Delivery Hero Se · XETR:DHER
Delivery Hero — Q1 2026 Earnings Presentation
29 slides from Delivery Hero's earnings presentation, Apr 30, 2026
Slide 1: Q1 2026 Trading Update
Q1 2026 Trading Update 30 April 2026
Slide 2: Key Highlights
Key Highlights Growth GMV growth accelerating: +8.8% LfL1 in Q1 ’26, up from 7.9% LfL1 in Q4 ’25 Quick Commerce growing: +30% LfL1, now 18% of total2 GMV Profitability H1 ’26 investments on track; profit acceleration in H2 ’26 FY 2026 outlook confirmed; confidence in achieving adj. 2 EBITDA in upper
Slide 3: We have built one of the most capable delivery platforms in the world
1.5m+ vendors. 60m+ monthly active users. 800+ Dmarts. We have built one of the most capable delivery platforms in the world. Now we're building the Everyday App. A habitual, high-frequency platform for food, groceries, household essentials, and convenience: the app consumers reach for every day. Th
Slide 4: Q1 demonstrates progress on all key 2026 priorities
Q1 demonstrates progress on all key 2026 priorities Our FY 2026 priorities Strengthen leadership across geographies Expanding Quick Commerce Deepen loyalty through subscriptions and operational Large, relevant assortment, efficient picking and last-mile excellence operations, enabling multiple new s
Slide 5: Strategic review: Top priority for Supervisory and Management Boards
Strategic review: Top priority for Supervisory and Management Boards This strategic review is proactively assessing various strategic, operational, and structural /allocation options to drive value for all of our shareholders. Financial and legal advisors retained to advise Supervisory and Managemen
Slide 6: Business Update
Business Update 6
Slide 7: Platform Power: Deepening the moat through operational excellence and AI
Platform Power: Deepening the moat through operational excellence and AI Everyday App Leading Customer Experience 55% 96% -8% Rider waiting time at restaurants +50% GMV share of customers using multiple of GMV derived from countries where we YoY growth in priority verticals (excl. Woowa) deliver as
Slide 8: Growth accelerates as consumers adopt our Everyday App
Growth accelerates as consumers adopt our Everyday App DH Group Regions GMV share of QC GMV share of QC +37% +30% +34% +16% 30% 26% +27% 18% 24% 23% 15% 19% 20% 19% 18% 12% 16% 6% 7% 5% Q1 ’24 Q1 ’25 Q1 ’26 Q1 ’24 Q1 ’25 Q1 ’26 Q1 ’24 Q1 ’25 Q1 ’26 Q1 ’24 Q1 ’25 Q1 ’26 Q1 ’24 Q1 ’25 Q1 ’26 MENA Amer
Slide 9: Saudi Arabia: Growth accelerating and margin expanding
Saudi Arabia: Growth accelerating and margin expanding Resilient topline growth… …and margin performance +24% +60bp +15% -10bp Q1 ’24 Q1 ’25 Q1 ’26 Q1 ’24 Q1 ’25 Q1 ’26 GMV Adj. EBITDA / GMV Our proven playbook Subscription-led loyalty Market-leading restaurant selection Consumer engagement boost Mu
Slide 10: Financial Highlights
Financial Highlights 10
Slide 11: Delivery Hero Group
Delivery Hero Group Orders (m) GMV (€bn) Total Segment Revenue (€bn) +10% +9% +18% +8% +1% +10% 908 12.4 12.5 3.7 839 3.4 Q1 ’25 Q1 ’26 Q1 ’25 Q1 ’26 Q1 ’25 Q1 ’26 YoY growth on a like-for-like basis YoY growth in reported currency Note: GMV and Revenue figures are in reported currency (RC). YoY gro
Slide 12: MENA Platform business
MENA Platform business GMV (€bn) Segment Revenue (€m) Key Highlights GMV growth accelerating, driven by strong underlying order volume at HungerStation +16% +14% and talabat +8% +5% 3.8 955 Standout regional performance in Saudi 911 Arabia underpinned by exceptional 3.5 subscription engagement (subs
Slide 13: Asia Platform business
Asia Platform business GMV (€bn) Segment Revenue (€m) Key Highlights GMV growth further accelerated on a LfL- basis with South Korea building on its positive order momentum since year-end ’25 while +3% +17% demand in APAC sustained its resilience +4% -9% 5.4 1,025 Scaling own-delivery operations in
Slide 14: Europe Platform business
Europe Platform business GMV (€bn) Segment Revenue (€m) Key Highlights Successfully absorbing short-term efficiency impact from Spain’s rider +7% +8% transition, with GMV growth poised to +5% +7% reaccelerate in H2 ’26 2.5 646 2.4 Growth in Spain supported by improvements 604 in operations, includin
