Delivery Hero (DHER) Q4 2025 TU earnings summary

Executive summary

• Achieved strong Q4 and FY 2025 results, with 8% YoY GMV growth in Q4 and robust performance across all regions, driven by Quick Commerce, AdTech, and integrated verticals.

• Adjusted EBITDA exceeded €900 million for FY 2025, despite significant investments, FX headwinds, and regulatory challenges.

• Free cash flow surpassed €200 million for FY 2025, reflecting improved operational efficiency and working capital.

• Quick Commerce GMV surpassed €7.5 billion in 2025, with a target of €10 billion for 2026.

• Integrated Verticals segment turned profitable and achieved 25% GMV growth while maintaining rapid expansion.

Financial highlights

• Q4 2025 GMV reached €12.8 billion (+8% YoY LfL); FY 2025 GMV grew 9.0% YoY LfL to €49.2 billion.

• Q4 2025 Total Segment Revenue was €3.9 billion (+21% YoY LfL); FY 2025 revenue up 23.1% YoY LfL to €14.8 billion.

• Adjusted EBITDA exceeded €900 million for FY 2025, within guidance.

• Free cash flow for FY 2025 surpassed €200 million, above guidance due to improved working capital and lower tax payments.

• Gross profit margin reached a record 8.3% of GMV in Q4 2025.

Outlook and guidance

• FY 2026 guidance anticipates moderate adjusted EBITDA growth and free cash flow slightly above €200 million, with continued investments in Dmarts, Talabat, Korea, and integrated verticals.

• Quick Commerce GMV expected to approach €10 billion in FY 2026, expanding into new categories.

• Formal 2026 guidance and new financial disclosure framework to be provided with the annual report in March.

• Long-term ambition to achieve over €200 billion GMV and 5-8% adj. EBITDA/GMV margin by 2030.

• Focus on further margin expansion, especially in Europe and Asia.