Kvartalsrapport Q3 2024

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

Growth in all segments and strong market positions
Third quarter summary
• Net sales totalled SEK 20,902 m 
(20,293), an increase of 3.0%.
• Retail sales totalled SEK 16,427 m 
(15,873), an increase of 3.5%.
• Operating profit amounted to 
SEK 1,007 m (1,036). Operating 
profit in the prior year period 
included items affecting 
comparability of SEK -60 m. The 
operating margin was 4.8% (5.1).
• Adjusted operating profit amounted 
to SEK 1,007 m (1,095). The adjusted 
operating margin was 4.8% (5.4).
• Net profit for the period amounted 
to SEK 715 m (738) and earnings 
per share before dilution to SEK 3.26 
(3.38).
• On 15 August, Simone Margulies 
assumed the role as President 
and CEO of Axfood. On the same 
day, Shoan Etemadi assumed the 
role as Managing Director of 
Hemköpskedjan.
• In September, a dividend of SEK 4.25 
per share was paid out, the second 
part of the dividend to shareholders 
totalling SEK 8.50 per share (8.15).
Summary January - September
• Net sales totalled SEK 62,197 m 
(60,342), an increase of 3.1%.
• Retail sales totalled SEK 49,217 m 
(47,196), an increase of 4.3%.
• Operating profit amounted 
to SEK 2,661 m (2,609). Operating 
profit in the prior year period 
included items affecting 
comparability of SEK -179 m. The 
operating margin was 4.3% (4.3).
• Adjusted operating profit 
amounted to SEK 2,661 m (2,787). 
The adjusted operating margin 
was 4.3% (4.6). 
• Net profit for the period 
amounted to SEK 1,858 m (1,841) 
and earnings per share before 
dilution to SEK 8.54	(8.50).
Significant events after the balance 
sheet date
• On 15 October, the Swedish 
Competition Authority approved 
Axfood's acquisition of City Gross. 
The acquisition will be completed 
on 1 November.
Net sales, SEK m 20,902 20,293  3.0% 62,197 60,342  3.1% 82,966 81,111
Retail sales, SEK m 16,427 15,873  3.5% 49,217 47,196  4.3% 65,723 63,703
Operating profit, SEK m 1,007 1,036  -2.7% 2,661 2,609  2.0% 3,405 3,353
Operating profit excl. items affecting comparability, SEK m1) 1,007 1,095  -8.0% 2,661 2,787  -4.5% 3,476 3,602
Operating margin, %  4.8  5.1  -0.3  4.3  4.3  0.0  4.1  4.1 
Operating margin excl. items affecting comparability, %1)  4.8  5.4  -0.6  4.3  4.6  -0.3  4.2  4.4 
Net profit for the period, SEK m 715 738  -3.0% 1,858 1,841  0.9% 2,391 2,373
Earnings per share before dilution, SEK 3.26 3.38  -3.4% 8.54 8.50  0.4% 10.96 10.92
Earnings per share before dilution excl. items affecting 
comparability, SEK1) 3.26 3.60  -9.3% 8.54 9.16  -6.8% 11.22 11.84
Cash flow from operating activities, SEK m 1,013 1,423  -28.8% 3,587 3,588  0.0% 5,806 5,807
Equity ratio, %  23.7  22.7 1.1 23.7  22.7 1.1 23.7 23.9
Working capital, SEK m -2,902 -2,597  11.7% -2,902 -2,597  11.7% -2,902 -2,620
Return on capital employed R12, %  19.6 20.5 -0.9 19.6 20.5 -0.9 19.6 20.3
Sustainability-labelled products, share of sales, %2)  26.6  26.6  0.0  27.1  27.0  0.1  26.9  26.7 
Key ratios Q3
2024
Q3
2023 Change
9 mos. 
2024
9 mos. 
2023 Change R12
Full-year
2023
1) See Note 9 Items affecting comparability for more information.
2) The key ratio has been restated and comparison figures have been recalculated. See sustainability key ratio definitions for more information.
For further information, please contact: 
Alexander Bergendorf, Head of Investor Relations, tel. + 46 73 049 18 44
The information herein is such that Axfood AB (publ) is required to make public in accordance with the EU Market Abuse Regulation.
The information was submitted for publication, through the agency of the contact person listed above, at 7:00 a.m. CET on 24 October 2024.
This interim report is an English translation of the Swedish original. In the event of any discrepancies, the Swedish version shall govern.
Interim report  
1 January - 30 September 2024 Q3
3.0%
Net sales growth 
for the third 
quarter 2024 
3.5%
Retail sales growth 
for the third 
quarter 2024

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

CEO message
Axfood summarises a third quarter with a continued positive trend in customer traffic, increased volumes 
and reinforced market positions, despite high comparison figures. Profitability was impacted by additional 
initiatives to strengthen price positions. The quarter was also characterised by a continued strong focus on 
investments for the future, and the ramp-up for all stores was finalised at the new logistics centre in Bålsta.
In addition, the Swedish Competition Authority recently approved the Group’s City Gross acquisition, 
an acquisition that will strengthen competition on the market and create new opportunities for Axfood.
Households' purchasing power has deteriorated 
considerably in recent years and, although consumers 
in general are slightly more optimistic now about the future, 
shopping behaviours remain very cautious. It is also clear 
that competition has intensified even further during the 
year, and all food retail chains have a complete focus on 
attracting new customers and retaining existing ones. In 
addition, the year has been characterised by low food price 
inflation and persistent high cost pressure on the market 
players, from for example increases in salaries and rents.
Under these market dynamics, all of Axfood’s 
businesses have a strong focus on increasing their 
competitiveness by strengthening price positions and 
ensuring attractive customer offerings. Although 
comparison figures remained high, Axfood’s growth 
for the third quarter was in line with the market, with 
higher volumes and a positive trend in customer traffic 
contributing to a 3.5% increase in retail sales. As a result, 
we are once again reinforcing our market positions, 
and conditions to continue challenging and growing.
Focus on attractive customer offerings 
Regardless of the economic situation, the discount 
segment has been the fastest growing segment of the 
food retail market for many years. Willys is the leading 
discounter and has attracted significantly more customers 
in recent years, gaining market share at a historically high 
rate. The fact that Willys continued to defend its strong 
position this quarter, with growth of 3.8%, is a sign of 
strength. Initiatives to strengthen its price position had 
a negative impact on profitability during the quarter in 
a market with intense competition. These initiatives are 
implemented to secure the profile with Sweden's cheapest 
bag of groceries, and contributes to a continued high level 
of customer traffic and loyalty as well as a strengthened 
market position going forward.
Through favourable growth of 4.5% in like-for-like 
sales and effective cost control, Hemköp continues to 
successfully and profitably navigate the traditional grocery 
retail segment of the market. Following its efforts in recent 
years to develop its product range, focus on price value and 
accelerate the pace of store modernisations, the chain is 
further strengthening its position.
Restraint and caution also dominates dynamics on the 
café and restaurant market. Our restaurant wholesaler 
Snabbgross is taking further steps and strengthens its 
market position. Growth was 5.6% in the quarter, with 
higher volumes and an increased number of customers. 
Snabbgross’ earnings were in line with the prior year.
New steps towards the logistics of the future 
The establishment of the Group’s new logistics structure 
continued during the quarter. Extensive work is under way 
to streamline product flows, and this is ongoing while the 
supply of goods to thousands of stores around the country 
is in full operations.
Towards the end of the quarter, the final volumes of 
frozen food were transferred to the new logistics facility in 
Bålsta, which means that the ramp-up for all stores is now 
complete. We are now in a phase where we will gradually 
increase focus on operational adjustments and fine-tuning 
to improve productivity and efficiency. Tests are now also 
 
under way for the roll-out of e-commerce. In addition, the 
expansion of the existing high-bay warehouse in Backa, 
Gothenburg, continued to increase the Group's capacity 
and efficiency.
The logistics investments are largely focused on 
efficiency and more automated processes, but are also 
intended to ensure the Group has the capacity to continue 
growing in the future. We have experienced strong volume 
growth in recent years, which together with the acquisition 
of the wholesale business Bergendahls Food, has resulted 
in a need to rebalance our volumes between our various 
warehouse facilities. Establishing a new logistics structure 
is an extensive endeavour – one that continued to give rise 
to additional costs in the third quarter. This is however an 
important long term shift that will result in cost savings and 
greater competitiveness over time, as well as an even more 
efficient and sustainable product supply.
Axfood interim report 1 January – 30 September 2024 | 2
"This is my first interim report as President and 
CEO of Axfood. In summary, we have reinforced 
our market positions despite high comparison 
figures and intense competition, and taken new 
steps in our investments in the future, aimed at 
strengthening our long-term competitiveness."
Significant events during the third quarter
• Volume growth and reinforced market positions
• Continued inflow of customers and high loyalty
• Progress in the logistics restructuring