Slide 15: Americas Platform business
Americas Platform business GMV (€m) Segment Revenue (€m) Key KeyHighlights Highlights Orders +25% YoY, 13 of 15 markets growing above 20% YoY supported by subscription and +21% multi-vertical offerings +18% +21% +18% 294 Subscription reached with 37% a sizeable 1,210 share of total orders and is a m
Slide 16: Integrated Verticals
Integrated Verticals GMV (€m) Segment Revenue (€m) Key Highlights Integrated Verticals continues strong growth trajectory through enhanced customer value +32% proposition and improved utilization of existing +28% +24% +20% stores 936 992 Strong growth across all regions. GMV growth accelerated in So
Slide 17: Outlook
Outlook 17
Slide 18: Guidance confirmed - confidence in achieving adj. EBITDA in upper half of range
Guidance confirmed - confidence in achieving adj. EBITDA in upper half of range Total Segment GMV Adj. EBITDA FCF before extr. items Revenue 8-10% YoY (LfL) 14-16% YoY (LfL) €910-960m >€200m Note: GMV and Total Segment Revenue in constant currency, excluding hyperinflation accounting and on a like-f
Slide 19: Appendix
Appendix 19
Slide 20: Delivery Hero KPIs
Delivery Hero KPIs Post Harmonization 2025 2026 in €m Q1 Q2 H1 Q3 Q4 FY Q1 Delivery Hero Group GMV 12,372.5 12,243.4 24,615.9 12,179.4 12,401.5 49,196.8 12,466.6 % YoY Growth (RC) 5.0% 2.9% 3.9% -0.6% -3.3% 0.9% 0.8% % YoY Growth (CC) 6.7% 7.3% 7.0% 4.5% 3.6% 5.5% 8.3% % YoY Growth (CC), excl. HI ad
Slide 21: Delivery Hero KPIs
Delivery Hero KPIs Post Harmonization 2025 2026 in €m Q1 Q2 H1 Q3 Q4 FY Q1 Asia GMV 5,414.9 5,176.9 10,591.8 5,209.6 4,978.4 20,779.7 4,915.7 % YoY Growth (RC) -11.7% -9.0% -10.4% -12.6% -11.4% -11.2% -9.2% % YoY Growth (CC) -8.4% -3.8% -6.2% -6.3% -1.4% -5.1% 0.6% % YoY Growth (CC), LfL -7.2% -2.4%
Slide 22: Our long-term ambitions
Our long-term ambitions1 Growth Leadership Innovation Profitability Achieve >€200bn GMV #1 player in #1 preferred Achieve 5–8% adj. in the long-term all markets2 delivery app EBITDA/GMV margin3 by 2030 We plan to grow our GMV substantially, invest in tech & innovation to further expand our leadershi
Slide 23: Strong cash position enhances financial flexibility to navigate an uncertain environment
Strong cash position enhances financial flexibility to navigate an uncertain environment Cash (€bn) Debt maturity profile (€m) Comment €2.7bn pro forma cash balance, after 0.6 adding proceeds from March ‘26 term loan transaction and deducting funds used for 2026 (€56m) and 2027 (€534m) converts re
Slide 24: Very attractive long-term margins and high cash conversion
Very attractive long-term margins and high cash conversion1 (in % of GMV) FY 2023 FY 20242 FY 2025 FY 2030e Comments Management accounts3 Driven by pricing, advertising, order stacking and increasing Gross Profit 7.4% 7.8% 8.1% 10% to 13% profitability of Dmarts High focus on improved marketing effi
Slide 25: Harmonized Management- & IFRS-Reporting
Harmonized Management- & IFRS-Reporting Reporting alignment and efficiency Align internal management reporting with external IFRS disclosure Internal Accelerate internal reporting cycles Coherent External IFRS Management Reporting Disclosure Disclosure Enhance financial transparency and coherence 25
Slide 26: Higher transparency with limited impact on KPIs
Higher transparency with limited impact on KPIs Key Highlights Main KPIs Impact Comment GMV No impact Revenue reductions (vouchers, refunds) will be reflected as a direct deduction from Revenue SEGMENT REVENUES instead of marketing expenses thereby having the Total Segment Revenues fully aligned wit
Slide 27: 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 28: 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 29: Investor Relations Contacts
Investor Relations Contacts Registered Office Oranienburger Straße 70, 10117 Berlin, Germany E-Mail ir@deliveryhero.com Phone +49 (0)30 54 4459 105 Website ir.deliveryhero.com Visit us on our social media channels 29