Half Year 2026 HelloFresh SE Earnings Call

August 13, 2026

Operator: Gentlemen and welcome to the HelloFresh H1 2026 Results Call. The conference will be recorded. At this time all participants have been placed on a listen only mode. The floor will be open for questions following the presentation. Let me now turn the floor over to your host, Dominik Richter.

Speaker #3: Good morning, ladies and gentlemen, and welcome to the HelloFresh H1 2026 results call. This conference will be recorded. At this time, all participants have been placed on listen-only mode.

Speaker #3: The floor will be open for questions following the presentation. Let me now turn the floor over to your host, Dominik Richter.

Dominik Richter: Good morning, ladies and gentlemen. Thank you for joining our Q2 2026 earnings call. I am joined today by our CFO, Fabien Simon, and I am going to spend my time on the strategic picture, why we are making the choices we are making, and why we remain convinced they are right for this business over the long run. Our CFO will then walk you through the numbers in detail and we will open the floor for questions after that. We have also published our H1 2026 shareholder letter this morning alongside this presentation. It covers a lot of what I am about to say in more depth, and I encourage you to read it alongside today's remarks. I want to start where we always start because it is the frame for everything else that we are talking about today. Our mission is to change the way people eat forever.

Speaker #4: Good morning, ladies and gentlemen. Thank you for joining our Q2 2026 earnings call. I'm joined today by our CFO, Fabienne Simon. I'm going to spend my time on the strategic picture—why we're making the choices we're making, and why we remain convinced they're right for this business over the long run.

Speaker #4: Our CFO will then walk you through the numbers in detail and will open the floor for questions after that. We've also published our H1 2026 shareholder letter this morning, alongside this presentation.

Speaker #4: It covers a lot of what I'm about to say in more depth, and I encourage you to read it alongside today's remarks. I want to start where we always start, because it's the frame for everything else that we're talking about today.

Speaker #4: Our mission is to change the way people eat forever. Our vision is to become the world's leading digital-native CPG company. Every decision I'll describe today—including the ones that show up as pressure in this quarter's numbers—is in service of that longer-term vision, not in spite of it.

Dominik Richter: Our vision is to become the world's leading digital native CPG company. Every decision I will describe today, including the ones that show up as pressure in this quarter's numbers, is in service of that longer term vision, not in spite of it. What you are looking at right now is a phased rebuild, not a single quarter story. Phase one was all about fixing our cost base. Phase two, the one we are in right now, is reinvesting those savings into a genuinely better product. Phase three will be turning that better product back into growth on our terms, once the numbers tells us it is the right thing to lean in. We are firmly in phase two, better products, better customer metrics, and a top line that is still catching up to both. I want to cover three things today.

Speaker #4: What you're looking at right now is a phased rebuild, not a single-quarter story. Phase 1 was all about fixing our cost base. Phase 2—the one we're in right now—is reinvesting those savings into a genuinely better product.

Speaker #4: Phase 3 will be turning that better product back into growth on our terms, once the numbers tell us it's the right thing to lean in.

Speaker #4: We're firmly in Phase 2: better products, better customer metrics, and a top line that still needs to catch up with both. I want to cover three things today: first, why our structural position in this category gives us room to be patient rather than reactive; second, what our efficiency program has actually funded on the product side in H1; and third, what the resulting customer data tells us about whether any of this is working.

Dominik Richter: First, why our structural position in this category gives us the room to be patient rather than reactive. Second, what our efficiency program has actually funded on the product side in H1. Third, what the resulting customer data tells us about whether any of this is working. Let me start with our structural modes, because it is easy to lose sight of them during the quarter-to-quarter reporting cadence. HelloFresh has built real advantages against both CPG manufacturers and food retailers in the overall food ecosystem. We run a constant feedback loop with our customers, millions of ratings, swaps, reorders, and cancellations every week, which lets us get ahead of what people will want before they can articulate it themselves. That feedback loop sits inside a deeply rooted culture of data and experimentation, which de-risks every product bet before we scale it company-wide.

Speaker #4: Let me start with our structural modes, because it's easy to lose sight of them during the quarter-to-quarter reporting cadence. HelloFresh has built real advantages against both CPG manufacturers and food retailers in the overall food ecosystem.

Speaker #4: We run a constant feedback loop with our customers—millions of ratings, swaps, reorders, and cancellations every week—which lets us get ahead of what people will want before they can articulate it themselves.

Speaker #4: That feedback loop sits inside a deeply rooted culture of data and experimentation, which de-risks every product bet before we scale it company-wide. Our customer base skews toward the top 40% of the income distribution, which gives us pricing power and margin resilience.

Dominik Richter: Our customer base skews towards the top 40% of the income distribution, which gives us pricing power and margin resilience. We occupy the right corner of the food market. Convenience, health, personalization, and sustainability are the mega trends that everyone is seeing and traditional food companies struggle to meet. We have built a well-oiled D2C marketing flywheel that plans around where the shopping experience is heading, not where it has been. Our purpose-built, vertically integrated operations from our own fulfillment centers, our own last mile logistics, to our own procurement, allows us to push innovation and iterate at a rate that is impossible for CPG or food retailers. Individually, none of these show up in a month's or half-year P&L. Collectively, they are the reason we can make deliberate, patient decisions instead of reactive ones, and they are why we have strong conviction in the strategy we pursue.

Speaker #4: We occupy the right corner of the food market. Convenience, health, personalization, and sustainability are the mega-trends that everyone is seeing, and traditional food companies struggle to meet.

Speaker #4: We've built a well-oiled D2C marketing flywheel that plans around where the shopping experience is heading, not where it's been. And our purpose-built, vertically integrated operations—from our own fulfillment centers, our own last-mile logistics, to our own procurement—allow us to push innovation and iterate at a rate that is impossible for CPG or food retailers.

Speaker #4: Individually, none of these show up in a monthly or half-year P&L. Collectively, they're the reason we can make deliberate, patient decisions instead of reactive ones, and they're why we have strong conviction in the strategy we pursue.

Speaker #4: The patience is exactly what our efficiency program has bought us. We're now roughly 85% through our initially communicated €300 million program as of the end of H1.

Dominik Richter: The patience is exactly what our efficiency program has bought us. We are now roughly 85% through our initially communicated EUR 300 million program as of the end of H1. With the remaining approximately 15% planned for completion in H2. These are permanent structural changes to our cost base, not one-off savings we will need to refind next year, and they are the direct funding source for the entire product agenda I am about to walk you through. While H1 has seen a number of adverse external factors, such as heavy winter storms, spiking fuel prices, we have nonetheless seen good underlying progress in the factors we control. Meal kits has already seen a convergence to our target low to mid-teen adjusted EBITDA margins over the course of the last 18 months.

Speaker #4: With the remaining approximately 15% planned for completion in H2. These are permanent structural changes to our cost base, not one-off savings we'll need to refine next year, and they are the direct funding source for the entire product agenda I'm about to walk you through.

Speaker #4: While H1 has seen a number of adverse external factors, such as heavy winter storms and spiking fuel prices, we have nonetheless seen good underlying progress in the factors we control.

Speaker #4: Meerkats has already seen a convergence to our target low-to-mid-teen adjusted EBITDA margins over the course of the last 18 months. Ready-to-eat is where we are focusing a lot this year on the bottom line, to also bring it to full-year adjusted EBITDA profitability.

Dominik Richter: Ready-to-eat is where we are focusing a lot this year on the bottom line to also bring it to full year adjusted EBITDA profitability. We remain on track for that, and margins are already up a full point year over year in H1. Even after absorbing material ramp-up costs of our new Factor Europe facility and the disruption of the aforementioned winter storms, increasingly driven by a larger share of revenues coming from a more tenured customer base. Getting the rest of the way there in H2 comes down to three things for RTE. Improving our contribution margins again after the initial ramp-up phase. Second, continuing to calibrate our marketing spend to where returns are strongest. Thirdly, scaling our emerging RTE geographies into profitable volume growth. We are doing all of that in that sequence for a reason.

Speaker #4: We remain on track for that, and margins are already up a full point year over year in H1—even after absorbing material ramp-up costs of our new Factor Europe facility and the disruption of the aforementioned winter storms. This is increasingly driven by a larger share of revenues coming from a more tenured customer base.

Speaker #4: Getting the rest of the way there in H2 comes down to three things for RTE: improving our contribution margins again after the initial ramp-up phase.

Speaker #4: Second, continuing to calibrate our marketing spend to where returns are strongest. And thirdly, scaling our emerging RTE geographies into profitable volume growth. We're doing all of that, in that sequence, for a reason.

Dominik Richter: Margin discipline first, upgrading the customer experience second, and only then leaning back into growth. We are now about 12 months into what we call The Refresh, our stage-gated product investment program. We test in a handful of markets, measure rigorously against preset metrics, and only roll out globally once we see the evidence. Early results out of the Nordics and the US gave us the confidence to keep widening it, this half. The logic behind it is simple. With a limited number of meals and a narrow choice of cuisines, there are only so many long-term customers a business like ours can reach. So every EUR we put into broadening that selection is a EUR spent growing our addressable market, not just serving the customers we already have. Let me give you some very concrete examples.

Speaker #4: Margin discipline first, upgrading the customer experience second, and only then leaning back into growth. We are now about 12 months into what we call the Refresh: our stage-gated product investment program.

Speaker #4: We test in a handful of markets, measure rigorously against preset metrics, and only roll out globally once we see the evidence. Early results out of the Nordics and the US gave us the confidence to keep widening it this half.

