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Q3 2026 Results November 5th, 2026
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Q3 2026 Results | 2 Our Vision The world’s leading, digital-native CPG company Our Mission We change the way people eat forever
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Disclaimer This document has been prepared by HelloFresh SE (the “Company“ and, together with its subsidiaries, the “Group”). All material contained in this document and information presented is for information purposes only and must not be relied upon for any purpose, and does not purport to be a full or complete description of the Company or the Group. This document does not, and is not intended to, constitute or form part of, and should not be construed as, an offer to sell, or a solicitation of an offer to purchase, subscribe for or otherwise acquire, any securities of the Company, nor shall it or any part of it form the basis of or be relied upon in connection with or act as any inducement or recommendation to enter into any contract or commitment or investment decision or other transaction whatsoever. This document is not directed at, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. Persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. No representation, warranty or undertaking, express or implied, is made by the Company or any other Group company as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein, for any purpose whatsoever. No responsibility, obligation or liability is or will be accepted by the Company, any other Group company or any of their officers, directors, employees, affiliates, agents or advisers in relation to any written or oral information provided in this document or in connection with the document. All information in this document is subject to verification, correction, completion, updating and change without notice. Neither the Company, nor any other Group company undertake any obligation to provide the recipient with access to any additional information or to update this document or any information or to correct any inaccuracies in any such information. A significant portion of the information contained in this document, including market data and trend information, is based on estimates or expectations of the Company, and there can be no assurance that these estimates or expectations are or will prove to be accurate. Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed by the Company or any other person as being accurate. All statements in this document attributable to third party industry experts represent the Company's interpretation of data, research opinion or viewpoints published by such industry experts, and have not been reviewed by them. Each publication of such industry experts speaks as of its original publication date and not as of the date of this document. This document contains forward-looking statements relating to the business, financial performance and results of the Company, the Group or the industry in which the Group operates. These statements may be identified by words such as "expectation", "belief', "estimate", "plan", "target“ or "forecast" and similar expressions, or by their context. Forward-looking statements include statements regarding: strategies, outlook and growth prospects; future plans and potential for future growth; growth for products and services in new markets; industry trends; and the impact of regulatory initiatives. These statements are made on the basis of current knowledge and assumptions and involve risks and uncertainties. Various factors could cause actual future results, performance or events to differ materially from those described in these statements, and neither the Company nor any other person accepts any responsibility for the accuracy of the opinions expressed in this document or the underlying assumptions. No obligation is assumed to update any forward-looking statements. This document includes certain financial measures not presented in accordance with IFRS, including, but not limited to, AEBITDA. These financial measures are not measures of financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing the Company's financial results. Therefore, these measures should not be considered in isolation or as an alternative to result for the period or other measures of profitability, liquidity or performance under IFRS. You should be aware that the Company’s presentation of these measures may not be comparable to similarly titled measures used by other companies, which may be defined and calculated differently. See the appendix for a reconciliation of certain of these non-IFRS measures to the most directly comparable IFRS measure.
