40333371 2025-01-01 2025-12-31 40333371 2025-01-01 2025-12-31 1 40333371 2025-01-01 2025-12-31 1 40333371 2025-01-01 2025-12-31 2 40333371 2025-01-01 2025-12-31 1 40333371 2025-01-01 2025-12-31 2 40333371 2024-01-01 2024-12-31 40333371 2025-12-31 40333371 2024-12-31 40333371 2024-12-31 fsa:ContributedCapitalMember 40333371 2024-12-31 fsa:RetainedEarningsMember 40333371 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 40333371 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 40333371 2025-01-01 2025-12-31 cmn:OtherRenderingOfReportedValueMember 40333371 2025-12-31 fsa:ContributedCapitalMember 40333371 2025-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Andreas Støvring Management's statement The Executive Board and Board of Directors have today considered and adopted the Annual Report of HelloFresh Nordics ApS for the financial year 1 January - 31 December 2025.The Annual Report is prepared in accordance with the Danish Financial Statements Act.In our opinion the Financial Statements give a true and fair view of the financial position at 31 December 2025 of the Company and of the results of the Company operations for 2025.In our opinion, the management review contains a fair review of the development of the Entity’s business and financial matters, the results for the year and the Entity’s financial position, together with a description of the principal risks and uncertainties that the Entity face.We recommend that the Annual Report be adopted at the Annual General Meeting. Copenhagen Andreas Støvring Managing Directo Andreas Støvring Michael Saunders Chairman Statement on management's reviewManagement is responsible for Management's Review. Our opinion on the Financial Statements does not cover Management's Review, and we do not express any form of assurance conclusions thereon. In connection with our audit of the Financial Statements, our responsibility is to read Management's Review and, in doing so, consider whether Management's Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management's Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management's Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement in Management's Review. To the Shareholder of HelloFresh Nordics ApS OpinionIn our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2025, and of the results of the Company's operations for the financial year 1 January to 31 December 2025 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of HelloFresh Nordics ApS for the financial year 1 January to 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies ("the Financial Statements"). Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor’s Responsibilities for the audit of the Financial Statements" section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management's responsibility for the Financial StatementsManagement is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the Financial Statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Hellerup PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Bo Schou-Jacobsen Gösta Gauffin State Authorised Public Accountan mne28703 mne45821 Auditor's responsibilities for the audit of the Financial Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.•Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.• Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in the internal control that we identify during our audit. HelloFresh Nordics ApS Artillerive 90, st 2300 København S 40333371 Copenhagen Strandvejen 44 2900 Hellerup Financial highlights20252024202320222021Key figuresDKK'000DKK’000DKK’000DKK’000DKK’000Profit/lossRevenue734,185770,270836,929809,082539,751Operating profit / loss 7,75626,18532,62325,031752Net financials-3,5453,641-876-4,588-2,153Net profit/loss for the year3,40323,20924,64215,808-1,122Balance sheetBalance sheet total398,268379,817367,218366,067361,576Equity316,558313,154289,945265,303249,495Investment in property, plant and equipment652 245 628 342 1,324Number of employees1181261199653RatiosGross margin12.9%14.5%14.4%10.4%5.4%Profit margin1.1%3.4%3.9%3.1%0.1%Return on assets1.9%6.9%8.0%6.8%0.2%Solvency ratio 79.5%82.4%71.4%72.5%69.0%Return on equity 1.1%7.7%8.9%6.1%-0.9%Management’s ReviewKey activitiesThe Company's principal activities are the development, marketing, production, distribution and sale of food mealkits in the Danish market.Additionally the company performs management services for the Company's trading subsidiaries in Sweden and in Norway. These services are provided by central functions such as finance and legal as well as by operations and marketing teams.Development in the yearIn the 2024 accounts HelloFresh management gave a 2025 expectation range of:Net profit after financial items and taxes DKK 5,000,000 - 15,000,000The 2025 actual results ( 3,403,123 DKK) are just below the expectation range after financial items due to FX costs. The company bears a significant proportion of its costs from HelloFresh Sweden where the boxes are fulfilled, these costs are invoiced and paid in SEK.As