Deliveroo — H1 2025 Earnings Presentation
24 slides from Deliveroo's earnings presentation, Aug 7, 2025
Slide 1: Deliveroo H1 2025 Results
7 August 2025 Deliveroo H1 2025 Results
Slide 2: Definitions & basis of discussion
Definitions & basis of discussion References to profitability in this presentation are to adjusted EBITDA unless otherwise stated. Adjusted EBITDA represents loss for the year before income tax charge/credit, finance costs, finance income, depreciation and amortisation, impairments, exceptional items an
Slide 3: Overview
Overview
Slide 4: H1 2025 | Accelerating growth and profitability progress
H1 2025 | Accelerating growth and profitability progress Strong financial performance; GTV and revenue up 9%, with orders up 8%. Adjusted EBITDA up 46% to £96m. Another half of positive FCF. Acceleration in growth in Q2; orders up 8% (Q1 2025: 7%), GTV up 10% (Q1 2025: 9%) and revenue up 9% (Q1 2025:
Slide 5: Business update
Business update
Slide 6: Our strategic framework | Delivering profitable growth
Our strategic framework | Delivering profitable growth Deliveroo’s mission is to transform the way you shop and eat, bringing the Building blocks neighbourhood to your door by connecting consumers, restaurants, shops and riders Compelling CVP Across key verticals Delivered efficiently New customers Sel
Slide 7: Compelling CVP | Further enhancements to proposition
Compelling CVP | Further enhancements to proposition Deliveroo’s mission is to transform the way you shop and eat, bringing the neighbourhood to your door by connecting consumers, restaurants, shops and riders H1 2025 progress Compelling CVP Across key verticals Delivered efficiently ● Selection: adde
Slide 8: Across key verticals | Good growth across all verticals
Across key verticals | Good growth across all verticals Deliveroo’s mission is to transform the way you shop and eat, bringing the neighbourhood to your door by connecting consumers, restaurants, shops and riders H1 2025 progress Compelling CVP Across key verticals Delivered efficiently ● Restaurant:
Slide 9: Cohorts | Further improvement in growth building blocks
Cohorts | Further improvement in growth building blocks Average order frequency (AOF) by cohort (Group)1 Improving trend in YoY frequency growth2 Building blocks New customers Retention Lapse rate also continuing to improve3 Frequency GTV per order 1 Monthly average order frequency (of MACs) by coho
Slide 10: H1 2025 financials
H1 2025 financials
Slide 11: Overview | Continued growth and profitability momentum
Overview | Continued growth and profitability momentum GTV1 Revenue1 Gross profit £3,789m £1,047m £394m +9% YoY +8% YoY +7% YoY +9% in cc +9% in cc Adj. EBITDA2 Free cash flow3 Net cash4 £96m £46m £624m +46% YoY +£37m YoY £(44)m vs 31 Dec 24 1 “cc” = constant currency growth rate. 2 Adjusted EBITDA rep
Slide 12: Top line | Strong performance across key growth metrics
Top line | Strong performance across key growth metrics Acceleration in order and GTV growth Strong performance in both segments ● GTV up 9% in H1 2025 (H1 2024: 7%), with acceleration in Q2 ● Continued strength in UKI, accelerating to 10% growth in Q2 ● GTV growth predominantly driven by order grow
Slide 13: Revenue & gross profit | Delivering further growth
Revenue & gross profit | Delivering further growth Strong revenue growth Take rate dilution partially offset by rider efficiencies Group revenue take Group gross profit rate (% of GTV) margin (% of GTV) Group revenue Group gross (£m) profit (£m) ● Revenue up 9% YoY primarily due to increasing GTV, as wel
Slide 14: Costs | Further progress driving operating leverage
Costs | Further progress driving operating leverage Marketing & overheads (M&O) Breakdown of marketing & overheads (M&O) (as % of GTV) Group (£m) H1 2025 H1 2024 YoY Staff and other people costs¹ 186.8 175.3 7% Capitalised development costs (22.6) (20.8) 9% Net people costs 164.2 154.5 6% Non-people
Slide 15: Cash flow | Another half of positive free cash flow
Cash flow | Another half of positive free cash flow £ million 668 624 Free Cash Flow: £46m (+£37m YoY) 2 1 ¹ Cash exceptional items relate to cash outflow for regulatory settlements and Hong Kong market closure costs. 2 c.£61m related to the completion of the £150m share buyback programme announced in
Slide 16: FY25 outlook
FY25 outlook GTV growth ● Narrowed to around the top end of the previously-guided range of high single-digits percentage growth in constant currency Adjusted EBITDA ● Narrowed to in the upper half of the previously-guided range of £170-190 million The statement above constitutes a profit forecast for
Slide 17: Transaction update
Transaction update
Slide 18: Recommended DoorDash offer
Recommended DoorDash offer Independent Committee of the Board gave their recommendation for final1 cash offer of 180p per share Shareholder approval received on 16 June 2025 Regulatory approval processes ongoing Transaction expected to complete in Q4 2025 1 The financial terms of the Acquisition are fi
Slide 19: Wrap-up
Wrap-up
Slide 20: Delivering on our vision
Delivering on our vision Delivering accelerating growth and increasing Our vision Who we are profitability To transform the way you shop and eat, bringing the neighbourhood to your door by connecting consumers, restaurants, We are consumer obsessed shops and riders We are operators We are innovators
Slide 21: Q&A
Q&A
Slide 22: Appendix
Appendix
Slide 23: Financial KPIs (continuing operations - excluding Hong Kong)
Financial KPIs (continuing operations - excluding Hong Kong) £m Q1 23 Q2 23 Q3 23 Q4 23 H1 23 FY 23 Q1 24 Q2 24 Q3 24 Q4 24 H1 24 FY 24 Q1 25 Q2 25 H1 25 Group (ex-Hong Kong) Orders (m) 67 67 64 69 133 266 68 69 66 73 137 276 73 74 147 % year-over-year 2% 3% 4% 6% 3% 4% 7% 8% 8% GTV 1,634 1,639 1,58
Slide 24: Disclaimer
Disclaimer This presentation may include forward-looking statements, which are based on current expectations and projections about future events. These statements may include, without limitation, any statements preceded by, followed by or including words such as "target", "believe", "expect", "aim",