Delivery Hero Se · XETR:DHER
Delivery Hero — Q1 2025 Earnings Presentation
38 slides from Delivery Hero's earnings presentation, Apr 24, 2025
Slide 1: Q1 2025 Trading Update
Q1 2025 Trading Update 24 April 2025
Slide 2: Table of contents
Table of contents 01 Trading Update 02 Annual Results 03 Outlook 04 Appendix 2
Slide 3: Q1 2025 Key Highlights
Q1 2025 Key Highlights Group GMV growth of 9% YoY on a LfL basis , with GMV outside Korea growing by 22% YoY 1 Total Segment Revenue growth of 22% YoY on a LfL basis in Q1 ’251 Further increase in adj. EBITDA margin YoY in Q1 ’25 - business on track to meet FY ’25 guidance Convertible bond buyback o
Slide 4: Operational and technology highlights
Operational and technology highlights Glovo Integration All countries 100% migrated to 15% Woowa Integration Rollout of global logistics 20% Delivery Efficiency Improved algorithm reduces 41m global DH platform by end of platform on track, first cities riders' waiting time at vendors Q3 2025, post m
Slide 5: Q1 2025 Delivery Hero Group
Q1 2025 Delivery Hero Group GMV (€bn) Total Segment Revenue (€bn) Key Highlights +9% +22% Robust GMV growth of 9% YoY (LfL)1 on Group like-for-like1 like-for-like1 level, despite headwinds of 2 percentage points +8% +22% due to calendar effects +6% +20% 12.4 3.5 GMV outside of Korea growing by 22% Y
Slide 6: Strong revenue growth across all business segments in Q1 2025
Strong revenue growth across all business segments in Q1 2025 Europe Revenue (€m) MENA Revenue (€m) Asia Revenue (€m) +25% +28% +9% +25% +29% +6% 553 979 1,063 1,002 444 758 Q1 ’24 Q1 ’25 Q1 ’24 Q1 ’25 Q1 ’24 Q1 ’25 Americas Revenue (€m) Integrated Verticals Revenue (€m) +45% +45% +26% +23% 267 762
Slide 7: Q1 2025 Europe Platform business
Q1 2025 Europe Platform business GMV (€bn) Total Segment Revenue (€m) Key Highlights +19% +27% Strong GMV growth of 19% YoY (LfL) 1 in Q1 ’25, like-for-like1 like-for-like1 mainly supported by healthy order growth and +12% +25% leading category positions1 +12% +25% 2.4 553 Glovo continued strong top
Slide 8: Q1 2025 MENA Platform business
Q1 2025 MENA Platform business GMV (€bn) Total Segment Revenue (€m) Key Highlights Strong GMV growth of 30% YoY in Q1 ’25, driven primarily by robust order development and an +30% +28% excellent category position in all countries +30% +29% Saudi Arabia achieved order growth of >20% 3.5 3.6 973 979 Y
Slide 9: Q1 2025 Asia Platform business
Q1 2025 Asia Platform business GMV (€bn) Total Segment Revenue (€m) Key Highlights GMV is expected to return to growth during FY ’25, driven by multiple initiatives and strong +9% customer acquisitions in recent months. Korea -8% +6% remains impacted by high comparable figures -12% 1,063 6.1 1,002 R
Slide 10: Q1 2025 Americas Platform business
Q1 2025 Americas Platform business GMV (€m) Total Segment Revenue (€m) Key Highlights Very strong GMV growth of 45% YoY in Q1 ’25 driven by macro-economic recovery in Argentina +45% +45% and ongoing strong performance in the other +46% +45% markets with double-digit order growth 1,024 1,034 265 267
Slide 11: Q1 2025 Integrated Verticals
Q1 2025 Integrated Verticals GMV (€m) Total Segment Revenue (€m) Key Highlights Very good top-line momentum, with GMV growth of 31% YoY, despite reduced Dmarts footprint +31% +26% +28% +23% Local shops (reported in Platform business), 831 762 represents the fastest-growing segment within 827 758 Qui
Slide 12: Gross Profit margin development on Group level
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, with GP margins across the remainder of +20 Bps the segment maintaining att
Slide 13: Table of contents
Table of contents 01 Trading Update 02 Annual Results 03 Outlook 04 Appendix 13
Slide 14: Annual Results
Annual Results
Slide 15: Significant earnings growth and positive free cash flow in FY 2024
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 of €465m 99 Adj. EBITDA uplift of €439m 693 254 (366) FY ’23 FY ’24 FY ’23
Slide 16: Net result in FY 2024
Net result in FY 2024 Values in €m (512) 693 (144) (196) (293) (882) (171) (90) (365) 197 Adjusted Management D&A Leasing Net interest Income taxes SBC Goodwill D&A excl. Others Net result EBITDA adjustments (IFRS 16) paid paid impairment Leasing FY' 24 FY' 24 1 2 3 4 Comment 1 Management adjustment
Slide 17: Material improvement across most metrics since 2022
