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  "notes": "Includes website traffic charts for GreenChef, YouFoodz, and Everplate, plus an AppMagic download ranking chart.",
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      "text": "Given the lack of meaningful profitability or growth throughout this brand portfolio, the remaining goodwill of €257.5M on HelloFresh’s balance sheet appears excessive.",
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      "text": "Undeterred, management teased further pivots in the Q4 2024 earnings call: expansions into pet food, premium butchery, and health supplements. These are saturated, low-margin spaces dominated by incumbents, offering scant hope for a turnaround.",
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