We expect that the challenges affecting the food retail and service industry in recent years will continue over at least the next two years. This will hamper the earnings recovery for HelloFresh (HF), the revenue of which is declining significantly from its peak of around €7.6 between 2022 and 2024 to an expected €6.2 billion in 2026. We forecast that the negative volume trend will continue in both the meal kit and ready-to-eat (RTE) segments through 2026 before stabilizing in 2027 and turning to growth in 2028. This will be tempered by the pressure on disposable income and discretionary spending we expect across all HF?s markets amid fierce competition and fast-evolving technology and consumer habits. We now consider the group?s
