HelloFresh SE — Investor Presentation 2025

Aug 14, 2025

HELLOFRESH GROUP

Q2 2025 Results August 14th, 2025

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, AEBIT, FCF pre-leases. 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 certain of these non-IFRS measures to the most directly comparable IFRS measure.

Our Mission We change the way people eat forever

Our Vision

The world's leading, digital-native CPG company

Q2 2025 Highlights

Substantial yoy increase in FCF(2) to EUR 113.6m in Q2 and EUR 208.0m in H1 (up 4x yoy) Execution of efficiency program well on track, as evidenced by meaningful AEBIT(DA) and FCF expansion Growth outlook narrowed to (6)-(8)% in constant currency. FY 2025 AEBITDA guidance adjusted to FX impact to EUR 415m-465m and AEBIT of EUR 175m-225m. Underlying H1 performance strong and FY margins unchanged Significant yoy contribution margin(1) expansion of 1.4pp to 27.3% Q2 revenue of EUR 1.7bn, a (9.5)% yoy reduction on a cc basis Ongoing 2025 share buyback program of EUR 75m close to completion; upsize to EUR 175m announced Launch of 'ReFresh' in the US and meaningful RTE product enhancements landing during H2 Q2 AEBITDA growth by 8.2% to EUR 158.5m, including 15.8% meal kits AEBITDA margin; Group AEBIT (ex impairment) growth of 20.8% to EUR 101.4m

Q2 2025 Results | 5

Q2 2025 Results | 9

Starting in August, we embark on our biggest product investment initiative to date for HelloFresh US

UNBOX SOMETHING

YOUR MENU IS NOW:

BIGGER Choose from 100+ weekly recipes. Enjoy bigger portions.

Dig into twice as many healthy options, including High Protein and Veggie Packed meals.

DOWNLOAD THE APP TO RATE AND REVIEW We know you'll love the changes

and can't wait to hear from you.

HELLOFRESH

GROUP

HELLOFRESP GROUP

... and Factor US

Eat Smarter with 100 Weekly Options

Choose what's best with our biggest menu of premium meals made for flavor, nutrition, and your routine.

See What's New

2025 Focus Areas (as per March 2025 CMD)

LAUNCH OF GLP1 PREFERENCE

ADD ON PORTFOLIO EXPANSION

Re-prioritized to 2H 2025

DELIVERY DAY EXPANSION

Q2 2025 Results | 11

We are building on the momentum seen in recent weeks after an operationally challenged Q2 2025 for Factor US

Operational setbacks in Q2

Leading indicators turning positive already

High week-on-week menu repetition

Temporarily increased meal reheat times

Projected customer life-time value

Jan-25

Jun-25

Number of orders decline by (12.5 %), in line with previous quarter, due to continued marketing discipline, with focus on acquiring higher quality customers

• NA down (16.4%) in Q2 2025, slight sequential improvement:
  • Gradually improving momentum in MK
  • RTE has slowed in Q2, as previewed; expected to re-accelerate from Q4 again
• Intl down (7.4%) in Q2 2025, sequential deceleration:
  • Driven by marketing ROI focus and late Easter/bank holidays timing effects

Average order value expansion on a cc basis continued in Q2 2025

• Group AOV increased 3.1% on a cc basis
• Both segments showed meaningful increase in AOV:
  • NA: 3.9% (cc)
  • Intl: 4.7% (cc)
• AOV increase primarily driven by:
  • Robust pricing power
  • Lower price incentives
  • Higher RTE contribution
  • Increase in add-on uptake

In Q2 (9.5)% cc revenue reduction, similar to Q1 2025

• Revenue reduction in cc of (9.5%), similar to previous quarter
  • NA cc revenue reduction of (13.0%), in line with dynamics observed in order numbers
  • Intl cc revenue reduction of (2.7%)
• By product category:
  • Meal Kits: (13.8)% in cc, gradually improving sequentially
  • RTE: (0.6)% in cc, softening sequentially, but planned to reaccelerate again from Q4, based on product investments
  • Other: +55.1% in cc

