Slides
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Our mission: An exciting long-term opportunity
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Home cooking Ready-to-Eat (RTE) Pet Food Vitamins, Minerals and Supplements (VMS)
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Source: Statista for RTE and Pet Food. Euromonitor for Home cooking and VMS, all FY 2024 . Currency USD. Food at Home includes Fresh Food, Cooking Ingredients and Meals, Dairy Products and Alternatives, Staple Foods and Snacks. The RTE market includes prepared food and meals that can be eaten as is or after minimal preparation. VMS includes vitamins a nd dietary supplements markets, both in US and Western Europe respectively, in USD. 600bn+ 1trn+ Home cooking RTE Pet Food VMS
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Protein demand growth Factor Diet HF Diet US Consumer Source: Internal, NHANES survey ‘What we Eat in America’. HF diet takes a representative sample of best selling fit and whole some preference recipes (1) Internal survey Food-as-medicine UPFs Awareness Weight Loss Max. daily recommended amount Min. daily recommended amount (grams) % of calories from UPFs in a typical American diet
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At the heart of product development Operating efficiently at scale Purpose-built approach to personalization Own capabilities Decisions powered by technology Deeply-rooted culture of taste preference database globally relationships with suppliers D2C acquisition engine feedback loop Powering our end-to-end value chain
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Without legacy portfolio drags
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Source:(1) FY 2024 data (2) FY 2024 data, AEBITDA excluding holding costs, in line with segment reporting. Rounded figures.
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Revenue (cc) Revenue growth AEBITDA Source: Internal data. FY 2024 data, AEBITDA excluding holding costs, in line with segment reporting
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34% CAGR 2019 2024 2019 2024 2019 2024 Source: HelloFresh annual report. FCF defined as FCF pre-repayment of lease liabilities. ~9x increase Turned positive
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Operation s Recipe choice (1) Geographies with own last mile Custom built DCs Direct supplier network Source: Internal data. (1) Includes New Zealand, launched in February 2025
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0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 Demand Shock 2020-2022 Growth Headwinds 2023-2024 Efficiency Reset 2025-2026 Return to Growth 2027+
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0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 Demand Shock 2020-2022 Growth Headwinds 2023-2024 Efficiency Reset 2025-2026 Return to Growth 2027+
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Best-in-class cash flows and profitability Improved unit and customer economics Self-financed profitable growth Scale more profitably with better unit economics and better product Short Term Long Term
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Higher marketing ROI threshold Labor productivity increases in both meal kits & RTE Rationalization of meal kit production capacity Savings in overhead personnel expense Indirect procurement savings Reduction of Group capex to <€150m by 2026 Reduction of share-based compensation to <€70m
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Targeted production cost development 2024 2026E 2024 2026E
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Q4 24 Q4 26E MK • Less fulfilment overhead personnel • Less other overhead costs (utilities, cleaning, maintenance) • Lower lease and IFRS 16 expenses Sqm of meal kits fulfillment and production capacity
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All major functions globally included Execution through a combination of due to implementation periods/costs and run-rate effects Process harmonization / automation, centralization, offshoring (1) Before one-off redundancy costs (2) Including equity compensation savings of gross c. €30m, net of corresponding c. €(15)m i ncrease in cash compensation. Chart not at scale
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(1) 2024 grants 2025E onwards grants (1) Excluding mark-to-market of cash-based plans
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20.6% 23.2% 16.5% 17.2% 19.5% 18.9% 19.2% 16.1% • Continued reduction in absolute marketing spend in meal kits • Continued ramp-up of RTE resulting in growing absolute marketing spend for RTE • Primarily by attracting higher value customers at stable CACs Group marketing as % of revenue Marketing ROI threshold adjusted
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-7% -10% 1% -10% Revenue change yoy (cc) Total marketing spend, change yoy (cc) Meal Kits revenue and marketing yoy change
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51+ Orders 21-50 Orders 11-20 Orders 6-10 Orders 3-5 Orders 0-2 Orders Number of orders by customer maturity, % of total 2021 2022 2023 2024 (1) Source: Company data, weekly orders for meal kit brands excluding newer markets (IE, ES, IT, NO, FR). Tenure counted fro m the initial conversion.
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51+ Orders 21-50 Orders 11-20 Orders 6-10 Orders 3-5 Orders 0-2 Orders Orders by customer loyalty group 2021 2022 2023 2024 (1) Source: Company data, weekly orders for meal kit brands excluding newer markets (IE, ES, IT, NO, FR). Tenure counted from the initial conversion.
