263
Total 15,873 14,026  13.2%  10.5% 47,196 40,541  16.4%  13.8% 62,376 55,721
1) Refers to Hemköp (Group-owned and retailer-owned) and Tempo.
Axfood interim report 1 January– 30 September 2023 | 5
8.7%
Net sales growth 
for the Axfood Group 
during the third quarter
Net sales and
growth
12.7 13.4 13.7
18.7
20.3
5.7 5.5 2.2
36.1
8.7
Net Sales, SEK bn
Growth, %
Q3 
2019
Q3 
2020
Q3 
2021
Q3 
2022
Q3 
2023

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

Operating profit
Third quarter
Operating profit amounted to 
SEK 1,036 m (975), an increase of 
6.2%. Operating profit includes items 
affecting comparability totalling SEK 
-60 m (-40), which pertained entirely to 
parallel warehouse operation during the 
transition to the new logistics centre in 
Bålsta. The operating margin was 5.1% 
(5.2).
 Operating profit excluding items 
affecting comparability amounted to 
SEK 1,095 m (1,015), an increase of 7.9%. 
The increase was mainly attributable to 
strong growth and effective cost 
control. Overall, this compensated for 
lower gross margins in the segments 
and higher market investments. In 
addition, operating profit was affected 
by negative currency effects, increased 
rental levels and personnel costs, 
including the discontinuation of lower 
employer payroll tax for young people. 
The operating margin excluding items 
affecting comparability was 5.4% (5.4). 
Net financial items for the period 
amounted to SEK -80 m (-33), a change 
mainly attributable to higher interest 
expenses for leases.
Profit after financial items 
amounted to SEK 956 m (942) and 
profit after tax to SEK 738 m (745).
January - September
Operating profit for the period totalled 
SEK 2,609 m (2,599), an increase of 
0.4%. Operating profit includes items 
affecting comparability of SEK -179 m 
(103), net, which pertained entirely to 
parallel warehouse operation during the 
transition to the new logistics centre in 
Bålsta. In the year-earlier period, items 
affecting comparability included a 
capital gain of SEK 221 m for the 
divestment of Mat.se. The operating 
margin was 4.3% (4.8).
Adjusted operating profit amounted 
to SEK 2,787 m (2,496), an increase of 
11.7%. The adjusted operating margin 
was 4.6% (4.6).
Net financial items for the period 
amounted to SEK -236 m (-114), a 
change mainly attributable to higher 
interest costs for leasing.
Profit after financial items 
amounted to SEK 2,373 m (2,485). 
Profit after tax amounted to SEK 1,841 m 
(2,017).
Read about the performance of the Willys, 
Hemköp, Snabbgross and Dagab operating 
segments on pages 9-12.
Operating profit per segment excluding items affecting comparability
SEK m
Q3
2023
Q3
2022 Change
9 mos.
2023
9 mos.
2022 Change R12
Full-year
2022
Willys 652 602  8.3% 1,608 1,434  12.2% 2,033 1,859
Hemköp 78 77  0.7% 222 207  7.2% 298 283
Snabbgross 86 90  -4.3% 207 201  3.4% 259 252
Dagab 340 309  9.9% 952 845  12.7% 1,247 1,139
Joint-Group -59 -62  -4.7% -203 -191  6.3% -315 -303
Operating profit excl. items affecting comparability 1,095 1,015  7.9% 2,787 2,496  11.7% 3,521 3,229
Items affecting comparability1) -60 -40 -179 103 -410 -129
Operating profit 1,036 975  6.2% 2,609 2,599  0.4% 3,111 3,101
Net financial items -80 -33 -236 -114 -288 -166
Profit after financial items 956 942  1.5% 2,373 2,485  -4.5% 2,822 2,935
1) See Note 9 Items affecting comparability for more information.
Operating margin per segment excluding items affecting comparability
%
Q3
2023
Q3
2022 Change
9 mos.
2023
9 mos.
2022 Change R12
Full-year
2022
Willys  6.0  6.4  -0.4  5.0  5.3  -0.3  4.7  5.0 
Hemköp  4.4  4.8  -0.4  4.1  4.3  -0.2  4.1  4.3 
Snabbgross  6.0  6.8  -0.8  5.1  5.6  -0.5  4.9  5.3 
Dagab  1.8  1.8  0.0  1.7  1.7  0.0  1.7  1.7 
Operating margin excl. items affecting comparability  5.4  5.4  0.0  4.6  4.6  0.0  4.4  4.4 
Operating margin  5.1  5.2  -0.1  4.3  4.8  -0.5  3.9  4.2 
Axfood interim report 1 January– 30 September 2023 | 6
Adjusted operating 
profit and 
operating margin
0.7 0.8 0.8
1.0 1.1
5.6 5.9 5.9 5.4 5.4
Operating profit, SEK bn
Operating margin, %
Q3
2019
Q3
2020
Q3
2021
Q3
2022
Q3
2023

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

Capital expenditures
Total capital expenditures in 
intangible assets and property, plant 
and equipment during the January - 
September period amounted to 
SEK 1,417 m (1,709). Of these capital 
expenditures, SEK 644 m (1,062) 
pertained to investments in the 
wholesale operations, of which 
SEK 388 m (747) related to 
investments in automation solutions. 
The year-earlier period also included 
an investment in land amounting to 
SEK 79 m. Investments in the retail 
operations amounted to SEK 461 m 
(346) and joint-Group and IT 
investments amounted to SEK 313 m 
(301). 
Investments in right-of-use assets, 
mainly premises, amounted to 
SEK 1,428 m (1,216), during the 
January - September period, of which 
SEK 390 m (370) pertained to newly 
acquired assets and SEK 1,038 m 
(847) pertained to revaluations of 
existing leases, primarily due to 
upward indexation and extensions. 
Of the total investments in leases, 
SEK 251 m (166) pertained to the 
wholesale operations, SEK 1,160 m 
(1,039) pertained to the retail 
operations and SEK 17 m (11) 
pertained to joint-Group operations 
and IT.
Financial position and cash flow
Cash flow from operating activities 
amounted to SEK 3,588 m (4,083) 
during the January - September 
period. The decrease was mainly 
due to higher working capital as a 
result of a parallel warehouse 
operations connected to the new 
logistics centre in Bålsta. Paid tax 
totalled SEK -526 m (-477). 
Net capital expenditures had an 
impact of SEK -1,650 m (-1,872) on 
cash flow.
Cash flow from financing 
activities was SEK -1,987 m (-2,650) 
during January - September.
Cash and cash equivalents held 
by the Group amounted to SEK 510 
m compared with SEK 559 m at 31 
December 2022.
Interest-bearing liabilities and 
provisions totalled SEK 10,758 m 
compared with SEK 9,542 m at 
31 December 2022. Interest bearing 
net debt amounted to SEK 10,247 m 
compared with SEK 8,982 m at 31 
December 2022, which is primarily 
attributable to loans raised. 
The equity ratio was 22.7% 
compared with 24.1% at 31 
December 2022 and 26.4% at 
30 September 2022. 
 Net debt/EBITDA was 1.7 
compared with 1.6 at 31 December 
2022. Net debt/EBITDA excluding 
IFRS 16 was 0.3 compared with 0.0 
at 31 December 2022.
Derivation of total investments and net capital expenditures in cash flow
SEK m 9 mos. 2023 9 mos. 2022
Total capital expenditures -2,845 -2,926
Investments in leases 1,428 1,216
Divestment of property, plant and equipment/intangible assets 1 1
Acquisitions of financial assets -241 -135
Acquisitions of operations -3 10
Divested operations — -38
Dividends from joint ventures and associated companies 10 —
Cash flow from investing activities -1,650 -1,872
Parent Company
The Parent Company’s net sales and other operating income 
during the January - September period amounted to SEK 302 
m (232). After operating expenses of SEK -412 m (-344) and 
net financial items of SEK 728 m (257) profit after financial 
items amounted to SEK 618 m (145). Net financial items 
include SEK 735 m (255) in dividends from subsidiaries. 
Investments during the period totalled SEK 5 m (3). The 
Parent Company had an interest-bearing net receivable 
of SEK 1,367 m at the end of the quarter, compared with 
SEK 1,449 m at 31 December 2022. The Parent Company 
has no significant transactions with related parties, other 
than transactions with subsidiaries.
Axfood interim report 1 January– 30 September 2023 | 7
Net debt/EBITDA
1.2
1.6
1.9 1.8 1.7
0.1 0.0
0.4 0.3 0.3
Net debt/EBITDA, multipe
Net debt/EBITDA excluding IFRS 16
Q3 
22
Q4
22
Q1 
23
Q2
 23
Q3
 23
Capital expenditures and 
depreciation/
amortisation
274
883
551 558
309
218 223 227 264 272
Investments excl. acqusitions and 
right-of-use assets, SEK m
Depreciation/amortization excl. 
 right-of-us assets, SEK m
Q3 
22
Q4
 22
Q1
 23
Q2 
23
Q3
23

