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Delivery Hero (DHER) investor relations material
Delivery Hero H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary28 Aug, 2025
Executive summary
Achieved 11% year-over-year GMV growth and 27% revenue growth in Q2 2025 (like-for-like), with adjusted EBITDA up 71% to €411M and margin expansion of 70bps; strong cash position at €2.8B after €896–900M in convertible bond buybacks.
Net loss narrowed to -€356M, halved from the prior year, with EBIT turning positive at €5M for H1; free cash flow before extraordinary items nearly breakeven at -€8M, positive at €165M after extraordinary items.
Multi-vertical and own delivery strategies drove operational improvements, higher conversion rates, and increased ad revenue (+29%).
Strategic asset acquisition in Hong Kong and breakup fee from terminated Taiwan transaction impacted results.
Transitioned rider fleet in Spain and Italy to employment model, with €50M provision and ongoing legal risks.
Financial highlights
Q2 GMV up 11% year-over-year (like-for-like) to €12.2B, revenue up 27% to €3.1B, and adjusted EBITDA up 71% to €411M, with margin at 1.7% of GMV.
Free cash flow before extraordinary items nearly breakeven at -€8M; after extraordinary items, positive at €165M; cash position at €2.8B after bond repurchase.
Net result improved to -€356M, with EBIT positive at €5M for H1.
Gross profit margin improved by 40bps to 8.2% in Q2 2025.
Free cash flow uplift of €96M year-over-year, excluding extraordinary items.
Outlook and guidance
GMV growth expected at the upper end of 8–10% range (like-for-like); revenue growth guidance raised to 22–24% (constant currency, like-for-like); adjusted EBITDA guidance revised to €900–940M due to FX headwinds; free cash flow expected to exceed €120M (excluding extraordinary items).
Adjusted EBITDA/GMV margin expected to exceed 1.5% for the full year.
FX headwinds from USD and KRW depreciation, and hyperinflation in Argentina and Türkiye, expected to impact H2 results.
Long-term ambitions include >€200B GMV and 5–8% adjusted EBITDA/GMV margin by 2030.
Plan to achieve revised FY25 FCF target?
Europe's EBITDA worsened. How to improve it?
Glovo Spain rider reclassification: How to manage €450M requests?
Detail Woowa logistics stack impact in Korea
Why prioritize Korea OD over FX mitigation?
Current stance on Talabat stake divestment?
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Next Delivery Hero earnings date
Q3 2025 TU13 Nov, 2025
Next Delivery Hero earnings date
Q3 2025 TU13 Nov, 2025
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Frequently asked questions
Food Delivery Giant
Founded in Berlin, Germany, Delivery Hero is an international company that has become synonymous with the online food ordering and delivery business. Established in 2011, Delivery Hero operates in over 70 countries across Europe, Latin America, Asia, the Middle East, and North Africa. The company provides a platform that allows customers to order from their favorite restaurants and have the food delivered to their doorstep. Alongside restaurant delivery, the company also offers groceries and other goods through some of its platforms. Customers can browse menus, place orders, track delivery, and pay digitally using the Delivery Hero platform, making the entire process hassle-free and convenient.
Born and Bred in Berlin
After starting their journey in Germany, Delivery Hero quickly expanded, both organically and through acquisitions. Their growth strategy was aggressive and primarily focused on acquiring market leaders in the territories they aimed to operate in. The company's first acquisition came in the same year it was founded when it bought Deapizza.de. After this, Delivery Hero set about a steady stream of acquisitions that allowed them to quickly become one of the leading food delivery services globally. Today, they compete with companies such as Deliveroo and DoorDash.
Worldwide Reach
Today, Delivery Hero operates a myriad of brands worldwide, including Foodpanda in Asia, Talabat in the Middle East, and PedidosYa in South America. With the company's acquisition of Yogiyo, South Korea's second-largest food delivery service, it further strengthened its presence in the Asian market. Each of these brands operates under the same principle - to provide an easy and convenient platform that's easy to use for both customers and restaurants. Delivery Hero has partnered with more than 500,000 restaurants globally, offering a comprehensive solution for restaurants looking to offer deliveries for their customers.
The People Delivering The Food
Delivery Hero employs a versatile network of drivers to fulfill their deliveries. These drivers are a mix of full-time, part-time, and freelance workers, providing the flexibility necessary for a company with operations in a number of global markets. Like Uber and other similar companies, many of Delivery Hero’s delivery drivers are employed on a freelance basis and work more or less on their own schedule.
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