HelloFresh SE

Q2 2026 group revenue was EUR 1.5 billion, down 7.8% year over year in constant currency. Group adjusted EBITDA was EUR 120.6 million, with a 7.8% margin. Group contribution margin was 25.2%, down 2.1 percentage points year over year. Meal kit revenue declined 8.9% constant currency, with meal kit adjusted EBITDA margin at 15.1% and contribution margin at 28.2%; ready-to-eat revenue declined 8.4% constant currency, with adjusted EBITDA margin at 3.0% and contribution margin at 21.6%. Group AOV rose 6.5% constant currency to EUR 71, and meal kit net AOV rose 7.1% to EUR 64.5. H1 free cash flow was positive at EUR 49.4 million, and H1 capex was EUR 76.7 million. Management said it had implemented 85% of its planned EUR 300 million efficiency measures by end-June, with the remaining 15% expected in H2. Full-year adjusted EBITDA guidance was reaffirmed, while constant-currency revenue was said to be tracking toward the bottom end of the full-year range.

Dominik Richter framed the quarter as part of a multiyear rebuild: first fix the cost base, then reinvest into a better product, then lean back into growth when the data supports it. He emphasized that HelloFresh is still in Phase 2, with H1 product investment intended to broaden the addressable market through new recipes, personalization, and digital features like CookBook, which already has more than 3 million saved recipes. His tone was patient and deliberate, stressing that the company is choosing disciplined ROI thresholds and longer-term customer quality over chasing near-term top-line growth.

Fabien Simon focused on transparency, category-level reporting, and the mechanics behind margins and cash flow. He said Q2 group contribution margin was 25.2%, down 2.1 percentage points year over year, mainly because of front-loaded product investment, while meal kit margin held at 15.1% and ready-to-eat improved in H1 despite Q2 pressure. He also highlighted H1 free cash flow of EUR 49.4 million, H1 capex of EUR 76.7 million, and the July issuance of a EUR 350 million bond at a 5.5% coupon maturing in 2031, saying it extends maturity and supports funding flexibility without changing capital allocation priorities.

Analysts pressed on why meal kit revenue declines did not improve in Q2 and whether H2 growth would require looser marketing thresholds. Management said the quarter was in line with expectations, and that top-line recovery depends on higher order rates/AOV plus the willingness to lean back into growth once the cost environment is clearer, with back-to-school the key read. On the EBITDA gap, Simon said H2 needs about EUR 24 million of year-over-year improvement and pointed to EUR 10 million to EUR 20 million of improvement already expected in Q3. On cohort behavior, management explained that higher AOV and order rates are being offset by fewer new customers converting into long-tenured cohorts, and that this is why stable tenured revenue can coexist with weaker overall revenue growth.