Delivery Hero SE stock (DE000A2E4K43): Strong 2025 growth amid ongoing losses

Delivery Hero SE posted double?digit revenue growth and higher adjusted EBITDA in 2025, yet still reports net losses, keeping the stock in a turnaround narrative.

Delivery Hero SE delivered robust 2025 results, with gross merchandise volume (GMV) up about 9% and revenue rising roughly 23% year?on?year, while adjusted EBITDA improved by around 30% and free cash flow turned positive, according to data compiled by StockAnalysis.com as of 2025.

The company’s quick commerce segment saw GMV grow more than 30%, underscoring its push into faster, smaller?ticket deliveries, even as the group continues to post net losses on a reported basis, reflecting ongoing investments and competitive pressures in the global food?delivery and quick?commerce markets.

As of 09.05.2026

By the editorial team – specialized in equity coverage.

At a glance

• Name: Delivery Hero SE
• Sector/industry: Consumer services, online food delivery and quick commerce
• Headquarters/country: Germany
• Core markets: Europe, Latin America, Asia, Middle East
• Key revenue drivers: Commission from restaurant partners, delivery fees, advertising, and quick?commerce sales
• Home exchange/listing venue: Xetra (ticker: DHER)
• Trading currency: Euro

Delivery Hero SE: core business model

Delivery Hero SE operates an online food?ordering and delivery platform that connects consumers with restaurants and other merchants across multiple continents, according to its investor relations site and third?party overviews.

The company earns revenue primarily through commissions on orders placed via its apps and websites, delivery fees passed through to customers, and advertising and marketing services sold to restaurant partners, creating a marketplace?style model similar to other global food?delivery platforms.

Beyond traditional food delivery, Delivery Hero has expanded into quick commerce, offering rapid delivery of groceries and everyday items, which has become a key growth vector as consumers increasingly expect faster fulfillment times.

Main revenue and product drivers for Delivery Hero SE

For 2024, Delivery Hero reported revenue of about 12.29 billion euros, up roughly 23.7% from 9.94 billion euros in 2023, according to StockAnalysis.com, highlighting the scale and momentum of its core delivery business.

Despite this top?line growth, the company still recorded a net loss of about 882.4 million euros in 2024, which was about 61.6% smaller than the prior?year loss, indicating that losses are narrowing but profitability remains a work?in?progress.

Analysts cited by Simply Wall St expect Delivery Hero to reach a profit of about 333.2 million euros in 2027, implying a high average annual earnings growth rate, which would require sustained revenue expansion and margin improvement in a competitive environment.

Why Delivery Hero SE matters for US investors

US investors encounter Delivery Hero SE mainly through its European listing and via global food?delivery and quick?commerce sector exposure, where it competes with or complements platforms such as Uber Eats and DoorDash.

Because Delivery Hero operates in markets outside the United States, it offers a way to gain indirect exposure to global urbanization, digital?payment adoption, and the shift toward on?demand delivery without direct US?listed equity, which can be relevant for diversified portfolios.

At the same time, the stock’s volatility and ongoing losses mean it is more suited to investors comfortable with growth?oriented, turnaround?style names rather than conservative income?focused strategies.

Conclusion

Delivery Hero SE has demonstrated strong revenue and GMV growth in recent years, with improving adjusted EBITDA and positive free cash flow, yet it continues to report net losses, reflecting the capital?intensive nature of food delivery and quick commerce.

The company’s expansion into quick commerce and its presence across multiple regions provide growth potential, but also expose it to intense competition, regulatory scrutiny, and macroeconomic sensitivity in key markets.

For US investors, Delivery Hero SE represents a leveraged play on global on?demand delivery trends, but its valuation and profitability trajectory mean it should be approached with an understanding of the associated risks and uncertainties.

Disclaimer: This article does not constitute investment advice. Stocks are volatile financial instruments.