HelloFresh SE: HelloFresh SE continues to show outstanding performance
DGAP-News: HelloFresh SE
/ Key word(s): Quarterly / Interim Statement
Q3 2019: HelloFresh SE continues to show outstanding performance
- Group revenue in Q3 grows by 45.8% to EUR 441 million (42.2% y-o-y in constant currency; Q3 2018: EUR 302 million)
- AEBITDA margin for the HelloFresh Group reaches 3.5% (+12.1 pp y-o-y; Q3 2018: negative 8.6%)
- Number of active customers amounts to 2.61 million (42% y-o-y; Q3 2018: 1.84 million), driven by strong customer growth in both operating segments
- HelloFresh increased its full year guidance to 31% - 33% y-o-y revenue growth in constant currency and a positive AEBITDA margin of positive 0.50% - 1.75%
- Changes in HelloFresh Leadership Team: Ed Boyes appointed to Management Board in newly created role as CCO, Uwe Voss to become US CEO
Berlin, 5 November, 2019 - HelloFresh SE, the world's leading meal kit company, continues with an exceptionally strong performance as it posts its second profitable quarter in a row. Doing so, the company is paving the way for its first AEBITDA breakeven for the full year.
Group revenue in the third quarter grew by 45.8% y-o-y to EUR 441 million (42.2% y-o-y in constant currency; Q3 2018: EUR 302 million). HelloFresh delivered 68.9 million meals to 2.61 million customers in its operating markets around the world. Despite Q3 typically being a seasonally weaker quarter for HelloFresh, the company's AEBITDA margin reached 3.5% for the group and, similar to Q2, both operating segments generated positive AEBITDA. HelloFresh's Q3 revenue growth and margin improvement was primarily fueled by customer growth in the US Segment and the International Segment, each supported by a strong momentum coming out of the summer, despite meaningfully reducing marketing spend as a percentage of revenue. The US segment posted AEBITDA profitability for the second straight quarter, with a 2.6% AEBITDA margin. The International segment posted AEBITDA profitability for the sixth time in a row, with an AEBITDA margin reaching an excellent 10.7% in Q3.
As a consequence, both AEBITDA as well as cash flow from operating activities are already positive for the full first nine months of 2019.
"Our very strong third quarter demonstrates well how far we have come. We continue to offer an ever-widening and improving assortment of meals and products. At the same time, our meal kits have a positive impact on the environment by significantly reducing food waste and carbon emissions that are inherent to traditional food supply chains. Finally, we have yet again proven that we can run the business in a very profitable manner while increasing market share and customer satisfaction," says Dominik Richter, CEO and co-founder of HelloFresh SE.
As communicated already on 14th October, the company has increased its full year guidance. It now expects revenue growth of about 31%-33% on a constant currency basis and an AEBITDA margin of positive 0.50% - 1.75%.
Changes in the HelloFresh Leadership Team
Key Performance Indicators
Results of Operations
*Net of share-based compensation expenses
HelloFresh SE is the leading global meal-kit company and operates in the U.S., the United Kingdom, Germany, the Netherlands, Belgium, Luxembourg, Australia, Austria, Switzerland, Canada, New Zealand and Sweden. HelloFresh delivered 69 million meals to 2.6 million active customers worldwide in Q3 2019 (July 1 - September 30, 2019). HelloFresh was founded in Berlin in November 2011 and went public on the Frankfurt Stock Exchange in November 2017. HelloFresh has offices in New York, Berlin, London, Amsterdam, Zurich, Sydney, Toronto, Auckland and Copenhagen.
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