HelloFresh SE reports quarterly revenue of approx. EUR2.07 bn Ready-to-Eat
product category growing quickly and expanding to further countries

EQS-News: HelloFresh SE / Key word(s): Quarterly / Interim Statement
HelloFresh SE reports quarterly revenue of approx. EUR2.07 bn Ready-to-Eat
product category growing quickly and expanding to further countries

25.04.2024 / 07:09 CET/CEST
The issuer is solely responsible for the content of this announcement.

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HelloFresh SE reports quarterly revenue of approx. EUR2.07 bn

Ready-to-Eat product category growing quickly and expanding to further
countries

  * In Q1 2024 the HelloFresh Group achieved approx. EUR2.07 billion of
    revenue, a constant currency revenue growth of 3.8%, supported by a
    healthy increase in average order value of 6.5% in total on a constant
    currency basis

  * The Ready-to-Eat (RTE) product category revenue grew by approx. 56.2%,
    while the meal kit category saw a negative revenue growth of approx.
    6.9% (both values y-o-y in constant currency)

  * The HelloFresh Group achieved a positive AEBITDA of EUR16.8 million, a
    0.8% margin
    (Q1 2023: EUR66.1 million; 3.3% margin)

  * Further international expansion of RTE beyond the US, launching Sweden
    and Denmark, after having brought the offering to Australia, Canada, the
    Netherlands and Belgium

  * Ongoing ramp-up of automated distribution centers in the UK and Germany
    and RTE site in the US

Berlin, 25 April 2024 - Today, HelloFresh SE ('HelloFresh' or 'Company')
released its results for the first quarter of 2024. The HelloFresh Group
delivered its highest ever quarterly revenue of approx. EUR2.07 billion,
corresponding to an approx. 3.8% constant currency growth (Q1 2023: EUR2.01
billion). The Company continues to capitalize on strong demand for its RTE
offering, which delivered in the first quarter 2024 revenue of EUR496 million
(Q1 2023: EUR322 million), corresponding to a 56% y-o-y growth rate in
constant currency. The meal kit product category delivered revenue of EUR1,559
million (Q1 2023: EUR1,687 million), corresponding to a negative approx.
(6.9%) revenue growth rate on a constant currency basis.

The Group's positive constant currency revenue growth of approx. 3.8% was a
combination of mild overall volume decline by approx. (2.6%), and a healthy
increase in average order value (AOV) across both segments North America and
International of approx. 6.5% in total on a constant currency basis.

Contribution margin in % of revenue for the Group in the first quarter 2024
was 25.2% compared to 26.3% in the corresponding 2023 period, primarily
driven by temporarily higher RTE production costs during its rapid ramp-up
phase. This was somewhat offset by a contribution margin expansion in
International by approx. 1.0pp y-o-y, despite ramp-up costs of the automated
fulfillment centers in Germany and the UK. The AEBITDA of the HelloFresh
Group in Q1 2024 amounted to a positive EUR16.8 million, a margin of 0.8% (Q1
2023: EUR66.1 million; 3.3% margin). HelloFresh typically incurs seasonally
elevated marketing spend in the first quarter, due to a sequentially strong
increase in new customers, with a corresponding effect on AEBITDA in that
quarter. This seasonal effect was further pronounced due to the company's
rapid scaling of its RTE product category, as previously flagged.

The HelloFresh Group outlook for the fiscal year 2024 remains unchanged: The
Company targets 2% to 8% revenue growth in constant currency and EUR350
million to EUR400 million AEBITDA.

'For the first quarter of 2024 we report our highest ever revenue per
quarter and a significant year-on-year growth in average order value. Our
continued investments into the customer proposition for meal kits, such as
introducing menu customization options and product incentives, show
promising results. This is evidenced by continuously improving customer
lifetime values and very predictable order patterns of our customer base',
Dominik Richter, co-founder and CEO of HelloFresh said.

'After tripling our meal kit revenues from 2019 to 2022, we saw a temporary
slowdown more recently, however our strategic goal to diversify revenues is
paying off nicely. Our Ready-to-Eat product category is scaling at high
rates and our brand Factor is one of the fastest growing consumer brands in
North America, more than offsetting the decline in meal kit revenues. RTE
revenues now account for a quarter of total group revenues and we expect
this share to grow further in the future. As part of this strategy we have
announced launches in additional European markets recently, adding to the
success we saw with prior launches in the US, Australia and Canada', he
continues.

Factor expansion to Sweden and Denmark

As of today, the Company's RTE brand Factor is also officially available in
Sweden and Denmark, underlining HelloFresh Group's position as a leading
digital-first FMCG group globally. This step continues the
internationalization of HelloFresh Group's RTE direct-to-consumer (D2C)
offering beyond the USA, after having brought the service to Australia,
Canada, the Netherlands and Belgium.

In the US, the Factor brand has established itself as the country's RTE
market leader, an achievement that has been enabled by HelloFresh Group's
strong tech and data capabilities, its D2C growth playbook and its expertise
to manage complex supply chains and infrastructure on a global scale.