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

Acquisition of City Gross approved 
We are delighted to have recently received approval from 
the Swedish Competition Authority for our acquisition of 
City Gross, which was eagerly anticipated. We now look 
forward to taking over as the company’s new owner on 
1 November, welcoming our new colleagues to the Axfood 
family, and starting the work to invest in strengthening 
the chain’s competitiveness and challenge the leading 
players in the hypermarket segment.
Focus on green transition and climate 
When it comes to sustainability, we have an ambitious 
agenda, working systematically and taking continuous 
steps in many areas.
Climate change is a central focus of our sustainability 
agenda, and I would particularly like to highlight our efforts 
to accelerate the transition to renewable fuels in 
transports. Accordingly, we have reduced the carbon 
footprint per tonne of goods transported from our own 
transport operations by 40% since last year and by nearly 
60% over a three-year period. We are also preparing to 
reapply to set science-based targets in line with the Paris 
Agreement through the Science Based Targets initiative 
(SBTi).
A strong culture and clear development agenda 
This is my first interim report as President and CEO of 
Axfood. In summary, we have reinforced our market 
positions despite high comparison figures and intense 
competition, and taken new steps in our investments 
in the future, aimed at strengthening our long-term 
competitiveness.
Since taking over the helm, I have focused on learning 
the business from my new perspective and spending time 
out in the organisation. Meeting dedicated employees and 
witnessing our strong culture is incredibly valuable and 
makes me confident that we have what it takes to write the 
next chapter of our journey together. Axfood will continue 
to challenge. We have a plan in place and a development 
agenda to ensure our continued competitiveness and to 
increase our market share. And this is something that my 
colleagues and I truly feel passionate about.
Simone Margulies
President and CEO, Axfood AB
Axfood interim report 1 January – 30 September 2024 | 3
Presentation of the interim report
Axfood will present the interim report for the third quarter 
of 2024 in a webcast at 9:30 a.m. CET today, Thursday, 
24 October 2024. 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.
Selection of press releases
15 August 2024
Simone Margulies assumes the role as President and 
CEO of Axfood
20 August 2024
Axfood enters into agreement with Linas Matkasse 
and closes down Middagsfrid
16 September 2024
Nominating Committee ahead of Axfood's 2025 AGM
Financial calendar
• The year-end report for 2024 will be published at 7:00 
a.m. CET on 30 January 2025
• The 2025 Annual General Meeting (AGM) will be held 
on 19 March 2025
• The interim report for the first quarter of 2025 will 
be published at 7:00 a.m. CET on 24 April 2025
• The interim report for the second quarter of 2025 will 
be published at 7:00 a.m. CET on 11 July 2025
• The interim report for the third quarter of 2025 will 
be published at 7:00 a.m. CET on 23 October 2025

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

The Swedish food retail market
According to the Swedish Food Retail Index, total sales 
growth during the third quarter of 2024 amounted to 3.6%. 
The calendar effect during the quarter is estimated to have 
been only marginal at -0.1%. The trend with low inflation 
continued and the price trend for food amounted to 1.5% 
during the quarter according to Statistics Sweden, which 
however was somewhat higher than the level of 1.1% in 
the second quarter.
Broken down into sales channels, sales growth amounted 
to 3.5% in physical stores and 7.5% in e-commerce. 
While growth in physical stores remained good, the 
growth in e-commerce represented a continued certain 
level of recovery following a weak performance in the last 
few years. The share of food retail sales from e-commerce 
was 3.7%.
Growth in Axfood’s retail sales compared with the Swedish Food Retail Index
3.5%
3.6%
Axfood retail sales Retail trade index ScDH/HUI
Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024
0%
4%
8%
12%
16%
20%
Growth in Axfood’s online sales compared with the Swedish Food Retail Index
10.2%
7.5%
Axfood online sales Retail trade index online svDH/HUI
Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024
-30%
-20%
-10%
0%
10%
20%
Axfood interim report 1 January – 30 September 2024 | 4

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

Group performance
Net sales
Third quarter
Net sales totalled SEK 20,902 m (20,293), an increase of 
3.0%. Retail sales totalled SEK 16,427 m (15,873), an increase 
of 3.5%, which compares to the market growth of 3.6%. 
Volume growth was the primary driver to this performance. 
Like-for-like sales grew 3.1% driven by a positive development 
for both Willys and Hemköp.
Online sales totalled SEK 796 m (723), an increase 
of 10.2% which compares to the market's growth of 7.5%. 
The share of retail sales attributable to e-commerce was 
4.8% (4.6), which was higher than the e-commerce 
penetration on the market of 3.7%.
The share of retail sales attributable to private label 
products was 32.6% (31.9).
January - September
Net sales totalled SEK 62,197 m (60,342), an increase of 
3.1%. Retail sales totalled SEK 49,217 m (47,196), an increase 
of 4.3% which compares to the market growth of 4.0%.
Like-for-like sales grew 3.8%.
Online sales totalled SEK 2,614 m (2,404), an increase 
of 8.8% which compares to the market's growth of 5.5%. 
The share of retail sales attributable to e-commerce 
was 5.3% (5.1), which was higher than the e-commerce 
penetration on the market of 4.1%.
The share of retail sales attributable to private label 
products was 32.8% (32.4).
Read about the performance of the Willys, Hemköp, Snabbgross and Dagab 
operating segments on pages 9-12.
Net sales per segment
SEK m
Q3
2024
Q3
2023 Change
9 mos. 
2024
9 mos. 
2023 Change R12
Full-year
2023
Willys 11,364 10,945  3.8% 33,914 32,432  4.6% 45,239 43,757
Hemköp 1,863 1,779  4.7% 5,776 5,456  5.9% 7,751 7,432
Snabbgross 1,518 1,437  5.6% 4,213 4,072  3.4% 5,457 5,317
Dagab 19,090 18,410  3.7% 56,765 55,167  2.9% 75,772 74,175
Joint-Group 377 342  10.4% 1,131 1,012  11.7% 1,483 1,365
Internal sales between segments
Dagab -12,992 -12,333  5.3% -38,636 -36,953  4.6% -51,470 -49,786
Joint-Group/other -320 -287  11.3% -964 -846  13.9% -1,266 -1,148
Total 20,902 20,293  3.0% 62,197 60,342  3.1 % 82,966 81,111
Retail sales
SEK m
Q3
2024
Q3
2023 Change
Change
like-for-like
stores
9 mos. 
2024
9 mos. 
2023 Change
Change
like-for-like
stores R12
Full-year
2023
Willys 11,366 10,951  3.8%  2.4% 33,918 32,440  4.6%  3.1% 45,242 43,763
Hemköp1) 5,060 4,923  2.8%  4.5% 15,298 14,756  3.7%  5.4% 20,482 19,940
Total 16,427 15,873  3.5%  3.1% 49,217 47,196  4.3%  3.8% 65,723 63,703
1) Refers to Hemköp (Group-owned and retailer-owned) and Tempo.
Axfood interim report 1 January – 30 September 2024 | 5
Retail sales and retail sales growth
11,503 12,149
14,026
15,873 16,427
7.6 5.6
15.5 13.2
3.5
Retail sales, SEK m Retail sales growth, %
Q3 2020 Q3 2021 Q3 2022 Q3 2023 Q3 2024
Net sales and growth
13,426 13,723
18,674 20,293 20,902
5.5 2.2
36.1
8.7
3.0
Net sales, SEK m Growth, %
Q3 2020 Q3 2021 Q3 2022 Q3 2023 Q3 2024

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

Operating profit
Third quarter
Operating profit amounted to 1,007 m (1,036). The prior year 
operating profit included items affecting comparability 
totalling SEK -60 m, which pertained to parallel warehouse 
operations during the transition to the new logistics centre 
in Bålsta. The operating margin was 4.8% (5.1).
Operating profit excluding items affecting comparability 
amounted to SEK 1,007 m (1,095), a decrease of -8.0 percent. 
The change was mainly attributable to a negative profit 
development in Willys, where positive volume effects and 
growth in like-for-like sales could not offset price investments 
and high cost inflation. In addition, Dagab's operating profit 
decreased, mainly as a result of costs related to the logistics 
restructuring. Hemköp demonstrated a strong profit 
development and Snabbgross' profit was in line with the prior 
year. The operating margin excluding items affecting 
comparability was 4.8% (5.4). 
Net financial items for the period amounted to SEK -95 m 
(-80). Profit after financial items amounted to SEK 912 m (956) 
and net profit for the period to SEK 715 m (738).
January - September
Operating profit amounted to SEK 2,661 m (2,609). Operating 
profit in the prior year included items affecting comparability 
totalling SEK -179 m. The operating margin was 4.3% (4.3).
Operating profit excluding items affecting comparability 
amounted to SEK 2,661 m (2,787), a decrease of -4.5%. The 
operating margin excluding items affecting comparability 
amounted to 4.3% (4.6).
Net financial items for the period amounted to SEK -282 m 
(-236). Profit after financial items amounted to SEK 2,379 m 
(2,373) and net profit for the period to SEK 1,858 m (1,841).
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
2024
Q3
2023 Change
9 mos. 
2024
9 mos. 
2023 Change R12
Full-year
2023
Willys 556 652  -14.7% 1,549 1,608  -3.7% 2,018 2,077
Hemköp 94 78  21.6% 282 222  27.0% 360 300
Snabbgross 85 86  -0.7% 196 207  -5.6% 254 265
Dagab 312 340  -8.1% 828 952  -13.1% 1,146 1,271
Joint-Group -40 -59  -32.6% -194 -203  -4.3% -302 -311
Operating profit excl. items affecting comparability 1,007 1,095  -8.0% 2,661 2,787  -4.5% 3,476 3,602
Items affecting comparability1) — -60 — -179 -71 -249
Operating profit 1,007 1,036  -2.7% 2,661 2,609  2.0% 3,405 3,353
Net financial items -95 -80 -282 -236 -361 -315
Profit after financial items 912 956  -4.6% 2,379 2,373  0.3% 3,044 3,037
1) See Note 9 Items affecting comparability for more information.
Operating margin per segment excluding items affecting comparability
%
Q3
2024
Q3
2023 Change
9 mos. 
2024
9 mos. 
2023 Change R12
Full-year
2023
Willys  4.9  6.0  -1.1  4.6  5.0  -0.4  4.5  4.7 
Hemköp  5.1  4.4  0.7  4.9  4.1  0.8  4.6  4.0 
Snabbgross  5.6  6.0  -0.4  4.7  5.1  -0.4  4.6  5.0 
Dagab  1.6  1.8  -0.2  1.5  1.7  -0.3  1.5  1.7 
Operating margin excl. items affecting comparability  4.8  5.4  -0.6  4.3  4.6  -0.3  4.2  4.4 
Operating margin  4.8  5.1  -0.3  4.3  4.3  0.0  4.1  4.1 
Axfood interim report 1 January – 30 September 2024 | 6
Operating profit and operating margin
796 793
975 1,036 1,007
5.9 5.8 5.2 5.1 4.8
Operating profit, SEK m
Operating margin, %
Q3
2020
Q3
2021
Q3
2022
Q3
2023
Q3
2024
Adjusted operating profit and adjusted 
operating margin
796 811
1,015 1,095 1,007
5.9 5.9 5.4 5.4 4.8
Adjusted operating profit, SEK m
Adjusted operating margin, %
Q3
2020
Q3
2021
Q3
2022
Q3
2023
Q3
2024

