HelloFresh (HFG) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was approximately EUR 1.5 billion, down 7.8% year-over-year in constant currency, reflecting a strategic shift toward profitability, efficiency, and higher-margin, tenured customers over near-term growth.

• Product innovation, digital enhancements, and the "Refresh" program drove higher average order values and improved order rates among tenured customers.

• Efficiency program progressed, with 85% of planned measures implemented by June 2026, supporting margin resilience and reducing marketing spend.

• Macroeconomic headwinds, including inflation, energy shocks, and severe winter storms, impacted costs and operations.

• Capital structure was strengthened by issuing a EUR 350 million bond at 5.5% coupon, maturing in 2031.

Financial highlights

• Q2 2026 group revenue was EUR 1,549.9 million, down 7.8% year-over-year in constant currency.

• Group adjusted EBITDA (AEBITDA) was EUR 120.6 million (7.8% margin), down from EUR 158.5 million (9.3%) in Q2 2025.

• Free cash flow for H1 2026 was EUR 49.4 million, lower year-over-year due to prior year tax refund and front-loaded investments.

• CapEx increased to EUR 76.7 million, mainly for EU RTE infrastructure and automation.

• Group contribution margin in Q2 2026 was 25.2%, down 2.1pp year-over-year due to product investments.

Outlook and guidance

• Adjusted EBITDA outlook for 2026 reaffirmed at EUR 375–425 million in constant currency; revenue expected at the lower end of the guided (3)% to (6)% decline.

• H2 2026 focus: efficiency, disciplined marketing, and selective product investment based on H1 learnings.

• Further visibility on full-year performance expected after the back-to-school campaign.