Delivery Hero (DHER) Q4 2024 TU earnings summary

Executive summary

• Achieved 8% GMV growth in Q4 2024 (constant currency, excluding hyperinflation), with 8.6% like-for-like growth and 27% YoY growth outside Asia, outpacing global peers.

• Segment revenue grew 23% YoY in Q4, leading to full-year revenue growth of 22% to €12.8 billion, surpassing guidance.

• Adjusted EBITDA improved by nearly €500 million YoY to around €750 million, exceeding guidance.

• Free cash flow reached approximately €100 million, at the upper end of guidance and a €466 million YoY improvement.

• Net debt reduced to €1.9 billion, leverage ratio dropped to 2.5x, aided by talabat IPO proceeds.

Financial highlights

• Full-year GMV grew 8% to €48.8 billion; segment revenue up 22% to €12.8 billion.

• Adjusted EBITDA for 2024 was around €750 million, with free cash flow of about €100 million.

• Gross profit margin reached record levels in Q4, with MENA and Americas within the 10%-13% target range.

• Advertisement revenue rose 36% to over €1.2 billion, with margins around 70%.

• Integrated Verticals and Dmarts achieved positive Adjusted EBITDA in December 2024.

Outlook and guidance

• 2025 GMV growth expected at 8%-10%, revenue growth at 17%-19% (constant currency, excluding hyperinflation).

• Adjusted EBITDA guidance for 2025 is €975 million–1.025 billion, including €100 million headwind from Spain's employment model change.

• Free cash flow for 2025 expected to exceed €200 million.

• Long-term adjusted EBITDA margin target of 5%-8% of GMV by 2030, with ambitions for >€200 billion GMV.

• Continued investment in technology and innovation to drive profitability.