Kvartalsrapport Q3 2025

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

Growth in all segments and 
increased market shares
Interim report third quarter 2025

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

Growth in all segments and increased market shares
Third quarter summary
• Net sales increased 6.6% to SEK 22,286 m (20,902).
• Retail sales increased 19.5% to SEK 19,625 m (16,427). Excluding 
City Gross, retail sales increased 6.2%.
• Operating profit amounted to SEK 1,059 m (1,007) including items 
affecting comparability of SEK -39 m (—). The operating margin 
was 4.8% (4.8).
• Adjusted operating profit amounted to SEK 1,099 m (1,007) and the 
adjusted operating margin to 4.9% (4.8).
• Net profit for the period amounted to SEK 727 m (715) and earnings 
per share before dilution to SEK 3.30 (3.26).
• In September, a dividend of SEK 4.25 per share was paid out, the 
second part of the shareholder dividend of SEK 8.75 per share 
(8.50).
• Axfood plans for a new highly automated logistics centre to be 
completed in 2030 which will ensure higher capacity and efficiency 
in southern Sweden. During the quarter letters of intent were signed 
with the Municipality of Kungsbacka to locate the logistics centre 
to Frillesås, and with Witron to use the company’s automation 
technology.
Summary January - September
• Net sales increased 6.6% to SEK 66,321 m (62,197).
• Retail sales increased 19.3% to SEK 58,736 m (49,217). 
Excluding City Gross, retail sales increased 6.0%.
• Operating profit amounted to SEK 2,712 m (2,661) including 
items affecting comparability of SEK -102 m (—). The operating 
margin was 4.1% (4.3).
• Adjusted operating profit amounted to SEK 2,814 m (2,661) 
and the adjusted operating margin to 4.2% (4.3). 
• Net profit for the period amounted to SEK 1,802 m (1,858) 
and earnings per share before dilution to SEK 8.24	(8.54).
Net sales, SEK m 22,286 20,902  6.6% 66,321 62,197  6.6% 88,181 84,057
Retail sales, SEK m 19,625 16,427  19.5% 58,736 49,217  19.3% 77,572 68,052
Operating profit, SEK m 1,059 1,007  5.2% 2,712 2,661  1.9% 3,341 3,290
Operating profit excl. items affecting comparability, SEK m1) 1,099 1,007  9.0% 2,814 2,661  5.8% 3,586 3,433
Operating margin, %  4.8  4.8  -0.1  4.1  4.3  -0.2  3.8  3.9 
Operating margin excl. items affecting comparability, %1)  4.9  4.8  0.1  4.2  4.3  0.0  4.1  4.1 
Net profit for the period, SEK m 727 715  1.6% 1,802 1,858  -3.0% 2,163 2,219
Earnings per share before dilution, SEK 3.30 3.26  1.2% 8.24 8.54  -3.5% 9.86 10.16
Earnings per share before dilution excl. items affecting comparability, SEK1) 3.45 3.26  5.6% 8.61 8.54  0.9% 10.89 10.82
Cash flow from operating activities, SEK m 1,352 1,013  33.5% 4,513 3,587  25.8% 6,385 5,459
Equity ratio, %  20.4  23.7 -3.3 20.4  23.7 -3.3 20.4 20.9
Net working capital as a share of net sales R12, % -3.3 -3.5 0.2 -3.3 -3.5 0.2 -3.3 -3.4
Return on capital employed R12, %  16.4 19.6 -3.2 16.4 19.6 -3.2 16.4 16.6
Sustainability-labelled products, share of sales, %  26.7  26.6  0.2  27.1  27.1  0.0  26.8  27.2 
Key ratios
Q3
2025
Q3
2024 Change
9 mos.
2025
9 mos.
2024 Change R12
Full-year
2024
1) See Note 8 Items affecting comparability for more information.
For further information, please contact: Alexander Bergendorf, Head of Investor Relations, tel. + 46 73 049 18 44
The information herein is such that Axfood AB (publ) is required to make public in accordance with the EU Market Abuse 
Regulation. The information was submitted for publication, through the agency of the contact person listed above, at 7:00 a.m. 
CET on 23 October 2025.
This interim report is an English translation of the Swedish original. In the event of any discrepancies, the Swedish version shall govern.
Axfood will present the interim report for the third quarter of 2025 in a webcast at 9:30 a.m. CET, today, Thursday, 23 October 2025. 
The report will be presented by Simone Margulies, President and CEO, and Anders Lexmon, CFO. A link to the webcast is available at 
axfood.com. A link to register to participate via conference call is also available at axfood.com. Upon registration, a telephone number 
and conference ID for the conference call will be provided.
                                                                                                                                                                                                                                                                                                                                                                                                       Axfood interim  report  1 January – 30 September 2025  2
19.5%
Retail sales growth in 
the third quarter 2025
6.6%
Net sales growth in 
the third quarter 2025 
Significant events during the quarter
• Volume growth and continued momentum 
for Willys, Hemköp and Snabbgross
• Positive trend in City Gross' like-for-like growth
• Letters of intent signed for new highly 
automated logistics centre in Kungsbacka

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

CEO message
Axfood summarises another strong quarter with high customer traffic, volume growth and increased market shares, as 
well as positive earnings trends in all operating segments. We continue to invest in strategically important areas in order 
to become even more efficient and further improve our competitiveness. In recent years, our logistics structure has been 
developed to enable continued profitable growth, and during the quarter we announced our plans to establish a new, highly 
automated logistics centre in Kungsbacka with the aim of increasing our capacity and efficiency also in southern Sweden.
As in previous quarters, the third quarter of the year was characterised 
by intense market competition and high price awareness among 
consumers. We are successfully navigating this changing and dynamic 
climate by leveraging the strength of our business model of strong and 
distinctive concepts working in collaboration. Thanks to affordable and 
attractive offerings, more and more consumers are choosing to shop 
with us. Having maintained our momentum, we delivered a strong 
performance in the quarter and gained market shares.
High customer traffic, volume growth and increased market shares
During the third quarter, Axfood’s retail sales increased approximately 
19% and just over 6% excluding City Gross, while market growth 
amounted to slightly more than 5%. This performance was driven 
both by Willys and by Hemköp, which reported higher volumes as 
a result of positive customer traffic and customer loyalty.
With its position as Sweden’s leading discount grocery chain, 
and a highly attractive concept among households, Willys is continuing 
to develop its offering. Among other initiatives, existing stores are 
rapidly being upgraded to the new Willys 5.0 store concept, and the 
rate of new store establishments is also accelerated in the coming 
years, with the aim of opening at least ten new stores each year. 
Hemköp, which operates in the traditional grocery segment, 
is also modernising stores at a rapid rate in order to enhance the 
customer meeting. Its offering is continuously being developed, with a 
focus on price value, fresh products and meal solutions. Our restaurant 
wholesaler, Snabbgross, delivered growth of 6% in the quarter.
City Gross was acquired nearly a year ago to create new growth 
opportunities for Axfood. The organisation is following a clear plan and 
has a comprehensive development agenda in place in order to reverse 
the store chain’s weak development in recent years. We are seeing 
positive trends in like-for-like growth and cost levels as a result of our 
initiatives. City Gross has excellent potential as a pure-play hyper-
market operator, an attractive segment that is continuing to account 
for a growing share of the market. With a long-term perspective, we 
leverage our knowledge and experience to develop and strengthen the 
chain for the future.
Positive earnings trends in all segments
With increased loyalty and growth in the store chains, earnings 
improved in all operating segments. In addition to efficiency and cost 
focus in our base operations – with respect to both logistics and our 
central processes and ways of working – the operating margin for the 
Group as a whole increased.
Development of logistics in southern Sweden
Dagab is continuing its efforts to optimise the flow of goods and 
streamline the Group’s new logistics structure. The logistics centre 
in Bålsta, the fruit and vegetable warehouse in Landskrona and the 
recently expanded high-bay warehouse in Backa are all clearly 
contributing to the Group’s capacity and efficiency. We have also 
initiated work to establish a new highly automated logistics centre 
in Kungsbacka which will strengthen the Group's product supply in 
southern Sweden. We are building for the future, and this new logistics 
solution will create the conditions for us to continue to grow and 
become even more competitive.
Initiatives to accelerate the green transition
The Food 2030 report, Axfood’s proposal for a more sustainable food 
strategy for Sweden, was presented during the quarter. As a leading 
player in food retail, we want to take the lead in sustainable develop-
ment, and this report, which contains 105 solutions for promoting 
sustainable food production and consumption, is an important part 
of our social advocacy and work to drive industry issues.
As a Group, we also contribute to accelerating the green transition 
in society. The phase-out of fossil fuels in our own and procured 
transports continued to reduce our emissions during the quarter, and 
our new solar park in Hallstavik in the Uppland region is now fully 
operational. We also continued to launch innovative new products 
focused on improved sustainability and health.
Leveraging the strength of our business model to continue to 
challenge and grow
Our performance in the third quarter demonstrates the strength of 
our business model, with higher growth than the market and improved 
earnings in all operating segments. The development shows how we 
with our different concepts and brands drives loyalty and growth in 
all segments of the market – both organically and through expansion. 
With our integrated value chain, we create competitive advantages 
and efficiency in base operations. Together with a high rate of 
development, a strong corporate culture, and highly engaged 
employees, I am convinced that we are poised to continue to challenge 
and strengthen our market positions also in the years ahead.
Simone Margulies
President and CEO Axfood
With continued momentum, 
Axfood summarises another 
strong quarter with high 
customer traffic, volume growth 
and increased market shares.
                                                                                                                                                                                                                                                                                                                                                                                                       Axfood interim  report  1 January – 30 September 2025  3

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

Swedish food retail
Food retail is an important part of Swedish industry and a large 
employer, providing a livelihood for more than 100,000 people. 
In total, there are more than 3,000 food retail stores across 
Sweden. The food retail market is relatively unaffected by 
economic fluctuations, with growth driven largely by population 
growth and inflation.
According to the Swedish Food Retail Index, total food retail sales growth 
during the third quarter of 2025 amounted to 5.4%. The calendar effect 
was 0.1%. According to Statistics Sweden, food prices increased at an 
annualised rate of 4.4%, mainly driven by higher prices for coffee, 
chocolate, dairy products and beef. Compared with the second quarter, 
food prices were relatively stable. Sales growth for the market in physical 
stores amounted to 5.2% and in e-commerce to 8.4%. The share of food 
retail sales attributable to e-commerce was 3.8%.
                                                                                                                                                                                                                                                                                                                                                                                                       Axfood interim  report  1 January – 30 September 2025  4
Growth in Axfood’s retail sales compared with the 
Swedish Food Retail Index
19.5%
5.4%
Axfood retail sales
Retail trade index SvDH/HUI
Q2 
2023
Q3 
2023
Q4 
2023
Q1 
2024
Q2 
2024
Q3 
2024
Q4 
2024
Q1 
2025
Q2 
2025
Q3 
2025
0%
5%
10%
15%
20%
25%
Growth in Axfood’s online sales compared with the 
Swedish Food Retail Index 
11.3%
8.4%
Axfood online sales
Retail trade index online SvDH/HUI
Q2 
2023
Q3 
2023
Q4 
2023
Q1 
2024
Q2 
2024
Q3 
2024
Q4 
2024
Q1 
2025
Q2 
2025
Q3 
2025
-20%
-10%
0%
10%
20%
Willys Hemma, 
Coop Xtra
44%
Food retail market segments in 2024
8%
SEK 302bnMarket size (excluding VAT) in 2024
Source: Axfood's estimates

