Q2 and H1 2025 financial results: Delivery Hero accelerates growth and expands profitability, updates full-year guidance

Q2 2025 Highlights

• Group Gross Merchandise Value (GMV) up 11%¹ year-over-year (YoY) on a like-for-like basis to €12.2 billion.


• Total Segment Revenue up 27%¹ YoY on a like-for-like basis to €3.7 billion.


• Positive momentum in Asia, highlighted by a return to growth in APAC and improved growth dynamics in South Korea.


• Full-year Guidance updated.

H1 2025 Highlights

• Achieved first-ever positive Group Operating Result, another key profitability milestone after FY 2024’s positive Free Cash Flow.


• Group GMV grew 11%¹ YoY on a like-for-like basis to €24.6 billion; Total Segment Revenue grew 25%¹ YoY on a like-for-like basis to €7.2 billion.


• Adjusted EBITDA surged 71% YoY to €411 million, with the margin expanding by 70 basis points YoY to 1.7% of GMV.


• Free Cash Flow² improved by €96 million YoY to -€8 million.


• Maintained a strong cash balance of €2.8 billion³ after €896 million convertible bond buybacks in Q1.

Berlin, August 28, 2025 – Delivery Hero SE (\"Delivery Hero,\" the \"Company,\" or the \"Group\"), the world’s leading local delivery platform, today published its Q2 2025 financial results and H1 2025 financial report, demonstrating accelerating growth and significant progress on profitability.

Niklas Östberg, CEO and Co-Founder of Delivery Hero: \"We built on our strong start to the year, delivering accelerated growth and expanded profitability in the second quarter. We achieved new daily order records and I am particularly encouraged by our performance in Asia, where we have seen a clear improvement in both customer input metrics and GMV growth.”

Marie-Anne Popp, CFO of Delivery Hero: \"We delivered another quarter of strong margin expansion, improving our Adjusted EBITDA by 71% in the first half. Our ability to balance growth, profitability and cash generation is reflected in the substantial €96 million improvement in Free Cash Flow².\"

Strong operational performance drives accelerated top-line growth

Thanks to improved performance across the Group and better growth dynamics in Asia, Delivery Hero accelerated its GMV growth to 11%¹ YoY on a like-for-like basis, reaching €12.2 billion in the second quarter. The Company's Total Segment Revenue growth outpaced its GMV development, accelerating to 27%¹ YoY on a like-for-like basis to reach €3.7 billion in Q2 2025.

Multi-Vertical strategy creates high-value customers

The Group’s platform strategy is converting more users into highly engaged, multi-vertical customers. In Q2, customers who ordered from both food and Quick Commerce offerings generated nearly half of the Group’s GMV. Critically, these multi-vertical customers spent 5.2 times more than food-only customers in the second quarter on average, supporting the standout performance of Delivery Hero’s Quick Commerce business.

Global technology platform delivers efficiency and growth across the Group

By moving onto Delivery Hero’s global technology platform, Glovo achieved 10% reductions in both delivery cost per order and late deliveries, alongside a 29% increase in advertising revenue. The global integration roadmap is progressing as planned, with Woowa registering a strong positive impact in cities where the global technology platform has already been introduced. Woowa is on track to complete its transition to the platform in 2026.

The powerful combination of a unified platform and localized execution fueled strong performance across Delivery Hero's regional segments in the second quarter. In MENA, GMV grew by 26%⁴ YoY and Segment Revenue by 25%⁴ YoY, driven by talabat’s standout growth and profitability, as well as the operational strength of Hungerstation, which once more delivered order volume growth of more than 20% YoY in Saudi Arabia.

GMV in Asia improved sequentially to -2%¹ YoY on a like-for-like basis (from -7%¹ on a like-for-like basis in Q1), moving closer towards growth. The Europe segment continued its strong growth trajectory, with GMV growth of 18%¹ YoY on a like-for-like basis and a Segment Revenue increase of 35%¹ YoY on a like-for-like basis. The Americas posted a 30%⁴ YoY increase in GMV, as a larger vendor base and a double-digit expansion of order volumes across all countries where Delivery Hero holds a leadership position supported a 29%⁴ YoY increase in Segment Revenue.

Enhanced profitability and robust financial position

In addition to its Q2 2025 financial results, Delivery Hero today published its H1 financial report. In H1 2025, the Group achieved Total Segment Revenue growth of 25%¹ YoY on a like-for-like basis to €7.2 billion, significantly outpacing the 11%¹ YoY growth on a like-for-like basis in Gross Merchandise Value (GMV), which reached €24.6 billion. This top-line performance was complemented by a jump in profitability, supported by improved cost efficiency and higher Gross Profit margins on Group level. The Group's Adjusted EBITDA surged by 71% YoY to €411 million in the first half of the year, and its Adjusted EBITDA margin expanded by 70 basis points YoY to 1.7%. Delivery Hero’s Free Cash Flow² also showed a substantial improvement of €96 million YoY, reaching -€8 million for H1. The Company delivered its first-ever positive Operating Result in the first half of 2025, at €5 million.

Following convertible bond buybacks totaling a nominal value of €896 million in H1 2025, Delivery Hero maintains a robust financial position with a cash balance of €2.8 billion³.

Updated Guidance for FY 2025

As announced on August 27, 2025, Delivery Hero has updated its Guidance for FY 2025 compared to its previous Guidance as confirmed in April 2025 as follows:

• Gross Merchandise Value (GMV) to grow at the upper end of an 8-10%¹ YoY range on a like-for-like basis⁶, compared to the previous guidance of 8-10% YoY⁴;


• Total Segment Revenue to increase by 22-24% YoY¹ on a like-for-like basis⁶, compared to the previous guidance of 17-19% YoY⁴;


• Adjusted EBITDA to be in the range of EUR 900-940 million, compared to the previous guidance of EUR 975-1,025 million, as a result of approximately EUR 110 million foreign exchange headwinds; and


• Free Cash Flow to be generated of more than EUR 120 million⁵, compared to the previous guidance of more than EUR 200 million⁵, as a result of approximately EUR 80 million foreign exchange headwinds.

In the absence of the aforementioned foreign exchange headwinds, Delivery Hero would have been on track to meet its previous FY 2025 Guidance on Adjusted EBITDA and Free Cash Flow.

Delivery Hero – FY 2025 Guidance

Delivery Hero – Key Performance Indicators Q2 2025 and H1 2025⁷

Note: All Q2 and H1 2025 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 Unrestricted Cash & Cash Equivalents at the end of H1 2025, stated as pro forma following the February 2025 convertible bond tender.

⁴ In constant currency and excluding effects from hyperinflationary accounting.

⁵ The Free Cash Flow guidance for FY 2025 excludes extraordinary cash inflows from M&A breakup fees, as well as extraordinary cash outflows related to ongoing legal disputes (e.g., EU antitrust and Glovo Spain).

⁶ The Company is using a like-for-like comparison for its guidance on GMV and Total Segment Revenue growth to provide a clearer view of its underlying business performance following the divestitures and service changes in the Company’s operations referred to in footnote 1 above. Including those divestitures and service changes would reduce expected GMV growth by approximately two percentage points.

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.