Redeye provides an initial take on the Q1 2026 report from Cheffelo. Net sales were in line with our estimates, as figures had been pre-announced via a trading update in April. The quarter's headline is a striking EBIT beat: SEK35.7m versus our estimate of SEK23.0m, a new Q1 profitability record, driven primarily by the successful consolidation of Norwegian brands, which materially reduced sales and marketing expenses. Management guides H1 2026 net sales growth of 14-18%, implying a significant Q2 acceleration partly aided by an Easter timing reversal.
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