Original-Research: Marley Spoon Group SE (Von Nuways AG)

Original-Research: Marley Spoon Group SE - from NuWays AG
10.09.2025 / 09:00 CET/CEST
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Classification of NuWays AG to Marley Spoon Group SE

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 € 1.6m, an improvement of € 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 € 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 aligns 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 € 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.

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