HelloFresh stock: Q3 profitability rises as revenue declines

Published on 11/05/2026 at 17:31 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

HelloFresh stock is in focus after stronger adjusted profitability across both main segments. Management kept its 2026 outlook unchanged.

Profitability improves as sales contract

HelloFresh reported stronger adjusted profitability in both Meal Kits and Ready-to-Eat during the third quarter.
Lower marketing spending reduced orders, while higher average order values partly offset the volume decline.
Management maintained its full-year 2026 revenue and adjusted EBITDA outlook.

HelloFresh, DE000A161408, Illustration mit AI erstellt.

HelloFresh reported stronger adjusted profitability in both major businesses on Thursday, November 5, after prioritizing efficiency over new-customer growth. The company published its third-quarter results in a HelloFresh results release carried by AD HOC NEWS.

Profitability improves as sales contract

Constant-currency revenue fell 11.3 percent year over year to approximately 1.4 billion euros in the third quarter. Meal Kits revenue declined 13.1 percent and Ready-to-Eat revenue decreased 11.1 percent, as lower marketing spending weakened new-customer acquisition during the back-to-school period.

Adjusted EBITDA in constant currency rose 26.3 percent to 50.9 million euros from 40.3 million euros a year earlier. The Meal Kits adjusted EBITDA margin improved to 10.7 percent from 9.4 percent, while Ready-to-Eat reached adjusted EBITDA break-even after a loss of 21.6 million euros in the prior-year quarter.

Efficiency comes before customer growth

HelloFresh said marketing expenses fell 24.1 percent in absolute terms. Group orders declined 17.9 percent to 19.6 million, but the constant-currency average order value increased 7.5 percent to 70.5 euros as customers bought more add-ons and premium recipes and the company implemented selective price increases.

Free cash flow improved to negative 5.7 million euros from negative 80.7 million euros in the year-earlier quarter. The company attributed the profitability improvement to lower marketing costs, efficiency measures and higher average order values, while lower volumes and temporary procurement, cooking and fulfillment inefficiencies weighed on operations.

2026 outlook remains unchanged

HelloFresh maintained its forecast for a 9 to 11 percent constant-currency revenue decline in 2026 and adjusted EBITDA of 350 million to 370 million euros. Management said it wants to preserve a double-digit Meal Kits margin and return Ready-to-Eat to adjusted EBITDA profitability before reinvesting more heavily in customer acquisition.