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

06.06.2025 / 09:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

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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: 06.06.2025 Target price: EUR 2.70 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr

Q1 shows further margin and cash flow improvements

While Q1 sales decreased by 7.4% yoy to EUR 74.7m as a result of the notably reduced marketing vouchers (-19.8%) and cut marketing expenses (-8.3%), which impacted the number of active subscribers (-17% yoy to 160k), margins across the board benefited as the quality of subscribers further increased (i.e. 5.2% higher average oder value and 6.2% increased order frequency). As a result, the group's contribution margin improved by 60bps to 35%.

From a regional perspective, the US remains the star of the show. With EUR 40m sales, the contribution margin stood at 39.1% (+142 bps yoy) and the operating EBITDA margin at 9.7% (+40 bps yoy). As Europe operates sub scale (EUR 7m sales) margins are clearly below the group's averages; CM 25.9% (-120 bps yoy), op. EBITDA -3.2% (+350 bps yoy thanks to significant fix cost reductions).

As per its focus on margins over growth, G&A expenses shrunk 20% yoy. Despite the weak top-line, MSG's operating EBITDA increased to EUR 0.6m. The reported EBIT loss halved to EUR 3.8m.

Even more importantly, the operating cash flow further improved to EUR 4.6m (+ EUR 1.7m), which led to a net cash inflow of EUR 1.7m; total cash at the end of Q1 stood at EUR 7.7m. This, coupled with the expected cash inflow from the Chefgood divestment in Q2 (eNuW: EUR 6.3m) forms a comfortable liquidity buffer to bridge the gap to sustainable positive operating cashflows expected from this year onwards.

FY25 guidance remains intact. Management expects a single-digit % yoy sales decline while at the same time the contribution margin is expected to improve by >100bps and operating EBITDA to increase by 70-80% yoy (i.e. EUR 15.6-16.6m).

Ongoing Marley Spoon transformation. With the discontinuation of its Dinnerly brand in Europe and the expected launch of its ready-to-eat (RTE) offering in Europe, Marley Spoon is further progressing on its single brand strategy, which offers simpler processes and synergies in regards to marketing. Mind you, during the mid-term, management highlighted plans to offer additional food and nutrition solutions (e.g. juice packs, healthy snacks, special diet meals) under the Marley Spoon brand, ultimately increasing the value proposition for customers on the platform.

BUY with an unchanged EUR 2.70 PT based on DCF.

You can download the research here: http://www.more-ir.de/d/32814.pdf 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. ++++++++++

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2151820 06.06.2025 CET/CEST

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Quelle: dpa-Afx