Speaker #4: The logic behind it is simple: With a limited number of meals and a narrow choice of cuisines, there are only so many long-term customers a business like ours can reach.

Speaker #4: So every dollar we put into broadening that selection is a dollar spent growing our addressable market—not just serving the customers we already have.

Speaker #4: Let me give you some very concrete examples. In Factor, we've broadened our collection of GLP-1-friendly recipes for customers managing their nutrition around that medication.

Dominik Richter: In Factor, we have broadened our collection of GLP-1 friendly recipes for customers managing their nutrition around that medication. An area where demand has been real and where almost nobody else in the market has a credible answer yet. In meal kits, we have introduced low-lift dinners for the nights when a customer wants HelloFresh quality without the full cook time. With pre-cut vegetables or pre-marinated proteins, allowing for a significant reduction of cooking time. We have also expanded protein variety, introducing new SKUs such as barramundi, Chilean sea bass, or deer to our menus regularly. All three add more SKUs, more sourcing relationships, and more variability in our kitchens. All three cost a bit more before we scale the volume behind them. We have accepted that ramp-up cost deliberately because it is temporary, and the retention benefit behind it is not. Each of these is a small change on its own.

Speaker #4: An area where demand has been real, and where almost nobody else in the market has a credible answer yet. In Meerkats, we've introduced low-lift dinners for the nights when a customer wants HelloFresh quality without the full cook time.

Speaker #4: With pre-cut vegetables or pre-marinated proteins allowing for a significant reduction of cooking time, we've also expanded protein variety—introducing new SKUs such as barramundi, Chilean sea bass, or deer to our menus regularly.

Speaker #4: All three add more SKUs, more sourcing relationships, and more variability in our kitchens. All three cost a bit more before we scale the volume behind them.

Speaker #4: We have accepted that ramp-up cost deliberately because it's temporary, and the retention benefit behind it isn't. Each of these is a small change on its own.

Speaker #4: Together, they're what more plate—more value per plate—looks like in practice. And they're exactly the kind of investments that widen the pool of customers this business can serve over time.

Dominik Richter: Together, they are what more value per plate looks like in practice, and they are exactly the kind of investments that widens the pool of customers this business can serve over time. We are pairing the investment in food with digital features that make the product smarter around the edges, which is also how we think about becoming a genuinely digital native CPG company, rather than just a meal kit company with an app attached to it. Our upgraded personalization engine uses onboarding quizzes and each customer's ordering history to build a food profile that recommends the best-fitting meals from a now much larger menu. We have broadly introduced other product personalization features as well, such as a wide range of swaps in the weekly menu, which now lets customers change an ingredient, for example, tofu for chicken, with one tap, chef tested, so the swap never costs them on taste.

Speaker #4: We are pairing the investment in food with digital features that make the product smarter around the edges, which is also how we think about becoming a genuinely digital-native CPG company, rather than just a Meerkats company with an app attached to it.

Speaker #4: Our upgraded personalization engine uses onboarding quizzes and each customer's ordering history to build a food profile that recommends the best-fitting meals from a now much larger menu.

Speaker #4: We've broadly introduced other product personalization features as well, such as a wide range of swaps in the weekly menu—which now lets customers change an ingredient, for example, tofu for chicken—with one tap. These swaps are chef-tested, so the swap never costs them on taste.

Dominik Richter: We have built out personalized menu merchandising capabilities. For example, options to include the fussy eaters of the family, kids, into the weekly dinner routine with an exciting collection of meals built around that use case. We have also launched our HelloFresh The Cookbook this year, which lets customers save any recipe they spot on social media or anywhere else online into a HelloFresh style recipe card with full step-by-step instructions, free, no subscription required. Customers have already saved more than 3 million recipes since launch, which tells us there is real appetite for us to be useful to customers well beyond the meals we ship them. It also gives us a live read on trends and preferences. With these features, we increasingly embed ourselves into customers' lives and make our app useful for active, lapsed, and prospective customers. So where does all of this actually show up?

Speaker #4: And we've built out personalized menu merchandising capabilities—for example, options to include the fussy eaters of the family kits into the weekly dinner routine, with an exciting collection of meals built around that use case.

Speaker #4: We've also launched our HelloFresh cookbook this year, which lets customers save any recipe they spot on social media, or anywhere else online, into a HelloFresh-style recipe card with full step-by-step instructions—free, no subscription required.

Speaker #4: Customers have already saved more than 3 million recipes since launch, which tells us there's real appetite for us to be useful to customers well beyond the meals we ship them.

Speaker #4: It also gives us a live read on trends and preferences. With these features, we increasingly embed ourselves into customers' lives and make our app useful for active, lapsed, and prospective customers.

Speaker #4: So where does all of this actually show up? In Meerkats specifically, constant currency average order value is up 5.7% year-over-year in H1.

Dominik Richter: In meal kits specifically, constant currency average order value is up 5.7% year over year in H1, and order rate is up 4.1%. Customers who are with us today are ordering more often and spending more per order than they were a year ago. What you will not see yet is that translating into top-line growth. I want to be direct about why, because I know it is going to be a question on this call. We pulled back marketing spend significantly again in H1 on top of an already large step down a year earlier. As a deeply data-driven business, we hold every EUR of marketing to a strict return threshold, and that threshold only works when we can forecast our cost base with great confidence. In H1, we had less of that confidence than usual.

Speaker #4: And order rate is up 4.1%. Customers who are with us today are ordering more often and spending more per order than they were a year ago.

Speaker #4: What you won't see yet is that translating into top-line growth. And I want to be direct about why, because I know it's going to be a question on this call.

Speaker #4: We pulled back marketing spend significantly again in H1, on top of an already large step-down a year earlier. As a deeply data-driven business, we hold every dollar of marketing to a strict return threshold.

Speaker #4: And that threshold only works when we can forecast our cost base with great confidence. In H1, we had less of that confidence than usual.

Speaker #4: Given the heaviest winter storm in 75 years, Europe had its own run of severe weather, and the war in Iran pushed fuel surcharges and fertilizer prices up across our supply chain.

Dominik Richter: Given the heaviest winter storms in 75 years, Europe had its own run of severe weather, and the war in Iran pushed fuel surcharges and fertilizer prices up across our supply chain. Spending aggressively into that kind of cost uncertainty means buying customers at a price we cannot properly underwrite. Unlike in past times, we have chosen not to do that, even though it costs us in this half's top line. That is a deliberate trade-off to build sustainably for the long term, where we do not yet have the long-run data to justify. We are staying patient rather than assuming it will work out. We are going to reassess our investment levels as we now move into back-to-school season, when we typically get a much clearer read on demand elasticity and our cost base for the second half of the year.

Speaker #4: Spending aggressively into that kind of cost uncertainty means buying customers at a price we can't properly underwrite. And unlike in past times, we've chosen not to do that, even though it costs us in this half's top line.

Speaker #4: That's a deliberate trade-off to build sustainably for the long term. Where we don't yet have the long-run data to justify it, we're staying patient rather than assuming it'll work out.

Speaker #4: We're going to reassess our investment levels as we now move into the back-to-school season, when we typically get a much clearer read on demand elasticity and our cost base for the second half of the year.

Speaker #4: That discipline is the whole point of a phased approach, where right now we're focusing predominantly on making the product significantly better for consumers. That brings me to how we're thinking about the rest of the year.

Dominik Richter: That discipline is the whole point of a phased approach, where right now we're focusing predominantly on making the product significantly better for consumers. That brings me to how we're thinking about the rest of the year. Our focus for H2 remains on efficiency with select opportunities for investment where the data actually supports it. Specifically, we're focused on four things. We're recalibrating product investment levels based on what H1 actually told us works, rather than scaling every initiative uniformly and globally. We're keeping marketing spend disciplined and will let early results from back to school, one of the most important demand signals in the year, set the pace of any incremental investments from there.

Speaker #4: Our focus for H2 remains on efficiency, with select opportunities for investment where the data actually supports it. Specifically, we’re focused on four things: we’re recalibrating product investment levels based on what H1 actually told us works, rather than scaling every initiative uniformly and globally.

Speaker #4: We're keeping marketing spend disciplined, and we'll let early results from back-to-school—one of the most important demand signals of the year—set the pace of any incremental investments from there.

Speaker #4: And after a period of initial inefficiency while driving a lot of innovation in H1, we're now targeting contribution margin expansion for the group again, because that margin is what keeps funding everything else on the list.

Dominik Richter: After a period of initial inefficiency while driving a lot of innovation in H1, we're now targeting contribution margin expansion for the group again, because that margin is what keeps funding everything else on the list. Finally, we're scaling Factor outside the US with our EU center ready for growth and into new channels. For example, after a successful trial in H1, we're broadening our access to retail shelves for our RTE product, which gives us a second channel and diversifies our revenue line. I want to close the strategic part of this call with one of the charts I find most convincing, because it speaks to revenue quality rather than revenue quantity, and quality is what this whole strategy and phased rebuild has been optimizing for. Look at meal kits first on the top of the page.

Speaker #4: And finally, we're scaling further outside the US, with our EU center ready for growth and expansion into new channels. For example, after a successful trial in H1, we're broadening our access to retail shelves for our RTE product, which gives us a second channel and diversifies our revenue line.

Speaker #4: I want to close this strategic part of the call with one of the charts I find most convincing, because it speaks to revenue quality rather than revenue quantity.

