Slide 1: Q2 2026 Results
Q2 2026 Results August 13th, 2026 1
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: Our Mission and Vision
Our Mission We change the way people eat forever Our Vision The world’s leading, digital-native CPG company
Slide 4: Deep moats and structural advantages versus CPG and food retailers
HelloFresh has built deep moats and structural advantages versus CPG and food retailers in one of the largest global consumer categories Constant feedback loop with Deeply rooted culture of data and Customers skew top 40% of consumers experimentation income distribution Get ahead of what consumers w
Slide 5: Deliberate transformation into a structurally more profitable business
The ongoing deliberate transformation into a structurally more profitable business... Cumul lue unlock fom ourEUR RTE back to FY AEBIT alivelaii 01 ; 100% ~15% Contribution margin improvement in H2 for RTE 85% 02 Marketing spend calibration 03 Executed toH1'26 Planned forH2'26 Total by YE 2026 ; ; :
Slide 6: Product investments generate more value per plate
... funds our all-encompassing product investments, which generate more value per plate for consumers Select Examples GLP1 RECIPES | en GLP-1 Herbed Chicken & Creamy Lemon Orzo 1 ORDERED THis WEEK Sr ve oe YY Yourraing Caleies ‘@ 590.Cal Tota Time ©40 min Protan ——icuty 3489 it Easy ant voor PROTEIN
Slide 7: Digital features contribute to building out customer value
Digital features contribute to building out customer value Select Examples MENU PERSONALIZATION PRODUCT MERCHANDISING HELLOFRESH COOKBOOK me ee) This Week's Menu HelloFresh Market HelloFresh Cookbook. Q = (sort v ) ( Protein v ) ( Diet v sll ae sees: Indian Meals for You Show more Picked for your ta
Slide 8: Customer metrics prove the success of our strategy
Customer metrics prove the success of our strategy; Topline remains subdued from marketing discipline applied AOV (cc) Order rate CC Net revenue per active weekly customer? +5.7% +4.1% +~10% =H12025 mH1 2026 mH1 2025 @H1 2026 =H1 2025 mH1 2026 mber of average weekly active customers in that period,
Slide 9: Focus for H2 remains on efficiency
Focus for H2 remains on efficiency, with select opportunities for investment where data is supportive 01 Recalibration of product investment roll out speed and prioritization 03 Contribution margin expansion for the Group 02 Disciplined marketing spend, with back-to-school early results driving pace
Slide 10: Underlying tenured customer revenues stable in meal kits, growing in RTE
Underlying tenured customer revenues is stable in MKs, and growing in RTE, and now making up a larger share of revenue at higher margins H1 Net Revenue (in EUR bn) based on the customer tenure! Meal kits: Tenured revenue continues to grow despite stricter marketingROltargets «| | resulting in spend
Slide 11: Q2 2026 Highlights
Q2 2026 Highlights Revenue of EUR 1.5bn, (7.8)% yoy in constant currency for the Group. Meal kit revenue down (8.9)% and RTE down (8.4)% in constant currency, both in line with expectations. Other segment grew 36.1% yoy in constant currency Group AOV increased by 6.5% in constant currency to EUR 71.
Slide 12: Group revenue of EUR 1.5bn in Q2, (7.8)% cc revenue decline
Group revenue of EUR 1.5bn in Q2, (7.8)% cc revenue decline • Q2'26 Group cc revenue in line with expectations 2025 Q2 Net External Revenue 2026 (in € millions) • Meal kits performance is partially supported by resilient revenue from tenured customers (strong order rates), and MK RTE higher net AOV
Slide 13: Meal kits: H1 2026 improvements on reported and constant currency basis
Meal kits: H1 2026 witnessed improvements on both reported and constant currency yoy basis Q12025 Q22025 Q3 2025 -12.0% -13.8% -15.5% -16.5% H1 2025: -14.2% cc @ Yoy reported currency growth Q42025 Q1 2026 Q2 2026 -8.5% ron -10.2% ee -14.7% Y H1 2026: -8.7% cc Yoy constant currency growth Q2 2026 Re
Slide 14: Meal kits: resilient revenue from long-term customers and improved cohort growth dynamic
