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HelloFresh SE Interim / Quarterly Report 2026
206_ip_2026-05-05_d97c503f-170c-4457-9d2a-2c176126b89e.pdf
Interim / Quarterly Report
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HELLOFRESH
GROUP
Q1 2026 Results
May 6th, 2026
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 full or complete description of the Company or the Group. This document does not, and is not intended to, constitute or form part of, and should not be construed as, an offer to sell, or a solicitation of an offer to purchase, subscribe for or otherwise acquire, any securities of the Company, nor shall it or any part of it form the basis of or be relied upon in connection with or act as any inducement or recommendation to enter into any contract or commitment or investment decision or other transaction whatsoever. This document is not directed at, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. Persons into whose possession this document comes should inform themselves about, and observe, any such restrictions.
No representation, warranty or undertaking, express or implied, is made by the Company or any other Group company as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein, for any purpose whatsoever. No responsibility, obligation or liability is or will be accepted by the Company, any other Group company or any of their officers, directors, employees, affiliates, agents or advisers in relation to any written or oral information provided in this document or in connection with the document. All information in this document is subject to verification, correction, completion, updating and change without notice. Neither the Company, nor any other Group company undertake any obligation to provide the recipient with access to any additional information or to update this document or any information or to correct any inaccuracies in any such information.
A significant portion of the information contained in this document, including market data and trend information, is based on estimates or expectations of the Company, and there can be no assurance that these estimates or expectations are or will prove to be accurate. Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed by the Company or any other person as being accurate. All statements in this document attributable to third party industry experts represent the Company's interpretation of data, research opinion or viewpoints published by such industry experts, and have not been reviewed by them. Each publication of such industry experts speaks as of its original publication date and not as of the date of this document.
This document contains forward-looking statements relating to the business, financial performance and results of the Company, the Group or the industry in which the Group operates. These statements may be identified by words such as "expectation", "belief", "estimate", "plan", "target" or "forecast" and similar expressions, or by their context. Forward-looking statements include statements regarding: strategies, outlook and growth prospects; future plans and potential for future growth; growth for products and services in new markets; industry trends; and the impact of regulatory initiatives. These statements are made on the basis of current knowledge and assumptions and involve risks and uncertainties. Various factors could cause actual future results, performance or events to differ materially from those described in these statements, and neither the Company nor any other person accepts any responsibility for the accuracy of the opinions expressed in this document or the underlying assumptions. No obligation is assumed to update any forward-looking statements.
This document includes certain financial measures not presented in accordance with IFRS, including, but not limited to, AEBITDA. These financial measures are not measures of financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing the Company's financial results. Therefore, these measures should not be considered in isolation or as an alternative to result for the period or other measures of profitability, liquidity or performance under IFRS. You should be aware that the Company's presentation of these measures may not be comparable to similarly titled measures used by other companies, which may be defined and calculated differently. See the appendix for a reconciliation of AEBITDA to the most directly comparable IFRS measure.
HELLOFRESH
GROUP
Q1 2026 Results
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 Q1’26, 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 improving
- ☐ 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 Results | 3
RTE: Primary focus on re-establishing strong unit economics and sustainable FY profitability
Achievements over the past 12 months:
- ☑ Fixing quality fundamentals
- ☑ Improving unit economics
- ☑ Driving product excitement back up
Q1 26 vs 25
- 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 ROIs
- ☐ Scale RTE International post Factor EU facility launch
- ☐ Continue to improve retention and frequency of tenured customers
Q1 2026 Results | 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
HELLOFRESH
GROUP
1. Excl. SBC and impairment
Q1 2026 Results | 5
Revenue of EUR 1.7bn in Q1 2026, a decrease of (7.7%) in cc
- 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
HELLOFRESH
GROUP
Q1 2026 Results | 6
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
HELLOFRESH
GROUP
¹Excl. SBC and impairment
Q1 2026 Results | 7
Marketing spend down yoy for Q1 to 21.8 %⁽¹⁾ of revenue
- 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
HELLOFRESH
GROUP
¹Excl. SBC
Q1 2026 Results | 8
Q1 2026 AEBITDA amounted to EUR 23.6m, including negative impact of ~ EUR 25m of snow storms
Q1 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) | — |
HELLOFRESH
GROUP
Q1 2026 Results
Positive Free Cash Flow of EUR 49.1m for 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
HELLOFRESH
GROUP
Q1 2026 Results | 10
2026 outlook reconfirmed
| | 2025 | 2026 outlook
(before storms) | 2026 outlook
(adjusted for winter storms) |
| --- | --- | --- | --- |
| Revenue,
CC growth | EUR 6.76bn | Includes an estimated
1% negative impact on
Q1 revenue from severe
winter storms. | (6)% to (3)% |
| AEBITDA, CC | EUR 423m | EUR 400m – 450m | EUR 375m – 425m |
HELLOFRESH
GROUP
Q1 2026 Results | 11
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 |
HELLOFRESH
GROUP
-
Revenue post promotional discounts, customer credits, refunds and excluding VAT; YoY stands for year on year and compares the respective quarter with the same quarter of the previous year
-
Contribution Margin is defined as revenue less procurement and cooking expenses, and fulfilment costs. Excl. SBC.
-
AEBITDA is calculated by adjusting EBITDA for special items and share-based compensation expenses; AEBITDA margin is defined as % of revenue
-
Based on constant currency
Q1 2026 Results | 13
North America: Operational and Financial KPIs
| Q1 25 | Q1 26 | |
|---|---|---|
| Average Order Value (€) | 81.0 | 76.4 |
| Average Order Value constant currency (€) | 81.0 | 84.3 |
HELLOFRESH
GROUP
-
Revenue post promotional discounts, customer credits, refunds and excluding VAT; YoY stands for year on year and compares the respective quarter with the same quarter of the previous year
-
Contribution Margin is defined as revenue less procurement and cooking expenses, and fulfilment costs. Excl. SBC.
-
AEBITDA is calculated by adjusting EBITDA for special items and share-based compensation expenses; AEBITDA margin is defined as % of revenue
-
Based on constant currency
Q1 2026 Results | 14
International: Operational and Financial KPIs
| Q1 25 | Q1 26 | |
|---|---|---|
| Average Order Value (€) | 52.9 | 55.9 |
| Average Order Value constant currency (€) | 52.9 | 56.2 |
HELLOFRESH
GROUP
-
Revenue post promotional discounts, customer credits, refunds and excluding VAT; YoY stands for year on year and compares the respective quarter with the same quarter of the previous year
-
Contribution Margin is defined as revenue less procurement and cooking expenses, and fulfilment costs. Excl. SBC.
-
AEBITDA is calculated by adjusting EBITDA for special items and share-based compensation expenses; AEBITDA margin is defined as % of revenue
-
Based on constant currency
Q1 2026 Results | 15
Profit and Loss Statement
| 3 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) |
HELLOFRESH
GROUP
Q1 2026 Results | 16
Balance Sheet & Cash Flow Statement
| 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 liabilities | 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 |
HELLOFRESH
GROUP
Q1 2026 Results | 17
Share Count
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 |
HELLOFRESH
GROUP
¹Weighted Average Exercise Price
Q1 2026 Results | 18
HELLOFRESH
GROUP