HelloFresh stock: Margins improve as orders fall in Q3
Published on 11/13/2026 at 17:31 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSProfitability Gains Meet Weaker Demand
- Third-quarter profitability improved across Meal Kits and Ready-to-Eat.
- Lower marketing spending reduced orders and weighed on revenue.
- Management kept its full-year 2026 outlook unchanged.
HelloFresh stock traded at EUR 3.00 on Lang & Schwarz at 17:14 CET on Friday, November 13, 2026, 3.81% above the Xetra close of Thursday, November 12, 2026. The move follows the company's third-quarter update published on November 5, which showed stronger profitability but weaker demand.
Margins improve as orders decline
According to the HelloFresh investor-relations release, third-quarter constant-currency revenue fell 11.3% year over year to EUR 1.4 billion. Orders declined 17.9% to 19.6 million as the company reduced marketing spending while addressing operational inefficiencies linked to menu expansion.
Constant-currency adjusted EBITDA rose 26.3% to EUR 50.9 million. Meal Kits increased its adjusted EBITDA margin to 10.7% from 9.4% a year earlier, while Ready-to-Eat reached adjusted EBITDA break-even compared with a loss of EUR 21.6 million in the prior-year quarter.
Higher order value offsets volume pressure
Average order value increased 7.5% in constant currency to EUR 70.5, supported by selective price increases, add-ons and a higher share of premium recipes. The result points to stronger unit economics, but the lower order count leaves the pace of future customer acquisition central to the investment case.
HelloFresh said marketing expenses fell 24.1% in absolute terms, or 3.2 percentage points as a share of revenue. The company also cited temporary inefficiencies in procurement, cooking and fulfillment as a drag on the quarter.
Full-year outlook remains unchanged
Management maintained its 2026 guidance for a constant-currency revenue decline of 9% to 11% and adjusted EBITDA of EUR 350 million to EUR 370 million. HelloFresh said its priorities are to preserve a double-digit Meal Kits margin and return Ready-to-Eat to full-year adjusted EBITDA profitability before materially increasing customer acquisition spending.
HelloFresh SE at a glance
- Company: HelloFresh SE
- ISIN: DE000A161408
- WKN: A16140
- Ticker: HFG
- Home exchange: Frankfurt Stock Exchange
- Lang & Schwarz price: EUR 3.00 on Friday, November 13, 2026, at 17:14 CET
- Change: 3.81% above the Xetra close of EUR 2.89 on Thursday, November 12, 2026
- Index: SDAX
The German market environment remains relevant as investors weigh margin progress against softer demand.
