DLVHF Q2 2025 Earnings

Call Details

• Call Title: Delivery Hero Ag Na Q2 2025 Earnings Call
• Date: August 28, 2025 at 2:00 PM UTC
• Management Team:
  • Niklas Östberg (CEO)
  • Marie-Anne Popp (CFO)
  • Christoph Bast (Head of Investor Relations)

Call Summary

Financial Performance

• GMV in Q2 increased by 11% year-over-year on a like-for-like basis excluding hyperinflation effects.
• Revenue in Q2 grew by 27% year-over-year on a like-for-like basis and in constant currency.
• Adjusted EBITDA for H1 increased by 71% year-over-year to €411 million, representing a margin expansion of 70 basis points versus prior year.
• Free cash flow before extraordinary items nearly reached breakeven at negative €8 million in H1, and free cash flow after extraordinary items amounted to €165 million.
• Net result for H1 was negative €356 million, which was approximately half of the prior year loss.
• Group gross profit margin improved by 40 basis points year-over-year to 8.2%.

Guidance

• The company now expects to reach the upper end of prior GMV guidance of 8%–10% on a like-for-like basis for 2025.
• Revenue guidance in constant currency excluding hyperinflation was upgraded from 17%–19% to 22%–24% on a like-for-like basis.
• Adjusted EBITDA guidance was revised to a range of €900–€940 million for 2025 due to stronger than expected FX headwinds in H2.
• Management expects to offset part of an estimated FX headwind of around €110 million but now plans to prioritize accelerated investments in Korea instead of fully mitigating FX.
• Free cash flow guidance was revised to exceed €120 million for 2025, excluding extraordinary cash inflows and outflows such as M&A breakup fees and large legal disputes.
• Guidance revisions were explicitly attributed to currency depreciation of the US dollar and Korean won since the February guidance and to accelerated rollout of own delivery in Korea.