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

Sustainable development
For Axfood, sustainable development is about seeing the 
whole picture and the relentless pursuit of improvements. 
Sustainability permeates all operations and encompasses the 
entire food system, taking into account the environment, 
animal welfare, and the people who produce, sell and consume 
food. Axfood will take the lead in promoting a sustainable 
food system by influencing decision makers, leading the way 
through its own initiatives and driving important industry 
issues.
The foundation of these efforts is Axfood’s sustainability 
programme designed to strengthen its operations while 
contributing to the UN SDGs and Sweden’s Environmental 
Objectives. The sustainability programme is an important 
governance instrument that includes a sustainability policy 
and 40 targets.
Food
Axfood strives to make it easier for consumers to make 
sustainable choices through a broad assortment of 
sustainability-labelled products.
During the third quarter, the share of sales attributable to 
sustainability-labelled products remained essentially 
unchanged compared with the year-earlier period at 26.0% 
(25.9). The share of sales attributable to organic products 
declined to 4.4% (5.2). Generally speaking, this change was 
mainly the result of current inflation, which is a disadvantage 
for products that are priced slightly higher. However, Hemköp 
currently has the highest share of sales of organic products in 
the industry and launched double points on purchases of 
organic and KRAV-certified food for members of the Klubb 
Hemköp loyalty programme during the quarter. The share of 
sales attributable to KRAV-certified meat declined slightly to 
2.6% (2.7) while the growth rate for vegetarian protein 
substitutes was 1.9% (7.9).
Axfood’s offering of fish and seafood must come from 
sustainable stocks and be traceable. The aim is to offer only 
green-listed and sustainability-certified fish. As part of its 
strategic work, Axfood has become a long-term partner in the 
BalticWaters Foundation’s investment in a new, unique 
research laboratory for fish. The laboratory will create the 
conditions for new research and restocking of endangered 
fish species in the Baltic Sea.
During the quarter, Garant launched a new quark from 
cows fed a soy-free diet, with the soy in their feed replaced by 
rapeseed. Soy is widely used as animal feed and is challenging 
from a sustainability perspective as expanded cultivation 
areas risk contributing to rainforest deforestation, which 
negatively impacts both the climate and biodiversity.
Environment
Axfood is striving to reduce the climate impact of food 
production as far as possible. The Group’s climate targets 
encompass both its own and suppliers’ operations as well as 
reducing the climate impact per kilo of food sold.
Axfood is working to reduce its climate impact from 
transports. During the quarter, five older diesel trucks were 
replaced with five trucks powered by liquid biogas. The CO2 
effect per tonne of delivered goods for the Group’s own 
transports declined to 11.6 CO2e (11.9).
The Group’s annual energy intensity amounted to 238.6 
kWh per square metre, a decrease compared to 2022 (276.2). 
The change is mainly attributable to more large warehouses 
being included as part of Axfood’s central electricity 
agreement. The store chains are also implementing an action 
plan developed in 2022 in order to reduce electricity 
consumption in their own operations.
People
Axfood aspires to be a positive force in society and is working 
to improve work and social conditions throughout the food 
supply chain, including customers, agricultural and production 
workers, and its own employees.
Social audits are conducted in all risk countries in order to 
ensure compliance with Axfood’s Code of Conduct among 
suppliers of private label products.  Of the 19 audits conducted 
by Amfori BSCI during the quarter, 18, or 94.7% (95.5) had 
acceptable results. Unacceptable results are followed up by 
developing action plans with measures.
Axfood is committed to diversity and inclusion, and firmly 
believes that a mix of skills and perspectives produces better 
results. Gender balance in senior positions is an important 
part of this work. The share of women in management 
positions during the quarter was 50.5% (50.6), which was in 
line with the Group’s long-term target.
Sickness-related absence during the third quarter 
amounted to 5.5% (5.9), which is the lowest level recorded 
since the corresponding period in 2020. Axfood’s target is for 
sickness-related absence not to exceed 5.3%. 
For more information on Axfood’s sustainability work and key ratios, 
see the website and the 2022 Annual and Sustainability Report. 
Sustainability key ratios
Q3
2023
Q3
2022 Change
9 mos.
2023
9 mos.
2022 Change R12
Full-year
2022
Sustainability-labelled products, share of sales, %  26.0  25.9  0.1  26.4  27.1  -0.7  26.1  26.6 
Organic products, share of sales, %  4.4  5.2  -0.8  4.6  5.2  -0.6  4.6  5.1 
KRAV-certified meat, share of sales, %  2.6  2.7  0.0  2.6  2.9  -0.4  2.5  2.7 
Growth in vegetarian protein substitutes, %  1.9  7.9  -6.1  4.2  1.4  2.7  3.8  1.7 
Share of approved social audits, %  94.7  95.5  -0.7  95.2  98.5  -3.3  94.4  96.8 
Electricity consumption, kWh/m2 (stores and 
warehouses) — — — — — — 238.6 276.2
CO2e, kg/tonne of goods 11.6 11.9 -0.3 13.2 13.1 0.1 13.2 13.6
Share of women in management positions, %  —  — —  50.5  50.6  -0.1 —  50.7 
Sickness-related absence, %  5.5  5.9  -0.4  6.3  7.1  -0.8  6.4  7.0 
Axfood interim report 1 January– 30 September 2023 | 8

