Delivery Hero Se · XETR:DHER
Delivery Hero — FY2025 Earnings Presentation
28 slides from Delivery Hero's earnings presentation, Mar 26, 2026
Slide 1: FY 2025 Results Presentation
FY 2025 Results Presentation 26 March 2026
Slide 2: Transforming into an Everyday App
Transforming into Key achievements in FY 2025 an Everyday App Delivering profitable growth Reaccelerating growth in Korea and KSA Expanding Quick Commerce Driving operational excellence across regions AI-led product improvements 2
Slide 3: Sharpening the strategy for sustained profitable growth
Sharpening the strategy for sustained profitable growth Our FY 2026 priorities Strengthen leadership across geographies Expanding Quick Commerce Deepen loyalty through multi-vertical offering, subscriptions Large and relevant assortment, efficient picking and last-mile and operational excellence ope
Slide 4: From restaurant delivery to everyday app
From restaurant delivery to everyday app Expanding beyond food into a multi-vertical platform driving superior customer loyalty and GMV growth Food delivery platform Everyday App Restaurant marketplace Quick Commerce >€7.5bn GMV in FY’25 Single-vertical focus Multi-vertical: grocery, health, beauty
Slide 5: Quick Commerce: A key growth engine approaching €10bn GMV in FY'26
Quick Commerce: A key growth engine approaching €10bn GMV in FY’26 Food customer placing first Quick Commerce order Everyday App capturing the entire day Average order frequency on a monthly basis +3.0 11:00 - 15:00 06:00 - 10:00 Morning Rush Afternoon Needs Coffee, fresh pastries, and Quick lunches
Slide 6: Strategic review update: unlocking shareholder value
Strategic review update: unlocking shareholder value Comprehensive review ongoing with JP Morgan as advisor Taiwan sale 1st step to unlock shareholder value Management Board and Supervisory Board fully aligned Valuation disconnect Multiple strategic Key focus of the acknowledged options under Manage
Slide 7: FY 2025 Results
FY 2025 Results 7
Slide 8: Key financial highlights
Key financial highlights GMV growth of +9% YoY to €49.2bn in FY ’25 with renewed growth trajectory in Asia1 2 Total Segment Revenue increased by +23% YoY to €14.8bn in FY ’251 Adj. EBITDA grew by +30% YoY to €903m in FY ’25 Free cash flow2 generation increased by +15% YoY to €250m in FY ’25 Balance
Slide 9: Delivering consistently high growth and improving profitability
Delivering consistently high growth and improving profitability YoY Growth Adj. EBITDA (€m) Gross Profit Margin1 22.6% 23.1% 903 8.3% Q4 ‘25 693 all-time high Adj. EBITDA / GMV 254 1.8% FY ‘25 up from 1.4% 9.5% 9.0% FCF2 €250m FY ‘25 (624) positive 2nd consecutive year FY ’24 FY ’25 FY ’22 FY ’23 FY
Slide 10: Material improvement across key profitability metrics in FY 2025
Material improvement across key profitability metrics in FY 2025 (in € m) FY 2024 FY 2025 YoY Comments Adj. EBITDA 693 903 +30% Management adjustments (512) (147) -71% o/w corporate finance, financing and legal matters (392) (21) -95% Provisions related to the transition to new rider model in o/w re
Slide 11: Free Cash Flow
Free Cash Flow (in €m) FY 2024 FY 2025 YoY Comments Net result (882) (698) +183 Fair value adjustments of minority investments and (+) Non-cash items 1,182 1,510 +329 higher amortization of term loans (-) Income taxes paid (293) (273) +20 (+/-) Change in Working Capital Excl. extraordinary items (Gl
Slide 12: 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 0.6 § €2.7bn pro forma cash balance, after adding proceeds from March 2026 term loan transaction and 0.6 deducting funds required for 2026/27 Financing proceeds (as
Slide 13: Outlook
Outlook 13
Slide 14: Delivery Hero Group outlook for FY 2026
Delivery Hero Group outlook for FY 2026 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-for-like basis. Like-for-like growth refl
Slide 15: Appendix
Appendix 15
Slide 16: Delivery Hero KPIs
Delivery Hero KPIs Pre Harmonization Post Harmonization 2024 2025 in €m Q1 Q2 H1 Q3 Q4 FY Q1 Q2 H1 Q3 Q4 FY FY Delivery Hero Group GMV 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 12,401.5 49,196.8 49,196.8 % YoY Growth (RC) 5.3% 7.3% 6.3% 4.8% 13.4% 7.7%
Slide 17: Delivery Hero KPIs
Delivery Hero KPIs Pre Harmonization Post Harmonization 2024 2025 in €m Q1 Q2 H1 Q3 Q4 FY Q1 Q2 H1 Q3 Q4 FY FY Asia GMV 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 4,978.4 20,779.7 20,779.7 % YoY Growth (RC) -5.1% -7.9% -6.5% -6.6% -11.2% -7.7% -11.7% -9.0% -10
Slide 18: Balance sheet (1/2)
Balance sheet (1/2) (in €m) Dec. 31, 2024 Dec. 31, 2025 Comments Intangible assets 5,995 5,170 Goodwill impairment in FY ’25 Property, plant and equipment 771 801 Other financial assets 397 332 Asset for disputed social security contributions Other assets 30 551 paid in FY’ 25 Deferred tax assets 22
Slide 19: Balance sheet (2/2)
Balance sheet (2/2) (in €m) Dec. 31, 2024 Dec. 31, 2025 Comments Share capital/Subscribed capital 287 298 Capital reserves 12,514 12,715 Retained earnings and other reserves (10,209) (11,374) Treasury shares (0) (0) Equity attributable to shareholders of the parent company 2,592 1,640 Non-controllin
Slide 20: Cash flow Statement (1/2)
Cash flow Statement (1/2) (in €m) FY 2024 FY 2025 Comments Net result (882) (698) Income tax expense 339 231 Income tax paid (293) (273) Amortization and depreciation 465 457 Impairment of non-current assets 133 248 EU antitrust settlement in FY’25 and recognition of Increase (+) / decrease (–) in p
Slide 21: Cashflow Statement (2/2)
Cashflow Statement (2/2) (in €m) FY 2024 FY 2025 Comments Proceeds from capital contributions 2,139 – Proceeds from other financing activities 799 1,557 Payments of other financial liabilities (80) (1,577) Buybacks and repayments of convertible bonds (875) (892) Payments of lease liabilities (149) (
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: Very attractive long-term margins and high cash conversion
Very attractive long-term margins and high cash conversion1 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 efficiency while c
Slide 24: Harmonized Management- & IFRS-Reporting
Harmonized Management- & IFRS-Reporting Reporting alignment and efficiency Align internal management reporting with external IFRS disclosure Internal Coherent Accelerate internal reporting cycles External IFRS Management Reporting Disclosure Disclosure Enhance financial transparency and coherence 24
Slide 25: 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 26: 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 27: 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 28: Investor Relations Contacts
Investor Relations Contacts Andrea Ferraz Christoph Bast Barbara Jeitler VP, IR & External Comms Head of IR Director IR andrea.ferraz@deliveryhero.com christoph.bast@deliveryhero.com barbara.jeitler@deliveryhero.com Frank Böhme Lukas Herzog Loredana Strîmbei Director IR Manager IR Sr. Specialist IR