FY 2025: HelloFresh SE continues to show strong AEBITDA performance while efficiency program progresses meaningfully

FY 2025: HelloFresh SE continues to show strong AEBITDA performance while efficiency program progresses meaningfully

• HelloFresh Group achieves revenue of approx. €6.8 billion in 2025, representing a (9.0)% decline in constant currency (FY 2024: €7.7 billion)
• Efficiency program on track: ~80% of efficiency initiatives implemented by year-end 2025
• Group AEBITDA amounts to €422.8 million, up 14% yoy in constant currency (FY 2024: €399.4 million)
• Strong AEBITDA performance in the meal kit product category at a FY 2025 margin of 13.5% (FY 2024: 9.8%)
• Size of the product investment program to be moderately increased

 

Berlin, 18 March 2026 – HelloFresh SE (“HelloFresh” or “Company”) today announced its financial results for the fourth quarter and full year of 2025, provided an update on the progress of the Company’s efficiency program and its product improvement strategy and shared its 2026 guidance.

HelloFresh Group revenue in 2025 amounted to approx. €6.8 billion, corresponding to a (9.0)% yoy decline in constant currency (FY 2024: €7.7 billion). The meal kit product category delivered its fourth consecutive quarter of sequential improvement, with the rate of revenue decline in constant currency continuing to narrow. As the Company prioritized customer quality over order volume, the share of orders and total revenue from tenured customers increased throughout the year. By the end of the fourth quarter of 2025, a majority of orders were placed by customers who had previously ordered 50+ boxes.

Revenue in the Ready-to-Eat (“RTE”) product category declined by (1.4)% in constant currency to €2.0 billion in 2025 (FY 2024: €2.0 billion). Regulatory driven operational and manufacturing bottlenecks within the U.S. market, which have since been resolved, temporarily affected customer retention negatively. The RTE businesses in Canada, Europe, and Australia, which were not impacted by these challenges, have progressed according to plan and posted strong yoy growth.

Highly competitive AEBITDA for meal kits product category

The HelloFresh Group reached an adjusted EBITDA (“AEBITDA”) of €422.8 million in reported currency, corresponding to an approx. 14% yoy increase in constant currency (FY 2024: €399.4 million) and falling within the latest guidance of between €415 million and €465 million. The meal kit product category delivered a highly competitive AEBITDA margin of 13.5% (FY 2024: 9.8%). The above-mentioned issues within the U.S. RTE business led to higher temporary costs, primarily in the first half of the year 2025. Consequently, the AEBITDA margin for the RTE product category amounted to negative (1.2)% for FY 2025 (FY 2024: 1.6%), obscuring the strong development in meal kits AEBITDA on group profitability. Sequential improvements in the second half of the year 2025 resulted in an AEBITDA margin of 6.6% in the fourth quarter of 2025 for the RTE product category (Q4 2024: 5.3%). Free Cash Flow (post-leases) in 2025 turned positive for the Group, amounting to €18.9 million (FY 2024: - €23.6 million).

Efficiency reset & product investments

The strong AEBITDA performance in 2025 is largely driven by the meaningful progress of the efficiency program. By the end of 2025, 80% of the efficiency initiatives were successfully implemented through which total savings of €160 million were generated. For the whole year 2026, HelloFresh expects incremental annual savings of €140 million.

In summer 2025, HelloFresh initiated the largest product investment program in the Company’s history, named “The Refresh”, expanding variety and choice, doubling the amount of recipes in certain markets and significantly upgrading ingredient quality. This program has positively influenced multiple key metrics, including retention and order rates, as evidenced by a significant increase in cumulative net revenue per conversion after 20 weeks (H2 2025: +21% vs. H2 2023; H2 2024: +7% vs. H2 2023). Given positive early results of “The Refresh” program, the Company has decided to moderately increase the size of reinvestments which will be funded through aforementioned efficiency gains and – to a smaller extent – prudent price increases.

