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 multi-vertical expansion despite FX and regulatory headwinds.

• Adjusted EBITDA exceeded €900 million for FY 2025, with free cash flow surpassing €200 million, reflecting improved operational efficiency and financial discipline.

• Quick Commerce GMV surpassed €7.5 billion, with non-grocery verticals and multi-vertical expansion contributing significantly.

• AdTech revenues approached €1.5 billion, reaching 3.2% of GMV in Q4, with high adjusted EBITDA margins and a 50% CAGR since FY 2021.

• Strategic transformation into an Everyday App increased customer engagement and order frequency.

Financial highlights

• Q4 2025 GMV: €12.8 billion (+8% YoY LfL); Orders: 917 million (+9% YoY LfL); Q4 revenue: €3.9 billion (+21% YoY LfL); gross profit margin reached a record 8.3%.

• FY 2025 GMV grew 9.0% YoY (LfL) to €49.2 billion; Total Segment Revenue up 23.1% YoY (LfL) to €14.8 billion.

• Adjusted EBITDA for FY 2025 exceeded €900 million; Free Cash Flow for FY 2025 surpassed €200 million.

• Gross profit margin reached 8.3% in Q4 2025, up 10bps YoY.

• Orders grew 9% YoY in Q4, with Asia returning to growth and all other segments performing strongly.

Outlook and guidance

• FY 2026 guidance anticipates moderate adjusted EBITDA growth, with Quick Commerce GMV expected to approach €10 billion and continued investments in Talabat, Korea, and integrated verticals.

• Free cash flow for 2026 anticipated to be slightly above €200 million, balancing improved cash conversion and higher Dmarts investments.

• 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.