DGAP-News: HelloFresh SE / Key word(s): Quarterly / Interim Statement/Quarter Results
HelloFresh delivers close to €2bn of revenue in strong first quarter of 2022
- Active customer base continues to grow with 8.52 million active customers in Q1 2022 (+17.0% y-o-y, Q1 2021: 7.28 million)
- Revenue for the first quarter of 2022 reaches over €1.9 billion (+26.4% y-o-y on a constant currency basis, Q1 2021: €1.44 billion)
- Adjusted EBITDA for Q1 2022 reaches €99.3m (Q1 2021: €159.2m), with both operating segments delivering strong quarters of positive AEBITDA margins
- Strong cash on balance sheet position and reconfirmed outlook for 2022
- Ongoing commitment to sustainability: ISO 14040 compliant Life Cycle Assessment shows that HelloFresh meals are more sustainable than buying food at supermarkets
In Q1 2022 HelloFresh delivered an absolute contribution margin of €482.7m (+18.7%, Q1 2021: €406.6m), corresponding to 25.2% as percentage of revenue (vs. 28.2% in Q1 2021). The development in margin was primarily driven by price inflation for ingredients, a continued rapid expansion of our fulfilment capacity, associated launch and ramp-up costs and the ramp-up of new businesses and geographies. Despite the year-on-year increase in fulfilment expenses, sequentially vs. Q4 2021, fulfilment expenses as percentage of revenue have started to decrease, as productivity in recently launched fulfilment centers starts to improve. The adjusted EBITDA for Q1 2022 reached €99.3m (Q1 2021: €159.2m) and reflects the development of the contribution margin as well as a return to normal seasonal marketing activity, which in Q1 2021 was still compressed by the COVID pandemic and capacity constraints.
Both operating segments delivered a strong quarter of positive adjusted EBITDA margins for the first quarter of 2022: The International segment with 5.5% and the US segment with 7.5% of revenue.
"Our unique diversification across geographies, brands and business models has allowed us to navigate an incredibly volatile macroeconomic environment and continue our strong and profitable growth path into 2022. I am beyond proud of our teams for relentlessly pushing the boundaries in delivering and always improving customer experience, while mitigating the macroeconomic challenges we see along our supply chains to a great degree", says Dominik Richter, co-founder and CEO of HelloFresh. "After tripling the business over the last two years, we are well on track to successfully ramp up our new verticals, scale our new geographies and continue the investments into our fulfilment network to secure our long-term success as a highly profitable integrated food solutions group."
Ongoing strong cash on balance sheet position and reconfirmed outlook for 2022
HelloFresh's cash on balance sheet remained at a very healthy €795.7 million at the end of Q1 2022, despite the company executing a €125 million share buyback programme and paying €24.8 million for the first tranche of the earn-out payment from the Factor acquisition.
HelloFresh reconfirms its guidance for the FY 2022, expecting revenue growth for the HelloFresh Group on a constant currency basis between 20% and 26%. The company expects an adjusted EBITDA for the HelloFresh Group for the full year 2022 between €500 million and €580 million.
Sustainability progress: ISO 14040 compliant study reveals that HelloFresh meal kits are more sustainable than buying food at supermarkets
Key Performance Indicators
Results of Operations
*Excluding share-based compensation expenses
28.04.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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