Speaker #4: And quality is what this whole strategy and phased rebuild has been optimizing for. Look at Meerkats first on the top of the page. Revenue from customers who've been with us for more than 4 years now makes up 34% of H1 net revenue, up from just 7% in H1 2023.

Dominik Richter: Revenue from customers who've been with us more than four years now make up 34% of H1 net revenue, up from just 7% in H1 2023. That tenured revenue has kept growing, which tells you this growth is coming from customers staying longer and spending more once they're in, not from throwing more money at acquisition. Ready-to-eat, on the bottom chart, is earlier in that curve. Tenured revenue there is growing significantly too. Revenue from customers that have been with us for over two years stand at 20% today, having grown considerably over the past three years. But the category is younger, so revenue is still a lot more sensitive to the volume of new customers we acquire in any given period. That's simply where RTE sits in its maturity relative to meal kits and tells you about the story of revenue decline in RTE in H1.

Speaker #4: That 10-year revenue has kept growing, which tells you this growth is coming from customers staying longer and spending more once they're in—not from throwing more money at acquisition.

Speaker #4: Ready-to-eat, on the bottom chart, is earlier in that curve. Ten-year revenue there is growing significantly, too. Revenue from customers that have been with us for over two years stands at 20% today, having grown considerably over the past three years.

Speaker #4: But the category is younger, so revenue is still a lot more sensitive to the volume of new customers we acquire in any given period. That's simply where RTE sits in its maturity relative to Meerkats and tells you about the story of revenue decline in RTE in H1.

Speaker #4: To recap before I hand over, H1 has seen us continue to execute the multi-year strategy we've been deliberately pursuing: strong innovation, tight ROI thresholds in an uncertain environment, and good progress towards a return to a positive full-year RTE bottom line.

Dominik Richter: To recap before I hand over, H1 has seen us continue to execute the multi-year strategy we've been deliberately pursuing. Strong innovation, tight ROI thresholds in an uncertain environment, and good progress towards a return to positive full-year RTE bottom line. These trends are compounding in the right direction. It's a multi-year trend, not a quarter blip, and we're not managing this business quarter to quarter. The product is improving strongly, and the customer reception proves it every single week. Growth, when we lean back into it, will be a choice we make with conviction backed by data we trust, not a target we chase into a cost environment we can't see clearly yet. With that, let me hand it over to our CFO, who will take you through the quarter's financials.

Speaker #4: These trends are compounding in the right direction. It's a multi-year trend, not a quarterly blip. And we're not managing this business quarter to quarter.

Speaker #4: The product is improving strongly, and the customer reception proves it every single week. Growth, when we lean back into it, will be a choice we make with conviction, backed by data we trust—not a target we chase into a cost environment we can't see clearly yet.

Speaker #4: With that, let me hand it over to our CFO, who will take you through the quarter’s financials.

Fabien Simon: Thank you, Dominik. Good morning, everyone. Thank you for joining us for our Q2 earnings presentation. Before I walk through the quarter, I want to flag a change in how we are presenting our results. At the full year result and through the various interactions with investors, I made a commitment to enhance the transparency of our disclosure and to update our reporting framework. Beginning this quarter, we are staying true to our words, and we are disclosing full P&L in reported and constant currency by product category, meal kit, ready-to-eat, and other separately as a deliberate step towards more comprehensive reporting. Because each category has distinct economics and a distinct trajectory, we believe investors are better served by seeing them clearly and separately rather than through a consolidated view. All the details can be found in our H1 report, including 2025 comparison.

Speaker #2: Thank you, Dominik. Good morning, everyone. Thank you for joining us for our Q2 earnings presentation. Before I walk through the quarter, I want to flag a change in how we are presenting our results.

Speaker #2: At the full-year result, and through the various interactions with investors, I made a commitment to enhance the transparency of our disclosure and to update our reporting framework.

Speaker #2: Beginning this quarter, we are staying true to our words, and we are disclosing full P&L, in reported and constant currency, by product category: Meal Kit, Ready-to-Eat, and Other separately, as a deliberate step towards more comprehensive reporting.

Speaker #2: Because each category has distinct economics and a distinct trajectory, we believe investors are better served by seeing them clearly and separately, rather than through a consolidated view.

Speaker #2: So all the details can be found in our H1 report, including the 2025 comparison. Additionally, what you would have seen in Dominik's sections—and will continue to see in the coming pages—is also further transparency on cohort revenues.

Fabien Simon: Additionally, what you would have seen in Dominik's sections, and will continue to see in the coming pages, is also further transparency on cohort revenues. Again, this is something that we said we would do, as we believe this will give the market a better view of a more solid foundation and dynamic that we have in our business than sometimes understood. This come on top of a greater focus on cash flow and the updated metrics of free cash flow plus lease repayment that I committed already during the year-end result. With that, let me now start by walking you through the key themes of the quarter before we look at each line item in detail. In Q2 2026, we delivered what we said we would deliver as we continue to execute against our strategic priorities.

Speaker #2: Again, this is something that we said we would do, as we believe this will give the market a better view of a more solid foundation—not just the dynamic—that we have in our business, and sometimes misunderstood.

Speaker #2: And this comes on top of a greater focus on cash flow, and the updated metrics of free cash flow post-lease repayment that I communicated already during the year-end result.

Speaker #2: With that, let me now start by walking you through the key themes of the quarter before we look at each line item in detail.

Speaker #2: In Q2 2026, we delivered what we said we would deliver. As we continue to execute against our strategic priorities, revenue of €1.5 billion reflects a decline of 7.8% in constant currency for the group. Both the Meal Kit and Ready-to-Eat segments came broadly in line with our internal expectations, which I had communicated to the market last quarter.

Fabien Simon: Revenue of EUR 1.5 billion reflects a decline of 7.8% in constant currency for the group. Both the meal kit and ready-to-eat segment came broadly in line with our internal expectation, which I had communicated to the market last quarter. The other segment, that is a new venture in specialty meat and in pet food, is up 36% in constant currency for the quarter. I want to draw your attention to two dynamics that I believe tell you more about the underlying quality of the business. The first is our tenured customer cohort. Those customers who have built HelloFresh in their weekly routine continue to show stable and, in fact, improving behaviors in Q2 with order rates increasing year-on-year. This is true for the group and individually for each of the product categories.

Speaker #2: The other segment, that is the new venture in specialty meat and in pet food, is up 36% in constant currency for the quarter. I want to draw your attention to two dynamics that I believe tell you more about the underlying quality of the business.

Speaker #2: The first is our 10-year customer cohort. Those customers who have built HelloFresh into their weekly routine continue to show stable and, in fact, improving behaviors in Q2, with order rates increasing year on year.

Speaker #2: This is true for the group, and individually for each of the product categories. The second dynamic is average order value, which increased 6.5% in constant currency to €71, driven by higher add-on contribution, a greater share of premium recipes, and some price increases.

Fabien Simon: The second dynamic is average order value, which increased 6.5% in constant currency to EUR 71, driven by higher add-on contribution, a greater share of premium recipes, and some price increases. On the operational side, 85% of our planned EUR 300 million efficiency measures were implemented before the end of June. Progress on the cost side was, however, largely offset by the deliberate front-loaded product investment that was communicated 12 to 18 months ago. This is reflected in the group contribution margin of 25.2%, down 2.1 percentage points year-on-year. I will address that in detail on the contribution margin slide. But note that Dominik already mentioned that efficiency remains our priority for the rest of the year, and we will be disciplined with marketing and product investment.

Speaker #2: On the operational side, 85% of our planned €300 million efficiency measures were implemented before the end of June. Progress on the cost side was, however, largely offset by the deliberate, front-loaded product investment that was communicated 12 to 18 months ago.

Speaker #2: This is reflected in the group contribution margin of 25.2%, down 2.1 percentage points year on year. I will address that in detail on the contribution margin slide, but note that Dominik already mentioned that efficiency remains our priority for the rest of the year, and we will be disciplined with marketing and product investment.

Fabien Simon: Q2 group adjusted EBITDA was EUR 100.6 million, with Meal Kit at a 15.1% adjusted EBITDA margin, broadly the same as last year in percentage terms. Ready-to-Eat margin was 3% in Q2 and better in percentage terms in H1 versus H1 last year. We continue to work on our goal of turning Ready-to-Eat adjusted EBITDA margin positive this year. In fact, for H1, the US market, Ready-to-Eat there was almost reaching break-even at the adjusted EBITDA level, and we expect positive margin for H2. Finally, it is worth sharing that in July, we successfully completed the pricing and issuance of our inaugural EUR 350 million bond with a coupon of 5.5% maturing in 2031, which strengthened our capital structure and extends our maturity profile. The adjusted EBITDA outlook is reconfirmed for the full year.

Speaker #2: Q2 group adjusted EBITDA was €100.6 million, with a 15.1% adjusted EBITDA margin, broadly the same as last year in percentage terms.

Speaker #2: Ready-to-eat margin was 3% in Q2, and better in percentage terms in H1 versus H1 last year. We continue to work on our goal of turning ready-to-eat adjusted EBITDA margin positive this year, and in fact, for H1 the US market ready-to-eat was almost reaching break-even at the adjusted EBITDA level, and we expect positive margin for H2.

Speaker #2: Finally, it is worth sharing that in July, we successfully completed the pricing and issuance of our inaugural €350 million bond, with a coupon of 5.5%, maturing in 2031.

Speaker #2: This strengthened our capital structure and extends our maturity profile. The adjusted EBITDA outlook is reconfirmed for the full year. For our constant currency revenue growth, we see it trending towards the bottom end of the full-year range, and we will gain further visibility following the back-to-school campaign.

