HelloFresh SE — Investor Presentation 2025

Oct 30, 2025

Our Mission

We change the way people eat forever

Our Vision

The world's leading, fully integrated foods solution group

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 certain of these non-IFRS measures to the most directly comparable IFRS measure.

Fabien Simon, Group CFO HelloFresh SE

• Served as CEO and Executive Director of JDE Peet's (Dutch multinational coffee and tea company headquartered and listed in Amsterdam) from 2019 to 2024
• Prior to his CEO role, held positions as Chief Financial Officer (CFO) at JDE Peet's and was a Partner and CFO at JAB (investment holding company)
• Spent 14 years at Mars, Incorporated in multiple leadership roles, including Vice-President and CFO of Petcare Europe
• French national

Q3 2025 Highlights

In spite of currency and mix headwinds, holding a double digit AEBITDA margin level in MKs, with further progress yoy in both North America and International in the quarter Encouraging signs in the month of September, with positive momentum on both MKs and RTE, leading to a total net revenue decline contained to mid-single digit level in cc Stable revenue trend in the quarter at (9.3 %) yoy on a cc basis, with double digit orders decline and increasing AOV by 3.8 % in cc Tangible improvements in leading indicators in RTE, not yet visible in the financial performance due to cohort lagging effect AEBITDA of €40.3m for the Group, with marketing expenses at (20.0 %)¹ of revenue Free Cash Flow, before repayment of leases, of €170.4m YTD, up >€140m yoy Good progress on efficiency reset, with improvement in contribution margin to 24.5 %² of revenue 2025 guidance reconfirmed

In RTE, strong progress in Q2 & Q3 in overcoming temporary operational setbacks amid pullback of performance spend

Reverted majority of meal catalogue to optimal reheat times

Operationalized shelf-life testing protocols for all new meals

Restored meal variety & menu rotation

Since early September, we have successfully deployed our Factor Refresh strategy...

Menu Expansion

40 → 100 meals

Expanded GLP-1 range

3x more seafood on the menu

Quality Investments

Larger portion sizes

Upgraded protein quality

Larger vegetable portions

Service Levels

Sat & Sun delivery fully enabled

4-meal plan introduction

...with many more exciting things to come in Q4

• 100 → 120+ meals

• New salad range

• Premium proteins (veal sausage, short ribs)

• Launch of Al menu recommendation engine

Q3 2025 Results | 10

Leading indicators show strong improvements in H1 vs. H2

2025

In green, percentage or percentage points increase versus lowest figure in the year

^1. Net Promoter Score of new customers

^2. AOR represents the predicted 52-week box count expected for a cohort of customers acquired in a particular month

^2. Now represents the predicted 22-week box count expected for a control of discontrets adopted in a principal minority.

1. Principal Customer Lifetime Value is defined as the total marginal value that is created with the average customer over a period of 52 week.

Number of orders decline by (12.9 %), in line with H1

• By product category:
• In meal kits, improvement both in NA and Intl versus Q2
• RTE softer sequentially, driven by low order rates from new customers acquired in H1
• By segment
• NA orders (17.2 %) in Q3 2025
• Intl orders (7.0 %)

Sustained growth in AOV, 3.8 % on a constant currency basis in Q3 2025

• • Further AOV growth into Q3, increasing 3.8 % yoy on a constant currency basis, supported by a strong value proposition and a loyal customer base
• Both segments showed steady increase:
• NA: 4.7 % (cc)
• Intl: 5.4 % (cc)
• AOV increase driven by:
• Lower incentives
• Higher share of add-on contribution
• Selected price increases

(9%) cc revenue reduction for the Group, similar to H1

• Revenue decline in cc of (9.3 %), marginally better than the previous quarter
• NA cc revenue decline of (13.3 %)
• Intl cc revenue decline of (1.5 %)
• By product category:
• MKs: (12.0 %) in cc, improving from previous quarters
• RTE: (5.4 %) in cc, softening sequentially, driven by lower contribution of Q1 and Q2 cohorts, and AOV mix effects
• Other: +43.9 % in cc