forecast the investment into the product resulted in higher food costs which affected profitability however these investments were required to return to revenue growth in 2026.Operating risks and financial risksOperating risksHellofresh Nordics ApS' main operating risk is linked to the ability to maintain and expand its already strong position within the customer base.Foreign exchange risksHellofresh Nordics ApS is only exposed to a limited extent to currency risks. The company invoices primarily in DKK, while most of the purchases are made in EUR, SEK or DKK.Interest rate risksHellofresh Nordics ApS does not have significant interest risks towards changes in the level of interest rates.Credit risksHellofresh Nordics ApS does not have significant risks regarding individual customers or business partners.Strategy and objectivesOur Business model differs from that of a retailer or grocer, as it rethinks the traditional food supply chain model. By starting with the consumer and working upstream with a “pull model”, we largely eliminate the need for intermediaries such as distributors or wholesalers. We work closely with our supplier network, made up mostly of local suppliers, to ensure we can purchase the ingredients for our meal solutions on fresh ingredients in the required quantities. We operate on a low inventory basis for perishable products. The ingredients for our meal kits, and ready-to-eat meals, are packed in our refrigerated fulfillments centers. From there, our food solutions are delivered using insulated packaging or refrigerated vehicles, which allow us to deliver the ingredients with a high level of freshness.Targets and expectations for the year aheadIn 2026 the company will continue to invest into the quality and variety of the product. There are also ongoing macro economic pressures affecting fuel and food prices likely to have a significant impact in H2 2026. However the investments into the product coupled with marketing steering are showing positive results on the revenue. We expect profit margins will be impacted by the above and therefore predict that profit after financial items and taxes will be in the range of 2,000,000 DKK - 10,000,000 in 2026.Unusual eventsThe financial position at 31 December 2025 of the Company and the results of the activities of the Company for the financial year for 2025 have not been affected by any unusual events.Uncertainty relating to recognition and measurementRecognition and measurement in the Annual Report have not been subject to any uncertainty.Subsequent eventsReference is made to note 17 in the Financial Statements. Statement of corporate social responsibilityHellofresh Nordics ApS wants to develop its businesses and meet its strategic challenges in an economically and socially sound manner.Hellofresh Nordics ApS is a member of the Hellofresh Group, which has prepared a consolidated corporate governance statement report on corporate social responsibility for 2025.Hellofresh Nordics ApS is an environmentally conscious company that continuously works to reduce the environmental impacts of the company's operations and has a policy of social responsibility, including the environment, human rights, and climate.Hellofresh Nordics ApS has chosen to apply the exemption provision in section 99b of the Danish Financial Statements Act, as the Hellofresh Group prepares a progress report every year. The Hellofresh Group consolidated corporate governance statement report on the corporate social responsibility for 2025 is made publicly available separately from the management report on the website of the parent Company under:https://ir.hellofreshgroup.com/media/document/9cffaffe-61ae-468c-b5df-9ad9e13f1df4/assets/DE000A161408-JA-2025-EQ-E-00.pdf?disposition=inline Statement on data ethicsHellofresh Nordics ApS is part of the Hellofresh Group. Hellofresh Group has a policy of Data protection and privacy. The policy can be found on:https://ir.hellofreshgroup.com/media/document/9cffaffe-61ae-468c-b5df-9ad9e13f1df4/assets/DE000A161408-JA-2025-EQ-E-00.pdf?disposition=inline 734184673 770270391 330535838 328436358 308857708 329936046 94791128 111897986 86575031 85023517 459775 689707 7756322 26184762 14652334 10586019 18197035 6944920 4211620 29825862 808498 6616409 3403123 23209453 1083897 786707 0 104666 1083897 891373 293022329 293022329 882549 602429 293904878 293624758 294988774 294516131 14693444 9885768 85227577 74497680 75864 130876 2311802 394578 970361 391755 103279047 85300657 103279047 85300657 398267822 379816788 101114 101114 316456474 313053352 316557588 313154466 2689049 2144093 45572527 35497682 22121848 21443287 11326811 7577260 81710234 66662323 81710234 66662323 398267822 379816788 101114 313053352 313154466 0 3403122 3403122 101114 316456474 316557588 2025 2024DKK DKK1 RevenueRevenue, Denmark 663,400,228 700,380,866Revenue, Germany15,864,22312,211,387Revenue, Netherlands6,892,3202,307,751Revenue, Norway16,132,57618,533,525Revenue, Sweden31,789,60236,836,862Revenue, United Kingdom105,7240734,184,673 770,270,391Business segmentsExternal Sales663,449,221700,380,866Intercompany Sales70,735,45269,889,525734,184,673 770,270,391 2Staff costWages and salaries 80,650,356 79,515,793Pensions 5,300,657 4,923,409Other social security cost 624,019 584,31586,575,031 85,023,517 Including remuneration to the Executive Board and Board of Directors is 1,149,748 DKK in 2025.With reference to Section 98 B(3) of the Danish Financial Statements Act, remuneration to the Executive Board for 2024 has not been disclosed separately.The Board of Directors does not receive any remuneration. 