DGAP-Adhoc: HelloFresh SE expects revenue and adjusted EBITDA ('AEBITDA') for Q2 2020 significantly above market expectations and increases its full year 2020 guidance
DGAP-Ad-hoc: HelloFresh SE / Key word(s): Preliminary Results/Change in Forecast
Public disclosure of inside information according to Article 17 para. 1 of the Regulation (EU) No 596/2014 on market abuse (market abuse regulation - MAR)
HelloFresh SE expects revenue and adjusted EBITDA ("AEBITDA") for Q2 2020 significantly above market expectations and increases its full year 2020 guidance
International Securities Identification Number (ISIN): DE000A161408
Berlin, 13 July 2020 - HelloFresh SE ("Company") has continued to experience very strong customer demand throughout the second quarter of 2020, partly influenced by lockdown measures due to the ongoing Covid-19 pandemic.
Based on preliminary indications, consolidated revenue of the Company for the second quarter of 2020 is expected to amount to between approx. EUR 965 million and approx. EUR 975 million (Q2 2019: EUR 436.7 million), significantly exceeding the latest market expectations, which the Company determined to amount to EUR 789 million (arithmetic average of broker estimates as of 13 July 2020). Year-on-year revenue growth in both segments USA and International exceeded 100% in the second quarter of 2020.
Based on preliminary indications, the group's AEBITDA for the second quarter of 2020 is expected to amount to between approx. EUR 145 million and approx. EUR 155 million (Q2 2019: EUR 18.3 million), significantly exceeding the latest market expectations, which the Company determined to amount to EUR 97 million (arithmetic average of broker estimates as of 13 July 2020).
The Company also expects a Contribution Margin between 26.0% and 26.5% in the second quarter of 2020 and Active Customers of approx. 4.2 million, of which approx. 2.0 million in the segment USA and approx. 2.2 million in the segment International. Due to the implementation of strict social distancing measures as well as a meaningful increase in both, average order value and average orders per customer, the Company operated close to maximum production capacity throughout the second quarter of 2020, particularly in the segment USA.
Based on the strong performance in the second quarter of 2020 and continued strong trends in the early part of the third quarter 2020, the Company increases its full year 2020 revenue growth guidance for the HelloFresh Group on a constant currency basis from previously between 40% and 55% to now between 55% and 70% and narrows its full year 2020 AEBITDA margin guidance for the HelloFresh Group from previously between 6% and 10% to now between 8% and 10%.
The Company will publish its financial statements for the first six months of 2020 as scheduled on 11 August 2020. The final numbers for the second quarter of 2020 may deviate from the ranges presented in this release. All numbers presented in this release are unaudited and based on preliminary indications.
Regarding the definitions of the alternative performance measures AEBITDA and Contribution Margin as well as the definition of Active Customers the Company refers to the corresponding definitions in its Annual Report 2019, which has been published on the Company's website.
This document contains forward-looking statements relating to the business, financial performance and results of the Company, the HelloFresh Group or the industry in which the HelloFresh Group operates. These statements may be identified by words such as "will", "expect", "belief", "estimate", "plan", "target" or "forecast" and similar expressions, or by their context. Forward-looking statements include statements regarding: strategies, outlook and growth prospects; future plans and potential for future growth; growth of products and services in new markets; industry trends; and the impact of regulatory initiatives. These statements are made on the basis of current knowledge and assumptions and involve risks and uncertainties. Various factors could cause actual future results, developments or events to differ materially from those described in these statements, and neither the Company nor any other person accepts any responsibility for the accuracy of the opinions expressed in this document or the underlying assumptions. No obligation is assumed to update any forward-looking statements.
13-Jul-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1092807|
|End of Announcement||DGAP News Service|
1092807 13-Jul-2020 CET/CEST
Our community is currently high on HelloFresh SE with 13 Buy predictions and 5 Sell predictions.
However, we have a potential of -6.273% for HelloFresh SE as the target price of €65.00 is below the current price of €69.35.