Matsmart Group Results 2024: Strong Revenue Growth with Improved Profitability

On May 21, 2025, the Annual General Meeting adopted the Annual and Sustainability Report for 2024. Growth amounted to 15 percent, while several strategic initiatives to improve profitability were implemented during the year – with a positive impact on the result.

Below is a summary of the year's highlights.

 Financial and Non-Financial Key Figures (Jan–Dec 2024)

• The Group’s revenue amounted to 1,161 MSEK, an increase of 15% compared to 2023 (excluding the UK, which was closed during 2023). Including the UK, revenue growth was 11%.
   
• Nordics: Revenue amounted to 756 MSEK (compared to 678 MSEK in 2023)
   
• DACH: Revenue amounted to 405 MSEK (334 MSEK in 2023)
   
• The Group’s result landed at SEK -348 MSEK (compared to -380 MSEK in 2023)
   
• At the end of 2024, the company closed a financing round and received capital in January 2025, strengthening its financial position.
   
• The Group recirculated a total of 17,376 tons of food (compared to 21,858 tons in 2023). The decrease is mainly due to stricter internal criteria for classifying rescued products and access to more granular data.

2024 Developments

• The warehouse in Germany was automated, enabling faster deliveries, an improved customer experience, and reduced variable costs.
   
• Significant investments in broad media campaigns in Germany led to a strong increase in brand awareness.
   
• Several strategic initiatives to improve profitability were implemented and are expected to have full impact in 2025 – with a profitable Nordic region within reach in HY2 2025.
   

Comments from CEO Peter Beckius:

"2024 was the year we strengthened our core business and clearly laid the foundation for a long-term profitable Matsmart – maintaining revenue growth, improving profitability, and making strategic investments that make sustainable consumption more accessible to more people."

CEO's Comments on Regional Developments:

Nordics:

"As food prices have increased, more Nordic consumers have been looking for smarter alternatives – a trend that has benefited our business. 2024 clearly showed that our model of affordable and sustainable products meets a growing need. At the same time, we continue to grow profitably with strengthened margins in our home market of Sweden, and a profitable Nordic region is within reach."

DACH:

"The German market is characterized by a high price and sustainability awareness – which plays to Matsmart’s strengths. During 2024, we’ve strengthened our position through increased brand awareness and investments in infrastructure that lay the foundation for long-term growth and profitability in a market with significant potential." 

Contacts:
Anne Holmstrøm
Strategic Marketing Manager Nordics 
+46 79 102 70 67
anne.holmstrom@matsmart.se

About Matsmart:
Matsmart is a European online food retailer and impact company. The company contributes to a sustainable transformation of the global food system with a business model fully aligned with UN Sustainable Development Goal 12.3: to halve global food loss and waste by 2030.
Today, Matsmart-Motatos is featured on the Financial Times list of Europe’s fastest-growing companies and is established in five European markets. On Matsmart-Motatos, consumers can purchase food and consumer goods that would otherwise risk being discarded – due to overproduction, short shelf life, or seasonal variations.
In 2024, Matsmart’s total revenue amounted to 1,161 MSEK. The company is backed by several leading investors, including SEB Private Equity, Circularity Capital, Edastra/Upplyst, Northzone, Gullspång Re:food Invest, Lingotto, Blume Equity, Norrsken VC, Lead X and Seven Ventures.