HelloFresh (HFG) Q3 2026 earnings summary

Executive summary

• Q3 revenue was €1,426.1m, down 11.3% YoY in constant currency; fewer orders from weaker customer acquisition outweighed higher AOV.

• AEBITDA rose 35.1% to €54.4m from €40.3m; net loss narrowed to €39.7m from €49.4m.

• Strategy focused on correcting menu-related cost overruns and protecting unit economics, with reduced marketing spend and renewed growth investment dependent on improved returns.

Financial highlights

• Q3 reported revenue was €1,426.1m, down 9.8%; constant-currency revenue was €1,402.8m, down 11.3%. 9M revenue was €4,651.1m, down 10.8% reported.

• Q3 reported EBIT loss narrowed to €22.5m from €34.1m; net loss narrowed to €39.7m from €49.4m. 9M net loss was €93.1m versus €159.8m.

• Q3 free cash flow was negative €5.7m versus negative €80.7m YoY; 9M free cash flow was positive €43.8m versus €75.7m.

• Q3 AOV rose 7.5% in constant currency to €70.5; reported AOV was €71.6 versus €65.6 YoY.

Outlook and guidance

• FY26 constant-currency revenue guidance was revised to a 9%–11% decline from the prior 3%–6% decline range; AEBITDA guidance was cut to €350m–€370m from €375m–€425m.

• Back-to-school customer acquisition underperformed expectations, mainly reflecting the larger YoY reduction in Q3 marketing spend compared with H1.

• FY26 free cash flow is expected near breakeven, including financial interest payments; RTE is expected to reach full-year AEBITDA break-even and Meal Kits to maintain a double-digit margin.

• Q4 contribution margin is expected to improve from Q3; January 2027 marketing plans and FY27 revenue outlook depend on unit economics and peak-season performance.