HelloFresh SE / Key word(s): Half Year Report
13.08.2024 / 06:57 CET/CEST
The issuer is solely responsible for the content of this announcement.
Ready-to-Eat business and growth in average order value contribute meaningfully Continued y-o-y Group average order value expansion by 4.7% on a constant currency basis with both segments contributing strongly Group revenue of approx. €1.95 billion, a positive y-o-y constant currency growth of approx. 0.9% Group AEBITDA of €146 million, a margin of 7.5% for the Group, including a margin of 4.0% for the Ready-to-Eat product category and of 12.2% for the meal kit product category €190 million term loan financing successfully arranged at attractive terms Berlin, 13 August 2024 – Today, HelloFresh SE (“HelloFresh” or “Company”) released its financial results for the second quarter of 2024. The HelloFresh Group delivered a quarterly revenue of approx. €1.95 billion, corresponding to an approx. 0.9% constant currency growth (Q2 2023: €1.92 billion). Revenue growth was driven by continued y-o-y average order value (“AOV”) expansion by 4.7% on a constant currency basis, with both segments contributing strongly. This marks the twelfth quarter in a row of AOV expansion for the HelloFresh Group, driven by the higher contribution of Ready-to-Eat (“RTE”) to the mix, and an increase in premium as well as customizable meals and market item uptake and lower price incentives across the product categories. The AOV increase was partly offset by a modest y-o-y decrease in overall order volume for the Group, in line with previous quarters. The RTE product category displayed revenue growth on a constant currency basis of 45.2% to €519 million (Q2 2023: €354 million). Revenue in the meal kit product category decreased in constant currency by 9.9% to €1.41 billion (Q2 2023: €1.55 billion). Following a shift to increasingly focus on high value customers, the Company saw a lower absolute number of new customers joining. Existing customers, however, continue to show robust behavior with increasing y-o-y order rates and retention for both product categories. For meal kits in the North American segment, HelloFresh initiated certain steps to rightsize its production capacity, which triggered non-recurring, non-cash impairment charges of €45 million in H1 2024, of which €32m incurred in the second quarter. The HelloFresh Group achieved an AEBITDA of €146 million (Q2 2023: €192 million), a margin of 7.5% (Q2 2023: 10.0%) for the Group, including a margin of 4.0% (Q2 2023: 8.5%) for the RTE product category and of 12.2% (Q2 2023: 12.9%) for the meal kit product category. AEBITDA margins are improving sequentially but remain impacted on the contribution margin side by temporarily higher production costs within RTE and meal kits during the current ramp-up phase of certain production sites. “Our RTE business continues on its structural and profitable growth trajectory. Our investments in our product, production capacity and brand are paying off,” Dominik Richter, co-founder and CEO of HelloFresh said. “As the meal-kit category consolidates around a new market size in the near term, we are determined to optimize our cost base and adjust to the new normal. This includes streamlining capacity, re-examining