Original-Research: Marley Spoon Group SE - from NuWays AG
Classification of NuWays AG to Marley Spoon Group SE
Q2 review: Shift to profitability amid revenue decline 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 € 3.5m in savings. Net income approached breakeven at a € 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 € 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 € 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 € 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 € 2.6m, albeit an improvement of € 2.4m yoy. The quarter closed with a cash balance of € 5.2m, underscoring the need for continued capital discipline as the company balances growth ambitions with financial sustainability. With over € 75m of financial debt and close to € 12m in annual interest obligations, management needs to reach a sustainable long-term agreement with its lenders. BUY with an unchanged € 1.00 PT based on DCF. You can download the research here: marley-spoon-group-se-2025-09-10-previewreview-en-f3f06 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 Abschluss 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. | ||||||||||||||||||||
2195248 10.09.2025 CET/CEST
