DLVHF Q4 2024 Earnings

Call Details

• Call Title: Delivery Hero Ag Na Q4 2024 Earnings Call
• Date: February 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 grew 8% in Q4 in constant currency and excluding hyperinflation accounting, with like-for-like GMV growth of 8.6% in Q4.
• Full-year GMV grew 8% to almost €49 billion for 2024.
• Segment revenue grew 23% in the quarter and 22% for the full year to almost €13 billion, exceeding the Company's increased full-year guidance.
• Adjusted EBITDA improved by almost €500 million year-over-year to around €750 million for 2024, beating the Company's guidance range of €725 million to €775 million.
• Free cash flow improved to around €100 million in 2024, at the upper end of prior guidance of €50 million to €100 million under the previous definition.
• Year-end cash position increased to €3.8 billion from €1.7 billion at end-2023 after combined cash inflows of more than €2 billion including Talabat IPO proceeds.

Demand, Frequency & Mix

• Europe GMV grew 17% year-over-year in Q4 in constant currency and grew 21% on a like-for-like basis despite exits of several countries during 2024.
• MENA recorded both GMV and revenue growth of 34% in Q4, driven by a 30% year-over-year increase in order volumes.
• Americas GMV accelerated to 25% growth in Q4 driven by double-digit volume growth across most countries.
• Integrated verticals grew GMV by 32% and revenue by 27% in Q4 driven by higher daily orders per store and larger basket sizes despite a reduced DMART footprint.
• Baemin subscription penetration reached around 35% of users at year-end, and subscription participation is reported as a driver for mid-to-long-term growth.
• APAC (Asia excluding Korea) delivered sequential order growth for the third consecutive quarter and recorded positive adjusted EBITDA before group costs in H2 2024.