Dominik Richter, CEO of HelloFresh said: “Two years ago, we made a deliberate choice. Before we could credibly invest in growth, we needed to fix the foundation of the business. We outlined a €300 million efficiency program and sequenced it ahead of everything else. The logic was straightforward: efficiency creates margin room, margin room funds product reinvestment, better products drive retention, and retention is what ultimately unlocks sustainable, profitable growth. That flywheel has now started to spin.”

2026 Outlook

For the 2026 financial year, the Group expects a decrease in revenue on a constant currency basis of around (3)% to (6)%. At the start of 2026, the Company continues to see the meal kit product category to develop positively and in line with the trend seen in 2025. For the RTE product category, while operational and manufacturing bottlenecks have been resolved, the residual impact on customer retention and lower conversions continue to weigh on performance.

The Group expects AEBITDA for the 2026 financial year to be between €375 million and €425 million in constant currency. This AEBITDA outlook reflects the impact on the bottom line from volume expectations across product categories, the continued progress of the efficiency program (including planned exits from both the Italian and Spanish markets), ongoing product reinvestments and the one-off extreme cold weather disruptions in the first quarter of 2026. Considering all of these factors, weather disruptions will be the primary driver behind an expected decrease in 2026 constant currency AEBITDA compared to the previous year.

 

Key figures

 

Group

  Q4 2025 Q4 2024 YoY FY 2025 FY 2024 YoY Number of orders (in millions) 23.08 26.29 (12.2%) 100.53 114.63 (12.3%) Meals delivered ¹ (in millions) 194.4 220.7 (11.9%) 851.6 965.5 (11.8%) Average order value (EUR) (excl. retail) 66.6 68.4 (2.7%) 66.8 66.5 0.4% Average order value constant currency (EUR) (excl. retail) 70.7 68.4 3.4% 68.8 66.5 3.5%

 

North America

  Q4 2025 Q4 2024 YoY FY 2025 FY 2024 YoY Number of orders (in millions) 11.82 14.17 (16.6%) 53.66 64.67 (17.0%) Meals delivered ¹ (in millions) 93.1 110.2 (15.6%) 427.9 511.1 (16.3%) Average order value (EUR) (excl. retail) 78.1 81.5 (4.1%) 78.3 77.9 0.6% Average order value constant currency (EUR) (excl. retail) 85.1 81.5 4.5% 81.6 77.9 4.8%

 

International

  Q4 2025 Q4 2024 YoY FY 2025 FY 2024 YoY Number of orders (in millions) 11.26 12.11 (7.1%) 46.87 49.96 (6.2%) Meals delivered (in millions) 101.4 110.5 (8.2%) 423.7 454.4 (6.8%) Average order value (EUR) (excl. retail) 54.4 53.1 2.5% 53.6 51.8 3.4% Average order value constant currency (EUR) (excl. retail) 55.7 53.1 4.8% 54.3 51.8 4.7%

¹ Excluding The Pets Table and the supplements distribution line  (VMS) from Factor US.

Results of Operations

 

Group

  Q4 2025 Q4 2024 YoY FY 2025 FY 2024 YoY Revenue (in MEUR) 1,549.0 1,808.5 (14.4%) 6,760.8 7,661.3 (11.8%) Revenue constant currency (in MEUR) 1,646.3 1,808.5 (9.0%) 6,971.4 7,661.3 (9.0%) Contribution margin ¹ (in MEUR) 432.1 357.2 20.9% 1,706.5 1,793.4 (4.8%) Contribution margin ¹ (in % of revenue) 27.9% 19.8% 8.1pp 25.2% 23.4% 1.8pp Contribution margin ¹ (excl. impairment) (in MEUR) 438.3 490.2 (10.6%) 1,812.6 1,974.9 (8.2%) Contribution margin ¹ (excl. impairment) (in % of revenue) 28.3% 27.1% 1.2pp 26.8% 25.8% 1.0pp AEBITDA (in MEUR) 166.0 164.3 1.0% 422.8 399.4 5.8% AEBITDA (in % of revenue) 10.7% 9.1% 1.6pp 6.3% 5.2% 1.0pp AEBIT (excl. impairment) (in MEUR) 103.9 95.2 9.2% 181.5 135.9 33.6% AEBIT (excl. impairment) (in % of revenue) 6.7% 5.3% 1.4pp 2.7% 1.8% 0.9pp