Q3 2025 contribution margin at 24.5%¹

• Irrespective of volume decline, menu expansion and temporary RTE food manufacture fixes, improvement of 0.2pp¹ yoy
• Both segments¹ showing progress, offsetting adverse geographic mix:

◦ NA: 0.8 pp

◦ Intl: 0.3pp

• Efficiency program on track, positively affecting 9M 2025 contribution margin

Excl. SBC and impairment

Marketing spend at (20.0 %)¹ of revenue

• Marketing expenses reflecting normal seasonality, with the quarter marking the 'back-to-school' period
• Double-digit absolute reduction of spend in meal kits, as the group continues to pursue a higher performance marketing ROI initiated on the backend of 2024
• In RTE, ongoing increase in brand equity building to support long term quality growth, resulting in increases to awareness and consideration

¹ Excl. SBC

AEBITDA of EUR 40.3m in Q3, a 2.5% margin

		Q3		9M
By segment
In € millions	Q3 2025	Q3 2024	9M 2025	9M 2024
North America	47.5	74.0	247.1	232.4
International	33.2	34.7	135.2	118.1
Holding	(40.6)	(36.6)	(125.5)	(115.4)
Group	40.3	72.1	256.8	235.1

By product category
Q3 2025 Q3 2024 9M 2025 9M 2024 In € millions
Meal kits	108.4	108.6	448.5	360.3
AEBITDA margin meal kits	10.0%	8.5%	12.4%	8.5%
RTE	(22.2)	6.7	(51.2)	5.9
AEBITDA margin RTE	(4.8%)	1.3%	(3.4%)	0.4%
Others	(5.3)	(6.6)	(15.0)	(15.6)
Holding	(40.6)	(36.6)	(125.5)	(115.4)
Group	40.3	72.1	256.8	235.1

Year-to-date Free Cash Flow of €170.4m

• Free cash flow presented excluding repayment of lease liabilities
• Cash Flow from Operating Activities €272.2m for 9M of 2025 (Q3 2024 YTD: €161.5m)
• Lower CapEx so far in 2025
• 9m 2024 CapEx of EUR 131.6m
• 9m 2025 CapEx of EUR 101.8m
• Free cash flow per diluted share of 1.03 for the 9M of 2025, compared to 0.18 for the same period in 2024

Guidance range reconfirmed for FY 2025

FY Guidance

Constant Currency Revenue Growth

(6)% - (8)%

AEBITDA

€415m - €465m

Group: Operational and Financial KPIs

^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 and impairment

^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

North America: Operational and Financial KPIs

		Q3 24	Q3 25
Number of orders (m)		15.7	13.0
Number of meals (m)		124.2	103.9
Average Order Value (€)		77.2	76.0
Average Order Value constant currency (€)		77.2	80.9
Revenue	YoY revenue growth1 %		(13.3)% (18.5)%	CC4 €
(€m)		1212.0	987.9
Contribution margin2 (€m)	Revenue %	26.1% 319.5	27.0% 269.8
AEBITDA3 (€m)	% Revenue	6.1% 74.0	4.8%
			47.5

^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 and impairment

^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: Operational and Financial KPIs

		Q3 24	Q3 25
Number of orders (m)		11.8	11.8
Number of meals (m)		108.4	107.0
Average Order Value (€)		51.6	53.2
Average Order Value constant currency (€)		51.6	54.3
Revenue1	YoY revenue growth1 %	(1.5)% (3.7)%	CC4 €
(€m)		616.5	593.6
Contribution margin2 (€m)	Revenue %	22.5% 138.4	22.8% 140.5
AEBITDA3 (€m)	% Revenue	5.5%	5.5%
		34.7	33.2