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Q3 2026 Results | 4 Q3 2026 Results | 4
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Q3 2026 Results | 5 Q3 2026 Results | 5
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Q3 2026 Results | 6 Q3 2026 Results | 6
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Q3 2026 Results | 7 Q3 2026 Results | 7
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Q3 2026 Results | 8 Marketing expenses reduced by 24.1% in absolute terms, or by 3.2pp as % of revenue, in line with the Group's commitment to marketing ROI optimization, and in response to lower-than expected contribution margin in Q3 Group AOV increased by 7.5% in constant currency to EUR 70.5, driven by selective price increases and continued uptake of add-ons and premium recipes from existing customers Revenue of EUR 1.4bn, (11.3)% yoy in constant currency for the Group. Meal Kits revenue down 13.1% and RTE down 11.1% in constant currency. Other segment grew 36.0% yoy in constant currency Q3 2026 Group AEBITDA of EUR 54.4m (EUR 50.9m in constant currency); with Meal Kits AEBITDA margin at 10.8%, and RTE AEBITDA break-even, both representing a yoy improvement Group Contribution Margin1 of 23.3%, down 1.3pp yoy, including a temporary increase in procurement and cooking expenses from rapid menu and geographical expansion The strategy to strengthen the capital structure is developing according to plan. Term loan of MEUR 72.8 (tranche maturing June 2027), as well as MEUR 5.0 of tranche maturing June 2029, repaid in August 2026, and MEUR 375 revolving credit facility with 2030 maturity secured in October 2026 Q3 2026 Highlights Q3 2026 Free Cash Flow of EUR (5.7)m, an improvement to last year driven by higher yoy AEBITDA, lower lease repayments and capex, as well as phasing of working capital 1. Excl. SBC and impairment 2026 guidance communicated in September reconfirmed
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Q3 2026 Results | 9 • Q3'26 Group cc revenue declined by 11.3% ◦ Driven primarily by a deliberate reduction in marketing spend, which negatively impacted customer acquisitions and reactivations ◦ Marketing was reduced to protect unit economics amid elevated procurement and cooking costs resulting from rapid menu expansion ◦ Impact of lower yoy conversion and reactivations has built up through the year, as focus on high-value customers also drove Q1 and Q2'26 conversions • Positive revenue growth from tenured customers and continued AOV expansion were not enough to offset the decline in orders from lower customer acquisition ◦ Meal Kits Q3'26 AOV: +7.8% (cc) (pricing, add-ons) ◦ RTE Q3'26 AOV: +0.5% (cc) (mix effects) • Strong momentum for new ventures, growing 36.0% yoy (cc) Q3 2026 Group revenue declined by 11.3% in CC (9.8% in reported currency) 2026 2025 465.8 422.3 Q3 Net External Revenue (in € millions) Q3'25 Q3'26 1,076.8 949.3Q3'25 Q3'26 MK RTE (9.3)%(11.8%) CC (13.1)% CC (11.1)%
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Q3 2026 Results | 10 • Q3'26 Contribution Margin impacted by higher costs (vs. expectation) from product investments and the ramp up of new geographies in RTE • Q3'26 CM1 by segment : ◦ Meal Kits: 26.6%, flat yoy. Increase in procurement expenses as % of revenue mitigated via efficiencies coming through fulfilment expenses and higher AOV ◦ RTE: 19.7%, a decrease of 2.3pp yoy. The main drivers are higher procurement and cooking costs and the growing weight of ramping non-US markets • Q3'26 CM expenses breakdown: ◦ Procurement and cooking: (40.9)%, increase of (1.5pp) yoy impacted by cost inflation and the learning curve of the product innovation cycle ◦ Fulfilment: (36.2)%, improvement of 0.5pp yoy, with the efficiency reset offsetting volume-led deleverage Q3 Contribution Margin1 (as % of revenue) Q3 2026 Contribution Margin1 decreased by 1.3pp yoy to 23.3%, reflecting a more obstinate increase in the cost base due to rapid menu and geo expansion (1.3pp) 1 Excl. SBC and impairment 2026 2025 Q3 2025 Q3 2026 24.5% 23.3%
