HelloFresh SE Achieves €7.6bn Revenue in FY 2023 and Returns to Positive Cash Flow

HelloFresh SE, a global leader in meal-kit delivery, has reported a consolidated revenue of approximately €7.6 billion for the financial year 2023, marking a year-on-year constant currency growth of around 3%. This achievement comes in the company's fifth consecutive year of profitable growth. Expanding its average order value (AOV) and the significant contribution from its Ready-to-Eat (RTE) business were key drivers behind this performance. The AOV in Q4 2023 reached €65.0, showing a 6.4% growth in constant currency compared to Q4 2022.

The company delivered over 1 billion meals across 18 countries, reflecting a robust expansion in its meal delivery operations. Notably, the RTE business segment attained €1.4 billion in revenue during FY 2023. HelloFresh also reported an adjusted EBITDA of €448 million with a margin of 5.9%. A notable achievement for the year was returning to a positive free cash flow of €78 million, attributed to operational efficiency improvements and disciplined investments.

Looking ahead, HelloFresh anticipates maintaining its growth trajectory, with a target constant currency revenue growth between 2% and 8% for 2024. The company's focus on diversifying its offerings and further expanding its RTE business is expected to play a crucial role in achieving these goals. However, anticipated investments and expansion efforts are expected to result in an adjusted EBITDA for 2024 ranging between €350 million and €400 million, slightly below the 2023 level.