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

Capital expenditures
Total capital expenditures in intangible assets and property, 
plant and equipment and acquisitions of operations during 
the January - September period amounted to SEK 1,058 m 
(1,417), of which SEK 147 m (388) related to automation.
Investments (cash flow) per segment
%
Q3
2024
Q3
2023
9 mos. 
2024
9 mos. 
2023
Willys 115 93 338 390
Hemköp 65 31 101 70
Snabbgross 6 7 26 29
Dagab 88 93 309 615
Joint-Group 70 87 284 313
Total investments in intangible assets 
and property, plant and equipment 344 309 1,058 1,417
Financial position and cash flow
Cash flow from operating activities amounted to SEK 3,587 
m (3,588) during the January - September period. Changes 
in working capital affected cash flow with SEK -969 m 
(-574) during the period, mainly attributable to calendar 
effects. Net capital expenditures has an impact of SEK 
-1,135 m (-1,650) on cash flow mainly affected by lower 
investments in automation. Cash flow from financing 
activities was SEK -2,854 m (-1,987) during the period, 
affected by lower loans raised.
Working capital amounted to SEK -2,902 m on 
a rolling 12 month basis compared with -2,620 m at 31 
December 2023. The change is attributable to the ongoing 
work to improve the working capital in combination with 
parallel warehouse operations in large being completed. 
Working capital as a share of net sales amounted to -3.5% 
compared to -3.2% as of 31 December 2023. 
Cash and cash equivalents held by the Group amounted 
to SEK 285 m compared with SEK 688 m at 31 December 
2023. Interest-bearing liabilities and provisions totalled 
SEK 11,009 m compared with SEK 10,027 m at 31 December 
2023 as a result of higher loans raised and lease liabilities. 
Interest bearing net debt amounted to SEK 10,724 m 
compared with SEK 9,339 m at 31 December 2023. 
The equity ratio was 23.7% compared with 23.9% 
at 31 December 2023. 
Net debt/EBITDA was 1.6 compared with 1.5 at 
31 December 2023. Net debt/EBITDA excluding IFRS 16 
was 0.3 compared with 0.0 at 31 December 2023.
Axfood interim report 1 January – 30 September 2024 | 7
Investments (incl. aquisitions, excl. IFRS 16)
1,031
3,547
2,593
1,946
1,417
1,058
1.9%
6.1%
3.5%
2.4%
2.3% 1.7%
1.5% 1.4% 1.2% 1.3% 1.3% 1.4%
Investments (cash flow), SEK m
Investments (cash flow) % of Group sales
Depreciation ex. leasehold % of Group sales
2020 2021 2022 2023      9M
2023
9M
2024
Net debt/EBITDA
10,247 9,339 9,750 9,843 10,724
1.7 1.5 1.5 1.5 1.6
0.3 0.0 0.0 0.1 0.3
Net debt, SEK m
Net debt/EBITDA multiple
Net debt/EBITDA multiple ex. IFRS 16
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Equity ratio
24.0%
22.2%
26.4%
22.7% 23.7%
24.3%
21.8% 24.1%
23.9%
Q3 Year-end (Q4)
2020 2021 2022 2023 2024
Capital employed
10,674
13,550
16,442 17,212 18,058
24.2% 22.4% 20.9% 20.3% 19.6%
Capital employed, SEK m
Return on capital employed (ROCE), %
2020 2021 2022 2023 R12
Net working capital R12
-1,800
-2,260
-2,581 -2,620
-2,902
-3.4%
-3.9% -3.5% -3.2% -3.5%
Net working capital, SEK m
Net working capital % of Group sales
2020 2021 2022 2023 R12

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

Sustainable development
For Axfood, sustainable development is about seeing the 
whole picture and the relentless pursuit of improvements. 
Sustainability permeates all operations and encompasses the 
entire food supply chain, taking into account the environment, 
animal welfare, and the people who produce, sell and 
consume food.
Axfood aspires to be a positive force in society and to 
lead the way towards a sustainable food system. By taking 
the lead through its own initiatives and driving industry issues, 
the Group has an opportunity to influence decision makers. 
During the quarter, Axfood pursued several prioritised 
sustainability issues in the public debate, such as health, 
the phase-out of PFAS chemicals, preserving grazing rights 
for cows and stopping trawling in the Baltic Sea.
Food
Axfood strives to make it easier for consumers to make 
sustainable and healthy choices through a broad and 
affordable assortment of sustainability-labelled products. 
The goal is also to promote more sustainable production 
and consumption of food.
During the third quarter, the share of sales attributable 
to sustainability-labelled products was in line with the year-
earlier period at 26.6% (26.6). The share of sales attributable 
to organic products was impacted by shortages of some 
organic raw materials, mainly fruit and vegetables, and 
amounted to 4.2% (4.4). Hemköp is the industry leader with 
regards to organic products and offers, for example, double 
bonus points on purchases of organic and KRAV-certified 
products for members of the Klubb Hemköp loyalty 
programme. Axfood's share of sales attributable to KRAV-
certified meat was unchanged compared with the year-
earlier period at 2.6% (2.6).
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 aims to fully phase out fossil fuel and to convert 
the company’s own and procured transports between 
warehouses and stores to renewable fuel or electricity by 
2025. Emissions from the Group’s own transports decreased 
by approximately 40 percent in the third quarter to 7.0 CO2e 
(11.6) per tonne of delivered goods thanks to a major reduction 
in the use of diesel and transition to renewable fuel.
Work is ongoing to reduce electricity consumption in the 
Group’s operations, for example by optimising lighting and 
store refrigeration. The Group’s energy intensity on an annual 
basis amounted to 238.8 kWh (244.6) per square meter.
During the quarter, Axfood intensified its efforts to adapt 
its sustainability report to the requirements of the Corporate 
Sustainability Reporting Directive (CSRD). The Group also 
continued its work on setting science-based targets in line 
with the Paris Agreement through the Science Based Targets 
Initiative (SBTi).
People
Axfood aspires to be a positive force in society and is working 
to improve health, work and social conditions throughout the 
food supply chain, which includes customers, agricultural and 
production workers, and its own employees.
Social audits are conducted in all risk countries in order 
to ensure compliance with Axfood’s Code of Conduct among 
suppliers of private label products. All of the 23 audits 
conducted by Amfori BSCI during the quarter, 100.0% (94.7), 
had acceptable results.
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 diversity work. The share of women/men in 
management positions during the quarter was 50.8/49.2% 
(50.5/49.5), and thus remained in line with the Group’s long-
term target. Axfood was once again included on the Allbright 
Foundation’s green list of Sweden’s most gender-diverse 
companies for the year.
During the third quarter, sickness-related absence 
increased slightly to 5.7% (5.5). Axfood’s target is for sickness-
related absence not to exceed 5.3%.
For more information on Axfood’s sustainability work and key ratios, 
see the website and the 2023 Annual and Sustainability Report.
Sustainability key ratios
Q3
2024
Q3
2023 Change
9 mos. 
2024
9 mos. 
2023 Change R12
Full-year
2023
Sustainability-labelled products, share of sales, %1)  26.6  26.6  0.0  27.1  27.0  0.1  26.9  26.7 
Organic products, share of sales, %  4.2  4.4  -0.3  4.4  4.6  -0.2  4.4  4.6 
KRAV-certified meat, share of sales, %  2.6  2.6  0.0  2.8  2.6  0.3  2.9  2.8 
Share of approved social audits, %  100.0  94.7  5.3  98.3  95.2  3.1  96.6  94.5 
Electricity consumption, kWh/m2 — — — — — — 238.8 244.6
CO2e, kg/tonne of goods 7.0 11.6 -4.6 8.8 13.2 -4.4 9.1 12.3
Share of women/men in management positions, %  —  —  — 50.8/49.2 50.5/49.5 0.3/-0.3 — 51.2/48.8
Sickness-related absence, %  5.7  5.5  0.2  6.2  6.3  -0.1  6.3  6.4 
1) The key ratio has been restated and comparison figures have been recalculated. See sustainability key ratio definitions for more information.
Axfood interim report 1 January – 30 September 2024 | 8

