Delivery Hero reports strong Q4, while business transforms into Everyday App

Delivery Hero reports strong Q4, while business transforms into Everyday App

 

FY 2025 Preliminary Results

• Group Gross Merchandise Value (GMV) grew 9.0% YoY on a like-for-like (LfL) basis¹.
• Total Segment Revenue up 23.1% YoY (LfL)¹.
• Full-year Adjusted EBITDA >€900 million, despite elevated growth investments in MENA and Asia as well as FX headwinds.
• Free Cash Flow² came in at >€200 million.
• Integrated Verticals reached full-year Adjusted EBITDA³ break-even, a major strategic milestone.

Q4 2025 Performance

• Group GMV up 8%¹ YoY (LfL) to €12.4 billion.
• Total Segment Revenue up 21%¹ YoY (LfL) to €3.9 billion.
• Gross Profit margin reached a new all-time high of 8.3% in Q4 2025⁴.
• Asia Recovery: Segment returned to GMV growth in Q4 2025¹.

Berlin, February 27, 2026 – Delivery Hero SE ("Delivery Hero," the "Company," or the "Group"), the world’s leading local delivery platform, today published its trading update with preliminary Q4 2025 and FY 2025 results. The results demonstrate the Group’s strategic focus on financial discipline throughout 2025: Delivery Hero met full-year guidance and drove increased profitability, with Free Cash Flow coming in at more than €200 million. This was achieved while simultaneously investing in the customer experience to promote future growth.

The Company continued its top-line momentum in the fourth quarter, with Total Segment Revenue growth of 21% YoY (LfL) to €3.9 billion and GMV growth of 8% YoY (LfL) to €12.4 billion¹. This performance was underpinned by the growth of Quick Commerce, the expansion of own-delivery, subscription models, and the continued success of the high-margin AdTech business. Profitability reached new levels as the Gross Profit margin expanded to 8.3% in Q4 2025⁴.

Niklas Östberg, CEO and Co-Founder of Delivery Hero: “In 2025, Delivery Hero proved its resilience despite competitive and economic headwinds. We achieved our goal of returning South Korea to growth, maintained our growth in Saudi Arabia despite tough competition, and brought Integrated Verticals to break-even. Thanks to our Quick Commerce growth and multi-vertical offering, we have strengthened our competitive moat and evolved into an Everyday App. This strategy expands our role in customers’ daily lives, deepening engagement and accelerating order frequency.”

Marie-Anne Popp, CFO of Delivery Hero: “In 2025, we expanded profitability and increased Free Cash Flow generation, as part of our goal to continuously improve our financial fundamentals. We look forward to sharing our FY 2026 outlook with our Annual Report at the end of March, centering on how we continue to invest wisely with a focus on profitable, sustainable growth.”

Expanding our Quick Commerce operations

Delivery Hero’s Quick Commerce GMV surged over 30% in FY 2025, surpassing €7.5 billion and marking a major milestone⁵. As Delivery Hero continues to broaden its selection beyond grocery into fast-growing categories such as health and beauty, pet care and more, it expects GMV to approach €10 billion in FY 2026.

The growth in Quick Commerce shows how the Company is successfully transforming its platform into an Everyday App by expanding its footprint, broadening vendor selection, and capturing diverse customer needs throughout the entire day and week. The strength of this strategy is reflected in how customers increasingly use the platform across multiple occasions, from morning essentials to late-night convenience orders.

Integrated Verticals reaches break-even

Parallel to this strong growth, the Integrated Verticals business reached a critical inflection point, achieving Adjusted EBITDA³ break-even for FY 2025 and GMV growth of 25%⁶ in Q4 2025. While the Company plans to increase investment in the Dmart network in 2026, the underlying operational efficiencies gained throughout FY 2025 provide a clear path to high sustainable growth for the segment.

Q4 performance across platform business remains strong

• MENA: talabat delivered very robust GMV growth of +20%⁶ YoY in Q4 2025. Saudi Arabia order growth re-accelerated in December, while Turkey generated positive Adjusted EBITDA in H2 2025.
• Americas: The segment grew orders 24% YoY to a historic milestone of 1 million average daily orders in Q4 2025.
• Europe: Revenue increased 34% YoY (LfL) in Q4 2025, with GMV growth expected to re-accelerate during the second half of 2026¹.
• Asia: The segment returned to growth in Q4 2025 (+1% GMV LfL) as orders in South Korea rose again, driven by the continuously enhanced customer experience. The positive development, which has resulted in ongoing category share gains since May 2025, has continued into 2026.

New disclosure framework for FY 2026

Delivery Hero will implement a new financial disclosure framework starting with FY 2026 reporting, aligning internal management and external IFRS metrics. This will accelerate the Company’s internal reporting cycles, provide greater transparency and comparability of our profitability.

