Slide 1: Q4 & FY 2024 Results
Q4 & FY 2024 Results March 13th, 2025
Slide 2: Disclaimer
Disclaimer This document has been prepared by HelloFresh SE (the “Company“ and, together with its subsidiaries, the “Group”). All material contained in this document and information presented is for information purposes only and must not be relied upon for any purpose, and does not purport to be a f
Slide 3: Q4 and FY Results 2024
Q4 Q4 and and FY FY Results Results 2024 2024 || 3 3
Slide 4: Q4 and FY Results 2024
Q4 Q4 and and FY FY Results Results 2024 2024 || 4 4
Slide 5: Q4 and FY Results 2024
Q4 Q4 and and FY FY Results Results 2024 2024 || 5 5
Slide 6: Q4 and FY Results 2024
Q4 Q4 and and FY FY Results Results 2024 2024 || 6 6
Slide 7: 2024 Year in Review
2024 Year in Review Efficiency reset starts to show first results Revenue of €7.7bn, a constant currency growth of 0.9% Contribution margin improving throughout the year vs. 2023, driven by productivity improvements Continued shift in marketing strategy to target higher value customers, resulting in
Slide 8: Number of orders down for the FY against higher marketing discipline
Number of orders down for the FY against a backdrop of higher marketing discipline starting in H2 • Continued focused on higher value Q4 Number of orders FY Number of orders customers over volume (in millions) (in millions) • Flagged sequential deceleration in Q4 (7.7%) (3.9%) as a result of not spe
Slide 9: Continued AOV expansion throughout the year
Continued AOV expansion throughout the year • Further AOV growth in Q4, increasing Q4 Average Order Value FY Average Order Value 4.6 % yoy on a cc basis (in €) (in €) • Both segments showed meaningful +5.2% increase in Q4 CC +4.6% +4.9% CC +4.9% • NA: 6.4 % (CC) • Intl: 3.1 % (CC) 68.4 66.5 65.0 63.
Slide 10: Revenue growth of 0.9% in cc for the full year
Revenue growth of 0.9% in cc for the full year • Revenue growth for the FY at the low end of the revised guidance Q4 Group Revenue FY Group Revenue (in € millions) (in € millions) • By product category, revenue growth for FY in line with expectations: (2.7%) 0.9% • Meal kits (9.5%) in CC CC (3.3%) C
Slide 11: FY contribution margin down yoy at 25.8%, but improving throughout the year
FY contribution margin down yoy at 25.8%(1), but improving throughout the year • Contribution margin down yoy for FY’ 24, Q4 Contribution Margin1 FY Contribution Margin1 but improving sequentially due to: (in % of revenue) (in % of revenue) • Continued productivity improvements in NA RTE (0.1pp) (1.
Slide 12: Marketing spend flat for the year, but down yoy for the second consecutive quarter
Marketing spend flat for the year, but down yoy for the second consecutive quarter following a shift in marketing strategy since mid 2024 • Q4 marketing spend1 down yoy both in relative (3.1pp less than in Q4 2023) and Q4 Marketing Costs1 FY Marketing Costs1 absolute terms, due to continued focus on
Slide 13: The marketing shift was of different magnitude for meal kits in the two segments
The marketing shift was of different magnitude for meal kits in the two reporting segments, with a corresponding impact on revenue growth • Reduction in marketing spend for North America meal kits in H2 more pointed than Meal kits marketing spend change, yoy for Intl, due to: • Intl a combination of
Slide 14: FY 2024 AEBITDA at upper end of guidance with €399.4m
FY 2024 AEBITDA at upper end of guidance with €399.4m, Q4 up meaningfully yoy across all operating segments and product groups Q4 FY By segment In MEUR Q4 2024 Q4 2023 FY 2024 FY 2023 North America 136.3 87.9 368.8 417.4 International 68.7 59.2 186.8 175.3 Holding (39.8) (33.2) (155.0) (145.0) Group
Slide 15: AEBIT of €135.9m for FY 2024
AEBIT1 of €135.9m for FY 2024. Meaningful yoy increase in Q4 • FY AEBIT lower yoy given lower Q4 AEBIT1 Margin FY AEBIT1 Margin AEBITDA in H1 2024 (in € millions & in % of revenue) (in € millions & in % of revenue) • AEBIT1 increased in Q4 24 yoy to €95.2m 91.7% (40.1%) 2.6pp (1.2pp) (1)(2) • Q4 AEB
Slide 16: FY meal kit AEBIT margin at 6.6%
FY meal kit AEBIT1 margin at 6.6% , up yoy with an accelerating improvement in Q4, despite lower volumes Q4 meal kits AEBIT1 Margin FY meal kits AEBIT1 Margin • Q4 2024 Mealkit AEBIT1 at 10.6%, up yoy (in € millions & in % of revenue) (in € millions & in % of revenue) in absolute and relative terms
Slide 17: Break-even FY RTE AEBIT, reflecting continued productivity improvements
Break-even FY RTE AEBIT, reflecting continued productivity improvements 1 Q4 RTE AEBIT1 Margin FY RTE AEBIT1 Margin • Q4 2024 RTE AEBIT positive at €16.8m, a (in € millions & in % of revenue) (in € millions & in % of revenue) c.10pp yoy margin improvement • Primary driver was an improved 9.7pp (108.