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

Group
Net sales and retail sales
Third quarter
Net sales increased 6.6% and totalled SEK 22,286 m (20,902). Retail sales 
increased 19.5% and totalled SEK 19,625 m (16,427). Excluding the acquired 
City Gross, growth was 6.2%, which was more than the market growth of 
5.4%. Volume growth mainly contributed to this increase. Like-for-like 
sales increased 4.3% driven by a positive development in all store chains.
Online sales increased 11.3% and totalled SEK 886 m (796), which 
compares to market growth of 8.4%. The increase was 5.6% excluding 
City Gross and the discontinued business Middagsfrid. The share of retail 
sales attributable to e-commerce was 4.5% (4.8), which was higher than 
the e-commerce penetration on the market of 3.8%.
The share of retail sales attributable to private label products was 
31.5% (32.6). Excluding City Gross, the share of sales increased to 33.1% 
(32.6).
January - September
Net sales increased 6.6% and totalled SEK 66,321 m (62,197). Retail sales 
increased 19.3% and totalled SEK 58,736 m (49,217). Excluding City Gross, 
retail sales increased 6.0%, which compares to the market growth of 4.5%. 
Like-for-like sales grew 4.4%.
Online sales increased 9.0% and totalled SEK 2,850 m (2,614) which 
compares to the market's growth of 6.0%. The increase was 3.8% 
excluding City Gross and Middagsfrid. The share of retail sales attributable 
to e-commerce was 4.9% (5.3), which was higher than the e-commerce 
penetration on the market of 4.2%.
The share of retail sales attributable to private label products was 
32.4% (32.8). Excluding City Gross, the share of sales increased to 33.4% 
(32.8).
Read about the performance of each operating segment on pages 9-13.
                                                                                                                                                                                                                                                                                                                                                                                                       Axfood interim  report  1 January – 30 September 2025  5
Net sales and growth
13,723
18,67420,29320,90222,286
2.2
36.1
8.7
3.0 6.6
Net sales, SEK m
Growth, %
Q3 
2021
Q3 
2022
Q3 
2023
Q3 
2024
Q3 
2025
Retail sales and 
growth
12,14914,02615,87316,427
19,625
5.6
15.5 13.2
3.5
19.5
Retail sales, SEK m
Growth, %
Q3 
2021
Q3 
2022
Q3 
2023
Q3 
2024
Q3 
2025
Net sales per segment
SEK m
Q3
2025
Q3
2024 Change
9 mos.
2025
9 mos.
2024 Change R12
Full-year
2024
Willys 12,074 11,364  6.2% 36,111 33,914  6.5% 47,973 45,775
Hemköp 1,995 1,863  7.1% 6,133 5,776  6.2% 8,235 7,878
City Gross1) 2,178 — — 6,557 — — 8,202 1,646
Snabbgross 1,609 1,518  6.0% 4,454 4,213  5.7% 5,774 5,533
Dagab 19,984 19,090  4.7% 59,834 56,765  5.4% 79,658 76,589
Joint-Group 392 377  3.9% 1,172 1,131  3.7% 1,561 1,519
Internal sales between segments
Dagab -15,579 -12,992  19.9% -46,839 -38,636  21.2% -61,767 -53,565
Joint-Group/other -368 -320  15.1% -1,101 -964  14.2% -1,456 -1,319
Total 22,286 20,902  6.6% 66,321 62,197  6.6% 88,181 84,057
1) City Gross is included from the acquisition date 1 November 2024.
Retail sales
SEK m
Q3
2025
Q3
2024 Change
Change
like-for-like
stores
9 mos.
2025
9 mos.
2024 Change
Change
like-for-like
stores R12
Full-year
2024
Willys 12,076 11,366  6.2%  4.1% 36,116 33,918  6.5%  4.5% 47,979 45,782
Hemköp1) 5,373 5,060  6.2%  4.8% 16,069 15,298  5.0%  4.1% 21,413 20,642
City Gross2) 2,177 — — — 6,551 — — — 8,180 1,629
Total 19,625 16,427  19.5%  4.3% 58,736 49,217  19.3%  4.4% 77,572 68,052
Total excluding City Gross 17,449 16,427  6.2%  4.3% 52,185 49,217  6.0%  4.4% 69,392 66,424
1) Refers to Hemköp (Group-owned and retailer-owned) and Tempo. 
2) City Gross is included from the acquisition date 1 November 2024.
Share of external net sales by 
operating segment
Willys, 54%
Hemköp, 9%
City Gross, 10%
Snabbgross, 7%
Dagab, 20%
Excluding 
Joint-Group

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

Share of operating profit by 
operating segment
Willys, 52%
Hemköp, 9%
Snabbgross, 9%
Dagab, 30%
Operating profit
Third quarter
Operating profit amounted to SEK 1,059 m (1,007). Operating profit 
includes items affecting comparability totalling SEK -39 m (—) attributable 
to structural measures in City Gross. The operating margin was 4.8% (4.8).
Operating profit excluding items affecting comparability amounted 
to SEK 1,099 m (1,007). The increase was mainly driven by Willys and 
Dagab with positive effects from increased sales volumes and a lower cost 
level in logistics. The earnings development in Hemköp and Snabbgross 
was also strong. City Gross, which was acquired on 1 November 2024, had 
a negative impact on consolidated operating profit. The operating margin 
excluding items affecting comparability amounted to 4.9% (4.8).
Net financial items for the period amounted to SEK -135 m (-95). 
The change was mainly due to higher interest expenses for leasing and 
increased debt in conjunction with the acquisition of City Gross. Profit 
after financial items amounted to SEK 924 m (912) and net profit for the 
period to SEK 727 m (715).
January - September
Operating profit amounted to SEK 2,712 m (2,661). Operating profit 
included items affecting comparability totalling SEK -102 m (—). The 
operating margin was 4.1% (4.3).
Operating profit excluding items affecting comparability amounted 
to SEK 2,814 m (2,661). The operating margin excluding items affecting 
comparability was 4.2% (4.3).
Net financial items amounted to SEK -415 m (-282). The change was 
mainly due to higher interest expenses for leasing and increased debt 
in conjunction with the acquisition of City Gross. Profit after financial 
items amounted to SEK 2,297 m (2,379) and net profit for the period to 
SEK 1,802 m (1,858).
Read about the performance of each operating segment on pages 9-13.
                                                                                                                                                                                                                                                                                                                                                                                                       Axfood interim  report  1 January – 30 September 2025  6
Operating profit and 
operating margin
793
975 1,036 1,007 1,059
5.8 5.2 5.1 4.8 4.8
Operating profit, SEK m
Operating margin, %
Q3
2021
Q3
2022
Q3
2023
Q3
2024
Q3
2025
Adjusted operating 
profit and adjusted 
operating margin
811
1,015 1,095 1,007 1,099
5.9 5.4 5.4 4.8 4.9
Adj. operating profit, SEK m
Adj. operating margin, %
Q3
2021
Q3
2022
Q3
2023
Q3
2024
Q3
2025
Operating profit per segment excluding items affecting comparability
SEK m
Q3
2025
Q3
2024 Change
9 mos.
2025
9 mos.
2024 Change R12
Full-year
2024
Willys 587 556  5.5% 1,647 1,549  6.4% 2,091 1,992
Hemköp 103 94  8.6% 294 282  4.3% 355 343
City Gross1) -4 — — -104 — — -144 -40
Snabbgross 101 85  18.3% 222 196  13.1% 278 253
Dagab 341 312  9.3% 926 828  11.9% 1,255 1,156
Joint-Group -28 -40  29.3% -171 -194  11.8% -249 -271
Operating profit excl. items affecting comparability 1,099 1,007  9.0% 2,814 2,661  5.8% 3,586 3,433
Items affecting comparability2) -39 — -102 — -245 -143
Operating profit 1,059 1,007  5.2% 2,712 2,661  1.9% 3,341 3,290
Net financial items -135 -95 -415 -282 -538 -405
Profit after financial items 924 912  1.4% 2,297 2,379  -3.4% 2,803 2,885
1) City Gross is included from the acquisition date 1 November 2024.
2) Refers to structural costs in City Gross in Q3 2025 and accumulated. In Q4 2024 the item referred to the revaluation of the previous minority interest in City Gross. See Note 8 Items affecting comparability for more 
information.
Operating margin per segment excluding items affecting comparability
%
Q3
2025
Q3
2024 Change
9 mos.
2025
9 mos.
2024 Change R12
Full-year
2024
Willys  4.9  4.9  0.0  4.6  4.6  0.0  4.4  4.4 
Hemköp  5.1  5.1  0.1  4.8  4.9  -0.1  4.3  4.4 
City Gross1)  -0.2  —  —  -1.6  —  —  —  -2.4 
Snabbgross  6.3  5.6  0.7  5.0  4.7  0.3  4.8  4.6 
Dagab  1.7  1.6  0.1  1.5  1.5  0.1  1.6  1.5 
Operating margin excl. items affecting comparability  4.9  4.8  0.1  4.2  4.3  0.0  4.1  4.1 
Operating margin  4.8  4.8  -0.1  4.1  4.3  -0.2  3.8  3.9 
1) City Gross is included from the acquisition date 1 November 2024.
Excluding City Gross 
and Joint-Group

