Delivery Hero Se · XETR:DHER
Delivery Hero — Investor Presentation (July 2025)
55 slides from Delivery Hero's investor presentation, July 2025
Slide 1: Company Presentation July 2025
Company Presentation July 2025
Slide 2: Table of contents
Table of contents 01 Key Investment Highlights 02 Overview 03 Business Model 04 Long-term Value Creation 05 Profit & Cash 06 Outlook 07 Snapshot on ESG 2
Slide 3: Key Investment Highlights
Key Investment Highlights 3
Slide 4: Delivery Hero: Key Investment Highlights
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG Delivery Hero: Key Investment Highlights Globally Leading Delivery Platform Technology At Our Core Approx. 90% of the Group's GMV is generated from markets where We develop technology and products centrally, from logistics,
Slide 5: Overview
Overview 5
Slide 6: Delivery Hero at a glance
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG Delivery Hero at a glance Introduction to Delivery Hero Diversified brand portfolio Corporate group: Headquartered in Berlin, Germany, with >42k Europe MENA Americas Asia Integrated employees globally Verticals Operational p
Slide 7: Our journey to the world's largest local delivery business
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG Our journey to the world’s largest local delivery business IPO Adj. EBITDA uplift of €439m acquisition Positive and FCF of adj. ~€100m EBITDA Gross Merchandise Value (“GMV”) (€bn) milestone acquisition and (>€250m) disposal
Slide 8: Global leader in food delivery and quick commerce
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG Global leader in food delivery and quick commerce #1 Global Coverage (>2bn people) #1 #1 Northern, Eastern Asia & Southern Europe (excl. China) #1 #1 South & Central Quick America Commerce (excl. Brazil) #1 MENA 8
Slide 9: Business Model
Business Model 9
Slide 10: Our global delivery business is based on three pillars
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG Our global delivery business is based on three pillars PLATFORM OWN QUICK DELIVERY COMMERCE If you are interested in a Our ecosystem deep-dive into Quick Commerce, please listen to We work with a large global ecosystem of
Slide 11: Our Platform business
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG Our Platform business Customer Vendor 1. 2. 3. 4. Cook / Pick Search Order Receive Delivery Hero provides delivery 5. Deliver Own Delivery 6. Marketplace Vendor provides Eat / Enjoy delivery 11
Slide 12: The two pillars of Quick Commerce
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG The two pillars of Quick Commerce Quick Commerce 3rd Party Vendors (Shops) Delivery Hero acts as Agent Delivery Hero acts as Principal Financial Reporting Revenues reported in Platform business Revenues reported in Integrate
Slide 13: Our Dmart concept
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG Our Dmart concept Customer warehouses Customers only need one app – fully integrated with 2. Order received Orders transmitted and platform offering picked using proprietary 1. Shop and order from ~7,000 technology designed
Slide 14: Our main business lines generate similarly attractive levels of gross profits
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG Our main business lines generate similarly attractive levels of gross profits Integrated Reporting lines Platform Verticals Nov-2023 ex-Woowa Best-in-class Marketplace Own delivery Unit Economics (€ per order) Dmarts2 AOV /
Slide 15: Gross Profit margin development on Group level
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG Gross Profit margin development on Group level Group Gross Profit margin as % of GMV Key Highlights 11% Gross Profit margin continued to increase by +20 bps YoY 10% MENA region influenced by the roll-out of OD in 9% Türkiye,
Slide 16: Combining central services with strong local execution
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG Delivery Hero is combining central services with strong local execution Central Global Services Perf. & Finance, Tech and Product Marketing Legal & HR1 Vendor App Rider App Picker App Search Data Platform Interna
Slide 17: Long-term Value Creation
Long-term Value Creation 17
Slide 18: Global leadership, additional revenue opportunities and focus on profitability
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG Global leadership, additional revenue opportunities and clear focus on profitability to drive shareholder value Business model based on highly attractive cohorts 1 Our business model leverages predictable customer cohorts, w
Slide 19: Our business model is based on highly attractive cohorts
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG 1 Our business model is based on highly attractive cohorts Total GMV per cohort per year Monthly average order frequency GMV per active user cohorts (€m), Multiple indicates GMV growth within cohort vs. Improvement over the
Slide 20: Achieving our long-term target of >€200bn requires order density below top 8 markets
