Deliveroo (ROO) H2 2024 earnings summary

Executive summary

• Achieved year-on-year GTV growth of 6%, adjusted EBITDA of £130 million up 52%, first statutory net profit, and positive free cash flow.

• Exited Hong Kong market to focus on more profitable geographies, with nearly all remaining markets now positive contributors; pro forma results provided for ongoing business.

• Growth driven by innovation in loyalty (Plus), price integrity, and expansion in grocery and retail verticals.

• Continued to invest in customer value proposition, driving improved retention, frequency, and order growth.

Financial highlights

• FY24 GTV: £7,433m (+6% YoY, constant currency); Revenue: £2,072m (+3% YoY, constant currency).

• Adjusted EBITDA reached £130 million, margin expanding 50 basis points to 1.7%.

• Free cash inflow of £86 million, normalizing to £25 million after working capital adjustments.

• Net cash position at year-end was £668 million.

• Gross profit margin stable at 10.3% of GTV; revenue take rate at 27.9% of GTV.

Outlook and guidance

• 2025 GTV expected to grow at high single digits (ex-Hong Kong), with adjusted EBITDA guidance of £170–190 million.

• Margin progression in 2025 will be slower due to targeted investments; acceleration expected post-2025.

• Confident in achieving mid-teens GTV growth and 4%+ adjusted EBITDA margin in the medium term.