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

Capital expenditures 
Total capital expenditures in intangible assets and property, plant 
and equipment during the January - September period amounted 
to SEK 1,265 m (1,058). Including acquisitions of operations, total 
capital expenditures amounted to SEK 1,267 m (1,058). Investments 
in intangible and tangible fixed assets consist primarily of store 
modernisations, new store establishments and IT investments. 
Depreciation as share of net sales increased compared to the prior 
year primarily as a result of completion of the Bålsta logistics centre 
ramp-up.
Financial position and cash flow
Cash flow from operating activities amounted to SEK 4,513 m (3,587) 
during the January - September period. Changes in net working 
capital had an impact of SEK -334 m (-969) on cash flow during 
the period. Net working capital in the prior year period was mainly 
impacted by a more significant negative calendar effect. Net capital 
expenditures had an impact of SEK -1,296 m (-1,135) on cash flow. 
Cash flow from financing activities amounted to SEK -3,618 m 
(-2,854). 
Net working capital (rolling 12 months) amounted to SEK -2,880 m, 
which compares to SEK -2,875 m at 31 December 2024. Net working 
capital as a share of net sales amounted to -3.3% compared with 
-3.4% as of 31 December 2024. 
Cash and cash equivalents held by the Group amounted to 
SEK 334 m compared with SEK 735 m at 31 December 2024. 
Interest-bearing liabilities and provisions totalled SEK 15,947 m 
compared with SEK 15,596 m at 31 December 2024. Interest-bearing 
net debt amounted to SEK 15,613 m compared with SEK 14,861 m at 
31 December 2024.
The return on capital employed was 16.4%, compared with 16.6% 
at 31 December 2024. 
The equity ratio was 20.4% compared with 20.9% at 31 December 
2024. 
Net debt/EBITDA was 2.1 compared with 2.2 at 31 December 2024. 
Net debt/EBITDA excluding IFRS 16 was 0.7 compared with 0.6 at 31 
December 2024.
Since 2019, Axfood has had financing through a revolving credit 
facility amounting to SEK 3,500 m. In July 2025, agreements were 
entered into with Handelsbanken, SEB and Swedbank regarding a new 
revolving credit facility that replaces the previous one. The new credit 
facility amounts to SEK 4,000 m of which SEK 1,000 m has a maturity 
date in July 2028 and SEK 3,000 m has a maturity date in July 2030. 
                                                                                                                                                                                                                                                                                                                                                                                                       Axfood interim  report  1 January – 30 September 2025  7
Cash flow summary
SEK m
Q3
2025
Q3
2024
9 mos.
2025
9 mos.
2024
Cash flow from operating activities 1,352 1,013 4,513 3,587
Cash flow from investing activities -421 -355 -1,296 -1,135
Cash flow from financing activities -971 -1,015 -3,618 -2,854
Cash flow for the period -40 -358 -401 -403
Investments (incl. acquisitions, excl. IFRS 16)
SEK m 
Q3
2025
Q3
2024
9 mos.
2025
9 mos.
2024
Willys 152 115 467 338
Hemköp 107 65 223 101
City Gross1) 7 — 24 —
Snabbgross 6 6 30 26
Dagab 72 88 231 309
Joint-Group 79 70 292 284
Total investments (cash flow) 423 344 1,267 1,058
1) City Gross is included from the acquisition date 1 November 2024.
Net working capital
-2,260 -2,581 -2,620 -2,875 -2,880
-3.9% -3.5% -3.2% -3.4% -3.3%
Net working capital, SEK m
Net working capital % of Group sales
2021 2022 2023 2024 R12
Net debt/EBITDA
10,724
14,861 15,796 15,337 15,613
1.6
2.2 2.3 2.2 2.1
0.3 0.6 0.8 0.6 0.7
Net debt, SEK m
Net debt/EBITDA multiple
Net debt/EBITDA multiple ex. IFRS 16
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Capital employed
13,550 16,442 17,212
22,985 23,258
22.4%
20.9% 20.3% 16.6% 16.4%
Capital employed, SEK m
Return on capital employed (ROCE), %
2021 2022 2023 2024 R12
Investments (incl. acquisitions, excl. IFRS 16)
3,547
2,593
1,946
3,100
6.1%
3.5%
2.4%
3.7%
1.4% 1.2% 1.3% 1.5%
Investments (cash flow), SEK m
Investments (cash flow) % of net sales
Depreciation (excl. IFRS16) % of net sales
2021 2022 2023 2024 9M
2024
9M
2025
1,058
1,267
1.7% 1.9%
1.4% 1.6%

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

Sustainability
For Axfood, sustainable development is about seeing the whole picture and the relentless pursuit of improvements. Sustainability is an integral part 
of the Group’s operations and encompasses the entire food supply chain, taking into account the environment, animal welfare, and the people who 
produce, sell and consume food. Axfood aims to be a positive force in society and the strongest driving force for sustainable food in Sweden.
Axfood aims to 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 Food 2030 report, Axfood’s 
proposal for a sustainable food strategy for Sweden – with 105 
recommendations for industry, politicians and authorities – was published 
during the third quarter. Now in its ninth edition, the report aims to 
promote more sustainable food consumption and production. The 
recommendations in the report include reducing or eliminating VAT on 
sustainability-labelled food, initiatives to promote organic food, banning 
PFAS chemicals, regulating sugar and salt levels in food, and compensating 
farmers for extended grazing periods.
Food
Axfood strives to make it easier for consumers to make sustainable and 
healthy choices through a broad and affordable assortment of sustain-
ability-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 sustain-
ability-labelled products increased slightly to 26.7% (26.6), mainly as 
a result of an increased share of sales of fruit and vegetables and an 
increased share of sales of certified salmon. However, the share of sales 
attributable to organic products decreased to 3.8% (4.2), mainly due to 
an insufficient supply of organic beef and organic dairy products. This 
shortage also meant that the share of sales attributable to KRAV-certified 
meat declined to 2.1% (2.6). 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.
During the quarter, new steps were taken to promote innovative, sustain-
able and healthy food. To widen the assortment of hybrid products under 
the Garant brand, a fresh hybrid sausage was launched during the quarter. 
The sausage, which combines beef and Swedish vegetables, has half the 
carbon footprint of sausages made entirely of beef. During the summer, 
only fermented herring – or surströmming as it is called in Swedish – 
from small-scale, coastal fisheries was included in the assortment, 
strengthening local fisheries and promoting more sustainable use of Baltic 
Sea resources. As part of Framtidens fisk, an initiative to develop more 
sustainable and circular solutions for fish farming, Hemköp and Urban Deli 
introduced farmed Swedish rainbow trout raised on feed made from 
residual products – a solution that addresses the fact that feed is one of 
the main environmental impacts of fish farming.
Environment
Axfood strives to reduce the climate impact of food production as far as 
possible. Its climate targets encompass both its own and suppliers’ 
operations as well as reducing the carbon footprint per kg of food sold.
In the third quarter, the carbon footprint per kg of food sold was 1.95 kg 
CO2eq (1.99). This decrease was primarily due to a lower share of sales 
attributable to minced beef.
Axfood aims to fully phase out fossil fuel and to convert the company’s 
own and procured transports to renewable fuel or electricity by the end 
of 2025. During the quarter, emissions from own transports decreased to 
approximately 6.7 kg CO2eq (7.0) per tonne of delivered goods. A revision 
of the emissions factor for liquid biogas had a negative impact on the 
outcome, as liquid biogas accounts for roughly 40% of the fuel mix. Using
the previous emissions factor, the outcome for the quarter would have 
amounted to 5.0 kg CO2eq per tonne of delivered goods, corresponding to 
a year-on-year reduction of 29%. Fossil diesel accounts for only about 1% 
of the total fuel mix.
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 risk countries in order to ensure 
compliance with Axfood’s Code of Conduct among suppliers of private 
label products. Of a total of 82 audits conducted during the quarter, all but 
one – or 98.8% (100.0) – had acceptable results. The unsuccessful audit 
pertained to a bulgur sub-supplier in Turkey. The remarks from the audit 
have been followed up with an action plan.
Axfood is committed to diversity and inclusion, and believes that a mix 
of skills and perspectives yields better results. Gender balance in senior 
positions is an important part of this work. The share of women/men in 
management positions during the first nine months was 53.0/47.0% 
(50.8/49.2) and thus remained in line with the long-term target.
For more information on Axfood’s sustainability work and key ratios, see the website 
and the 2024 Annual and Sustainability Report.
                                                                                                                                                                                                                                                                                                                                                                                                       Axfood interim  report  1 January – 30 September 2025  8
Sustainability key ratios 
Q3
2025
Q3
2024 Change
9 mos.
2025
9 mos.
2024 Change R12
Full-year
2024
Sustainability-labelled products, share of sales, %  26.7  26.6  0.2  27.1  27.1  0.0  26.8  27.2 
Organic products, share of sales, %  3.8  4.2  -0.4  4.0  4.4  -0.4  4.0  4.2 
KRAV-certified meat, share of sales, %  2.1  2.6  -0.5  2.2  2.8  -0.6  2.3  2.7 
Share of approved social audits, %  98.8  100.0  -1.2  97.9  98.3  -0.4  97.6  97.9 
Kg CO2e per kg of food sold 1.95 1.99 -0.04 1.94 1.98 -0.04 1.97 2.01
Kg CO2e/tonne of transported goods 6.7 7.0 -0.3 7.2 8.8 -1.6 7.0 7.9
Share of women/men in management positions, %  —  —  — 53.0/47.0 50.8/49.2 2.2/-2.2 — 52.2/47.8

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

Operating segments
Willys
Willys is the leading discount grocery chain in food retail, 
offering a broad range of products in both Group-owned 
stores and online. With the ambition to offer Sweden’s 
cheapest bag of groceries, Willys aspires to lead and develop 
the discount segment. The operating segment Willys also 
includes the partly owned cross-border grocery chain 
Eurocash. 
Third quarter
Net sales increased 6.2% and totalled SEK 12,074 m (11,364). Retail 
sales increased 6.2%, which was more than the market. Growth in 
like-for-like sales amounted to 4.1%. The development was primarily 
attributable to higher volumes as a result of an increased number of 
customer visits and new store establishments. A higher average ticket 
value also had a positive impact on the sales development.
Willys is Sweden’s most recommended grocery food retail chain 
and has a unique position in the market through its combination of low 
prices, a comprehensive range, modern stores and online shopping. The 
rate of increase of new members in the Willys Plus loyalty programme 
continued to be on a high level, and the total number of members 
amounted to approximately 3.9 million (3.7) at the end of the quarter. 
In addition, loyalty among existing members remained strong.
The number of stores in the operating segment amounted to 256 
at the end of the quarter. During the quarter, one new Willys store 
was established, and in addition one City Gross store was converted 
to Willys.
Operating profit totalled SEK 587 m (556), which corresponds to 
an operating margin of 4.9% (4.9). The increase in operating profit was 
primarily driven by the increased sales volume, a stable gross margin 
development, and good cost control.
January - September
Net sales totalled SEK 36,111 m (33,914), an increase of 6.5%. Growth in 
retail sales was 6.5%. Growth in like-for-like sales was 4.5%. Operating 
profit amounted to SEK 1,647 m (1,549), which corresponds to an 
operating margin of 4.6% (4.6).
                                                                                                                                                                                                                                                                                                                                                                                                       Axfood interim  report  1 January – 30 September 2025  9
Operating profit and 
operating margin
457
602 652
556 587
5.8 6.4 6.0 4.9 4.9
Operating profit, SEK m
Operating margin, %
Q3
2021
Q3
2022
Q3
2023
Q3
2024
Q3
2025
Net sales 
and growth
7,873
9,450
10,94511,36412,074
0.1
20.0
15.8
3.8 6.2
Net sales, SEK m
Growth, %
Q3
2021
Q3
2022
Q3
2023
Q3
2024
Q3
2025
Willys key ratios
Q3
2025
Q3
2024 Change
9 mos.
2025
9 mos.
2024 Change R12
Full-year
2024
Net sales, SEK m 12,074 11,364  6.2% 36,111 33,914  6.5% 47,973 45,775
Operating profit, SEK m 587 556  5.5% 1,647 1,549  6.4% 2,091 1,992
Operating margin, % 4.9 4.9 0.0 4.6 4.6 0.0 4.4 4.4
Retail sales, SEK m 12,076 11,366  6.2% 36,116 33,918  6.5% 47,979 45,782
Like-for-like sales growth, % 4.1 2.4 1.7 4.5 3.1 1.4 — 3.1
Number of stores — — — 256 244 12 — 248
  of which, Willys — — — 188 182 6 — 184
  of which, Willys Hemma — — — 61 55 6 — 57
  of which, Eurocash — — — 7 7 — — 7
Stores offering online shopping — — — 171 163 8 — 166
Private label products, share of sales, % 35.0 34.6 0.4 35.4 34.7 0.7 35.0 34.6
Sustainability-labelled products, share of sales, % 27.9 27.4 0.5 28.3 28.0 0.3 28.1 28.3
Organic products, share of sales, % 3.6 3.9 -0.3 3.7 4.1 -0.4 3.7 4.0
Average number of employees — — — 7,632 7,353 279 — 7,273
Share of women/men in management positions, % — — — 57.9/42.1 57.3/42.7 0.6/-0.6 — 58.4/41.6

