HelloFresh Q1 2024: On Track

56% growth in the ready-to-eat (RTE) vertical; guides for significant margin expansion in Q2

Summary:

• Strong growth in the RTE vertical

• Q1 revenue growth slightly ahead of expectations

• Guides for 5.5-7.0% adj. EBITDA margins in Q2

As HelloFresh is currently one of my largest positions, I would like to share my thoughts regarding the Q1 numbers that HelloFresh reported last Thursday.