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

Operating segment performance
Willys
Third quarter
Net sales totalled SEK 10,945 m 
(9,450), an increase of 15.8%.
Growth in retail sales amounted 
to 15.8%, which was significantly 
higher than the market. Growth in 
like-for-like sales amounted to 
12.4%. As food price inflation has 
increased, price value has become 
increasingly relevant to consumers, 
resulting in increased customer 
traffic. Volume growth, pricing and 
positive mix effects contributed to 
the Willys chain’s strong 
performance. Within cross-border 
shopping, Eurocash’s sales 
increased.
The number of stores in the 
segment amounted to 239 (230), of 
which 178 (171) were Willys stores, 54 
(52) were Willys Hemma stores and 
7 (7) were Eurocash stores. At the 
end of the quarter, online shopping 
was offered in 153 (138) stores.
Operating profit increased 
and totalled SEK 652 m (602), 
corresponding to an operating 
margin of 6.0% (6.4). The increase 
in operating profit was primarily 
attributable to the strong growth in 
like-for-like sales and effective cost 
control. Price increases by suppliers 
were not fully reflected in prices for 
consumers, which had a negative 
effect on the gross margin. 
Operating profit was negatively 
impacted by increased market 
investments, higher personnel costs 
and increased rental levels.
January - September
Willy´s net sales for the period 
totalled SEK 32,432 m (27,071), 
an increase of 19.8% compared with 
the corresponding period during the 
prior year. Willys growth in retail 
sales was 19.8%. Operating profit 
amounted to SEK 1,608 m (1,434) 
and the operating margin was 5.0% 
(5.3).
Willys key ratios
Q3
2023
Q3
2022 Change
9 mos.
2023
9 mos.
2022 Change R12
Full-year
2022
Net sales, SEK m 10,945 9,450  15.8% 32,432 27,071  19.8% 42,813 37,451
Operating profit, SEK m 652 602  8.3% 1,608 1,434  12.2% 2,033 1,859
Operating margin, % 6.0 6.4 -0.4 5.0 5.3 -0.3 4.7 5.0
Retail sales, SEK m 10,951 9,453  15.8% 32,440 27,079  19.8% 42,818 37,458
Like-for-like sales growth, % 12.4 18.3 -5.9 16.6 11.1 5.5 — 13.5
Number of stores — — — 239 230 9 — 232
  of which, Wilys — — — 178 171 7 — 173
  of which, Willys Hemma — — — 54 52 2 — 52
  of which, Eurocash — — — 7 7 — — 7
Stores offering online shopping — — — 153 138 15 — 149
Private label products, share of sales, % 33.6 32.9 0.7 34.2 32.9 1.3 33.9 33.1
Sustainability-labelled products, share of sales % 27.5 26.6 0.9 28.0 28.0 0.0 27.7 27.4
Average number of employees — — — 7,126 6,732 394 — 6,669
Share of women in management positions, %1) — — — 62.4 60.4 2.0 —  60.6 
Sickness-related absence. % 5.3 5.7 -0.4 6.2 7.0 -0.8 6.2 6.8
1) The definition of “Share of women in management positions” has been revised to also include team managers. Comparison figures have been restated.
Axfood interim report 1 January– 30 September 2023 | 9
Net sales and 
operating margin
7.3 7.9 7.9
9.4
10.9
6.3 6.0 5.8
6.4 6.0
Net sales, SEK bn
Operating margin, %
Q3
2019
Q3
2020
Q3
2021
Q3
2022
Q3
2023
With the business concept of offering 
Sweden’s cheapest bag of groceries, 
Willys is the country’s leading discount 
grocery chain, offering a broad 
assortment both in Group-owned 
stores and online. The Willys operating 
segment includes the concepts Willys, 
Willys Hemma, the partly owned cross-
border grocery chain Eurocash and a 
minority stake in the City Gross 
hypermarket chain.

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

Hemköp
Third quarter
Net sales (including franchise fees) 
amounted to SEK 1,779 m (1,608), an 
increase of 10.6%.
Growth in retail sales (including 
Tempo) amounted to 7.6%, which is 
more than the market and 
significantly higher than the rate of 
growth in the traditional grocery 
segment. Growth in like-for-like 
sales amounted to 6.4%. Hemköp is 
continuing to strengthen its position 
by focusing on sustainability and 
price value, and investing in the 
modernisation of existing stores. 
The development of Hemköp stores 
was better than the development of 
Tempo stores.
The number of stores in the 
segment amounted to 332 (332), 
of which 65 (64) were Group-owned 
Hemköp stores, 136 (137) were 
retailer-owned Hemköp stores and 
131 (131) were retailer-owned Tempo 
stores. At the end of the quarter, 
online shopping was offered in 
68 (68) stores.
Operating profit totalled SEK
78 m (77), corresponding to an 
operating margin of 4.4% (4.8). The 
increase in operating profit was 
primarily attributable to the growth 
in like-for-like sales and effective 
cost control. Price increases by 
suppliers were not fully reflected in 
prices for consumers, which had a 
negative effect on the gross margin. 
Operating profit was negatively 
impacted by increased market 
investments, higher personnel costs 
and increased rental levels.
January - September
Net sales for Group-owned Hemköp 
stores (including franchise fees) for 
the period totalled SEK 5,456 m 
(4,858), an increase of 12.3%. 
Growth in retail sales (including 
Tempo) amounted to 9.6%. 
Operating profit totalled SEK 222 m 
(207), corresponding to an operating 
margin of 4.1% (4.3).
Hemköp key ratios
Q3
2023
Q3
2022 Change
9 mos.
2023
9 mos.
2022 Change R12
Full-year
2022
Net sales, SEK m 1,779 1,608  10.6% 5,456 4,858  12.3% 7,248 6,650
Operating profit, SEK m 78 77  0.7% 222 207  7.2% 298 283
Operating margin, % 4.4 4.8 -0.4 4.1 4.3 -0.2 4.1 4.3
Retail sales, SEK m 4,923 4,573  7.6% 14,756 13,462  9.6% 19,557 18,263
Like-for-like sales growth, % 6.4 6.4 0.0 8.1 3.8 4.3 — 4.5
Number of stores — — — 332 332 — — 332
  of which, Group-owned Hemköp/Tempo stores — — — 65 64 1 — 64
  of which, retailer-owned Hemköp stores — — — 136 137 -1 — 137
  of which, retailer-owned Tempo stores — — — 131 131 — — 131
Hemköp stores offering online shopping — — — 68 68 — — 68
Private label products, share of sales, % 26.6 25.6 1.0 27.3 26.3 1.0 26.9 26.2
Sustainability-labelled products, share of sales % 26.6 26.8 -0.2 26.7 27.5 -0.8 26.4 27.0
Average number of employees — — — 1,667 1,646 21 — 1,632
Share of women in management positions, %1) — — — 51.0 50.7 0.2 — 49.4
Sickness-related absence. % 5.6 5.5 0.1 6.1 6.7 -0.6 6.2 6.7
1) The definition of “Share of women in management positions” has been revised to also include team managers. Comparison figures have been restated.
Axfood interim report 1 January– 30 September 2023 | 10
Net sales and 
operating margin
1.5 1.5 1.5 1.6
1.8
4.4 4.2
5.2 4.8 4.4
Net Sales, SEK bn
Operating margin, %
Q3
2019
Q3
2020
Q3
2021
Q3
2022
Q3
2023
Hemköp offers a broad, attractively 
priced assortment with a rich offering 
of fresh product. 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.

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

Snabbgross
Third quarter
Net sales totalled SEK 1,437 m 
(1,324), an increase of 8.6% which 
was more than the market. Growth 
in like-for-like sales amounted to 
7.4%. Developments in newly 
established stores and sales to 
consumers through the member-
based Snabbgross Club store 
concept contributed to this growth.
The number of stores in the 
segment amounted to 30 (29), 
of which 25 (26) were Snabbgross 
stores and 5 (3) were Snabbgross 
Club stores. In addition to establish-
ments of new Snabbgross Club 
stores, existing stores are being 
converted to the concept on an 
ongoing basis.
Operating profit amounted to SEK 
86 m (90), corresponding to 
an operating margin of 6.0% (6.8). 
The positive earnings effect of the 
growth in like-for-like sales was 
offset by costs related to new store 
establishments, increased personnel 
costs and higher rental levels.
January - September
Net sales for the period was 
SEK 4,072 m (3,557), an increase 
of 14.5%. 
Operating profit for the period 
amounted to SEK 207 m (201) and 
the operating margin was 5.1% (5.6). 
Snabbgross key ratios
Q3
2023
Q3
2022 Change
9 mos.
2023
9 mos.
2022 Change R12
Full-year
2022
Net sales, SEK m 1,437 1,324  8.6% 4,072 3,557  14.5% 5,242 4,727
Operating profit, SEK m 86 90  -4.3% 207 201  3.4% 259 252
Operating margin, % 6.0 6.8 -0.8 5.1 5.6 -0.5 4.9 5.3
Wholesale sales, SEK m 1,442 1,329  8.5% 4,087 3,571  14.4% 5,264 4,748
Like-for-like sales growth, % 7.4 12.9 -5.5 12.2 21.6 -9.4 — 20.1
Number of stores — — — 30 29 1 — 29
of which, Snabbgross — — — 25 26 -1 — 24
of which, Snabbgross Club — — — 5 3 2 — 5
Sustainability-labelled products, share of sales % 18.9 18.3 0.7 19.1 18.8 0.3 19.0 18.8
Average number of employees — — — 577 530 47 — 524
Share of women in management positions, %1) — — — 41.1 37.3 3.8 — 40.7
Sickness-related absence. % 5.7 6.5 -0.8 6.4 7.4 -1.0 6.7 7.5
1) The definition of “Share of women in management positions” has been revised to also include team managers. Comparison figures have been restated.
Axfood interim report 1 January– 30 September 2023 | 11
Net sales and 
operating margin
0.9 1.0
1.1
1.3 1.4
6.2 6.5 6.8 6.8 6.0
Net sales, SEK bn
Operating margin, %
Q3
19
Q3
20
Q3
21
Q3
22
Q3
23
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.

