^

Original-Research: Marley Spoon Group SE - from NuWays AG

06.06.2025 / 09:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQ

Group.

The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

invitation to conclude certain stock exchange transactions.

---------------------------------------------------------------------------

Classification of NuWays AG to Marley Spoon Group SE

Company Name: Marley Spoon Group SE

ISIN: LU2380748603

Reason for the research: Update

Recommendation: BUY

from: 06.06.2025

Target price: EUR 2.70

Target price on sight of: 12 month

Last rating change:

Analyst: Christian Sandherr

Q1 shows further margin and cash flow improvement

While Q1 sales decreased by 7.4% yoy to EUR 74.7m as a result of the notably

reduced marketing vouchers (-19.8%) and cut marketing expenses (-8.3%),

which impacted the number of active subscribers (-17% yoy to 160k), margin

across the board benefited as the quality of subscribers further increased

(i.e. 5.2% higher average oder value and 6.2% increased order frequency). A

a result, the group's contribution margin improved by 60bps to 35%.

From a regional perspective, the US remains the star of the show. With EUR 40m

sales, the contribution margin stood at 39.1% (+142 bps yoy) and the

operating EBITDA margin at 9.7% (+40 bps yoy). As Europe operates sub scale

(EUR 7m sales) margins are clearly below the group's averages; CM 25.9% (-120

bps yoy), op. EBITDA -3.2% (+350 bps yoy thanks to significant fix cost

reductions).

As per its focus on margins over growth, G&A expenses shrunk 20% yoy.

Despite the weak top-line, MSG's operating EBITDA increased to EUR 0.6m. The

reported EBIT loss halved to EUR 3.8m.

Even more importantly, the operating cash flow further improved to EUR 4.6m (+

EUR 1.7m), which led to a net cash inflow of EUR 1.7m; total cash at the end of

Q1 stood at EUR 7.7m. This, coupled with the expected cash inflow from the

Chefgood divestment in Q2 (eNuW: EUR 6.3m) forms a comfortable liquidity

buffer to bridge the gap to sustainable positive operating cashflow

expected from this year onwards.

FY25 guidance remains intact. Management expects a single-digit % yoy sale

decline while at the same time the contribution margin is expected to

improve by >100bps and operating EBITDA to increase by 70-80% yoy (i.e. EUR

15.6-16.6m).

Ongoing Marley Spoon transformation. With the discontinuation of it

Dinnerly brand in Europe and the expected launch of its ready-to-eat (RTE)

offering in Europe, Marley Spoon is further progressing on its single brand

strategy, which offers simpler processes and synergies in regards to

marketing. Mind you, during the mid-term, management highlighted plans to

offer additional food and nutrition solutions (e.g. juice packs, healthy

snacks, special diet meals) under the Marley Spoon brand, ultimately

increasing the value proposition for customers on the platform.

BUY with an unchanged EUR 2.70 PT based on DCF.

You can download the research here: http://www.more-ir.de/d/32814.pdf

For additional information visit our website:

https://www.nuways-ag.com/research-feed

Contact for questions:

NuWays AG - Equity Research

Web: www.nuways-ag.com

Email: research@nuways-ag.com

LinkedIn: https://www.linkedin.com/company/nuwaysag

Adresse: Mittelweg 16-17, 20148 Hamburg, Germany

++++++++++

Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschlu

bestimmter Börsengeschäfte.

Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befinden sich in der vollständigen Analyse.

++++++++++

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements,

Financial/Corporate News and Press Releases.

Archive at www.eqs-news.com

---------------------------------------------------------------------------

2151820 06.06.2025 CET/CEST

°