Marley Spoon Group SE

Investor Presentation • May 5, 2025

Q4 & FY2024 | Results and Outlook Preliminary Unaudited April 30th, 2025

Disclaimer

This release may contain forward-looking statements, estimates, opinions and projections with respect to anticipated future performance of the Company ("forward- looking statements"). These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "intends," "may," "will" or "should" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current views, expectations and assumptions of the management of the Company and involve significant known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved.

Any forward-looking statements included herein only speak as at the date of this release. We undertake no obligation, and do not expect to publicly update, or publicly revise, any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof, whether as a result of new information, future events or otherwise. We accept no liability whatsoever in respect of the achievement of such forward-looking statements and assumptions.

This presentation includes key performance indicators (KPIs), including Operating EBITDA margin and Contribution Margin, which are not measures of liquidity or financial performance under International Financial Reporting Standards (IFRS). Operating EBITDA is defined as Earnings before interest, tax, depreciation and amortization (EBITDA), excluding the effects of special items such as equity-settled share-based payments, as well as significant items of income and expenditure that are the result of an isolated, non-recurring event. This is an indicator for evaluating operating profitability. The Operating EBITDA margin is defined as Operating EBITDA as a percent of revenue. Contribution Margin is defined as gross profit less fulfillment expenses, where gross profit means net revenue less cost of goods sold, as a percent of revenue. Contribution Margin shows how much is available for coverage of fixed costs such as personnel, other expenses, and marketing. Active customers: Customers who have purchased a meal kit at least once over the past three months; Active subscribers: Customers who have an active subscription (i.e., ordered or skipped a delivery) on an average weekly basis during the quarter; Average basket size net (on a constant currency basis): The average monetary value of an order i.e., net revenue divided by the number of orders in a given period (excluding the impact of foreign currency fluctuations versus the prior period); Total orders: Number of customer orders in a given time period; Meals sold: Number of individual meals or total portions sold within a specified period; Average meals per order: Number of meals sold in a given time period divided by the number of customer orders in that same period; Customer acquisition costs (CAC): Costs of acquiring a customer (i.e., marketing expenses such as media spend) calculated over a period per new customer acquired during that period, net of marketing vouchers; Revenue from repeat customers: Net revenue from orders in a certain time period from customers who have ordered the same brand in the same country before (not necessarily in the same period)

Today's presenters

Daniel Raab CEO

Thorsten Struck CFO

STRATEGY UPDATE

Our Vision - Empower people to enjoy healthier lives through tasty and personalized food and nutrition solutions

Significant advancements made to operating at scale under one single brand

• BistroMD acquisition in February 2024 as an enabler to introducing ready-to-eat in the United States
• Already in 2025 we've successfully merged Europe's Dinnerly brand into the Marley Spoon ecosystem, paving the way to further brand integration
• Launch of RTE also in Europe expected during Q2 2025, with a selection of high quality fresh meals. Available recipes will cater to a wide range of health considerations

BUSINESS UPDATE

Q4 2024 in review (Oct-Dec 2024)

Net Revenues increased by c.7% to €78.5 million (PY €73.5m)

Delivering the highest Contribution Margin on record at 35.4% (PY 32.2%), with positive developments in all regions

Operating EBITDA increased by c.127% to €5.9 million (PY €2.6m), record high since inception

AOV increase by c.13% YoY, highlighting the success of our strategic focus on refined customer targeting and a broader product offering

Significant steps realized towards operating as a food solutions platform, such as rolling out "minimum order value" vs. current "minimum recipes" logic, to promote our add-on offering

Full Year 2024 highlights (Jan-Dec 2024)

Net Revenues increased by c.0.5% to €330.1 million (PY €328.5m)

Contribution Margin reaching record high 34.7% (PY 31.6%)

Operating EBITDA increased to €9.2 million (PY €-3.0m), being positive in all quarters for the first time since inception

Shifted to an asset light business model with the Sale of US operations to FreshRealm, and acquisition of BistroMD health focused ready-to-eat brand

Raised €8m in capital and repayment of €10.5m in Debt in February 2024

In 2024, we successfully delivered on all our ambitions

Improved order frequency and stabilization of the customer base, slowing YoY decline in orders

• c.6% higher average order frequency, continuing in the Q4 the improvement trend seen throughout the year
• Strengthening of the active customer base following the shift to a lower discount strategy and focusing on higher quality customer acquisitions, since Q4

c.13.5% AOV increase, highlighting the success of our strategic focus on refined customer targeting and a broader product offering

• Average order value increasing FY by 13.5% driven by expanded Market offering (growing in revenue by c.14% YoY), premium recipes and an increase of family portions in the plan size mix
• Strategic acquisition of BistroMD in February 2024 with higher AOV than US meal kits, contributing with c.6pp to the group improvement

Q4 YoY revenue growth c.7%, driven by higher AOV and improved customer engagement

• - Revenue growth in line with guidance for the full year, driven by higher AOV, particularly in the United States driven by BistroMD (since February 2024 only) and broader product offering
• Acquisition strategy shift by moving away from voucher intensive tactics and focusing on higher quality customer acquisitions (absolute voucher investment reducing by c.-46% vs. 2023)

13

Delivering the highest Contribution Margin on record in Q4 2024, with positive developments in all regions on a full year basis

• - CM improving above upper end of guidance
• Margin gains driven by:
  • Strategic shift in our marketing voucher approach (reduced discounts, longer redemptions, lower first-box discounts)
  • AOV expansion with direct impact on higher CM
  • BistroMD with higher AOV

Marketing strategy focused on cohort quality, leading to improved frequency and increasing AOV

• In late 2023, we began a deliberate reduction in marketing spend to focus on efficiency
• In the H2 we launched our commercial investment framework, implementing an ROI driven algorithmic acquisitions model approach to optimize channel investments and maximize for profit over volume
• We are now capturing the benefits from this shift at a sustainable rate for the long-term

Significant cost reduction, decreasing G&A by c.8% YoY to 22.5% of Net Revenues

• Cost reduction as the result of continued efforts to streamline operations and simplification of organizational structures
• - Central functions expenses driving overall G&A FY reduction, decreasing by c.35% YoY
• Asset light operations in the United States driving immediate efficiencies and the opportunity to further scale volume

Full year Operating EBITDA above guidance and positive for the first time since inception

- FY Operating EBITDA on high end of guidance

• Positive for 5 consecutive quarters as a consequence of:

• Cost reduction initiatives

• Refocused marketing strategy and voucher proposition, leading to customer cohort quality improvement

• All regions contributed to improving operating EBITDA

• Figures exclude: €6.6m one-off expenses in FY 2023 (Q4 €1.0m) and €6.0m one-off expenses in FY 2024 (Q4 €9.8m)

• 2023 figures represent Marley Spoon SE only, MSG consolidated operating EBITDA is €(3.6)m

Deliberate reduction in marketing vouchers in the United States, coupled with cost efficiencies from operations, drove c.41% bottom-line improvement

• Order frequency increased 5% and AOV rose 18% YoY in Q4, reflecting successful targeting and an expanded product range. The combination of these improvements, along with the strategic acquisition of BistroMD, resulted in a robust 17.5% YoY revenue growth
• Deliberate reduction in marketing vouchers, aligned with the strategy, coupled with cost efficiencies from operations, drove solid margin expansion

• The improved margins resulted in positive Operating EBITDA for another consecutive quarter, showing 33% YoY improvement

• Figures exclude: €1.3m one-off expenses in FY 2023 (Q4 €0.1m) and €4.6m one-off gain in FY 2024 (Q4 €0.9m one-off expense)

• CC: Based on constant currency

Australia landing FY Operating EBITDA at c.€12m, a 52% improvement YoY

1. Figures exclude: €0.3m one-off expenses in Q4 2023 and €14.9m one-off expenses in Q4 2024

2. CC: Based on constant currency

3. Order frequency increased 7% and AOV rose 5% YoY in Q4

4. Contribution Margin improving 180bps YoY, with AOV growth offsetting increased picking costs due to a more complex offering, and increased logistics costs (due to stock transfers between Fulfillment Centers)
5. Voucher strategy and higher operating efficiency, delivering >50% improvement in Operating EBITDA YoY

A lower fixed cost base in Europe, combined with the improved contribution margin, drove a significant 380bps YoY improvement in Operating EBITDA margin