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Q3 2026 Results | 11 • Q3'26 Group marketing spend reduced by (24.1%) yoy (vs. (15.4%) in H1'26) or EUR 76.6 m in absolute terms driven by strict marketing ROI discipline and deliberate margin protection • Marketing spend declined faster than the number of orders and revenue in both segments • Meal Kits marketing spend1 reached (14.1%) of revenue in Q3 2026, down (20.8%) yoy • RTE marketing spend at (19.7)% of revenue in Q3'26, down (32.8%) yoy ◦ Marketing spend relative to revenue remains higher for RTE, given that it is a less mature category relying more on conversion volumes ◦ At the same time, the yoy decline in percentage terms was steeper for RTE to account for more pronounced contribution margin pressure vs MKs, as well as due to high brand investments in Q3'25 (20.1)% (16.9)% Q3 Marketing (% of revenue) 3.2pp Marketing spend reduced by (24.1%)yoy to (16.9)% of revenue 2026 2025 Q3 2025 Q3 2026
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Improved AEBITDA in the quarter, at EUR 54.4m (reported currency) Additionally, continued reduction of SBC expenses (excluded from AEBITDA) Q3 2026 Results | 12 AEBITDA Q3 9M In EUR millions Q3 2026 Q3 2025 9M 2026 9M 2025 Meal Kits 107.5 105.5 378.6 440.0 AEBITDA margin meal kits 10.8% 9.4% 11.4% 11.8% RTE 0.2 (21.6) (13.4) (47.9) AEBITDA margin RTE 0.1% (4.6)% (1.0)% (3.2)% Other (4.8) (4.1) (16.5) (12.8) Holding (48.6) (39.5) (150.1) (122.5) Group 54.4 40.3 198.6 256.8 AEBITDA margin Group 3.8% 2.5% 4.3% 4.9% In EUR millions Q3 2026 Q3 2025 9M 2026 9M 2025 SBC expenses (excluded from AEBITDA) 8.4 15.3 34.1 53.5
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Q3 2026 Results | 13 Year-to-date Free Cash Flow of €43.8m 75.7 43.8 FCF (in € millions) • 9M'26 FCF decreased by EUR 31.9m yoy, mostly driven by lower AEBITDA ytd • Q3'26 FCF of EUR (5.7)m increased by EUR 75.0m yoy: ◦ Lower capex yoy ◦ Lower lease liabilities repayments reflecting footprint rationalization ◦ Phasing of working capital • FY 2026 is still expected to trend near break-even (including financial interest payment) (42.1%) 9M'25 9M'26 2026 2025 (80.7) (5.7) +75.0m Q3'25 Q3'26 75.0m
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Appendix
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Q3 2026 Results | 17 Reported currency 1.Revenue post promotional discounts, customer credits, refunds and excluding VAT; YoY stands for year on year and compares the respective quarter with the same quarter of the previous year 2.Contribution margin is defined as revenue less cost of goods sold and fulfilment expenses, excluding share-based compensation expenses and impairment 3.AEBITDA is calculated by adjusting EBITDA for special items and share-based compensation expenses; AEBITDA margin is defined as % of revenue Revenue1 (€m) % % % Contribution margin2 (€m) AEBITDA3 (€m) Group: Operational and Financial KPIs Q3 25 Q3 26 Number of orders (m) 23.9 19.6 Number of meals (m) 202.6 165.9 Average Order Value (€) 65.6 71.6 Average Order Value constant currency (€) 65.6 70.5 YoY revenue growth1 Revenue Revenue 1,581.5 1,426.1 (9.8)% 387.9 331.6 24.5% 23.3% 40.3 54.4 2.5% 3.8%
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Q3 2026 Results | 181.Revenue post promotional discounts, customer credits, refunds and excluding VAT; YoY stands for year on year and compares the respective quarter with the same quarter of the previous year 2.Contribution margin is defined as revenue less cost of goods sold and fulfilment expenses, excluding share-based compensation expenses and impairment 3.AEBITDA is calculated by adjusting EBITDA for special items and share-based compensation expenses; AEBITDA margin is defined as % of revenue Revenue (€m) % % % Contribution margin2 (€m) AEBITDA3 (€m) Meal Kits: Operational and Financial KPIs Q3 25 Q3 26 Number of orders (m) 18.2 14.7 Number of meals (m) 153.9 123.7 Average Order Value (€) 59.1 64.7 Average Order Value constant currency (€) 59.1 63.8 YoY revenue growth1 Revenue Revenue 1076.8 949.3 (11.8)% 296.7 265.3 26.5% 26.6% 105.5 107.5 9.4% 10.8% Reported currency
