Slide 1: Q1 2025 Results
Q1 2025 Results April 29th, 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: Q1 2025 Results
Q1 2025 Q1 2025 Results Results |3 |3
Slide 4: Q1 2025 Results
Q1 2025 Q1 2025 Results Results |4 |4
Slide 5: Q1 2025 Highlights
Q1 2025 Highlights: Progress on efficiency program execution across all levers delivers meaningful yoy uplift of AEBIT(DA) and FCF Revenue of €1.9bn, a yoy cc decrease of (8.3%), driven primarily by ongoing marketing spend reductions in meal kits, as communicated previously AEBITDA increase of 245.1
Slide 6: Lower new customer acquisitions resulted in a 12% decrease in Q1 2025 orders
Lower new customer acquisitions due to continued marketing ROI discipline resulted in a (12 %) decrease in Q1 2025 orders • Marketing spend reductions primarily focused 2024 Q1 Number of Orders on NA meal kits 2025 (in millions) • Therefore, decreasing numbers of orders yoy (11.8 %) primarily origin
Slide 7: AOV expansion continued in Q1 2025
AOV expansion continued in Q1 2025 • Group AOV increased by 3.8 % in constant 2024 Q1 Average Order Value currency 2025 (in €) • Both segments demonstrated meaningful 5.4% increase in AOV: CC 3.8% ◦ NA: 5.9 % (cc) ◦ Intl: 4.5 % (cc) 68.1 64.6 • AOV increase primarily driven by product mix shift to R
Slide 8: Revenue of €1.9bn in Q1 2025, a decrease of (8.3%) in cc
Revenue of in €1.9bn in Q1 2025, a decrease of (8.3%) in cc • Q1 2025 revenue growth in line with previous 2024 Q1 Group Revenue guidance 2025 (in € millions) • In meal kits, a (14.5%) revenue decline in cc, (6.9%) driven by ongoing meaningful reductions in CC (8.3%) marketing spend 2,074 1,931 • In
Slide 9: Q1 2025 contribution margin improved by 1.3pp yoy to 27.0%
Q1 2025 contribution margin improved by 1.3pp yoy to 27.0%(1) • Contribution margin increased yoy due to 2024 Q1 Contribution Margin(1) strong delivery on efficiency program: ◦ Meaningful yoy increase in direct labor 2025 (in % of revenue) productivity for both MK and RTE 1.3pp ◦ Rationalization of
Slide 10: Marketing spend lower for the third consecutive quarter
Marketing spend lower for the third consecutive quarter, illustrating our disciplined ROI approach • Q1 marketing spend down yoy both in relative and 2024 Q1 Marketing(1) absolute terms, due to continued focus on acquiring 2025 (in % of revenue) higher value customers 0.9pp • Meal kit marketing spen
Slide 11: Q1 2025 AEBITDA more than tripled and amounted to €58.1m
Q1 2025 AEBITDA more than tripled and amounted to €58.1m By segment in € millions Q1 2024 Q1 2025 North America 26.4 61.3 International 28.9 41.2 Holding (38.5) (44.4) Group 16.8 58.1 By product category in € millions Q1 2024 Q1 2025 Meal kits 80.7 154.1 AEBITDA margin meal kits 5.2% 11.4% RTE (21.3
Slide 12: AEBIT of €(3.7)m for Q1 2025, improving by €46.0m yoy
AEBIT(1) of €(3.7)m for Q1 2025, improving by €46.0m yoy 2024 Q1 AEBIT(1) • Q1 2025 AEBIT by segment:(1)(2) ◦ NA: €36.0m, up from €(4.2)m 2025 (in € millions) ◦ Intl: €18.2m, up from €6.6m 46.0 • Q1 2025 AEBIT by product categories:(1)(2) ◦ Meal Kits: €113.7m, up by 211.4% yoy supported by CM improv
Slide 13: Significant step-change in FCF generation to €94.3m in Q1 2025
Significant step-change in FCF generation to €94.3m(1) in Q1 2025 • Significant uplift in Q1 AEBITDA by €41.2m 2024 FY FCF (1) 2025 (in € millions) • Meaningful cash inflow from WC, after somewhat higher than seasonally normal outflow in Q4 2024 • Capex reduced yoy from €41.2m in Q1 2024 to €34.4m i
Slide 14: 2025 outlook reconfirmed, with ongoing focus on efficiency program execution
2025 outlook reconfirmed, with the ongoing focus on efficiency program execution FY 2024 2025 outlook(1) Revenue €7.66bn (3)% – (8)% (cc growth) AEBIT €136m €200-250m (before impairment) AEBITDA €399m €450-500m FCF €73m (pre leases) 1. 2025 outlook does not assume the impact of potential prolonged t
Slide 15: Appendix
Appendix 15
Slide 16: Group: Operational and Financial KPIs
Group: Operational and Financial KPIs Q1 24 Q1 25 Average Order Value (€) 64.6 68.1 Average Order Value constant currency (€) 64.6 67.0 (8.3)% CC4 % YoY revenue growth1 Revenue1 (6.9)% € (€m) 2,073.5 1,930.7 % Revenue 25.8% 27.0% Contribution margin2 (€m) 534.1 521.5 AEBITDA3 % Revenue 0.8% 3.0% (€m
Slide 17: North America: Operational and Financial KPIs
North America: Operational and Financial KPIs Q1 24 Q1 25 Average Order Value (€) 74.8 81.0 Average Order Value constant currency (€) 74.8 79.1 (12.9%) CC4 % YoY revenue growth1 Revenue (10.8%) € (€m) 1,380.1 1,231.0 % Revenue 27.4% 30.3% Contribution margin2 (€m) 381.3 377.6 AEBITDA3 % Revenue 1.9%
Slide 18: International: Operational and Financial KPIs
International: Operational and Financial KPIs Q1 24 Q1 25 Average Order Value (€) 50.6 52.9 Average Order Value constant currency (€) 50.6 52.9 0.8% CC4 % YoY revenue growth1 Revenue1 0.9% € (€m) 693.4 699.7 % Revenue 24.1% 23.3% Contribution margin2 (€m) 169.3 165.7 AEBITDA3 % Revenue 4.1% 5.8% (€m
Slide 19: Profit and Loss Statement
Profit and Loss Statement 3 months ended Change % 31-Mar-25 31-Mar-24 YoY Revenue 1,930.7 2,073.5 (6.9)% Procurement and cooking expenses (734.2) (786.6) (6.7)% Fulfillment expense (773.7) (774.5) (0.1)% Contribution Margin 422.7 512.4 (17.5)% % of Revenue 21.9% 24.7% 2.8pp Marketing Expense (430.9)
Slide 20: Balance Sheet & Cash Flow Statement
Balance Sheet & Cash Flow Statement In MEUR As at 31-Mar-25 As at 31-Dec-24 Assets Non-current assets 1,620.5 1,745.3 Cash and cash equivalents 519.2 486.7 Other current assets 409.4 400.7 Total assets 2,549.1 2,632.7 Equity and liabilities Equity 753.5 888.4 Non-current liabilities 721.2 768.2 Curr
Slide 21: Share Count
Share Count As of March 31, 2025 Number of shares issued 173,190,562 Number of shares outstanding 160,464,486 Number of treasury shares 12,726,076 Employee incentive plan VSO RSU Total Vested (in mn) 12.7 2.1 14.8 Unvested (in mn) 8.8 10.4 19.2 Outstanding (in mn) 21.4 12.6 34.0 WAEP1 (in EUR) Veste
Slide 22: HelloFresh Group
HELLOFRESH GROUP