Delivery Hero Se · XETR:DHER
Delivery Hero — Q2 2025 Earnings Presentation
39 slides from Delivery Hero's earnings presentation, Aug 28, 2025
Slide 1: Q2 2025 Trading Update
Q2 2025 Trading Update 28 August 2025
Slide 2: Table of contents
Table of contents 01 Platform & Technology 02 Financial Highlights 03 Segment Details 04 Half Year Results 05 Outlook 06 Appendix 2 2
Slide 3: Update on Delivery Hero's Global Tech Platform
Update on Delivery Hero’s Global Tech Platform Glovo now fully integrated, Woowa integration ongoing Glovo integration showcases the power of DH’s Global Tech Platform Conversion Rate +6.7% Delivery CPO -9.5% Pandora Apps Glovo App Deliveries per Late Orders -9.8% rider per hour +4.4% Delivery Hero
Slide 4: Nearly half of GMV driven by spending of customers that use multiple verticals
Nearly half of GMV driven by spending of customers that use multiple verticals GMV share of spending by multi-vertical customers GMV per customer Food only customer Multi-vertical customer 45% 46% 5.2x 43% 42% 4.8x 41% 39% 4.4x 37% 35% 34% 31% 31% 29% 27% 28% 25% 23% 24% 21% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 5: Financial Highlights
Financial Highlights
Slide 6: Key Highlights
Key Highlights Group GMV growth of 11% YoY on a LfL basis in Q2 ’25, with clear acceleration in the Asia segment1 2 Total Segment Revenue growth of 27% YoY on a LfL basis in Q2 ’251 Adj. EBITDA growth of 71% YoY to €411m in H1 ’25 reflecting a margin expansion of 70 bps YoY Free Cash Flow2 improves
Slide 7: Gross Merchandise Value
Gross Merchandise Value GMV (€bn) Key Highlights 8% 10% 9% 10% 11% LfL1 GMV growth accelerated QoQ on Group 7% 9% 8% 8% 9% CC1 level, driven by better growth dynamics in Asia 12.8 ~70% of the Group achieved GMV growth of 12.2 12.4 12.2 11.9 21% YoY (LfL)1 in Q2 ’25 Customer experience being further
Slide 8: Total Segment Revenue
Total Segment Revenue Total Segment Revenue (€bn) Key Highlights 19% 24% 22% 23% 27% LfL1 Consistent revenue growth of at least 20% 24% 23% 22% 26% CC1 20% YoY already been sustained over several quarters 3.7 Higher GMV-to-revenue-conversion of 29% 3.5 3.5 driven by increasing Dmart contribution and
Slide 9: Adjusted EBITDA
Adjusted EBITDA Adjusted EBITDA (€m) Key Highlights As % of GMV Strong progress on profitability with adj. -2.7% -2.2% 0.0% 1.0% 1.7% EBITDA growth of 71% YoY to €411m and margin expansion of 70 bps YoY in H1 ’25, driven by overall topline performance, higher 411 Gross Profit margins and improved op
Slide 10: Segment Details
Segment Details
Slide 11: Europe Platform business
Europe Platform business GMV (€bn) Segment Revenue (€m) Key Highlights +18% LfL1 +35% LfL1 Europe continues strong growth trajectory, outperforming major European peers +12% +33% +11% +33% Revenue development driven by expansion 2.4 613 of own-delivery logistics, AdTech and subscription programs 2.2
Slide 12: MENA Platform business
MENA Platform business GMV (€bn) Segment Revenue (€m) Key Highlights GMV growth fueled by continued strengthening of Food Delivery and Quick +26% +25% Commerce business +20% +19% 3.8 1,032 Saudi Arabia maintained strong growth 3.7 1,019 path, with order volume rising by >20% YoY in Q2 ’25, driven by
Slide 13: Asia Platform business
Asia Platform business GMV (€bn) Segment Revenue (€m) Key Highlights -2% LfL1 +23% LfL1 Sequential improvement in GMV growth from –7% YoY (LfL) in Q1 ’25 to -2% (LfL) in Q2 -4% +21% ’25 driven by better growth dynamics in South -9% +15% Korea and APAC 5.7 1,112 Foodpanda re-entered growth trajectory
Slide 14: Americas Platform business
Americas Platform business GMV (€m) Segment Revenue (€m) Key Highlights Continued strong top-line momentum driven by double-digit order growth in all leadership +30% +29% countries and an increased vendor base +25% +24% 1,039 268 Subscription program now live in 13/15 countries with subscription ord
Slide 15: Integrated Verticals
Integrated Verticals GMV (€m) Segment Revenue (€m) Key Highlights Substantial top-line momentum driven by customer experience enhancements in MENA +30% +27% and product optimizations in Americas +24% +21% 848 784 Significant profitability improvements with 828 763 adj. EBITDA margin increasing to -1
Slide 16: Gross Profit margin development
Gross Profit margin development Group Gross Profit margin as % of GMV Key Highlights 11% GP margin on Group level continued to increase by +40 bps YoY to 8.2% 10% MENA and Americas already at ~10% GP 9% +40 Bps margin, while expanding fast in Quick Commerce and further rolling out own- 8% delivery i
Slide 17: Half Year Results
Half Year Results
Slide 18: Delivering strong earnings growth and free cash flow uplift in H1 2025