Slide 18: Broadly stable Free Cash Flow of €73.2m for FY 2024
Broadly stable Free Cash Flow of €73.2m(1) for FY 2024 • FY 2024 Cash Flow from Operating activities lower yoy, primarily driven by lower EBIT and 2023 FY FCF 1 2024 (in € millions) temporary adverse impact from changes in working capital (6.1)% • Capex significantly reduced yoy from EUR 305.8m in 2
Slide 19: 2025 Outlook: Focus on efficiency reset
2025 Outlook: Focus on efficiency reset FY 2024 2025 outlook(1) • Meal kits down more Revenue than (10)% €7.66bn (3)% – (8)% • RTE growth low to mid (cc growth) teens AEBIT €136m €200-250m (before impairment) AEBITDA €399m €450-500m • Primarily driven by AEBIT FCF €73m increase (pre leases) • CapEx
Slide 20: Efficiency measures target to boost profitability and cash generation
HELLOFRESH ROUP Our efficiency measures target to disproportionately ore and sustainably boost profitability and cash generation AEBITDA AEBIT) FCF/diluted share MEUR MEUR ~12-25% ~45-80% >> +100% Ooo -- ro--> qo0 1 1 ' / 1 1 ' : 399.4 ! ' ' 1 ' | I I I 1 1 ! 1 ' / : ' 135.9 ' : ! ; 1 ! 1 1 1 / 1 1
Slide 21: Appendix
Appendix
Slide 22: Group: Operational and Financial KPIs
Group: Operational and Financial KPIs Q4 23 Q4 24 Average Order Value (€), excl. retail 65.0 68.4 Average Order Value constant currency (€), excl. retail 65.0 68.0 (3.3)% CC4 % YoY revenue growth1 Revenue1 (2.7)% € (€m) 1,859.0 1,808.5 % Revenue 27.2% 27.1% Contribution margin2 (€m) 505.2 490.2 AEBI
Slide 23: NA: Operational and Financial KPIs
NA: Operational and Financial KPIs Q4 23 Q4 24 Average Order Value (€), excl. retail 76.3 81.5 Average Order Value constant currency (€), excl. retail 76.3 81.2 (4.2)% CC4 % YoY revenue growth1 Revenue1 (3.9)% € (€m) 1201.0 1,154.7 28.6% 30.3% Contribution margin2 % Revenue (€m) 346.4 352.8 AEBITDA3
Slide 24: International: Operational and Financial KPIs
International: Operational and Financial KPIs Q4 23 Q4 24 Average Order Value (€), excl. retail 51.0 53.1 Average Order Value constant currency (€), excl. retail 51.0 52.6 (1.6)% CC4 % YoY revenue growth1 Revenue1 (0.6)% € (€m) 658.0 653.8 % Revenue 26.1% 23.2% Contribution margin2 (€m) 173.7 154.2
Slide 25: Profit and Loss Statement
Profit and Loss Statement 3 months ended Change % 12 months ended Change % 31-Dec-24 31-Dec-23 YoY 31-Dec-24 31-Dec-23 YoY Revenue 1,808.5 1,859.0 (2.7)% 7,661.3 7,596.6 0.9% Procurement and cooking expenses (680.0) (670.1) 1.5% (2,883.1) (2,675.6) 7.8% Fulfilment expenses (777.4) (692.0) 12.3% (3,0
Slide 26: Financial Position & Cash Flow Statement
Financial Position & Cash Flow Statement In MEUR As at 31-Dec-24 As at 31-Dec-23 Assets Non-current assets 1,745.3 1,756.4 Cash and cash equivalents 486.7 433.1 Other current assets 400.7 391.7 Total assets 2,632.7 2,581.3 Equity and liabilities Equity 888.4 1,019.0 Non-current liabilities 768.2 649
Slide 27: HelloFresh Group
HELLOFRESH GROUP