Slide 1: Q1 2023 Results
Q1 2023 Results April 27th, 2023 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, fully integrated foods solution group Q1 2023 Results | 3
Slide 4: Q1 2023 Highlights
Q1 2023 Highlights All time high quarterly revenue of €2.02bn with a 3.3% growth on a constant currency basis Continuous increase in AOV to €61.2 (+8.9% on a constant currency basis) Consistently stable average order rate for the Group of 4.0 Contribution margin expanded by 1.1pp to 26.3% owing to f
Slide 5: We continue to invest in enhancing the customer proposition in meal kits
We continue to invest in enhancing the customer proposition in meal kits HelloFresh Market Rollout (# of markets) Recipe Choice and Customizable Meals1 +9 (in # of meals offered) +3 Customizable Meals 12 9 5% 29% 48% 3 +251% Q1 20 Q1 22 Q1 23 +32% Food Waste2 (g/€) -13% -49% 0.68 0.40 0.35 2020 2021
Slide 6: Our RTE vertical is very early in its lifecycle: Factor US will unlock significant additional capacity in H2
Our RTE vertical is very early in its lifecycle: Factor US will unlock significant additional capacity in H2 • Limited competition in D2C RTE due to strong defensibility of business model • Improve RTE customer proposition by following HF's meal kit playbook • Grow brand awareness and consideration
Slide 7: We delivered 278m meals in Q1 2023, a sequential increase of 13%
We delivered 278m meals in Q1 2023, a sequential increase of 13% • Meals (3)% down y-o-y, driven by y-o-y decline in 2022 Q1 Number of Meals active customers by c.(5)%, with comparative 2023 (in Millions) period still influenced by Omicron effect, as previously flagged (3.1)% ◦ However, strong seaso
Slide 8: We have increased Q1 Average Order Value meaningfully year on year
We have increased Q1 Average Order Value meaningfully year on year • Group AOV increase of 8.9% in constant currency 2022 Q1 Average Order Value 2023 (in €) • Both segments showed meaningful increase in AOV: 11.1% CC 8.9% ◦ NA: 9.5% (CC) ◦ Intl: 6.9% (CC) 61.2 • AOV increase driven primarily by: 55.
Slide 9: Record net revenue quarter, exceeding €2bn for the first time
Against a heavily impacted Omicron quarter in 2022, we delivered yet another record net revenue quarter, exceeding €2bn for the first time • Well diversified revenue streams enabled positive 2022 Q1 Group Revenue revenue growth of 3%, despite challenging 2023 (in € Millions) comparative period and s
Slide 10: Q1 procurement expenses are somewhat higher due to inflation and mix effects
Q1 procurement expenses are somewhat higher due to inflation and mix effects • Procurement expenses increased by 1.4pp y-o-y 2022 Q1 Procurement Costs driven by: 2023 (in % of revenue) ◦ Continued y-o-y inflationary headwinds ◦ Increased contribution of RTE to the mix (1.4)pp (meal production is inc
Slide 11: We significantly improved fulfillment expenses as % of net revenue
We significantly improved fulfillment expenses as % of net revenue by > 2pp y-o-y • Continued sequential and y-o-y improvement in 2022 Q1 Fulfillment Costs relative fulfillment expenses 2023 (in % of revenue) ◦ NA : +3.8pp ◦ Intl: +0.1pp 2.4pp (40.6)% • Further structural efficiencies to be realized
Slide 12: We expanded contribution margin in Q1 to 26.3%
We expanded contribution margin in Q1 to 26.3% • Improvement in Q1 2023 contribution margin 2022 Q1 Contribution Margin1 primarily driven by fulfillment efficiencies 2023 (in % of revenue) • Further efficiencies targeted for the rest of 2023, 1.1pp primarily driven by additional production productiv
