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    Cheffelo (OM:CHEF) Stock Drifts As Margin Gains Seek Staying Power

    Simply Wall St·08/21/2026 18:33:53
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    Cheffelo shares have been under quiet pressure, down about 5% over the past week and roughly 7% over the past month, even as the latest quarter delivered the kind of profit story meal kit investors usually look for. Q2 earnings per share came in at SEK 2.71 with net income of SEK 35.3m on revenue of SEK 332.8m. This points to a sharp margin uplift that now stretches across the last twelve months.

    For short term traders that disconnect may be frustrating. For long term holders it raises a bigger question about how durable this profitability shift really is.

    Love Cheffelo's improving margins but uneasy about the recent share price weakness? Check out the list of solid balance sheet and fundamentals stocks (425 results) for companies that pair earnings power with sturdier market support.

    Q2 2026 Earnings Summary

    • Revenue, Q2 2026 vs. Q2 2025: SEK 332.764m vs. SEK 262.149m (up about 27%)
    • Net Income, Q2 2026 vs. Q2 2025: SEK 35.348m vs. SEK 17.04m (up about 108%)
    • Basic EPS, Q2 2026 vs. Q2 2025: SEK 2.71 vs. SEK 1.34 (up about 103%)
    • Net Profit Margin, trailing twelve months vs. prior year: 6.5% vs. 4.1% (margin higher year over year)

    Prefer clear visuals instead of another dense block of earnings tables and ratio breakdowns? See Cheffelo's full financial picture with an at a glance breakdown of its profitability trends in the interactive company report for Cheffelo.

    OM:CHEF Trailing 12-Month Revenue & Expenses Breakdown as at Aug 2026
    OM:CHEF Trailing 12-Month Revenue & Expenses Breakdown as at Aug 2026

    Cheffelo bulls focus on scale and stickier customers

    Bulls argue that Cheffelo’s personalization and scale should convert into steadier recurring revenue and structurally higher margins. The first half of 2026 goes a long way to backing that up. Net sales rose 18% in H1, with Q2 up about 27%, while EBIT almost doubled to SEK 80m and the EBIT margin reached 11.3%. A contribution margin of about 32% in H1, and 31% over the last twelve months, supports the claim that fulfillment automation and a Nordic supply chain are lifting unit economics. Norway and Sweden both grew at double digit rates in local currency, and active customers increased 9.6% with higher average order values and better retention and order frequency. Free cash flow of SEK 67.2m, alongside a higher dividend and a stronger net cash position, also fits the bullish narrative of more profitable, cash generative subscription growth.

    Cheffelo bears watch discount, Denmark and volatility risks

    Bears argue that Cheffelo leans too heavily on discounts and faces fragile demand, especially in Denmark, which could undermine margins and cash flow. The latest numbers show some of those concerns still matter. Management plans higher sales and marketing in Q3 to support the new brand rollout and seasonal acquisition. This could push customer acquisition costs back up from the H1 level of 9.4% of sales. Q3 is the weakest quarter and faces tough comparatives after last year’s partnership driven spike in new customers, which keeps near term growth and free cash flow more volatile. Denmark only grew 7.6% in H1 and remains described as a turnaround rather than a clear success, so the risk of a drag from a more mature market is not fully cleared. Working capital also reduced Q2 cash flow by SEK 27.6m, underlining that cash generation can swing.

    Compare Cheffelo’s margin progress and cash generation with where the stock now trades around SEK117.6, and see whether analysts think the story has more room to run through the consensus price target analysis for Cheffelo.

    Stay Ahead With Your Next Move

    If Cheffelo’s stronger recent margins and cash generation have you interested but cautious, register for free with Simply Wall St and add it to a Watchlist so you can track price against fair value and wait for a setup that fits your plan. Once you own Cheffelo or any other stock, keep your focus with the Portfolio Command Center that cuts through noise and highlights the updates that matter most. For a broader view on what other investors are seeing, join the Community and compare different angles on the same data. This combination helps you spot hidden catalysts and risks early and stay a step ahead of the market.

    Seeking Alternatives Beyond Cheffelo?

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.