Delivery Hero (DHER) H1 2026 earnings summary

Executive summary

• Q2 2026 GMV grew 11.3% like-for-like to €13.2 billion, with revenue up 17.7% to €4.0 billion, driven by the Everyday App strategy, Quick Commerce expansion, and investments in customer experience.

• H1 2026 adjusted EBITDA rose 3.9% to €427 million (1.7% margin on GMV), with free cash flow before extraordinary items improving to €348 million.

• Net loss for H1 was -€359 million, broadly stable year-over-year, reflecting higher administrative expenses and increased provisions for legal and antitrust risks.

• Uber announced a voluntary public takeover offer at €41.50 per share, valuing equity at €13 billion, with closing expected in H2 2027.

• Sale of the Taiwan business to Grab for $600 million is expected to close in Q4 or H2 2026.

Financial highlights

• H1 2026 GMV reached €25.7 billion (+10.1% like-for-like), revenue €7.8 billion (+17.8% like-for-like), and adjusted EBITDA €427 million (+3.9% YoY).

• Free cash flow before extraordinary items improved to €348 million, up from -€8 million in H1 2025.

• Q2 2026 orders grew 11% like-for-like to 981 million.

• Cash and cash equivalents at the end of H1 2026 stood at €2.8 billion, supported by a term loan and convertible bond repurchases.

• Net result for H1 was -€359 million; EPS: -€1.28.

Outlook and guidance

• Full-year 2026 guidance raised: GMV growth 9%-11%, revenue growth 17%-19%, adjusted EBITDA €960–1,000 million, free cash flow before extraordinary items above €250 million.

• H2 2026 expected to see reversal of working capital benefits, higher CapEx and tax payments, and negative free cash flow.