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Discretionary non-personnel spend: Contract re-negotiation / tenders Insourcing Harmonization and optimization of specs Contract consolidation and re-negotiation 3rd party license consolidation Insourcing Spend optimization Demand management through hard budgets Contract re-negotiation
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2024 year-end
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*Chart excludes marketing measures. Cumulative value unlock ~70% ~30% 100% Q4'25 Q4'26
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2022 2023 2024 2025E 2026E Capex MEUR
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Meal kits down more than (10)% RTE growth low to mid teens CC growth Direct labor productivity Site rationalization Overhead efficiencies Decreasing meal kit volume Reinvestment in product Meal kits down RTE up, to support continued scaling €7.66bn (3)% – (8)% 25.8% (18.8)% (5.7)% (1) Excl. SBC & Impairment (2) Excl. SBC Headcount One-off severance costs - - -
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before impairments Primarily driven by AEBIT increase CAPEX broadly stable (pre-leases) €136m €200-250m €399m €73m €450-500m
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135.9 399.4 0.42 EURmEUR mEUR (1) Excl. SBC & Impairment (2) FCF pre-leases
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0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 Demand Shock 2020-2022 Growth Headwinds 2023-2024 Efficiency Reset 2025-2026 Return to Growth 2027+
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Attract and nurture high value customers Penetration and monetization International roll-out New channels Laying the foundations to build the next $bn ventures Product investments
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Attract and nurture high value customers Penetration and monetization International roll-out New channels Laying the foundations to build the next $bn ventures Product investments
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Product used to complement lifestyle and get closer to nutritional / diet goals Value physical convenience highly More likely to seek variety Less likely to cancel because of price Value “peace of mind” highly Busy trying to juggle work and family
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Invest in better value for loyal customers Improved depth of selection Attract a larger share of high value customers Communicate value more prominently Nurture existing customers Strong degree of personalization Service level upgrades
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0 150 300 Families Health Convenience Variety & excitement EOY Add, swap, upgrade protein // make it veggie, quick, healthy 0 150 300 EOY Including 100 unique recipes in core menu as of Dec 2024
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Current menu (sample) New cuisines RTE options Brand partnerships Chef collab Seasonal themes Organic options
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Post code check Recipe preferences Plan selection • Diet preference • Protein preference • Avoidances
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Multi layered preference criteria Dietary restrictions considerations Past behavior and cohort considerations
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Initial Findings More than half of new customers opt in Higher NPS More likely to purchase add-ons
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Maximizing growth at low ROI thresholds Prioritizing market share considerations Focusing on first-time buyers Primarily monetary incentives to drive trial
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Stricter on repeat voucher usage Investment in channels that build long-term brand recognition Reserving best investments for highest value customers
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Source: Internal data. % discount excluding VAT as a percentage of gross revenue, for US meal kit brands combined Before Now Repeat discount Product incentives
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After 10 weeks (1) Source: Company data, for meal kits in US, CA, NL, AU, NZ, DE, AT, BE, DK, CH, SE, UK, FR , across all brands. Cumulative net revenue per conversion calculated as a weighted average of all net revenue generated per conversions (blended) after a certain number of weeks since initial conversion (1) After 20 weeks
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0% 20% 40% 60% 80% 100% Brand Performance Source: Internal data. % spend on brand marketing over total direct marketing spend, for all meal kit brands globally
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• Discounts mechanisms • Promotions • Performance marketing • Direct sales • Demand generation • Removing barriers • Myth-busting for rejectors • TAM expansion • Experience design • Retention marketing
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Premium meal upgrades Free shipping opportunities Price lock-in HF Market preferential prices Source Internal data, as of Feb 2025.
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Source: Internal data, as of Feb 2025. Pilot results(1) ~40% initial opt-in rate Strong satisfaction levels with the program among loyal customer base Driving the right behaviors: Higher projected order rates through lower pause and much lower cancel rates of participants vs. non-members
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Elevated brand experience across customer journey New box & packaging design Next day delivery Fully flexible box sizes ~300 menu choices RTE integration Meal value upgrades Loyalty program Improved digital experience Personalization
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Attract and nurture high value customers Penetration and monetization International roll-out New channels Laying the foundations to build the next $bn ventures Product investments
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5-7% ~12% >80% RTE Meal Kits All other food delivery Source: (1) SpendSignals, Internal data. (2) Google Trends, US web search all categories for the last 5 years 0 20 40 60 80 100 Feb-20 Feb-21 Feb-22 Feb-23 Feb-24 Feb-25 Q4 2024 US food market delivery share(1) Google trends interest for “Factor Meals” term in the US(2)
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Health & Safety Food science for taste improvement Shelf life requirements Modern kitchen & distribution network Lab testing for nutrition guardrails At scale cooking operations
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After the steep ramp to get to volume and productivity targets in H1 2024… …we now need to
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High interest in tracking macros and ingredient provenance Low share of families Skewing mid-20s to mid-30s Inherent affordability advantage vs. food delivery platforms Goal-oriented, whether in nutrition, career, or rest of life
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BOY’25 EOY’25 AOV 2x menu size expansion Launch of GLP 1 preference Add-on portfolio expansion Delivery day expansion AOR New customers AOR AOV AOR New customers
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Current menu (sample) New Vegetarian Keto Gluten free Flexitarian Protein+ Calorie smart GLP-1 Balance Carb conscious
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Month 1 Month 2 Month 3 Month 4 Source: Internal data. Number of conversions on GLP1 preference, including reactivations. Month 4 has only 3 weeks of data. x% Percentage over total Factor US conversions GLP-1 Conversions Higher order rates Claims strongly resonate in advertising 10%+ AOV increase High customer engagement
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Integration w/ nutritionist platforms Supplements On the drug vs. post GLP-1 treatment Trusted brand
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Source: Internal data. US population, Q1 2025. HelloFresh Factor US, Q1 2025
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High-protein desserts SnacksProtein shakesJuices
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93 2,032 RTE revenue, MEUR
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2023 2024 2025E EU Factor orders
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In-office meals and employee benefits for remote-first employers Full meal plans and programs for long term care, chronic patients and other health conditions Non-traditional retail locations like universities / gyms selling Factor meals primarily as an amenity
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Higher education / Universities Top hospitality locations High-rise residential properties Self-operated gym centers
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→ High protein diet while controlling caloric intake
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→ Low-carb, low-calorie diet
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Factor programs Factor own brand portfolio Internationalization Non-traditional retail Factor for work New diets Menu size New meal occasions Delivery day expansion Brand building