Q2 2026: HelloFresh SE continues focus on profitability and efficiency

Q2 2026: HelloFresh SE continues focus on profitability and efficiency

• HelloFresh Group achieved revenue of approx. €1.5 billion[1] in Q2 2026 (Q2 2025: €1.7 billion, -7.8% y-o-y in constant currency), in line with expectations
• As expected, Q2 2026 adjusted EBITDA (“AEBITDA”) amounted to €120.6 million on group level (Q2 2025: €158.5 million)
• Meal Kits segment demonstrated strong operational resilience in Q2 2026, maintaining a constant currency AEBITDA margin of 15.2% (Q2 2025: 15.2%)
• In line with continued operational focus, efficiency program on track, with 85% of all planned measures implemented before the end of H1 2026

Berlin, 13 August 2026 – HelloFresh SE (“HelloFresh” or the “Company”) today announced its financial results for the second quarter and first half of 2026, highlighting continued strategic focus on profitability and efficiency alongside positive momentum from its “Refresh”-program for product improvement initiatives with tenured customers. The results reflect a deliberate transformation of the business: a conscious choice to prioritize revenue quality and margins over near-term growth.

The HelloFresh Group achieved revenue of approx. €1.5 billion in Q2 2026 vs. €1.7 billion in Q2 2025 (-7.8% y-o-y in constant currency). The revenue of the Meal Kits segment declined at -8.9% y-o-y in constant currency and the revenue of the Ready-to-Eat (“RTE”) segment by -8.4% y-o-y in constant currency, both developments in line with the Company’s expectations. The revenue of the segment Other, which primarily comprises the newer ventures in premium meat and seafood and pet food, increased by 36.1% y-o-y in constant currency. Q2 2026 AEBITDA reached – as expected – €120.6 million on group level (Q2 2025: €158.5 million), with the Meal Kits segment delivering a constant currency AEBITDA margin of 15.2% (Q2 2025: 15.2%). For the first half of 2026, the Group reached a constant currency AEBITDA margin of 4.5% (H1 2025: 6.0%). The y-o-y decline was primarily driven by an approximate €25 million one-off Q1 2026 winter storm impact, front-loaded investments in the “Refresh” product improvement initiative, and lower operating volumes. The Group generated positive Free Cash Flow of €49.4 million in the first half of 2026 (H1 2025: €156.4 million).

Strategic focus on profitability and efficiency remains unchanged

The Company continues to execute its strategy centered on profitability and efficiency. This includes maintaining disciplined marketing Return-on-Investment thresholds, focusing on higher quality customers and tailoring product innovation to their preferences. Consequently, the Group delivered 21.8 million orders in Q2 2026 vs. 25.3 million in Q2 2025 (-13.7% y-o-y) as the Company reduced marketing expenditure, making a deliberate trade-off expected to continue in the coming quarters. Marketing spend decreased by €45.2 million to 14.9% of revenue in Q2 2026 (Q2 2025: 16.3%).

Lower order volumes were partially offset by Average Order Value (“AOV”), which grew 6.5% y-o-y in constant currency to €71.0 (Q2 2025: €66.7), driven by product improvements, an increase in add-on uptake and a higher share of premium recipes.
Additionally, the Group’s efficiency program remains on track, with approx. 85% of all planned measures implemented before the end of H1 2026.

Existing customers are responding well to the “Refresh” program as evidenced by the rising AOV and order rates from this customer cohort across both main product categories. In markets where product improvements were introduced earlier, such as the US and the Nordics, the positive effect on tenured customer behavior is already more pronounced, providing confidence in the trajectory for other markets. The effect of an improved product offering on customer acquisitions is less pronounced, as conversions remain impacted by general macroeconomic conditions and consumer sentiment.

Dominik Richter, CEO and co-founder of HelloFresh, said: “Our product work is clearly landing with the customers who know us best – order rates and basket sizes are moving in the right direction across our tenured base. For new customer acquisition, we are taking a measured, strategic and data-driven approach in the current consumer landscape, but we remain encouraged by our financial resilience. Our margins have remained robust throughout the first half of the year, with our Meal Kits business continuing to deliver industry-leading profitability for the FMCG sector, and RTE margin improving vs. H1 2025.”

2026 outlook

The Company reconfirms the €375–425 million constant currency AEBITDA outlook for the Group for 2026 in full. The revenue performance on group level in constant currency is trending towards the bottom end of the 2026 range, with the previously published outlook stating a (3)% to (6)% constant currency revenue decline. Further visibility on the trajectory for the remainder of the year is expected following the back-to-school campaign, a key seasonal period for new customer acquisition.

Key figures

 

Group

	Q2 2026	Q2 2025	YoY	HY 2026	HY 2025	YoY
Number of orders (in millions)	21.84	25.32	(13.7%)	46.78	53.53	(12.6%)
Meals (in millions) 1, 2	183.6	214.6	(14.5%)	395.0	455.1	(13.2%)
Average order value (EUR) (excl. retail)	70.2	66.7	5.2%	68.3	67.4	1.3%
Average order value constant currency (EUR) (excl. retail)	71.0	66.7	6.5%	71.0	67.4	5.4%

 

Meal Kits

	Q2 2026	Q2 2025	YoY	HY 2026	HY 2025	YoY
Number of orders (in millions)	16.59	19.52	(15.0%)	35.87	41.57	(13.7%)
Meals (in millions)	139.8	165.4	(15.5%)	304.1	353.2	(13.9%)
Average order value (EUR) (excl. retail)	63.9	60.2	6.2%	62.2	60.7	2.5%
Average order value constant currency (EUR) (excl. retail)	64.5	60.2	7.1%	64.2	60.7	5.7%

