Redeye comments on Cheffelo’s Q4 2025 report, which was strong overall, with net sales of SEK323.6m slightly above our estimate and profitability continuing to trend better than expected. While sales and EBIT were pre-announced, the share still reacted positively, likely supported by the company’s slightly optimistic 2026 outlook, the announced dividend of SEK7.05 per share, and a small pilot test in Finland planned for 2026. In this research update, we take the opportunity to elaborate our take on the case, highlighting Cheffelo’s consistent guidance delivery and our view that scale is an underestimated competitive advantage in the Nordic meal kit market. We raise our 2026-2028 EBIT assumptions and lift our Base Case to SEK122 (SEK90).
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