HelloFresh SE — Investor Presentation 2024

Mar 8, 2024

HELLOFRESH GROUP

8th March, 2024

Disclaimer

This document has been prepared by HelbFresh and together with its subsitiaries, the "Group", All material in this document and information presented is for information purposes only and must not be election of purport on be full or complete description of the Company of the Group. This bounent does not, and is not intenced to, constitute of brond not be construed as, an offer to sell, or a soliciation of an otherwise aquire, any securities of the Company nor shall to rany part of the basis of or be relieved on with or act as any inducement or contract or contract or commitment or investment decision or other transaction whatsoever. This document is not distribution to or use by any person or esident or located in any located in any located in any located in any located in a other jurisdiction where such disablity of use would be contray to law or regulation or which would require any registration or icensing within such juisi.com. Persons into whose possession this document comes should inform themselves about, and observe, any such restrictions.

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This doument includes cetain financial mesures not press, including, but not limited to, AEBITDA. These financial mesures of financial performance in accordance with FRS and are significant in understanding and assessing the Company's financial results. Therefore these measures should not be considered in isolation or a a n alternative to resures of pofitability, liguidity or performance under FFS. You should be aware that the Company's presentation of these mesures may not be comparis, which companies, which may be defined and culated differently. See the appendint a reconciliation of certain of these non-IFRS measures to the most directly comparable IFRS measure.

2023 Year in Review

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Fifth consecutive year of profitable, self-funded growth, in which we delivered over 1bn meals to our customers, up ~4x since 2019
Not to - Ra Ba
Revenue of €7.6bn, a constant currency growth of 3%
Rapidly growing and profitable global RTE business with revenue of €1.4bn
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Contribution margin expansion by 1.3 pp to 27%
AEBITDA of €448mn, down 6% yoy
1 . 0 00
lmproving cash flow from operations and positive FCF for the full year
1 2011

Constant currency Q4 revenue growth of 3.4%, and 2.8% for the full year

• Positive CC revenue growth across both segments, with re-acceleration over the last 2 quarters
  • · NA +4.4%
  • Intl +1.6% .
• RTE growing strongly to €1.4bn revenue in 2023, at positive AEBITDA. Well-positioned for continued strong growth in 2024
• In meal kits, softer trading . environment due to lower new customer acquisition activity, as previously flagged

Full year AEBITDA of €448m for the Group

• AEBITDA development yoy driven by:
  • Softer FUR-FX rates 0
  • Continued contribution 0 margin expansion
  • Somewhat higher relative O marketing expenses
• Previously discussed Q4 effects: US RTE production extra ramp up related expenses and softer meal kit trading environment

HELLOFRESH

2024 will be a relatively complex transition year for HFG

Key Trends	2024 Group Outlook
RTE	Meal Kits
· Robust secular demand driving attractive revenue growth	Relatively soft consumer demand Negative volume growth, but with easing trend in H2	Constant Currency Revenue Growth 2% - 8%
Ongoing production volume ramp- up expenses, starting to ease in H2 Elevated marketing expenses due to	• deleveraging Ramp-up of modern fulfilment	AEBITDA
strong customer growth Ongoing RTE internationalization	centres with higher target efficiency but with initial extra costs Product investments	€350m - €400m

Business Strategy Update

2023 marked the 5th consecutive year of self-funded, AEBITDA profitable growth

The 2023 figures presented on the slide are preliminary as independent financial statement has not yet been received

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GROUP

HELLOFRESH

Despite the temporary slowdown, we have held onto the Covid-supported growth better than comparable categories

GROUP

1) Revenue weighted peer growth yoy by sectors, indexed to 2019 (FMCG: Nestle, Unilever, Danone, Mondelez, General Mills, Kraft Heinz; Grocery; Andd Delhaize, Walmart, Target, Tesco, Kroger, Albertsons, Sainsbury, General E-Commerce: Amazon, Chewy, Etsy, Shopify, Allegro; Fashion E-Commerce: Zalando, Asos, Boohoo, Stitch Fix; Furniture E-Commerce: Wayfair, Westwing)

HelloFresh Group Presentation | 9

Strong cash flow from operations has allowed us to invest into the business, while returning to FCF generation

Modernizing and automating our fulfilment footprint

HelloFresh SE announces up to EUR 150 million buy bonds

Wed, 25 Oct 2023 18:22:52 EOS-Ad-hoc HelloFresh SE / Key word(s): Share Buyback HelloFresh SE announces up to EUR 150 million buy-back in shares and certain convertible bonds

25-Oct-2023 / 18:22 CET/CEST Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmi The issuer is solely responsible for the content of this announcement.

