Slide 1: Q2 2025 Results
Q2 2025 Results August 14th, 2025 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: Q2 2025 Highlights
Q2 2025 Highlights Execution of efficiency program well on track, as evidenced by meaningful AEBIT(DA) and FCF expansion Q2 revenue of EUR 1.7bn, a (9.5)% yoy reduction on a cc basis Significant yoy contribution margin(1) expansion of 1.4pp to 27.3% Q2 AEBITDA growth by 8.2% to EUR 158.5m, including
Slide 5: Two big objectives for 2025
HELLOFRESH We previously communicated two big objectives for 2025 — Deliver on EUR 300m efficiency program ( CG ) — Re-invest into customer experience ¥ ...to return to long term sustainable growth Not isolated objectives but tightly interconnected - and deliberately sequenced Q2 2025 Results | 5
Slide 6: On track to implement c. EUR 300m efficiency measures by 2026
HELLOFRESH We are on track to implement efficiency measures of c. EUR — 300m annually by 2026, of which c. EUR 200m will be taken to the bottom line Progress to date ¢ RTE: 19% improvement yoy in Q2 @ Direct labor productivity arr a MK: 5% improvement yoy in Q2 @ Network optimization @---- © ~19% lo
Slide 7: On schedule to implement c. 80% of efficiency initiatives by end of 2025
On schedule to implement c. 80% of efficiency initiatives" by the end of 2025 Cumulative value unlock >€300m ~30% ~50% Executed up to 1H 2025 To be implemented in H2 2025 Planned Total by 2026 YE Q2 2025 Results | 7
Slide 8: Putting the foundation to work: reinvesting improved cost base
We are now starting to put that foundation to work: Leverage our meaningfully improved cost base to re-invest intoa HELLOFRESH GROUP Cost Product Discipline innovation scale The fuels benefits Refresh Profitable Customer Growth Retention Q2 2025 Results | 8
Slide 9: Improving meal kit product experience end-to-end
Combining global learnings & playbooks with local nuance to improve meal kit product experience end-to-end 100+ weekly recipes Larger vegetable portions Grass-fed beef Integration of Factor on Upgraded protein quality Organic protein and dairy core menu options 75% of protein with modular Redesigned
Slide 10: Biggest product investment initiative for HelloFresh US
HELLOFRESH Starting in August, we embark on our biggest product enor investment initiative to date for HelloFresh US ¢ ba co UNBOX SOMETHING BETTER NEW YOUR MENUIS NOW: Choose from 100+ weekly recipes. Enjo portions, eed! More steak and 3x the ‘[a] DOWNLOAD THE APP 7 eS Tor mar a REVIEW Q2 2025 Resu
Slide 11: Factor US 2025 focus areas
HELLOFRESH GROUP ... and Factor US Eat Smarter with 100 Weekly Options Choose what's best with our biggest menu of premium meals made for flavor, nutrition, and your routine. 2025 Focus Areas (as per March 2025 CMD) 2X MENU SIZE LAUNCH OF GLP1 ADD ON PORTFOLIO DELIVERY DAY EXPANSION PREFERENCE EXPAN
Slide 12: Building momentum after operationally challenged Q2 for Factor US
We are building on the momentum seenin recent weeks scorsess after an operationally challenged Q2 2025 for Factor US Operational setbacks in Q2 High week-on-week menu repetition Temporarily increased meal reheat times Leading indicators turning positive already Meal ratings Jan-25 BN Cancellation ra
Slide 13: Number of orders decline by (12.5%)
Number of orders decline by (12.5 %), in line with previous quarter, due to continued marketing discipline, with focus on acquiring higher quality customers 2024 Q2 Number of Orders • NA down (16.4%) in Q2 2025, slight 2025 (in Millions) sequential improvement: ◦ Gradually improving momentum in (12.
Slide 14: Average order value expansion on a cc basis continued
Average order value expansion on a cc basis continued in Q2 2025 • Group AOV increased 3.1% on a cc basis 2024 Q2 Average Order Value 2025 (in €) • Both segments showed meaningful increase in AOV: ◦ NA: 3.9% (cc) (0.7)% ◦ Intl: 4.7% (cc) CC +3.1% • AOV increase primarily driven by: 67.1 66.7 ◦ Robus
Slide 15: (9.5)% cc revenue reduction in Q2
In Q2 (9.5)% cc revenue reduction, similar to Q1 2025 • Revenue reduction in cc of (9.5%), similar to previous 2024 Q2 Group Revenue quarter 2025 (in € millions) ◦ NA cc revenue reduction of (13.0%), in line with dynamics observed in order numbers (12.9)% ◦ Intl cc revenue reduction of (2.7%) CC (9.
Slide 16: Contribution margin increased by 1.4pp to 27.3%
Contribution margin increased by 1.4 pp1 yoy to 27.3 %1 • Strong continued execution of the efficiency 2024 Q2 Contribution Margin(1) program yielded a 1.4 pp improvement in Group 2025 (in % of revenue) contribution margin1 yoy, to 27.3 % 1.4pp • Contribution margin improvements are primarily driven
Slide 17: Marketing expenses at 16.2% of revenue
Marketing expenses at 16.2%1 of revenue in Q2 '25, a reduction yoy for the fourth consecutive quarter • Improvement driven by disciplined pursuit of 2024 Q2 Marketing1 higher performance marketing ROI targets, a 2025 (in % of revenue) strategy implemented and followed more forcefully from Q3 2024 0.
Slide 18: AEBITDA increase to EUR 158m in Q2
AEBITDA increase to EUR 158m in Q2, a 9% margin, despite FX headwinds Q2 H1 By segment In € millions Q2 2025 Q2 2024 H1 2025 H1 2024 North America 138.3 132.1 199.5 158.4 International 60.9 54.4 102.1 83.4 Holding (40.6) (40.7) (85.1) (78.8) Group 158.5 146.4 216.5 163.0 By product category In € mil
Slide 19: 20.8% increase in Q2 2025 AEBIT to EUR 101.4m
A 20.8% increase in Q2 2025 AEBIT1 to EUR 101.4m, a 6.0% margin • Key AEBIT margin drivers in Q2: 2024 Q2 AEBIT(1) ◦ Strong contribution margin improvements, as 2025 (in € millions & in % of revenue) efficiency program continues according to plan 20.8% ◦ Improved relative marketing expenses at 1.7pp
Slide 20: 4x increase in H1 2025 FCF
4x increase in H1 2025 FCF, primarily driven by progress on execution of efficiency program • 86.6% yoy increase in CF from operating activities, 2024 H1 FCF driven by robust AEBIT(DA) growth and cash inflow 2025 (in € millions) from working capital 308.6% • Capex reduced yoy from EUR (96.0)m in H1
Slide 21: FX headwinds for FY25
HELLOFRESH Strong underlying Group AEBITDA performance partially offset by © «~~ significant FX headwinds for FY25 Indicative FX impact on 2025E financials FX rates MEUR Revenue AEBITDA AEBIT Initial Average for outlook June 2025 LI LJ + “us “ _._ ~(28) ~(38) y CAD /EUR 149 --------1 > 157 ~(365) y
Slide 22: Revenue guidance narrowed, margins unchanged
Revenue guidance narrowed, implied AEBITDA and AEBIT margins unchanged but adjusted for current FX rates in EUR reporting currency March 2025 August 2025 Constant Currency Revenue Growth (2)% - (8)% (6)% - (8)% EUR 450m - EUR 415m - AEBITDA EUR 500m EUR 465m EUR 200m - EUR 175m - AEBIT EUR 250m EUR
Slide 23: Appendix
Appendix 23
Slide 24: Group: Operational and Financial Key Figures
Group: Operational and Financial Key Figures Q2 24 Q2 25 Number of orders (m) 28.9 25.3 Number of meals (m) 243.8 214.6 Average Order Value (€) (excl. retail) 67.1 66.7 Average Order Value constant currency (€) 67.1 69.3 (9.5)% CC4 % YoY revenue growth1 Revenue1 (12.9)% € (€m) 1,950.8 1,699.6 % Reve
Slide 25: North America: Operational and Financial Key Figures
North America: Operational and Financial Key Figures Q2 24 Q2 25 Number of orders (m) 16.4 13.7 Number of meals (m) 129.4 109.6 Average Order Value (€) (excl. retail) 78.8 77.7 Average Order Value constant currency (€) 78.8 81.9 (13.0)% CC4 % YoY revenue growth1 Revenue (17.5)% € (€m) 1,288.9 1,063.
Slide 26: International: Operational and Financial Key Figures
International: Operational and Financial Key Figures Q2 24 Q2 25 Number of orders (m) 12.6 11.6 Number of meals (m) 114.5 105.0 Average Order Value (€) (excl. retail) 51.9 53.7 Average Order Value constant currency (€) 51.9 54.4 (2.7)% CC4 % YoY revenue growth1 Revenue1 (3.9)% € (€m) 661.9 635.9 24.
Slide 27: Profit and Loss Statement
Profit and Loss Statement 3 months ended Change % 6 months ended Change % 30-Jun-25 30-Jun-24 YoY 30-Jun-25 30-Jun-24 YoY Revenue 1,699.6 1,950.8 (12.9)% 3,630.3 4,024.3 (9.8)% Procurement and Cooking Expenses (634.1) (719.1) (11.8)% (1,368.3) (1,505.8) (9.1)% Fulfilment Expenses (608.5) (767.8) (20
Slide 28: Balance Sheet & Cash Flow Statement
Balance Sheet & Cash Flow Statement In MEUR As at 30-Jun-25 As at 31-Dec-24 Assets Non-current assets 1,546.6 1,745.3 Cash and cash equivalents 428.4 486.7 Other current assets 355.3 400.7 Total assets 2,330.3 2,632.7 Equity and liabilities Equity 717.0 888.4 Non-current liabilities 720.1 768.2 Curr
Slide 29: Share Count
Share Count As of June 30, 2025 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 157,532,643 Employee Incentive Plan Options RSU Total Vested (in mn) 13.2 1.5 14.7
Slide 30: HelloFresh Group
HELLOFRESH GROUP