Delivery Hero logs Q2 growth, but trims earnings guidance

Delivery Hero has registered revenue growth for the second quarter of 2025 but lowered its full-year profit outlook due to currency headwinds.

In the three months to June (Q2 2025), the German online food delivery company achieved total segment revenue of €3.7bn ($4.3bn). This marked a 27% year-on-year increase on a like-for-like basis.

Group Gross Merchandise Value (GMV) also rose by 11% on a like-for-like basis, reaching €12.2bn in the quarter.

The company highlighted “positive momentum in Asia, highlighted by a return to growth in APAC and improved growth dynamics in South Korea”.

For the first half of 2025, Delivery Hero’s adjusted EBITDA climbed 71% year-on-year to €411m, with the adjusted EBITDA margin improving by 70 basis points to 1.7% of GMV.

This growth was driven by a positive contribution from the Platform business, which increased by €113.7m from the prior year, and an improved negative adjusted EBITDA from Integrated Verticals, up by €56.5m year-on-year.

However, adverse exchange rate effects, particularly from the South Korean won, partially offset these gains.

Total Segment Revenue for H1 2025 grew by 25% on a like-for-like basis to €7.2bn, while group GMV increased by 11% to €24.6bn.

The revenue growth was supported by the roll-out of own-delivery services in key regions, higher order frequency, increased contribution from Integrated Verticals revenue, rising consumer fees, expansion of non-commission revenue, and the scaling of subscription models.

Additionally, Delivery Hero revised its full-year guidance downwards, citing currency headwinds from a stronger euro against US dollar-pegged currencies and the Korean won.

The company now projects adjusted EBITDA to range between €900m and €940m, down from its previous forecast of €975m to €1.02bn.

Free cash flow guidance was also reduced to more than €120m, from the earlier projection of over €200m.

However; Delivery Hero raised its total segment revenue growth forecast to 22-24% year-on-year on a like-for-like basis, up from the prior range of 17-19%.

The company continues to expect GMV growth at the upper end of its 8-10% range for 2025 on a like-for-like basis.

Currently, Delivery Hero operates in approximately 70 countries across Asia, Europe, Latin America, the Middle East, and Africa.

"Delivery Hero logs Q2 growth, but trims earnings guidance" was originally created and published by Verdict Food Service, a GlobalData owned brand.

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