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

Dagab
Third quarter 
Net sales totalled SEK 18,410 m 
(16,971), an increase of 8.5%. 
The growth in net sales was mainly 
attributable to the increase in sales 
to food retail stores.
Operating profit amounted to 
SEK 280 m (253), corresponding 
to an operating margin of 1.5% (1.5). 
Operating profit includes items 
affecting comparability of SEK 
-60 m (-56), which pertained entirely 
to parallel warehouse operation 
during the transition to the new 
logistics centre in Bålsta.
Adjusted operating profit 
amounted to SEK 340 m (309) and 
the adjuster operating profit was 
1.8% (1.8).  The higher operating 
profit was primarily attributable to 
strong growth. The higher operating 
profit was primarily attributable to 
favourable growth. Operating profit 
was impacted by negative currency 
effects, which were offset by 
synergy effects from the acquisition 
of Bergendahls Food.
The work on the Group’s new 
warehouse and logistics structure is 
proceeding. The scale-up of the new 
logistics centre in Bålsta continued 
during the third quarter, with 
significantly higher delivery volumes 
of products from the dry assortment. 
The refrigerated area of the facility 
was put into operation at the end of 
the quarter, and the first deliveries 
were made in mid-October.
January - September 
Net sales for the period totalled 
SEK 55,167 m (48,780), an increase 
of 13.1%. Operating profit amounted 
to SEK 773 m (915), corresponding 
to an operating margin of 1.4% (1.9). 
Operating profit includes items 
affecting comparability of SEK 
-179 m (70), which pertained entirely 
to parallel warehouse operation 
during the transition to the new 
logistics centre in Bålsta. In the 
year-earlier period, items affecting 
comparability included a capital 
gain of SEK  221 m for the 
divestment of Mat.se. 
Dagab key ratios
Q3
2023
Q3
2022 Change
9 mos.
2023
9 mos.
2022 Change R12
Full-year
2022
Net sales SEK m 18,410 16,971  8.5% 55,167 48,780  13.1% 73,387 66,999
Operating profit, SEK m 280 253  10.4% 773 915  -15.5% 836 978
Operating profit excl. items affecting comparability, 
SEK m1) 340 309  9.9% 952 845  12.7% 1,247 1,139
Operating margin, % 1.5 1.5 0.0 1.4 1.9 -0.5 1.1 1.5
Operating margin excl. items affecting comparability, 
%1) 1.8 1.8 0.0 1.7 1.7 0.0 1.7 1.7
Average number of employees — — — 3,354 3,432 -78 — 3,438
Share of women in management positions, %2) — — — 28.5 29.9 -1.4 — 28.8
Sickness-related absence. % 6.1 6.7 -0.6 7.0 8.1 -1.0 7.6 7.9
1) See Note 9 Items affecting comparability for more information.
2) The definition of “Share of women in management positions” has been revised to also include team managers. Comparison figures have been restated.
Axfood interim report 1 January– 30 September 2023 | 12
Net sales and 
operating margin
11.2 12.0 12.2
17.0 18.4
1.6
2.1 1.9
1.5 1.5
Net sales, SEK bn
Operating margin, %
Q3
19
Q3
20
Q3
21
Q3
22
Q3
23
Dagab operates and develops the 
Group’s assortment, purchasing and 
logistics, but also conducts sales to 
external customers. The Dagab 
operating segment also includes 
retailer-owned Handlar’n and 
Matöppet, the meal kit company 
Middagsfrid, the online pharmacy 
Apohem and the restaurant chain 
Urban Deli.

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

Other information
Long-term targets and capital 
expenditures 2023
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 is 
to be at least 50% of profit after tax. The dividend is to be 
paid out on two occasions.
Investments in 2023 are expected to amount to 
between SEK 1,800 m and SEK 1,900 m, excluding 
acquisitions and right-of-use assets, of which 
approximately SEK 400 m pertains to the new logistics 
centre in Bålsta outside Stockholm and SEK 170 m pertains 
to the nationwide warehouse for fruits and vegetables in 
Landskrona (the majority of which concerns automation). 
During 2023, Axfood plans to speed up its rate of 
expansion by establishing 10–15 new stores.
Costs affecting comparability of approximately 
SEK 250 m are expected to be charged against Axfood’s 
operating profit for 2023 in order to ensure stable 
operation and a transition to the new logistics centre in 
Bålsta outside Stockholm. The investments are expected to 
result in SEK 200-300 m in annual efficiency improvements 
beginning in the second half of 2024, which will then 
increase to SEK 300-400 m at full capacity.
Nominating Committee 
Ahead of the 2024 AGM and in accordance with the 
applicable instructions for Axfood’s Nominating 
Committee, the following Nominating Committee has been 
appointed. The Nominating Committee consists of Marie 
Ehrling (Axel Johnson AB), Caroline Sjösten (Swedbank 
Robur Fonder), Sussi Kvart (Handelsbanken Fonder) and 
Hjalmar Ek (Lannebo Fonder). Marie Ehrling is the 
Chairman of the Nominating Committee. Axfood’s 
Chairman, Mia Brunell Livfors, is a co-opted member of the 
Nominating Committee. Shareholders who wish to submit 
proposals to the Nominating Committee ahead of the AGM 
can do so by emailing valberedning@axfood.se. In order for 
the Nominating Committee to be able to address 
submitted proposals in a constructive manner, proposals 
must be received in due time before the AGM.
2024 Annual General Meeting
Axfood’s Annual General Meeting (AGM) will be held on 
20 March 2024 in Stockholm. All AGM documentation 
including the Annual and Sustainability Report will be 
available on the Company’s website not later than three 
weeks before the AGM. The documents will be available at 
the Company’s head offices and can be sent by post to 
shareholders who so request and provide their postal 
address.
Stockholm, 25 October 2023
Klas Balkow, 
President and CEO
Axfood interim report 1 January– 30 September 2023 | 13

