Rocket Internet’s selected portfolio companies have made significant progress on their path to profitability in the first three months of the year. The adjusted EBITDA margin improved by 16 percentage points to negative 22% in the first quarter 2016 compared to the first quarter 2015, thereby reducing absolute EBITDA losses by more than EUR 40 million.
The companies across the key sectors Food & Groceries, Fashion, General Merchandise and Home & Living generated EUR 532 million in revenues in Q1 2016 excluding Lazada. Financials for Lazada have not been reflected since Rocket Internet sold the majority of it´s stake to Alibaba in April 2016 and has entered a put and call-agreement for it´s remaining stake. On average, the companies reduced their losses by 23% compared to last year, while net revenues grew by 34% in the first three months of the year.
HelloFresh, the leading global fresh meals at home provider, continued to show substantial growth with net revenue improving by 211% in Q1 2016. The Middle Eastern Fashion company Namshi which is part of Global Fashion Group (GFG), and the Home & Living company Westwing substantially improved profitability reporting adjusted EBITDA margins of negative 2.4% and negative 11% in the first quarter of 2016, reducing absolute losses to EUR 1 million and EUR 6 million respectively.
“These results show that Rocket Internet´s selected portfolio companies have significantly improved in the first three months of the year and are well progressing on their path to profitability. We are convinced that these companies will continue their positive development in 2016”, says Oliver Samwer, CEO of Rocket Internet.
