Original-Research: Marley Spoon Group SE - from NuWays AG 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: 12.03.2024 Target price: 8.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Mark Schüssler HelloFresh’s weak outlook reflected MSG's market est. Topic: Last Friday, Marley Spoon's (MSG) close peer HelloFresh (HFG) released a weaker-than-expected outlook for FY24 and withdrew its FY25 (mid-term) targets on the back of particularly challenging end markets, triggering a 40-50% sell-off of the stock. Importantly, the weak end market sentiment should be fully reflected in our and market expectations for MSG. What happened in detail: HFG had issued its midterm (FY25) targets of € 10bn in revenue and € 1bn in operating earnings during a time in which consumer sentiment generally and the meal kit market particularly were still upbeat with strong growth, apparently failing to temper consensus' expectations regarding the Group’s ability to deliver on these goals in the presently challenging macroeconomic environment. As a result, withdrawing the midterm targets altogether along with a muted FY24 guidance of € 7.75-8.20bn in revenue (2-8% yoy) and adj. EBITDA of € 350-400m (between -11% and -22% yoy) caught investors flat-footed. Investing heavily in performance marketing and brand maintenance, the company cited higher customer acquisition costs as the main driver for lower prospective adj. EBITDA along with increased expenses for production capacity and ramp-up of two newly added fulfilment centres. What this means for MSG and our estimates: In our view, this is no incremental negative news for Marley Spoon as our current top and bottom line estimates already reflect a challenging end market environment. To a considerable extent, the negative expectations regarding the meal kit market in FY24 have already been priced in MSG’s stock after the company posted a revenue decline of -18% in FY23, leading investors to adjust their forward expectations accordingly. We currently expect MSG’s organic sales to grow by 5.2% – and thus at the midpoint of HFG’s guided FY24 revenue growth – to reach € 346m, aided by a lower revenue base and a rectified voucher strategy which has already improved marketing efficiency and early cohort retention rates since Q4’23 and should likely help to lift subscriber quality, order frequency as well as basket size, going forward. In line with HFG’s statement regarding the beginning recovery of the meal kit market, active subscribers are seen to grow by 3% yoy to 195k after having dropped by 24% from 249k in FY22 to 189k in FY23. Marley Spoon Group remains attractively priced trading at only 0.32x EV/Sales 2024e, leading us to reiterate our BUY rating with an unchanged PT of € 8.00 based on DCF. You can download the research here: http://www.more-ir.de/d/29111.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden: www.nuways-ag.com/research. 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. ++++++++++ -------------------transmitted by EQS Group AG.------------------- 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.

Original-Research: Marley Spoon Group SE - von NuWays AG Einstufung von NuWays AG zu Marley Spoon Group SE Unternehmen: Marley Spoon Group SE ISIN: LU2380748603 Anlass der Studie: Update Empfehlung: BUY seit: 15.02.2024 Kursziel: 8.00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Mark Schüssler Strategic transactions closed; est. & PT chg. Marley Spoon Group ('MSG') closed the strategic transactions announced on January 31st. Here is what you need to know: Acquisition of BistroMD. MSG closed the acquisition of BistroMD, a leading doctor-designed ready-toeat (RTE) meal plan company in the US (c. € 35m revenues in 2023), offering MSG an opportunity to use its own data and technology platform to generate synergies and performance improvements over time. While BistroMD should currently be loss-making due to lack of sufficient scale (c. 30% contribution margin, eNuW), fulfilment, G&A, and marketing expenses are seen to decrease significantly from currently c. € 27.5m (eNuW) to c. € 20m by 2025e (eNuW) thanks to the integration into MSG's platform. In sum, we regard BistroMD as a strategically sensible add-on as it adds a double-digit growing RTE business that capitalizes on the increasing health & wellness consciousness of the American consumer. Depending on the underlying share price assumed, the acquisition price of around € 15m (eNuW) comprises c. € 1113m in debt as well as 1.4m MSG shares, along with an earn-out of up to 1.2m additional shares (12 months post-closing), and 450k warrants with strike prices ranging from € 15 to € 20. Assuming a share price of € 2.00, MSG acquires BistroMD at an EV/Sales FY23 multiple 0.43x, a 48% premium to MSG's own current valuation of 0.29x. Partnership with FreshRealm. Furthermore, MSG entered into a 7-year strategic partnership for manufacturing and fulfilment with FreshRealm by selling its US operating assets for € 22m to FreshRealm, which will operate the fulfilment centre and become MSG's exclusive operations partner in the US. This provides Marley