Slide 1: Q4 & FY 2025 Results
Q4 & FY 2025 Results March 18th, 2025
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: We are still in the efficiency reset phase
Weare still in the efficiency reset phase: restoring unit = "=" economics to support product investments, before returning to growth Demand Shock Growth Headwinds Efficiency Reset Return to Growth Net Revenue . 2020-2022 m 2023-2024 . 2025-2026 . 2027+ 1 0 1 1 8.0 bn i i i 1 1 1 1 1 1 i i i f f f 1
Slide 4: We are laser focused on delivering efficiency and customer proposition
3. we are laser focused on -DFA (a) delivering on our efficiency program; (b) creating a step change in our customer proposition across MKs and RTE
Slide 5: ~80% of efficiency initiatives implemented by year-end 2025
~80% of efficiency initiatives implemented by year-end scores: 2025; on track to deliver €300m target Cumulative value unlock operational progress Estimated P&L impact before reinvestments, MEUR ~20% tages 140 ~300 ~80% i | 160 tt Executed in 2025 Planned for 2026 Total program 2025 In-Yearimpact Ex
Slide 6: Meal kit orders from tenured customers remained highly stable
In meal kits, # of orders from tenured customers has remained highly stable, despite overall order decline Number of meal kit orders by Number of meal kit orders by customer maturity, % of total customer maturity, in absolute terms. 4 o Ss i= 5 oOo Q Presented at a CMD 5 a [-} 3 o 2 uw on SDE 2022 2
Slide 7: Product investments: long-term retention is the key lever
Product investments: Long-term retention remains the single most powerful lever for creating stable growth and sustainable free cash flow in a direct-to-consumer subscription model Unlocking long term demand generation Cumulative Net Revenue per Conversion Early Impact of HelloRefresh Im proved rete
Slide 8: Meal kits narrowed the negative revenue gap for the 4th consecutive quarter
HELLOFRESH Meal kits narrowed the negative revenue gap for the 4th sree consecutive quarter Meal kit CC revenue growth Q1'25 Q2'25 Q3'25 Q4'25 . - - 10.2% 12.0% eee eee ee eee ee eee ee ened Pe -13.8%
Slide 9: Excellent trajectory in meal kits diluted by US RTE challenges
HELLOFRESH Excellent trajectory in meal kits somewhat diluted in Group numbers by temporary challenges in US RTE H1 2025 H2 2025 December exit rates @ Regulatory challenges Introduced short-term fixes at the expense of customer experience Fixing the fun quality, taste and regulatory compliance Custo
Slide 10: RTE focus areas for 2026
HELLOFRESH GROUP RTE focus areas for 2026 include a return to 2024 profitability levels on a foundation of operational excellence : NPs® Cumulative Net Revenue / 2026 | Conversion® 16% A 5 weeks 10 weeks m2025 = 2026 —NPS = — Average Jan-Dec 25 1. Net Promoter Score of new customers (dotted line rep
Slide 11: Q4 & FY 2025 Results
Q4 & FY 2025 Results
Slide 12: 2025 Year in Review
2025 Year in Review Revenue of EUR 6.8bn, representing a (9.0)% decline in constant currency, however, order volumes from our loyal customer base remained highly stable yoy Meal kit net revenue declines (cc) narrowed sequentially in every quarter of 2025, as investments in variety, quality and size
Slide 13: FY 2025 order volumes declined as efficiency prioritized over volume
FY 2025 order volumes declined (12.3 %) yoy, as we deliberately prioritized efficiency over volume Q4 Number of orders FY Number of orders • FY'25 orders declined across both (in millions) (in millions) product categories • Q4 2025 by product category: (12.2%) (12.3%) ◦ Meal kits continue to improve
Slide 14: Continued AOV expansion throughout the year
Continued AOV expansion throughout the year • FY '25 AOV up by +3.5% yoy in CC Q4 Average Order Value FY Average Order Value • Higher add-on contribution (in €) (in €) • Lower price incentives for new customers (2.7)% cc +3.4% +0.4% cc +3.5% • Further AOV growth in Q4, increasing 3.4 % yoy on a cc b
Slide 15: FY revenue declines (9.0)% in cc
FY revenue declines (9.0)% in cc: meal kits show sequential improvement, while RTE recovery paces slower than anticipated Q4 Group Revenue FY Group Revenue • FY '25 yoy revenue development (in cc): • MKs: (12.7)% (in € millions) (in € millions) • RTE: (1.4)% (14.4%) (11.8%) cc (9.0%) cc (9.0)% • Q4
Slide 16: FY 2025 contribution margin at 26.8%
FY 2025 contribution margin at 26.8%(1), up by 1pp compared to FY 2024 as guided • FY '25 contribution margin increased yoy Q4 Contribution Margin1 FY Contribution Margin1 for the Group, and importantly for both (in % of revenue) (in % of revenue) product categories 1.2pp 1.0pp • Q4'25 contribution