Contribution margin increased by 1.4 pp¹yoy to 27.3 %¹

• Strong continued execution of the efficiency program yielded a 1.4 pp improvement in Group contribution margin¹ yoy, to 27.3 %
• Contribution margin improvements are primarily driven by labor productivity increases in both meal kits and RTE, and the rationalization of meal kit production capacity
• Q2 2025 CM by segment(1) :

1

• NA: 31.6%, increase of 3.8pp yoy
• Intl: 22.3%, decrease of (1.8pp) yoy, impacted by continued UK/ DE fulfillment center ramp-up

Marketing expenses at 16.2%¹of revenue in Q2 '25, a reduction yoy for the fourth consecutive quarter

• Improvement driven by disciplined pursuit of higher performance marketing ROI targets, a strategy implemented and followed more forcefully from Q3 2024
• Meal kit marketing spend down meaningfully yoy both in relative and absolute terms in Q2 2025, in line with previous quarters
  • Reductions across both NA and Intl segments
• RTE marketing spend broadly stable yoy

AEBITDA increase to EUR 158m in Q2, a 9% margin, despite FX headwinds

	Q2		H1
By segment
In € millions	Q2 2025	Q2 2024	H1 2025	H1 2024
North America	138.3	132.1	199.5	158.4
International	60.9	54.4	102.1	83.4
Holding	(40.6)	(40.7)	(85.1)	(78.8)
Group	158.5	146.4	216.5	163.0

By product category
In € millions	Q2 2025	Q2 2024	H1 2025	H1 2024
Meal kits	186.0	171.8	340.2	251.6
AEBITDA margin meal kits	15.8%	12.2%	13.5%	8.5%
RTE	16.9	20.6	(29.0)	(0.7)
AEBITDA margin RTE	3.5%	4.0%	(2.8)%	(0.1)%
Others	(3.9)	(5.3)	(9.7)	(9.1)
Holding	(40.6)	(40.7)	(85.1)	(78.8)
Group	158.5	146.4	216.5	163.0

A 20.8% increase in Q2 2025 AEBIT¹ to EUR 101.4m, a 6.0% margin

• Key AEBIT margin drivers in Q2:
  • Strong contribution margin improvements, as efficiency program continues according to plan
  • Improved relative marketing expenses at Group level
• Both segments delivered double-digit yoy AEBIT growth in Q2:
  • NA from EUR 102.2m to EUR 116.1m; 13.6% increase
  • Intl from EUR 33.2m to EUR 38.6m; 16.4% increase
• Total H1 AEBIT¹ of EUR 97.7m, almost 3x higher than H1 2024 figure

4x increase in H1 2025 FCF, primarily driven by progress on execution of efficiency program

• 86.6% yoy increase in CF from operating activities, driven by robust AEBIT(DA) growth and cash inflow from working capital
• Capex reduced yoy from EUR (96.0)m in H1 2024 to EUR (66.1)m in H1 2025
  • Capex expected to catch-up with last year during H2, primarily due to build-out of European RTE production site
• H1 Free Cash Flow / diluted share increased from EUR 0.30 to EUR 1.24
• Increase of share buyback program by EUR 100m from EUR 75m to EUR 175m

Revenue guidance narrowed, implied AEBITDA and AEBIT margins unchanged but adjusted for current FX rates in EUR reporting currency

Group: Operational and Financial Key Figures

3.We define adjusted EBITDA ("AEBITDA") as EBITDA before share-based compensation (SBC) expenses, special items, and on segment level, holding fees.; AEBITDA margin is defined as % of revenue 4.Based on constant currency

North America: Operational and Financial Key Figures

3.We define adjusted EBITDA ("AEBITDA") as EBITDA before share-based compensation (SBC) expenses, special items, and on segment level, holding fees.; AEBITDA margin is defined as % of revenue 4.Based on constant currency

International: Operational and Financial Key Figures

^3.We define adjusted EBITDA ("AEBITDA") as EBITDA before share-based compensation (SBC) expenses, special items, and on segment level, holding fees.; AEBITDA margin is defined as % of revenue 4.Based on constant currency

