HelloFresh SE Achieves Record Quarterly Revenue in Q1 2024

HelloFresh SE, a leading global meal-kit provider, reported a record quarterly revenue of approximately €2.07 billion for the first quarter of 2024, marking a growth of 3.8% in constant currency terms compared to the previous year. This growth was driven partly by a significant 56.2% increase in revenue from its Ready-to-Eat (RTE) product category, which now expands into additional countries, including Sweden and Denmark.

Despite the overall revenue growth, the meal kit segment of the business experienced a decline of approximately 6.9% in revenue. The total average order value across all regions saw an increase of 6.5%, contributing positively to the revenue figures. Conversely, the meal kit's weakening performance contrasts with the robust expansion of the RTE sector, highlighting shifting consumer preferences towards convenience.

The company also noted a slight decline in AEBITDA to €16.8 million, down from €66.1 million in Q1 2023, primarily due to increased marketing costs and investments into its RTE product line. The international expansion and consistent investment in automated distribution centers and production sites are part of HelloFresh's strategy to maintain its market leadership and innovate within the food industry.