Meal kits: resilient revenue from long-term customers and improved cohort growth dynamic Meal kits H1 2026 cc growth rate (yoy) = -8.7% Key drivers - Reactivated Newly Acquired (< 1 year) Customers H1‘25 H1‘26 H1‘25 H1 ‘26 Decline roughly halved Decline lowered by ~1/3 ()/LsD HSD 1H ‘26 AEBITDA, mar
Slide 15: Q2 2026 contribution margin decreased by 2.1 pp yoy to 25.2%
Q2 2026 contribution margin1 decreased by 2.1 pp yoy to 25.2 %, reflecting the continuation of front-loaded product investment strategy • Q2’26 contribution margin reflected the ongoing strategy of front-loading product investments in H1 2025 Q2 Contribution Margin1 2026 (in % of revenue) • Q2’26 CM
Slide 16: Marketing spend down yoy for Q2 at 14.9% of revenue
Marketing spend down yoy for Q2 at 14.9% of revenue • Q2’26 Group marketing spend down by 16.3% yoy • Marketing spend declined faster than revenue in both 2025 Q2 Marketing segments 2026 (in % of revenue) • Meal kits marketing spend reached 11.6% of revenue in Q2 1.4pp 2026, down EUR 23.4m in absolu
Slide 17: Q2 2026 AEBITDA of EUR 121m, a 8% margin for the Group
Q2 2026 AEBITDA of EUR 121m, a 8% margin for the Group Q2 H1 In EUR millions Q2 2026 Q2 2025 H1 2026 H1 2025 Meal kits 167.0 184.8 271.1 334.6 AEBITDA margin meal kits 15.1% 15.2% 11.7% 12.8% RTE 13.1 17.0 (13.6) (26.4) AEBITDA margin RTE 3.0% 3.5% (1.5)% (2.5)% Other (5.8) (3.7) (11.7) (8.7) Holdin
Slide 18: Positive Free Cash Flow of EUR 49.4m for H1 2026
Positive Free Cash Flow of EUR 49.4m for H1 2026 • H1'26 FCF decreased by EUR 107.0m yoy (by EUR 2025 H1 FCF 69m excluding one-off tax refund in H1 2025) 2026 (in € millions) • Decline in FCF yoy is driven mostly by developments (68.4%) in AEBITDA • H1'26 Capex increased yoy from EUR 66.1m in H1 202
Slide 19: Strengthening of the capital structure with an inaugural EUR 350m bond
Strengthening of the capital structure with an inaugural EUR 350m bond EoP Debt & maturity profile, in EUR m Dec 400 2025 @Term Loan m@ RCF 2026 Bond July MRCF 2026 Term Loan 2026 @ Tem Loan Ambition MRCF Dec 2026 Bond 2026 400 73 2027 2027 2028 2028 2028 2029 mm! 2029 2030 2030 350-400 2030 2031 35
Slide 20: Appendix
Appendix 20
Slide 21: Group: Operational and Financial Key Figures
Group: Operational and Financial Key Figures Q2 25 Q2 26 Number of orders (m) 25.3 21.8 Number of meals (m) 214.6 183.6 Average Order Value (€) (excl. retail) 66.7 70.2 Average Order Value constant currency (€) 66.7 71.0 (7.8)% CC4 % YoY revenue growth1 Revenue1 (8.8)% € (€m) 1,699.6 1,549.9 % Reven
Slide 22: Meal kits: Operational and Financial Key Figures
Meal kits: Operational and Financial Key Figures Q2 25 Q2 26 Number of orders (m) 19.5 16.6 Number of meals (m) 165.4 139.8 Average Order Value (€) (excl. retail) 60.2 63.9 Average Order Value constant currency (€) 60.2 64.5 (8.9)% CC4 % YoY revenue growth1 Revenue (9.7)% € (€m) 1,174.2 1,059.9 28.3
Slide 23: RTE: Operational and Financial Key Figures
RTE: Operational and Financial Key Figures Q2 25 Q2 26 Number of orders (m) 5.6 5.0 Number of meals (m) 45.2 39.5 Average Order Value (€) (excl. retail) 86.2 85.4 Average Order Value constant currency (€) 86.2 87.1 (8.4)% CC4 % YoY revenue growth1 Revenue1 (10.0)% € (€m) 489.1 440.4 26.1% 21.1% Cont
Slide 24: Profit and Loss Statement
Profit and Loss Statement 3 months ended Change % 6 months ended Change % 30-Jun-26 30-Jun-25 YoY 30-Jun-26 30-Jun-25 YoY Revenue 1,549.9 1,699.6 (8.8)% 3,225.0 3,630.3 (11.2)% Procurement and Cooking Expenses (618.3) (634.1) (2.5)% (1,292.1) (1,368.3) (5.6)% Fulfilment Expenses (548.9) (608.5) (9.8
Slide 25: Balance Sheet & Cash Flow Statement
Balance Sheet & Cash Flow Statement In MEUR As at 30-Jun-26 As at 31-Dec-251 Assets Non-current assets 1,566.1 1,518.8 Cash and cash equivalents 246.9 211.1 Other current assets 322.8 351.7 Total assets 2,135.9 2,081.6 Equity and liabilities Equity 630.3 670.2 Non-current liabilities 685.3 692.2 Cur
Slide 26: Share Count
Share Count As of June 30, 2026 Types of share Ordinary shares Stock exchange Frankfurt Stock Exchange Market segment Regulated Market (Prime Standard) Number of shares issued 159,000,000 Number of shares outstanding 144,957,412 Employee Incentive Plan Options RSU Total Vested (in mn) 16.3 2.2 18.5
Slide 27: HelloFresh Group
HELLOFRESH GROUP