 

Ready-to-Eat

	Q2 2026	Q2 2025	YoY	HY 2026	HY 2025	YoY
Number of orders (in millions)	4.98	5.55	(10.4%)	10.38	11.49	(9.6%)
Meals (in millions) 1	39.5	45.2	(12.6%)	82.8	93.9	(11.8%)
Average order value (EUR) (excl. retail)	85.4	86.2	(0.9%)	84.5	88.4	(4.5%)
Average order value constant currency (EUR) (excl. retail)	87.1	86.2	1.1%	89.5	88.4	1.2%

 

Other

	Q2 2026	Q2 2025	YoY	HY 2026	HY 2025	YoY
Number of orders (in millions)	0.28	0.24	13.9%	0.52	0.47	10.6%

¹ Excluding The Pets Table and the supplements distributions line (VMS) from Factor US.                                                                                                                                                                                                                   
² Contains meals related to GoodChop brand, assigned to Other segment for 4.3 million for the 3 months ended 30 June 2026 (Q2 2025: 4.1 million) and 8.0 million for the 6 months ended 30 June 2026 (H1 2025: 8.0 million).

Results of Operations

 

Group

(in MEUR) Q2 2026 Q2 2025 YoY HY 2026 HY 2025 YoY Revenue ¹ 1,549.9 1,699.6 (8.8%) 3,225.0 3,630.3 (11.2%) Revenue ¹ constant currency 1,567.5 1,699.6 (7.8%) 3,349.9 3,630.3 (7.7%) Contribution margin  (excl. SBC and impairment) 390.6 464.8 (16.0%) 820.0 986.3 (16.9%)    in % of revenue 25.2% 27.3% (2.1pp) 25.4% 27.2% (1.7pp) AEBITDA 120.6 158.5 (23.9%) 144.2 216.5 (33.4%) AEBITDA constant currency 121.1 158.5 (23.6%) 145.1 216.5 (33.0%)    in % of revenue 7.8% 9.3% (1.5pp) 4.5% 6.0% (1.5pp) AEBIT (excl. impairment) 58.1 101.4 (42.7%) 20.4 97.7 (79.1%)

¹  External revenue from contracts with customers. This also includes MEUR 0.7 and MEUR 1.7 allocated to Holding for the 3 months and 6 months ended period as of 30 June 2026, respectively.

 

Meal Kits

(in MEUR) Q2 2026 Q2 2025 YoY HY 2026 HY 2025 YoY External revenue 1,059.9 1,174.2 (9.7%) 2,231.9 2,521.3 (11.5%) External revenue constant currency 1,069.6 1,174.2 (8.9%) 2,301.4 2,521.3 (8.7%) Contribution margin (excl. SBC and impairment) 313.0 346.6 (9.7%) 650.4 748.3 (13.1%)    in % of revenue 28.2% 28.4% (0.2pp) 28.0% 28.6% (0.7pp) AEBITDA 167.0 184.8 (9.7%) 271.1 334.6 (19.0%) AEBITDA constant currency 168.4 184.8 (8.9%) 275.8 334.6 (17.6%)    in % of revenue 15.2% 15.2% 0.0pp 11.9% 12.8% (0.9pp) AEBIT (excl. impairment) 131.4 150.5 (12.7%) 200.6 262.7 (23.6%)

Ready-to-Eat

(in MEUR) Q2 2026 Q2 2025 YoY HY 2026 HY 2025 YoY External revenue 440.4 489.1 (10.0%) 905.7 1,036.7 (12.6%) External revenue constant currency 448.0 489.1 (8.4%) 957.3 1,036.7 (7.7%) Contribution margin (excl. SBC and impairment) 95.3 131.1 (27.3%) 203.8 267.1 (23.7%)    in % of revenue 21.6% 26.8% (5.2pp) 22.5% 25.7% (3.3pp) AEBITDA 13.1 17.0 (23.2%) (13.6) (26.4) (48.3%) AEBITDA constant currency 13.5 17.0 (20.6%) (17.9) (26.4) (32.0%)    in % of revenue 3.1% 3.5% (0.4pp) (2.0%) (2.5%) 0.6pp AEBIT (excl. impairment) 3.0 8.0 (62.6%) (32.9) (45.4) (27.5%)

 

Other

(in MEUR) Q2 2026 Q2 2025 YoY HY 2026 HY 2025 YoY External revenue 48.6 35.9 35.3% 85.6 71.3 20.0% External revenue constant currency 48.8 35.9 36.1% 89.6 71.3 25.6% Contribution margin (excl. SBC and impairment) 12.0 12.3 (2.4%) 22.6 24.2 (6.8%)    in % of revenue 20.2% 25.6% (5.4pp) 21.2% 25.3% (4.1pp) AEBITDA (5.8) (3.7) 55.8% (11.7) (8.7) 35.0% AEBITDA constant currency (5.9) (3.7) 60.2% (12.6) (8.7) 45.3%    in % of revenue (10.0%) (7.7%) (2.3pp) (11.8%) (9.0%) (2.8pp) AEBIT (excl. impairment) (5.9) (3.8) 53.4% (11.9) (8.9) 33.6%

 

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, Wrocław and Warsaw.

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.

 

^[1] All figures in reported currency unless otherwise indicated.