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

Operating segment performance
Willys
Third quarter
Net sales totalled SEK 11,364 m (10,945), an increase 
of 3.8% against high comparison figures. Growth in the 
prior year period amounted to a full 15.8% which compared 
to market growth of 6.2%.
Growth in retail sales amounted to 3.8%, which 
was in line with the market. Growth in like-for-like 
sales amounted to 2.4%. Higher volumes were the 
main contributor to the development.
Price value remained relevant for consumers, which 
benefits Willys as Sweden’s leading discounter. It has 
helped foster loyalty among existing customers and led 
to an increased inflow of new customers. Willys secured 
its price position in an intense competitive environment 
during the quarter. The rate of increase in new members 
in the Willys Plus programme remained relatively strong 
and the total number of members was over 3.7 million.
In cross-border shopping, both total and like-for-like 
sales increased strongly for Eurocash.
The number of stores in the segment amounted to 
244 (239). During the quarter one Willys Hemma store 
was established. Several new establishments and 
re-establishments are planned for the rest of the year 
within the Willys chain. At the end of the quarter, online 
shopping was offered in 163 stores (153).
Operating profit totalled SEK 556 m (652), which 
corresponds to an operating margin of 4.9% (6.0). 
Increased sales volumes had a positive impact on earnings, 
however implemented price investments and high cost 
inflation in primarily personnel costs and rental levels 
resulted in a decrease in profit compared to the prior year.
January - September
Net sales for the period totalled SEK 33,914 m (32,432), 
an increase of 4.6% despite exceptionally high comparison 
figures. Growth in retail sales was 4.6%. Operating profit 
amounted to SEK 1,549 m (1,608), corresponding to an 
operating margin of 4.6% (5.0).
Willys key ratios
Q3
2024
Q3
2023 Change
9 mos. 
2024
9 mos. 
2023 Change R12
Full-year
2023
Net sales, SEK m 11,364 10,945  3.8% 33,914 32,432  4.6% 45,239 43,757
Operating profit, SEK m 556 652  -14.7% 1,549 1,608  -3.7% 2,018 2,077
Operating margin, % 4.9 6.0 -1.1 4.6 5.0 -0.4 4.5 4.7
Retail sales, SEK m 11,366 10,951  3.8% 33,918 32,440  4.6% 45,242 43,763
Like-for-like sales growth, % 2.4 12.4 -10.0 3.1 16.6 -13.5 — 13.9
Number of stores — — — 244 239 5 — 241
  of which, Willys — — — 182 178 4 — 180
  of which, Willys Hemma — — — 55 54 1 — 54
  of which, Eurocash — — — 7 7 — — 7
Stores offering online shopping — — — 163 153 10 — 158
Private label products, share of sales, % 34.6 33.6 1.0 34.7 34.2 0.5 34.6 34.2
Sustainability-labelled products, share of sales, % 27.4 27.2 0.2 28.0 27.8 0.2 27.9 27.4
Organic products, share of sales, % 3.9 4.1 -0.1 4.1 4.2 -0.1 4.1 4.2
Average number of employees — — — 7,353 7,126 227 — 7,052
Share of women in management positions, % — — — 57.3/42.7 62.4/37.6 -5.1/5.1 — 63.1/36.9
Sickness-related absence. % 5.8 5.3 0.5 6.3 6.2 0.2 6.4 6.3
Axfood interim report 1 January – 30 September 2024 | 9
With the business concept of offering Sweden’s cheapest bag 
of groceries, Willys is the country’s leading discount grocery 
chain, offering a broad assortment both in Group-owned stores 
and online. The operating segment includes Willys, Willys 
Hemma, the partly owned cross-border grocery chain Eurocash 
and a minority stake in the City Gross hypermarket chain.
Net sales and growth
7,862 7,873
9,450
10,94511,364
8.3
0.1
20.0
15.8
3.8
Net sales, SEK m
Growth, %
Q3
2020
Q3
2021
Q3
2022
Q3
2023
Q3
2024
Operating profit and 
operating margin
474 457
602 652
556
6.0 5.8 6.4 6.0
4.9
Operating profit, SEK m
Operating margin, %
Q3
2020
Q3
2021
Q3
2022
Q3
2023
Q3
2024

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

Hemköp
Third quarter
Net sales (including franchise fees) totalled SEK 1,863 m 
(1,779), an increase of 4.7%.
Growth in retail sales (including Tempo) amounted to 
2.8%. Growth in like-for-like sales amounted to 4.5%, which 
was more than the total growth on the market. Higher 
volumes were the main contributor to the development.
Hemköp is continuing to strengthen its position by 
focusing on price value, fresh products and meal solutions. 
Hemköp is also investing in the modernisation of existing 
stores and strengthening its sustainability profile. The 
total number of members in the Klubb Hemköp loyalty 
programme amounts to more than 2.0 million.
The development for Tempo was in line with the market.
The number of stores in the segment amounted to 
326 (326). Two group-owned Hemköp stores and two 
retailer-owned Tempo stores were established during 
the quarter. At the end of the quarter, online shopping 
was offered in 67 (68) stores.
Operating profit was SEK 94 m (78), corresponding 
to an operating margin of 5.1% (4.4). The increase in 
operating profit was primarily attributable to growth 
in like-for-like sales and effective cost control.
January - September
Net sales for Group-owned Hemköp stores (including 
franchise fees) for the period totalled SEK 5,776 m (5,456), 
an increase of 5.9%. Retail sales growth (including Tempo) 
amounted to 3.7%. Operating profit totalled SEK 282 m 
(222), corresponding to an operating margin of 4.9% (4.1).
Hemköp key ratios
Q3
2024
Q3
2023 Change
9 mos. 
2024
9 mos. 
2023 Change R12
Full-year
2023
Net sales, SEK m 1,863 1,779  4.7% 5,776 5,456  5.9% 7,751 7,432
Operating profit, SEK m 94 78  21.6% 282 222  27.0% 360 300
Operating margin, % 5.1 4.4 0.7 4.9 4.1 0.8 4.6 4.0
Retail sales, SEK m 5,060 4,923  2.8% 15,298 14,756  3.7% 20,482 19,940
Like-for-like sales growth, % 4.5 6.4 -1.9 5.4 8.1 -2.7 — 7.9
Number of stores1) — — — 326 326 — — 326
    of which, Group-owned Hemköp/Tempo stores — — — 67 65 2 — 66
  of which, retailer-owned Hemköp stores — — — 133 136 -3 — 136
  of which, retailer-owned Tempo stores1) — — — 126 125 1 — 124
Hemköp stores offering online shopping — — — 67 68 -1 — 67
Private label products, share of sales, % 26.3 26.6 -0.3 27.0 27.3 -0.2 27.0 27.2
Sustainability-labelled products, share of sales, % 26.6 26.9 -0.4 26.7 27.0 -0.3 26.5 26.7
Organic products, share of sales, % 5.9 6.5 -0.6 6.1 6.6 -0.5 6.2 6.5
Average number of employees — — — 1,691 1,667 24 — 1,649
Share of women in management positions, % — — — 48.3/51.7 51.0/49.0 -2.6/2.6 — 50.7/49.3
Sickness-related absence. % 5.1 5.6 -0.5 5.7 6.1 -0.4 5.8 6.1
1) Comparison figures for the number of retailer-owned Tempo stores have been adjusted down by 6 stores due to an adjustment of historical periods.
    The adjustment has not had any other effect on the financial reports. 
Axfood interim report 1 January – 30 September 2024 | 10
Hemköp offers a broad, attractively priced assortment with a 
rich offering of fresh products. Through Group-owned stores, 
retailer-owned stores and an online business, Hemköp inspires 
good meals. The Hemköp operating segment also includes 
Tempo, a mini-mart format comprising retailer-owned stores.
Net sales and growth
1,483 1,459 1,608
1,779 1,863
-2.0 -1.6
10.2 10.6
4.7
Net sales, SEK m
Growth, %
Q3
2020
Q3
2021
Q3
2022
Q3
2023
Q3
2024
Operating profit and 
operating margin
62
76 77 78
94
4.2 5.2 4.8 4.4
5.1
Operating profit, SEK m
Operating margin, %
Q3
2020
Q3
2021
Q3
2022
Q3
2023
Q3
2024