Profit and Loss Statement

		3 months ended	Change %		6 months ended	Change %
	30-Jun-25	30-Jun-24	YoY	30-Jun-25	30-Jun-24	YoY
Revenue	1,699.6	1,950.8	(12.9)%	3,630.3	4,024.3	(9.8)%
Procurement and Cooking Expenses	(634.1)	(719.1)	(11.8)%	(1,368.3)	(1,505.8)	(9.1)%
Fulfilment Expenses	(608.5)	(767.8)	(20.8)%	(1,382.2)	(1,542.4)	(10.4)%
Contribution Margin	460.3	473.8	(2.8)%	879.8	976.1	(9.9)%
% of Revenue	27.1%	24.3%	2.8pp	24.6%	24.7%	(0.2)pp
Marketing Expenses	(276.8)	(335.8)	(17.6)%	(707.6)	(817.9)	(13.5)%
G&A, other income and expenses, and loss allowance on trade receivables	(112.9)	(117.4)	(3.8)%	(232.4)	(240.4)	(3.3)%
EBIT	67.3	10.7	530.2%	(60.2)	(82.2)	(26.7)%
% of Revenue	4.0%	0.5%	3.4pp	(1.7)%	(2.0)%	0.4pp
Financial Result	(28.4)	3.6	888.9%	(45.0)	10.0	550.0%
EBT	38.9	14.3	172.0%	(105.2)	(72.2)	45.7%
Income Tax	(25.5)	(5.4)	(372.2)%	(5.2)	(2.8)	(85.7)%
Net Income / (Loss)	13.3	8.9	49.4%	(110.4)	(75.0)	47.1%
Reconciliation starting at EBIT
EBIT	67.3	10.7	530.2%	(60.2)	(82.2)	(26.7)%
D&A and Impairment	62.0	94.7	(34.5)%	214.2	173.8	23.3%
EBITDA	129.3	105.4	22.7%	154.1	91.6	68.1%
% of Revenue	7.6%	5.4%	2.2pp	4.2%	2.3%	2.0pp
Special items	15.5	12.5	23.8%	24.2	16.2	49.3%
SBC Expense	13.6	28.5	(52.2)%	38.2	55.1	(30.7)%
AEBITDA	158.5	146.4	8.2%	216.5	163.0	32.8%
% of Revenue	9.3%	7.5%	1.8pp	6.0%	4.1%	1.9pp
AEBIT	96.5	51.7	86.5%	2.3	(10.8)	n.a.
AEBIT (excl. impairment)	101.4	84.0	20.8%	97.7	34.0	187.5%

Balance Sheet & Cash Flow Statement

In MEUR	As at 30-Jun-25	As at 31-Dec-24
Assets
Non-current assets	1,546.6	1,745.3
Cash and cash equivalents	428.4	486.7
Other current assets	355.3	400.7
Total assets	2,330.3	2,632.7
Equity and liabilities
Equity	717.0	888.4
Non-current liabilities	720.1	768.2
Current liabilities	893.2	976.1
Total equity and liabilites	2,330.3	2,632.7

In MEUR	30-Jun-25	30-Jun-24
Cash and cash equivalents at the beginning of the period	486.7	433.1
Net Cash flows from operating activities	274.1	146.9
Net Cash flows used in investing activities	(69.0)	(96.1)
Net Cash flows used in financing activities	(251.1)	(105.8)
Effects of exchange rate changes on cash and cash equivalents	(12.3)	3.8
Cash and cash equivalents at the end of the period	428.4	381.9

Share Count

As of June 30, 2025

Types of share	Ordinary shares
Stock exchange	Frankfurt Stock Exchange
Market Segment	Regulated Market (Prime Standard)
Number of shares issued	173,190,562
Number of shares outstanding	157,532,643

Employee Incentive Plan	Options	RSU	Total
Vested (in mn)	13.2	1.5	14.7
Weighted average exercise price (in EUR) – vested shares	21.03	—	18.91
Unvested (in mn)	7.1	8.5	15.6
Weighted average exercise price (in EUR) – unvested shares	11.22	—	5.20
Total outstanding (in mn)	20.3	10.0	30.3
Weighted average exercise price (in EUR) - total shares	17.60	—	11.77

*Weighted average exercise price (WAEP)

HELLOFRESH GROUP