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

10.09.2025 / 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: 10.09.2025

Target price: EUR 1.00

Target price on sight of: 12 month

Last rating change:

Analyst: Christian Sandherr

Q2 review: Shift to profitability amid revenue decline

Marley Spoon reported Q2 results that clearly underline the decisive shift

towards profitability, despite ongoing headwinds on the top line. Q2 EBIT

stood at EUR 1.6m, an improvement of EUR 4.8m yoy, marking the strongest

quarterly performance in company history and extending its streak to seven

consecutive quarters of positive operating EBITDA. At the same time, the

company continues to grapple with declining revenues as net sales decreased

by 21.6% yoy to EUR 64.2m. The decline reflects both, the deliberate pullback

in marketing expenses (-49% yoy) and the divestment of Chefgood in

Australia. While this strategy depresses growth in the near term, it align

with management's focus on profitability and returns on invested capital.

The underlying operational metrics highlight a more robust business model

emerging from these strategic changes. The group's contribution margin

improved to 37.6%, up 2.9pp, while operating EBITDA margin rose 6.5pp to

7.8%. These improvements stemmed from tighter cost control, reduced

marketing intensity, and efficiency gains across the supply chain. G&A

expenses fell by 18.9%, equivalent to EUR 3.5m in savings. Net income

approached breakeven at a EUR 0.6m loss, reflecting the operational leverage

achieved. Importantly, customer engagement remained strong despite lower

acquisition spend, with average order frequency up 5.4% and average order

value rising 5.8%.

Regional performance illustrates the benefits of disciplined cost

management. The US, Marley Spoon's largest market, reported revenues of EUR

34.2m, down 24.6% yoy, but delivered significant margin expansion with

contribution margin at 42.4% (+5.5pp yoy) and operating EBITDA margin at

18.1%. Australia posted revenues of EUR 24.1m, down 17.8% yoy, yet achieved

record profitability with an operating EBITDA margin of 15.5%, helped by

higher order values and a broader product mix. Europe, though smallest in

scale with revenues of EUR 5.8m, turned profitable with an operating EBITDA

margin of 5.1%, reflecting efficiency gains under the single-brand strategy.

Cash flow remains a constraint, with operating cash burn of EUR 2.6m, albeit

an improvement of EUR 2.4m yoy. The quarter closed with a cash balance of EUR

5.2m, underscoring the need for continued capital discipline as the company

balances growth ambitions with financial sustainability. With over EUR 75m of

financial debt and close to EUR 12m in annual interest obligations, management

needs to reach a sustainable long-term agreement with its lenders.

BUY with an unchanged EUR 1.00 PT based on DCF.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=ebed567903bd5d60d516135ce01f74e3

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

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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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2195248 10.09.2025 CET/CEST

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