Slide 17: FY 2025 marketing spend declines meaningfully yoy
FY 2025 marketing spend declines meaningfully yoy in absolute and relative terms, driven primarily by meal kit marketing reduction in pursuit of higher ROI customers • In 2025, a reduction of marketing spend by Q4 Marketing Costs1 FY Marketing Costs1 EUR 203.5m1 for the Group (% of net revenue) (% o
Slide 18: FY 2025 AEBITDA lands within guidance at EUR 422.8m
FY 2025 AEBITDA lands within guidance at EUR 422.8m; meal kit margin reaches highest level since the covid pandemic Q4 FY By segment In MEUR Q4 2025 Q4 2024 FY 2025 FY 2024 North America 138.2 136.3 385.3 368.8 International 74.0 68.7 209.3 186.8 Holding (46.3) (39.8) (171.8) (155.0) Group 166.0 164
Slide 19: MK AEBITDA: Focus on durability of margin
16. MK AEBITDA: Focus on durability of margin - DFA For example, by showing waterfall that shows structurally higher operating margins for meal kits (2024 vs. 2025)
Slide 20: Positive Free Cash Flow of EUR 18.9m for FY 2025
Positive Free Cash Flow of EUR 18.9m(1) for FY 2025 • FY'25 FCF increased by EUR 42.5m yoy, mainly due to higher AEBITDA and lower CAPEX during the year 2024 FY FCF 1 2025 (in € millions) ◦ Higher FY 2025 Cash Flow from Operating activities(2) of EUR 297.4m compared to EUR 259.7m in 2024 +42.5m • FY
Slide 21: Summary slide: what informed the 2026 guidance
17. Summary slide: what informed the 2026 guidance (strategy + early performance)
Slide 22: Slide on Winter Storm
18. Slide on Winter Storm - ZI Get data on impact (Potential US + EU in Jan) and then US in Feb Provide descriptive examples of what happen. [Maybe show the NL case]
Slide 23: Slide on Winter Storm
18. Slide on Winter Storm - ZI Get data on impact (Potential US + EU in Jan) and then US in Feb Provide descriptive examples of what happen. [Maybe show the NL case]
Slide 24: Update on strategy re product investments
19.1/2 Update on strategy re product investments and quantum + tbd if case studies are solid enough ZI – numbers on reinvestments, DFA – case studies Frame it Higher value customers (who come only with better product) is a defensive moat Product investment allows for TAM expansion Ability to monetiz
Slide 25: Enhanced transparency and updated reporting framework
Enhanced transparency and updated reporting framework Disclosure 0: } Guidance on both Revenue Growth and AEBITDA in CC going forward 02 } Cash flow focus on FCF post-leases Reporting 01 } Segment change: full P&L product category reporting (vs. geographical segments) from Q2 ’26 02) FY results pre-
Slide 26: Capital allocations strategy
23. Capital allocations strategy DFA Include the list in priorities order
Slide 27: Thank you
Thank you - Q&A
Slide 28: Appendix
Appendix
Slide 29: Group: Operational and Financial KPIs
Group: Operational and Financial KPIs Q4 24 Q4 25 Average Order Value (€), excl. retail 68.4 66.6 Average Order Value constant currency (€), excl. retail 68.4 70.7 (9.0)% cc4 % YoY revenue growth1 Revenue1 (14.4)% € (€m) 1,808.5 1,549.0 % Revenue 27.1% 28.3% Contribution margin2 (€m) 490.2 438.3 AEB
Slide 30: NA: Operational and Financial KPIs
NA: Operational and Financial KPIs Q4 24 Q4 25 Average Order Value (€), excl. retail 81.5 78.1 Average Order Value constant currency (€), excl. retail 81.5 85.1 (12.8)% cc4 % YoY revenue growth1 Revenue1 (19.9)% € (€m) 1154.7 924.4 30.3% 33.2% Contribution margin2 % Revenue (€m) 352.8 312.0 AEBITDA3
Slide 31: International: Operational and Financial KPIs
International: Operational and Financial KPIs Q4 24 Q4 25 Average Order Value (€), excl. retail 53.1 54.4 Average Order Value constant currency (€), excl. retail 53.1 55.7 (2.2)% cc4 % YoY revenue growth1 Revenue1 (4.5)% € (€m) 653.8 624.6 % Revenue 23.2% 23.9% Contribution margin2 (€m) 154.2 153.4
Slide 32: Profit and Loss Statement
Profit and Loss Statement 3 months ended Change % 12 months ended Change % 31-Dec-25 31-Dec-24 YoY 31-Dec-25 31-Dec-24 YoY Revenue 1,549.0 1,808.5 (14.4)% 6,760.8 7,661.3 (11.8)% Procurement and cooking expenses (600.5) (680.0) (11.7)% (2,591.4) (2,883.1) (10.1)% Fulfilment expenses (518.0) (777.4)
Slide 33: Financial Position & Cash Flow Statement
Financial Position & Cash Flow Statement In MEUR As at 31-Dec-25 As at 31-Dec-24 Assets Non-current assets 1,518.8 1,745.3 Cash and cash equivalents 211.1 486.7 Other current assets 351.7 400.7 Total assets 2,081.6 2,632.7 Equity and liabilities Equity 670.2 888.4 Non-current liabilities 692.2 768.2
Slide 34: HelloFresh Group
HELLOFRESH GROUP