Delivery Hero (DHER) H2 2025 earnings summary

Executive summary

• Achieved profitable growth in 2025, expanding into a multi-vertical Everyday App strategy, with strong momentum in Korea and Saudi Arabia, and scaling of Quick Commerce and AdTech.

• Migrated more brands to a single global tech stack, improving efficiency and customer proposition.

• Strategic review ongoing to unlock shareholder value, highlighted by the $600 million Taiwan disposal and evaluation of partnerships and capital market transactions.

• Strategic transformation into an Everyday App increased order frequency, basket size, and unit economics.

Financial highlights

• GMV grew 9% like-for-like to €49.2 billion; revenue up 23% year-over-year to €14.8 billion, driven by Own Delivery and demand business expansion.

• Adjusted EBITDA increased 30% to €903 million; Free Cash Flow up 15% to €250 million.

• EBITDA margin improved to 1.8% of GMV in 2025, up from 1.4% in 2024.

• Quick Commerce GMV exceeded €7.5 billion, up over 30% year-over-year.

• Gross profit margin reached 8.3% in Q4 2025.

Outlook and guidance

• 2026 GMV guidance: 8–10% like-for-like growth; revenue growth 14–16% year-over-year; Adjusted EBITDA expected between €910 million and €960 million; Free Cash Flow projected above €200 million.

• Quick Commerce GMV projected to approach €10 billion in 2026.

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