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Where to? The Story of Uber
Uber's journey from rule-breaking disruptor to disciplined dual-app giant, now shaping the future of mobility, delivery, and autonomy.
Delivery Hero
Delivery Hero (DHER) investor relations material
Delivery Hero Q4 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 TU earnings summary27 Feb, 2026
Executive summary
Achieved strong Q4 and FY 2025 results, with 8% YoY GMV growth in Q4 and robust performance across all regions, driven by Quick Commerce, AdTech, and multi-vertical expansion despite FX and regulatory headwinds.
Adjusted EBITDA exceeded €900 million for FY 2025, with free cash flow surpassing €200 million, reflecting improved operational efficiency and financial discipline.
Quick Commerce GMV surpassed €7.5 billion, with non-grocery verticals and multi-vertical expansion contributing significantly.
AdTech revenues approached €1.5 billion, reaching 3.2% of GMV in Q4, with high adjusted EBITDA margins and a 50% CAGR since FY 2021.
Strategic transformation into an Everyday App increased customer engagement and order frequency.
Financial highlights
Q4 2025 GMV: €12.8 billion (+8% YoY LfL); Orders: 917 million (+9% YoY LfL); Q4 revenue: €3.9 billion (+21% YoY LfL); gross profit margin reached a record 8.3%.
FY 2025 GMV grew 9.0% YoY (LfL) to €49.2 billion; Total Segment Revenue up 23.1% YoY (LfL) to €14.8 billion.
Adjusted EBITDA for FY 2025 exceeded €900 million; Free Cash Flow for FY 2025 surpassed €200 million.
Gross profit margin reached 8.3% in Q4 2025, up 10bps YoY.
Orders grew 9% YoY in Q4, with Asia returning to growth and all other segments performing strongly.
Outlook and guidance
FY 2026 guidance anticipates moderate adjusted EBITDA growth, with Quick Commerce GMV expected to approach €10 billion and continued investments in Talabat, Korea, and integrated verticals.
Free cash flow for 2026 anticipated to be slightly above €200 million, balancing improved cash conversion and higher Dmarts investments.
Formal 2026 guidance and new financial disclosure framework to be provided with the annual report in March.
Long-term ambition to achieve over €200 billion GMV and 5-8% adj. EBITDA/GMV margin by 2030.
Integrated Verticals: 2026 investment impact on EBITDA?
What specific categories drive Quick Commerce growth?
What drives Europe's expected H2 2026 GMV re-acceleration?
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Next Delivery Hero earnings date
H2 202526 Mar, 2026
Delivery Hero
Next Delivery Hero earnings date
H2 202526 Mar, 2026
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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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