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

Hemköp
Hemköp offers a broad, attractively priced assortment with 
a rich offering of fresh products. Through Group-owned stores, 
retailer-owned stores and an online business, Hemköp inspires 
good meals. The Hemköp operating segment also includes 
Tempo, a mini-mart format comprising retailer-owned stores.
Third quarter
Net sales (including franchise fees) increased 7.1% and totalled 
SEK 1,995 m (1,863). Retail sales (including Tempo) increased 6.2%, 
which was more than the market. Growth in like-for-like sales 
amounted to 4.8%. Higher volumes contributed to this development 
as a result of an increased number of customer visits. A higher average 
ticket value also impacted the sales development positively.
Hemköp is continuing to strengthen its position with a focus 
on price value, fresh products and meal solutions. Hemköp is also 
investing in modernisations of existing stores and strengthening its 
sustainability profile. In total, the number of members in the Klubb 
Hemköp loyalty programme amounted to approximately 2.1 million 
(2.0) at the end of the quarter.
The number of stores in the operating segment amounted to 
326 at the end of the quarter. Two retailer-owned Hemköp stores 
and one retailer-owned Tempo were established during the quarter. 
In addition, a conversion of a Hemköp store from retailer-owned to 
group-owned was completed.
Operating profit amounted to SEK 103 m (94), which corresponds 
to an operating margin of 5.1% (5.1). The increase in operating profit 
was primarily driven by the increased sales, a stable gross margin 
development, and good cost control.
January - September
Net sales totalled SEK 6,133 m (5,776), an increase of 6.2%. Growth in 
retail sales was 5.0%. Growth in like-for-like sales amounted to 4.1%. 
Operating profit amounted to SEK 294 m (282), which corresponds to 
an operating margin of 4.8% (4.9).
                                                                                                                                                                                                                                                                                                                                                                                                       Axfood interim  report  1 January – 30 September 2025  10
Operating profit and 
operating margin
76 77 78
94 103
5.2 4.8 4.4 5.1 5.1
Operating profit, SEK m
Operating margin, %
Q3
2021
Q3
2022
Q3
2023
Q3
2024
Q3
2025
Net sales and growth
1,459 1,608 1,779 1,863 1,995
-1.6
10.2 10.6
4.7
7.1
Net sales, SEK m
Growth, %
Q3
2021
Q3
2022
Q3
2023
Q3
2024
Q3
2025
Hemköp key ratios
Q3
2025
Q3
2024 Change
9 mos.
2025
9 mos.
2024 Change R12
Full-year
2024
Net sales, SEK m 1,995 1,863  7.1% 6,133 5,776  6.2% 8,235 7,878
Operating profit, SEK m 103 94  8.6% 294 282  4.3% 355 343
Operating margin, % 5.1 5.1 0.1 4.8 4.9 -0.1 4.3 4.4
Retail sales, SEK m 5,373 5,060  6.2% 16,069 15,298  5.0% 21,413 20,642
Like-for-like sales growth, % 4.8 4.5 0.3 4.1 5.4 -1.3 — 5.1
Number of stores — — — 326 326 0 — 326
of which, Group-owned Hemköp/Tempo stores — — — 68 67 1 — 68
  of which, retailer-owned Hemköp stores — — — 133 133 0 — 134
  of which, retailer-owned Tempo stores — — — 125 126 -1 — 124
Hemköp stores offering online shopping — — — 66 67 -1 — 67
Private label products, share of sales, % 26.6 26.3 0.3 27.2 27.0 0.2 27.0 26.9
Sustainability-labelled products, share of sales, % 28.0 26.6 1.4 28.1 26.7 1.4 27.6 27.2
Organic products, share of sales, % 5.3 5.9 -0.6 5.6 6.1 -0.5 5.6 6.1
Average number of employees — — — 1,727 1,691 36 — 1,697
Share of women/men in management positions, % — — — 51.4/48.6 48.3/51.7 3.1/-3.1 — 49.3/50.7

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

City Gross
In City Gross' stores and e-commerce, customers are offered a 
combination of a food market hall and hypermarket together 
with one of the market's widest assortment of groceries.
Third quarter
Net sales amounted to SEK 2,178 m and retail sales to SEK 2,177 m. 
Compared to the prior year period, growth in total retail sales 
amounted to 0.6%. Like-for-like growth was 3.2%. Total growth was 
mainly explained by store closures. 
The number of stores amounted to 40 at the end of the quarter.
Operating profit amounted to SEK -43 m, which corresponds to an 
operating margin of -2.0%. Operating profit includes items affecting 
comparability totalling SEK -39 m attributable to structural measures 
including discontinuation costs for the store in Kungens Kurva in 
Stockholm, reorganisation costs, and sales clearance within the 
non-food assortment. Operating profit excluding items affecting 
comparability totalled SEK -4 m, which corresponds to an operating 
margin of -0.2%. The earnings development was impacted by effects 
from structural measures and efforts to streamline operations. The 
positive like-for-like growth also contributed to the development.
City Gross increases Axfood’s reach and gives the Group presence 
in the hypermarket segment, the fastest-growing segment in the 
market after discount. Axfood’s knowledge and experience provide 
the conditions to further develop and strengthen City Gross. This work 
proceeds according to plan and includes a series of improvement 
initiatives, with the aim of achieving profitability at some point in the 
second half of 2026 followed by a gradual improvement in profitability. 
These initiatives include developing the store concept and a review of 
the customer offering. In August, the new communications concept 
and the improved, more affordable customer offering was further 
developed. To streamline operations, a chain management structure 
is being implemented. Structural measures are also implemented at 
a handful of stores in 2025, mainly pertaining to conversions to other 
concepts. The City Gross store in Borlänge was closed during the 
quarter ahead of concept change to Willys.
January - September
Net sales amounted to SEK 6,557 m and retail sales to SEK 6,551 m. 
Compared to the prior year period, growth in total retail sales was 
-0.1%. Like-for-like growth was 1.2%. Operating profit amounted 
to SEK -206 m, which corresponds to an operating margin of -3.1%. 
Operating profit excluding items affecting comparability totalled 
SEK -104 m, which corresponds to an operating margin of -1.6%.
On 1 November 2024 the acquisition of City Gross Sverige AB was completed. 
Reported figures for 2024 pertains to 1  Nov. - 31 Dec. Information presented for 
periods prior to the acquisition date is not consolidated and not IFRS adjusted.
                                                                                                                                                                                                                                                                                                                                                                                                       Axfood interim  report  1 January – 30 September 2025  11
City Gross key ratios1) Q3
2025
Q3
2024 Change
9 mos.
2025
9 mos.
2024 Change
Full-year
20242)
Net sales, SEK m 2,178 — — 6,557 — — 1,646
Operating profit, SEK m -43 — — -206 — — -40
Operating profit excl. items affecting comparability, SEK m3) -4 — — -104 — — -40
Operating margin, % -2.0 — — -3.1 — — -2.4
Operating margin excl. items affecting comparability, %3) -0.2 — — -1.6 — — -2.4
Retail sales, SEK m 2,177 — — 6,551 — — 1,629
Like-for-like sales growth, % — — — — — — —
Number of stores — — — 40 — — 42
Stores offering online shopping — — — 40 — — 42
Private label products, share of sales, % 21.9 — — 21.8 — — 20.0
Sustainability-labelled products, share of sales, % 22.4 — — 22.3 — — 20.6
Organic products, share of sales, % 3.0 — — 3.1 — — 3.0
Average number of employees4) — — — 1,917 — — 1,828
Share of women/men in management positions, % — — — 58.2/41.8 — — 55.5/44.5
1) Data for City Gross is included from the acquisition date 1 November 2024. Comparison figures are not presented for periods prior to the acquisition date.
2) Refers to the period 1 November 2024 - 31 December 2024.
3) See Note 8 Items affecting comparability for more information.
4) For the full year 2024, the reported average number of employees refers to the annual working hours for the period 1 January - 31 December. For the consolidated period the average number 
of employees in relation to annual working hours was 305 persons.

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

Snabbgross
Snabbgross is one of Sweden’s leading restaurant wholesalers 
with a customer base of restaurants, fast food operators and 
cafés. Snabbgross offers personal service, accessibility, and 
quality at its stores and online. The Snabbgross operating 
segment also includes the concept Snabbgross Club, which is 
directed at consumers.
Third quarter
Net sales increased 6.0% and totalled SEK 1,609 m (1,518). Growth in 
like-for-like sales amounted to 6.0%. Higher volumes contributed to 
this development as a result of an increased number of customer visits. 
A higher average ticket value also impacted the sales development 
positively. 
The number of active B2B customers continued to increase and 
amounted to approximately 120,000 (112,000) at the end of the 
quarter. In addition, the trend in B2C sales through Snabbgross Club 
was strong. The number of registered members in Snabbgross Club 
has continued to increase and amounted to approximately 160,000 
(108,000) at the end of the quarter. 
The number of stores in the operating segment amounted to 31 
at the end of the quarter.
Operating profit amounted to SEK 101 m (85), which corresponds to 
an operating margin of 6.3% (5.6). The increase in operating profit was 
primarily driven by the increased sales, a stable gross margin, and good 
cost control.
January - September
Net sales totalled SEK 4,454 m (4,213), an increase of 5.7%. Growth in 
like-for-like sales amounted to 5.8%. Operating profit amounted to 
SEK 222 m (196), which corresponds to an operating margin of 5.0% 
(4.7).
                                                                                                                                                                                                                                                                                                                                                                                                       Axfood interim  report  1 January – 30 September 2025  12
Net sales and growth
1,132
1,324 1,437 1,518 1,609
14.3
16.9
8.6
5.6 6.0
Net sales, SEK m
Growth, %
Q3
2021
Q3
2022
Q3
2023
Q3
2024
Q3
2025
Snabbgross key ratios
Q3
2025
Q3
2024 Change
9 mos.
2025
9 mos.
2024 Change R12
Full-year
2024
Net sales, SEK m 1,609 1,518  6.0% 4,454 4,213  5.7% 5,774 5,533
Operating profit, SEK m 101 85  18.3% 222 196  13.1% 278 253
Operating margin, % 6.3 5.6 0.7 5.0 4.7 0.3 4.8 4.6
Like-for-like sales growth, % 6.0 4.9 1.1 5.8 2.7 3.1 — 3,3
Number of stores — — — 31 31 — — 31
of which, Snabbgross — — — 19 21 -2 — 21
of which, Snabbgross Club — — — 12 10 2 — 10
Sustainability-labelled products, share of sales % 20.4 20.2 0.3 20.8 20.5 0.3 20.7 20.7
Organic products, share of sales, % 1.5 1.2 0.3 1.6 1.3 0.3 1.6 1.6
Average number of employees — — — 609 608 1 — 598
Share of women/men in management positions, % — — — 44.4/55.6 42.9/57.1 1.5/-1.5 — 44.4/53.6
Operating profit and 
operating margin
77
90 86 85
101
6.8 6.8 6.0 5.6 6.3
Operating profit, SEK m
Operating margin, %
Q2
2021
Q2
2022
Q2
2023
Q2
2024
Q2
2025