Material improvement across most metrics since 2022 Change YoY Non-cash (in % of GMV) FY 2022 FY 2023 FY 2024 in € items Adj. EBITDA (1.1)% 0.6% 1.4% +439 Management adjustments (0.5)% (0.3)% (1.0)% -364 Antitrust and rider- related provisions, o/w corporate finance, financing and legal matters (0.4
Slide 18: 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) Comment § €2.9bn in cash post talabat IPO and Feb ’25 tender offer for convertible bonds § €2.9bn in outstanding 1,826 1 convert. bonds, at a weighted average coupon of 2.1% 2.9 Updated following
Slide 19: Significant reduction in net debt
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 declined to 2.7x net debt to adjusted EBITDA in FY ’24 § Proceeds from termination
Slide 20: Strong earnings trajectory and further margin expansion in FY 2024
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 generation while strengthening our operations in competitive markets 693 § Adj. EBITDA
Slide 21: Table of contents
Table of contents 01 Trading Update 02 Annual Results 03 Outlook 04 Appendix 21
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 8-10% YoY 17-19% YoY €975-1,025m >€200m1 Note: GMV and Total Segment Revenue in constant currency and excluding hyperinflation accounting. Adj. EBITDA and FCF in reported currency and including hype
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: Table of contents
Table of contents 01 Trading Update 02 Annual Results 03 Outlook 04 Appendix 24
Slide 25: Delivery Hero KPIs
Delivery Hero KPIs 2023 2024 2025 in Gm 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 26: Delivery Hero KPIs
Delivery Hero KPIs 2023 2024 2025 in Gm 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 27: Hyperinflation accounting in Argentina and Türkiye
Hyperinflation accounting in Argentina and Türkiye Argentina Türkiye Monthly CPI % Monthly devaluatio n EUR/ARS % Monthly CPI % Monthly devaluatio n EUR/TRY % 140% Q1 2025 30% Q1 2025 120% 25% 100% 20% 80% 15% 60% 10% 40% 5% 20% 0% 0% -5% Ja n 23 Apr 23 Jul 23 Oct 23 Ja n 24 Apr 24 Jul 24 Oct 24 Ja
Slide 28: Free Cash Flow old vs. new definition
Free Cash Flow old vs. new definition1 (in €m) FCF FY ’24 old (in €m) FCF FY ’24 new Adj. EBITDA 693 Net result (882) (-) Other Taxes Paid (16) (+) Non-cash items 1,182 (-) Income Taxes Paid (293) (-) Income Taxes Paid (293) (+/-) Change in Working Capital (+/-) Change in Working Capital 83 187 (exc
Slide 29: Balance sheet (1/2)
Balance sheet (1/2) (in €m) Dec. 31, 2023 Dec. 31, 2024 Intangible assets 6,455.7 5,995.4 Property, plant and equipment 746.7 770.5 Other financial assets 408.3 396.9 Other assets 26.2 30.3 Deferred tax assets 8.8 22.1 Investments accounted for using the equity method 7.6 8.9 Non-current assets 7,65
Slide 30: Balance Sheet (2/2)
Balance Sheet (2/2) (in €m) Dec. 31, 2023 Dec. 31, 2024 Share capital/Subscribed capital 270.7 287.4 Capital reserves 10,261.7 12,513.5 Retained earnings and other reserves –8,878.2 –10,208.5 Treasury shares –0.7 –0.0 Equity attributable to shareholders of the parent company 1,653.5 2,592.3 Non-cont
Slide 31: Cashflow Statement (1/2)
Cashflow Statement (1/2) (in €m) FY 2023 FY 2024 Net result –2,304.7 –881.7 Income tax expense 142.1 339.3 Income tax paid –198.1 –292.9 Amortization and depreciation 475.0 465.4 Impairment of non-current assets 1,004.7 133.2 Increase (+) / decrease (–) in provisions 42.0 442.2 Non-cash expenses fro
Slide 32: Cashflow Statement (2/2)
Cashflow Statement (2/2) (in €m) FY 2023 FY 2024 Related to the talabat IPO proceeds, and Uber’s equity Proceeds from capital contributions - 2,138.8 investment in DH SE as part of Taiwan transaction Payments for the acquisition of non-controlling interests –287.8 - Proceeds from bonds and borrowing
Slide 33: Significant potential for Gross Profit margin expansion
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% 0.0075 0.0075 scale 0.5-1.0% 0.0075 1.5-2.0% 0.0175 10-13% -0.0245 1.0-2.0% 2.0-3.0% 1 0.015 Converting int
Slide 34: 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 35: Ample liquidity position further increased by talabat IPO proceeds
Ample liquidity position further increased by talabat IPO proceeds Values in € billion 1.84 (0.27) 0.69 (0.15) 3.81 (0.29) 0.10 0.28 0.08 (0.20) 0.06 1.66 1.69 Cash & cash Adj. CAPEX Leasing Taxes Change in PSP & Net Others Subtotal Capital IPO Cash & cash equiv. end of EBITDA paid Working Restauran
Slide 36: 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 37: 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 38: 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