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  "documentTitle": "HelloFresh SE (HFG)",
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  "presentationDate": "2025-11-06 00:00:00",
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  "notes": "Includes a screenshot of the HelloFresh IR website as evidence of the 'malfunction'.",
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      "text": "THE REPORT AND ALL STATEMENTS CONTAINED HEREIN ARE THE OPINIONS OF GRIZZLY RESEARCH...",
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      "text": "While incompetence may explain some errors, the pattern consistently obscures data unfavorable to management. This raises questions about transparency.",
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      "text": "Under Share > Basic Information, the site prominently states “Shares issued: 173,190,562” and “Shares outstanding (net of treasury shares): 166,940,562.” These figures contradict the latest official filings, which report 150,742,394 shares outstanding net of treasury—implying 22.4 million repurchased, not the 6.25 million shown.",
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      "text": "HelloFresh recently announced that Griesel will not renew his Management Board mandate beyond April 30, 2026. CFO Christian Gärtner stepped down in October 2025. Against the backdrop of our findings, these exits appear to reflect a loss of confidence in the company's future.",
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