Slide 1: Q3 2025 Results
Q3 2025 Results October 30th, 2025
Slide 2: Our Mission and Vision
Our Mission We change the way people eat forever Our Vision The world’s leading, fully integrated foods solution group Q3 2025 Results | 2
Slide 3: 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 4: Fabien Simon, Group CFO HelloFresh SE
Fabien Simon, Group CFO HelloFresh SE • Served as CEO and Executive Director of JDE Peet’s (Dutch multinational coffee and tea company headquartered and listed in Amsterdam) from 2019 to 2024 • Prior to his CEO role, held positions as Chief Financial Officer (CFO) at JDE Peet’s and was a Partner and
Slide 5: Q3 2025 Highlights
Q3 2025 Highlights Stable revenue trend in the quarter at (9.3 %) yoy on a cc basis, with double digit orders decline and increasing AOV by 3.8 % in cc Encouraging signs in the month of September, with positive momentum on both MKs and RTE, leading to a total net revenue decline contained to mid-sin
Slide 6: Efficiency initiatives implemented to date
HELLOFRESH >70% of efficiency initiatives implemented to date, orour expected to implement c.80% by end of year Cumulative value unlock operational progress ~20% >>300m EUR 0% a 7 Executed up to 9M 2025 To be implemented in Q4 2025 Planned Total by 2026 YE Q3 2025 Results | 6
Slide 7: Q3 2025 Results
Q3 2025 Results | 7 Q3 2025 Results | 7
Slide 8: Hello Refresh supporting meal kit recovery through higher retention
Hello Refresh is supporting the planned meal kit recovery by” delivering higher customer retention AOR Evolution MK cc revenue growth Q1'25 Q2'25 Q3'25 Sep 2025 2024 | alle HSD % 2023 Avg Jan Feb Mar Apr May Jun Jul Aug Sep Q3 2025 Results | 8 AOR represents the predicted 52-week box count expected
Slide 9: RTE progress overcoming temporary operational setbacks
In RTE, strong progress in Q2 & Q3 in overcoming temporary operational setbacks amid pull- back of performance spend Reverted majority of meal catalogue to optimal reheat times Operationalized shelf-life testing protocols for all new meals @ Restored meal variety & menu rotation
Slide 10: Factor Refresh strategy deployed since early September
HELLOFRESH GROUP Since early September, we have successfully deployed our Factor Refresh strategy... 40 > 100 meals Larger portion sizes Sat & Sun delivery fully enabled Expanded GLP-1 range Upgraded protein quality 4-meal plan 3x more seafood Larger vegetable portions introduction on the menu ...wi
Slide 11: Leading indicators show strong improvements in H1 vs H2 2025
HELLOFRESH Leading indicators show strong improvements in Hlvs.H2 ~~ 2025 Nps) AOR® , Projected CLV +9% 18pts 12% Jan Feb Mar Apr May Jun Jul Aug Sept Jan Feb Mar Apr May Jun Jul Aug Sept Jan Feb Mar Apr May Jun Jul Aug Sept NPS cLV AOR ---- Average NPS Jan - Oct 2025 ---~- Average AOR Jan - Oct 202
Slide 12: Number of orders decline by (12.9 %), in line with H1
Number of orders decline by (12.9 %), in line with H1 2024 Q3 Number of Orders • By product category: 2025 (in millions) ◦ In meal kits, improvement both in NA and Intl versus Q2 (12.9 %) ◦ RTE softer sequentially, driven by low order rates from new customers acquired in H1 27.5 23.9 • By segment ◦
Slide 13: Sustained growth in AOV, 3.8 % on a constant currency basis
Sustained growth in AOV, 3.8 % on a constant currency basis in Q3 2025 • Further AOV growth into Q3, increasing 3.8 % yoy 2024 Q3 Average Order Value on a constant currency basis, supported by a 2025 (in €) strong value proposition and a loyal customer base (1.0)% CC 3.8 % • Both segments showed ste
Slide 14: (9%) cc revenue reduction for the Group, similar to H1
(9%) cc revenue reduction for the Group, similar to H1 • Revenue decline in cc of (9.3 %), marginally better 2024 Q3 Group Revenue than the previous quarter 2025 (in € millions) ◦ NA cc revenue decline of (13.3 %) ◦ Intl cc revenue decline of (1.5 %) (13.5)% CC (9.3)% • By product category: 1,828.4