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

Dagab
Dagab operates and develops the Group’s assortment, 
purchasing and logistics, but also conducts sales to external 
customers. The Dagab operating segment also includes 
retailer-owned Handlar’n and Matöppet, the restaurant chain 
Urban Deli and the partly owned online pharmacy Apohem.
Third quarter
Net sales increased 4.7% and totalled SEK 19,984 m (19,090). Growth 
was mainly attributable to sales to Axfood's own concepts Willys, 
Hemköp and Snabbgross.
Operating profit amounted to SEK 341 m (312), which corresponds 
to an operating margin of 1.7% (1.6). The increase in earnings was 
primarily attributable to positive sales growth and a lower cost level 
due to improvements in logistics efficiency. Operating profit was 
however negatively impacted by a lower gross margin.
The logistics centre in Bålsta is fully operational and the focus is 
on optimisation to continue improving productivity and efficiency. 
Work on developing other parts of the Group’s warehouse and logistics 
structure is also progressing. Recently, the expanded and automated 
high-bay warehouse in the distribution centre in Backa, Gothenburg 
was taken into operations, further increasing capacity and efficiency. 
Planning is also ongoing to establish a new highly automated logistics 
centre to be completed in 2030 which will ensure higher capacity and 
efficiency for the Group’s future growth in southern Sweden. During the 
quarter, letters of intent were signed with Witron to use the company’s 
automation technology and with the Municipality of Kungsbacka to 
locate the logistics centre to Frillesås. More information about this 
initiative can be found on the next page in this interim report.
January - September
Net sales totalled SEK 59,834 m (56,765), an increase of 5.4%. 
Operating profit amounted to SEK 926 m (828), which corresponds 
to an operating margin of 1.5% (1.5).
 
 
                                                                                                                                                                                                                                                                                                                                                                                                       Axfood interim  report  1 January – 30 September 2025  13
Adjusted operating 
profit and adjusted 
operating margin
247
309 340 312 341
2.0 1.8 1.8 1.6 1.7
Operating profit, SEK m
Operating margin, %
Q3
2021
Q3
2022
Q3
2023
Q3
2024
Q3
2025
Net sales and growth
12,211
16,97118,41019,09019,984
1.8
39.0
8.5 3.7 4.7
Net sales, SEK m
Growth, %
Q3
2021
Q3
2022
Q3
2023
Q3
2024
Q3
2025
Dagab key ratios
Q3
2025
Q3
2024 Change
9 mos.
2025
9 mos.
2024 Change R12
Full-year
2024
Net sales, SEK m 19,984 19,090  4.7% 59,834 56,765  5.4% 79,658 76,589
Operating profit, SEK m 341 312  9.3% 926 828  11.9% 1,255 1,156
Operating margin, % 1.7 1.6 0.1 1.5 1.5 0.1 1.6 1.5
Average number of employees — — — 3,170 3,225 -55 — 3,208
Share of women/men in management positions, % — — — 35.2/64.8 31.0/69.0 4.2/-4.2 — 32.3/67.7

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

Other information
Financial targets and capital 
expenditures 
Axfood’s long-term financial targets:
• Grow faster than the market
• Long-term operating margin of at least 4.5%
• Equity ratio of at least 20% at year-end
Axfood’s dividend policy is that the shareholder dividend shall be at least 
50% of profit after tax. The dividend is to be paid out on two occasions.
Investments in 2025 are expected to amount to between SEK 1,600 m 
and SEK 1,700 m, excluding acquisitions and right-of-use assets.
Axfood has previously communicated its plan to maintain a high rate of 
expansion and establish 10 to 15 new Group-owned stores in 2025. Due to 
a slight delay, the number of new Group-owned stores opened during the 
year will amount to 9. In addition, the store network is being expanded, 
with three retailer-owned stores joining the Group from competing retail 
chains.
As part of the work to strengthen City Gross and achieve profitability 
at some point during the second half of 2026, operating profit for 2025 
is charged with structural costs. The structural costs are now expected 
to amount to approximately SEK 115 m, an increase from the previous 
estimate of SEK 100 m. The costs are recognised in the City Gross 
segment and pertain primarily to structural measures for a handful of 
stores, mainly through changes of concept. The costs are classified as 
items affecting comparability.
New logistics centre in Kungsbacka
As previously communicated, Axfood plans to establish a new, highly 
automated logistics centre that will ensure increased capacity and 
efficiency in southern Sweden.
During the third quarter, letters of intent were signed with Witron, 
a market leader in dynamic inventory management and picking, regarding 
the company’s automation technology, and with Kungsbacka Municipality, 
regarding the location of the logistics centre in Frillesås. Axfood intends 
to enter into a long-term lease, and discussions with potential property 
owners are ongoing. The detailed planning process is also under way.
The logistics centre, which will span approximately 90,000 square 
metres and be environmentally certified, will handle picking and deliveries 
of goods in all temperature zones to Axfood’s grocery stores. Total 
capacity is expected to increase at least 20% compared to the current 
volumes in southern Sweden. The logistics centre is expected to be taken 
into operation starting in 2030.
The investment need for the future automation solution is estimated 
at EUR 260–280 m between 2025 and 2030. Given the automation 
solution chosen, the assessment is that the investment will be at the higher 
end of this range. The investment will be financed through a combination 
of operating cash flow and credit facilities.
Once the logistics centre is fully operational, the cost level for the 
new logistics structure in southern Sweden, including the new lease and 
increased depreciation for the new logistics centre, is expected to be in 
line with the current cost level. The cost level is subsequently expected to 
decrease continuously.
Establishment of own insurance 
company
To reduce the Group’s insurance costs, Axfood has established its own 
insurance company, Axfood Försäkrings AB, which provides property 
and business interruption coverage for Group-owned stores in Willys, 
Hemköp, Snabbgross and Eurocash. The company operates according 
to a captive arrangement, providing reinsurance up to a total claim amount 
of SEK 125 m per year. The company is recognised in the joint-Group 
operating segment.
Supplier data breach
On August 25, Axfood was informed that its supplier Miljödata had been 
subjected to a data breach in which certain data concerning Axfood’s 
employees was published illegally. Miljödata is a provider of systems used 
to manage work environment matters. The breach is being investigated 
and Axfood has reported the incident to the Swedish Authority for Privacy 
Protection (IMY).
                                                                                                                                                                                                                                                                                                                                                                                                       Axfood interim  report  1 January – 30 September 2025  14

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

Financial statements, Group
Condensed statement of profit or loss and other comprehensive income
                                                                                                                                                                                                                                                                                                                                                                                                       Axfood interim  report  1 January – 30 September 2025  15
SEK m
Q3
2025
Q3
2024
9 mos. 
2025
9 mos. 
2024 R12
Full-year
2024
Net sales 22,286 20,902 66,321 62,197 88,181 84,057
Cost of goods sold1) -18,974 -17,907 -56,481 -53,213 -75,094 -71,826
Gross profit 3,312 2,994 9,840 8,984 13,087 12,231
Selling expenses -1,326 -1,007 -4,111 -3,082 -5,418 -4,388
Administrative expenses1) -1,105 -1,141 -3,526 -3,703 -4,910 -5,087
Share of profit in associated companies and joint ventures -15 -13 -37 -47 -48 -58
Other operating income 200 183 600 534 835 768
Other operating expenses1) -7 -8 -54 -26 -204 -176
Operating profit 1,059 1,007 2,712 2,661 3,341 3,290
Interest income and similar profit/loss items 9 13 29 37 42 51
Interest expense and similar profit/loss items2) -144 -109 -444 -319 -581 -456
Profit before tax 924 912 2,297 2,379 2,803 2,885
Tax -198 -197 -495 -521 -640 -666
Net profit for the period 727 715 1,802 1,858 2,163 2,219
1) Includes items affecting comparability, see Note 8 Items affecting comparability for more information.
2) Of which leasing interest expenses was SEK -115 m (-88) in the third quarter, SEK -341 m (-260) accumulated, and SEK -364 m for the full year 2024.
SEK m
Q3
2025
Q3
2024
9 mos. 
2025
9 mos. 
2024 R12
Full-year
2024
Other comprehensive income
Items that cannot be reclassified to profit or loss for the period, net 
after tax
Revaluation defined benefit pensions 3 -6 9 -19 -14 -42
Changes in holdings measured at fair value3) — -59 — -134 -22 -156
Items that can be reclassified to profit or loss for the period, net of tax
Changes in hedging reserve -2 -2 -2 16 2 20
Other comprehensive income for the period 1 -67 7 -136 -34 -177
Total comprehensive income for the period 728 648 1,808 1,721 2,129 2,042
Net profit for the period attributable to
Owners of the parent 713 704 1,778 1,843 2,127 2,192
Non-controlling interest 14 11 24 15 36 27
Total comprehensive income for the period attributable to
Owners of the parent 714 637 1,785 1,706 2,093 2,015
Non-controlling interest 14 11 24 15 36 27
Earnings per share before dilution, SEK 3.30 3.26 8.24 8.54 9.86 10.16
Earnings per share after dilution, SEK 3.29 3.25 8.20 8.50 9.81 10.11
3) See Note 4 Financial assets and liabilities for more information.