Spoon with a scalable and capitalefficient way of operating in the US, delegating assetheavy fulfilment and warehouse operations (back-end) to an experienced partner while continuing to focus its investments on customer-facing competencies (front-end). Net cost savings are seen to amount to c. € 12m in G&A and should thus favourably impact margins going forward. Debt terms & capital raise. Both deals are supported by an c. € 8m equity raise through c. 2m treasury shares at € 4.00 per share. Moreover, Runway, the company's biggest debtholder, supports these transactions and agreed to a 12-months extension of the debt facilities' interest-only period to January 2026 and maturity date to June 2027. Upon closure of the transactions, MSG will repay Runway € 10.3m of the outstanding loan balance. Importantly, the asset sale, capital raise, and debt facility extension provide Marley Spoon with ample breathing room to reinvigorate its meal-kit and adjacent operations as well as time to successfully integrate its recent acquisitions. Growth outlook. Including the financial impact of the transactions described above, Marley Spoon is well-positioned to return to profitable topline growth, reaching c. € 384m sales (+16.9% yoy, eNuW) and c. € 2m operating EBITDA (+1.4ppts yoy, eNuW) in FY24e. This should mainly be driven by a return to active customer growth to c. 211k (+ 12% yoy, eNuW), and leverage in its multi-region and multi-brand meal kit platform to 1. further penetrate the still vastly underpenetrated $ 7tn global food & grocery market, harnessing deep-seated consumer trends like convenience and wellness; 2. grow basket size via more differentiated service offerings (AI-driven recipe development and ranking for +100 weekly recipe options); 3. and realize revenue and cost synergies from its newly acquired BistroMD and FreshRealm partnerships going forward. The Group remains attractively priced trading at only 0.28x EV/Sales 2024e, leading us to reiterate our BUY rating with a changed PT of € 8.00 (old: € 8.60) based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28897.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen 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. ++++++++++ -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Marley Spoon Group SE - von NuWays AG Einstufung von NuWays AG zu Marley Spoon Group SE Unternehmen: Marley Spoon Group SE ISIN: LU2380748603 Anlass der Studie: Empfehlung: BUY seit: 01.02.2024 Kursziel: 8.60 Kursziel auf Sicht von: 12 Monate Letzte Ratingänderung: Analyst: Mark-Hendrik Schüssler Yesterday, Marley Spoon Group ('MSG') released Q4 and preliminary FY'23 results that were in line with our expectations. Q4 sales came in at € 73.5m (-18% yoy; eNuW: € 73.1m), implying revenues of € 328.5m for the full year (-18% yoy; eNuW: € 328.1m), which was mainly driven by a smaller active subscriber base of c. 193k (-22% yoy; eNuW: 189k) and lower order frequency per subscriber on account of a very challenging macroeconomic environment and pronounced consumer budget concerns throughout 2023. While macroeconomic uncertainties persist, MSG has made operational and non-operational progress on several fronts and thus looks set to disproportionately benefit from an eventual return of consumer confidence and a less hawkish monetary policy: Removing operational roadblocks. Operationally, MSG continued to expand its industry-leading contribution margins for Q4 and the full year to 32.6% and 31.7% (+290bps yoy, eNuW: 31.5%), respectively, through operational efficiencies in fulfilment (180bps yoy fulfilment costs) and marginbased menu planning (+120bps in gross margin). Notably, MSG was able to translate a higher contribution margin into a strong operating EBITDA margin of 4% for Q4 (eNuW: 3.4%) and 0.8% for the full year (+140bps yoy, eNuW: -1%). This healthy margin development was aided by (1) rectifying a previously changed voucher strategy, allowing the company to increase marketing efficiency and early cohort retention rates in H2'23 and into Q1'24 as well as a more stabilized order frequency and enhanced subscriber quality; and (2) a more streamlined G&A setup (-11% yoy to c. € 69m, excluding one-off costs) as cost-reduction measures from automation, business service centralization, the closure of underutilized operations, and cost synergies from its Chefgood integration began to kick in. Progress in ending dual-listed status. In Q4’23, the Group closed its tender offer to the remaining shareholders of Marley Spoon SE (listed on the ASX). The results indicated that it successfully acquired 10.4% of the total issued capital of Marley Spoon SE, increasing the stake to 95% (see illustration on page 2) and further paving the way to delist Marley Spoon SE from the ASX in H1 2024e (eNuW). In our view, this should benefit liquidity for MSG shares and help reduce investment complexity stemming from its current dual-listed status. Additionally, each share of MSG now owns 10ppts. more of Marley Spoon SE, which is reflected in our raised PT. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28789.