Stable Revenue Trend
Observed a stable revenue trend in Q3 with a decline of about 9% in constant currency, driven by a double-digit decline in orders, somewhat offset by a 4% increase in Average Order Value (AOV).
Adjusted EBITDA and Margin Improvements
Q3 adjusted EBITDA came in at EUR 40.3 million. Despite headwinds, maintained a double-digit adjusted EBITDA margin in meal kits with North America and International improving year-over-year.
Efficiency Program Progress
On track with the EUR 300 million efficiency program, with about 70% of initiatives implemented. Free cash flow before leases improved by over EUR 140 million year-to-date.
ReFresh Strategy and Product Innovation
Expanded meal kit weekly options to over 100, improving customer satisfaction and retention. Positive response to menu expansion and packaging upgrades among loyal and lapsed customers.
Free Cash Flow Improvement
Free cash flow year-to-date is up 4x year-over-year, and free cash flow per share is up over 5x year-over-year due to share buyback program.