118 126 3Depreciation, amortisation and impairment of intangible assets and Depreciation of property, plant and equipment459,775689,707459,775689,707Which is specified as follows:Other fixtures and fittings, tools and equipment355,108411,814Leasehold improvements104,666277,893459,775689,707 4Financial incomeInterest received from group enterprises 5,180,561 1,478,785Exchange gains9,471,773 9,107,23414,652,334 10,586,019 2025 2024DKK DKK5Financial expensesTax interest expense 1,597 0Interest paid to group enterprises 2,627,565 632,848Other financial expenses 50,856 0Exchange adjustments, expenses15,517,018 6,312,07118,197,035 6,944,919 6Tax on profit for the yearCurrent tax for the year 891,440 6,839,378Deferred tax for the year 55,012 -34,195Adjustments concerning prior years -137,955 -188,774808,498 6,616,409 3403123 23209453 Other fixturesand fittings,Leasehold8Property, plant and equipmentTotaltools andimprovementsequipmentDKKDKKDKKCost at 1 January 2,861,9871,315,4114,177,398Additions652,2980652,298Transfer000Disposals000Cost at 31 December3,514,2851,315,4114,829,696Impairment losses and amortisation at 1 2,075,280 1,210,744 3,286,025JanuaryDepreciation for the year 355,108 104,666 459,775Disposals000Impairment losses and amortisation at 31 2,430,388 1,315,411 3,745,799DecemberCarrying amount at 31 December1,083,89701,083,897 20252024DKKDKK9 Investment in subidiariesCost at 1 January293,022,329 293,022,329Additions for the year00Carrying amount at 31 December293,022,329293,022,329Investments in subsidiaries are specified as follows:Place ofVotes andNet profit/lossNameEquityregistered officeownershipfor the yearHelloFresh Sweden ABSweden100%147,857,46729,630,631HelloFresh Norway ASNorway100%46,405,25812,076,093DepositDKK10 Other fixed asset investmentsCost at 1 January602,429Additions for the year280,119Carrying amount at 31 December882,548 11 Deferred tax asset2025 2024Deferred tax asset at 1 January130,876 165,071Amounts recognised in the income statement for the year-55,012 -34,195Carrying amount at 31 December75,864130,876 12 PrepaymentsPrepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions and interest. 13 Deferred incomeDeferred income consists of payments received in respect of income in subsequent years. 14 Contingent assets, liabilities and other financial obligations20252024DKKDKKRental and lease obligationsLease obligations under operating leases. Total future lease payments:Within 1 year1,665,6761,626,177Between 1 and 5 years01,626,1771,665,6763,252,354 15 Related partiesTransactionsDuring the year, the Company had the following transactions with its ultimate Parent Company and its subsidiaries:Revenue70,73569,890Purchase of goods243,495237,221Service rendering247,896284,822Financial income5,1801,479Financial expenses2,628633Intercompany receivables85,22874,498Intercompany payables45,57335,498In addition, transactions with the management have been carried out in the form of management remuneration, cf. note 2.Consolidated Financial StatementsThe Company is part of the consolidated financial statements of:NamePlace of registered officeHelloFresh SEPrinzenstraße 89, 10969 Berlin, GermanyThese can be found here:https://ir.hellofreshgroup.com/media/document/9cffaffe-61ae-468c-b5df-9ad9e13f1df4/assets/DE000A161408-JA-2025-EQ-E-00.pdf?disposition=inline 16 Fee to auditors appointed at the general meetingWith reference to section 96(3) of the Danish Financial Statements Act, information in relation to fee's to auditors has been excluded, HelloFresh Nordics A/S is included in the consolidated financial statements of HelloFresh SE, where the information for the whole group is included. 17 Subsequent eventsOn 26 June 2026, the Company received a dividend distribution from its subsidiary HelloFresh Sweden AB amounting to SEK 150,000,000 equivalent to 101,979,750 DKK. No other significant events have occurred after the reporting date. 18 Accounting policiesThe Annual Report of HelloFresh Nordics ApS for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C.The Financial Statements for 2025 are presented in DKK.ConsolidationWith reference to section 112 of the Danish Financial Statements Act and to the consolidated financial statements of HelloFresh SE, the Company has not prepared consolidated financial statements.Basis of the recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.Translation policiesTransactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement.Fixed assets acquired in foreign currencies are measured at the transaction date rates.RevenueInformation on business segments and geographical segments based on the Companys risks and returns and its internal financial reporting system. Business segments are regarded as the primary segments.Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Company. In addition the company generates revenue by performing management services for the Company's subsidiaries. Management services are provided by central functions such as finance and legal as well as by operations and marketing teams.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales.Expenses for raw materials and consumablesExpenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve revenue for the year.Other external expensesOther external expenses comprise costs for sales, advertising, administration, premises and operating leasing costs etc.Staff expensesStaff expenses comprise wages and salaries as well as payroll expenses. Other employee costs are recognised in other external expenses.Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of other fixtures and fittings, tools and equipment as well as leasehold improvements.Financial income and expensesFinancial income and expenses are recognised in the income statement at the amounts relating to the financial year.Tax on profit for the yearTax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.Balance sheetProperty, plant and equipmentProperty, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use.The cost of assets under construction comprises of direct and indirect costs of materials. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:Other fixtures, tools and equipment 3 - 10 yearsLeasehold improvements 2 - 5 yearsDepreciation period and residual value are reassessed annually.Impairment of fixed assetsThe carrying amounts of property, plant and equipment are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation.Investments in subsidiariesInvestments in subsidiaries are measured at cost. Where cost exceeds the recoverable amount, writedown is made to this lower value.Other fixed asset investmentsOther fixed asset investments consist of deposits.ReceivablesReceivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Provisions for bad debts are determined on the basis of an individual assessment of each receivable, and in respect of trade receivables, a general provision is also made based on the Company’s experience from previous years.PrepaymentsPrepayments comprise prepaid expenses concerning prepaid costs regarding subsequent financial years.Deferred tax assets and liabilitiesDeferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity.Financial liabilitiesLiabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value.Current tax receivables and liabilitiesCurrent tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses.Financial debtsDebt consist primarily of intercompany loans and are measured at amortised cost, substantially corresponding to nominal value.Deferred incomeDeferred income comprises payments received in respect of income in subsequent years.Financial HighlightsExplanation of financial ratiosGross marginGross profit x 100RevenueProfit marginProfit before financials x 100RevenueReturn on assetsProfit before financials x 100Total assetsSolvency ratioEquity at year end x 100Total assets at year endReturn on equityNet profit for the year x 100Average equity true Cash flow statementWith reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial statements of HelloFresh SE, the Company has not prepared a cash flow statement.Reclassification of external servicesThe classification of "External Services – Other", "External labour costs", and "Recipe costs - test kitchen" have been changed to better reflect the nature of the expenses. These costs have been moved from Expenses for raw materials and consumables to Other external expenses.The change has been applied to both 2025 and the comparative figures for 2024. The reclassification has no impact on the results or equity for either year.Effect of reclassification:2025: DKK 45,190,988 was moved between the aforementioned line items.2024: DKK 46,101,951 was moved between the aforementioned line items.Reclassification of CashThe classification of balances held at payment service providers at year end have been changed to better reflect the nature of the balances. These balances have been moved from Cash to Trade Receivables. The change has been appleid to both 2025 and the comparative figures for 2024. The reclassification has no impact on the results or equity for either year.Effect of reclassification:2025: DKK 13,992,8032024: DKK 9,109,500 Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2025-01-01 2025-12-31 2024-01-01 2024-12-31 2026-06-30 Reporting class C, large enterprise 2026-06-30 40333371 HelloFresh Nordics ApS Artillerivej 90, st. 2300 København S Opinion Basis for Opinion 2026-06-30 State Authorised Public Accountant 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup