Slide 1: Q1 2024 Results
Q1 2024 Results April 25th, 2024 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: Q1 2024 Highlights
Q1 2024 Highlights Continued Group AOV expansion by 6.5% on a cc basis, driven by higher AOV in both geographical segments Group orders down yoy by (2.6%), in line with the trend experienced the previous quarter Group revenue of €2.1b, representing highest ever quarterly revenue and a 3.8% cc growth
Slide 4: Our RTE scale up is on track and progressing well
Our RTE scale up is on track and progressing well 87% CAGR >€2bn Continued TAM Expansion 2020-2024E Intl RTE in ramp-up mode and investment phase €93m Strong early consumer demand in 2020 2021 2022 2023 2024E recently launched geos Notable Callouts • Arizona facility accounting for increased share o
Slide 5: 32m orders delivered in Q1 2024
32m orders delivered in Q1 2024 • Mild yoy decrease in overall order volume for the Group and both geographic segments 2023 Q1 Number of Orders 2024 (in Millions) • Strong ramp-up of RTE, while new customer (2.6%) demand for meal kits continues to be temporarily softer • Healthy order rates of exist
Slide 6: Continued AOV expansion yoy
Continued AOV expansion yoy • Group AOV increase of 6.5 % in constant currency 2023 Q1 Average Order Value • Both segments showed meaningful increase in 2024 (in €) AOV: 5.5% ◦ NA: 7.1 % (CC) CC 6.5% ◦ Intl: 5.1 % (CC) • AOV increase primarily driven by: ◦ NA: rapid expansion of RTE ◦ Intl: combinat
Slide 7: Highest revenue quarter to date with €2.1b
Highest revenue quarter to date with €2.1b, representing a 4% growth rate • Constant currency revenue growth of 3.8% for the Group 2023 Q1 Group Revenue 2024 (in € Millions) • Positive CC revenue growth across both 2.9% segments CC 3.8% ◦ NA +4.6% ◦ Intl +2.3% • Strong RTE ramp-up translating into 5
Slide 8: Procurement and cooking expenses higher due to an increased RTE contribution to the mix
Procurement and cooking expenses higher due to an increased RTE contribution to the mix and the ramp up of RTE facilities • Procurement and cooking expenses increased by 2.1pp yoy 2023 Q1 Procurement & Cooking Expenses 2024 (in % of revenue) • NA segment driving the relative increase due to: (2.1)pp
Slide 9: Fulfilment expenses as % of net revenue continued to decrease for the Group
Fulfilment expenses as % of net revenue continued to decrease for the Group • Group fulfilment expenses improved by 1pp to 37.4%, continuing on past trends 2023 Q1 Fulfilment Expenses 2024 (in % of revenue) • In NA, 1.7pp improvement in relative fulfilment 0.9pp expenses to (36.6)%, as it benefits f
Slide 10: Trend in procurement and fulfilment expenses results in a contribution margin of 25.2%
Trend in procurement and fulfilment expenses results in a contribution margin of 25.2% • NA contribution margin of 26.5%, a 2.1pp reduction yoy, driven primarily by the 2023 Q1 Contribution Margin1 temporarily higher RTE production costs during 2024 (in % of revenue) the rapid ramp-up phase (1.2pp)
Slide 11: Marketing activity at a seasonal high in Q1
Marketing activity at a seasonal high in Q1 • Relative marketing expenses in Q1 mark seasonal peak (as usual) 2023 Q1 Marketing1 2024 (in % of revenue) • Absolute level influenced by successful rapid (2.6pp) expansion of RTE customer base, which absorbed substantially all yoy marketing spend increas
Slide 12: Mildly positive AEBITDA of €17m in Q1 2024
Mildly positive AEBITDA of €17m in Q1 2024 • Both operating segments generating positive AEBITDA: 2023 Q1 AEBITDA Margin ◦ NA: €26.4m, a margin of 1.9% vs 5.7% in Q1 2024 (in € Millions & in % of revenue) 2023 (74.6%) ◦ Intl: €28.9m, a margin of 4.1%, stable to (2.5pp) last year 3.3% ◦ Holding AEBIT
Slide 13: Segments
2024 Q1 performance was primarily driven by (i) a rapidly growing RTE product group and associated temporarily increased costs and (ii) normal Q1 seasonality 2024 Q1 CC revenue growth AEBITDA margin North America International 5.7% Segments 4.6% 4.1% 4.1% 2.3% 1.9% NA Intl Q1 23 Q1 24 Q1 23 Q1 24 Me
Slide 14: We reconfirm our full year 2024 outlook of 2% – 8% CC revenue growth
We reconfirm our full year 2024 outlook of 2% – 8% CC revenue growth and €350m - €400m AEBITDA Constant Currency Revenue Growth 2% - 8% AEBITDA €350m - €400m Q1 2024 Results | 14
Slide 15: Appendix
Appendix 15
Slide 16: Group: Operational and Financial KPIs
Group: Operational and Financial KPIs Q1 23 Q1 24 Average Order Value (€) 61.2 64.6 Average Order Value constant currency (€) 61.2 65.2 YoY revenue growth1 3.8% CC4 % Revenue1 2.9% € (€m) % Revenue 26.3% 25.2% Contribution margin2 (€m) AEBITDA3 % Revenue 3.3% 0.8% (€m) 1. Revenue post promotional di
Slide 17: North America: Operational and Financial KPIs
North America: Operational and Financial KPIs Q1 23 Q1 24 Average Order Value (€) 70.6 74.8 Average Order Value constant currency (€) 70.6 75.6 YoY revenue growth1 4.6% CC4 % Revenue1 3.3% € (€m) % Revenue 28.7% 26.5% Contribution margin2 (€m) AEBITDA3 % Revenue 5.7% 1.9% (€m) 1. Revenue post promot
Slide 18: International: Operational and Financial KPIs
International: Operational and Financial KPIs Q1 23 Q1 24 Average Order Value (€) 48.4 50.6 Average Order Value constant currency (€) 48.4 50.9 YoY revenue growth1 2.3% CC4 % Revenue1 1.9% € (€m) % Revenue 23.1% 24.1% Contribution margin2 (€m) AEBITDA3 % Revenue 4.1% 4.1% (€m) 1. Revenue post promot
Slide 19: Additional information by product category
Additional information by product category 3-months ended 2023 Total In MEUR Q1 Q2 Q3 Q4 In MEUR 31-March 31-March YoY 24 23 Change Revenue Meal kits 1,687.2 1,553.3 1,413.9 1,458.2 6,112.6 Revenue RTE 321.7 353.8 378.2 384.7 1,438.4 Meal kits 1,559.4 1,687.2 (7.6 %) Others 7.2 10.4 11.9 16.1 45.6 R
Slide 20: Profit and Loss Statement
Profit and Loss Statement 3 months ended Change % 31-Mar-24 31-Mar-23 YoY Revenue 2,073.5 2,016.1 2.9% Procurement Expense (786.6) (722.8) 8.8% Fulfilment Expense (774.5) (770.5) 0.5% Contribution Margin 512.4 522.8 (2.0)% % of Revenue 25.2% 26.3% (1.1)pp Marketing Expense (482.1) (415.4) 16.1% G&A,
Slide 21: Balance Sheet & Cash Flow Statement
Balance Sheet & Cash Flow Statement In MEUR As at 31-Mar-24 As at 31-Dec-23 Assets Non-current assets 1,773.7 1,756.4 Cash and cash equivalents 371.7 433.1 Other current assets 409.4 391.8 Total assets 2,554.8 2,581.3 Equity and liabilities Equity 929.8 1,019.0 Non-current liabilities 663.9 649.3 Cu
Slide 22: Share Count
Share Count As of March 31, 2024 Number of shares issued 173,190,562 Number of shares outstanding 168,347,931 Number of treasury shares 4,842,631 Employee incentive plan Options RSU Total Vested (in mn) 9.5 0.8 10.3 Unvested (in mn) 6.9 9.1 16.0 Outstanding (in mn) 16.4 9.9 26.3 WAEP1 (in EUR) Veste
Slide 23: HelloFresh Group
HELLOFRESH GROUP