Deliveroo (ROO) H1 2025 earnings summary

Executive summary

• Achieved 9% year-on-year GTV and revenue growth in H1 2025, with orders up 8% and adjusted EBITDA up 46% to £96 million, marking a third consecutive half of positive free cash flow.

• Growth accelerated in Q2, with GTV up 10% and orders up 8%, driven by improved retention, frequency, and strong execution across key verticals.

• Restaurant vertical growth accelerated, grocery reached 18% of group GTV, and retail continued to scale.

• Consumer engagement metrics, including order frequency and retention, showed sustained improvement across all cohorts.

• DoorDash acquisition progressing as planned, with shareholder approval and regulatory review ongoing; completion expected in Q4 2025.

Financial highlights

• H1 2025 GTV reached £3,789m (+9% YoY), revenue £1,047m (+8% YoY), and gross profit £394m (+7% YoY).

• Adjusted EBITDA was £96m (+46% YoY), with margin rising to 2.5% of GTV (up 60 bps), and free cash flow of £46m.

• Net cash position of £624m at period end after £90m in share buybacks.

• Revenue take rate declined 20 bps to 27.6% of GTV, and gross profit margin to 10.4% of GTV, reflecting mix shift and digital services tax.

• Marketing and overheads as % of GTV improved by 80 bps, with spend down 14% year-on-year.

Outlook and guidance

• Full-year 2025 GTV growth expected at the top end of high single digits in constant currency.

• Adjusted EBITDA guidance narrowed to the upper half of £170–190 million, reflecting strong H1 and H2 investment weighting.

• Medium-term targets: mid-teens percentage GTV growth per annum and adjusted EBITDA margin of 4%+ from 2026.

• Investments in restaurant growth initiatives weighted to H2, affecting EBITDA shape.

• DoorDash transaction expected to complete in Q4 2025, pending regulatory approval.