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

Auditor’s review report 
To the Board of Directors of Axfood AB (publ)
Corporate registration number 556542-0824
Introduction
We have reviewed the interim report for Axfood AB (publ) 
for the period 1 January 2023–30 September 2023. The 
Board of Directors and the President are responsible for the 
preparation and presentation of this interim financial 
information in accordance with IAS 34 and the Annual 
Accounts Act. Our responsibility is to express a conclusion 
on this interim report based on our review. 
Scope of the review
We conducted our review in accordance with the 
International Standard on Review Engagements (ISRE) 
2410, Review of Interim Financial Information Performed 
by the Independent Auditor of the Entity. A review 
consists of making inquiries, primarily of persons 
responsible for financial and accounting matters, 
and applying analytical and other review procedures. 
A review has a different focus and is substantially less in 
scope than an audit conducted in accordance with 
International Standards on Auditing (ISA) and other 
generally accepted auditing practices. The procedures 
performed in a review do not enable us to obtain a level of 
assurance that we would make us aware of all significant 
matters that might be identified in an audit. Therefore, the 
conclusion expressed based on a review does not give the 
same level of assurance as a conclusion based on an audit. 
Conclusion
Based on our review, nothing has come to our attention 
that causes us to believe that the interim report is not, in 
all material aspects, prepared for the Group in accordance 
with IAS 34 and the Annual Accounts Act, and for the 
Parent Company in accordance with the Annual Accounts 
Act. 
Stockholm, 25 October 2023
Deloitte AB
Didrik Roos
Authorised Public Accountant
Axfood interim report 1 January– 30 September 2023 | 14

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

Financial statements, Group
Condensed statement of profit or loss and other comprehensive 
income, Group
SEK m
Q3
2023
Q3
2022
9 mos.
2023
9 mos.
2022 R12
Full-year
2022
Net sales 20,293 18,674 60,342 53,735 80,082 73,474
Cost of goods sold1) -17,471 -16,006 -51,876 -46,131 -69,136 -63,392
Gross profit 2,822 2,668 8,466 7,603 10,946 10,083
Selling expenses1) -945 -866 -2,952 -2,671 -3,902 -3,620
Administrative expenses1) -1,023 -1,006 -3,396 -3,042 -4,593 -4,239
Share of profit in associated companies and joint ventures -16 -11 -39 -39 -66 -66
Other operating income1) 203 195 545 809 770 1,034
Other operating expenses1) -5 -6 -15 -62 -45 -92
Operating profit 1,036 975 2,609 2,599 3,111 3,101
Interest income and similar profit/loss items 21 7 44 11 59 26
Interest expense and similar profit/loss items -100 -41 -280 -125 -347 -193
Profit before tax 956 942 2,373 2,485 2,822 2,935
	
Tax -219 -197 -532 -468 -629 -564
Net profit for the period 738 745 1,841 2,017 2,194 2,370
Other comprehensive income
Items that cannot be reclassified to profit or loss for the period, net after tax
Revaluation defined benefit pensions 2 9 7 26 51 70
Changes in holdings measured at fair value2) — -635 -273 -635 -273 -635
Items that can be reclassified to profit or loss for the period, net of tax
Changes in hedging reserve -29 22 -48 82 -44 86
Other comprehensive income for the period -27 -604 -315 -528 -266 -479
Total comprehensive income for the period 711 141 1,526 1,489 1,928 1,892
	
Net profit for the period attributable to
Owners of the parent 729 735 1,835 2,011 2,185 2,360
Non-controlling interest 9 10 5 6 9 10
Total comprehensive income for the period attributable to
Owners of the parent 702 130 1,521 1,483 1,919 1,882
Non-controlling interest 9 10 5 6 9 10
Earnings per share before dilution, SEK 3.38 3.40 8.50 9.43 10.12 11.04
Earnings per share after dilution, SEK 3.36 3.39 8.46 9.39 10.08 10.99
1) Includes items affecting comparability, see Note 9 Items affecting comparability for more information.
2) See Note 5 Financial assets and liabilities for more information.
Axfood interim report 1 January– 30 September 2023 | 15

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

Condensed statement of financial position, Group
SEK m 30 Sep 2023 30 Sep 2022 31 Dec 2022
Assets 	 	
Goodwill 3,606 3,406 3,526
Other intangible assets 1,414 1,451 1,464
Property, plant and equipment 5,821 4,731 5,294
Right-of-use assets 8,955 6,332 9,025
Financial assets 611 617 598
Deferred tax assets 258 301 253
Total non-current assets 20,665 16,837 20,159
Inventories 4,237 3,520 3,839
Trade receivables 2,337 2,092 2,143
Other current assets 1,613 1,577 1,917
Cash and cash equivalents 510 295 559
Assets held for sale — 46 —
Total current assets 8,696 7,529 8,459
Total assets 29,361 24,367 28,618
Equity and liabilities
Equity attributable to owners of the parent 6,353 6,194 6,609
Equity attributable to non-controlling interests 298 230 292
Total equity 6,651 6,424 6,901
Non-current lease liabilities 7,312 4,785 7,388
Provisions for pensions 265 329 292
Deferred tax liabilities 1,278 1,191 1,289
Other non-current liabilities 7 30 6
Total non-current liabilities 8,862 6,335 8,975
Current lease liabilities 1,711 1,548 1,662
Current interest-bearing liabilities 1,469 502 200
Trade payables 7,138 6,389 7,190
Other current liabilities 3,529 3,169 3,691
Total current liabilities 13,848 11,608 12,743
Total equity and liabilities 29,361 24,367 28,618
	
Axfood interim report 1 January– 30 September 2023 | 16

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

Condensed statement of cash flows, Group
SEK m
Q3
2023
Q3
2022
9 mos.
2023
9 mos.
2022 R12
Full-year
2022
Operating activities
Operating profit 1,036 975 2,609 2,599 3,111 3,101
Adjustments for non-cash items 26 35 101 -146 122 -125
Depreciation, amortisation, impairment 758 642 2,214 1,930 2,900 2,615
Interest paid -101 -38 -280 -116 -331 -167
Interest received 23 3 44 5 51 12
Paid tax -142 -151 -526 -477 -617 -568
Changes in working capital -178 21 -574 289 195 1,058
Cash flow from operating activities 1,423 1,487 3,588 4,083 5,432 5,927
Investing activities
Acquisitions of operations — — -3 10 -3 10
Acquisitions of intangible assets -79 -52 -322 -207 -489 -374
Acquisitions of property, plant and equipment -229 -222 -1,095 -1,503 -1,811 -2,219
Acquisitions of financial assets — -14 -241 -135 -262 -156
Other changes in investing activities 1 2 11 -37 9 -39
Cash flow from investing activities -307 -286 -1,650 -1,872 -2,556 -2,778
Financing activities
Issue of shares — — — 1,485 — 1,485
Loans raised 1,154 302 3,339 463 3,539 663
Amortisation of debt -1,199 -726 -3,508 -2,837 -4,441 -3,770
Shareholder contribution from minority owners — — — — 59 59
Share repurchases — — -59 -115 -59 -115
Dividend paid out -863 -810 -1,759 -1,646 -1,759 -1,646
Cash flow from financing activities -908 -1,235 -1,987 -2,650 -2,661 -3,324
Cash flow for the period 208 -34 -49 -439 215 -175
Condensed statement of changes in equity, Group
SEK m 30 Sep 2023 30 Sep 2022 31 Dec 2022
Amount at start of year 6,901 5,176 5,176
Total comprehensive income for the period 1,526 1,489 1,892
Change in non-controlling interests — — 0
Rights issue1) — 1,485 1,485
Share repurchases -59 -115 -115
Share-based payments 42 34 50
Shareholder contribution from minority owners — — 59
Dividend to shareholders -1,759 -1,646 -1,646
Amount at end of period 6,651 6,424 6,901
1) See Note 8 Equity for more information
Axfood interim report 1 January– 30 September 2023 | 17

