Delivery Hero Se · XETR:DHER
Delivery Hero — Q3 2025 Earnings Presentation
32 slides from Delivery Hero's earnings presentation, Nov 13, 2025
Slide 1: Q3 2025 Trading Update
Q3 2025 Trading Update 13 November 2025
Slide 2: Table of contents
Table of contents 01 Platform & Technology 02 Financial Highlights 03 Segment Details 04 Case Study 05 Outlook 06 Appendix 2 2
Slide 3: Platform & Technology
Platform & Technology
Slide 4: Global platform & deep localization as our unique competitive advantage
Global platform & deep localization as our unique competitive advantage Delivery Hero Tech Platform Fully globalized end-to-end Deep localization & personalization business enablers Ramadan Loyalty Gamification Group Order Student Discount MENA Turkey APAC Curbside Pickup Greece KSA Pandora Apps Glo
Slide 5: Enabling end-to-end AI personalization of the customer experience
Enabling end-to-end AI personalization of the customer experience Customer Data Search 100% Personalization ● In-App Behavior ● Past Orders ● Ratings & Reviews Vendor List ● Location Recommendations Increased ● Time of Day ● Demography Conversion ● Segmentation ● Preferences Global AI Personalizatio
Slide 6: Driving greater operating leverage through increased efficiency
Driving greater operating leverage through increased efficiency SG&A + Marketing costs as % of GMV AI integration roadmap across our operations 2024 7.2% Co-Pilots for service agents 2026 Agentic services 2024 & sales Productized incentives 2026 AI incentive 2025 optimization Vendor-funded deal opti
Slide 7: Financial Highlights
Financial Highlights
Slide 8: Key Highlights
Key Highlights GMV increased by +7% YoY in Q3 ’25, with growth expected to accelerate in Q4 ’25 fueled by Asia’s recovery and strong demand across major markets1 2 Total Segment Revenue growth of +22% YoY in Q3 ’25 driven by expansion of own-delivery logistics, AdTech and subscription programs1 Stab
Slide 9: Delivery Hero Group
Delivery Hero Group Orders (m) GMV (€bn) Total Segment Revenue (€bn) +8% LfL1 +7% LfL1 +22% LfL1 +5% +5% +22% -0% +16% 899 12.2 12.2 3.7 853 3.2 Q3 ’24 Q3 ’25 Q3 ’24 Q3 ’25 Q3 ’24 Q3 ’25 Note: GMV and Revenue figures are in reported currency (RC). YoY growth rates in red are in constant currency (CC
Slide 10: Segment Details
Segment Details
Slide 11: Europe Platform business
Europe Platform business GMV (€bn) Segment Revenue (€m) Key Highlights +13% LfL1 +34% LfL1 Temporary scale-back of GMV growth to manage initial efficiency impact following the +8% +34% successful transition to an employment model +7% +34% in Spain 2.3 625 Revenue development driven by expansion 2.2
Slide 12: MENA Platform business
MENA Platform business GMV (€bn) Segment Revenue (€m) Key Highlights Very robust GMV growth despite challenging prior-year comps, which benefitted from +19% +19% heightened growth investments +13% +13% 3.7 1,012 1,004 Saudi Arabia achieved order growth of 14% 3.6 YoY in Q3 ’25, fueled by a compellin
Slide 13: Asia Platform business
Asia Platform business GMV (€bn) Segment Revenue (€m) Key Highlights -3% LfL1 +17% LfL1 GMV trends constrained by high comps in South Korea (e.g. free subscription trial). Rest -6% +15% of Asia maintained its growth trajectory, with -13% +8% GMV increasing by 8% (LfL) in Q3 ’25 6.0 1,138 Healthy rev
Slide 14: Americas Platform business
Americas Platform business GMV (€m) Segment Revenue (€m) Key Highlights Sustained GMV momentum, growing +19% YoY in Q3 ’25, driven by +21% order growth +19% +19% from both new user acquisition and increased +15% +14% order frequency 1,035 268 961 250 Expanding Quick Commerce & subscription, 897 899
Slide 15: Integrated Verticals
Integrated Verticals GMV (€m) Segment Revenue (€m) Key Highlights Quick Commerce1 business continues rapid expansion, driven by GMV growth of 24% +23% +27% YoY in Dmarts and even faster growth in +17% +20% Local Shops1, boosting total Quick Commerce 859 867 807 810 GMV to more than €7 billion in the
Slide 16: Gross Profit margin development
Gross Profit margin development Group Gross Profit margin as % of GMV Key Highlights 11% GP margin on Group level continued to increase by +40 bps YoY to 8.0% 10% MENA and Americas already achieving an 9% attractive GP margin of ~10%, while +40 Bps leveraging profitability to expand rapidly in 8% th
Slide 17: Case Study: South Korea