Fabien Simon: For our constant currency revenue growth, we see it trending towards the bottom end of the full-year range, and we will gain further visibility following the back-to-school campaign. Moving to the slide on revenue. Group revenue of EUR 1.5 billion in Q2 declined 7.8% in constant currency, and as I mentioned, this was in line with our expectation. Meal Kit declined 8.9% in constant currency. Sequentially, this compares to a decline of 8.5% in Q1, including the effect of Spain and Italy, which has now ceased to operate, so practically flat sequentially. The performance is increasingly supported by two structural pillars, the resilience of our tenured subscriber base, whose order rates are growing year-on-year, and a continued improvement in net average order value, which reached 64.50 in Q2, up 7.1% in constant currency for Meal Kit.

Speaker #2: Moving to the slide on revenue, group revenue of €1.5 billion in Q2 declined 7.8% in constant currency, and as I mentioned, this was in line with our expectation.

Speaker #2: MilkIT declined 8.9% in constant currency. Sequentially, this compares to a decline of 8.5% in Q1, including the effect of spend in Italy, which has now ceased to operate, so practically flat sequentially.

Speaker #2: The performance is increasingly supported by two structural pillars: the resilience of our 10-year subscriber base, whose order rates are growing year on year, and a continued improvement in net average order value, which reached €64.5 in Q2, up 7.1% in constant currency. For meal kits.

Fabien Simon: What we need to see in order to witness an inflection in Meal Kit revenue growth is a step-up in conversions at our tighter ROI levels and in our ability to keep those conversions. We did not see that in Q1, an important acquisition quarter, which is having an effect on the rest of the year. The next natural point in time to assess our conversion momentum will be the back-to-school campaign, which starts very shortly. On Ready-to-Eat, the category declined 8.4% in constant currency in Q2, which represent a sequential deceleration compared to Q1. Ready-to-Eat has a greater structural reliance on new customer conversions than Meal Kit. It is a younger category with a less deep tenured subscriber base. Our disciplined application of marketing ROI threshold, therefore, has a proportionately larger near-term impact on Ready-to-Eat top line than on Meal Kit.

Speaker #2: What we need to see in order to witness an inflection in Milkit revenue growth is a step-up in conversions at our tighter ROI levels, and in our ability to keep those conversions.

Speaker #2: We did not see that in Q1, an important acquisition quarter, which is having an effect on the rest of the year. The next natural point in time to assess our conversion momentum will be the back-to-school campaign, which starts very shortly.

Speaker #2: On ready-to-eat, the category declined 8.4% in constant currency in Q2, which represents a sequential deceleration compared to Q1. Ready-to-eat has a greater structural reliance on new customer conversions, and, like meal kit, it is a younger category with a less deep 10-year subscriber base.

Speaker #2: Our disciplined application of marketing ROI threshold, therefore, has a proportionately larger near-term impact on ready-to-eat top lines than on milk. The structural positive within the segment is that 10-year ready-to-eat customers continue to expand their net revenue by double digits year on year in Q2, which speaks to the quality momentum of the retained base.

Fabien Simon: The structural positive within the segment is that tenured Ready-to-Eat customers continue to expand their net revenue double digits year-on-year in Q2, which speaks to the quality momentum of the retained base. Q2 AOV was up 1.1%. Given how important conversions are for Ready-to-Eat and the fact that we communicated already that we entered the year with a low level of active customer base, we should not expect Ready-to-Eat to recover in Q3 and are instead looking at the level of exit rate for the year. I would also highlight our other segment, which include our newer ventures, growing at 36.1% in constant currency year-on-year. It is a continuation of the strong momentum that we have described in prior quarters. On slide 13, I want to put the Meal Kit revenue trajectory in the context of H1 as a whole.

Speaker #2: Q2 AOV was up 1.1%. Given how important conversions are for ready-to-eat, and the fact that we already communicated that we entered the year with a low level of active customer base, we should not expect ready-to-eat to recover in Q3 and are instead looking at the level of exit rate for the year.

Speaker #2: I would also highlight our other segment, which includes our newer ventures, growing at 36.1% in constant currency year on year, with a continuation of the strong momentum that we have described in prior quarters.

Speaker #2: On slide 13, I want to put the Milkit revenue trajectory in the context of H1 as a whole. So, while Q2 showed a modest sequential deceleration, it was negligible on a like-for-like basis when you account for the discontinuation of Italy and Spain. The H1 picture continues to support the direction of travel.

Fabien Simon: While Q2 showed a modest sequential deceleration, negligible on a like-for-like basis when you account for the discontinuation of Italy and Spain, the H1 picture continued to support the direction of travel. The rate of decline has been narrowing consistently, and importantly, that improvement is happening as we tighten our marketing ROI standards. Turning to slide 14. This is another very clear example of us providing the transparency around cohorts that you have been asking for. In this slide, I present in more detail the behavior of our customers across the different tenure pools by comparing the revenue growth evolution in constant currency from H1 2025 with H1 2026. Let me walk you through the chart from left to right. On the very left, you see the growth rate of the revenue in H1 generated by customer that were acquired within the preceding 12 months.

Speaker #2: The rate of decline has been narrowing consistently, and importantly, that improvement is happening as we tighten our marketing ROI standards. Turning to slide 14, this is another very clear example of us providing the transparency around cohorts that you have been asking for.

Speaker #2: In this slide, I present in more detail the behavior of our customers across the different 10-year pools, by comparing the revenue growth evolution in constant currency from H1 2025 with H1 2026.

Speaker #2: So, let me walk you through the chart from left to right. On the very left, you see the growth rate of the revenue in H1 generated by customers that were acquired within the preceding 12 months.

Speaker #2: The growth rate for this cohort remains negative in H1 2026 year-on-year, which is expected. Performance marketing, the primary driver of new customer acquisition, also declined.

Fabien Simon: The growth rate for this cohort remains negative in H1 2026 year-on-year, which is expected. Performance marketing, the primary driver of new customer acquisition, also declined. But what matters is the rate of improvement. The year-on-year decline in new customer revenue growth in H1 2026 is about one-third of what we recorded in H1 2025. The trajectory is therefore improving. A similar dynamic, and in fact, a more pronounced one, is visible for reactivation. The revenue growth rate from reactivated customers has improved meaningfully with approximately half of the decline recorded in H1 2025 having been erased by H1 2026. This is consistent with the early signals we are seeing from lapsed customers responding to the improved product proposition. Finally, tenured customers, their revenue growth rate in H1 2026 is similar to H1 2025, which is, I want to note, a meaningful result in itself.

Speaker #2: But what matters is the rate of improvement. The year-on-year decline in new customer revenue growth in H1 2026 is about one third of what we recorded in H1 2025.

Speaker #2: The trajectory is therefore improving. A similar dynamic, and in fact a more pronounced one, is visible for reactivation. The revenue growth rate from reactivated customers has improved meaningfully, with approximately half of the decline recorded in H1 2025 having been erased by H1 2026.

Speaker #2: And this is consistent with the early signals we are seeing from lapsed customers responding to the improved product proposition. Finally, 10-year customers—their revenue growth rate in H1 2026 is similar to H1 2025, which is, I want to note, a meaningful result in itself.

Speaker #2: Every month, we are bringing in fewer new customers who have the potential to become 10-year over time, and yet this cohort continues to grow at a stable rate.

Fabien Simon: Every month, we are bringing in fewer new customers who have the potential to become tenured over time, and yet this cohort continues to grow at a stable rate. These customers are showing increasing order rate across the market and lower churn in the market where our product investment cycle is most advanced. This is the customer base we are building for, and it is the customer base that gives us structural confidence in the trajectory of the business, even as the overall top line continues to reflect the managed transitions toward a more loyal, higher quality subscriber composition. Q2 2026 contribution margin came in at 25.2%, a decrease of 2.1 percentage points year-on-year when you exclude the impact of share-based compensation and impairment. I want to address this directly because it has a lot of moving parts.

Speaker #2: These customers are showing an increasing order rate across the market, and lower churn in the markets where our product investment cycle is most advanced. This is the customer base we are building for.

Speaker #2: And it is a customer base that gives us structural confidence in the trajectory of the business, even as the overall top line continues to reflect the managed transitions toward a more loyal, higher-quality subscriber composition.

Speaker #2: Q2 2026 contribution margin came in at 25.2%, a decrease of 2.1 percentage points year on year when you exclude the impact of share-based compensation and impairment.

Speaker #2: And I want to address this directly, because it has a lot of moving parts. The decline in contribution margin is not a reversal of our underlying efficiency progress.

Fabien Simon: The decline in contribution margin is not a reversal of our underlying efficiency progress. It is a deliberate consequence of the front-loaded product investment strategy we communicated at the start of the year. We said we would invest in H1, the product quality, in the menu, in the experience ahead of the back-to-school period, and that is precisely what the margin reflects. Let me give you now the segmental breakdown. Meal kit contribution margin was 28.2%, a decrease of only 0.2 percentage points year-on-year, which I think is a meaningful signal in itself. The efficiency reset is largely holding the meal kit margin in place even as we absorb product investment on that line, as well as volume-led operational deleverage. Ready-to-eat contribution margin was 21.6%, a decrease of 5.2 percentage points year-on-year.

Speaker #2: It is a deliberate consequence of the front-loaded product investment strategy we communicated at the start of the year. We said we would invest in H1—in product quality, in the menu, in the experience—ahead of the back-to-school period, and that is precisely what the margin reflects.

