Delivery Hero (DHER) H1 2025 earnings summary

Executive summary

• Achieved strong Q2 2025 results with 11% YoY GMV growth and 27% YoY revenue growth (LfL), driven by technology integration, multi-vertical expansion, and robust regional performance.

• Adjusted EBITDA grew 71% YoY to €411 million in H1 2025, with margin expansion to 1.7% of GMV and improved free cash flow to -€8 million before extraordinary items.

• Maintained a strong cash position of €2.8 billion after €896 million in convertible bond buybacks.

• Glovo fully integrated into the global platform, except Korea, leading to operational improvements and higher ad revenue.

• Net loss narrowed to €356 million, halved from prior year, with continued focus on operational efficiency.

Financial highlights

• Q2 GMV up 11% YoY (LfL) to €12.2 billion, revenue up 27% YoY (LfL) to €3.1 billion, and adjusted EBITDA up 71% to €411 million in H1 2025.

• Free cash flow before extraordinary items nearly break-even at -€8 million; after extraordinary items, €165 million.

• Gross profit margin improved by 40 bps to 8.2% YoY in Q2 2025.

• Cash and cash equivalents at €2.8 billion as of June 30, 2025, after bond buybacks.

• Net interest paid €111 million; non-cash items increased to €730 million.

Outlook and guidance

• FY 2025 GMV growth expected at upper end of 8%-10% (LfL); revenue growth guidance raised to 22%-24% (LfL) in constant currency.

• Adjusted EBITDA guidance revised to €900-940 million due to FX headwinds; free cash flow expected to exceed €120 million.

• FX headwinds from USD and KRW depreciation and hyperinflation in Argentina and Türkiye expected to impact H2 2025.

• Long-term ambitions include >€200 billion GMV and 5-8% adjusted EBITDA/GMV margin by 2030.