capital expenditure plans and leveraging existing fulfillment centers. We are also driving long term profitability by more selectively targeting high quality customers and reducing price incentives,” he continues. €190 million term loan financing successfully arranged The Company successfully arranged a €190 million term loan financing at attractive terms, which will be drawn in the future and primarily used to refinance existing debt. Given its low financial leverage, long-term financing and focus on free cash flow generation, the Company maintains its strong capital structure. Key Figures Group | | Q2 2024 | Q2 2023 | YoY | HY 2024 | HY 2023 | YoY | | Number of orders (in millions) | 28.91 | 30.00 | (3.6 %) | 60.89 | 62.82 | (3.1 %) | | Meals delivered (in millions) | 243.8 | 253.6 | (3.9 %) | 513.6 | 532.1 | (3.5 %) | | Average order value (EUR) (excl. retail) | 67.1 | 63.6 | 5.6 % | 65.8 | 62.4 | 5.4 % | | Average order value constant currency (EUR) (excl. retail) | 66.6 | 63.6 | 4.7 % | 65.9 | 62.4 | 5.5 % |
North America | | Q2 2024 | Q2 2023 | YoY | HY 2024 | HY 2023 | YoY | | Number of orders (in millions) | 16.35 | 17.09 | (4.3 %) | 34.82 | 36.00 | (3.3 %) | | Meals delivered (in millions) | 129.4 | 136.6 | (5.3 %) | 276.7 | 289.2 | (4.4 %) | | Average order value (EUR) (excl. retail) | 78.8 | 74.0 | 6.5 % | 76.7 | 72.2 | 6.2 % | | Average order value constant currency (EUR) (excl. retail) | 78.0 | 74.0 | 5.4 % | 76.8 | 72.2 | 6.3 % |
International | | Q2 2024 | Q2 2023 | YoY | HY 2024 | HY 2023 | YoY | | Number of orders (in millions) | 12.56 | 12.91 | (2.7 %) | 26.08 | 26.81 | (2.7 %) | | Meals delivered (in millions) | 114.5 | 117.0 | (2.2 %) | 237.0 | 242.9 | (2.4 %) | | Average order value (EUR) (excl. retail) | 51.9 | 49.9 | 4.1 % | 51.3 | 49.1 | 4.4 % | | Average order value constant currency (EUR) (excl. retail) | 51.8 | 49.9 | 3.7 % | 51.3 | 49.1 | 4.5 % |
Results of Operations Group | | Q2 2024 | Q2 2023 | YoY | HY 2024 | HY 2023 | YoY | | Revenue (in MEUR) | 1,950.8 | 1,917.5 | 1.7 % | 4,024.3 | 3,933.6 | 2.3 % | | Revenue constant currency (in MEUR) | 1,935.4 | 1,917.5 | 0.9 % | 4,028.1 | 3,933.6 | 2.4 % | | Contribution margin 1 (in MEUR) | 473.8 | 545.5 | (13.1 %) | 995.4 | 1,076.4 | (7.5 %) | | Contribution margin 1 (in % of revenue) | 24.3 % | 28.4 % | (4.2 pp) | 24.7 % | 27.4 % | (2.6 pp) | | Contribution margin 1 (excl. impairment) (in MEUR) | 506.6 | 551.8 | (8.2 %) | 1,040.7 | 1,083.3 | (3.9 %) | | Contribution margin 1 (excl. impairment) (in % of revenue) | 26.0 % | 28.8 % | (2.8 pp) | 25.9 % | 27.5 % | (1.7 pp) | | AEBITDA (in MEUR) | 146.4 | 191.9 | (23.7 %) | 163.0 | 258.0 | (36.8 %) | | AEBITDA (in % of revenue) | 7.5 % | 10.0 % | (2.5 pp) | 4.1 % | 6.6 % | (2.5 pp) | | AEBIT (excl. impairment) (in MEUR) | 84.0 | 140.5 | (40.2 %) | 34.0 | 156.3 | (78.3 %) | | AEBIT (excl. impairment) (in % of revenue) | 4.3 % | 7.3 % | (3.0 pp) | 0.8 % | 4.0 % | (3.1 pp) |
