German meal-kit firm HelloFresh SE said on Friday that preliminary results for the full year 2023 showed a decline compared to 2022.
HelloFresh said that based on the preliminary indications, for the full year, HelloFresh expects adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of €448 million ($490 million), compared with last year's €477 million.
Annual sales are expected around €7.597 billion, lesser than €7.607 billion last year. The company said that the results are in line with the previously provided outlook which shows a constant currency revenue growth of 2% to 5% with an adjusted EBITDA guidance of €430 million to €470 million.
Looking ahead, for the first-quarter, the group adjusted EBITDA margin around break-even or slightly negative, due to the seasonally high marketing expenses and the rapid ready-to-eat ramp-up.
For the first-quarter, the meals provider projects indicatively a constant currency revenue growth broadly in line with the revenue growth delivered in 2023, which is towards the lower end of its 2024 target.
For the full year, excluding items, the group expects its adjusted EBITDA of €350 million to €400 million.
The company targets constant currency revenue growth of 2% to 8%, for the full year 2024.
The board believes it would be unlikely for the Group to reach its previously announced mid-term target of €10 billion in revenue and €1 billion in adjusted EBITDA by 2025.
HelloFresh is scheduled to publish its 2023 annual report on March 15.
