Delivery Hero Trims 2025 Profit Outlook Despite Q2, H1 Revenue Beats

This article first appeared on GuruFocus.

Delivery Hero (DHER, Financials) had a strong first half of 2025 on paper but currency headwinds have forced the company to walk back some of its full-year profit goals.

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Revenue for the second quarter rose 27% year over year to 3.7 billion euros ($4.3 billion), beating internal estimates. Gross merchandise value came in at 12.2 billion euros, up 11% but slightly under what analysts were hoping for. In the first half overall, GMV hit 24.6 billion euros and segment revenue rose 25% to 7.2 billion euros.

Adjusted EBITDA for H1 jumped 71% to 411 million euros, with margin improving to 1.7% of GMV. Analysts at Jefferies called the results a beat revenue and EBITDA landed nearly 4% and 7% ahead of consensus. But the upbeat numbers were followed by a cut to full-year profit guidance. The company now expects EBITDA of 900 to 940 million euros, down from 975 million to just over 1 billion euros. Free cash flow guidance was lowered by 40% to at least 120 million euros.

The culprit? Currency swings. A stronger euro and weaker U.S. dollarlinked currencies and the Korean won weighed on outlook. Delivery Hero emphasized that FX was the only driver behind the forecast cut something analysts said the market may have already priced in.

There were bright spots too. Asia, particularly South Korea, showed renewed growth. Reports out of the country suggest Baemin, one of its key platforms, was incredibly active this summer which lines up with management commentary.

Jefferies analysts said it's hard to predict how the stock will react, but noted the strong EBITDA print and encouraging trends in Asia could keep investors optimistic. RBC analysts, meanwhile, called it a mixed set of results solid on earnings, slightly soft on GMV.

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