^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 and impairment

^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

Profit and Loss Statement

	3 months ended		Change %
	30-Sep 25	30-Sep 24	YoY
Revenue	1,581.5	1,828.4	(13.5)%
Procurement Expense	(622.6)	(697.3)	(10.7)%
Fulfilment Expense	(580.2)	(697.9)	(16.9)%
Contribution Margin	378.7	433.2	(12.6)%
% of Revenue	23.9%	23.7%	0.3pp
Marketing Expense	(318.1)	(345.1)	(7.8)%
G&A, other income and expenses	(94.7)	(111.9)	(15.3)%
EBIT	(34.1)	(23.7)	43.6%
% of Revenue	(2.2)%	(1.3)%	(0.9)pp
Financial Result	(11.2)	(26.1)	57.1%
EBT	(45.3)	(49.8)	(9.1)%
Income Tax (Expense) / Benefit	(4.1)	16.1	(125.9)%
Net Income / (Loss)	(49.4)	(33.6)	47.0%

	9 months ended
30-Sep 25	30-Sep 24	YoY
5,211.8	5,852.8	(11.0)%
(1,990.9)	(2,203.1)	(9.6)%
(1,962.4)	(2,240.3)	(12.4)%
1,258.5	1,409.4	(10.7)%
24.1%	24.1%	0.1pp
(1,025.7)	(1,163.0)	(11.8)%
(327.1)	(352.2)	(7.1)%
(94.3)	(105.9)	(11.0)%
(1.8)%	(1.8)%	0.0pp
(56.2)	(16.1)	(249.1)%
(150.5)	(122.0)	23.3%
(9.3)	13.3	169.9%
(159.8)	(108.7)	47.1%

Reconciliation starting at EBIT
EBIT	(34.1)	(23.7)	43.6%
D&A and impairment	65.2	68.6	(4.9)%
EBITDA	31.1	44.9	(30.6)%
% of Revenue	2.0%	2.5%	(0.5)pp
Special Items	(6.1)	6.2	(197.6)%
SBC	15.3	21.0	(27.3)%
AEBITDA	40.3	72.1	(44.1)%
% of Revenue	2.5%	3.9%	(1.4)pp

(94.3)	(105.9)	(11.0)%
279.5	242.4	15.3%
185.2	136.5	35.7%
3.6%	2.3%	1.2pp
18.1	22.5	(19.3)%
53.5	76.1	(29.8)%
256.8	235.1	9.2%
4.9%	4.0%	0.9pp

Balance Sheet & Cash Flow Statement

In MEUR	As at 30-Sep 25	As at 31-Dec 2024
Assets
Non-current assets	1,514.1	1,745.3
Cash and cash equivalents	321.3	486.7
Other current assets	363.0	400.7
Total assets	2,198.4	2,632.7
Equity and liabilities
Equity	634.6	888.4
Non-current liabilities	694.9	768.2
Current liabilities	869.0	976.1
Total equity and liabilites	2,198.4	2,632.7

In MEUR (for the 3 months ended Sep 30)	As at 30-Sep 25	As at 30-Sep 24
Cash and cash equivalents at the beginning of the period	428.4	381.9
Net Cash flows from (used in) operating activities	(1.7)	14.5
Net Cash flows from (used in) investing activities	(35.3)	(33.6)
Net Cash flows from (used in) financing activities	(68.3)	(1.9)
Effects of exchange rate changes and other changes on cash and cash equivalents	(1.8)	(5.3)
Cash and cash equivalents at the end of the period	321.3	355.6

Share Count

As of September 30, 2025

Types of share Ordinary shares

Stock exchange Frankfurt Stock Exchange

Market Segment Regulated Market (Prime Standard)

Number of shares issued 166,940,562

Number of shares outstanding 152,598,482

Employee Incentive Plan	VSO	RSU	Total
Vested (in mn)	14.0	1.8	15.8
WAEP (in EUR) - vested instruments	20.58	—	18.27
Unvested (in mn)	6.3	7.8	14.1
WAEP (in EUR) - unvested instruments	11.08	—	5.27
Total outstanding (in mn)	20.3	9.5	29.9
WAEP (in EUR)	17.55	—	11.94