Slide 13: Marketing activity at a seasonal high in Q1
Marketing activity at a seasonal high in Q1, amounting to (20.4)% of revenue • Front loaded marketing activities drove 2022 Q1 Marketing1 sequential increase in active customers by 1m at 2023 (in % of revenue) attractive ROI (2.8)pp • Comparative period still impacted by Covid (20.4)% (17.7)% Q1 202
Slide 14: We delivered a Q1 2023 AEBITDA of €66m
We delivered a Q1 2023 AEBITDA of €66m • Overall, decent start of the year, considering 2022 Q1 AEBITDA Margin strong sequential growth in active customers 2023 (in € Millions & in % of revenue) and successful contribution margin expansion (33.4)% (1.9)pp • Provides a solid basis to deliver on the o
Slide 15: Solid cash flow from operations of €112m and strong balance sheet
We delivered a solid cash flow from operations of €112m and maintained our strong balance sheet • €112m cash flow from operating activities Q1 Cash Flow Position supported by normal seasonal cash inflow from (in € Millions) working capital • Cash outflow from investing activities primarily consists
Slide 16: Appendix
Appendix 16
Slide 17: New segment reporting and AGM reminders
New segment reporting and AGM reminders New Segment Reporting Annual General Meeting • As of Jan 1, HFG’s Canadian business has been • HelloFresh is holding the 2023 Annual General brought under our US management reporting Meeting on Friday, May 12, 2023 structure • The AGM will be held in a virtual
Slide 18: North America: Operational and Financial KPIs
North America: Operational and Financial KPIs Q1 22 Q1 23 Active Customers (m) 4.87 4.63 Average Order Rate 4.0 4.1 Average Order Value (€) 62.0 70.6 Average Order Value constant currency (€) 62.0 67.9 5.5% CC4 % YoY revenue growth1 Revenue 9.7% € (€m) 1,217.6 1,335.4 % Revenue 27.0% 28.7% Contribut
Slide 19: International: Operational and Financial KPIs
International: Operational and Financial KPIs Q1 22 Q1 23 Active Customers (m) 3.65 3.48 Average Order Rate 4.1 4.0 Average Order Value (€) 46.1 48.4 Average Order Value constant currency (€) 46.1 49.3 (0.5)% CC4 % YoY revenue growth1 Revenue1 (2.4)% € (€m) 697.7 680.7 % Revenue 22.9% 23.1% Contribu
Slide 20: Group: Operational and Financial KPIs
Group: Operational and Financial KPIs Q1 22 Q1 23 Active Customers (m) 8.52 8.11 Average Order Rate 4.0 4.0 Average Order Value (€) 55.1 61.2 Average Order Value constant currency (€) 55.1 60.0 3.3% CC4 % YoY revenue growth1 Revenue1 5.3% € (€m) 1,915.4 2,016.1 % Revenue 25.2% 26.3% Contribution mar
Slide 21: Profit and Loss Statement
Profit and Loss Statement 3 months ended Change % 31-Mar-23 31-Mar-22 YoY Revenue 2,016.1 1,915.4 5.3% Procurement Expense (722.8) (661.3) 9.3% Fulfillment Expense (770.5) (777.6) (0.9)% Contribution Margin 522.8 476.5 9.7% % of Revenue 26.3% 25.2% 1.1pp Marketing Expense (415.4) (339.1) 22.5% G&A,
Slide 22: Balance Sheet & Cash Flow Statement
Balance Sheet & Cash Flow Statement In MEUR As at 31-Mar-23 As at 31-Dec-22 Assets Non-current assets 1,643.2 1,623.0 Cash and cash equivalents 467.2 504.0 Other current assets 366.2 408.2 Total assets 2,476.6 2,535.2 Equity and liabilities Equity 951.8 959.6 Non-current liabilities 597.4 605.1 Curr
Slide 23: Share Count
Share Count As of March 31, 2023 Types of share Ordinary shares Stock exchange Frankfurt Stock Exchange Market Segment Regulated Market (Prime Standard) Number of shares issued 172,204,714 Number of shares outstanding 171,972,579 Employee incentive plan Options RSU Total Vested (in mn) 7.9 0.1 8.0 U
Slide 24: HelloFresh Group
HELLOFRESH GROUP