DLVHF Q3 2025 Earnings

Call Details

• Call Title: Delivery Hero Ag Na Q3 2025 Earnings Call
• Date: November 13, 2025 at 1:00 PM UTC
• Management Team:
  • Christoph Bast (Head of Investor Relations)
  • Niklas Östberg (CEO)
  • Marie-Anne Popp (CFO)

Call Summary

Financial Performance

• Group GMV in Q3 increased by 7% year-over-year on a like-for-like basis and excluding hyperinflation and FX effects.
• Group orders grew by 8% on a like-for-like basis with double-digit order growth in all segments outside of Asia.
• Total segment revenue grew 22% year-over-year on a like-for-like basis in Q3 and has exceeded 20% for multiple consecutive quarters.
• Adjusted EBITDA increased in Q3 and continued to expand year-over-year across key segments, with integrated verticals achieving their first positive quarterly adjusted EBITDA.
• Group gross profit margin expanded by 40 basis points year-over-year to 8.0% in Q3 2025.
• Free cash flow continued to improve in Q3 and remains on track to exceed the full-year target of €120M.

Guidance

• Confirmed 2025 GMV growth expectation at the upper end of the 8% to 10% like-for-like range.
• Upgraded full-year total segment revenue growth guidance to 22% to 24% on a like-for-like basis.
• Confirmed adjusted EBITDA guidance of €900M to €940M for 2025, which includes an expected FX headwind of approximately €110M in H2.
• Excluding the FX headwind referenced above, adjusted EBITDA would be €1.01B to €1.05B based on exchange rates from the February 2025 guidance.
• Free cash flow guidance remains above €120M for 2025 and includes an FX headwind of around €80M.
• No formal 2026 numeric guidance was provided on the call, but the company stated an intention to invest to accelerate growth while targeting moderate bottom-line progress and improved cash conversion.