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

Financial statement, Parent Company
Condensed income statement, Parent Company
SEK m
Q3
2023
Q3
2022
9 mos.
2023
9 mos.
2022
Full-year
2022
Net sales 5 2 16 6 8
Selling and administrative costs -134 -117 -412 -344 -514
Other operating income 95 73 286 226 301
Operating profit -33 -42 -110 -112 -205
Net financial items -2 2 728 257 260
Profit/loss after financial items -35 -40 618 145 56
Appropriations, net — — — — 2,154
Profit before tax -35 -40 618 145 2,209
Tax -1 7 11 19 -410
Net profit for the period -36 -33 629 164 1,799
Net profit/loss for the period corresponds to total comprehensive income for the period.
Condensed balance sheet, Parent Company
SEK m 30 Sep 2023 30 Sep 2022 31 Dec 2022
Assets
Property, plant and equipment 29 34 33
Participations in Group companies 4,412 4,319 4,389
Other financial assets 1 1 1
Deferred tax assets 7 8 8
Total non-current assets 4,449 4,362 4,431
Receivables from Group companies1) 5,608 3,975 6,244
Other current assets 424 351 28
Cash and cash equivalents 4 11 96
Total current assets 6,036 4,338 6,368
Total assets 10,485 8,700 10,799
Equity and liabilities
Restricted equity 296 296 296
Non-restricted equity 2,915 2,411 4,062
Total equity 3,211 2,708 4,358
Untaxed reserves 3,661 3,847 3,661
Provisions 1 6 6
Non-current liabilities 8 9 8
	
Current interest-bearing liabilities 1,469 502 200
Trade payables 18 12 18
Liabilities to Group companies2) 2,025 1,823 2,363
Other current liabilities 91 154 186
Total current liabilities 3,604 2,490 2,767
Total equity and liabilities 10,485 8,700 10,799
1) Of which, interest-bearing receivables 4,858 3,936 3,849
2) Of which, interest-bearing liabilities 2,024 1,823 2,291
Axfood interim report 1 January– 30 September 2023 | 18

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

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 2022 Annual and 
Sustainability Report, except for what is stated below.
This interim report has been prepared for the Group in 
accordance with IAS 34 Interim Financial Reporting and the 
Swedish Annual Accounts Act. For the Parent Company, the 
interim report has been prepared in accordance with 
recommendation RFR 2 Accounting for Legal Entities, issued 
by the Swedish Financial Reporting Board (RFR), and the 
Swedish Annual Accounts Act.
New accounting policies effective in 2023 and later
Axfood has determined that new or amended standards and 
interpretations do not and will not have any material effect on 
the consolidated financial statements.
Significant estimates and assessments
Preparing the financial statements in accordance with 
IFRS requires the Board and Executive Committee to make 
judgements and estimates as well as assumptions that affect 
the application of the accounting policies and the Company’s 
result and position as well as other disclosures in general. 
The actual outcome may deviate from these estimates and 
assessments. 
Note 2 Other material information
Seasonal effects
Axfood’s sales are affected to some degree by seasonal 
variations. Sales increase in the quarter in which Easter falls, 
which is either the first or second quarter. Sales also increase 
ahead of Midsummer during the second quarter as well as 
ahead of the major holiday season during the fourth quarter.
Significant risks and uncertainties
Like all business activities, Axfood’s business is exposed to 
risks. The risks are broken down into operational, strategic 
and financial risks. Climate and environmental risks are 
included in operational risks. In recent years, the risk scenario 
has been impacted by a number of external factors, such as 
the spread of the Covid-19 pandemic and the war in Ukraine. 
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 liability and trust risks. 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 2022 Annual and Sustainability 
Report.
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. During the second 
quarter, a company was acquired from Axel Johnson AB. The 
acquisition is not considered material. 
Electricity support for businesses
In the second quarter, the government decided on electricity 
support for businesses. For businesses that are part of an 
associate enterprise, electricity support for the entire 
associate enterprise may amount to a maximum of SEK 20 m. 
Since Axfood is part of the Axel Johnson Group, Axfood has 
received its proportional share of the associate enterprise’s 
total electricity support, which for Axfood amounted to 
SEK 16 m. The support is recognised as other revenue in each 
segment in the third quarter. 
Note 3 Operating segments
Segments have been defined based on how Axfood’s 
Executive Committee monitors and governs the operations to 
evaluate performance and allocate resources. The operating 
segments that have been identified are Willys, Hemköp, 
Snabbgross and Dagab. Joint-Group pertains to support 
functions, such as the Executive Committee, Accounting, 
Legal Affairs, HR, Communications, Business Development 
and IT. The Executive Committee reviews the segments’ 
operating profit or loss, both including and excluding items 
affecting comparability.
For information about Axfood’s operating segments, see 
pages 9-12 of this interim report. For a more detailed 
description of the segments, please refer to the 2022 Annual 
and Sustainability Report.
Note 4 Acquired and divested operations
No significant acquisitions or divestment took place in the 
third quarter 2023.
Axfood interim report 1 January– 30 September 2023 | 19

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

Note 5 Financial assets and liabilities
Financial assets measured at fair value amounted to 
SEK 147 m (271). SEK 14 m (66) is attributable to Level 2 of the 
fair value hierarchy and SEK 134 m (206) is attributable to 
Level 3. Financial liabilities measured at fair value amounted 
to SEK 35 m (0). The entire amount is attributable to Level 2 of 
the fair value hierarchy. 
The carrying amount of the call option agreement entered 
into with City Gross in conjunction with the acquisition 
amounted to SEK 0 m (0). The call option agreement is 
recognised at fair value based on an assessment of the 
change in City Gross’s future sales and earnings performance.
The carrying amount of the participation in Mathem 
amounted to SEK 134 m (206). Carrying amount of the 
participation in Mathem amounted to SEK 134 m at the 
beginning of the quarter. Axfood's shareholding in Mathem 
amounted to 18.5% (16.5). The valuation corresponds to an 
EV/sales multiple of 0.3x based on Mathem’s LTM sales as of 
30 June 2023. A 10% increase in the multiple would have 
resulted in a valuation of SEK 146 m, while a corresponding 
reduction of the multiple would have resulted in a valuation of 
SEK 122 m. 
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. 
Note 6 Pledged assets and contingent liabilities
Group, SEK m 30 Sep 2023 30 Sep 2022 31 Dec 2022 Parent Company, SEK m 30 Sep 2023 30 Sep 2022 31 Dec 2022
Pledged assets — — — Pledged assets — — —
Contingent liabilities 19 20 20 Contingent liabilities 256 244 256
Note 7 Long-term share-based incentive programmes
The 2023 AGM resolved to adopt a new long-term share-
based incentive programme that runs over a three-year 
period, LTIP 2023. The programme corresponds in all essential 
respects to LTIP 2022, with the exception that the number of 
savings shares that may be allocated has been reduced to the 
number of shares that applied for LTIP 2021 and the reference 
group of companies for measuring the share price 
performance has been adjusted for a delisted share. 
To secure the Company´s obligations under LTIP 2023,
Axfood repurchased 155,000 shares for a total of SEK 37 m 
during the second quarter of 2023, at an average price of SEK 
239.53 per share. 
The holding of treasury shares amounts to 1,065,652 
shares, which is sufficient to secure the delivery of shares for 
all the Company´s incentive programmes. 
For more information about incentive programmes, see 
Axfood’s 2022 Annual and Sustainability Report.
Note 8 Equity
A rights issue was carried out during the second quarter 
of 2022. The rights issue comprised 6,972,528 shares, 
and Axfood received SEK 1,499 m from the rights issue before 
issue costs. The number of registered shares is 216,843,240 
after the rights issue.
  
