Delivery Hero reports adj EBITDA up 30% in 2025, as Quick Commerce and key markets gain momentum

Delivery Hero SE / DE000A2E4K43

Delivery Hero SE / Key word(s): Annual Results/Annual Report


26.03.2026 / 07:27 CET/CEST
The issuer is solely responsible for the content of this announcement.

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  2025 adj. EBITDA up 30% YoY to €903 million, confirming profitability momentum. Second consecutive year of positive Free Cash Flow1, reaching €250 million (up 15% YoY). Strong liquidity position with €2.7 billion pro forma cash following successful financing.2 2026 outlook for continued growth across GMV, revenue and profitability. Agreement reached with Grab for the sale of foodpanda Taiwan for $600 million. Berlin, March 26, 2026 - Delivery Hero SE (“Delivery Hero,” the “Company,” or the “Group”), the world’s leading local delivery platform, today published its audited FY 2025 results. The Company confirmed strong performance in 2025, demonstrating consistently high growth, improving profitability and progress in cash generation. This performance, alongside the agreement announced on March 23, 2026 for the sale of its food delivery operations in Taiwan, underscores the Company’s focus on disciplined capital allocation and confidence in its 2026 outlook. Niklas Östberg, Co-Founder and Chief Executive Officer: “We’re seeing clear evidence that our Everyday App strategy is working. As we expand categories and use cases, order frequency, basket sizes and unit economics are all improving together. The strong business momentum positions us well to execute on our strategic review. The agreement to sell our Taiwan business - our fifth asset monetization to date - is one of many actions we are taking." Marie-Anne Popp, Chief Financial Officer: “After making significant progress on profitability and Free Cash Flow in 2025, our 2026 target of €910–960 million adj. EBITDA and Free Cash Flow of more than €200 million reflects our intention to focus on investing in the customer proposition in 2026 and driving sustainable growth. Our latest financing and the proceeds from the planned sale of Taiwan operations will be used to improve our capital structure by extending maturities, repurchasing convertible bonds and paying down debt as well as for general corporate purposes.” Transforming into an Everyday App Delivery Hero is moving from a food delivery platform to an Everyday App by improving the customer proposition and offering more verticals, such as groceries, household essentials and health & beauty. This allows the Company to capture more customer needs throughout the day and drive additional revenue and earnings opportunities. In 2025, adj. EBITDA grew 30% year-over-year (YoY) to €903 million, driven by increased engagement across multi-vertical use cases, which supported higher order frequency and improved unit economics. The re-acceleration of growth in South Korea and Saudi Arabia towards the end of the year was driven by key initiatives that form part of the Everyday App strategy, such as enhancing the subscription offering, broadening the product range, adding new partnerships and improving the delivery experience. Quick Commerce GMV grew more than 30% YoY in 2025 to over €7.5 billion. Combined with food delivery, this allows the platform to capture demand throughout the day, from early morning to late night. Multi-vertical  customers spend on average five times more than food-only customers with substantial frequency uplift following their first Quick Commerce order, which reflects elevated engagement across multiple categories. In 2026, Quick Commerce GMV is expected to approach €10 billion, as the Company continues to grow its new verticals, invest into Dmarts and drive customer spend and frequency. 2026 priorities and strategic review In 2026, the Group will lean into those areas where it sees the greatest opportunities for returns. Delivery Hero will make targeted investments into areas such as enhanced subscription, personalization, own delivery, Dmarts and assortment growth. Building on the positive momentum achieved in South Korea and Saudi Arabia, Delivery Hero will continue to invest in key Asian and MENA markets to ensure it continues to hold leading positions and retain higher-value customers. A core priority for 2026 is the ongoing strategic review to unlock further shareholder value. In line with this stated aim, Delivery Hero has entered into an agreement to sell its foodpanda business in Taiwan to Grab for $600 million in cash. This transaction, which is subject to regulatory approval, reflects the significant value created in the market and provides the Group with additional capital to repay debt and enhance its capital structure. The Management and Supervisory Boards remain actively engaged in the strategic review process, with further negotiations and workstreams underway. Strengthening the capital structure Free Cash Flow before extraordinary items grew 15% YoY to €250 million in 20251, representing a second consecutive year of positive Free Cash Flow. The Company’s pro forma cash balance stands at €2.7 billion, including the USD $1.4 billion new term loan facility announced on 17 March 2026 and after deducting funds required for 2026/2027 convertible bonds redemption2. The new term loan facility materially extends the Company's debt maturity profile and underscores Delivery Hero’s ability to access diversified funding sources despite heightened volatility across global credit markets. Consistent with the ad hoc announcement made by the Company on 5 March 2026, the Company intends to utilize proceeds from this facility in the near term to repay its 2026 convertible bonds and repurchase its 2027 convertible bonds, thereby reducing upcoming interest payments. The Company’s strong capital position will be further bolstered by the proceeds from the Taiwan transaction. Delivery Hero – FY 2026 Guidance  