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG 2 Achieving our long-term target of >€200bn requires order density below that of our Top 8 markets* Average monthly orders per capita (x) Comments Top 8 markets* Tail markets* approx. two-thirds of FY ’24 GMV approx. one-thi
Slide 21: We have built a global footprint and leading positions across the world
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG 3 We have built a global footprint and leading positions across the world Asia MENA Europe2 Americas Globally Countries 68 11 10 32 15 #1 positions1 53 7 10 23 13 Total population >2bn 738m 314m 745m 231m 18% 8% % GMV FY24 4
Slide 22: Quick Commerce: complementary and synergetic to the overall business
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG 4 Quick Commerce: complementary and synergetic to the overall business Growth Profitability Massive market opportunity Significant profit opportunity at scale More new customers and higher Higher network density with penetra
Slide 23: Scaling AdTech business as a highly profitable revenue stream
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG 5 Scaling AdTech business as a huge and highly profitable revenue stream CPC Joker We have a rich portfolio of advertising products Cost-per-click (CPC): various premium listing options to increase restaurant visibility on t
Slide 24: Advertising business already generating revenues of >€1 billion
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG 5 Advertising business already generating revenues of >€1billion Advertising revenue (in €m)1 >1,500 Long-term target >4% of GMV +36% 1,241 Advertising products help vendors to increase awareness, acquire new customers and u
Slide 25: Strong earnings trajectory and further margin expansion in FY 2024
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG 6 Strong earnings trajectory and further margin expansion in FY 2024 Adj. EBITDA on Group level (in €m) Comments Adj. EBITDA/GMV margin (2.9%) (1.4%) 0.6% 1.4% Continue to focus on growth, profitability, and cash generatio
Slide 26: Profit & Cash
Profit & Cash 26
Slide 27: Significant earnings growth and positive free cash flow in FY 2024
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG Significant earnings growth and positive free cash flow in FY 2024 GMV(€bn) Total Segment Revenue (€bn) +8% +22% +5% +19% 45.3 48.8 12.8 10.5 FY ’23 FY ’24 FY ’23 FY ’24 Adj. EBITDA (€m) Free Cash Flow1 (€m) Cash flow uplift
Slide 28: Rationalization and optimization of Dmarts
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG Rationalization and optimization of Dmarts leading to significant financial improvements Deep operational Comprehensive footprint rationalization Rapid financial improvement optimization Footprint reduced to focus Multiple t
Slide 29: Dmarts: Best performing country highly profitable and cash-generative
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG Dmarts: Best performing country already highly profitable and cash-generative GMV (in €m) Adj. EBITDA margin (as % of GMV) +390% 11% 7% 4% -1% FY '21 FY '22 FY '23 FY '24 FY '21 FY '22 FY '23 FY '24 Outstanding growth traj
Slide 30: Ample liquidity position further increased by talabat IPO proceeds
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG Ample liquidity position further increased by talabat IPO proceeds Values in € billion 1.84 (0.27) 0.69 (0.15) 0.28 3.81 (0.29) 0.10 (0.20) 0.08 0.06 1.66 1.69 Cash & cash Adj. CAPEX Leasing Taxes Change in PSP & Net Others
Slide 31: Significant reduction in net debt
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG Significant reduction in net debt Net debt (in €bn) Comments talabat IPO proceeds of €1.8bn boosted cash position to €3.8bn, reducing the net debt -55% position by ~55% YoY to €1.9bn (end of FY ’24) Leverage ratio declin
Slide 32: Large cash balance combined with balanced debt maturity profile
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG Large cash balance combined with a balanced debt maturity profile Cash (€bn) Debt maturity profile (€m) Comment €2.9bn in cash post talabat IPO and Feb ’25 tender offer for convertible bonds €2.9bn in outstanding 1,826 1
Slide 33: Outlook
Outlook 33
Slide 34: Delivery Hero Group confirms outlook for FY 2025
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG Delivery Hero Group confirms outlook for FY 2025 Total Segment GMV Adj. EBITDA Free Cash Flow Revenue 8-10% YoY 17-19% YoY €975-1,025m >€200m1 Note: GMV and Total Segment Revenue in constant currency and excluding hyperinfla
Slide 35: Long-term ambitions confirmed
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG Long-term ambitions confirmed 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
Slide 36: Significant potential for Gross Profit margin expansion
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG Significant potential for Gross Profit margin expansion Gross Profit to adj. EBITDA for the Group (as % of GMV): FY 2024 to Long-Term Can be significantly 0.5-1.0% smaller than <6% at 0.5-1.0% 0.8% 0.8% scale 0.5-1.0% 0.8% 1