 

North America

	Q4 2025	Q4 2024	YoY	FY 2025	FY 2024	YoY
Revenue 2 (in MEUR)	924.4	1,154.7	(19.9%)	4,207.1	5,035.8	(16.5%)
Revenue 2 constant currency (in MEUR)	1,006.9	1,154.7	(12.8%)	4,381.6	5,035.8	(13.0%)
Contribution margin 1 (in MEUR)	310.1	228.8	35.6%	1,196.0	1,245.7	(4.0%)
Contribution margin 1 (in % of revenue)	33.0%	19.6%	13.3pp	28.1%	24.5%	3.5pp
Contribution margin 1 (excl. impairment) (in MEUR)	312.0	352.8	(11.6%)	1,299.9	1,415.0	(8.1%)
Contribution margin 1 (excl. impairment) (in % of revenue)	33.2%	30.3%	2.9pp	30.5%	27.9 %	2.6pp
AEBITDA (in MEUR)	138.2	136.3	1.4%	385.3	368.8	4.5%
AEBITDA (in % of revenue)	14.7%	11.7%	3.0pp	9.0%	7.3%	1.8pp
AEBIT (excl. impairment) (in MEUR)	117.7	106.2	10.7%	294.9	248.7	18.6%
AEBIT (excl. impairment) (in % of revenue)	12.7%	9.2%	3.5pp	7.0%	4.9%	2.1pp

 

International

	Q4 2025	Q4 2024	YoY	FY 2025	FY 2024	YoY
Revenue 2 (in MEUR)	624.6	653.8	(4.5%)	2,553.7	2,625.5	(2.7%)
Revenue 2 constant currency (in MEUR)	639.4	653.8	(2.2%)	2,589.8	2,625.5	(1.4%)
Contribution margin 1 (in MEUR)	149.1	145.3	2.6%	599.8	613.7	(2.3%)
Contribution margin 1 (in % of revenue)	23.2%	21.9%	1.4pp	23.0%	23.0%	0.0pp
Contribution margin 1 (excl. impairment) (in MEUR)	153.4	154.2	(0.5%)	602.0	625.9	(3.8%)
Contribution margin 1 (excl. impairment) (in % of revenue)	23.9%	23.2%	0.7pp	23.1%	23.5%	(0.4pp)
AEBITDA (in MEUR)	74.0	68.7	7.7%	209.3	186.8	12.0%
AEBITDA (in % of revenue)	11.5%	10.4%	1.2pp	8.0%	7.0%	1.0pp
AEBIT (excl. impairment) (in MEUR)	49.4	44.6	10.7%	117.2	95.5	22.8%
AEBIT (excl. impairment) (in % of revenue)	7.7%	6.7%	1.0pp	4.5%	3.6%	0.9pp

¹ Excluding share-based compensation (SBC) expenses.

² External revenue from contracts with customers.

 

Product category

 

  Q4 2025 Q4 2024 YoY FY 2025 FY 2024 YoY Group             Revenue ¹ (in MEUR)                Meal kits 1,095.5 1,284.7 (14.7%) 4,701.6 5,529.2 (15.0%)    RTE 418.4 491.8 (14.9%) 1,921.6 2,031.7 (5.4%)    Others ² 35.0 32.0 9.4% 137.6 100.4 37.0% Revenue ¹ constant currency (in MEUR)                Meal kits 1,153.4 1,284.7 (10.2%) 4,825.3 5,529.2 (12.7%)    RTE 454.7 491.8 (7.5%) 2,002.4 2,031.7 (1.4%)    Others ² 38.2 32.0 19.2% 143.7 100.4 43.1% AEBITDA (in MEUR)                Meal kits 185.7 181.3 2.4% 634.2 542.3 17.0%    RTE 27.6 26.0 5.9% (23.6) 31.6 (174.8%)    Others ² (1.0) (3.1) (69.0%) (16.0) (19.4) (17.4%)    Holding (46.3) (39.8) 16.2% (171.8) (155.0) 10.8% AEBITDA (in % of revenue)                Meal kits 17.0% 14.1% 2.8pp 13.5% 9.8% 3.7pp    RTE 6.6% 5.3% 1.3pp (1.2%) 1.6% (2.8pp)    Others ² (2.8%) (9.8%) 7.0pp (11.6%) (19.3%) 7.7pp AEBIT (excl. impairment) (in MEUR)                Meal kits 148.6 136.3 9.0% 485.6 365.3 32.9%    RTE 19.5 16.8 16.2% (57.4) (2.8) n.a.    Others ² (1.0) (3.1) (69.0%) (16.0) (19.4) (17.4%)    Holding (63.2) (54.8) 15.4% (230.7) (207.2) 11.3% AEBIT (excl. impairment)
(in % of revenue)                Meal kits 13.6% 10.6% 3.0pp 10.3% 6.6% 3.7pp    RTE 4.7% 3.4% 1.2pp (3.0%) (0.1%) (2.8pp)    Others ² (2.8%) (9.8%) 7.0pp (11.6%) (19.3%) 7.7pp

