HLFFF Q4 2025 Earnings

Call Details

• Call Title: Hellofresh Q4 2025 Earnings Call
• Date: March 18, 2026 07:30 AM UTC
• Management Team:
  • Dominik Richter (Chief Executive Officer)
  • Fabien Simon (Chief Financial Officer)

Call Summary

Financial Performance

• Group net revenue for full year 2025 was €6.8B, representing a down 9% in constant currency versus prior year.
• Full-year adjusted EBITDA reached €422.8M, representing a 14% increase year-on-year in constant currency and landing within guidance.
• Full-year contribution margin expanded one full percentage point to 26.8% versus prior year.
• Orders declined about 12% for the full year 2025, with meal kit orders improving sequentially and ready-to-eat orders lagging expectations.
• Free cash flow post leases turned positive at €18.9M for 2025, improving by €42.5M year-on-year and driven by operating cash flow of €297.4M and reduced capex of €130M.
• Meal kit adjusted EBITDA margin reached 13.5% for full year 2025, the highest since the pandemic, while ready-to-eat full-year margin was negative 1.2% with a Q4 recovery to 6.6%.

Guidance

• 2026 net revenue growth is guided to a range of down 6% to down 3% in constant currency and includes an estimated slightly above one percent negative Q1 storm impact.
• 2026 adjusted EBITDA in constant currency is guided to a range of €375M to €425M and includes an estimated €25M negative impact from the Q1 winter storm.
• The midpoint of the 2026 adjusted EBITDA range reflects continued efficiency savings, stage-gated product reinvestment, and current top-line dynamics across meal kit and RTE.
• 2026 product investments are expected to increase incremental COGS by about 1.5% of net revenue versus 2025, presented net of price increases.
• By product, meal kit is expected to maintain a double-digit adjusted EBITDA margin while being slightly below 2025 in absolute euros due to volume deleverage and reinvestment.
• Ready-to-eat is targeted to return to full-year adjusted EBITDA profitability in 2026 while growth reinvestment and European ramp will consume near-term EBITDA.