Delivery Hero (DHER) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 delivered 7% GMV growth year-over-year like-for-like to €12.2 billion and 22% revenue growth to €3.7 billion, driven by strong order growth in Korea, Saudi Arabia, and robust multi-vertical development.

• Strategic focus on expanding multi-vertical offerings, enhancing customer value, and investing in key markets, with AI-driven personalization and operational efficiency improvements.

• Integrated Verticals achieved its first positive quarterly Adjusted EBITDA, on track for full-year break-even.

• Free cash flow improved, on track to exceed €120 million for the year, with a cash position of €2.2 billion at Q3 end 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% YoY like-for-like, GMV reached €12.2 billion, and total segment revenue hit €3.7 billion in Q3 2025.

• Revenue grew 22% YoY like-for-like, outpacing GMV growth.

• Adjusted EBITDA increased, supported by stable gross profit margin and strong cost discipline.

• Group gross profit margin expanded by 40 bps YoY to 8.0%, led by Korea and integrated verticals.

• Free cash flow improved, with a strong cash balance of €2.2 billion at quarter-end.

Outlook and guidance

• FY 2025 GMV growth expected at the upper end of 8%-10% YoY like-for-like.

• Total segment revenue growth guided at 22%-24% like-for-like for full year.

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

• Free cash flow expected to exceed €120 million, including negative FX impact.

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