Slide 37: Very attractive long-term margins and high cash conversion
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG 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
Slide 38: Snapshot on ESG
Snapshot on ESG 38
Slide 39: Delivering a more sustainable future
Delivering a more sustainable future “ Becoming more sustainable is an important part of Delivery Hero’s ambition to build a company that future generations can be proud of. We steer our global climate action in a sincere, ambitious, and transparent way in order to actively combat climate change. We
Slide 40: Our strategic priorities
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG Our strategic priorities CLIMATE ACTION GOVERNANCE RIDER & WORKER SOCIAL IMPACT WELFARE Reducing carbon Elevate non-financial Supporting rider Leveraging our emissions in line with reporting & welfare with focus on ecosystem
Slide 41: Environmental: minimizing the environmental impact of our business
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG Environmental: minimizing the environmental impact of our business Climate & Environment Emissions in 20241 Scope 3 makes up ~98% of our footprint, our focus is on key 46,880 hotspots like low-emission deliveries, sustainabl
Slide 42: Social: creating positive working opportunities globally
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG Social: creating positive working opportunities globally Own Workforce Rider Welfare ~70 >42,000 >850,0001 8% Countries (Global presence) Employees (worldwide) Riders Rider accident (Global presence) reduction rate2 We pro
Slide 43: Governance: safeguarding fair business conduct and data protection
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG Governance: safeguarding fair business conduct and data protection Responsible Governance and Ethics Delivery Hero’s Business Ethics Policies are applied 2nd globally across all Delivery Hero entities, including highest BitS
Slide 44: Selection of our Group's ESG initiatives
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG Selection of our Group’s ESG initiatives Woowa’s Green Class and the Sustainable Restaurant Certificate Benefits restaurant owners by equipping them with environmental knowledge for sustainable operations. For riders, we foc
Slide 45: Key ESG Achievements 2024
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG Key ESG Achievements 2024 Environment Social We embed sustainability at our core, aligning with global benchmarks such as the SDGs and SBTi. We engage with leading sustainability ratings for responsible growth and B Empoweri
Slide 46: ESG targets embedded in Management Board compensation
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG ESG targets embedded in Management Board compensation In 2024, Delivery Hero continued to uphold the Management Board’s accountability for Environmental, Social, and Governance (ESG) topics by including ESG targets as part
Slide 47: Materiality driving strategic focus
Highlights Overview Business Model Value Creation Profit & Cash Outlook ESG Materiality driving strategic focus Our sustainability approach and our non-financial reporting are built around the topics that we identified as relevant to our business. We identified several material topics that are the o
Slide 48: Appendix
Appendix 48
Slide 49: Delivery Hero KPIs
Delivery Hero KPIs 2023 2024 2025 in €m Q1 Q2 H1 Q3 Q4 FY Q1 Q2 H1 Q3 Q4 FY Q1 Delivery Hero Group GMV 11,198.9 11,083.8 22,282.7 11,693.4 11,299.1 45,275.2 11,788.9 11,897.6 23,686.5 12,249.3 12,818.2 48,754.0 12,372.5 % YoY Growth (RC) 1.5% 2.9% 2.2% 2.1% -0.5% 1.5% 5.3% 7.3% 6.3% 4.8% 13.4% 7.7%
Slide 50: Delivery Hero KPIs
Delivery Hero KPIs 2023 2024 2025 in €m Q1 Q2 H1 Q3 Q4 FY Q1 Q2 H1 Q3 Q4 FY Q1 Asia GMV 6,462.1 6,181.1 12,643.2 6,385.6 6,325.5 25,354.2 6,135.7 5,691.3 11,827.0 5,962.2 5,618.3 23,407.4 5,414.9 % YoY Growth (RC) -7.0% -4.8% -5.9% -6.2% -5.1% -5.8% -5.1% -7.9% -6.5% -6.6% -11.2% -7.7% -11.7% % YoY
Slide 51: Basic concepts of hyperinflation accounting (IAS 29)
Basic concepts of hyperinflation accounting (IAS 29) Hyperinflation refers to a situation where the prices of goods, services, interest and wages in a given country rise uncontrollably over a defined period of time. This is the case for Argentina, Türkiye and Ghana1, all considered hyperinflationa
Slide 52: Hyperinflation accounting in Argentina and Türkiye
Hyperinflation accounting in Argentina and Türkiye Argentina Türkiye Monthly CPI % Monthly devaluation EUR/ARS % Monthly CPI % Monthly devaluation EUR/TRY % 140% Q1 2025 30% Q1 2025 120% 25% 100% 20% 80% 15% 60% 10% 40% 5% 20% 0% 0% -5% Jan 23 Apr 23 Jul 23 Oct 23 Jan 24 Apr 24 Jul 24 Oct 24 Jan 25
Slide 53: 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 54: 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 55: Investor Relations Contact
Investor Relations Contact 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 l