Speaker #2: Let me give you now the segmental breakdown. Meal kit contribution margin was 28.2%, a decrease of only 0.2 percentage points year on year, which I think is a meaningful signal in itself.

Speaker #2: The efficiency reset is largely holding the meal kit margin in place, even as we absorb product investment on that line, as well as volume-led operational deleverage.

Speaker #2: Ready-to-eat contribution margin was 21.6%, a decrease of 5.2 percentage points year on year. The larger impact in ready-to-eat reflects both the product investment, which we are also rolling out in the ready-to-eat category, and the mix effect from expansions into new international markets, which are not yet operating at the efficiency level of our core geographies.

Fabien Simon: The larger impact in ready-to-eat reflects both the product investment, which we are also being rolled out in the ready-to-eat category, and the mixed effect from expansions into new international markets, which are not operating yet at the efficiency level of our core geographies. On the cost line breakdown, procurement and cooking costs increased by 2.4 percentage points year-on-year. In meal kit, the figure is 1.8 point, which will moderate in H2 as our procurement and fulfillment teams get better at navigating the initial phase of inefficiency that you typically see when launching a meaningful product innovation cycle, for example, around operational waste. We are on track to hit our previously mentioned target of 150 basis points.

Speaker #2: On the cost line breakdown, procurement and cooking costs increased by 2.4 percentage points year on year. For Milk It, the figure is 1.8 points, which will moderate in H2 as our procurement and fulfillment teams get better at navigating the initial phase of inefficiency that you typically see when launching a meaningful product innovation cycle, for example, around operational waste.

Speaker #2: We are on track to hit our previously mentioned target of 150 basis points. In ready-to-eat, the cost increased by 3.6 percentage points, half of which is product investment, which will also moderate towards the 150 basis point target in H2, and half of which is a ramp-up of our European kitchen, which, in ready-to-eat, shows up in this line.

Fabien Simon: In ready-to-eat, the cost increased by 3.6 percentage points, half of which is product investment, which will also moderate towards 150 basis point target in H2, and half of which is a ramp-up of our European kitchen, which, in ready-to-eat, shows up in this line. Fulfillment costs decreased by 0.3 percentage points, with efficiency program savings partially offsetting the impact of the volume-led operational deleverage and fuel cost inflations. The back-to-school campaign will give us the first evidence on whether the consumer response to the improved product justifies the level of investment. Turning to the marketing spending. Q2 2026 group marketing declined 16.3% year-on-year in absolute terms, now representing 14.9% of group revenue, a reduction of 1.4 percentage points compared to Q2 2025. Marketing declined faster than revenue in both segments, which is the intended dynamic.

Speaker #2: Fulfillment cost decreased by 0.3 percentage points, with efficiency program savings partially offsetting the impact of the volume-led operational deleverage and fuel cost inflations. So, the direction of travel on the underlying cost structure is intact.

Speaker #2: The back-to-school campaign will give us the first evidence on whether the consumer response to the improved product justifies the level of investment. Turning to the marketing spending.

Speaker #2: In Q2 2026, group marketing declined 16.3% year on year in absolute terms, now representing 14.9% of group revenue, a reduction of 1.4 percentage points compared to Q2 2025.

Speaker #2: Marketing declined faster than revenue in both segments, which is the intended dynamic. The continued reductions in marketing are the ongoing execution of the structural differences approach to customer acquisition, which is anchored on a stringent return on investment threshold rather than volume.

Fabien Simon: The continued reductions in marketing is the ongoing execution of the structural differences approach to customer acquisition, which is anchored on stringent return on investment threshold rather than volume. In meal kit, marketing spend reached 11.6% of revenue in Q2 2026, down EUR 23.4 million in absolute terms year-on-year. But in H1 2026, marketing to revenue for meal kit was broadly stable at 14.8% compared to H1 2025, which reflects consistent and disciplined application of our ROI criteria and some incremental marketing spend in countries where we see product cycle is more advanced, such as in the Nordics. In ready-to-eat, marketing spend reached 19.2% of revenue in Q2 2026, down 23% year-on-year. The higher relative level of ready-to-eat marketing compared to meal kit reflects the fact that it is a younger category with a greater reliance on new customer conversion.

Speaker #2: In Milk It, marketing spend reached 11.6% of revenue in Q2 2026, down €23.4 million in absolute terms year on year. But in H1 2026, marketing to revenue for Milk It was broadly stable at 14.8% compared to H1 2025, which reflects consistent and disciplined application of our ROI criteria, and some incremental marketing spend in countries where we see the product cycle is more advanced, such as in the Nordics.

Speaker #2: In ready-to-eat, marketing spend reached 19.2% of revenue in Q2 2026, down 23% year on year. The higher relative level of ready-to-eat marketing compared to meal kits reflects the fact that it is a younger category, with a greater reliance on new customer conversion.

Fabien Simon: At the same time, the year-on-year decline in ready-to-eat marketing in percentage term was actually steeper than in meal kit, which is a direct consequence of the disciplined focus on higher ROI customers and channels that we have applied with equal rigor to both segments, as well as a reduction in the very high brand marketing spend incurred in H1 2025. I would flag that marketing efficiency during the back-to-school period will be an important input, both to our assessment of the conversion trajectory and to the marketing spend profile we will carry into the remainder of the year. Turning to slide 17 on the adjusted EBITDA summary for Q2 and for H1. Q2 2026 group adjusted EBITDA was EUR 120.6 million, representing a margin of 7.8%. Let me walk through the segments. Meal kit delivered EUR 167 million in Q2 at an adjusted EBITDA margin of 15.1%.

Speaker #2: At the same time, the year-on-year decline in ready-to-eat marketing, in percentage terms, was actually steeper than in 'milk it,' which is a direct consequence of the disciplined focus on higher ROI customers and channels that we have applied with equal rigor to both segments, as well as a reduction in the very high brand marketing spend incurred in H1 2025.

Speaker #2: I would flag that marketing efficiency during the back-to-school period will be an important input—both to our assessment of the conversion trajectory and to the marketing spend profile we will carry into the remainder of the year.

Speaker #2: Turning to slide 17, on the adjusted EBITDA summary for Q2 and for H1, Q2 2026 group adjusted EBITDA was €120.6 million, representing a margin of 7.8%.

Speaker #2: So let me walk through the segments. Milk it delivered €167 million in Q2 at an adjusted EBITDA margin of 15.1%. This compares to €184.8 million and 15.2% in Q2 2025, a margin that is broadly stable year on year, despite the product investment being made in the category.

Fabien Simon: This compared to EUR 184.8 million and 15.2% in Q2 2025, a margin that is broadly stable year-on-year despite the product investment being made in the category. The resilience of the margin is a direct function of the structural improvement in the meal kit cost base, even as there is some volume-led operational leverage. For H1 2026, meal kit was EUR 271 million adjusted EBITDA at 11.7% margin, compared to EUR 334.6 million and 12.8% in H1 2025. That H1 comparison reflects the front-loaded investment profile, which is weighted to the first half of the year, and the winter storm impact we witnessed in Q1 of this year. Ready-to-eat delivered EUR 13.1 million in adjusted EBITDA in Q2 at a 3% margin compared to EUR 17 million and 3.5% in Q2 2025. For H1, ready-to-eat adjusted EBITDA improved to -EUR 13.6 million from -EUR 26.4 million in H1 2025.

Speaker #2: The resilience of the margin is a direct function of the structural improvement in the milk-kit cost base, even as there is some volume-led operational deleverage.

Speaker #2: For H1 2026, Milk, it was €271 million adjusted EBITDA, at an 11.7% margin, compared to €334.6 million and 12.8% in H1 2025. That H1 comparison reflects the front-loaded investment profile, which is weighted to the first half of the year, and the winter storm impact we witnessed in Q1 of this year.

Speaker #2: Ready-to-eat delivered €13.1 million in adjusted EBITDA in Q2 at a 3% margin, compared to €17 million and 3.5% in Q2 2025. For H1, ready-to-eat adjusted EBITDA improved to negative €13.6 million from negative €26.4 million in H1 2025.

Speaker #2: As mentioned earlier, the US ready-to-eat business was not too far off from breaking even in H1 2026. The year-on-year H1 improvement is meaningful, and it is directionally consistent with our goal of modest full-year profitability in this segment.

Fabien Simon: As mentioned earlier, the US ready-to-eat business was not too far off from breaking even in H1 2026. The year-on-year H1 improvement is meaningful, and it is directionally consistent with our goal of modest full-year profitability in this segment. Holding costs at EUR 53.8 million in Q2 were higher than Q2 of last year, reflecting primarily some IT service cost inflations, including those related to AI and some salary adjustments that had to be made as a share-based compensation program is reduced, but not, of course, on a one-for-one basis. On cash flow, H1 2026 free cash flow was positive at EUR 49.4 million. This represents a decrease of EUR 107 million compared to H1 of last year. But H1 of last year included a one-off tax refund, which I communicated at the beginning of the year. Excluding that non-recurring item, the year-on-year free cash flow decline narrows to about EUR 69 million.

Speaker #2: Holding costs at €53.8 million in Q2 were higher than in Q2 of last year, reflecting primarily some IT service cost inflation, including those related to AI, and some salary adjustments that had to be made as a share-based compensation program is reduced, but not, of course, on a one-for-one basis.

Speaker #2: On cash flow, H1 2026 free cash flow was positive at €49.4 million. This represents a decrease of €107 million compared to H1 of last year.