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

Axfood interim  report  1 January – 30 September 2025  16
Condensed statement of financial position
SEK m 30 Sep 2025 30 Sep 2024 31 Dec 2024
Assets
Goodwill 4,825 3,640 4,769
Other intangible assets 2,468 1,547 2,439
Property, plant and equipment 6,573 6,049 6,525
Right-of-use assets 12,607 9,609 12,488
Financial assets 176 526 178
Deferred tax assets 244 204 227
Total non-current assets 26,893 21,575 26,627
Inventories 5,150 4,357 4,887
Trade receivables 2,686 1,944 1,532
Other current assets 718 1,573 1,651
Cash and cash equivalents 334 285 735
Total current assets 8,888 8,159 8,805
Total assets 35,781 29,734 35,432
Equity and liabilities
Equity attributable to owners of the parent 6,952 6,726 7,053
Equity attributable to non-controlling interests 359 323 335
Total equity 7,311 7,049 7,388
Non-current lease liabilities 10,375 7,849 10,161
Non-current interest-bearing liabilities 2,400 — 2,900
Provisions for pensions 280 274 300
Deferred tax liabilities 1,513 1,346 1,509
Other non-current liabilities 8 8 8
Total non-current liabilities 14,576 9,477 14,878
Current lease liabilities 2,241 1,746 2,233
Current interest-bearing liabilities 651 1,140 2
Trade payables 7,435 6,968 7,229
Other current liabilities 3,567 3,352 3,702
Total current liabilities 13,894 13,207 13,166
Total equity and liabilities 35,781 29,734 35,432
Condensed statement of cash flow
SEK m
Q3
2025
Q3
2024
6 mos. 
2025
6 mos. 
2024 R12
Full-year
2024
Operating activities
Operating profit 1,059 1,007 2,712 2,661 3,341 3,290
Depreciation, amortisation, impairment 1,023 823 3,046 2,431 3,990 3,375
Interest paid and similar items -144 -107 -443 -317 -579 -453
Interest received and similar items 9 13 29 37 42 51
Adjustments for non-cash items 25 50 76 150 386 461
Paid tax -170 -123 -572 -407 -752 -587
Changes in working capital -451 -653 -334 -969 -44 -678
Cash flow from operating activities 1,352 1,013 4,513 3,587 6,385 5,459
Investing activities
Acquisitions of operations — — -2 — -1,562 -1,561
Acquisitions of intangible assets -116 -75 -290 -293 -427 -430
Acquisitions of property, plant and equipment -308 -268 -975 -765 -1,320 -1,109
Acquisitions of financial assets 0 -12 -37 -82 -44 -89
Other changes in investing activities 2 0 8 5 9 5
Cash flow from investing activities -421 -355 -1,296 -1,135 -3,345 -3,184
Financing activities
Loans raised 1,550 941 5,609 1,980 8,311 4,682
Amortisation of debt -993 -481 -5,460 -1,359 -6,817 -2,715
Amortisation of lease liability -610 -520 -1,853 -1,575 -2,572 -2,294
Share repurchases — -38 -25 -66 -25 -66
Dividend paid out -918 -917 -1,889 -1,834 -1,889 -1,834
Cash flow from financing activities -971 -1,015 -3,618 -2,854 -2,991 -2,227
Cash flow for the period -40 -358 -401 -403 49 47
Condensed statement of changes in equity
SEK m 30 Sep 2025 30 Sep 2024 31 Dec 2024
Amount at start of year 7,388 7,185 7,185
Total comprehensive income for the period 1,808 1,721 2,042
Change in non-controlling interests 0 0 0
Share repurchases -25 -66 -66
Share-based payments 28 43 61
Dividend to shareholders -1,889 -1,834 -1,834
Amount at end of period 7,311 7,049 7,388

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

Financial statement, Parent Company
                                                                                                                                                                                                                                                                                                                                                                                                       Axfood interim  report  1 January – 30 September 2025  17
Condensed balance sheet
SEK m 30 Sep 2025 30 Sep 2024 31 Dec 2024
Assets
Property, plant and equipment 22 30 28
Participations in Group companies 4,236 4,446 4,020
Other financial assets 2 2 2
Deferred tax assets 6 7 7
Total non-current assets 4,266 4,484 4,057
Receivables from Group companies1) 6,747 5,389 10,189
Other current assets 524 303 40
Cash and cash equivalents 5 2 14
Total current assets 7,276 5,695 10,243
Total assets 11,542 10,179 14,300
Equity and liabilities 
Restricted equity 296 296 296
Non-restricted equity 2,532 3,205 4,466
Total equity 2,828 3,501 4,762
Untaxed reserves 4,032 3,965 4,032
Non-current interest-bearing liabilities 2,400 — 2,900
Other non-current liabilities 10 8 10
Non-current liabilities 2,410 8 2,910
Current interest-bearing liabilities 651 1,140 2
Trade payables 15 18 25
Liabilities to Group companies2) 1,488 1,442 2,406
Other current liabilities 118 104 163
Total current liabilities 2,272 2,705 2,596
Total equity and liabilities 11,542 10,179 14,300
1) Of which, interest-bearing receivables 6,730 5,340 7,317
2) Of which, interest-bearing liabilities 1,484 1,442 1,727
Condensed income statement
SEK m
Q3
2025
Q3
2024
9 mos. 
2025
9 mos. 
2024
Full-year
2024
Net sales 3 6 9 18 22
Selling and administrative costs -126 -139 -447 -487 -658
Other operating income 107 107 342 324 433
Operating profit -15 -26 -96 -145 -203
Net financial items1) 15 38 52 110 -304
Profit/loss after financial items -1 12 -44 -36 -508
Appropriations, net — — — — 2,132
Profit before tax -1 12 -44 -36 1,625
Tax -2 -8 -4 -9 -427
Net profit for the period -2 4 -48 -45 1,198
Total comprehensive income for the period -2 4 -48 -45 1,198
1) Net financial items for the full-year 2024 includes a write-down of shares in subsidiaries of SEK -436 m.

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

Notes
Note 1 Accounting policies
Axfood applies the International Financial Reporting Standards (IFRS) as 
endorsed by the EU. The accounting policies, measurement principles and 
definitions applied correspond with those described in the 2024 Annual 
and Sustainability Report, except for what is stated below.
This interim report has been prepared for the Group in accordance with 
IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. 
For the Parent Company, the interim report has been prepared in 
accordance with recommendation RFR 2 Accounting for Legal Entities, 
issued by the Swedish Financial Reporting Board (RFR), and the Swedish 
Annual Accounts Act.
All amounts are rounded off to the nearest million kronor, unless stated 
otherwise. Totals may be affected by rounding.
New or amended accounting policies in 2025 and later
No new or amended standards or interpretations that have been 
endorsed for application in 2025 or later are to have any material 
effect on the consolidated financial statements.
Significant estimates and assessments
Preparing the financial statements in accordance with IFRS requires the 
Board and Executive Committee to make judgements and estimates as 
well as assumptions that affect the application of the accounting policies 
and the Company’s result and position as well as other disclosures in 
general. The actual outcome may deviate from these estimates and 
assessments. 
Note 2 Other material information
Seasonal effects
Axfood’s sales are affected to some degree by seasonal variations. Sales 
increase in the quarter in which Easter falls, which is either the first or 
second quarter. Sales also increase ahead of Midsummer during the 
second quarter as well as ahead of the major holidays in the fourth quarter.
Transactions with related parties
The Axfood Group’s transactions with related parties, aside from those 
covered by the consolidated financial statements, consist of transactions 
with associated companies and with subsidiaries within the Axel Johnson 
Group.
Significant risks and uncertainties
Like all business activities, Axfood’s business is exposed to risks. The risks 
are broken down into operational, strategic and financial risks. Operational 
and strategic risks include sustainability risks. The risks that could have the 
greatest impact on the Group are the risk of disruptions in the logistics 
chain, IT and information security risks, and criminality. Axfood works 
continuously with risk identification and assessment. Major emphasis 
is placed on preventive work and on planning to maintain operating 
continuity in the event of unforeseen events. For a thorough account 
of the risks that affect the Group, please refer to the 2024 Annual and 
Sustainability Report.
Note 3 Operating segments
Segment reporting follows the internal reporting structure for reporting to 
the Executive Committee, which is the decision-making body within 
Axfood that comprises the chief operating decision-maker. The operating 
segments that have been identified are Willys, Hemköp, City Gross, 
Snabbgross and Dagab. Joint-Group pertains to support functions, such as 
the Executive Committee, Finance, Legal Affairs, Communications, 
Business Development, HR, IT and Insurance. 
The Executive Committee reviews the segments’ operating profit or loss, 
both including and excluding items affecting comparability.
For information about Axfood’s operating segments, see pages 9-13 of 
this interim report. For a more detailed description of the segments, please 
refer to the 2024 Annual and Sustainability Report. City Gross is a new 
operating segment from the fourth quarter 2024.
                                                                                                                                                                                                                                                                                                                                                                                                       Axfood interim  report  1 January – 30 September 2025  18

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

Note 4 Financial assets and liabilities
Financial assets measured at fair value amounted to SEK 7 m (29). 
SEK 0 m (—) is attributable to Level 2 of the fair value hierarchy and 
SEK 7 m (29) is attributable to Level 3. Financial liabilities measured at
 fair value amounted to SEK 3 m (9). The entire amount is attributable 
to Level 2 of the fair value hierarchy. 
Forward exchange contracts are measured at fair value based on the 
Central Bank of Sweden’s spot rates on the accounting date, which is 
assessed to be a reasonable approximation of fair value. 
The carrying amount of the participation in Oda Group amounted 
to SEK 7 m (29). Axfood's shareholding in Oda Group amounted to 
2.3% (2.2). The carrying amount and shareholding are unchanged 
since 31 December 2024.
Note 5 Acquired and divested operations
Acquired operations
The purchase price allocation of City Gross Sverige AB (“City Gross”), 
which was acquired on 1 November 2024, was finalised during the third 
quarter in accordance with the preliminary purchase price allocation. 
In the third quarter of 2025, the acquisition of City Gross had an impact 
of SEK 345 m on consolidated net sales and SEK -43 m on consolidated 
operating profit. Cumulatively, the acquisition has affected the 
consolidated net sales by SEK 998 m and the consolidated operating profit 
by SEK -206 m. Prior to the acquisition, City Gross was an external 
customer of many of the companies in the Axfood Group, which is why the 
impact on the Axfood Group does not correspond with City Gross’s net 
sales and operating profit.
                                                                                                                                                                                                                                                                                                                                                                                                       Axfood interim  report  1 January – 30 September 2025  19
Fair value according to final purchase price allocation, SEK m
Brand 710
Customer relationships 8
Intangible assets 111
Property, plant and equipment 404
Right-of-use assets 2,016
Inventories 610
Trade receivables 7
Other current assets 196
Cash and bank balances 82
Deferred tax, net -109
Lease liabilities -2,016
Current financial liabilities -416
Trade payables -560
Other current liabilities -350
Total acquired identifiable net assets 694
Goodwill 1,131
Total acquired identifiable net assets including goodwill 1,825
Purchase consideration paid, 100% 1,825
Deduct value of previously owned minority stake 9,9% -181
Cash and cash equivalents in City Gross Sverige AB -82
Change in consolidated cash and cash equivalents 1,562
Cash consideration paid 1,645