Axfood interim report 1 January– 30 September 2023 | 20
Changes in the fair value of financial assets 
attributable to Level 3, SEK m
Amount at start of year 206
Convertible loans 101
Revaluation via other comprehensive income -273
Conversion of convertible loans/issue of convertibles 17
New issue 83
Amount at end of period 134
Change in number of shares and share capital
Number of shares Share capital, SEK
1 January 2022 209,870,712 262,338,390
Rights issue 2022 6,972,528 8,715,660
31 December 2022 216,843,240 271,054,050

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

Note 9 Items affecting comparability
Items affecting comparability in the third quarter of 2023 
amounted to SEK -60 m and cumulative items affecting 
comparability amounted to SEK -179 m. Items affecting 
comparability pertained entirely to parallel warehouse 
operations within Dagab. The costs mainly included premises 
and personnel costs and were entirely attributable to the 
transition to the new logistics centre in Bålsta. The costs are 
included in cost of goods sold. 
Items affecting comparability in the third quarter of 2022 
comprised integration costs, structural costs and a repayment 
from Fora/Afa. Cumulative items affecting comparability also 
included a capital gain. Integration costs totalled SEK -16 m 
during the quarter and cumulative integration costs totalled 
SEK -74 m. The costs pertained entirely to the integration of 
Bergendahls Food and were included in other operating 
expenses. Structural costs in the quarter amounted to SEK 
-40 m and cumulative structural costs amounted to SEK -77 
m. Structural costs pertained to costs connected with the 
restructuring of Dagab’s logistics operations and were 
included in cost of goods sold. The capital gain of a 
cumulative SEK 221 m pertained to earnings from the 
divestment of Mat.se, which was recognised in other 
operating income. Fora/Afa amounted to SEK 16 m in the 
quarter and cumulative Fora/Afa amounted to SEK 33 m and 
pertained to a repayment from Fora/Afa employer’s liability. 
The revenue was included in other operating income.
Segment
Q3
2023
Q3
2022
9 mos.
2023
9 mos.
2022 R12
Full-year
2022
Parallel warehouse operations Dagab -60 — -179 — -179 —
Integration costs Dagab — -16 — -74 -46 -120
Structural costs Dagab — -40 — -77 -186 -263
Capital gain Dagab — — — 221 — 221
Fora/Afa Joint-Group — 16 — 33 — 33
Total -60 -40 -179 103 -410 -129
Note 10 Significant events after the balance sheet date
Hans Bax was recruited as the new Managing Director of 
Dagab and effective 1 February 2024 will succeed Nicholas 
Pettersson, who will take on the role as Managing Director of 
Willys on the same date.
The Nominating Committee of Axfood proposes that Thomas 
Ekman be appointed new Chairman of the Board at the Annual 
General Meeting in 2024. Axfood's current Chairman, Mia 
Brunell Livfors, has declined re-election.
Axfood interim report 1 January– 30 September 2023 | 21

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

Key ratios
Change in store structure
Number of stores
Dec 
2022
New 
establishment/
acquisitions
Sales/
closures Conversions
Sep
2023
Sep
2022
Willys/Willys Hemma/Eurocash 232 7 — — 239 230
Hemköp/Tempo, Group-owned stores 64 1 -1 1 65 64
Snabbgross/Snabbgross Club 29 1 — — 30 29
Total, Group-owned stores 325 9 -1 1 334 323
Hemköp, retailer-owned stores 137 2 -2 -1 136 137
Tempo, retailer-owned stores 131 2 -2 — 131 131
Total, retailer-owned stores 268 4 -4 -1 267 268
Total, Group-owned and retailer-owned 
stores 593 13 -5 0 601 591
Key ratios and other data, Group
9 mos.
2023
9 mos.
2022
Full-year
2022
Operating margin, % 4.3 4.8 4.2
Operating margin excl. items affecting comparability, % 4.6 4.6 4.4
Equity ratio, % 22.7 26.4 24.1
Net debt (+)/net receivable (-), SEK m 10,247 6,868 8,982
Net debt (+)/net receivable (-) excl. IFRS 16, SEK m 1,224 536 -68
Net debt/EBITDA, multiple 1.7 1.2 1.6
Net debt/EBITDA excl. IFRS 16, multiple 0.3 0.1 0.0
Net debt-equity ratio (+)/net receivable-equity ratio (-), multiple 1.5 1.1 1.3
Net debt-equity ratio (+)/net receivable-equity ratio (-), excl. IFRS 16, multiple 0.2 0.1 0.0
Capital employed, SEK m 17,408 13,588 16,442
Return on capital employed R12, % 20.5 25.8 20.9
Return on equity R12, % 34.8 49.9 40.8
Average number of employees during the year 13,269 12,834 12,772
Total capital expenditures, SEK m 2,845 2,926 6,967
Investments in intangible assets and in property, plant and equipment, SEK m 1,417 1,709 2,593
Depreciation/amortisation, SEK m -2,214 -1,930 -2,580
Number of shares outstanding at end of period 215,777,588 215,805,384 215,805,384
Average number of shares outstanding before dilution 215,805,142 212,221,661 213,117,592
Average number of shares outstanding after dilution 216,835,622 213,100,288 214,036,026
Key data per share
Earnings per share before dilution, SEK 8.50 9.43 11.04
Earnings per share before dilution excl. items affecting comparability, SEK 9.16 8.89 11.36
Earnings per share after dilution, SEK 8.46 9.39 10.99
Ordinary dividend per share, SEK1)
— — 8.15
Equity per share, SEK 29.44 28.70 30.62
Cash flow per share, SEK -0.23 -2.07 -0.82
1) Paid out on two occasions.
Axfood interim report 1 January– 30 September 2023 | 22

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

Quarterly overview, Group
SEK m Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021
Net sales 20,293 20,797 19,252 19,740 18,674 18,468 16,593 17,062
Operating profit 1,036 878 695 502 975 789 835 739
Operating profit excl. items affecting 
comparability 1,095 942 750 734 1,015 828 653 653
Operating margin, %  5.1  4.2  3.6  2.5  5.2  4.3  5.0  4.3 
Operating margin excl. items affecting 
comparability, %  5.4  4.5  3.9  3.7  5.4  4.5  3.9  3.8 
Net profit for the period 738 631 472 353 745 590 682 608
Earnings per share before dilution, SEK1) 3.38 2.93 2.20 1.62 3.40 2.75 3.27 2.90
Earnings per share before dilution excl. items 
affecting comparability, SEK1) 3.60 3.16 2.40 2.47 3.55 2.90 2.43 2.57
Cash flow from operating activities 1,423 1,684 481 1,844 1,487 1,167 1,429 1,288
Cash flow from operating activities per share, SEK 6.59 7.80 2.23 8.54 6.89 5.51 6.83 6.16
Return on capital employed R12, %  20.5  20.6  20.3  20.9  25.8  26.4  26.5  22.4 
Return on equity R12, %  34.8  37.4  47.1  40.8  49.9  51.3  65.5  46.3 
Equity per share, SEK 29.44 26.11 23.44 30.62 28.70 28.15 19.35 23.68
Total capital expenditures 594 835 1,417 4,046 544 1,247 1,135 929
Investments in intangible assets and property, 
plant and equipment 309 558 551 883 274 904 531 616
Depreciation/amortisation -758 -756 -700 -651 -642 -644 -644 -634
Items affecting comparability -60 -64 -55 -232 -40 -39 182 86
Net debt (+)/net receivable (-) 10,247 10,226 10,889 8,982 6,868 7,005 8,225 7,640
Share price, SEK 250.40 228.20 253.20 285.90 254.90 294.30 306.20 260.40
1) Comparison figures were restated for the bonus issue element of the rights issue that was completed in the second quarter of 2022.
Axfood interim report 1 January– 30 September 2023 | 23

