Original-Research: Marley Spoon Group SE - from NuWays AG 10.09.2025 / 09:00 CET / CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group.

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



10.09.2025 / 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:                        10.09.2025
     Target price:                EUR 1.00
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Christian Sandherr



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 EUR 1.6m, an improvement of EUR 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 EUR 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 EUR 3.5m in savings. Net income
approached breakeven at a EUR 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 EUR
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 EUR 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 EUR 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 EUR 2.6m, albeit
an improvement of EUR 2.4m yoy. The quarter closed with a cash balance of EUR
5.2m, underscoring the need for continued capital discipline as the company
balances growth ambitions with financial sustainability. With over EUR 75m of
financial debt and close to EUR 12m in annual interest obligations, management
needs to reach a sustainable long-term agreement with its lenders.



BUY with an unchanged EUR 1.00 PT based on DCF.





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++++++++++
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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2195248 10.09.2025 CET/CEST