Key Figures

Group

                                                  Q1    Q1   Y-o-Y
                                                 2024  2023
    Number of orders (in millions)               31.98 32.82 (2.6%)
    Meals delivered (in millions)                272.9 278.5 (2.0%)
    Average order value (EUR) (excl. retail)     64.6  61.2   5.5%
    Average order value constant currency (EUR)  65.2  61.2   6.5%
    (excl. retail)

North America

                                                  Q1    Q1   Y-o-Y
                                                 2024  2023
    Number of orders (in millions)               18.46 18.92 (2.4%)
    Meals delivered (in millions)                150.4 152.6 (1.4%)
    Average order value (EUR) (excl. retail)     74.8  70.6   5.9%
    Average order value constant currency (EUR)  75.6  70.6   7.1%
    (excl. retail)

International

                                                  Q1    Q1   Y-o-Y
                                                 2024  2023
    Number of orders (in millions)               13.51 13.90 (2.8%)
    Meals delivered (in millions)                122.5 125.9 (2.7%)
    Average order value (EUR) (excl. retail)     50.6  48.4   4.5%
    Average order value constant currency (EUR)  50.9  48.4   5.1%
    (excl. retail)

Results of Operations

Group

                                             Q1 2024 Q1 2023  Y-o-Y
    Revenue (in MEUR)                        2,073.5 2,016.1  2.9%
    Revenue constant currency (in MEUR)      2,092.7 2,016.1  3.8%
    Contribution margin 1 (in MEUR)           521.7   530.9  (1.7%)
    Contribution margin 1 (in % of revenue)  25.2 %  26.3 %  (1.2pp)
    AEBITDA (in MEUR)                         16.8    66.1   (74.6%)
    AEBITDA (in % of revenue)                 0.8 %   3.3 %  (2.5pp)

North America

                                             Q1 2024 Q1 2023  Y-o-Y
    Revenue 2 (in MEUR)                      1,380.1 1,335.4   3.3%
    Revenue constant currency (in MEUR)      1,396.2 1,335.4   4.6%
    Contribution margin 1 (in MEUR)           368.7   385.2   (4.3%)
    Contribution margin 1 (in % of revenue)   26.5%   28.7%  (2.1pp)
    AEBITDA (in MEUR)                         26.4    76.0   (65.3%)
    AEBITDA (in % of revenue)                 1.9%    5.7%   (3.8 pp)

International

                                             Q1 2024 Q1 2023 Y-o-Y
    Revenue 2 (in MEUR)                       693.4   680.7  1.9%
    Revenue constant currency (in MEUR)       696.5   680.7  2.3%
    Contribution margin 1 (in MEUR)           169.3   158.8  6.9%
    Contribution margin 1 (in % of revenue)   24.1%   23.1%  1.0pp
    AEBITDA (in MEUR)                         28.9    28.0   3.4%
    AEBITDA (in % of revenue)                 4.1%    4.1%   0.0pp

1 Excluding share-based compensation (SBC) expenses.

2 External revenue from contracts with customers.

About HelloFresh

The HelloFresh Group is a global food solutions group and the world's
leading meal kit provider. The HelloFresh Group consists of eight brands
that provide customers with high quality food and recipes for different meal
occasions. The Company was founded in Berlin in November 2011 and operates
in the USA, the UK, Germany, the Netherlands, Belgium, Luxembourg,
Australia, Austria, Switzerland, Canada, New Zealand, Sweden, France,
Denmark, Norway, Italy, Ireland and Spain. In Q1 2024 HelloFresh Group
delivered over 272 million meals globally. HelloFresh SE went public on the
Frankfurt Stock Exchange in November 2017 and is currently traded on the
MDAX (Mid-Cap German Stock Market Index). The HelloFresh Group has offices
in Berlin, Saarbrücken, New York, Chicago, Boulder, London, Amsterdam,
Sydney, Toronto, Auckland, Paris, Copenhagen, Milan, Dublin and Barcelona.

Press contact

                             Martin Becker             +49 (0) 176 15681127
   Senior Manager Corporate Communications           (1)mbec@hellofresh.com
                          HelloFresh Group          www.hellofreshgroup.com

1. mailto:mbec@hellofresh.com


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25.04.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
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   Language:       English
   Company:        HelloFresh SE
                   Prinzenstraße 89
                   10969 Berlin
                   Germany
   E-mail:         ir@hellofresh.com
   Internet:       www.hellofreshgroup.com
   ISIN:           DE000A161408
   WKN:            A16140
   Indices:        MDAX
   Listed:         Regulated Market in Frankfurt (Prime Standard);
                   Regulated Unofficial Market in Berlin, Dusseldorf,
                   Hamburg, Munich, Stuttgart, Tradegate Exchange
   EQS News ID:    1888923

End of News EQS News Service
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1888923 25.04.2024 CET/CEST