HelloFresh SE Q1 2026 Earnings Recap

Shares declined 1.4% as investors weighed continued revenue deceleration and margin pressures despite progress in operational improvements and strategic investments, signaling cautious sentiment on near-term growth prospects.

Key Takeaways

• Group revenue declined 7.7% in constant currency, marking a continued top-line shrinkage despite sequential improvement in meal-kit revenue decline to 8.5%.
• Adjusted EBITDA was EUR 24 million, materially impacted by EUR 25 million of severe weather disruptions; excluding this, underlying EBITDA stood near EUR 49 million.
• Operational efficiency gains were evident with fulfillment costs improving 0.8 percentage points year-over-year and marketing spend reduced by EUR 62 million, equating to 21.8% of revenue.
• Investments in product quality substantially improved average order value (+EUR 4.2 group-wide, +4.5% in meal kits) and customer retention metrics, though not yet sufficient to offset the revenue contraction and associated deleveraging.
• Ready-to-eat segment losses narrowed 40% year-over-year, supported by operational fixes and marketing discipline, but active customer base remains below prior levels, delaying growth recovery.