Delivery Hero (DHER) H2 2024 earnings summary

Executive summary

• Q1 2025 GMV reached €12.4 billion, up 9% YoY like-for-like, with GMV outside Korea up 22% and revenue up 22% YoY like-for-like.

• Transformation and integration efforts, including automation, platform mergers, and AdTech, drove growth and profitability.

• Despite challenges in Korea, Spain, and regulatory setbacks, robust top and bottom line growth was delivered.

• Convertible bond buyback of €896 million in Q1 2025 and $242 million breakup fee from Taiwan transaction reduced leverage.

• Achieved first full fiscal year of positive Free Cash Flow at €99 million in FY 2024.

Financial highlights

• Q1 2025 GMV: €12.4 billion (+9% YoY like-for-like); revenue: €3.5 billion (+22% YoY like-for-like).

• FY 2024 GMV: €48.8 billion (+8% YoY); revenue: €12.8 billion (+22% YoY); adjusted EBITDA: €693 million (up €440 million YoY); free cash flow: €99 million (first positive full year).

• Adjusted EBITDA margin improved to 1.4% of GMV in Q1 2025 and FY 2024.

• Gross profit margin trending toward 10%-13% target; Americas and MENA already within range.

• Net result for FY 2024 was a loss of €882 million, impacted by legal, restructuring, and goodwill impairment charges.

Outlook and guidance

• FY 2025 guidance: GMV growth 8–10% YoY, revenue growth 17–19% YoY, adjusted EBITDA €975–1,025 million, free cash flow >€200 million.

• Long-term ambition to exceed €200 billion GMV and achieve 5–8% adjusted EBITDA/GMV margin and 3–6% free cash flow as a percent of GMV by 2030.

• Management expects further improvements in profitability and operational efficiency through technology and AdTech initiatives.