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

Snabbgross
Third quarter
Net sales totalled SEK 1,518 m (1,437), an increase of 
5.6%. Growth in like-for-like sales amounted to 4.9%. With 
the positive development and volume growth in the quarter, 
Snabbgross strengthens its position, and thereby navigates 
a challenging market for restaurants and cafés. The number 
of B2B customers continued to increase and amounts to 
more than 100,000 in total. In addition, the trend in B2C 
sales through Snabbgross Club was strong. The number 
of members in Snabbgross Club continued to increase 
and now amounts to more than 100,000.
The number of stores in the segment amounted to 
 31 (30). During the quarter one of the existing stores was 
converted to Snabbgross Club.
Operating profit amounted to SEK 85 m (86), which 
corresponds to an operating margin of 5.6% (6.0). 
The profit development was primarily attributable to 
growth in like-for-like sales, as well as high cost inflation 
with primarily higher personnel costs.
January - September
Net sales for the period totalled SEK 4,213 m (4,072), an 
increase of 3.4%. Growth in like-for-like sales amounted 
to 2.7%. Operating profit for the period was SEK 196 m 
(207), and the operating margin was 4.7% (5.1). 
Snabbgross key ratios
Q3
2024
Q3
2023 Change
9 mos. 
2024
9 mos. 
2023 Change R12
Full-year
2023
Net sales, SEK m 1,518 1,437  5.6% 4,213 4,072  3.4% 5,457 5,317
Operating profit, SEK m 85 86  -0.7% 196 207  -5.6% 254 265
Operating margin, % 5.6 6.0 -0.4 4.7 5.1 -0.4 4.6 5.0
Wholesale sales, SEK m 1,524 1,442  5.7% 4,228 4,087  3.5% 5,477 5,335
Like-for-like sales growth, % 4.9 7.4 -2.5 2.7 12.2 -9.5 — 10.4
Number of stores — — — 31 30 1 — 30
of which, Snabbgross — — — 21 25 -4 — 23
of which, Snabbgross Club — — — 10 5 5 — 7
Sustainability-labelled products, share of sales % 20.2 21.0 -0.8 20.5 21.2 -0.7 20.6 20.8
Organic products, share of sales, % 1.2 1.3 -0.1 1.3 1.3 0.0 1.2 1.3
Average number of employees — — — 608 577 31 — 568
Share of women in management positions, % — — — 42.9/57.1 41.1/58.9 1.8/-1.8 — 40.7/59.3
Sickness-related absence. % 6.0 5.7 0.3 6.4 6.4 0.0 6.3 6.3
Axfood interim report 1 January – 30 September 2024 | 11
Snabbgross is one of Sweden’s leading restaurant wholesalers 
with a customer base of restaurants, fast food operators and 
cafés. Snabbgross offers personal service, accessibility, and 
quality at its stores and online. The Snabbgross operating 
segment also includes the concept Snabbgross Club, which is 
directed at consumers.
Net sales and growth
990
1,132
1,324 1,437 1,518
4.9
14.3
16.9
8.6
5.6
Net sales, SEK m
Growth, %
Q3
20
Q3
21
Q3
22
Q3
23
Q3
24
Operating profit and 
operating margin
64
77
90 86 85
6.5 6.8 6.8
6.0 5.6
Operating profit, SEK m
Operating margin, %
Q3
20
Q3
21
Q3
22
Q3
23
Q3
24

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

Dagab
Third quarter
Net sales totalled SEK 19,090 m (18,410), an increase 
of 3.7%. The development was mainly attributable to sales 
to Axfood's own concepts.
Operating profit amounted to SEK 312 m (280), 
corresponding to an operating margin of 1.6% (1.5). 
Operating profit in the prior year period included items 
affecting comparability of SEK -60 m, which pertained to 
parallel warehouse operations during the transition to the 
new logistics centre in Bålsta. Operational adjustments 
to the logistics centre is still ongoing with related costs 
during the third quarter, however since parallel warehouse 
operations are being phased out gradually during 2024, 
these costs are no longer deemed as affecting 
comparability.
Operating profit excluding items affecting 
comparability amounted to SEK 312 m (340), which 
corresponded to an operating margin excluding items 
affecting comparability of 1.6% (1.8). The profit 
development was primarily attributable to the growth 
in sales, but was negatively affected by costs related to 
the restructuring of logistics.
Work on the Group’s new warehouse and logistics
structure is proceeding. Handling of volumes in the frozen 
assortment was completed during the quarter in the new 
logistics centre in Bålsta, which means that the facility now 
is fully operational for store deliveries in all temperature 
zones. In Backa in Gothenburg, work has continued on 
expanding and automating the existing high-bay 
warehouse to improve warehouse capacity and efficiency. 
In all, the establishment of the Group's new logistics 
structure drives short-term costs, but as communicated 
earlier it will create annual efficiency improvements and 
strengthened competitiveness. 
January - September
Net sales for the period totalled SEK 56,765 m (55,167), 
an increase of 2.9%. Operating profit amounted to 
SEK 828 m (773), corresponding to an operating margin 
of 1.5% (1.4). Operating profit in the prior year period 
included items affecting comparability of SEK -179 m. 
Operating profit excluding items affecting comparability 
amounted to SEK 828 m (952).
Dagab key ratios
Q3
2024
Q3
2023 Change
9 mos. 
2024
9 mos. 
2023 Change R12
Full-year
2023
Net sales SEK m 19,090 18,410  3.7% 56,765 55,167  2.9% 75,772 74,175
Operating profit, SEK m 312 280  11.5% 828 773  7.0% 1,076 1,021
Operating profit excl. items affecting 
comparability, SEK m1) 312 340  -8.1% 828 952  -13.1% 1,146 1,271
Operating margin, % 1.6 1.5 0.1 1.5 1.4 0.1 1.4 1.4
Operating margin excl. items affecting 
comparability, %1) 1.6 1.8 -0.2 1.5 1.7 -0.3 1.5 1.7
Average number of employees — — — 3,225 3,354 -129 — 3,351
Share of women in management positions, % — — — 31.0/69.0 28.5/71.5 2.5/-2.5 — 30.0/70.0
Sickness-related absence. % 6.0 6.1 -0.1 6.6 7.0 -0.4 6.8 7.1
1) See Note 9 Items affecting comparability for more information.
Axfood interim report 1 January – 30 September 2024 | 12
Dagab operates and develops the Group’s assortment, 
purchasing and logistics, but also conducts sales to external 
customers. The Dagab operating segment also includes 
retailer-owned Handlar’n and Matöppet, the online pharmacy 
Apohem and the restaurant chain Urban Deli.
Net sales and growth
11,99512,211
16,97118,41019,090
7.6
1.8
39.0
8.5 3.7
Net sales, SEK m
Growth, %
Q3
20
Q3
21
Q3
22
Q3
23
Q3
24
Adjusted operating 
profit and adjusted 
operating margin
246 247
309 340 312
2.1 2.0 1.8 1.8 1.6
Operating profit, SEK m
Operating margin, %
Q3
20
Q3
21
Q3
22
Q3
23
Q3
24

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

Other information
Acquisition of City Gross
On June 11, an agreement was signed with Bergendahl Food 
Holding to acquire shares corresponding to 90.1 percent of 
City Gross Sverige AB (“City Gross”), which entails that Axfood 
increases its shareholding in City Gross from the current 9.9 
percent to 100 percent.
Completion of the deal was subject to approval by 
the Swedish Competition Authority and the European 
Commission. On 10 September the review of the European 
Commission was completed. The Competition Authority 
announced on 15 October that the acquisition is left without 
any further actions which means that the deal has been 
cleared. The acquisition will be completed on 1 November.
Since 2021, Axfood has through its minority stake had a 
significant influence over City Gross and has a long-term 
cooperation agreement in for example logistics, assortment 
and purchasing, private labels, store safety, finance, HR and IT.
The consideration amounts to SEK 2 billion on a cash 
and debt free basis, and the acquisition will be financed 
through a combination of existing cash and credit facilities. 
Transaction costs in its entirety amounted to SEK 26 million 
and were incurred during the second quarter.
With Axfood’s knowledge and experience, conditions 
are created to further develop and strengthen City Gross’ 
concept. This will lead to strengthening of City Gross’ 
competitiveness in comparison to the large players in the 
hypermarket segment. Acquiring City Gross gives Axfood a 
more distinct presence in the hypermarket segment, thereby 
expanding the Group’s reach. Axfood intends to pursue a 
number of improvement initiatives to strengthen the customer 
offering, implement chain management and make operations 
more efficient, all with the purpose to strengthen City Gross 
to reach profitability by 2026 the latest and thereafter 
gradually strengthen profitability.
City Gross will be reported as a separate operating 
segment in Axfood’s financial reporting. In connection with 
the acquisition, Dagab's net sales to City Gross will be 
eliminated in the consolidated reporting. Based on City Gross' 
results until April 2024, the acquisition entails a dilutive effect 
on the Axfood Group operating margin at closing by 
approximately 0.3 percentage points on a rolling twelve-
month basis, from which there will be a gradual contribution 
towards Axfood’s long term financial target of an operating 
margin of at least 4.5 percent. The acquisition is expected to 
contribute positively to Axfood’s earnings per share by 2026 
the latest.
In connection with the completion of the transaction, 
the current minority stake of 9.9 percent in City Gross will 
be revalued in accordance with the valuation carried out in 
connection with the acquisition. This will have a negative 
profit effect of SEK 120-160 million in the fourth quarter 
and be reported as an item affecting comparability.
Financial targets and capital 
expenditures
Axfood’s long-term financial targets:
• Grow faster than the market
• Long-term operating margin of at least 4.5%
• Equity ratio of at least 20% at year-end
Axfood’s dividend policy is that the shareholder dividend 
shall be at least 50% of profit after tax. The dividend is 
to be paid out on two occasions.
Investments in 2024 are expected to amount to between 
SEK 1,600 m and SEK 1,700 m, excluding acquisitions and 
right-of-use assets, of which SEK 300 m is attributable to 
automation in the new logistics centre in Bålsta outside 
Stockholm, the distribution centre in Backa in Gothenburg 
and the new fruit and vegetables warehouse in Landskrona.
During 2024, Axfood plans to establish 10–15 new stores. 
2025 Annual General Meeting
Axfood’s 2025 Annual General Meeting (AGM)will be held on 
19 March 2025 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.
Nominating Committee
Ahead of the 2025 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 Funds), Sussi 
Kvart (Handelsbanken Funds) and Carolina Ahnemark (ODIN 
Funds). Marie Ehrling is the Chairman of the Nominating 
Committee. Axfood’s Chairman, Thomas Ekman, is a co-
opted member of the Nominating Committee. Altogether 
the Nominating Committee represents approximately 59.0% 
of the votes and capital in Axfood as per 31 August 2024.
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.
Stockholm, 24 October 2024
Simone Margulies 
President and CEO, Axfood AB
Axfood interim report 1 January – 30 September 2024 | 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 2024–30 September 2024. 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, 24 October 2024
Deloitte AB
Didrik Roos
Authorised Public Accountant
Axfood interim report 1 January – 30 September 2024 | 14