Delivering strong earnings growth and free cash flow uplift in H1 2025 GMV(€bn) Total Segment Revenue (€bn) +11% LfL1 +25% LfL1 +9% +24% +5% +21% 23.7 24.6 7.2 6.0 H1 ’24 H1 ’25 H1 ’24 H1 ’25 Adj. EBITDA (€m) Free Cash Flow2 (€m) +71% (8) 411 (104) Cash flow uplift of €96m 241 H1 ’24 H1 ’25 H1 ’24 H
Slide 19: Net result in H1 2025
Net result in H1 2025 Values in €m (43) Delivered first-ever positive Operating result (126) 411 (157) (73) 5 (7) (111) (165) (356) (85) Adj. EBITDA Management Share-based D&A Leasing Others Operating result Net interest Other financial Income taxes Net result H1 '25 adjustments compensation (IFRS 1
Slide 20: Free Cash Flow
Free Cash Flow (in €m) H1 2024 H1 2025 Change YoY Strong improvement in operational Net result (720) (356) +364 performance (+) Non-cash items 614 730 +116 H1 ’25 WC: €-65m (-) Income Taxes Paid (125) (129) (4) excl. Taiwan breakup fee of €212m and (+/-) Change in Working Capital excl. antitrust 95
Slide 21: Strong liquidity position after convertible bond buyback
Strong liquidity position after convertible bond buyback Values in € billion (0.08) (0.15) 0.48 0.41 (0.08) (0.13) (0.90) (0.33) (0.22) 3.81 2.81 Cash & cash Adj. CAPEX Leasing Taxes Change in Net Convertible Changes in Others Cash & cash equiv. end of EBITDA paid Working Capital interest bonds buyb
Slide 22: Outlook
Outlook
Slide 23: Delivery Hero Group updates outlook for FY 2025
Delivery Hero Group updates outlook for FY 2025 Old Guidance (Feb 13) Updated Guidance Upper end of 8-10% GMV 8-10% YoY YoY (LfL) Total Segment 17-19% YoY 22-24% YoY (LfL) Revenue €900-940m Incl. FX headwind of Adj. EBITDA €975-1,025m (~€1,010–1,050m based on FX ~€110m at current at the time of guid
Slide 24: 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 25: Appendix
Appendix
Slide 26: Delivery Hero KPIs
Delivery Hero KPIs 2024 2025 in €m Q1 Q2 H1 Q3 Q4 FY Q1 Q2 H1 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 % YoY Growth (RC) 5.3% 7.3% 6.3% 4.8% 13.4% 7.7% 5.0% 2.9% 3.9% % YoY Growth (CC) 8.9% 9.5% 9.2% 7.8% 16.1% 10.6% 6.7% 7.3% 7.0% GMV
Slide 27: Delivery Hero KPIs
Delivery Hero KPIs 2024 2025 in €m Q1 Q2 H1 Q3 Q4 FY Q1 Q2 H1 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 % YoY Growth (RC) -5.1% -7.9% -6.5% -6.6% -11.2% -7.7% -11.7% -9.0% -10.4% % YoY Growth (CC) -0.1% -5.3% -2.6% -3.5% -8.2% -4.2% -8.4% -3.8% -6.2% Segment
Slide 28: 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% Q2 ’25 30% Q2 ’25 120% 25% 100% 20% 80% 15% 60% 10% 40% 5% 20% 0% 0% -5% Jan 23 May 23 Sep 23 Jan 24 May 24 Sep 24 Jan 25 May 25 Jan 23 Ma
Slide 29: Profit and loss statement (IFRS)
Profit and loss statement (IFRS) (in €m) H1 2024 H1 2025 Revenue 5,772.3 6,879.5 Cost of sales (4,132.7) (5,145.6) Own-delivery rollout, especially in South Korea Gross profit 1,639.6 1,733.9 Marketing expenses (724.6) (732.4) IT expenses (271.8) (248.8) Stable YoY excl. increase General administrat
Slide 30: Balance sheet (IFRS)
Balance sheet (IFRS) (in €m) Dec. 31, 2024 Jun. 30, 2025 Intangible assets 5,995.4 5,715.7 Property, plant and equipment 770.5 748.1 Other financial assets 396.9 281.8 Other assets 30.3 47.1 Deferred tax assets 22.1 36.8 Investments accounted for using the equity method 8.9 12.5 Non-current assets 7
Slide 31: Balance sheet (IFRS)
Balance sheet (IFRS) (in €m) Dec. 31, 2024 Jun. 30, 2025 Share capital/Subscribed capital 287.4 293.9 Capital reserves 12,513.5 12,621.5 Retained earnings and other reserves (10,208.5) (10,720.0) Treasury shares (0.0) (0.0) Equity attributable to shareholders of the parent company 2,592.3 2,195.4 De
Slide 32: Cashflow Statement (IFRS)
Cashflow Statement (IFRS) (in €m) H1 20241,2 H1 2025 Net result (720.2) (356.3) Income tax expense 141.6 85.3 Income tax paid (125.4) (129.4) Shift of €329m from Amortization and depreciation 231.0 229.9 provisions for legal risk to Impairment of goodwill and other intangible assets 0.9 9.8 other cu
Slide 33: Cashflow Statement (IFRS)
Cashflow Statement (IFRS) (in €m) H1 20241,2 H1 2025 Proceeds from capital contributions 280.0 - Proceeds from bonds and borrowings 747.8 765.0 Payments of lease liabilities (73.7) (76.4) Convertible bond buyback Repayments of loans and borrowings2 (882.4) (1,637.8) Interest paid (106.1) (121.4) Div
Slide 34: 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) Comments €2.8bn in cash post talabat IPO and Feb ’25 tender offer for convertible bonds €2.9bn in outstanding convert. bonds, at a weighted 1,640 1 average coupon of 2.1% (0.875% to 3.25% rang
Slide 35: 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% 0.8% 0.8% scale 0.5-1.0% 0.8% 1.5-2.0% 1.8% 10-13% -2.5% 1 1.0-2.0% 2.0-3.0% 1.5% Converting into 0.5-1.0%
Slide 36: 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 37: 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 38: 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 39: Investor Relations Contacts
Investor Relations Contacts 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