Redeye comments on Cheffelo's Q2 2026 report, showing 24% net sales growth in local currency to SEK331.2m, though we would note the comparison was against a soft Q2 2025 (only 1.9% reported growth that quarter). EBIT of SEK44.4m beat our forecast by 18.4% and lifted the first-half EBIT margin to a record 11.3%. The standout feature of the quarter is that active customers, order frequency and average order value all grew simultaneously, evidence that Cheffelo's product investments are driving real shareholder value. With Cheffelo trading at 9.9x EV/EBIT on our 2027e estimate, we raise our net sales and EBIT estimates across the forecast period and lift our Fair Value to SEK157, with the stock screening as cheap.
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