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

Financial statements, Group
Condensed statement of profit or loss 
and other comprehensive income, Group
SEK m
Q3
2024
Q3
2023
9 mos. 
2024
9 mos. 
2023 R12
Full-year
2023
Net sales 20,902 20,293 62,197 60,342 82,966 81,111
Cost of goods sold1) -17,907 -17,471 -53,213 -51,876 -71,123 -69,785
Gross profit 2,994 2,822 8,984 8,466 11,843 11,326
Selling expenses -1,007 -945 -3,082 -2,952 -4,145 -4,015
Administrative expenses -1,141 -1,023 -3,703 -3,396 -4,931 -4,625
Share of profit in associated companies and joint ventures -13 -16 -47 -39 -66 -59
Other operating income 183 203 534 545 732 743
Other operating expenses -8 -5 -26 -15 -28 -18
Operating profit 1,007 1,036 2,661 2,609 3,405 3,353
Interest income and similar profit/loss items 13 21 37 44 62 69
Interest expense and similar profit/loss items -109 -100 -319 -280 -423 -384
Profit before tax 912 956 2,379 2,373 3,044 3,037
Tax -197 -219 -521 -532 -654 -664
Net profit for the period 715 738 1,858 1,841 2,391 2,373
Other comprehensive income
Items that cannot be reclassified to profit or loss for the period, net after tax
Revaluation defined benefit pensions -6 2 -19 7 -18 8
Changes in holdings measured at fair value2) -59 — -134 -273 -134 -273
Items that can be reclassified to profit or loss for the period, net of tax
Changes in hedging reserve -2 -29 16 -48 1 -64
Other comprehensive income for the period -67 -27 -136 -315 -151 -329
Total comprehensive income for the period 648 711 1,721 1,526 2,240 2,044
Net profit for the period attributable to
Owners of the parent 704 729 1,843 1,835 2,365 2,357
Non-controlling interest 11 9 15 5 26 16
Total comprehensive income for the period attributable to
Owners of the parent 637 702 1,706 1,521 2,214 2,028
Non-controlling interest 11 9 15 5 26 16
Earnings per share before dilution, SEK 3.26 3.38 8.54 8.50 10.96 10.92
Earnings per share after dilution, SEK 3.25 3.36 8.50 8.46 10.91 10.87
1) Includes items affecting comparability, see Note 9 Items affecting comparability for more information.
2) See Note 6 Financial assets and liabilities for more information.
Axfood interim report 1 January – 30 September 2024 | 15

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

Condensed statement of financial position, Group
SEK m 30 Sep 2024 30 Sep 2023 31 Dec 2023
Assets 	 	
Goodwill 3,640 3,606 3,606
Other intangible assets 1,547 1,414 1,459
Property, plant and equipment 6,049 5,821 6,019
Right-of-use assets 9,609 8,955 9,210
Financial assets 526 611 625
Deferred tax assets 204 258 249
Total non-current assets 21,575 20,665 21,167
Inventories 4,357 4,237 4,247
Trade receivables 1,944 2,337 2,195
Other current assets 1,573 1,613 1,721
Cash and cash equivalents 285 510 688
Total current assets 8,159 8,696 8,851
Total assets 29,734 29,361 30,018
Equity and liabilities
Equity attributable to owners of the parent 6,726 6,353 6,877
Equity attributable to non-controlling interests 323 298 308
Total equity 7,049 6,651 7,185
Non-current lease liabilities 7,849 7,312 7,497
Provisions for pensions 274 265 262
Deferred tax liabilities 1,346 1,278 1,348
Other non-current liabilities 8 7 7
Total non-current liabilities 9,477 8,862 9,114
Current lease liabilities 1,746 1,711 1,748
Current interest-bearing liabilities 1,140 1,469 519
Trade payables 6,968 7,138 7,538
Other current liabilities 3,352 3,529 3,913
Total current liabilities 13,207 13,848 13,718
Total equity and liabilities 29,734 29,361 30,018
Axfood interim report 1 January – 30 September 2024 | 16

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

Condensed statement of cash flows, Group
SEK m
Q3
2024
Q3
2023
9 mos. 
2024
9 mos. 
2023 R12
Full-year
2023
Operating activities
Operating profit 1,007 1,036 2,661 2,609 3,405 3,353
Depreciation, amortisation, impairment 823 758 2,431 2,214 3,210 2,993
Interest paid and similar items -107 -101 -317 -280 -418 -381
Interest received and similar items 13 23 37 44 62 69
Adjustments for non-cash items 50 26 150 101 237 188
Paid tax -123 -142 -407 -526 -465 -584
Changes in working capital -653 -178 -969 -574 -226 169
Cash flow from operating activities 1,013 1,423 3,587 3,588 5,806 5,807
Investing activities
Acquisitions of operations — — — -3 — -3
Acquisitions of intangible assets -75 -79 -293 -322 -394 -423
Acquisitions of property, plant and equipment -268 -229 -765 -1,095 -1,193 -1,523
Acquisitions of financial assets -12 — -82 -241 -115 -274
Other changes in investing activities 0 1 5 11 7 13
Cash flow from investing activities -355 -307 -1,135 -1,650 -1,695 -2,210
Financing activities
Loans raised 941 1,154 1,980 3,339 2,199 3,558
Amortisation of debt -1,001 -1,199 -2,934 -3,508 -4,634 -5,208
Share repurchases -38 — -66 -59 -66 -59
Dividend paid out -917 -863 -1,834 -1,759 -1,834 -1,759
Cash flow from financing activities -1,015 -908 -2,854 -1,987 -4,335 -3,468
Cash flow for the period -358 208 -403 -49 -225 129
Condensed statement of changes in equity, Group
SEK m 30 Sep 2024 30 Sep 2023 31 Dec 2023
Amount at start of year 7,185 6,901 6,901
Total comprehensive income for the period 1,721 1,526 2,044
Change in non-controlling interests 0 — 0
Share repurchases -66 -59 -59
Share-based payments 43 42 58
Dividend to shareholders -1,834 -1,759 -1,759
Amount at end of period 7,049 6,651 7,185
Axfood interim report 1 January – 30 September 2024 | 17

