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Delivery Hero (DHER) investor relations material
Delivery Hero Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 TU earnings summary13 Nov, 2025
Executive summary
Q3 2025 delivered 7% GMV and 22% revenue growth year-over-year, with profitability and efficiency gains driven by AI, technology investments, and cost discipline, and strong momentum in Korea and Saudi Arabia.
Strategic focus remains on expanding multi-vertical offerings, enhancing customer value, and investing in key markets.
Integration of Glovo completed, Uber integration ongoing, supporting operational improvements.
Free cash flow improved, on track to exceed EUR 120 million for the year, with a cash position of EUR 2.2 billion after significant bond buybacks and extraordinary outflows.
Early Q4 data shows a return to growth in Asia, especially South Korea, with group GMV growth expected to accelerate.
Financial highlights
Orders grew 8% year-over-year (like-for-like), GMV reached €12.2 billion, and total segment revenue hit €3.7 billion in Q3 2025.
Gross profit margin expanded by 40 basis points year-over-year to 8.0%.
Adjusted EBITDA for Q3 2025 increased, supported by stable gross profit margin and cost discipline.
Free cash flow margin was 0.4% of GMV in FY 2024, aiming for 3-6% by 2030.
Cash position at EUR 2.2 billion at Q3 end, after a EUR 900 million convertible bond buyback and EUR 500 million in extraordinary outflows.
Outlook and guidance
FY 2025 GMV growth expected at the upper end of 8%-10% year-over-year (like-for-like), with total segment revenue growth guided at 22%-24%.
Adjusted EBITDA expected between EUR 900 million and EUR 940 million, including FX headwinds; excluding FX, EUR 1.01-1.05 billion.
Free cash flow forecasted to exceed EUR 120 million, including negative FX impact.
Long-term ambitions include over EUR 200 billion GMV and 5-8% adjusted EBITDA/GMV margin by 2030.
Moderate bottom-line growth and improved cash conversion expected in 2026 despite ongoing investments and competition.
Quantify AI's contribution to cost reduction
Integrated Verticals: drivers for FY25 break-even
Asia GMV recovery: sustainability beyond Q4
Quantify AI's impact on SG&A/marketing costs
Impact of competitive investments on 2026 EBITDA
Integrated Verticals' path to sustained profitability
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Next Delivery Hero earnings date
Q4 2025 TU27 Feb, 2026
Next Delivery Hero earnings date
Q4 2025 TU27 Feb, 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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