Slide 1: HelloFresh Group Q2 2024 Results
HELLOFRESH GROUP Q2 2024 Results August 13th, 2024
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: Q2 2024 Highlights
Q2 2024 Highlights Continued yoy Group AOV expansion by 4.7% on a cc basis; both segments contributing strongly Group revenue of EUR c.1.95bn, a positive yoy cc growth of 0.9%, comprised of strong RTE cc growth of 45.2% and meal kits negative cc growth of (9.9%) AEBITDA of EUR 146.4m, a margin of 7.
Slide 4: 29m orders delivered in Q2 2024
29m orders delivered in Q2 2024 • Modest yoy decrease in overall order volume 2023 Q2 Number of Orders for the Group, in line with previous quarters 2024 (in Millions) ◦ Similar volume developments across (3.6 %) both geographical segments • Subdued new customer acquisitions in meal kits, partly dri
Slide 5: Average order value expansion for the twelfth sequential quarter in a row
Average order value expansion for the twelfth sequential quarter in a row • Group AOV increased 4.7% on a cc basis 2023 Q2 Average Order Value 2024 (in €) • Both segments showed meaningful increase in AOV: +5.6% CC +4.7% ◦ NA: 5.4% (cc) ◦ Intl: 3.7% (cc) • AOV increase primarily driven by: ◦ Higher
Slide 6: 1% cc revenue growth through further AOV expansion
1% cc revenue growth through further AOV expansion • Revenue growth in cc of 1% 2023 Q2 Group Revenue ◦ US cc revenue growth of 0.9% 2024 (in € millions) ◦ Intl cc revenue growth of 1.1% +1.7% • Continued cc revenue growth in RTE of 45.2%, as CC +0.9% production capacity continues to scale according
Slide 7: Procurement and cooking expenses higher by (3pp), driven primarily by NA RTE
Procurement and cooking expenses higher by (3pp), driven primarily by NA RTE • Biggest driver of relative procurement and cooking 2023 Q2 Procurement Costs expenses increase yoy is RTE: 2024 (in % of revenue) ◦ Increasing contribution to the mix (RTE has structurally higher procurement and cooking (
Slide 8: Stable fulfilment expenses (excl. impairment)
Stable fulfilment expenses (excl. impairment) • €(32.8)m of non-cash one-off impairment in North 2023 Q2 Fulfilment Costs America segment in Q2, due to rationalization of 2024 (in % of revenue) fulfilment footprint Impairment 0.2pp1 • Excluding impairment, NA fulfilment expenses (1.2pp) improve ~1pp
Slide 9: Contribution margin at 26.0%, a (2.8 pp) decrease yoy
Contribution margin at 26.0 %1, a (2.8 pp)1 decrease yoy • Sequentially higher contribution margin than in 2023 Q2 Contribution Margin Q1, but down yoy, driven by: 2024 (in € millions & % of revenue) ◦ Temporarily higher production costs Impairment within RTE during the current ramp-up (8.2 %)1 phas
Slide 10: Marketing expenses at 17.0% of revenue, similar to Q2'23
Marketing expenses at 17.0% 1 of revenue, similar to Q2’23 2023 Q2 Marketing1 • Absolute and relative marketing spend up yoy in 2024 (in % of revenue) RTE, due to rapid scale up (0.7)pp • Absolute and relative spend down yoy in meal kits • Continuous shift of marketing budget from price incentives t
Slide 11: AEBITDA of €146m delivered in Q2 2024
AEBITDA of €146m delivered in Q2 2024 Segments Q2 Q1 Product categories H1 By segment In MEUR Q2 2024 Q2 2023 Q1 2024 Q1 2023 H1 2024 H1 2023 North America 132.1 167.2 26.4 76.0 158.4 243.2 International 54.4 59.7 28.9 28.0 83.4 87.7 Holding (40.7) (34.9) (38.5) (37.9) (78.8) (72.3) Group 146.4 191.
Slide 12: Increase in H1 FCF due to lower yoy CapEx
Increase in H1 FCF due to lower yoy CapEx • Yoy decrease in CF from operating activities, in line 2023 H1 FCF with AEBITDA movements 2024 (in € millions) • However, lower CapEx leading to an overall increase 33.9% in FCF • H1’23 CapEx of EUR 169.3m vs. H1’24 CapEx of EUR 96.0m • Simultaneously, new
Slide 13: We reconfirm our full year 2024 outlook
We reconfirm our full year 2024 outlook of 2% – 8% cc revenue growth and €350m - €400m AEBITDA H1 2024 2024 Guidance Constant Currency Revenue 2.4% 2% - 8% Growth AEBITDA €163m €350m - €400m Q2 2024 Results | 13
Slide 14: Appendix
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Slide 15: Group: Operational and Financial Key Figures
Group: Operational and Financial Key Figures Q2 23 Q2 24 Number of orders (m) 30.0 28.9 Number of meals (m) 253.6 243.8 Average Order Value (€) (excl. retail) 63.6 67.1 Average Order Value constant currency (€) 63.6 66.6 YoY revenue growth1 0.9% CC4 % Revenue1 1.7% € (€m) % Revenue 28.4% 24.3% Contr
Slide 16: North America: Operational and Financial Key Figures
North America: Operational and Financial Key Figures Q2 23 Q2 24 Number of orders (m) 17.1 16.4 Number of meals (m) 136.6 129.4 Average Order Value (€) (excl. retail) 74.0 78.8 Average Order Value constant currency (€) 74.0 78.0 YoY revenue growth1 0.9% CC4 % Revenue 1.9% € (€m) Revenue 31.4% 25.3%
Slide 17: International: Operational and Financial Key Figures
International: Operational and Financial Key Figures Q2 23 Q2 24 Number of orders (m) 12.9 12.6 Number of meals (m) 117.0 114.5 Average Order Value (€) (excl. retail) 49.9 51.9 Average Order Value constant currency (€) 49.9 51.8 YoY revenue growth1 1.1% CC4 % Revenue1 1.4% € (€m) Revenue 24.4% 24.1%
Slide 18: Profit and Loss Statement
Profit and Loss Statement 3 months ended Change % 6 months ended Change % 30-Jun-24 30-Jun-23 YoY 30-Jun-24 30-Jun-23 YoY Revenue 1,950.8 1,917.5 1.7% 4,024.3 3,933.6 2.3% Procurement and Cooking Expense (719.1) (648.4) 10.9% (1,505.8) (1,371.2) 9.8% Fulfilment Expense (767.8) (732.7) 4.8% (1,542.4)
Slide 19: Balance Sheet & Cash Flow Statement
Balance Sheet & Cash Flow Statement In MEUR As at 30-Jun-24 As at 31-Dec-23 Assets Non-current assets 1,752.5 1,756.4 Cash and cash equivalents 381.9 433.1 Other current assets 387.5 391.7 Total assets 2,521.9 2,581.3 Equity and liabilities Equity 954.2 1,019.0 Non-current liabilities 492.1 649.3 Cu
Slide 20: Share Count
Share Count As of June 30, 2024 Types of share Ordinary shares Stock exchange Frankfurt Stock Exchange Market Segment Regulated Market (Prime Standard) Number of shares issued 173,190,562 Number of shares outstanding 166, 529,340 Employee Incentive Plan Options RSU Total Vested (in mn) 10.2 1.1 11.3
Slide 21: HelloFresh Group
HELLOFRESH GROUP