Case Study: South Korea
Slide 18: Strong execution drives positive growth momentum into Q4
Strong execution drives positive growth momentum into Q4 South Korea daily order growth (YoY)1 Key drivers of turnaround Strong momentum going into Q4 with YoY order growth turning positive during October and continued growth New acquisitions trajectory in early November Targeted customer +8% YoY |
Slide 19: Case Study: Saudi Arabia
Case Study: Saudi Arabia
Slide 20: Resilient customer base anchors growth momentum despite increasing competition
Resilient customer base anchors growth momentum despite increasing competition Quarterly order development Growing users, improved customer mix Key drivers of strong momentum Orders in million YoY user growth per user segment Strong Quick Commerce performance Keeta entry in Low frequency Medium freq
Slide 21: Outlook
Outlook
Slide 22: Delivery Hero Group confirms outlook for FY 2025
Delivery Hero Group confirms outlook for FY 2025 Total Segment GMV Adj. EBITDA Free Cash Flow Revenue Upper end of 22-24% YoY €900-940m >€120m1 8-10% YoY (LfL) (LfL) (~€1,010–1,050m based on FX at the time of initial guidance in Feb 2025) Note: GMV and Total Segment Revenue in constant currency, exc
Slide 23: Our long-term ambitions
Our long-term ambitions Growth Leadership Innovation Profitability Achieve >€200bn GMV #1 player in #1 preferred Achieve 5–8% adj. in the long-term all markets1 delivery app1 EBITDA/GMV margin2 by 2030 We plan to grow our GMV substantially, invest in tech & innovation to further expand our leadershi
Slide 24: Appendix
Appendix
Slide 25: Delivery Hero KPIs
Delivery Hero KPIs 2021 2022 2023 2024 2025 in Gm FY FY FY Q1 Q2 H1 Q3 Q4 FY Q1 Q2 H1 Q3 Delivery Hero Group GMV 37,974.8 44,614.5 45,275.2 11,788.9 11,897.6 23,686.5 12,249.3 12,818.2 48,754.0 12,372.5 12,243.4 24,615.9 12,179.4 % YoY Growth (RC) n.a. 17.5% 1.5% 5.3% 7.3% 6.3% 4.8% 13.4% 7.7% 5.0%
Slide 26: Delivery Hero KPIs
Delivery Hero KPIs 2021 2022 2023 2024 2025 in Gm FY FY FY Q1 Q2 H1 Q3 Q4 FY Q1 Q2 H1 Q3 Asia GMV 23,907.0 26,910.4 25,354.2 6,135.7 5,691.3 11,827.0 5,962.2 5,618.3 23,407.4 5,414.9 5,176.9 10,591.8 5,209.6 % YoY Growth (RC) n.a. 12.6% -5.8% -5.1% -7.9% -6.5% -6.6% -11.2% -7.7% -11.7% -9.0% -10.4%
Slide 27: Hyperinflation accounting in Argentina and Turkey
Hyperinflation accounting in Argentina and Turkey Argentina Turkey Monthly CPI % Monthly devaluatio n EUR/ARS % Monthly CPI % Monthly devaluatio n EUR/TRY % 140% Q3 ’25 30% Q3 ’25 120% 25% 100% 20% 80% 15% 60% 10% 40% 5% 20% 0% 0% -5% Ja n- 23 May-23 Sep-23 Ja n- 24 May-24 Sep-24 Ja n- 25 May-25 Sep
Slide 28: Large cash balance combined with a balanced debt maturity profile
Large cash balance combined with a balanced debt maturity profile Cash (€bn) Debt maturity profile (€m) Comments § €2.8bn in cash post talabat IPO and Feb ’25 tender offer for convertible bonds § €2.9bn in outstanding convert. bonds, at a weighted 1,640 1 average coupon of 2.1% (0.875% to 3.25% rang
Slide 29: Very attractive long-term margins and high cash conversion
Very attractive long-term margins and high cash conversion FY 2023 FY 2024 FY 2025e FY 2030e Comments Management accounts Driven by pricing, advertising, order stacking and increasing Gross Profit 7.4% 7.7% Improve 10% to 13% profitability of Dmarts High focus on improved marketing efficiency while
Slide 30: Definitions
Definitions § Gross Merchandise Value (GMV) is the total value paid by customers (including VAT, delivery fees, other fees and subsidies but excluding subscription fees, tips and delivery-as-a-service fee). § Total Segment Revenue is defined as revenue in accordance with IFRS 15, excluding the effec
Slide 31: Important Notice
Important Notice § For the purposes of this notice, “presentation” means this document, its contents or any part of it. This presentation does not, and is not intended to, constitute or form part of, and should not be construed as, an offer to sell, or a solicitation of an offer to purchase, subscri
Slide 32: Investor Relations Contacts
Investor Relations Contacts Christoph Bast Barbara Jeitler Moritz Verleger Lukas Herzog Loredana Strîmbei Head of IR Director IR Senior Manager IR Manager IR Specialist IR christoph.bast@deliveryhero.com barbara.jeitler@deliveryhero.com moritz.verleger@deliveryhero.com lukas.herzog@deliveryhero.com