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

Financial statement, Parent Company
Condensed income statement, Parent Company
SEK m
Q3
2024
Q3
2023
9 mos. 
2024
9 mos. 
2023
Full-year
2023
Net sales 6 5 18 16 22
Selling and administrative costs -139 -134 -487 -412 -576
Other operating income 107 95 324 286 379
Operating profit -26 -33 -145 -110 -176
Net financial items 38 -2 110 728 725
Profit/loss after financial items 12 -35 -36 618 550
Appropriations, net — — — — 2,818
Profit before tax 12 -35 -36 618 3,367
Tax -8 -1 -9 11 -562
Net profit for the period 4 -36 -45 629 2,805
Net profit/loss for the period corresponds to total comprehensive income for the period.
Condensed balance sheet, Parent Company
SEK m 30 Sep 2024 30 Sep 2023 31 Dec 2023
Assets
Property, plant and equipment 30 29 34
Participations in Group companies 4,446 4,412 4,421
Other financial assets 2 1 1
Deferred tax assets 7 7 7
Total non-current assets 4,484 4,449 4,463
Receivables from Group companies1) 5,389 5,608 8,123
Other current assets 303 424 26
Cash and cash equivalents 2 4 12
Total current assets 5,695 6,036 8,161
Total assets 10,179 10,485 12,624
Equity and liabilities
Restricted equity 296 296 296
Non-restricted equity 3,205 2,915 5,107
Total equity 3,501 3,211 5,403
Untaxed reserves 3,965 3,661 3,965
Provisions — 1 —
Non-current liabilities 8 8 9
Current interest-bearing liabilities 1,140 1,469 519
Trade payables 18 18 23
Liabilities to Group companies2) 1,442 2,025 2,505
Other current liabilities 104 91 201
Total current liabilities 2,705 3,604 3,247
Total equity and liabilities 10,179 10,485 12,624
1) Of which, interest-bearing receivables 5,340 4,858 4,949
2) Of which, interest-bearing liabilities 1,442 2,024 2,447
Axfood interim report 1 January – 30 September 2024 | 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 2023 Annual and 
Sustainability Report, except for what is stated below.
This interim report has been prepared for the Group in 
accordance with IAS 34 Interim Financial Reporting and the 
Swedish Annual Accounts Act. For the Parent Company, the 
interim report has been prepared in accordance with 
recommendation RFR 2 Accounting for Legal Entities, issued 
by the Swedish Financial Reporting Board (RFR), and the 
Swedish Annual Accounts Act.
New accounting policies effective in 2024 and later
Axfood has determined that new or amended standards 
and interpretations do not and will not have any material 
effect on the consolidated financial statements.
Significant estimates and assessments
Preparing the financial statements in accordance with 
IFRS requires the Board and Executive Committee to make 
judgements and estimates as well as assumptions that affect 
the application of the accounting policies and the Company’s 
result and position as well as other disclosures in general. 
The actual outcome may deviate from these estimates and 
assessments. 
Note 2 Other material information
Seasonal effects
Axfood’s sales are affected to some degree by seasonal 
variations. Sales increase in the quarter in which Easter falls, 
which is either the first or second quarter. Sales also increase 
ahead of Midsummer during the second quarter as well as 
ahead of the major holiday season during the fourth quarter.
Transactions with related parties
The Axfood Group’s transactions with related parties, aside 
from those covered by the consolidated financial statements, 
consist of transactions with associated companies and with 
subsidiaries within the Axel Johnson Group.
Significant risks and uncertainties
Like all business activities, Axfood’s business is exposed to 
risks. The risks are broken down into operational, strategic 
and financial risks. Climate and environmental risks are 
included in operational risks. The risks that could have the 
greatest impact on the Group are the risk of disruptions in the 
logistics chain, IT and information security risks, and 
criminality. Axfood works continuously with risk identification 
and assessment. Major emphasis is placed on preventive work 
and on planning to maintain operating continuity in the event 
of unforeseen events. For a thorough account of the risks that 
affect the Group, please refer to the 2023 Annual and 
Sustainability Report.
Note 3 Operating segments
Segments have been defined based on how Axfood’s 
Executive Committee monitors and governs the operations to 
evaluate performance and allocate resources. The operating 
segments that have been identified are Willys, Hemköp, 
Snabbgross and Dagab. Joint-Group pertains to support 
functions, such as the Executive Committee, Accounting, 
Legal Affairs, HR, Communications, Business Development 
and IT. The Executive Committee reviews the segments’ 
operating profit or loss, both including and excluding items 
affecting comparability.
For information about Axfood’s operating segments, 
see pages 9-12 of this interim report. For a more detailed 
description of the segments, please refer to the 2023 Annual 
and Sustainability Report.
Note 4 Acquired and divested operations
No significant acquisitions or divestment took place in 2024. 
During the third quarter, a decision was made to close 
down the meal kit company Middagsfrid as of 30 September. 
Closing down costs of SEK 11 million have been charged in the 
operating segment Dagab in the third quarter.
Axfood interim report 1 January – 30 September 2024 | 19

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

Note 5 Acquisition of City Gross
During the second quarter, Axfood entered into an agreement 
with Bergendahl Food Holding AB to acquire shares 
corresponding to 90.1 percent of City Gross Sverige AB (“City 
Gross”), which entails that Axfood increases its shareholding 
in City Gross from the current 9.9 percent to 100 percent. 
Completion of the transaction was subject to approval by 
the Swedish Competition Authority and the European 
Commission. On September 10, the European Commission's 
investigation was concluded. On 15 October, the Swedish 
Competition Authority announced that the acquisition was 
left without action, which means that the deal was approved. 
The acquisition will be completed on November 1.
The consideration for the shares corresponding to 90.1 
percent of City Gross amounts to SEK 2 billion on a cash and 
debt free basis, and the acquisition will be financed through a 
combination of existing cash and credit facilities. Transaction 
costs of SEK 26 m were incurred during the second quarter. 
In connection with the completion of the transaction, the 
current minority stake of 9.9 percent in City Gross will be 
revalued in accordance with the valuation carried out in 
connection with the acquisition, which will have a negative 
profit effect of SEK 120-160 m during the fourth quarter.
City Gross will be reported as a separate operating 
segment in Axfood’s financial reporting. 
Note 6 Financial assets and liabilities
Financial assets measured at fair value amounted to 
SEK 29 m (147). SEK — m (14) is attributable to Level 2 of the 
fair value hierarchy and SEK 29 m (134) is attributable to Level 
3. Financial liabilities measured at fair value amounted to SEK 
9 m (35). The entire amount is attributable to Level 2 of the 
fair value hierarchy. 
Forward exchange contracts are measured at fair value 
based on the Central Bank of Sweden’s spot rates on the 
accounting date, which is assessed to be a reasonable 
approximation of fair value. 
The carrying amount of the call option agreement entered 
into with City Gross in conjunction with the acquisition in 2021 
amounted to SEK 0 m (0). The call option agreement is 
recognised at fair value based on an assessment of the 
change in City Gross’s future sales and earnings performance. 
In connection with the acquisition of 90.1 percent of the 
shares in City Gross which will be completed on 1 November 
the call options will expire in their entirely.
During the first quarter of 2024 Mathem merged with 
Norwegian Oda and Axfood's shareholding in Mathem was 
thereby transferred to a shareholding in the combined 
company Oda Group equivalent to the value of the previous 
shareholding in Mathem. The carrying amount of the 
participation in Oda Group (Mathem) amounted to SEK 29 m 
(134). Axfood's shareholding in Oda Group amounted to 2.2% 
(18.5). The holding in Oda Group was negatively revalued in 
the third quarter by SEK 59 m. The revaluation is an 
adjustment to the valuation of the company which was 
performed in connection with the rights issue that was 
conducted by the company during the third quarter. 
Note 7 Pledged assets and contingent liabilities
Group, SEK m 30 Sep 2024 30 Sep 2023 31 Dec 2023 Parent Company, SEK m 30 Sep 2024 30 Sep 2023 31 Dec 2023
Pledged assets — — — Pledged assets — — —
Contingent liabilities 19 19 19 Contingent liabilities 264 256 264
Axfood interim report 1 January – 30 September 2024 | 20
Changes in the fair value of financial assets 
attributable to Level 3, SEK m
Amount at start of period 134
Revaluation via other comprehensive income -134
Rights issue 29
Amount at end of year 29

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

Note 8 Long-term share-based incentive programmes
The 2024 AGM resolved to adopt a new long-term share-
based incentive programme that runs over a three-year 
period, LTIP 2024. The programme corresponds in all essential 
respects to LTIP 2023. Allotment of LTIP 2021 was carried out 
in April using treasury shares. 
The 2024 AGM resolved to authorise Axfood’s Board of 
Directors to decide on the purchase of a maximum of 385,000 
own shares for the purpose of securing the Company’s 
obligations under LTIP 2024, which the Board has decided 
on. During the third quarter Axfood repurchased 148,000 
shares for a total of SEK 38.6 m, at an average price of 
SEK 260.48 per share. The holding of treasury shares amounts 
to 1 098 345 shares, which is sufficient to secure the delivery 
of shares for all of the Company’s incentive programmes.
For more information about incentive programmes, see 
Axfood’s 2022 Annual and Sustainability Report 2023.
Note 9 Items affecting comparability
No items affecting comparability are reported in 2024. 
Items affecting comparability in the third quarter and 
cumulative 2023 comprised in its entirety of parallel 
warehouse operations in Dagab. The costs mainly included 
premises and personnel costs and were entirely attributable 
to the transition to the new logistics centre in Bålsta. The 
costs were included in cost of goods sold. 
Segment
Q3
2024
Q3
2023 9 mos. 2024 9 mos. 2023 R12
Full-year
2023
Parallel warehouse operations Dagab — -60 — -179 -71 -249
Total — -60 — -179 -71 -249
Note 10 Significant events after the balance sheet date
On 15 October, the Swedish Competition Authority 
approved Axfood's acquisition of City Gross. The 
acquisition will be completed on 1 November.
Key ratios
Change in store structure
Number of stores
Dec
2023
New 
establishment/
acquisitions
Sales/
closures Conversions September 24 September 23
Willys/Willys Hemma/Eurocash 241 4 -1 — 244 239
Hemköp/Tempo, Group-owned stores 66 2 — -1 67 65
Snabbgross/Snabbgross Club 30 1 — — 31 30
Total, Group-owned stores 337 7 -1 -1 342 334
Hemköp, retailer-owned stores 136 — -4 1 133 136
Tempo, retailer-owned stores1) 124 5 -3 — 126 125
Total, retailer-owned stores 260 5 -7 1 259 261
Total, Group-owned and retailer-owned stores 597 12 -8 0 601 595
1) Comparison figures for the number of retailer-owned Tempo stores have been adjusted down by 6 stores due to 
an adjustment of historical periods. The adjustment has not had any other effect on the financial reports.
New group-owned establishments and acquisitions 
First quarter
During the first quarter, no group-owned 
stores were established or acquired.
Second quarter
Snabbgross Norrköping
Willys Hemma Altplatsen Gothenburg
Willys Söderhamn
Willys Vagnhärad
Third quarter
Willys Hemma Heden Gothenburg 
Hemköp Norrköping Ljura
Hemköp Mölndal C
Axfood interim report 1 January – 30 September 2024 | 21

