HelloFresh SE: increases full year 2020 guidance

Berlin / DE. (hf) HelloFresh SE has continued to experience very strong customer demand throughout the second quarter of 2020, partly influenced by lockdown measures due to the ongoing Covid-19 pandemic.

Based on preliminary indications, consolidated revenue of the Company for the second quarter of 2020 is expected to amount to between approx. EUR 965 million and approx. EUR 975 million (Q2 2019: EUR 436.7 million), significantly exceeding the latest market expectations, which the Company determined to amount to EUR 789 million (arithmetic average of broker estimates as of 13 July 2020). Year-on-year revenue growth in both segments USA and International exceeded 100 percent in the second quarter of 2020.

Based on preliminary indications, the group’s AEbitda for the second quarter of 2020 is expected to amount to between approx. EUR 145 million and approx. EUR 155 million (Q2 2019: EUR 18.3 million), significantly exceeding the latest market expectations, which the Company determined to amount to EUR 97 million (arithmetic average of broker estimates as of 13 July 2020).

The Company also expects a Contribution Margin between 26.0 percent and 26.5 percent in the second quarter of 2020 and Active Customers of approx. 4.2 million, of which approx. 2.0 million in the segment USA and approx. 2.2 million in the segment International. Due to the implementation of strict social distancing measures as well as a meaningful increase in both, average order value and average orders per customer, the Company operated close to maximum production capacity throughout the second quarter of 2020, particularly in the segment USA.

Based on the strong performance in the second quarter of 2020 and continued strong trends in the early part of the third quarter 2020, the Company increases its full year 2020 revenue growth guidance for the HelloFresh Group on a constant currency basis from previously between 40 percent and 55 percent to now between 55 percent and 70 percent and narrows its full year 2020 AEbitda margin guidance for the HelloFresh Group from previously between 6 percent and 10 percent to now between 8 percent and 10 percent.

The Company will publish its financial statements for the first six months of 2020 as scheduled on 11 August 2020. The final numbers for the second quarter of 2020 may deviate from the ranges presented in this release. All numbers presented in this release are unaudited and based on preliminary indications.

Regarding the definitions of the alternative performance measures AEbitda and Contribution Margin as well as the definition of Active Customers the Company refers to the corresponding definitions in its Annual Report 2019, which has been published on the Company’s website.