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

Financial key ratios
In addition to the financial key ratios prepared in accordance 
with IFRS, Axfood presents financial key ratios that are not 
defined by IFRS or by the Swedish Annual Accounts Act, so-
called alternative performance measures (APMs). These APMs 
aim to provide supplementary information that contributes to 
analysing Axfood’s operations and development. The APMs 
used are considered generally accepted in the industry. APMs 
should not be seen as a substitute for financial information 
presented in accordance with IFRS, but as a complement. The
APMs are defined below under the financial key ratio 
definitions. Certain APMs are also reported excluding IFRS 16 
to enable a follow-up of operational development excluding 
the technical accounting effects as a result of IFRS 16. Some 
APMs are also reported excluding items affecting 
comparability since the adjusted performance measure 
provides a better understanding of the operations’ underlying 
development when comparing between periods. 
Reconciliation of EBITDA
SEK m
Q3
2023
Q3
2022
9 mos.
2023
9 mos.
2022 R12
Full-year
2022
Operating profit 1,036 975 2,609 2,599 3,111 3,101
Depreciation, amortisation, impairment 758 642 2,214 1,930 2,900 2,615
EBITDA 1,794 1,617 4,823 4,528 6,010 5,716
IFRS 16 Lease fees -553 -461 -1,638 -1,373 -2,169 -1,904
EBITDA excl. IFRS 16 1,241 1,157 3,185 3,155 3,842 3,812
For reconciliation of additional key ratios, see Axfood´s Website, axfood.com.
Financial key ratio definitions
Capital employed: Total assets less non-interest-bearing liabilities and 
non-interest-bearing provisions. Measures the Group’s capital use and 
efficiency.
Cash flow from operating activities per share: Cash flow from operating 
activities for the period divided by the average number of shares 
outstanding before dilution. Indicates cash flow generated from operating 
activities.
Cash flow per share: Cash flow for the period divided by the average 
number of shares outstanding before dilution. Indicates cash flow 
generated per share.
Earnings per share (defined in IFRS): Net profit for the period attributable 
to owners of the parent divided by the average number of shares 
outstanding. Reported both before and after dilution. Earnings per share 
are also reported based on earnings excluding items affecting 
comparability. 
EBITDA: Operating profit before depreciation, amortisation and 
impairment. Also reported excluding the effects of reporting in accordance 
with IFRS 16 as EBITDA excl. IFRS 16. Indicates the underlying development 
of the operations. 
Equity per share: Share of equity attributable to owners of the parent 
divided by the number of shares outstanding at the end of the period. 
Indicates shareholders’ share of the Company’s total equity per share.
Equity ratio: Equity including non-controlling interests as a percentage of 
total assets. An equity ratio of at least 20% at year-end is one of Axfood’s 
Group-wide strategic targets. 
Items affecting comparability: Financial effects in connection with major 
acquisitions and divestments or other major structural changes as well as 
material non-recurring items that are relevant in order to understand the 
results when comparing between periods.
Net debt/EBITDA: Net debt divided by EBITDA on a rolling 
12-month basis. Also reported excluding the effects of reporting in 
accordance with IFRS 16. Indicates the Group’s ability to pay its debt.
Net debt-equity ratio/net receivable-equity ratio: Net debt/
net receivable divided by equity including non-controlling interests. Also 
reported excluding the effects of reporting in accordance with IFRS 16. 
Indicates the Company’s debt-equity ratio.
Net debt/net receivable: Interest-bearing non-current and current 
receivables and liabilities less cash and cash equivalents and interest-
bearing financial assets. Net indebtedness is also referred to as net debt. 
Net receivable is also referred to as net receivables. Used to show the 
Company’s net interest-bearing assets and liabilities.
Net debt/net receivable excluding IFRS 16: Interest-bearing non-current 
and current receivables and liabilities, excluding lease liabilities, less cash 
and cash equivalents and interest-bearing financial assets. 
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– 30 September 2023 | 24

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

Operating key ratio definitions and glossary
Average number of employees: Total number of hours worked divided 
by the number of hours worked per year of 1,920.
Joint-Group: Pertains to support functions, such as the Executive 
Committee, Finance/Accounting, Legal Affairs, Communications, Business 
Development, HR and IT.
Like-for-like sales: Sales in stores that existed and generated sales in the 
current period and the comparison period.
Online sales: Reported online sales of the concepts Willys, Hemköp Group-
owned stores and Hemköp retailer-owned stores.
Private label products, share of sales: Sales of private label products, 
excluding meat, fruits and vegetables, as a percentage of retail sales. 
R12: The sum of the past 12 months determined on a rolling basis. 
Retail sales: Reported store sales including online sales for the concepts 
Willys, Willys Hemma, Eurocash, Hemköp Group-owned stores, Hemköp 
retailer-owned stores and Tempo, excluding adjustments mainly related to 
customer bonuses.
Share price: Closing share price.
Wholesale sales: Company and private customer sales including online for 
the concepts Dagab and Snabbgross (including Snabbgross Club).
Key ratio definitions for sustainability
Electricity consumption in stores and warehouses: Reported as the 
number of kilowatt hours (kWh) of purchased electricity used per square 
metre (sq. m.). The selection includes electricity consumption under joint 
contracts for a total of 303 of Axfood’s Group-owned stores and ten 
warehouses. The number of square metres corresponds to the total area of 
all stores and warehouses in the selection. Reported data is presented on a 
rolling 12-month basis. As of the first quarter of 2023, more warehouses are 
included in the calculation since they are now encompassed by Axfood’s 
central power purchase agreement. Comparison figures have not been 
restated.
Emissions from own transports: Emissions (kg CO2e) from purchased fuel 
(litres) in relation to total transported goods (tonnes) between warehouses 
and stores. Reported data pertains only to goods delivered by own 
transports. Reported data for the quarter and accumulated are presented 
with a one-month lag.
Gender equality: The share of women in management positions at the end 
of the current period. Management positions are defined as employed 
managers with employee responsibility, including the Executive 
Committee. As of the first quarter of 2023, the key ratio has been 
redefined to also include team managers. Comparison figures have been 
restated. Reported data is presented on a rolling 12-month basis.  
Growth in vegetarian protein substitutes: Percentage change in sales of 
vegetarian protein substitutes compared with the year-earlier period. 
Vegetarian protein substitutes include refrigerated and frozen items. The 
selection includes Group-owned stores in the Willys, Eurocash, Hemköp 
and Snabbgross store chains.
KRAV-certified meat share of sales: Sales from KRAV-certified meat 
items (fresh and frozen) as a percentage of the Axfood Group’s total sales 
of meat products. The selection includes Group-owned stores in the Willys, 
Hemköp and Snabbgross store chains.
Organic products share of sales: Sales from organic-labelled products 
with a valid country of origin marking as a percentage of Axfood’s total 
food sales. The selection includes Group-owned stores in the Willys, 
Eurocash, Hemköp and Snabbgross store chains.
Share of approved social audits: Share of social audits where the supplier 
received a score of A, B or C on a scale of A to E, where A is without 
remarks and E is unacceptable. Social audits comprise on-site visits and 
inspections to ensure suppliers fulfil the requirements of Axfood’s Code of 
Conduct. The selection includes on-site visits carried out by the 
organisation Amfori BSCI.
Sickness-related absence: The number of reported hours of sickness-
related absence in relation to scheduled work time. The selection includes 
active employees in Axfood. Active employees pertains to all employees in 
the Group except for employees of Urban Deli AB and Hall Miba AB. 
Internal consultants and employees on parental leave or leave of absence 
are not included. Sickness-related absence for the third quarter pertains to 
time worked during the June–August period.
Sustainability-labelled products share of sales: Sales from sustainability-
labelled products with a valid country of origin marking as a percentage of 
Axfood’s total food sales. The selection includes Group-owned stores in 
the Willys, Eurocash, Hemköp and Snabbgross store chains.
Axfood interim report 1 January– 30 September 2023 | 25

===== SIDA 26 =====

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