HelloFresh SE — Investor Presentation 2019

May 7, 2019

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.

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1

• Market share expansion in all markets
• US market share >40%
• Most International territories with market share >70%
• Strong Q1 growth with > 30% y-o-y on both active customers and constant-currency revenues 2
• Especially US shows meaningful sequential growth
• Continued contribution margin expansion to 29.0% 3
• AEBITDA margin of (6.2)%; 1.1 % pp better than in Q1 2018 4
• Continued strong liquidity position 5
• Cash on balance sheet: €189m
• Additional available undrawn €76.5m credit facility
• Cash flow from operations positive in Q1 with €4.4m

We are the #1 player globally, continuing to expand market share

We have seen very strong Customer Growth in Q1 as a result of focusing our Marketing investments on seasonally advantageous quarters

ACTIVE CUSTOMERS¹

1.Active customers refers to the number of uniquely identified customers who have received at least one box within the last three months (including first-time customers, customers who received a free or discounted box and customers who ordered during the relevant period but cancelled their subscription before period end)

Q1 saw excellent constant-currency Revenue Growth of 35% y-o-y, above the upper bound of our FY guidance

Contribution margin expanded by ~3% points y-o-y, despite absorption of recently launched brands & geographies

• 2.9% percentage points expansion y-o-y in Q1
• Continuation of strong COGS efficiencies, driven by refining of menu planning data models and procurement efficiencies
• Fulfilment as % of revenue stable, despite absorption of ramp up of new businesses (EveryPlate, Green Chef, NZ)

Despite strong growth across all segments, our AEBITDA margin expanded by > 1% point y-o-y

% of Revenue

Our INTL segment has been AEBITDA profitable for 4 consecutive quarters, generating €8m AEBITDA in Q1

	31.12.2018	31.03.2019
Cash	€193.9m	€189.1m
Undrawn credit line	€80m	€76.5m
	Q1 2018	Q1 2019

We confirm our previously issued guidance for FY2019 across all metrics

• Revenue growth of 25% - 30% y-o-y on constant currency basis

• Contribution margin above 27.0%

• AEBITDA margin of (2)% - 1%

APPENDIX

US: Reacceleration of customer growth and strong contribution margin expansion

	OPERATIONAL AND FINANCIAL KPIs
	Q1 18	Q1 19
Active Customers (m)	1.2	1.4
Average Order Rate	3.2	3.5
Average Order Value (€)	46.0	48.6
Average Order Value constant currency (€)	46.0	44.9
Revenue1	73%	23% CC4
(€m)	49%	34% €
% YoY revenue growth1	179.5	239.6
Contribution	26.8%	31.2%
margin2		74.6
(€m)	48.1
% Revenue
AEBITDA3
(€m)	(7.6)%	(9.5)%
% Revenue
	-13.7	-22.7

1.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

2.Contribution margin is defined as revenue less cost of goods sold and fulfilment expenses, excluding share-based compensation expenses

3.AEBITDA is calculated by adjusting EBITDA for special items and share-based compensation expenses; AEBITDA margin is defined as % of revenue

4.Based on constant currency

International: 4.4% AEBITDA margin whilst delivering 53% y-o-y top line growth on constant currency

1.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

2.Contribution margin is defined as revenue less cost of goods sold and fulfilment expenses, excluding share-based compensation expenses

3.AEBITDA is calculated by adjusting EBITDA for special items and share-based compensation expenses; AEBITDA margin is defined as % of revenue

4.Based on constant currency

As of March 31, 2019

Types of share Stock exchange Market Segment Number of shares issued Number of shares outstanding Ordinary shares Frankfurt Stock Exchange Regulated Market (Prime Standard) 164,621,699 164,044,049

Employee incentive plan	Options	RSU	Total
Vested (m)	2.4	-	2.4
Unvested (m)	12.5	0.7	13.2
Outstanding (m)	14.9	0.7	15.6
WAEP (€)	5.0	-	4.8

Income statement

(€m)

(€m)	Q1 2018	Q1 2019
Revenue	295.6	420.1
% YoY growth	44%	42%
Cost of goods sold1	(116.1)	(152.1)
Gross profit	179.5	268.0
Margin (% of revenue)	61%	64%
Fulfilment expenses1	(102.7)	(146.8)
Marketing expenses1	(84.0)	(132.0)
G&A1	(18.9)	(29.6)
Other operating income & expenses	(1.8)	0.1
EBIT	(27.9)	(40.3)
Margin (% of revenue)	(9)%	(10)%
Financial result	(1.1)	(4.5)
EBT	(29.0)	(44.8)
Income tax (expense) benefit	(0.8)	(1.4)
Net income / (loss)	(29.8)	(46.2)

Reconciliation starting at EBIT

EBIT	(27.9)
D&A	2.5
EBITDA	(25.4)
SBC	3.5
Special Items	0.2
AEBITDA2	(21.7)
Margin (% of revenue)	(7.3)%

(27.9)	(40.3)
2.5	10.0
(25.4)	(30.3)
3.5	4.2
0.2	-
(21.7)	(26.1)
(7.3)%	(6.2)%

1.Including share-based compensation expenses

2.AEBITDA is calculated by adjusting EBITDA for special items and share-based compensation expenses

Balance sheet and cash-flow statements

(€m)

	FY 2018	Q1 2019
Assets
Non - current Assets	143.7	235.7
Current Assets*	252.4	262.1
*of which cash	193.9	189.1
Total assets	396.1	497.8
Equity and liabilities
Equity	236.7	200.1
Non - current liabilities	14.5	88.4
Current liabilities	144.9	209.3
Total equity and liabilities	396.1	497.8

	Q1 2018	Q1 2019
Cash flow used in operating activities	6.6	4.4
Cash flow used in investing activities	(14.1)	(4.8)
*of which M&A	(10.9)	0.2
Cash flow from financing activities	-	(5.7)

Financial calendar

	6	7 7	8	9	10
y a	13	14	15	16	17
M	20	21	22	23	24
	27	28	29	30	31
	3	4	5	6	7
e n	10	11	12	13	14
u J	17	18	19	20 20	21
	24	25	26	27	28
	1	2	3	4	5
	8	9	10	11	12
y ul J	15	16	17	18	19
	22	23	24	25	26
	29	30	31	1	2
	5	6	7	8	9
st u	12	13	14	15	16
g u A	19	20	21	22	23
	26	27	28	29	30

7		07-08.05.2019	•	Roadshow, London
		09.05.2019	•	Citi's Internet & eCommerce Conference, London
21		21.05.2019	•	Berenberg Conference USA 2019 – Tarrytown, NY
		05.06.2019	•	DBK Conference, Berlin
		17.06.2019	•	Barclays Conference, London
	20	20.06.2019	•	General Shareholders' Meeting
		13.08.2019	•	Publication of Half-Year Financial Statements (H1 2019) and Earnings Call