Speaker #2: But H1 of last year, including the one-off tax refund, which I communicated at the beginning of the year—excluding that non-recurring item—the year-on-year free cash flow decline narrows to about €69 million. So, the remaining decline is principally driven by the adjusted EBITDA development, which, as I have described, reflects the front-loaded product investment and winter storm impact in this half.

Fabien Simon: The remaining decline is principally driven by the adjusted EBITDA development, which, as I have described, reflects the front-loaded product investment and winter storm impact in this half. CapEx in H1 2026 was EUR 76.7 million, up from EUR 66 million in H1 2025. This step-up has a specific composition. So investment in Factor EU infrastructures as we scale the European ready-to-eat business and CapEx directly related to automation in support of our menu expansions and product investment program. But it is important to know that at the midpoint of our adjusted EBITDA guidance range for 2026, we expect free cash flow to remain positive for the full year with H2 expected to be materially more favorable than H2 2025.

Speaker #2: Capex in H1 2026 was €76.7 million, up from €66 million in H1 2025. This step-up is a specific composition—so investment in factor EU infrastructures as we scale the European ready-to-eat business, and Capex directly related to automation in support of our menu expansions and product investment program.

Speaker #2: But it is important to know that at the midpoint of our adjusted EBITDA guidance range for 2026, we expect free cash flow to remain positive for the full year, with H2 expected to be materially more favorable than H2 2025.

Fabien Simon: That expected improvement is supported by a stronger H2 2026 adjusted EBITDA profile by normalizing lease liabilities, relative to the one-off termination payment made in 2025, and by a working capital profile that is expected to be more favorable than last year. Before we go into the last slide on our capital structures and then open up the call to your questions, let me bring together our outlook. As mentioned at the beginning, the adjusted EBITDA outlook is reconfirmed in full. This means that at present, and with the visibility we have, the range remains within reach. On constant currency revenue, our view is trending towards the bottom end of the full range, and we will gain further visibility following the back-to-school campaign. I want to be clear about why these two statements can coexist.

Speaker #2: That expected improvement is supported by a stronger H2 2022–2026 adjusted EBITDA profile, by normalizing lease liabilities relative to the one-off termination payment made in 2025, and by a working capital profile that is expected to be more favorable than last year.

Speaker #2: So before we go into the last slide on our capital structure and then open up the call to your questions, let me bring together our outlook.

Speaker #2: As mentioned at the beginning, the adjusted EBITDA outlook is reconfirmed in full. This means that, at present and with the visibility we have, the range remains within reach.

Speaker #2: On constant currency revenue, our view is trending towards the bottom end of the full range, and we will gain further visibility following the back-to-school campaign.

Speaker #2: So I want to be clear about why these two statements can coexist. The strength of the efficiency program and the improving unit economics of our customer base give us confidence to reaffirm adjusted EBITDA, even as the revenue picture trends to the lower end of the range.

Fabien Simon: The strength of the efficiency program and the improving unit economics of our customer base give us the confidence to reaffirm adjusted EBITDA even as the revenue picture trend to the lower end of the range. The back-to-school campaign is the next meaningful read on conversion and marketing efficiency, and we will share those findings with you as soon as we have them. On slide 19, I want to address the bond transactions we completed in July and specifically the rationale behind it. In July, HelloFresh SE priced its inaugural EUR 350 million bond with a coupon of 5.5% and a maturity in 2031. The notes carry a double B plus rating from S&P Global Ratings, which is consistent with our issuer rating and stable outlook. This transaction is primarily about extending our debt maturity profile and diversifying our sources of funding.

Speaker #2: And again, the back-to-school campaign is the next meaningful read on conversion and marketing efficiency, and we will share those findings with you as soon as we have them.

Speaker #2: On slide 19, I want to address the bond transactions we completed in July, and specifically the rationale behind it. So, in July, HelloFresh SE priced its inaugural €350 million bond, with a coupon of 5.5% and a maturity in 2031.

Speaker #2: The notes carry a double B-plus rating from S&P, which is consistent with our issuer rating and stable outlook. These transactions are primarily about extending our debt maturity profile and diversifying our sources of funding.

Speaker #2: The proceeds are being applied to general corporate purposes, including the refinancing of existing term loan debts. This reduces near-term maturity concentrations and gives the business a more durable and balanced financial foundation.

Fabien Simon: The proceeds are being applied to general corporate purposes, including the refinancing of existing term loan debts, which reduces near-term maturity concentrations and gives the business a more durable and balanced financial foundations. I want to be equally clear that this transaction does not change our capital allocation policy, which prioritizes investment in organic growth opportunities and maintaining our adequate level of leverage as communicated before. With that, I open it up for questions.

Speaker #2: And I want to be equally clear that these transactions do not change our capital allocation policy, which prioritizes investment in organic growth opportunities and maintaining our adequate level of leverage, as communicated before.

Speaker #2: With that, I open it up for questions.

Speaker #1: Thank you, ladies and gentlemen. If you would like to ask a question, please press star 9 and the pound key on your telephone keypad.

Operator: Thank you. Ladies and gentlemen, if you would like to ask a question, please press star nine and the pound key on your telephone keypad. If you would like to cancel your question, press star three and the pound key. You can also use the dial-in function in the webcast if you would like to ask a question by phone. We kindly ask you to limit your questions to one per person. In case there is more time, we will take on further questions. Let's start with the first question. This one is from Andrew Ross from Barclays. You can go ahead. Your line is open.

Speaker #1: If you would like to cancel your question, press star 3 and the pound key. You can also use the dial-in function in the webcast if you would like to ask a question by phone.

Speaker #1: We kindly ask you to limit your questions to one per person. In case there is more time, we'll take further questions. So, let's start with the first question.

Speaker #1: This one is from Andrew Rose from Barclays. You can go ahead; your line is open.

Andrew Ross: Great. Morning, all, and thanks for taking my one question. I guess inevitably it is to come back on meal kit declines in Q2 and then your thinking into H2. The first thing I want to understand is exactly why the meal kit declines didn't improve in Q2 versus Q1. You obviously spoke about that on Q1 call. It played out, but back in Q1, it sounded as though that you had had a specific market where maybe customer acquisition had been softer in April. Now, to me, it sounds like the tone is that it is a broader base factor across markets with kind of lower ROI you are getting on your marketing spend. I would love to understand what you have seen in terms of the cohort behavior in more detail in Q2 in meal kits.

Speaker #2: Great. Morning all, and thanks for taking my one question. I guess inevitably it's to come back on meal kit declines in Q2, and when you're thinking into H2.

Speaker #2: And the first thing I want to understand is exactly why the meal kit declines didn't improve in Q2 versus Q1. You obviously spoke about that on the Q1 call.

Speaker #2: It played out. But back at Q1, it sounded as though you'd had a specific market where maybe customer acquisition had been softer in April.

Speaker #2: Now, to me, it sounds like the tone is that it's a broader-based factor across the market, with kind of lower ROI you're getting on your marketing spend.

Speaker #2: So I'd love to understand kind of what you've seen in terms of the cohort behavior in more detail in Q2 and meal kits. And I guess that feeds into a follow-up when we kind of think about the implied improvement in H2 for meal kits to get to the low end of your full-year guidance range.

Andrew Ross: I guess that feeds into a follow-up when we think about the implied improvement in H2 for meal kits to get to the low end of your full-year guidance range. What gives you confidence that you can do that? Do you have any visibility into that back-to-school period that the ROI versus CAC math could have improved? If you can give, to give us some comfort that growth is going to get better would be helpful. Thanks.

Speaker #2: What gives you confidence that you can do that? Do you have any visibility into that back-to-school period, that the ROI versus CAC MAFs could have improved?

Speaker #2: Anything you can share to give us some comfort that growth is going to improve would be helpful. Thanks.

Speaker #3: Thanks for your question. In general, I think it's important just to kind of, like, think back to the phased rebuilds that we're going through, right?

Dominik Richter: Thanks for your question. In general, I think it's important just to think back to the phased rebuild that we're going through, right? So really, our focus for H1 was making sure that we generally improve the product and broaden the TAM that we're going after before we then try to lean back into growth. In Q2, I think overall, very much according to our expectations, very much according to the expectations that we communicated in Q1. So I think this was actually nothing super special that happened between what we communicated on the Q1 call and now in Q2, very much in line with our expectations. I think on the product side, we've also really done a lot of what we wanted to bring to customers and generally have seen strong reception, which is reflected in the customer metrics.

Speaker #3: So really, our focus for H1 was making sure that we genuinely improve the product and broaden the TAM that we're going after, before we then kind of, like, try to lean back into growth.

Speaker #3: In Q2, I think overall it was very much according to our expectations, very much according to the expectations that we communicated in Q1. So I think there was actually nothing super, super special that happened between what we communicated on the Q1 call and now in Q2.

Speaker #3: Very much in line with our expectations. And I think on the product side, we've also really done a lot of what we wanted to bring to customers and, generally, have seen strong reception, which is reflected in the customer metrics.

Speaker #3: I think the more interesting question is the second one—the implied improvements. Obviously, on the cost side, it's very much that we're going to drive contribution margin expansion again.

Dominik Richter: I think the more interesting question is the second one, the implied improvements. Obviously, on the cost side, it's very much that we're going to drive contribution margin expansion again. We talked about some of the known inefficiencies that we took on board during the first half of the year, which is generally normal when you try to do a lot of new things. I think with the lessons learned and applying those, we'll see some contribution margin expansion into the second half of the year. Efficiency program, more things will come through in the second half of the year.