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Q3 2026 Results | 191.Revenue post promotional discounts, customer credits, refunds and excluding VAT; YoY stands for year on year and compares the respective quarter with the same quarter of the previous year 2.Contribution margin is defined as revenue less cost of goods sold and fulfilment expenses, excluding share-based compensation expenses and impairment 3.AEBITDA is calculated by adjusting EBITDA for special items and share-based compensation expenses; AEBITDA margin is defined as % of revenue 4.Based on constant currency Revenue1 (€m) % % % Contribution margin2 (€m) AEBITDA3 (€m) RTE: Operational and Financial KPIs Q3 25 Q3 26 Number of orders (m) 5.5 4.6 Number of meals (m) 44.4 36.9 Average Order Value (€) 85.4 87.3 Average Order Value constant currency (€) 85.4 85.8 YoY revenue growth1 Revenue Revenue 465.8 422.3 (9.3)% 102.9 83.4 22.1% 19.7% (21.6) 0.2 (4.6)% 0.1% Reported currency
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Q3 2026 Results | 20 3 months ended Change % 30-Sep 26 30-Sep 25 YoY Revenue 1,426.1 1,581.5 (9.8)% Procurement and cooking expenses (583.1) (622.6) (6.3)% Fulfilment expenses (516.4) (580.2) (11.0)% Contribution Margin 326.6 378.7 (13.8)% % of Revenue 22.9% 23.9% (1.0)pp Marketing expenses (241.5) (318.1) (24.1)% G&A expenses, other operating income and expenses, goodwill impairment, and net impairment losses on trade receivables (107.6) (94.7) 13.6% EBIT (22.5) (34.1) (34.1)% % of Revenue (1.6)% (2.2)% 0.6pp Financial Result (5.4) (11.2) 51.8% EBT (27.9) (45.3) (38.3)% Income tax (11.8) (4.2) 181.2% Loss for the period (39.7) (49.4) (19.7)% Reconciliation starting at EBIT EBIT (22.5) (34.1) (34.1)% D&A and impairment 62.8 65.2 (3.7)% EBITDA 40.3 31.1 29.7% % of Revenue 2.8% 2.0% 0.9pp Special Items 5.6 (6.1) n.a. Share-based compensation expenses 8.4 15.3 (44.7)% AEBITDA 54.4 40.3 35.1% % of Revenue 3.8% 2.5% 1.3pp Profit and Loss Statement 9 months ended Change % 30-Sep 26 30-Sep 25 YoY 4,651.1 5,211.8 (10.8)% (1,875.2) (1,990.9) (5.8)% (1,645.7) (1,962.4) (16.1)% 1,130.2 1,258.5 (10.2)% 24.3% 24.1% 0.2pp (840.0) (1,025.7) (18.1)% (352.1) (327.1) 7.7% (62.0) (94.3) (34.2)% (1.3)% (1.8)% 0.5pp (12.1) (56.2) 78.5% (74.1) (150.5) (50.8)% (19.0) (9.3) (104.3)% (93.1) (159.8) (41.7)% (62.0) (94.3) (34.2)% 205.7 279.5 (26.4%) 143.7 185.2 (22.4)% 3.1% 3.6% (0.5)pp 20.8 18.1 14.5% 34.1 53.5 (36.2)% 198.6 256.8 (22.7)% 4.3% 4.9% (0.7)pp
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Q3 2026 Results | 21 In MEUR As at 30-Sep 26 As at 31-Dec 2025 Assets Non-current assets 1,546.4 1,518.8 Cash and cash equivalents 511.3 211.1 Other current assets 333.8 351.7 Total assets 2,391.5 2,081.6 Equity and liabilities Equity 597.4 670.2 Non-current liabilities 1,015.4 692.2 Current liabilities 778.8 719.2 Total equity and liabilities 2,391.5 2,081.6 In MEUR (for the 3 months ended period) As at 30-Sep 26 As at 30-Sep 25 Cash and cash equivalents at the beginning of the period 246.9 428.4 Net Cash flows from operating activities 57.0 3.8 Net Cash flows used in investing activities (29.9) (33.7) Net Cash flows from (used in) / from financing activities 237.0 (75.5) Effects of exchange rate changes on cash and cash equivalents 0.2 (1.8) Cash and cash equivalents at the end of the period 511.3 321.3 Balance Sheet & Cash Flow Statement
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Q3 2026 Results | 22 As of September 30, 2026 Types of share Stock exchange Market Segment Number of shares issued Number of shares outstanding Ordinary shares Frankfurt Stock Exchange Regulated Market (Prime Standard) 145,482,412 159,000,000 1. Weighted average exercise price Employee Incentive Plan VSO RSU Total Vested (in mn) 17.1 2.6 19.7 WAEP (in EUR) - vested instruments 18.52 — 16.10 Unvested (in mn) 4.5 9.3 13.8 WAEP (in EUR) - unvested instruments 7.15 — 2.31 Total outstanding (in mn) 21.6 11.9 33.5 WAEP (in EUR) 16.16 — 10.41 Share Count
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