 

 

Delivery Hero – Key Performance Indicators Q4 and FY 2025⁷

  Q4 2024 Q4 2025 FY 2024 FY 2025   EUR
million EUR
million EUR
million EUR
million GMV Group 12,818.2 12,401.5 48,754.0 49,196.8 %YoY Growth (CC, excl. hyperinflation adjustment
and LFL) 9.5% 7.9% 9.5% 9.0% %YoY Growth (CC, excl. hyperinflation adjustment) 8.2% 5.8% 8.3% 6.8% %YoY Growth (RC, incl. hyperinflation adjustment) ) 13.4% -3.3% 7.7% 0.9% Asia 5,618.3 4,978.4 23,407.4 20,779.7 MENA 3,706.8 3,741.9 12,825.9 14,644.3 Europe 2,384.6 2,540.0 8,878.7 9,693.2 Americas 1,108.6 1,141.2 3,642.0 4,079.6 Integrated Verticals 820.7 918.7 2,904.7 3,432.3           Total Segment Revenues Group 3,518.2 3,881.4 12,796.4 14,803.4 %YoY Growth (CC, excl. hyperinflation adjustment
and LFL) 23.2% 20.9% 22.6% 23.1% %YoY Growth (CC, excl. hyperinflation adjustment) 22.6% 20.5% 21.9% 22.5% %YoY Growth (RC, incl. hyperinflation adjustment) 31.5% 10.3% 22.3% 15.7% Asia 1,049.5 1,103.8 4,071.9 4,417.7 MENA 1,008.1 1,030.0 3,527.8 4,033.7 Europe 519.3 694.9 1,891.9 2,486.3 Americas 281.9 294.7 939.6 1,057.6 Integrated Verticals 752.6 861.2 2,709.8 3,189.0 Intersegment consolidation⁸ (93.2) (103.1) (344.5) (380.8)           Adj. EBITDA     692.5 >900.0 Adj. EBITDA margin % (GMV)     1.4% n.a.

 

Note: All numbers presented in this release are unaudited and based on preliminary information.

¹ On a like-for-like basis, in constant currency and excluding effects from hyperinflationary accounting. GMV and Total Segment Revenue growth reported on a like-for-like basis exclude operations the Group exited or divested during FY 2024 and FY 2025 (e.g. Slovakia, Slovenia, Denmark, Ghana, Thailand), as well as suspended restaurant directory services in Spain and South Korea.

² Free Cash Flow before extraordinary items is calculated as cash flow from operating activities as stated in the IFRS Statement of Cash Flows less net capital expenditures, and payment of lease liabilities. It excludes extraordinary cash inflows from M&A breakup fees, as well as outflows related to ongoing legal disputes (e.g., EU antitrust and Glovo Spain). Free Cash Flow excludes interest income and expense.

³ Adj. EBITDA incl. Group costs and excl. hyperinflation accounting.

⁴ Based on Gross Profit calculated from Total Segment Revenue, eliminates prior-period rider reclassification provision risk and Digital Service Tax reclassification from cost of sales to operating expenses.

⁵ Local Shops is part of the Platform business and reported within the respective regional platform segments. It is not included in Integrated Verticals and is referenced here solely for illustrative purposes.

⁶ In constant currency and excluding effects from hyperinflationary accounting.

⁷ For Group, Europe, MENA, Americas and Integrated Verticals, revenues and Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the operations in Argentina and/or Türkiye qualifying as hyperinflationary economies according to IAS 29. RC = Reported Currency / CC = Constant Currency.

⁸ Difference between Total Segment Revenue and the sum of segment revenues is mainly due to intersegment consolidation adjustments for services charged by the Platform businesses to the Integrated Verticals businesses.

ABOUT DELIVERY HERO

Delivery Hero is the world’s leading local delivery platform, operating its service in around 70 countries across Asia, Europe, Latin America, the Middle East and Africa. The Company started as a food delivery service in 2011 and today runs its own delivery platform on four continents. Additionally, Delivery Hero is pioneering quick commerce, the next generation of e-commerce, aiming to bring groceries and household goods to customers in under one hour and often in 20 to 30 minutes. Headquartered in Berlin, Germany, Delivery Hero has been listed on the Frankfurt Stock Exchange since 2017 and is part of the MDAX stock market index. For more information, please visit www.deliveryhero.com

MEDIA CONTACT

Corporate & Financial Communications

press@deliveryhero.com

INVESTOR RELATIONS CONTACT

ir@deliveryhero.com

DISCLAIMER

This release may contain forward looking statements, estimates, opinions and projections with respect to anticipated future performance of Delivery Hero SE ("forward-looking statements"). These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "intends," "may," "will" or "should" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current views, expectations and assumptions of the management of Delivery Hero SE and involve significant known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Any forward-looking statements included herein only speak as at the date of this release. We undertake no obligation, and do not expect to publicly update, or publicly revise, any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof, whether as a result of new information, future events or otherwise. We accept no liability whatsoever in respect of the achievement of such forward-looking statements and assumptions.