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen 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. ++++++++++ -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Marley Spoon Group SE - von NuWays AG Einstufung von NuWays AG zu Marley Spoon Group SE Unternehmen: Marley Spoon Group SE ISIN: LU2380748603 Anlass der Studie: Update Empfehlung: BUY seit: 07.12.2023 Kursziel: € 8,20 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Mark-Hendrik Schüssler RS feedback: Venture-like D2C meal kit opportunity Yesterday, we hosted a digital roadshow with the CEO of Marley Spoon. Here are our key takeaways: Adjusted voucher strategy and turnaround. In Q3, the company rectified a previously changed voucher strategy and has already seen promising signs of increasing marketing efficiency and early cohort retention rates in Q4, paving the way to return to sales growth in 2024e aided by a more stabilized order frequency, growing basket size (c. 2% eNuW), as well as growing subscriber quality and base (c. 3% eNuW; currently 15% retention rate over > 20 quarters). Ongoing reduction in G&A expenses should contribute to a positive operating EBITDA in 2024e. Executing on its strategic shift from growth to profitability, Marley Spoon managed to significantly decrease G&A expenses by 20% yoy in Q3 2023 (excl. one-time charges) as it continues to reduce costs through automation, business service centralization, and realizing cost synergies from its Chefgood integration. Moreover, installed capacity should help it produce c. € 1bn in sales, rendering future capex superfluous and supporting break-even to positive free cash flow generation starting 2024e. Process of ending dual-listed status underway. The company is in the process of transferring its float from ASX to Frankfurt Stock Exchange through a tender offer to acquire the remaining shares of the Australianlisted Marley Spoon SE ( Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28499.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen 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. ++++++++++ -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Marley Spoon Group SE - von NuWays AG Einstufung von NuWays AG zu Marley Spoon Group SE Unternehmen: Marley Spoon Group SE ISIN: AU0000013070 Anlass der Studie: INITIATION Empfehlung: BUY - INITIATION seit: 15.11.2023 Kursziel: € 8,20 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Mark-Hendrik Schüssler Treasure in a BOX - Initiate Marley Spoon with Buy Marley Spoon is a leading meal kit delivery company in a still nascent, but rapidly growing $ 12bn global meal kit market that solves the “What’s for dinner?” problem. The company has gained impressive traction during the past 5 years, growing its revenue by 29% p.a. to c. € 328m in FY23e and created a sticky customer base of c. 307k (Q3 2023) with 95% of revenues stemming from recurring orders. Its subscribers cherish the industry-leading selection of 100+ recipes per week along with high-quality ingredients conveniently delivered to their homes and the hassle-free and time-saving cooking experience. Addressing a narrowly defined customer group willing to pay a price premium for unconventional and exotic recipes allows Marely Spoon to generate higher contribution margins than its biggest competitor, despite lower economies of scale. The meal-kit industry provides an exciting growth opportunity and is expected to reach $ 51bn sales by 2030 (16% CAGR), mainly driven by consumers' desire for more convenience, sustainability, and learning opportunities in their meal preparation. While we expect Marley Spoon to grow sales at a 10% CAGR (FY2023-26e) due to its strategic shift from growth to profitability, the company is nonetheless wellsituated to benefit from increasing e-commerce penetration rates in the global food market. The recent macroeconomic headwinds and muted consumer sentiment have not left Marley Spoon unscathed. The company has tempered its marketing investments due to prospectively unprofitable and inefficient customer acquisition and has further streamlined its operations with G&A expenses seen to drop by 18% yoy to c. € 64m in 2024e. However, we see the company to return to sales and subscriber growth in 2024e, although at a slower pace as Marley Spoon continues to balance its ambitions for long-term growth with healthy bottom line development. As a result, the company is on track to achieve a positive operating EBITDA margin of c. 3% (eNuW) and positive operating cash flow on a group level by 2024e. In our view, Marley Spoon presents a compelling micro-cap opportunity, which allows investors to participate in an entrenched D2C brand that looks set to return to top line growth while substantially improving the bottom line in FY24e. Trading at 0.37x EV/Sales 2023e, the stock is attractively valued and we hence initiate the coverage with a BUY and a € 8.20 PT based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28291.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen 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. ++++++++++ -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.