HelloFresh stock slips as Q3 orders fall despite stronger margins

HelloFresh stock traded at 2.94 euros on Lang & Schwarz at 12:14 CET on Wednesday, November 11, 2026, 1.67 percent below the Xetra close of Tuesday, November 10. The quote follows the company's third-quarter report, which showed stronger adjusted profitability but weaker revenue and order volumes.

HelloFresh published its Q3 2026 results on Thursday, November 5. In its investor relations announcement, the company said constant-currency revenue fell 11.3 percent year over year to 1.4 billion euros. Reported revenue was 1.426 billion euros, compared with 1.582 billion euros in Q3 2025.

Margins improve while orders retreat

The group processed 19.63 million orders, down 17.9 percent from 23.93 million a year earlier. HelloFresh linked the decline to lower-than-expected new-customer acquisition during the back-to-school period and said the reduction in third-quarter marketing spending was more pronounced than in the first half.

Average order value provided a partial offset. On a constant-currency basis, it rose 7.5 percent to 70.5 euros, supported by selective price increases, greater use of add-ons and a higher share of premium recipes.

Constant-currency adjusted EBITDA increased 26.3 percent to 50.9 million euros from 40.3 million euros. The group said lower marketing expenses, its efficiency program and the higher average order value supported profitability. These effects were partly offset by operational deleverage from lower volumes and temporary inefficiencies linked to menu expansion, procurement, cooking and fulfillment.

Meal Kits lead the recovery

Meal Kits revenue declined 13.1 percent in constant currency, but its adjusted EBITDA margin improved to 10.7 percent from 9.4 percent in Q3 2025. Ready-to-Eat revenue fell 11.1 percent, while the segment reached adjusted EBITDA break-even after a loss of 21.6 million euros in the prior-year quarter.

HelloFresh also reported progress in its retail strategy. In September, Factor ready-to-eat meals completed a nationwide rollout in Target stores in the United States after a regional pilot. The company said physical retail should complement its direct-to-consumer business, but management's immediate priority remains operational execution before a material increase in customer acquisition spending.

2026 outlook remains unchanged

HelloFresh maintained its full-year 2026 outlook. On a constant-currency basis, revenue is expected to decline by 9 percent to 11 percent, while adjusted EBITDA is forecast at 350 million euros to 370 million euros. The company said its capital-structure initiatives remain on track and that it amended and extended its revolving credit facility in October.

The Q3 figures leave investors weighing a clearer profitability improvement against weaker demand. The higher order value and better segment margins support the efficiency case, while the order decline keeps the pace of any renewed marketing investment central to the next phase of the recovery.

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