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Edge14 Mar 2024
Inside HelloFresh: The Meal Kit Monopoly
Explore how HelloFresh conquers the meal kit industry with operational excellence, claiming 75% market share in the US and Europe.
HelloFresh (HFG) investor relations material
HelloFresh Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary14 Aug, 2025
Executive summary
Revenue declined 9–9.8% year-over-year to €1.7–3.63 billion in H1 2025, mainly due to a 12–12.5% drop in orders, partially offset by a 3–3.5% increase in average order value on a constant currency basis.
Efficiency program delivered €150–200 million in annualized cost savings, driving margin expansion and a fourfold increase in free cash flow, with further initiatives planned.
Adjusted EBITDA (AEBITDA) reached €158–216.5 million in Q2/H1, with margins up to 15.8% for meal kits and 6–9.3% overall; EBIT/AEBIT grew over 20% year-over-year.
Share buyback program upsized from €75 million to €175 million, with convertible bonds fully repaid, strengthening capital structure.
Product reinvestment and innovation initiatives, including major upgrades and menu expansions in the U.S. and internationally, are underway to drive growth recovery in late 2025 and 2026.
Financial highlights
Contribution margin expanded to 27.2–27.3% in Q2/H1, up 1.3–1.4 points year-over-year.
Adjusted EBITDA for Q2 was €158–158.5 million; AEBITDA margin improved to 9.3% in Q2 2025.
Free cash flow per share in H1 2025 was €1.24, up from €0.30; total free cash flow reached €208 million.
Net income for Q2 2025 was €13.3 million, while H1 2025 saw a net loss of €110.4 million due to impairment charges.
CapEx reduced to €66.1 million in H1 2025, with catch-up expected in H2.
Outlook and guidance
FY2025 constant currency revenue guidance narrowed to a decrease of 6–8%.
FY2025 AEBITDA guidance updated to €415–465 million and AEBIT (excluding impairment) to €175–225 million, reflecting FX headwinds.
Underlying H1 performance, excluding FX, was slightly better than initial guidance.
Growth reacceleration expected in Q4 2025 and 2026, driven by product reinvestment and menu expansion.
Q3 expected to be below last year’s EBIT and EBITDA due to FX, upfront product investment costs, and customer-centric initiatives.
Assess impact of 'The Refresh' on customer LTV.
What's driving the RTE growth re-acceleration?
Explain the rationale for the narrowed revenue guidance.
How will generative AI impact the efficiency program?
When will international RTE contribute to growth?
Explain the difference between lagging and predictive metrics.
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Next HelloFresh earnings date
Q3 202530 Oct, 2025
Next HelloFresh earnings date
Q3 202530 Oct, 2025
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Frequently asked questions
Meals delivered to your doorstep
HelloFresh is a meal kit delivery service that operates in various countries across the world, including the United States, Canada, Europe, and Australia. The company's primary business model involves delivering pre-portioned ingredients and step-by-step recipes to customers' doorsteps, allowing them to prepare meals in the comfort of their own homes.
Recipe to success
HelloFresh's competitive strengths include its ability to offer a wide variety of meal options, including vegetarian and low-calorie choices, and its focus on sourcing high-quality ingredients from local suppliers. Additionally, the company's online platform is easy to use, and its delivery service is reliable and timely.
The company is mostly known for providing an accessible, convenient, and healthy way for individuals and families to prepare meals at home without having to shop for ingredients themselves or rely on takeout. The company has also been praised for its commitment to sustainability and reducing food waste.
Rapid growth in recent years
HelloFresh has experienced rapid growth in recent years. In 2020, the company reported revenue of €3.75 billion, representing a 111% increase compared to the previous year. Additionally, HelloFresh has consistently been profitable since 2018 and has been able to maintain its profitability despite the challenges posed by the COVID-19 pandemic.
Two listed peers to HelloFresh include Blue Apron and Marley Spoon. Blue Apron is a meal kit delivery service that operates primarily in the United States, while Marley Spoon is a similar service that operates in multiple countries across the globe.
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