• - First quarter with positive Operating EBITDA
• - Positive developments in order frequency (+9% YoY) as a result of customer engagement and AOV increased by 3.5%.
• Q4 Contribution Margin improved by 770bps driven by improved food and packaging costs and enhanced logistics efficiencies

c.€17m Group Net Income improvement on a full year basis

mEUR	Q4 2024	Q4 20232	FY 2024	FY 20232
	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Net Revenues	78.5	73.5	330.1	328.5
COGS	40.0	38.9	168.8	174.1
COGS %	50.9%	52.9%	51.1%	53.0%
Fulfillment	10.7	11.0	46.7	50.6
Fulfillment %	13.7%	14.9%	14.2%	15.4%
Contribution Margin	27.8	23.7	114.6	103.7
Contribution Margin %	35.4%	32.2%	34.7%	31.6%
Marketing	9.0	9.5	51.6	56.0
Marketing %	11.5%	12.9%	15.6%	17.1%
G&A	17.4	23.6	74.2	80.8
G&A %	22.2%	32.1%	22.5%	24.6%
EBIT3	(14.2)	(9.4)	(18.4)	(33.0)
Operating EBITDA1	5.9	2.6	9.2	(3.0)
Operating EBITDA %	7.5%	3.5%	2.8%	(0.9%)
Net income	(16.7)	(13.9)	(29.7)	(46.7)

• Higher AOV driving Contribution margin improvement
• US assets sale driving operational efficiencies from day one
• Refocused marketing strategy on higher quality acquisitions with proven profitability results

• Significant cost reduction, streamlining business operations and driving YoY improvement

• Figures exclude: €6.6m one-off expenses in FY 2023 (Q4 €1.0m) and €6.0m one-off expenses in FY 2024 (Q4 €9.8m)

• 2023 figures represent Marley Spoon SE only, Marley Spoon Group SE consolidated operating EBITDA is €(3.6)m

• EBIT includes gains/losses from the sale of assets and impairments

c.€9m improvement in operating cash flow

• Cash burn improved by c.€1.5m versus 2023, driven by operational profitability improvements
• c.€7.0m increase in Net Debt driven by:
  • Acquisition of BistroMD and partial debt repayment
  • Offset by €8m capital raised and US assets divestment

OUTLOOK

Outlook

2025 guidance

APPENDIX

Operating KPIs

(k)	Q4 2024	Q4 2023	FY 2024	FY 2023
	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
United States
Active customers1	99	105	-	-
Active subscribers2	82	89	-	-
Number of orders	506.2	512.0	2,250.8	2,352.3
Meals	4,455.3	4,335.4	20,009.8	20,519.3
Australia
Active customers1	90	105	-	-
Active subscribers2	63	72	-	-
Number of orders	483.7	530.4	2,117.2	2,497.3
Meals	4,785.7	5,071.3	20,754.8	24,324.2
Europe
Active customers1	29	34	-	-
Active subscribers2	27	32	-	-
Number of orders	132.6	145.9	556.8	711.6
Meals	1,063.4	1,148.6	4,429.7	5,653.3

1. Active Customers are customers who have made an order at least once over the past three months

2. Active Subscribers are customers who have an active subscription (i.e. ordered or skipped an order) on an average weekly basis during the quarter

Cash Flow Statement

mEUR	Q4 2024 Oct-Dec	Q4 20231 Oct-Dec	FY 2024 Jan-Dec	FY 20231 Jan-Dec
Net income for the period	(16.7)	(13.9)	(29.7)	(46.7)
Adjustments for non-cash expenses	14.1	13.7	17.7	21.6
Change in working capital	(5.1)	(2.9)	(0.8)	2.2
Interest & taxes paid, other	4.2	(1.8)	11.7	13.0
Net cash flows from operating activities	(3.5)	(4.9)	(1.0)	(9.9)
Net cash flows from investing activities	7.5	(2.1)	15.8	(12.3)
Net proceeds from capital raise or the issuance of shares	-	-	8.0	34.4
Cost of borrowings	(2.2)	(3.2)	(8.4)	(5.8)
Net change in borrowings	(4.2)	(3.3)	(15.6)	(5.7)
Payments of principal for lease liabilities	(1.3)	(2.4)	(5.5)	(8.9)
Net cash flows from financing activities	(7.7)	(8.9)	(21.5)	14.0
Net increase in cash & cash equivalents in the period	(3.7)	(15.9)	(6.7)	(8.2)
Cash and cash equivalents at period end	6.0	10.9	6.0	10.9

Summary of our achievements in 2024, found in our 2024 Non-Financial Report

1. Marine Stewardship Council (MSC), Aquaculture Stewardship Council (ASC)

2. Roundtable on Sustainable Palm Oil

3. Across the Marley Spoon Group SE Supervisory Board

Company Contacts Daniel Raab (CEO) Thorsten Struck (CFO)

Investor Relations

ir@marleyspoon.com