GMV3	8-10% YoY (LfL)
Total Segment Revenue3	14-16% YoY (LfL)
Adj. EBITDA4	€910-960 million
Free Cash Flow4	>€200 million

  Delivery Hero's Annual Report and Non-Financial Report, which contains details of how the Company embeds sustainability in its operations and decision-making, have been published today and are available on its website. Delivery Hero – Key Performance Indicators FY 20255

	FY 2024	FY 2025
	EUR million	EUR million
GMV Group	48,754.0	49,196.8
%YoY Growth (CC, excl. hyperinflation adjustment and LFL)	9.5%	9.0%
%YoY Growth (CC, excl. hyperinflation adjustment)	8.3%	6.8%
%YoY Growth (RC, incl. hyperinflation adjustment) )	7.7%	0.9%
Asia	23,407.4	20,779.7
MENA	12,825.9	14,644.3
Europe	8,878.7	9,693.2
Americas	3,642.0	4,079.6
Integrated Verticals	2,904.7	3,432.3
Total Segment Revenues Group	12,796.4	14,803.4
%YoY Growth (CC, excl. hyperinflation adjustment and LFL)	22.6%	23.1%
%YoY Growth (CC, excl. hyperinflation adjustment)	21.9%	22.5%
%YoY Growth (RC, incl. hyperinflation adjustment)	22.3%	15.7%
Asia	4,071.9	4,417.7
MENA	3,527.8	4,033.7
Europe	1,891.9	2,486.3
Americas	939.6	1,057.6
Integrated Verticals	2,709.8	3,189.0
Intersegment consolidation6	(344.5)	(380.8)
Adj. EBITDA	692.5	903.0
Adj. EBITDA margin % (GMV)	1.4%	1.8%

  1 Free Cash Flow before extraordinary items is calculated as cash flow from operating activities as stated in the IFRS Statement of Cash Flows less net capital expenditures, and payment of lease liabilities. It excludes extraordinary cash inflows from M&A breakup fees, as well as outflows related to ongoing legal disputes (e.g., EU antitrust and Glovo Spain). Free Cash Flow excludes interest income and expense.   2 €2.7bn pro forma cash balance, after adding proceeds from March 2026 term loan transaction and deducting funds required for 2026/2027 convertibles redemption.   3 GMV and Total Segment Revenue in constant currency, excluding hyperinflation accounting and on a like-for-like basis. Like-for-like growth reflects the performance of the business on a comparable basis, excluding changes in the  consolidation scope (acquisitions, disposals, country exits) as applicable.   4 FY 2026 adj. EBITDA and FCF guidance is based on FX rates as of March 2026.The Free Cash Flow guidance for the financial year 2026 excludes extraordinary cash outflows related to certain legal matters, primarily antitrust and rider-related matters.   5 For Group, Europe, MENA, Americas and Integrated Verticals, revenues and Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the operations in Argentina and/or Türkiye qualifying as hyperinflationary economies according to IAS 29. RC = Reported Currency / CC = Constant Currency. 6 Difference between Total Segment Revenue and the sum of segment revenues is mainly due to intersegment consolidation adjustments for services charged by the Platform businesses to the Integrated Verticals businesses.   ABOUT DELIVERY HERO   Delivery Hero is the world’s leading local delivery platform, operating its service in around 65 countries across Asia, Europe, Latin America, the Middle East and Africa. The Company started as a food delivery service in 2011 and today runs its own delivery platform on four continents. Additionally, Delivery Hero is pioneering quick commerce, the next generation of e-commerce, aiming to bring groceries and household goods to customers in under one hour and often in 20 to 30 minutes. Headquartered in Berlin, Germany, Delivery Hero has been listed on the Frankfurt Stock Exchange since 2017 and is part of the MDAX stock market index. For more information, please visit www.deliveryhero.com   MEDIA CONTACT Corporate & Financial Communications [e-mail]   INVESTOR RELATIONS CONTACT Investor Relations [e-mail]   DISCLAIMER   This release may contain forward looking statements, estimates, opinions and projections with respect to anticipated future performance of Delivery Hero SE (“forward-looking statements”). These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “intends,” “may,” “will” or “should” or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current views, expectations and assumptions of the management of Delivery Hero SE and involve significant known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Any forward-looking statements included herein only speak as at the date of this release. We undertake no obligation, and do not expect to publicly update, or publicly revise, any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof, whether as a result of new information, future events or otherwise. We accept no liability whatsoever in respect of the achievement of such forward-looking statements and assumptions.  

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Language:	English
Company:	Delivery Hero SE
	Oranienburger Straße 70
	10117 Berlin
	Germany
Phone:	[phone]
Fax:	[phone]
E-mail:	[e-mail]
Internet:	www.deliveryhero.com
ISIN:	DE000A2E4K43
WKN:	A2E4K4
Indices:	MDAX
Listed:	Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate BSX; London, OTC QB, OTC QX, SIX, Vienna Stock Exchange
EQS News ID:	2298084

End of News	EQS News Service

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2298084  26.03.2026 CET/CEST