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

Note 6 Pledged assets and contingent liabilities
During the fourth quarter 2024, the Group made a new likelihood 
assessment of its guarantee commitments to government authorities 
such as the Swedish Customs Service and the Swedish Board of 
Agriculture. The new assessment is that it is extremely unlikely that the 
commitments will be utilised, and the commitments are therefore not 
recognised as a pledged asset or contingent liability. Corresponding 
assessment has already been made regarding the guarantee 
commitment towards NREP Logicenters.
Note 7 Long-term share-based incentive programmes
The 2025 AGM resolved to adopt a new long-term share-based incentive 
programme that runs over a three-year period, LTIP 2025. The programme 
corresponds in all essential respects to LTIP 2024 with the following 
changes. The share right for the previous performance condition that the 
total shareholder return should exceed 0% was replaced with a share right 
linked to the total shareholder return in relation to reference group of 
companies. In addition, the maximum level for full allocation for the share 
rights linked to the relative total shareholder return was adjusted slightly.
Allotment of LTIP 2022 was carried out in April 2025 using treasury shares. 
The holding of treasury shares amounts to 921 517 shares, which is 
sufficient to secure the delivery of shares for all of the Company’s 
incentive programmes.
For more information about incentive programmes, please refer to 
the 2024 Annual and Sustainability Report.
Note 8 Items affecting comparability
Items affecting comparability in the third quarter totalled SEK -39 m (—), 
and cumulative SEK -102 m (—) and pertain in its entirely to structural costs 
relating to City Gross. The costs are included in other operating expenses, 
cost of goods sold, and in administrative expenses. Items affecting 
comparability for the full year 2024 comprised in its entirety of the 
revaluation of the previous minority stake of 9.9% in City Gross which has 
been carried out in connection with the acquisition of the remaining shares 
in City Gross. The cost was included in other operating expenses.
Note 9 Significant events after the balance sheet date
No significant events after the balance sheet date.
                                                                                                                                                                                                                                                                                                                                                                                                       Axfood interim  report  1 January – 30 September 2025  20
Group, SEK m 30 Sep 2025 30 Sep 2024 31 Dec 2024
Contingent liabilities 29 19 18
Parent Company, SEK m 30 Sep 2025 30 Sep 2024 31 Dec 2024
Contingent liabilities 286 264 275
There are no pledged assets in either the Group or the parent company.
Item affecting 
comparability Segment
Q3
2025
Q3
2024 9 mos. 2025 9 mos. 2024 R12
Full-year
2024
Structural costs City Gross -39 — -102 — -102 —
Revaluation of City Gross Joint-Group — — — — -143 -143
Total -39 — -102 — -245 -143

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

Key ratios
Change in store structure
New establishments and 
acquisitions, group-owned stores
First quarter
Willys Vimmerby
Willys Hemma Malmö Oxie
Second quarter
Willys Hemma Örebro Varberga
Willys Hemma Ludvika Marnäs
Willys Hemma Sollentuna
Willys Skärholmen
Third quarter
Willys Hörby
 
                                                                                                                                                                                                                                                                                                                                                                                                       Axfood interim  report  1 January – 30 September 2025  21
Number of stores
Dec
2024
New 
establishment/
acquisitions
Sales/
closures Conversions
Sep
2025
Sep
2024
Willys/Willys Hemma/Eurocash 248 7 — 1 256 244
Hemköp/Tempo, Group-owned stores 68 — -1 1 68 67
City Gross1) 42 — — -2 40 —
Snabbgross/Snabbgross Club 31 — — — 31 31
Total, Group-owned stores 389 7 -1 0 395 342
Hemköp, retailer-owned stores 134 2 -1 -2 133 133
Tempo, retailer-owned stores 124 8 -8 1 125 126
Total, retailer-owned stores 258 10 -9 -1 258 259
Total, Group-owned and retailer-owned stores 647 17 -10 -1 653 601
1) City Gross Borlänge will be converted to Willys in the fourth quarter of 2025.

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

Key ratios and other data, Group
                                                                                                                                                                                                                                                                                                                                                                                                       Axfood interim  report  1 January – 30 September 2025  22
Quarterly overview January - September Full-year
SEK m Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
9 mos.
2025
9 mos.
2024 R12
Full-year
2024
Net sales 22,286 22,995 21,040 21,860 20,902 21,044 20,252 20,769 66,321 62,197 88,181 84,057
Retail sales 19,625 20,282 18,829 18,836 16,427 16,509 16,281 16,507 58,736 49,217 77,572 68,052
Operating profit 1,059 934 719 629 1,007 836 817 744 2,712 2,661 3,341 3,290
Operating profit excl. items affecting comparability 1,099 959 757 772 1,007 836 817 815 2,814 2,661 3,586 3,433
Operating margin, %  4.8  4.1  3.4  2.9  4.8  4.0  4.0  3.6  4.1 4.3 3.8 3.9
Operating margin excl. items affecting comparability, %  4.9  4.2  3.6  3.5  4.8  4.0  4.0  3.9  4.2 4.3 4.1 4.1
Items affecting comparability -39 -25 -38 -143 — — — -71 -102 — -245 -143
Net profit for the period 727 622 453 361 715 582 560 533 1,802 1,858 2,163 2,219
Cash flow from operating activities 1,352 1,929 1,232 1,872 1,013 879 1,695 2,219 4,513 3,587 6,385 5,459
Capital employed 23,258 22,282 22,091 22,985 18,058 16,907 16,509 17,212 23,258 18,058 23,258 22,985
Return on capital employed R12, %  16.4  17.0  16.8  16.6  19.6  21.0  21.5  20.3  16.4 19.6  16.4 16.6
Return on equity R12, %  31.1  34.3  37.0  31.5  36.2  40.7  45.7  35.0 31.1 36.2  31.1 31.5
Net working capital R12 -2,880 -2,819 -2,791 -2,875 -2,902 -2,870 -2,804 -2,620 -2,880 -2,902 -2,880 -2,875
Net working capital as a share of net sales R12, % -3.3 -3.2 -3.3 -3.4 -3.5 -3.5 -3.4 -3.2 -3.3 -3.5 -3.3 -3.4
Total capital expenditures (incl. IFRS 16) 732 1,443 1,183 3,508 923 907 1,178 1,242 3,358 3,008 6,866 6,516
Investments in intangible assets and in property, plant and equipment 423 471 371 481 344 360 354 528 1,265 1,058 1,746 1,539
Depreciation/amortisation (incl. IFRS 16) -1,019 -1,003 -1,001 -944 -823 -806 -796 -779 -3,024 -2,425 -3,968 -3,369
Depreciation/amortisation of intangible assets and property, plant and equipment -373 -357 -354 -341 -305 -299 -285 -279 -1,085 -890 -1,426 -1,231
Equity ratio, % 20.4 18.2 16.8 20.9 23.7 21.1 19.4 23.9 20.4 23.7 20.4 20.9
Net debt (+)/net receivable (-) 15,613 15,337 15,796 14,861 10,724 9,843 9,750 9,339 15,613 10,724 15,613 14,861
Net debt (+)/net receivable (-) excl. IFRS 16 2,997 2,407 3,215 2,467 1,129 306 202 93 2,997 1,129 2,997 2,467
Net debt/EBITDA, multiple 2.1 2.2 2.3 2.2 1.6 1.5 1.5 1.5 2.1 1.6 2.1 2.2
Net debt/EBITDA excl. IFRS 16, multiple 0.7 0.6 0.8 0.6 0.3 0.1 0.0 0.0 0.7 0.3 0.7 0.6
Net debt-equity ratio (+)/net receivable-equity ratio (-), multiple 2.1 2.3 2.7 2.0 1.5 1.5 1.6 1.3 2.1 1.5 2.1 2.0
Net debt-equity ratio (+)/net receivable-equity ratio (-) excl. IFRS 16, multiple 0.4 0.3 0.5 0.3 0.2 0.0 0.0 0.0 0.4 0.2 0.4 0.3
Average number of employees 15,675 14,907 14,578 13,709 13,486 12,902 12,803 13,185 15,675 13,486 — 13,709
Number of shares outstanding at end of period 215,921,723 215,921,723 215,744,895 215,744,895 215,744,895 215,892,895 215,777,588 215,777,588 215,921,723 215,744,895 215,921,723 215,744,895
Average number of shares outstanding before dilution 215,921,723 215,874,569 215,744,895 215,744,895 215,768,250 215,860,865 215,777,588 215,777,588 215,847,062 215,802,234 215,821,520 215,787,900
Average number of shares outstanding after dilution 216,843,240 216,776,894 216,843,240 216,843,240 216,843,240 216,806,696 216,843,240 216,843,240 216,821,125 216,831,059 216,826,653 216,834,104
Earnings per share before dilution, SEK 3.30 2.85 2.09 1.62 3.26 2.68 2.60 2.42 8.24 8.54 9.86 10.16
Earnings per share before dilution excl. items affecting comparability, SEK 3.45 2.94 2.23 2.28 3.26 2.68 2.60 2.68 8.61 8.54 10.89 10.82
Earnings per share after dilution, SEK 3.29 2.83 2.08 1.61 3.25 2.67 2.59 2.41 8.20 8.50 9.81 10.11
Ordinary dividend per share, SEK — — — 8.75 — — — 8.50 — — — 8.75
Equity per share, SEK 32.20 28.83 26.06 32.69 31.17 28.30 26.11 31.87 32.20 31.17 32.20 32.69
Cash flow from operating activities per share, SEK 6.26 8.94 5.71 8.68 4.69 4.07 7.86 10.28 20.91 16.62 29.58 25.30
Cash flow per share, SEK -0.19 0.18 -1.85 2.08 -1.66 -0.81 0.60 0.82 -1.86 -1.87 0.23 0.22
Share price, SEK 292.10 279.60 225.80 234.00 286.20 278.40 311.20 273.00 292.10 286.20 — 234.00

