May 6th, 2026
1
Meal kits: Continued self-funded transformation into a profitable product category, anchored in high value customers
Strategy over the past 12 months:
(
Delivery on the efficiency reset
Creating a step change in our customer proposition
Transitioning to an ROI-led marketing strategy, at the expense of unprofitable volume
In 1'26, a combination of better-quality conversions and accelerated product investments
Positive impact on tenured customers:
Order rate and AOV is up yoy RevenUe retention is improvin8
Too early to note enough momentum on new customer acquisition flywheel to offset natural churn
Efficiency and pricing not enough to offset impact of front-end loaded product investments, inflation and volume-led operational deleveraging
Q1 2026 | 3
RTE: Primary focus on re-establishing strong unit economics and sustainable FY profitability
Achievements over the
past 12 months:
f6
Fixing quality fundamentals
Improving unit economics
Driving product excitement
back up
NPS1:+19 pps
Highest since 2023
AEBITDA: +40%
In EURm
Actives: +DD % Tenured customers
Focus going forward: Restarting the growth flywheel through
Attracting high quality new customers at sound ROls
Scale RTE International post Factor EU facility launch
Continue to improve retention and frequency of tenured customers
I "I *' I" ".' rTiCl I r "-." i-I' " ? • Fa'
' 1I -". ".'Ti"I
Q1 2026 | 4
Q1 2026 Highlights:
Revenue of EUR 1.7bn, - 7.7% in constant currency for the Group
Meal kit revenue trajectory improved in cc for the fifth consecutive quarter. RTE revenue trend in cc roughly stable vs Q4 '25, in line with expectations
Q1 2026 AEBITDA of EUR 23.6m, impacted by ~EUR 25m due to severe winter storms
Contribution margin of 25.6%(1), down 1.4pp yoy, reflecting strategic product investments and temporary winter storms impact
Positive FCF in Q1 2026, with better working capital partly offsetting lower AEBITDA and higher Capex
FY 2026 outlook reconfirmed
Revenue of EUR 1.7bn in Q1 2026, a decrease of (7.7%) in cc
2025
2026
Q1 Net Revenue
(in € millions)
MK RTE
(12.9)% (15.0)%
CC (8.5)% CC (6.9)%
1,349.6
1,175.4
547.8
465.9
Q1 '25
Q1 '26
Q1 '25
Q1 '26
Q1'26 cc revenue developed as anticipated
5th consecutive quarter of narrowing the
revenue decline for MK
Broadly stable decline in RTE
The progress in meal kits is supported by stable revenue from tenured customers, higher order rates and higher net AOV (4.5% in cc yoy)
Although net revenue from tenured customers improved double-digit yoy for RTE in Q1'26, the yoy performance was still affected by the higher base of conversions in Q1'25
AOV increased by 1.4% in cc in Q1'26
2025
2026
Q1 Contribution Margin(1) (in % of revenue)
(1.4pp)
27.0%
25.6%
Q1 2025
Q1 2026
Q1 2026 contribution margin down by (1.4pp) yoy to 25.6%(1); underlying trajectory supported by quality investments and disciplined cost management
The absolute contribution margin was affected by non recurring severe winter storm disruption (~EUR 25m) as well as FX translation
Contribution margin reflected the strategic direction of cost discipline: lower fulfilment costs and accelerated product investments to drive higher long-term retention
Q1 2026 CM expenses breakdown(1) :
- Procurement and cooking: (40.2%), increase of 2.2pp yoy
Fulfilment: (34.4 %), decrease of 0.8pp yoy
2025
2026
Q1 Marketing(1) (in % of revenue)
0.3pp
(22.1)%
(21.8)%
Q1 2025
Q1 2026
Q1'26 Group marketing spend(1) down yoy by EUR 62.2m, or EUR 35m in cc (~(8)% like-for-like)
Meal kit marketing spend down low-single digit in cc, as strategic spend reductions initiated in mid-2024 have now established a sustainable baseline going forward
RTE marketing spend down yoy double digit in constant currency. This is driven by:
Lapping a high spend Q1'25 (which included significant brand investments)
Pursuit of tighter marketing ROIs
Somewhat offset by the need to invest behind the improved product
Q1 2026 AEBITDA amounted to EUR 23.6m, including negative impact of ~ EUR 25m of snow stormsPositive Free Cash Flow of EUR 49.1m for Q1 2026Q1 AEBITDA
