Delivery Hero SE

Q2 2025 GMV increased 11% year over year on a like-for-like basis excluding hyperinflation FX effects. Q2 revenue increased 27% year over year on a like-for-like basis. In H1 2025, adjusted EBITDA increased 71% to EUR 411 million, with margin expansion of 70 basis points; free cash flow before extraordinary items was negative EUR 8 million, excluding the EUR 212 million Taiwan breakup fee, and free cash flow after extraordinary items was EUR 165 million. Group gross profit margin improved 40 basis points to 8.2%, H1 EBIT was EUR 5 million, and net result was negative EUR 356 million, roughly half the prior-year loss. Cash was EUR 2.8 billion at end-H1 after nearly EUR 900 million of convertible bond repurchases. For 2025, management now expects like-for-like GMV growth at the upper end of the prior 8% to 10% range, revenue growth of 22% to 24% on a like-for-like basis, adjusted EBITDA of EUR 900 million to EUR 940 million, and free cash flow above EUR 120 million, all reflecting a larger FX headwind of around EUR 110 million.

Niklas Oestberg framed the quarter around Delivery Hero’s integrated global tech platform and said the Glovo integration is now complete, with Korea the last major market still in progress. He highlighted operational gains from integration, including better conversion, lower late orders, lower cost per order, and higher ad revenue, and said the company is becoming a true multi-vertical platform with customers spending 5.2x more than single-vertical users. His tone was constructive but candid: he repeatedly emphasized that Korea and other structural investments are painful in the short term, but are improving the platform and long-term economics.

Marie-Anne Popp said H1 performance was strong across the board, citing 11% GMV growth, 27% revenue growth, EUR 411 million of adjusted EBITDA, and near-breakeven free cash flow before extraordinary items at negative EUR 8 million. She pointed to gross profit margin expansion to 8.2%, lower IT and personnel spend, and operating leverage as key margin drivers, while noting H1 cash of EUR 2.8 billion after buying back nearly EUR 900 million of convertible bonds. She also laid out the main 2025 changes: revenue guidance moving up to 22% to 24% like-for-like, adjusted EBITDA moving down to EUR 900 million to EUR 940 million because of around EUR 110 million of FX headwind, and free cash flow guidance above EUR 120 million. She also flagged H1 legal and restructuring items including EUR 43 million of management adjustments, EUR 126 million of share-based compensation, and Spain-related contingent liability payments.

Analysts focused heavily on the revised profit outlook, asking why FX now matters more despite earlier comments that the company could mitigate it. Management said the difference was visibility: April was too early to know whether currency moves were temporary, while now the company has more certainty that the weaker dollar and won are persisting. Questions also centered on Korea, where management confirmed it still expects Q4 local-currency GMV to return to year-over-year growth, though EBITDA in Korea will be somewhat lower because of faster own-delivery rollout and higher investment. Other topics included Saudi margins, Turkey investments, merchant funding in Korea, Spain/antitrust legal outflows, and whether Talabat shares or stock buybacks are on the table; management said it has no interest in selling Talabat shares at current valuations and would not comment on buybacks.