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

Financial key ratios
In addition to the financial key ratios prepared in accordance with IFRS, 
Axfood presents financial key ratios that are not defined by IFRS or by the 
Swedish Annual Accounts Act, so-called alternative performance measures 
(APMs). These APMs aim to provide supplementary information that 
contributes to analysing Axfood’s operations and development. The APMs 
used are considered generally accepted in the industry. APMs should not 
be seen as a substitute for financial information presented in accordance 
with IFRS, but as a complement. The APMs are defined below under the 
financial key ratio definitions. Certain APMs are also reported excluding 
IFRS 16 to enable a follow-up of operational development excluding the 
technical accounting effects as a result of IFRS 16. Some APMs are also 
reported excluding items affecting comparability since the adjusted 
performance measure provides a better understanding of the operations’ 
underlying development when comparing between periods.
Financial key ratio definitions 
Capital employed: Total assets less non-interest-bearing liabilities and non-interest-
bearing provisions. Measures the Group’s capital use and efficiency.
Cash flow from operating activities per share: Cash flow from operating activities for 
the period divided by the average number of shares outstanding before dilution. Indicates 
cash flow generated from operating activities.
Cash flow per share: Cash flow for the period divided by the average number of shares 
outstanding before dilution. Indicates cash flow generated per share.
Earnings per share (defined in IFRS): Net profit for the period attributable to owners of 
the parent divided by the average number of shares outstanding. Reported both before 
and after dilution. Earnings per share are also reported based on earnings excluding items 
affecting comparability. 
EBITDA: Operating profit before depreciation, amortisation and impairment. Also 
reported excluding the effects of reporting in accordance with IFRS 16 as EBITDA excl. 
IFRS 16. Indicates the underlying development of the operations. 
Equity per share: Share of equity attributable to owners of the parent divided by the 
number of shares outstanding at the end of the period. Indicates shareholders’ share of 
the Company’s total equity per share.
Equity ratio: Equity including non-controlling interests as a percentage of total assets. An 
equity ratio of at least 20% at year-end is one of Axfood’s Group-wide strategic targets. 
Items affecting comparability: Financial effects in connection with major acquisitions 
and divestments or other major structural changes as well as material non-recurring items 
that are relevant in order to understand the results when comparing between periods.
Net debt/EBITDA: Net debt divided by EBITDA on a rolling 12-month basis. Also reported 
excluding the effects of reporting in accordance with IFRS 16. Indicates the Group’s ability 
to pay its debt.
Net debt-equity ratio/net receivable-equity ratio: Net debt/net receivable divided by 
equity including non-controlling interests. Also reported excluding the effects of reporting 
in accordance with IFRS 16. Indicates the Company’s debt-equity ratio.
Net debt/net receivable: Interest-bearing non-current and current receivables and 
liabilities less cash and cash equivalents and interest-bearing financial assets. Net 
indebtedness is also referred to as net debt. Net receivable is also referred to as net 
receivables. Used to show the Company’s net interest-bearing assets and liabilities.
Net debt/net receivable excluding IFRS 16: Interest-bearing non-current and current 
receivables and liabilities, excluding lease liabilities, less cash and cash equivalents and 
interest-bearing financial assets. 
Net working capital: Average current assets less current liabilities (adjusted for dividend), 
on a rolling 12-month basis. Indicates the average financing need for the group's working 
capital. 
Net working capital as a share of net sales: Working capital divided by net sales, 
rolling 12 months. Shows the group's ability to use working capital to generate sales.
Operating margin: Operating profit as a percentage of net sales for the period. An 
operating margin of at least 4.5% is one of Axfood’s strategic Group-wide targets.
Operating margin excluding items affecting comparability: Operating profit excluding 
items affecting comparability as a percentage of net sales for the period. Also referred to 
as adjusted operating margin. 
Operating profit: Profit before net financial items and tax. Indicates profitability for 
operating activities.
Operating profit excluding items affecting comparability: Profit before net financial 
items and tax adjusted for items affecting comparability. Also referred to as adjusted 
operating profit.
Return on capital employed: Profit after financial items, plus financial expenses on a 
rolling 12-month basis as a percentage of average capital employed. Indicates profitability 
in both equity and borrowed capital in the Company. 
Return on equity: The share of net profit for the period on a rolling 12-month basis 
attributable to owners of the parent as a percentage of the share of average equity 
attributable to owners of the parent. Indicates the return that owners receive on capital 
invested. 
Sales growth: Percentage change in sales between two periods. Axfood monitors growth 
in both retail sales and net sales. One of Axfood’s Group-wide strategic targets is to grow 
faster than the market and growth in retail sales is the target Axfood uses to measure this. 
                                                                                                                                                                                                                                                                                                                                                                                                       Axfood interim  report  1 January – 30 September 2025  23
Reconciliation of EBITDA
SEK m
Q3
2025
Q3
2024 9 mos. 2025 9 mos. 2024 R12
Full-year
2024
Operating profit 1,059 1,007 2,712 2,661 3,341 3,290
Depreciation, amortisation, impairment 1,023 823 3,046 2,431 3,990 3,375
EBITDA 2,083 1,831 5,759 5,092 7,331 6,665
IFRS 16 Lease fees -735 -588 -2,201 -1,770 -2,883 -2,452
EBITDA excl. IFRS 16 1,348 1,243 3,557 3,322 4,448 4,213
For reconciliation of additional key ratios, see Axfood´s website, axfood.com.

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

Operating key ratio definitions 
Average number of employees: Total number of hours worked divided by the number 
of hours worked per year of 1,920. Also referred to as FTEs.
Joint-Group: Pertains to support functions, such as the Executive Committee, Finance, 
Legal Affairs, Communications, Business Development, HR, IT, and Insurance.
Like-for-like sales: Sales in stores that existed and generated sales in the current period 
and the comparison period.
Online sales: Reported online sales of the concepts Willys, Hemköp Group-owned stores, 
Hemköp retailer-owned stores and City Gross.
Private label products, share of sales: Sales of private label products, excluding meat, 
fruits and vegetables, as a percentage of retail sales. 
Retail sales: Reported store sales including online sales for the concepts Willys, Willys 
Hemma, Eurocash, Hemköp Group-owned stores, Hemköp retailer-owned stores, Tempo 
and City Gross, excluding adjustments mainly related to customer bonuses.
R12: The sum of the past 12 months determined on a rolling basis. 
Share price: Closing share price.
Wholesale sales: Company and private customer sales including online for the concepts 
Dagab and Snabbgross (including Snabbgross Club).
Key ratio definitions for sustainability
Kg CO2e/tonne of transported goods: Emissions (kg CO2e) from purchased fuel (litres) in 
relation to total transported goods (tonnes) between warehouses and stores or consumer. 
Transports between warehouses and consumers pertain to e-commerce transports and 
amounts to only a small share of the total. Reported data pertains only to goods delivered 
by own transports. Reported data is presented with a one-month lag.
Kg CO2e/kg of food sold: The amount of greenhouse gas emissions (kilo carbon dioxide 
equivalents) from food in relation to total food sold (kilo food). The sample includes sales 
in stores within Willys, Eurocash, Hemköp (also retailer-owned), City Gross and 
Snabbgross.
KRAV-certified meat, share of sales: Sales from KRAV-certified meat items (fresh and 
frozen) as a percentage of Axfood’s total sales of meat products. The selection includes 
stores in the Willys, Eurocash, Hemköp (also retailer-owned), City Gross and Snabbgross 
store chains. 
Organic products, share of sales: Sales from organic-labelled products with a valid 
country of origin marking as a percentage of Axfood’s total food sales. The selection 
includes stores in the Willys, Eurocash, Hemköp (also retailer-owned), City Gross and 
Snabbgross store chains. 
 
Share of approved social audits: Share of social audits where the supplier received a 
rating of 1 or 2 on a three-point scale where rating 1 refers to approved audits, rating 2 
to approved audits with remarks, and rating 3 to non-approved audits. Social audits 
comprise on-site visits and inspections carried out to ensure that suppliers fulfil the 
requirements of Axfood's Supplier Code of Conduct. The selection includes audits of 
suppliers of private label products and fresh fruit and vegetables operating in risk 
countries, as well as tomato suppliers in Italy. All audits have been carried out according 
to one of the 23 trusted third-party standards that Axfood accepts.
Share of women/men in management positions: The share of women/men in 
management positions at the end of the current period. Management positions are 
defined as employed managers with employee responsibility, including the Executive 
Committee.
Sustainability-labelled products, share of sales: Sales from sustainability-labelled 
products with a valid country of origin marking as a percentage of retail and wholesale 
sales from the corresponding chains. The selection includes stores in the Willys, Eurocash, 
Hemköp (also retailer-owned), City Gross and Snabbgross store chains. 
                                                                                                                                                                                                                                                                                                                                                                                                       Axfood interim  report  1 January – 30 September 2025  24

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

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 2025–30 September 2025. 
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, 23 October 2025
Deloitte AB
Didrik Roos
Authorised Public Accountant
                                                                                                                                                                                                                                                                                                                                                                                                       Axfood interim  report  1 January – 30 September 2025  25

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

About Axfood Other
Axfood is a leader in food retail in Sweden and a family of different concepts in collaboration. 
The Group has more than 15,000 employees (FTEs) and net sales of close to SEK 90 billion. 
Axfood aspires to be a strong force in society that drives development toward more sustainable 
food production and consumption. The share is listed on Nasdaq Stockholm and the principal 
owner is Axel Johnson.
Axfood’s vision is to be the leader in affordable, good and sustainable food. This is how Axfood creates a greater quality of life 
for everyone, which is the Group’s purpose. The business model covers purchasing and assortment, product flow and logistics, 
and sales channels and concepts. The customer is always in focus and value is created for Axfood and the Group’s stakeholders 
in every step. The strategy rests upon a values-steered culture and core values. Axfood aspires to take the lead in promoting a 
sustainable food system and to be a strong force for change in society.
A unique family of companies
Axfood is primarily represented in the Swedish food retail market through the leading discount grocery chain Willys, Hemköp 
in the traditional grocery segment and the hypermarket chain City Gross. With Tempo, Handlar’n and Matöppet, Axfood also 
has a position in mini-marts, while Eurocash operates stores in cross-border shopping adjacent to Norway. In addition to these 
concepts, Axfood also has a presence in cafés and restaurants with the wholesale business Snabbgross and the restaurant 
chain Urban Deli, and a position in the online pharmacy market with Apohem. Dagab is responsible for ensuring that the 
assortment, purchasing and logistics maintain high efficiency and quality
Financial targets and dividend policy 
Axfood's long-term financial targets is to grow faster than the market, a long-term operating margin of at least 4.5% and 
an equity ratio of at least 20% at year-end. Axfood’s dividend policy is that the shareholder dividend shall be at least 50% 
of profit after tax. The dividend is to be paid out on two occasions.
Investment case
• The food retail market is relatively unaffected by economic swings and is driven largely by population growth and inflation. 
Axfood has a clear strategy for addressing the trends in the market through concrete priorities in six focus areas. The goal 
is to grow faster than the market with a long-term operating margin of at least 4.5%.
• To meet customers’ varying needs, Axfood is a family of different concepts with strong market positions. With a clear 
expansion plan, a focus on the customer meeting in physical stores and in e-commerce, as well as continuous development 
of the offering, customers’ evolving behaviours are being met.
• Economies of scale and cost efficiency are achieved through close collaboration between the central functions and Group 
companies. Dagab is the joint purchasing and logistics company, setting high demands for price, quality and sustainability. 
Axfood’s common IT company has a crucial role in the Group’s digital development, automation and data-driven work 
approach to meet future needs.
• Axfood has a solid balance sheet, and the business model generates stable cash flow with efficient management of working 
capital. During the last five years, the dividend yield has on average been slightly more than 3%.
• Axfood has long been working to be a positive force in society. Axfood is taking the lead in promoting a sustainable food 
system, and innovative and sustainable products are being launched through the private label assortment.
Selection of press releases
15 August 2025
City Gross strengthens its management team through two new key recruitments
18 August 2025
City Gross lowers prices - again!
25 August 2025
Willys calls on the municipalities of Sweden: Don't stop the establishment of discount stores!
28 August 2025
Letters of intent signed for new highly automated logistics centre in Kungsbacka
3 September 2025
Axfood presents more than 100 solutions for sustainable food in Sweden
9 September 2025
Nominating Committee ahead of Axfood’s 2026 Annual General Meeting
18 September 2025
Capital Markets Day 2025: “The strength of our business model allows us to keep challenging and growing"
Financial calendar
• The year-end report for 2025 will be published at 7:00 a.m. CET on 29 January 2026
• The 2026 Annual General Meeting (AGM) will be held on 18 March 2026
• The interim report for the first quarter of 2026 will be published at 7:00 a.m. CET on 23 April 2026
• The interim report for the second quarter of 2026 will be published at 7:00 a.m. CET on 15 July 2026
• The interim report for the third quarter of 2026 will be published at 7:00 a.m. CET on 22 October 2026
Signature
Stockholm, 23 October 2025
Simone Margulies
President and CEO Axfood
Contact
                                                                                                                                                                                                                                                                                                                                                                                                       Axfood interim  report  1 January – 30 September 2025  26
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