Public disclosure of inside information according to Article 17 para. 1 of the Regulation

Initiating a share and convertible bond buy back program in Q4

Paying the earn-out for the acquisition of Factor75

Launching new verticals that will allow us to further diversify our revenue streams

The past 5 years saw revenue mix diversification driven by new verticals, with a resulting impact on AEBITDA as new businesses ramp up

GROUP

HELLOFRESH Province of the realized by the given nated in the 2020. Atlanced in the 2020. Ander and the bir help by the first of the below to the first of the first of the fi HelloFresh brand in US, UK, Canada, DACH, BNL and HFG's business in ANZ (excl. Youroodz), Emerging markets include Italy, Ireland, Spain, Good Chop, The PetsTable. RTE: Factor in the US, CA, Youfoodz AU, Factor EU. The rest are underpenetrated markets

Meal kits (in mature markets in particular) are coming off a period of artificially high growth and profitability, driven by customer and operational tailwinds

Requires proactive management and trade offs

• · Product innovation for a mature customer base
• · Modernization of fulfilment infrastructure
• · Passed through only part of observed inflation

AEBITDA expansion in meal kits temporarily halted

The attractiveness of our customer base continues to increase

HELLOFFRESH GROUP

(2) Average order rate in Q4 of the respective year

(3) Average cumulative net revenue for 10 weeks after conversion for customers acquired in Q4 of the respective year

HelloFresh Group Presentation | 13

We are shifting focus in our meal kit business towards existing customers and stabilization of growth, as we build the muscles required for the next leg of growth

Roll-outs happening gradually over the next 12 months

HelloFresh Group Presentation | 14

With more moderate growth expectations, we will target faster expansion of meal kit earnings than top-line in the coming years

Long-term AEBITDA margin profile(1)

■ Mid-term margin

HELLOFRESH

GROUP

Measures to improve the margin mid to long term:

Right size the cost base and optimize production infrastructure

Bring new automated fulfilment centers quickly to target productivity levels

Continue investments in technology, machine learning and GenAI

Lower marketing costs by moving from financial toward product incentives

Growth in 2024 will be driven by RTE, which still operates at a relatively low TAM penetration and has just commenced internationalization

RTE Revenue

HelloFresh Group Presentation | 16

HELTOFRESH GROUP

RTE ramp-up will switch from being a margin headwind to a margin tailwind as we reach greater maturity

Long-term AEBITDA margin profile(1)

Capitalizing on HFG's growth playbook and platform to improve the margin

Higher AOV through broadening our assortment and add-ons store offerings

Productivity improvements with increasing maturity of production network

Marketing as a % of revenue will decline as customer base matures

HELLOFRESH

GROUP

(1) AEBITDA excluding holding costs, in line with segment reporting

With two multi-billion dollar divisions, HFG is the leading digital-first FMCG company globally, with long-term potential to replicate this success in other verticals

• Unique assets and capabilities on D2C
• Large synergies across business units
• Investments in infra, tech and talent
• · Biggest private dataset of taste preferences

HELLOFRESH ("\[sell-i] translation Credit Cad rowders in ou htmarket), Awaged anso (A.S.p.-Del HelloFresh Group Presentation | 18 (2) Company Estimation using TXN data. Averaged across Q4 (Sep - Dec)

We plan to replicate the success we have had into new verticals and brands over the coming years

D2C pet food subscription: a highly attractive vertical

• · Strong long-term retention with high growth margins
• · 'Humanization of pets' driving shift towards premium food options
• Huge market opportunity with the US market alone in the \$bns of revenue already

Strong competitive advantage as part of the HFG platform

• · Cross selling to high penetration HFG audience
• HF brand and subscription platform strengths driving positive results
• Improved margins by leveraging HFG supply chain

CACs ~50% better than largest private peers

Summary

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Meal kits in consolidation phase in 2023 and 2024: return to sustainable growth will be a function of further improving customer experience
Accelerating Group revenue growth expected in 2024: driven by RTE through deploying our proven hyper scale-up playbook
Meal kit cost base to be right-sized to match growth path
Long term AEBITDA margins should trend toward > 10% for every business unit: mix shifts and different maturity stages hide underlying profitability currently
We are actively working on identifying and scaling the next \$bn business line