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

22.08.2025 / 09:00 CET/CEST

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

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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: 22.08.2025

Target price: EUR 1.00

Target price on sight of: 12 month

Last rating change:

Analyst: Christian Sandherr

Persisting headwinds, FY25 guidance cut; chg.

Marley Spoon cut its FY25 guidance, now projecting sales of EUR 250-270m, down

from „a single-digit % yoy decline“ compared to the FY24 figure of EUR 308m

(eNuW old: EUR 303m). The reasons behind that are multifaceted, including a

weaker USD, a faster than initially expected deconsolidation of the sold

Chefgood but also weaker demand for its products during the current holiday

season. We expect the US to have continued to show signs of stabilizing

subscription numbers coupled with a further improving quality while Europe

is likely to have remained behind expectations.

On the flip side, the company lifted its forecasted contribution margin to

36-37.5%, up from around 34.5% last year (old guidance: improvement by

>100bps, eNuW old: 35.8%) indicating notably improved cost control and

pricing power but also positive implications from the Chefgood divestment

(better product mix).

Operating EBITDA is expected to remain positive, though growth expectation

have been scaled back to 30-50% yoy, down from prior projections of 70-80%,

a prudent adjustment in anticipation of a lower fix cost coverage due to the

revenue short-fall.

Marley Spoon transformation should remain largely on track. With the launch

of its single brand strategy, which includes the discontinuation of it

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

offering in Europe, management is re-shaping the company allowing for

slimmer processes and synergies in 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.

Refinancing remains number one priority. With more than EUR 70m of debt, only

little free cash flow generation and almost EUR 12m of annual interest

obligations, management is in dire need of finding a suitable long-term

solutions with its debtors. As the outcome will be crucial for upcoming

operational decisions, we would expect a somewhat slower transformation in

order to secure liquidity for the time being. We expect the company to

release an update with the schedule H1 report publication in September.

BUY with a cut PT of EUR 1.00 (old: EUR 2.70) based on DCF.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=95bb3997013469a20dbcabfdcf336b46

For additional information visit our website:

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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

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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.

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2187406 22.08.2025 CET/CEST

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