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

Key ratios and other data, Group
9 mos. 2024 9 mos. 2023
Full-year
2023
Operating margin, % 4.3 4.3 4.1
Operating margin excl. items affecting comparability, % 4.3 4.6 4.4
Equity ratio, % 23.7 22.7 23.9
Net debt (+)/net receivable (-), SEK m 10,724 10,247 9,339
Net debt (+)/net receivable (-) excl. IFRS 16, SEK m 1,129 1,224 93
Net debt/EBITDA, multiple 1.6 1.7 1.5
Net debt/EBITDA excl. IFRS 16, multiple 0.3 0.3 0.0
Net debt-equity ratio (+)/net receivable-equity ratio (-), multiple 1.5 1.5 1.3
Net debt-equity ratio (+)/net receivable-equity ratio (-), excl. IFRS 16, multiple 0.2 0.2 0.0
Capital employed, SEK m 18,058 17,408 17,212
Return on capital employed R12, % 19.6 20.5 20.3
Return on equity R12, % 36.2 34.8 35.0
Average number of employees 13,486 13,269 13,185
Total capital expenditures, SEK m 3,008 2,845 4,087
Investments in intangible assets and in property, plant and equipment, SEK m 1,058 1,417 1,946
Depreciation/amortisation, SEK m -2,425 -2,214 -2,993
Number of shares outstanding at end of period 215,744,895 215,777,588 215,777,588
Average number of shares outstanding before dilution 215,802,234 215,805,142 215,798,253
Average number of shares outstanding after dilution 216,831,059 216,835,622 216,837,527
Key data per share
Earnings per share before dilution, SEK 8.54 8.50 10.92
Earnings per share before dilution excl. items affecting comparability, SEK 8.54 9.16 11.84
Earnings per share after dilution, SEK 8.50 8.46 10.87
Ordinary dividend per share, SEK1)
— — 8.50
Equity per share, SEK 31.17 29.44 31.87
Cash flow per share, SEK -1.87 -0.23 0.60
1) Paid out on two occasions.
Quarterly overview, Group
SEK m Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022
Net sales 20,902 21,044 20,252 20,769 20,293 20,797 19,252 19,740
Retail sales 16,427 16,509 16,281 16,507 15,873 16,098 15,225 15,180
Operating profit 1,007 836 817 744 1,036 878 695 502
Operating profit excl. items affecting 
comparability 1,007 836 817 815 1,095 942 750 734
Operating margin, %  4.8  4.0  4.0  3.6  5.1  4.2  3.6  2.5 
Operating margin excl. items affecting 
comparability, %  4.8  4.0  4.0  3.9  5.4  4.5  3.9  3.7 
Net profit for the period 715 582 560 533 738 631 472 353
Earnings per share before dilution, SEK 3.26 2.68 2.60 2.42 3.38 2.93 2.20 1.62
Earnings per share before dilution excl. items 
affecting comparability, SEK 3.26 2.68 2.60 2.68 3.60 3.16 2.40 2.47
Cash flow from operating activities 1,013 879 1,695 2,219 1,423 1,684 481 1,844
Cash flow from operating activities per share, SEK 4.69 4.07 7.86 10.28 6.59 7.80 2.23 8.54
Return on capital employed R12, %  19.6  21.0  21.5  20.3  20.5  20.6  20.3  20.9 
Return on equity R12, %  36.2  40.7  45.7  35.0  34.8  37.4  47.1  40.8 
Working capital R12 -2,902 -2,870 -2,804 -2,620 -2,597 -2,645 -2,602 -2,581
Equity ratio, % 23.7 21.1 19.4 23.9 22.7 19.9 18.1 24.1
Equity per share, SEK 31.17 28.30 26.11 31.87 29.44 26.11 23.44 30.62
Total capital expenditures (incl. IFRS 16) 923 907 1,178 1,242 594 835 1,417 4,046
Investments in intangible assets and property, 
plant and equipment 344 360 354 528 309 558 551 883
Depreciation/amortisation (incl. IFRS 16) -823 -806 -796 -779 -758 -756 -700 -651
Depreciation/amortisation of intangible assets 
and property, plant and equipment -305 -299 -285 -279 -272 -264 -227 -223
Items affecting comparability — — — -71 -60 -64 -55 -232
Net debt (+)/net receivable (-) 10,724 9,843 9,750 9,339 10,247 10,226 10,889 8,982
Share price, SEK 286.20 278.40 311.20 273.00 250.40 228.20 253.20 285.90
Axfood interim report 1 January – 30 September 2024 | 22

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

Financial key ratios
In addition to the financial key ratios prepared in accordance 
with IFRS, Axfood presents financial key ratios that are not 
defined by IFRS or by the Swedish Annual Accounts Act, so-
called alternative performance measures (APMs). These APMs 
aim to provide supplementary information that contributes to 
analysing Axfood’s operations and development. The APMs 
used are considered generally accepted in the industry. APMs 
should not be seen as a substitute for financial information 
presented in accordance with IFRS, but as a complement.
The APMs are defined below under the financial key ratio 
definitions. Certain APMs are also reported excluding IFRS 16 
to enable a follow-up of operational development excluding 
the technical accounting effects as a result of IFRS 16. 
Some APMs are also reported excluding items affecting 
comparability since the adjusted performance measure 
provides a better understanding of the operations’ underlying 
development when comparing between periods. 
Reconciliation of EBITDA
SEK m
Q3
2024
Q3
2023 9 mos. 2024 9 mos. 2023 R12
Full-year
2023
Operating profit 1,007 1,036 2,661 2,609 3,405 3,353
Depreciation, amortisation, impairment 823 758 2,431 2,214 3,210 2,993
EBITDA 1,831 1,794 5,092 4,823 6,615 6,345
IFRS 16 Lease fees -588 -553 -1,770 -1,638 -2,330 -2,198
EBITDA excl. IFRS 16 1,243 1,241 3,322 3,185 4,285 4,148
For reconciliation of additional key ratios, see Axfood´s website, axfood.com.
Financial key ratio definitions
Capital employed: Total assets less non-interest-bearing liabilities and 
non-interest-bearing provisions. Measures the Group’s capital use and 
efficiency.
Cash flow from operating activities per share: Cash flow from operating 
activities for the period divided by the average number of shares 
outstanding before dilution. Indicates cash flow generated from operating 
activities.
Cash flow per share: Cash flow for the period divided by the average 
number of shares outstanding before dilution. Indicates cash flow 
generated per share.
Earnings per share (defined in IFRS): Net profit for the period attributable 
to owners of the parent divided by the average number of shares 
outstanding. Reported both before and after dilution. Earnings per share 
are also reported based on earnings excluding items affecting 
comparability. 
EBITDA: Operating profit before depreciation, amortisation and 
impairment. Also reported excluding the effects of reporting in accordance 
with IFRS 16 as EBITDA excl. IFRS 16. Indicates the underlying development 
of the operations. 
Equity per share: Share of equity attributable to owners of the parent 
divided by the number of shares outstanding at the end of the period. 
Indicates shareholders’ share of the Company’s total equity per share.
Equity ratio: Equity including non-controlling interests as a percentage of 
total assets. An equity ratio of at least 20% at year-end is one of Axfood’s 
Group-wide strategic targets. 
Items affecting comparability: Financial effects in connection with major 
acquisitions and divestments or other major structural changes as well as 
material non-recurring items that are relevant in order to understand the 
results when comparing between periods.
Net debt/EBITDA: Net debt divided by EBITDA on a rolling 
12-month basis. Also reported excluding the effects of reporting in 
accordance with IFRS 16. Indicates the Group’s ability to pay its debt.
Net debt-equity ratio/net receivable-equity ratio: Net debt/
net receivable divided by equity including non-controlling interests. Also 
reported excluding the effects of reporting in accordance with IFRS 16. 
Indicates the Company’s debt-equity ratio.
Net debt/net receivable: Interest-bearing non-current and current 
receivables and liabilities less cash and cash equivalents and interest-
bearing financial assets. Net indebtedness is also referred to as net debt. 
Net receivable is also referred to as net receivables. Used to show the 
Company’s net interest-bearing assets and liabilities.
Net debt/net receivable excluding IFRS 16: Interest-bearing non-current 
and current receivables and liabilities, excluding lease liabilities, less cash 
and cash equivalents and interest-bearing financial assets. 
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. 
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. 
Axfood interim report 1 January – 30 September 2024 | 23

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

Operating key ratio definitions and glossary
Average number of employees: Total number of hours worked divided 
by the number of hours worked per year of 1,920. Also referred to as FTEs.
Joint-Group: Pertains to support functions, such as the Executive 
Committee, Finance/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, kWh/m2 (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 307 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.
CO2e, per kg/tonne of 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.
KRAV-certified meat, share of sales: Sales from KRAV-certified meat 
items (fresh and frozen) as a percentage of the Axfood’s total sales of 
meat products. The selection includes stores in the Willys, Eurocash, 
Hemköp (also retailer-owned) and Snabbgross store chains.
Organic products, share of sales: Sales from organic-labelled products 
with a valid country of origin marking as a percentage of Axfood’s total 
food sales. The selection includes stores in the Willys, Eurocash, Hemköp 
(also retailer-owned) 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.
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.
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. Reported data is presented with a one-month lag.
Sustainability-labelled products, share of sales: Sales from sustainability-
labelled products with a valid country of origin marking as a percentage 
of Axfood’s total food sales. The selection includes stores in the Willys, 
Eurocash, Hemköp (also retailer-owned) and Snabbgross store chains. 
Frozen fruits, berries and vegetables are included as of the first quarter 
2024, which leads to a slight increase in the share of sustainable sales. As 
of the first quarter 2024, Eurocash is included in the outcome for the Willys 
segment. Comparison figures have been restated.
Axfood interim report 1 January – 30 September 2024 | 24

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

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