Delivery Hero (DHER) Q3 2024 TU earnings summary

Executive summary

• Q3 2024 achieved accelerated GMV growth of 9% year-over-year, with non-Asia regions up 25% YoY, and total segment revenue grew 24% YoY, driven by monetization, AdTech, DMarts, and improved platform efficiency.

• Profitability improved, with group adjusted EBITDA growing sequentially; Europe and Americas reached breakeven, and Integrated Verticals and Glovo showed significant EBITDA improvements.

• MENA, Europe, and Integrated Verticals were the fastest growing segments, with Europe achieving break-even on adjusted EBITDA.

• Cash position remained strong at EUR 1.65 billion, supporting operational flexibility.

Financial highlights

• Q3 2024 GMV reached €12,249.3m (+9.3% YoY, constant currency), and total segment revenue hit €3,234.5m (+24.2% YoY, constant currency).

• All major segments posted double-digit revenue growth, with MENA, Europe, and Integrated Verticals leading.

• Group adjusted EBITDA margin improved to 0.6% of GMV in Q3 2024.

• Free cash flow guidance for FY 2024 raised to €50-100m, driven by working capital improvements and lower CapEx.

• Cash flow remained robust, with a cash balance of €1.65bn at the end of Q3 2024.

Outlook and guidance

• FY 2024 GMV and revenue expected at the upper end of 7-9% and 18-21% YoY growth ranges, respectively.

• Adjusted EBITDA forecast at the lower end of €725-775m, due to reinvestment in Korea.

• Free cash flow guidance raised to €50-100m for 2024.

• Q4 expected to generate significant positive free cash flow.

• Long-term ambitions confirmed: >€200bn GMV and 5-8% adj. EBITDA/GMV margin by 2030.