North America | | Q2 2024 | Q2 2023 | YoY | HY 2024 | HY 2023 | YoY | | Revenue 2 (in MEUR) | 1,288.9 | 1,264.6 | 1.9 % | 2,669.0 | 2,600.0 | 2.7 % | | Revenue 2 constant currency (in MEUR) | 1,275.6 | 1,264.6 | 0.9 % | 2,671.8 | 2,600.0 | 2.8 % | | Contribution margin 1 (in MEUR) | 328.7 | 399.4 | (17.7 %) | 697.4 | 784.6 | (11.1 %) | | Contribution margin 1 (in % of revenue) | 25.3 % | 31.4 % | (6.1 pp) | 25.9 % | 30.0 % | (4.1 pp) | | Contribution margin 1 (excl. impairment) (in MEUR) | 361.5 | 401.6 | (10.0 %) | 742.8 | 786.8 | (5.6 %) | | Contribution margin 1 (excl. impairment) (in % of revenue) | 27.8 % | 31.5 % | (3.7 pp) | 27.6 % | 30.1 % | (2.5 pp) | | AEBITDA (in MEUR) | 132.1 | 167.2 | (21.0 %) | 158.4 | 243.2 | (34.9 %) | | AEBITDA (in % of revenue) | 10.2 % | 13.1 % | (3.0 pp) | 5.9 % | 9.3 % | (3.4 pp) | | AEBIT (excl. impairment) (in MEUR) | 102.2 | 144.6 | (29.3 %) | 97.9 | 198.6 | (50.7 %) | | AEBIT (excl. impairment) (in % of revenue) | 7.9 % | 11.4 % | (3.5 pp) | 3.7 % | 7.6 % | (4.0 pp) |
International | | Q2 2024 | Q2 2023 | YoY | HY 2024 | HY 2023 | YoY | | Revenue 2 (in MEUR) | 661.9 | 652.9 | 1.4 % | 1,355.3 | 1,333.6 | 1.6 % | | Revenue 2 constant currency (in MEUR) | 659.8 | 652.9 | 1.1 % | 1,356.3 | 1,333.6 | 1.7 % | | Contribution margin 1 (in MEUR) | 161.8 | 161.0 | 0.5 % | 331.1 | 319.8 | 3.5 % | | Contribution margin 1 (in % of revenue) | 24.1 % | 24.4 % | (0.3 pp) | 24.1 % | 23.8 % | 0.3 pp | | Contribution margin 1 (excl. impairment) (in MEUR) | 161.8 | 161.0 | 0.5 % | 331.1 | 319.8 | 3.5 % | | Contribution margin 1 (excl. impairment) (in % of revenue) | 24.1 % | 24.4 % | (0.3 pp) | 24.1 % | 23.8 % | 0.3 pp | | AEBITDA (in MEUR) | 54.4 | 59.7 | (8.8 %) | 83.4 | 87.7 | (4.9 %) | | AEBITDA (in % of revenue) | 8.1 % | 9.1 % | (0.9 pp) | 6.1 % | 6.5 % | (0.4 pp) | | AEBIT (excl. impairment) (in MEUR) | 33.2 | 39.4 | (15.8 %) | 39.8 | 48.1 | (17.3 %) | | AEBIT (excl. impairment) (in % of revenue) | 4.9 % | 6.0 % | (1.0 pp) | 2.9 % | 3.6 % | (0.7 pp) |
1 Excluding share-based compensation (SBC) expenses. 2 External revenue from contracts with customers. Product category | | Q2 2024 | Q2 2023 | YoY | HY 2024 | HY 2023 | YoY | | Revenue 1 (in MEUR) | | | | | | | | Meal kits | 1,408.7 | 1,553.3 | (9.3 %) | 2,968.0 | 3,240.6 | (8.4 %) | | RTE 2 | 519.1 | 353.8 | 46.7 % | 1,014.7 | 675.5 | 50.2 % | | Other | 23.0 | 10.4 | 122.1 % | 41.6 | 17.6 | 137.0 % | | Revenue1 constant currency (in MEUR) | | | | | | | | Meal kits | 1,398.9 | 1,553.3 | (9.9 %) | 2,970.2 | 3,240.6 | (8.3 %) | | RTE 2 | 513.7 | 353.8 | 45.2 % | 1,016.2 | 675.5 | 50.4 % | | Other | 22.8 | 10.4 | 119.7 % | 41.6 | 17.6 | 136.9 % | | AEBITDA (in MEUR) | | | | | | | | Meal kits | 171.8 | 199.9 | (14.0 %) | 251.6 | 292.0 | (13.8 %) | | RTE 2 | 20.6 | 30.0 | (31.3 %) | (0.7) | 45.6 | (101.6 %) | | Other | (5.3) | (3.1) | 72.1 % | (9.1) | (6.8) | 32.8 % | | Holding | (40.7) | (34.9) | 16.7 % | (78.8) | (72.3) | 9.0 % | | AEBITDA (in % of revenue) | | | | | | | | Meal kits | 12.2 % | 12.9 % | (0.7 pp) | 8.5 % | 9.0 % | (0.5 pp) | | RTE 2 | 4.0 % | 8.5 % | (4.5 pp) | (0.1 %) | 6.8 % | (6.8 pp) | | Other | (23.2 %) | (29.9 %) | 6.7 pp | (21.8 %) | (39.0 %) | 17.1 pp |
1 External revenue from contracts with customers. 2 Ready-to-eat. 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 Q2 2024 the HelloFresh Group delivered over 243 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
Senior Manager Corporate Communications
HelloFresh Group | +49 (0) 176 15681127
mbec@hellofresh.com
www.hellofreshgroup.com |
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