Axfood has a solid balance sheet, and the business model generates a stable cash flow. During the last five years to 2022, the ordinary dividend has averaged 83% of profit after tax. Historically, after payment of the dividend, Axfood has built up a net debt receivable during the year. Adoption of IFRS 16 has resulted in an accounting shift from a net receivable to a net debt position.

The Group’s external financing from credit institutions (mainly banks) is conducted by the Parent Company, while subsidiaries finance their operations through the central Group account systems.