Redeye provides an initial comment on the Q1 2025 report from Cheffelo, which was in line with announced topline figures and exceeded our estimates from before the trading update on all fronts. Net sales in the quarter were SEK336.3m, beating our estimate by c6% and up 16.5%(!) y/y. EBIT came in at SEK20.5m, surpassing our estimate of SEK12.2m by 69%. The outlook remains strong, with momentum seemingly continuing into Q2. The company now expects full-year growth to exceed the upper end of its target, implying sales will increase by more than 8%. We expect to make positive revisions to our estimates and valuation following the report.
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