in MEUR
Q1 2026
Q1 2025
Change yoy
Change yoy, CC
Meal kits
105.3
154.1
(31.7)%
(28.4)%
AEBITDA margin meal kits
9.0%
11.4%
(2.5pp)
-
RTE
(27.6)
(45.9)
(39.9)%
(31.3)%
AEBITDA margin RTE
(5.9%)
(8.4%)
2.5pp
-
Others
(5.8)
(5.8)
(0.6)%
-
Holding
(48.3)
(44.4)
-
-
Group
23.6
58.1
(59.3%)
(58.6%)
AEBITDA margin Group
1.4%
3.0%
(1.6pp)
-
2025
2026
Q1 FCF
(in € millions)
(18.8)
67.9
49.1
Q1 2025
Q1 2026
Q1'26 FCF decreased by EUR 18.8m yoy
Stronger working capital partially offset yoy decline in AEBITDA and higher Capex
-
Q1 '26 Capex increased yoy from EUR 34.4m in Q1 2025 to EUR 44.4m
Step-up in Factor EU investments
Some deferral of Capex payments into 2026
Appendix
Group: Operational and Financial KPIs
Q1 25 | Q1 26 | |
Average Order Value (€) 68.1 | 66.6 | |
Average Order Value constant currency (€) 68.1 | 70.9 | |
%
Revenue1 (€m)
YoY revenue growth1
(7.7 %)
(13.2%)
Contribution margin2
Revenue
27.0%
25.6%
1,930.7 1,675.1
CC4
€
%
(€m)
521.5 429.4
AEBITDA3
(€m)
Revenue
3.0%
%
58.1
1.4%
23.6
North America: Operational and Financial KPIsQ1 25 | Q1 26 | |
Average Order Value (€) 81.0 | 76.4 | |
Average Order Value constant currency (€) 81.0 | 84.3 | |
%
Revenue (€m)
YoY revenue growth1
1,231.0
(10.4%)
(18.8%)
999.1
CC4
€
Contribution margin2 (€m)
Revenue
%
30.3%
377.6
29.3%
297.3
AEBITDA3
(€m)
Revenue
4.9%
%
61.3
3.3%
33.4
International: Operational and Financial KPIsQ1 25 | Q1 26 | |
Average Order Value (€) 52.9 | 55.9 | |
Average Order Value constant currency (€) 52.9 | 56.2 | |
%
Revenue1 (€m)
YoY revenue growth1
(2.8%)
(3.4%)
Contribution margin2
Revenue
23.4%
22.8%
699.7 676.0
CC4
€
%
(€m)
166.0 157.6
AEBITDA3
(€m)
Revenue
5.8%
5.6%
%
41.2 38.4
Profit and Loss Statement3 months ended Change % | |||
31-Mar-26 | 31-Mar-25 | YoY | |
Revenue | 1,675.1 | 1,930.7 | (13.2%) |
Procurement and cooking expenses | (673.8) | (734.2) | (8.2%) |
Fulfillment expense | (580.4) | (773.7) | (25.0%) |
Contribution Margin | 420.9 | 422.7 | (0.4%) |
% of Revenue 25.1% | 21.9% | 2.8pp | |
Marketing Expense | (367.0) | (430.9) | (14.8%) |
G&A, other income and expenses | (113.1) | (119.4) | (5.3%) |
EBIT | (59.2) | (127.5) | (53.6%) |
% of Revenue | (3.5)% | (6.6)% | 3.1pp |
Financial Result | (1.5) | (16.6) | 91.0% |
EBT | (60.7) | (144.1) | (57.9%) |
Income Tax | 4.8 | 20.4 | 76.5% |
Loss for the period | (55.9) | (123.7) | (54.8%) |
Reconciliation starting at EBIT
EBIT | (59.2) | (127.5) | (53.6%) |
D&A and impairment | 65.1 | 152.3 | (57.3%) |
EBITDA | 5.8 | 24.7 | (76.3%) |
% of Revenue | 0.3% | 1.3% | (0.9pp) |
Special Items | 3.0 | 8.7 | (66.1%) |
SBC | 14.8 | 24.6 | (39.8%) |
AEBITDA | 23.6 | 58.1 | (59.3%) |
% of Revenue | 1.4% | 3.0% | (1.6pp) |
In MEUR | As at 31-Mar-26 | As at 31-Dec-25 |
Assets | ||
Non-current assets | 1,593.2 | 1,518.8 |
Cash and cash equivalents | 245.5 | 211.1 |
Other current assets | 360.2 | 351.7 |
Total assets | 2,198.9 | 2,081.6 |
Equity and liabilities | ||
Equity | 617.6 | 670.2 |
Non-current liabilities | 750.8 | 692.2 |
Current liabilities | 830.5 | 719.2 |
Total equity and liabilites | 2,198.9 | 2,081.6 |
In MEUR | Q1 2026 | Q1 2025 |
Cash and cash equivalents at the beginning of the period | 211.1 | 486.7 |
Net Cash flows from operating activities | 124.6 | 134.7 |
Net Cash flows used in investing activities | (40.0) | (30.1) |
Net Cash flows used in financing activities | (51.9) | (66.0) |
Effects of exchange rate changes on cash and cash equivalents | 1.7 | (6.1) |
Cash and cash equivalents at the end of the period | 245.5 | 519.2 |
As of March 31, 2026
Number of shares issued | 159,000,000 |
Number of shares outstanding | 144,083,146 |
Number of treasury shares | 14,916,854 |
Employee incentive plan | VSO | RSU | Total |
Vested (in mn) | 15.6 | 2.9 | 18.5 |
Unvested (in mn) | 7.2 | 12.4 | 19.6 |
Outstanding (in mn) | 22.8 | 15.3 | 38.1 |
WAEP1 (in EUR) Vested | 19.39 | - | 16.35 |
WAEP1 (in EUR) Unvested | 7.33 | - | 2.69 |
WAEP1 (in EUR) | 15.58 | - | 9.32 |
1Weighted Average Exercise Price
Q1 2026 Results | 18
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