The year 2024 can be summed up as a year of stable results in challenging markets. Sales amounted to SEK 144 (126.7) million and profitAX* to SEK 4.1 (4.4) billion. Our two largest group companies, Axfood and Axel Johnson International, managed to maintain their profit levels from their all-time high results of 2023. While focus was largely on efficiency and cost control, important steps were taken to strengthen market positions, with among other things, the acquisition of the hypermarket chain City Gross and 18 acquisitions within Axel Johnson International.

Caroline Berg, CEO Axel Johnson says:
"2024 was an interim year in terms of results, with a focus on efficiency and cost control, but also a year of continued renewal in which we achieved our ambitious 10/50 renewal goal. We completed 27 acquisitions during the year and continued to take bold steps to strengthen our businesses in the long term.

The year was marked by intense efforts to defend sales and profitability levels. Additionally, extensive work was carried out to ensure efficiency, particularly in logistics, to create the conditions for future profitable growth.

Our two largest companies in terms of results and value — Axfood and the industrial group Axel Johnson International — both managed to maintain the profit levels they reached during the all-time high year of 2023. This is a strong indication of stability for us as a group. It allows us to absorb the economic headwinds affecting Martin & Servera in the restaurant market, Dustin in the IT market, and the energy sector, while maintaining the pace of our renewal efforts and keeping financial flexibility for strategic steps that strengthen our businesses and profitability in the long run.

At the end of the year, we completed our first ten-year 10/50 period, and we are pleased to confirm that we achieved the 50 percent renewal over the ten years that we had set as our goal. We have succeeded through many small initiatives and investments, such as new product launches and new sales channels, investments in services and expansion into new markets. Additionally, we have acquired 209 companies during this period, most of them smaller acquisitions within our industrial group, Axel Johnson International, but we have also taken major structural steps, such as Axfood’s acquisition of Bergendahls Food and City Gross. The renewal has primarily taken place within, or connected to, our existing businesses, reflecting our ambition to build and develop companies over time. Our approach is always to develop the businesses we already own in the best way possible, digging where we stand, both on a large and small scale.

For the next ten-year period, which we are now a few months into, we have chosen to develop our renewal goal into 10/50/50, where the final ‘50’ represents our ambition to reduce our climate impact by 50 percent over ten years. This is an ambitious goal that extends beyond our current roadmap, but to create momentum, we are convinced that we need to set targets that push us to think innovatively and in new ways.

At a time when we are witnessing how some of the U.S. business world has abandoned their previous values and commitments, we aim to stay the course. As a values-driven family business, we can stand out in a turbulent world by maintaining clarity and long-term thinking.

Looking ahead, we see strong growth potential and improved results across all our businesses. This applies both in the coming year and over the longer term. Over the past ten years, Axel Johnson’s revenue has grown by 117 percent despite several divestments. Our ambition is to continue growing while improving profitability across the board."

*ProfitAX is EBT according to IFRS for the listed companies, and EBT excluding goodwill amortization, adjustments of contingent consideration, items affecting comparability and discontinued operations for the non-listed companies. ProfitAX is used to facilitate comparability between Group companies and other listed companies outside the Group, and comparisons between years.

Group Companies
The industrial group Axel Johnson International reports a result of SEK 1,609 million (1,633), maintaining organic revenue in a challenging market with a weak European industrial economy. During the year, 18 acquisitions were made across various business areas, strengthening presence in regions such as the Iberian Peninsula and Oceania. Over the past ten years, Axel Johnson International has tripled its revenue and nearly sextupled its profit.

Axfood[1] achieved a result of SEK 3,028 million (3,037). In a highly competitive grocery market focused on price, Axfood once again grew faster than the market. Willys successfully retained the gains it made among new customers in recent years, while Hemköp grew faster than the market in comparable stores. The acquisition of City Gross added an important component to Axfood’s offering by expanding its presence in the hypermarket segment. Throughout the year, Axfood continued to develop its logistics platform through Dagab, including the full ramp-up of Dagab’s logistics center in Bålsta, strengthening efficiency for the future.

Dustin[2] faced a market that remained more challenging than expected, with a result of SEK 117 million (237)[3]. Sales were subdued despite positive developments in sales to the public sector. The EBITA result was pressured by a lower gross profit, driven by a high share of new framework agreements in the LCP segment and negative volume effects within SMB. In the fall, a new organizational structure was implemented based on a new unified IT platform, expected to yield annual cost savings of SEK 150–200 million while allowing for selective investments to capitalize on growth opportunities expected in an eventual market recovery.

In the restaurant sector, which was marked by reduced consumer purchasing power following years of inflation and high interest rates, Martin & Servera reported a result of SEK 314 million (504). The year was characterized by cautious restaurant-goers and intense price competition among wholesalers. Martin & Servera improved logistics efficiency during the year, creating conditions for both growth and improved profitability in a market expected to recover gradually but with a high degree of uncertainty.

Novax reported a result of SEK -274 million (-357) and continued to deepen its sector focus through acquisitions in areas such as ingredients, fitness, and dental care. During the year, the AxSol businesses were integrated into Novax, making Energy a fourth focus area within the company.

AxSol reported a result of SEK -334 million (-331), facing highly challenging market conditions in the solar energy sector. The year was characterized by a strong focus on cost control, as well as large-scale projects, including Solkompaniet’s development of Sweden’s largest solar park outside Hultsfred, which is set to become fully operational in 2025.

[1] Ownership share 50.1 %
[2] Ownership share 50.1 %
[3] Refers to the fiscal year September 2023 to August 2024

Axel Johnson's 2024 Result
Group Companies 2024

Press contact:
David Salsbäck
Executive Vice President Communications & Public Affairs
david.salsback@axeljohnson.se
+46 73 389 00 90