Speaker #3: We talked about some of the known inefficiencies that we took on board during the first half of the year, which is generally normal when you try to do a lot of new things.

Speaker #3: I think with the lessons learned, and by applying those, we'll see some contribution margin expansion in the second half of the year. The efficiency program and other initiatives will come through more in the second half of the year.

Speaker #3: And then on the top line, it’s really a function of, number one, the improving order rates that we’ve seen among—and AOVs among—our customer base, which obviously also play out for all the customers that we’ve acquired in H1, who, compared to one year earlier, will deliver more revenue per customer in the second half of the year.

Dominik Richter: On top line, it's really a function of, number one, the improving order rates that we've seen and AOVs among our customer base, which obviously also play out for all the customers that we've acquired in H1, which compared to one year earlier, will deliver more revenue per customer in the second half of the year. Secondly, then it's a function of how much we're leaning into growth and marketing in the second half of the year, which is on the one hand side, something that obviously we control, but where we also are very much looking at the overall cost environment.

Speaker #3: And secondly, then it's a function of how much we're leaning into growth and marketing in the second half of the year, which is, on the one hand, something that obviously we control, but where we also are very much looking at the overall cost environment.

Speaker #3: It's definitely been a situation in the first half of the year where it was not fully clear to us how input costs would develop over the next six months.

Dominik Richter: It's definitely been a situation in the H1 of the year where it was not fully clear to us how input costs would develop over the next six months, and that generally then, I think, as a rational operator, leads to applying higher ROI thresholds to your future investments. So it's really those two things.

Speaker #3: And that generally then, I think, as a rational operator, leads to applying higher ROI thresholds to your future investments. So it’s really those two things.

Speaker #2: Okay, thanks.

Jo Barnet-Lamb: Okay, thanks.

Andrew Ross: Okay, thanks.

Operator: The question is from Jo Barnet-Lamb from UBS. You can go ahead. The floor is yours.

Speaker #1: The question is from Joseph Barnett's Lamb from UBS. You can go ahead. The floor is yours.

Jo Barnet-Lamb: Fabien, thank you for taking my question. I'm just going to build off the second part of Andrew's question and your response, Dominik. At the midpoint of your adjusted EBITDA guide, you need to do, I think, +24% year on year for adjusted EBITDA in H2, having just done -33% in H1. Now, I think you alluded to some of this. You said more efficiency savings in H2. Also, you said expanding contribution margin. Can you quantify either of them to help us? Because it just seems like an absolutely enormous gulf that you're expecting to deliver in H2 year on year versus what you did in H1. So if you can quantify that or flesh it out a bit more, that would be really helpful.

Joseph Barnet-Lamb: Fabien, thank you for taking my question. I'm just going to build off the second part of Andrew's question and your response, Dominik. At the midpoint of your adjusted EBITDA guide, you need to do, I think, +24% year on year for adjusted EBITDA in H2, having just done -33% in H1. Now, I think you alluded to some of this. You said more efficiency savings in H2. Also, you said expanding contribution margin. Can you quantify either of them to help us? Because it just seems like an absolutely enormous gulf that you're expecting to deliver in H2 year on year versus what you did in H1. So if you can quantify that or flesh it out a bit more, that would be really helpful.

Speaker #4: Yes, and thank you for taking my question. I'm just going to build off the sort of second part of Andrew's question and your response to Dominik.

Speaker #4: I mean, at the midpoint of your adjusted EBITDA guide, you need to do, I think, plus 24% year-on-year for adjusted EBITDA in H2, having just done minus 33% in H1.

Speaker #4: Now, I think you sort of alluded to some of this. You said you save more on efficiency, it's more efficiency savings in H2. And also, you said expanding contribution margin.

Speaker #4: Can you quantify either of them to help us? Because it just seems like an absolutely enormous gulf that you're expecting to deliver in H2 year-on-year versus what you did in H1.

Speaker #4: So, if you could quantify that or flesh it out a bit more, that would be really helpful.

Speaker #3: So that's très bien. I will try to help you on that one. So, indeed, there is a meaningful improvement that we are expecting in H2.

Fabien Simon: Joseph, Fabien. I will try to help you on that one. Indeed, there is a meaningful improvement that we are expecting in H2. First, I want to remind that the decline we are seeing in H1 is, close to half of it is coming from a one-off event we have had with winter storm. If you exclude that, the step-up looks less dramatic overall. Indeed, for us to deliver on our adjusted EBITDA ranges, we need to have a, say at a minimum, EUR 24 million adjusted EBITDA improvement year on year in H2, which is like a EUR 10 to 12 million minimum per quarter. Why we are confident about it, if we look at what we expect for Q3, I always like to give how we see the coming quarter coming.

Speaker #3: But first, I want to remind you that the decline we are seeing in H1 is—almost half of it is coming from a one-off event we had with the winter storm.

Speaker #3: So if you exclude that, the step-up looks less dramatic overall. And indeed, for us to deliver on our adjusted EBITDA ranges, we need to have at a minimum a €24 million adjusted EBITDA improvement year-on-year in H2.

Speaker #3: Which is like a $10 to $12 million minimum per quarter. And while we are confident about it, if we look at what we expect for Q3—you know, I always like to give how we see the coming quarter developing.

Fabien Simon: On top line, we can't because it's going to rely a lot on the back-to-school season and the conversion. On bottom line, we have a pretty good visibility. We see this, I would say, EUR 10 to 20 million improvement coming already in Q3. We believe that in Q4, there is really the possibility with a good campaign coming to achieve the same level. So we feel confident that both quality of conversions, continued discipline on marketing ROI, which will continue, but as well, a lower impact of product investment, which we've started that in H2 of last year, and we continued in H1 of this year, is going to have a lower year on year effect than what we have seen for the first part of the year.

Speaker #3: On the top line, we can't, because it's going to rely a lot on the back-to-school season and the conversion. But on the bottom line, we have pretty good visibility.

Speaker #3: We see this, I would say, €10 to €20 million improvement coming already in Q3. And we believe that in Q4, there is really a possibility, with a good campaign coming, to achieve the same level.

Speaker #3: So we feel confident that both the quality of conversions and our continued discipline on marketing ROI—which will continue—along with a lower impact from product investment, which, you know, we started in H2 of last year and continued in H1 of this year, is going to have a lower year-on-year effect than what we have seen for the first part of the year.

Speaker #4: Thank you.

Jo Barnet-Lamb: Thank you.

Joseph Barnet-Lamb: Thank you.

Speaker #1: And the next question is from Jill Thorne from Jefferies. You can go ahead, your line is open.

Operator: The next question is from Gil Thorne from Jefferies. You can go ahead. Your line is open.

Gil Thorne: Thank you. If you get into the back-to-school window and see a similar cost environment that you saw in Q2, and you decide to keep the marketing ROI thresholds at the same level as Q2, where do you think you will land on the full year overall group revenue decline? Is it the bottom end of the range or is the bottom end of the range requiring a change in the marketing threshold, so you would actually land below the bottom end of the range? Thank you.

Speaker #2: Thank you. If you get into the back-to-school window and see a similar cost environment that you saw in Q2, and you decide to keep the marketing ROI thresholds at the same level as Q2, where do you think you'll land on the full-year overall group revenue decline?

Speaker #2: Is it the bottom end of the range, or is the bottom end of the range requiring a change in the marketing threshold, so you would actually land below the bottom end of the range?

Speaker #2: Thank you.

Fabien Simon: I think it is a bit of a difficult question because I think ROI on marketing is not something which is linear throughout the year. It is very different month on month and by season. Of course, the mix always change. What we would say is maybe to bring some perspective on what we have done in the past. If we look at the progress we have been making last year between our H2 and our H1, and assuming we would deliver the similar improvement between H2 and H1 of this year, we would be at the bottom end of the range. What we are keen to commit is as soon as we have visibility on the back to school, which may be well before our Q3 earnings, we will communicate to the market what we have been seeing and if there is a need for readjustment or not.

Speaker #3: I see it's a bit of a difficult question because I think ROI on marketing is not something which is linear throughout the year. It's very different month to month and by season.

Speaker #3: And of course, the mix always changes. What we would say is maybe to bring some perspective on what we have done in the past.

Speaker #3: If we look at the progress we made last year between our H2 and our H1, and assuming we deliver a similar improvement between H2 and H1 of this year, we would be at the bottom end of the range.

Speaker #3: What we are keen to commit to is that, as soon as we have visibility on the back-to-school period—which may be well before our Q3 earnings—we will communicate to the market what we have been seeing.

Speaker #3: And if there is a need for readjustment or not. But so far, we are planning for success for this back-to-school campaign.

Fabien Simon: But so far, we are planning for success for this back-to-school campaign.

Speaker #2: And if so, you're planning for success, but if the back-to-school campaign goes worse than you're anticipating, does that require a move down in the EBITDA guidance too?

Gil Thorne: So you are planning for success, but if the back-to-school campaign goes worse than you are anticipating, does that require a move down in the EBITDA guidance, too?

Fabien Simon: Do not think so at this stage. I think we expect the biggest difference seems to be mostly on the top line, and we would need to assess why do we think it would have been the case. Is it because consumer have a higher propensity in a more stressed environment to look at value, so we may have to adjust our product, or is it because we have not been powerful enough in awareness for a new consumer, and we may have to change back then, in that case, with our marketing approach. But we believe it is going to be much more a top-line potential change than the bottom line one.

Speaker #5: I don't think so at this stage.

Speaker #3: I think we expect the biggest differences to be mostly on the top line, and we would need to assess why we think that would have been the case.

