Delivery Hero (DHER) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 delivered 7% GMV and 22% revenue growth year-over-year, with profitability and efficiency gains driven by AI, technology investments, and cost discipline, and strong momentum in Korea and Saudi Arabia.

• Strategic focus remains on expanding multi-vertical offerings, enhancing customer value, and investing in key markets.

• Integration of Glovo completed, Uber integration ongoing, supporting operational improvements.

• Free cash flow improved, on track to exceed EUR 120 million for the year, with a cash position of EUR 2.2 billion after significant bond buybacks and extraordinary outflows.

• Early Q4 data shows a return to growth in Asia, especially South Korea, with group GMV growth expected to accelerate.

Financial highlights

• Orders grew 8% year-over-year (like-for-like), GMV reached €12.2 billion, and total segment revenue hit €3.7 billion in Q3 2025.

• Gross profit margin expanded by 40 basis points year-over-year to 8.0%.

• Adjusted EBITDA for Q3 2025 increased, supported by stable gross profit margin and cost discipline.

• Free cash flow margin was 0.4% of GMV in FY 2024, aiming for 3-6% by 2030.

• Cash position at EUR 2.2 billion at Q3 end, after a EUR 900 million convertible bond buyback and EUR 500 million in extraordinary outflows.

Outlook and guidance

• FY 2025 GMV growth expected at the upper end of 8%-10% year-over-year (like-for-like), with total segment revenue growth guided at 22%-24%.

• Adjusted EBITDA expected between EUR 900 million and EUR 940 million, including FX headwinds; excluding FX, EUR 1.01-1.05 billion.

• Free cash flow forecasted to exceed EUR 120 million, including negative FX impact.

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

• Moderate bottom-line growth and improved cash conversion expected in 2026 despite ongoing investments and competition.