Slide 15: Q3 2025 contribution margin at 24.5%
Q3 2025 contribution margin at 24.5%1 • Irrespective of volume decline, menu expansion 2024 Q3 Contribution Margin1 and temporary RTE food manufacture fixes, 2025 (in € millions & as % of revenue) improvement of 0.2pp1 yoy 0.2pp • Both segments1 showing progress, offsetting adverse geographic mix: ◦
Slide 16: Marketing spend at (20.0 %) of revenue
Marketing spend at (20.0 %)1 of revenue • Marketing expenses reflecting normal seasonality, 2024 Q3 Marketing1 with the quarter marking the ‘back-to-school’ period 2025 (% of revenue) • Double-digit absolute reduction of spend in meal (1.3 pp) kits, as the group continues to pursue a higher performa
Slide 17: AEBITDA of EUR 40.3m in Q3, a 2.5% margin
AEBITDA of EUR 40.3m in Q3, a 2.5% margin Q3 9M By segment In € millions Q3 2025 Q3 2024 9M 2025 9M 2024 North America 47.5 74.0 247.1 232.4 International 33.2 34.7 135.2 118.1 Holding (40.6) (36.6) (125.5) (115.4) Group 40.3 72.1 256.8 235.1 By product category In € millions Q3 2025 Q3 2024 9M 2025
Slide 18: Year-to-date Free Cash Flow of €170.4m
Year-to-date Free Cash Flow of €170.4m • Free cash flow presented excluding 2024 9M FCF repayment of lease liabilities 2025 (in € millions) • Cash Flow from Operating Activities €272.2m 469.1% for 9M of 2025 (Q3 2024 YTD: €161.5m) • Lower CapEx so far in 2025 170.4 ◦ 9m 2024 CapEx of EUR 131.6m ◦ 9m
Slide 19: Guidance range reconfirmed for FY 2025
Guidance range reconfirmed for FY 2025 FY Guidance Constant Currency Revenue Growth (6)% - (8)% AEBITDA €415m - €465m Q3 2025 Results | 19
Slide 20: Appendix
Appendix
Slide 21: Group: Operational and Financial KPIs
Group: Operational and Financial KPIs Q3 24 Q3 25 Number of orders (m) 27.5 23.9 Number of meals (m) 231.2 202.6 Average Order Value (€) 66.2 65.6 Average Order Value constant currency (€) 66.2 68.7 (9.3)% CC4 % YoY revenue growth1 Revenue1 (13.5)% € (€m) 1,828.4 1,581.5 % Revenue 24.3% 24.5% Contri
Slide 22: North America: Operational and Financial KPIs
North America: Operational and Financial KPIs Q3 24 Q3 25 Number of orders (m) 15.7 13.0 Number of meals (m) 124.2 103.9 Average Order Value (€) 77.2 76.0 Average Order Value constant currency (€) 77.2 80.9 (13.3)% CC4 % YoY revenue growth1 Revenue (18.5)% € (€m) 1212.0 987.9 % Revenue 26.1% 27.0% C
Slide 23: International: Operational and Financial KPIs
International: Operational and Financial KPIs Q3 24 Q3 25 Number of orders (m) 11.8 11.8 Number of meals (m) 108.4 107.0 Average Order Value (€) 51.6 53.2 Average Order Value constant currency (€) 51.6 54.3 (1.5)% CC4 % YoY revenue growth1 Revenue1 (3.7)% € (€m) 616.5 593.6 % Revenue 22.5% 22.8% Con
Slide 24: Profit and Loss Statement
Profit and Loss Statement 3 months ended Change % 9 months ended Change % 30-Sep 25 30-Sep 24 YoY 30-Sep 25 30-Sep 24 YoY Revenue 1,581.5 1,828.4 (13.5)% 5,211.8 5,852.8 (11.0)% Procurement Expense (622.6) (697.3) (10.7)% (1,990.9) (2,203.1) (9.6)% Fulfilment Expense (580.2) (697.9) (16.9)% (1,962.4
Slide 25: Balance Sheet & Cash Flow Statement
Balance Sheet & Cash Flow Statement In MEUR As at 30-Sep 25 As at 31-Dec 2024 Assets Non-current assets 1,514.1 1,745.3 Cash and cash equivalents 321.3 486.7 Other current assets 363.0 400.7 Total assets 2,198.4 2,632.7 Equity and liabilities Equity 634.6 888.4 Non-current liabilities 694.9 768.2 Cu
Slide 26: Share Count
Share Count As of September 30, 2025 Types of share Ordinary shares Stock exchange Frankfurt Stock Exchange Market Segment Regulated Market (Prime Standard) Number of shares issued 166,940,562 Number of shares outstanding 152,598,482 Employee Incentive Plan VSO RSU Total Vested (in mn) 14.0 1.8 15.8
Slide 27: HelloFresh Group
HELLOFRESH GROUP