Speaker #3: Is it because consumers have a higher propensity, in a more stressed environment, to look at added value? So we may have to adjust our product.

Speaker #3: Or is it because we have not been powerful enough in awareness for new consumers, and we may have to change back then, in that case, a bit our marketing approach?

Speaker #3: But we believe it's going to be much more of a top-line potential change than a bottom-line one.

Gil Thorne: Thank you very much.

Speaker #2: Thank you very much.

Speaker #1: The next question is from Sven Sauer from Kepler Cheuvreux. You can go ahead, your line is open now.

Operator: The next question is from Sven Sauer from Kepler Cheuvreux. You can go ahead. Your line is open now.

Speaker #4: Yes, thank you for taking my question. The average order rate and the average order volume improved and increased, but on the one slide, you showed that the revenue coming from meal kit customers that have been customers for more than one year decelerated in the first half.

Sven Sauer: Yes, thank you for taking my question. The average order rate and the average order volume improved and increased, but on the one slide, you showed that the revenue coming from meal kit customers that have been customers for more than one year decelerated in the H1. It was still positive, but it decelerated compared to last year. I am just wondering how that can be with average order value and average order rate improving.

Speaker #4: It was still positive, but it decelerated compared to last year. I'm just wondering how that can be with average order value and average order rate improving.

Fabien Simon: Yeah, I like it because, as you know, it's really a new level of transparency, which I really trust market appreciate. What makes net revenue of a tenured cohort is two things. So is, one, your existing customer, how long do they stay with you? So meaning, how is the churn evolving? Then how much do they order? How much can you charge? But as well, from the new conversions you have been having over the years, how much are becoming long-term tenured? And what we have seen in H1 first is not a decline. I think we talk about 0.1%, 0.2% difference on the revenue growth. I think maybe the scale on the chart which is not helping us here. But let's say we see stability of our revenue, but of course, as well, our profitability, which is very important because the bulk of our profitability is made there.

Speaker #3: Because, as you know, it's really a new level of transparency, which I really trust the market appreciates. What makes net revenue of, like, a 10-year cohort is two things.

Speaker #3: So is one your existing customer how long do they stay with you? So I I mean, how is the churn evolving? Then how much do they order?

Speaker #3: How much can you charge? But as well from the new conversions you have been having over the years, how much are becoming long-term tenured?

Speaker #3: And what we have seen in H1 first is not a decline. I think we talk about a 0.1, 0.2% difference on the revenue growth. I think maybe the scale on the chart is not helping us here.

Speaker #3: But let's say we see stability of our revenue, but of course as well on our profitability, which is very important because the bulk of our profitability is made there.

Speaker #3: So your question is why our AOV can go up and this pull of revenue be stable. Is simply because over, let's say, the accumulated level over the last three years, we have seen a lower conversion.

Fabien Simon: Your question is why AOR, AOV can go up and this pool of revenue be stable is simply because over, let's say the accumulated level over the last 3 years, we have seen a lower conversion. That's why the overall meal kit business has been declining, as you have seen on the introductory slides from Dominik. And that it's only the consequence of less new customer becoming tenured that explain why it is not growing at the pace of our average order rate and average order value, which we expect something which is going to transition. I think the worst, in my view, would have been something different, would have been that you've seen the same decline in your conversions. You've seen a further decline on churn or same decline as before on churn, and then that number will be negative.

Speaker #3: That's why the overall meal kit business has been declining, as you have seen on the introduction slide from Dominik. And it is only the consequence of fewer new customers becoming tenured that explains why it is not growing at the pace of our average order rate and average order value, which we expect is something that is going to transition.

Speaker #3: I think the worst in my view would have been something different would have been that you've seen the same decline in your conversions. You've seen further decline on churn or same decline as before on churn and then that number will be negative.

Speaker #3: But which is not what we see. Which proves that our products are becoming, are touching well, existing customers, and notice the difference, and they are churning less, and they are ordering more.

Fabien Simon: Which is not what we see, which proves that our products are touching well existing customers. They notice the difference, and they are churning less, and they are ordering more, which I think is a very encouraging sign.

Speaker #3: Which I think is a very encouraging sign.

Speaker #4: Just to clarify, because I'm not sure I understood that. So the number of customers converting to these long-term, one-year customers is decreasing and offsetting the higher average order value and the higher average order rate.

Sven Sauer: Just to clarify, because I'm not sure I understood that. So the number of customers converting to these long-term one-year customers is decreasing and offsetting the higher average order value and the higher average order rate?

Speaker #3: Yes, correct. And this is, I would say, expected and natural. When you have lower conversions, you always have a bulk of your new conversions that become longer-tenured customers, and if you have less of that, of course there is a consequence. That's why it's important for us to ensure we always have good campaigns to fuel back the conversion momentum to grow the tenure base.

Fabien Simon: Yes, correct. This is, I would say, expected and natural. When you have lower conversions, you always have a bulk of your new conversions that become longer tenured customer. If you have less of that, of course there is a consequence. That is why it is, for us, important to ensure we always have good campaigns, to fuel back the conversion momentum to grow the tenure base.

Speaker #4: Okay, thank you.

Sven Sauer: Okay, thank you.

Operator: Question is from Nizla Naizer from Deutsche Bank. You can go ahead. Your line is open.

Speaker #1: The question is from Nisla Neitzer from Deutsche Bank. You may go ahead; your line is open.

Nizla Naizer: Great, thank you. My question is on the type of customer that ends up in that long tenured customer base. You said that you target the top 40% of the income in each of your markets. How are they behaving during an uncertain macro environment? Is there change in any behavior that you are seeing over the last year? Also, who are these customers? Could you maybe give us some color on are there more women now, age, are they young families? Any color that you can give us to maybe get a better understanding as to who values the product in that category. Thank you.

Speaker #5: Great, thank you. So my question is about the type of customer that ends up in that long-tenured customer base. You said that you target the top 40% of income earners in each of your markets.

Speaker #5: How are they behaving during an uncertain macro environment? Is there any change in behavior that you're seeing over the last year? And also, who are these customers?

Speaker #5: Could you maybe give us some color on are they more women now, age? Are they young families? Any color that you can give us to maybe get a better understanding as to who values the product in that category?

Speaker #5: Thank you.

Dominik Richter: Me to take that question. You can definitely see that those customers who stay with us longer, who become tenured customers, tend to have a number of certain features. You referenced already two or three of those. They tend to be part of the top 40% of the income brackets. They are very often living in a multi-person household, very often with kids. There is a somewhat overrepresentation of suburban areas versus urban or rural areas. So those are some of the dominant features of that customer group. In general, I think they are certainly also to a point affected, especially in the US and other markets where you have very flexible rates on your credit, whether that is for housing, mortgage, your car, credit cards, et cetera. But probably to a lesser degree than the bottom quarter or the bottom half of the income distribution.

Speaker #3: I need to take that question. So, you can definitely see that those customers who stay with us longer, who become tenured customers, tend to have a number of certain features.

Speaker #3: You referenced already two or three of those. So, they tend to be part of the top 40% of the income brackets. They are very often sort of like living in a multi-person household.

Speaker #3: Very often with kids, there's a somewhat overrepresentation of suburban areas versus urban or rural areas. So those are some of the dominant features of that customer group.

Speaker #3: In general, I think they are certainly also, to a point, affected, especially in the US and other markets where you have very flexible rates on your credit—whether that's for housing, mortgages, your car, credit cards, et cetera, et cetera.

Speaker #3: But probably to a lesser degree than the bottom quartile or the bottom half of the income distribution. We feel, and we also get this from customer research, that customers who have experienced the product—who use it or have used it on an ongoing basis and formed a habit—tend to think that it provides really good value, cuts waste, helps them discover new recipes, and encourages eating healthy. These are a lot of the features we've discussed in prior shareholder letters and prior presentations.

Dominik Richter: We feel, and we also get that from customer research, that customers that have experienced the product, that use it or have used it on an ongoing basis and formed a habit, tend to think that it provides really good value, cuts waste, helps them discover new recipes, eating healthy. A lot of the features we have discussed in prior shareholder letters and prior presentations, I think those very much apply. In a more uncertain consumer environment, I think what you tend to see is that those customers who have not formed a habit tend to think twice about whether to start something new.

Speaker #3: I think those very much apply. In a more uncertain consumer environment, I think what you tend to see is that those customers who haven't formed a habit kind of tend to think twice about whether to start something new.

Speaker #3: And given that we've also walked back a lot of the initial incentives that we give to customers, I think it's definitely an environment where we have chosen to focus on the core of the customers that we have—making the product really, really good for them and expanding the addressable TAM of the product that we have by introducing a lot of new cuisines, new features, more meals for different people—rather than chasing new customers or growth before the product is in the place that we really intend it to be.

Dominik Richter: Given that we have also walked back a lot of the initial incentives that we give to customers, I think it is definitely an environment where we have chosen to focus on the core of the customers that we have, making the product really good for them and expanding the addressable TAM of the product that we have by introducing a lot of new cuisines, new features, more meals for different people, rather than chasing new customers at all growth before the product is in the place that we really intended to have. That was maybe a little bit of a longer answer than to your initial question, but I think it is very good to think about it that way.

Speaker #3: So, that was maybe a little bit of a longer answer than to your initial question, but I think it's very good to think about it that way.

Speaker #5: Thanks, Dominique.

Operator: Thanks, Dominik. As we do not have any more time, we are going to be wrapping up. Thank you very much, everybody, for participating. Have a great day ahead.

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