¹ External revenue from contracts with customers.

² Relates to our brands Good Chop and The Pets Table.

Group Financial Position

 

  Q4 2025 Q4 2024   FY 2025 FY 2024 Cash flow from operating activities ¹
(in MEUR) 5.9 69.5   297.4 259.7 Free Cash Flow ²  (in MEUR) (56.7) 14.5   18.9 (23.6) Free cash flow per diluted share ²
(in EUR) (0.38) 0.09   0.11 (0.14) Cash and cash equivalents (in MEUR) 211.1 486.7   211.1 486.7

 

¹ Starting from 2025 the Group has changed presentation of interest paid and interest received in the Consolidated Statement of Cash Flows. Comparative information for prior period was also reclassified to conform to the current year’s presentation.

² Starting from December 2025, our reported Free Cash Flow metric also accounts for repayments of lease liabilities (IFRS16). In our view, this gives a more accurate and complete view of the companies' cash flow profile. Comparatives have been adjusted accordingly.

 

 

About HelloFresh

The HelloFresh Group is a global digital-native FMCG company 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 and Ireland. HelloFresh SE went public on the Frankfurt Stock Exchange in November 2017 and is currently traded on the SDAX (Small-Cap German Stock Market Index). The HelloFresh Group has offices in Berlin, Saarbrücken, New York, Chicago, Boulder, London, Amsterdam, Sydney, Toronto, Auckland, Paris, Copenhagen, Dublin and Wrocław.

 

 

Press contact
Martin Becker Corporate Communications Lead HelloFresh Group	+49 (0) 176 1568 1127 mbec@hellofresh.com www.hellofreshgroup.com
Investor Relations contact
Daniel Álvarez Head of Investor Relations HelloFresh Group	+31 643 554 932 daniel.alvarez@hellofresh.com www.hellofreshgroup.com

 

 

 

 

DISCLAIMER:

This press release may contain certain forward-looking statements, estimates, views, and forecasts regarding the future business situation, earnings, and results of HelloFresh SE or the HelloFresh Group (“forward-looking statements”). Forward-looking statements are identified by terms such as “believe”, “estimate”, “anticipate”, “expect”, “intend”, “will”, or “should” as well as their negatives and similar variations or comparable terminology. Forward-looking statements include all matters that are not based on historical facts. Forward-looking statements are based on the current opinions, forecasts, and assumptions of the Management Board of HelloFresh SE and involve significant known and unknown risks and uncertainties, which means that the actual results, performance, and events may differ materially from the results, performance, and events expressed or implied in the forward-looking statements. Forward-looking statements contained herein should not be understood as guarantees of future performance and results and are not necessarily reliable indicators of whether such results will be achieved. The forward-looking statements contained in this press release are valid only as of the date of this release. HelloFresh SE does not undertake any obligation and does not intend to update the information, forward-looking statements or conclusions contained in this press release to reflect subsequent events and circumstances or to correct inaccuracies that arise after the publication of this press release due to new information, future developments or other circumstances. HelloFresh SE does not assume any responsibility whatsoever for the accuracy of the forward-looking statements or assumptions contained herein.