Q3 2021: HelloFresh delivers another strong quarter

Mon, 01 Nov 2021 20:17:14

DGAP-News: HelloFresh SE / Key word(s): Quarterly / Interim Statement
01.11.2021 / 20:17
The issuer is solely responsible for the content of this announcement.

Q3 2021: HelloFresh delivers another strong quarter

- Group revenue in Q3 2021 increased by 45% on a constant currency basis to €1.41 billion (Q3 2020: €970.2 million)

- Continued high order rates with 27.59 million orders in the third quarter 2021 (Q3 2020: 19.49 million; 41.6% y-o-y)

- Adjusted EBITDA ("AEBITDA") for the group reached €79.8 million, corresponding to an AEBITDA margin of 5.6% (Q3 2020: €114.7 million, AEBITDA margin 11.8%)

- Continued investment in additional growth opportunities, with Italy launch, capacity expansion and successful closing of Youfoodz acquisition

Berlin, 1 November 2021 - Today HelloFresh SE ("HelloFresh") announced its financial results for the third quarter of 2021. The company saw continued strong revenue growth on group level of 45% y-o-y on a constant currency basis in this year's third quarter, following the anticipated return of more normal summer seasonality compared to Q3 2020. This strong revenue growth was mainly driven by a significant increase in active customers (38.8%), strong customer engagement illustrated by high order rates and an increase in average order values. HelloFresh group's contribution margin reached 22.5% in Q3 2021, primarily a result of the company's ongoing capacity ramp-up, the return of normal summer seasonality and, to a lesser degree, some inflation in certain cost categories. The third quarter's AEBITDA margin amounted to 5.6%.

"In Q3 2021 we have continued to invest heavily into our product and service levels, significantly improving the value proposition for our customers. We have also doubled down on the ongoing expansion of our production capacity to create the right platform for strong long-term growth. In addition, we further expanded our total addressable market by successfully launching HelloFresh in Norway in July and in Italy in October. With all of these investments in place, we remain focused on reaching our mid-term revenue target of €10 billion and on paving the way to becoming the world's leading food solutions group", says Dominik Richter, co-founder and CEO of HelloFresh.

Ongoing investments into growth opportunities and TAM expansion
HelloFresh continues to invest into both expanding its TAM (total addressable market) and increasing its TAM penetration in existing markets. Notable initiatives included launching HelloFresh in Italy and successfully closing the acquisition of Australia's leading company in the ready-to-eat segment, Youfoodz. Furthermore, the company recently announced its acquisition of an approximately 10% stake in Russia's leading meal kit company, Chefmarket, by way of a cash capital increase. The investment represents a strategic step for HelloFresh to tap into an emerging market with significant growth potential.


10 years of delivering fresh meal solutions to customers around the world
November 2011 marked the birth date of HelloFresh. What started with the lofty mission "to change the way people eat forever" has grown into a successful global company, on track to deliver more than 900 million meals to its consumers this year. Since its initial launch, the company has developed a unique data-driven business model that is powered by bespoke, in-house built software solutions all across its value chain. More recently, HelloFresh has articulated its vision to become the world's leading food solutions group. As announced during the company's Capital Markets Day 2020, HelloFresh's growth strategy encapsulates (i) further TAM penetration across its existing markets, (ii) new geographic market launches, (iii) the expansion of its brand portfolio within existing markets, (iv) the scale up and further internationalization of its ready-to-eat offering and (v) establishing the HelloFresh Marketplace with an attractive assortment for other meal occasions as the key pillars.

Updated revenue guidance for 2021
Based on the HelloFresh Group's strong revenue growth year-to-date through October, driven by strong year-on-year customer growth and, continued high order rates, and high average order value, its management board decided today to increase the Company's full year 2021 revenue growth outlook for the HelloFresh Group on a constant currency basis from previously between 45% and 55% to now between 57% and 62%. Based on current exchange rates, this would translate into a Euro-reported revenue growth of approx. two to three percentage points lower than the revenue growth on a constant currency basis. The increased growth outlook includes an approx. 0.4% growth contribution from the acquisition of Youfoodz, which closed on 27 October 2021 and will be consolidated for the months November and December 2021 in HelloFresh Group's revenue.
The Company does not change its adjusted EBITDA ("AEBITDA") margin outlook as it still expects a full year 2021 AEBITDA margin for the HelloFresh Group between 8.25% and 10.25%.

Key Performance Indicators



  Q3 2021 Q3 2020 Y-o-Y
Active customers (m) 6.94 5.00 38.8%
Number of orders (m) 27.59 19.49 41.6%
Meals delivered (m) 227.3 162.0 40.3%


  Q3 2021 Q3 2020 Y-o-Y
Active customers (m) 3.48 2.49 39.8%
Number of orders (m) 14.12 9.97 41.6%
Meals delivered (m) 108.1 72.7 48.7%


  Q3 2021 Q3 2020 Y-o-Y
Active customers (m) 3.46 2.51 37.8%
Number of orders (m) 13.47 9.52 41.5%
Meals delivered (m) 119.2 89.3 33.5%

Results of Operations



  Q3 2021 Q3 2020 Y-o-Y
Revenue (in mEUR) 1,415.5 970.2 45.9%
Revenue growth in constant currency 1,405.6 970.2 44.9%
Contribution Margin (in mEUR)* 318.0 259.3 22.6%
Contribution Margin (in % of Revenue) 22.5% 26.7% (4.2) pp
AEBITDA (mEUR) 79.8 114.7 (30.4)%
AEBITDA (in % of Revenue) 5.6% 11.8% (6.2) pp


  Q3 2021 Q3 2020 Y-o-Y
Revenue (in mEUR) 789.3 526.3 50.0%
Revenue growth in constant currency 794.5 526.3 51.0%
Contribution Margin (in mEUR)* 178.9 127.9 39.9%
Contribution Margin (in % of Revenue) 22.6% 24.2% (1.6) pp
AEBITDA (mEUR) 48.7 57.6 (15.5)%
AEBITDA (in % of Revenue) 6.2% 10.9% (4.7) pp


  Q3 2021 Q3 2020 Y-o-Y
Revenue (in mEUR) 626.1 443.8 41.1%
Revenue growth in constant currency 611.1 443.8 37.7%
Contribution Margin (in mEUR)* 144.0 134.5 7.1%
Contribution Margin (in % of Revenue) 22.9% 30.2% (7.3) pp
AEBITDA (mEUR) 52.3 69.9 (25.2)%
AEBITDA (in % of Revenue) 8.3% 15.7% (7.4) pp

*Net of share-based compensation expenses


About HelloFresh
HelloFresh SE is a global food solutions group and the world's leading meal kit company. The HelloFresh Group consists of six brands that provide customers with high quality food and recipes for different meal occasions. The company was founded in Berlin in November 2011 and operates in the USA, the UK, Germany, the Netherlands, Belgium, Luxembourg, Australia, Austria, Switzerland, Canada, New Zealand, Sweden, France, Denmark, Norway and Italy. In Q3 2021 HelloFresh delivered 227 million meals and reached 6.94 million active customers. HelloFresh went public on the Frankfurt Stock Exchange in November 2017 and has been traded on the DAX (German Stock Market Index) since September 2021. HelloFresh has offices in New York, Berlin, London, Amsterdam, Sydney, Toronto, Auckland, Paris, Copenhagen and Milan.

Press contact

Saskia Leisewitz

Global Lead Corporate Communications

HelloFresh Group
+49 (0) 174 72 35 961




01.11.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

show this