Stock Price €15.99 +0.98%
Market Cap €4.80B XETRA
EV / Adj. EBITDA ~7.2x FY2025
52-Week Range €14.80—€29.89
Volume vs 30d Avg 1.16M — vs avg
Free Cash Flow (FY25) >€200M Beat guidance
Equity / Net Debt — Mkt Cap ÷ Net Debt

30-Day Stock Price

— (30d)

Revenue & EBITDA Trajectory

FY25 +23.1% LFL · Q1'26 +17.8% LFL

Quarterly Performance Tracker

Semi-annual reporting
Period Revenue (€B) Gross Profit (€B) EBITDA (€M) Net Income (€M) FCF (€M) Cash (€B)

Investor's Translation

📈
Take Rate Expansion: FY25 revenue grew 2.5× faster than GMV (23% vs 9%) and lifted the take rate from ~27% to ~30%. Q1 2026 ran at ~29.6% (€3.7B / €12.5B) — a modest dip as Spain rider-law base effects begin lapping, but the structural drivers (AdTech, subscriptions at 43% of GMV) remain intact.
💰
Cash Flow Inflection: FCF went from -€240M (H1 2023) to >€200M for FY2025, beating guidance of >€120M — proof the business is generating real cash, not just adj. EBITDA. Q1 cash sat unchanged at €2.7B pro forma; no quarterly FCF/EBITDA disclosure (semi-annual cadence).
⚖️
Balance Sheet Repair: Net debt halved from €3.8B to €1.8B, largely from Talabat IPO proceeds. Taiwan sale ($600M) further reduces leverage to ~2.2x. Refinancing risk is materially lower.
⚠️
GAAP vs Adjusted Gap: Despite >€900M adj. EBITDA, the company still posted a GAAP net loss (-€783M for FY2025). €300M EU antitrust fines and €500M Glovo rider litigation costs remain excluded from adj. figures.
FY2025 Group GMV €49.2B +9% LFL
FY2025 Revenue €14.8B +23.1% LFL
Adj. EBITDA >€903M +30% YoY
GP Margin (Q4) 8.3% Record high

FY2025 GMV by Segment (Share)

Q1 2026 GMV by Segment (LFL YoY %)

FY2025 Revenue by Segment (Reported YoY %)

🌏

Asia

Accelerating
Q1 GMV (LFL)+3.0%
Q1 GMV€4.92B
Q1 Revenue€1.03B
Key driverKorea accelerating

Asia's return to like-for-like growth is the "cornerstone" of the bull thesis (Jefferies) — Q1 confirmed it, with LfL accelerating from +1% (Q4) to +3%. Korea order growth continued to accelerate post year-end.

foodpanda
🇧🇩Bangladesh 🇰🇭Cambodia 🇭🇰Hong Kong 🇱🇦Laos 🇲🇾Malaysia 🇲🇲Myanmar 🇵🇰Pakistan 🇵🇭Philippines 🇸🇬Singapore 🇹🇼Taiwan*
Baedal Minjok (Woowa Brothers)
🇰🇷South Korea
Glovo
🇰🇿Kazakhstan 🇰🇬Kyrgyzstan
*Taiwan sold to Grab — closing H2 2026.
🌍

MENA

Steady
Q1 GMV (LFL)+16.1%
Q1 GMV€3.83B
Q1 Revenue€955M
Saudi subs share61%

Q1 LfL +16.1% confirms underlying momentum is healthy after the optically weak Q4 (+0.9% reported / +20% CC). Saudi remains the standout sub-market, with 61% subscription penetration of GMV.

talabat
🇧🇭Bahrain 🇪🇬Egypt 🇮🇶Iraq 🇯🇴Jordan 🇰🇼Kuwait 🇴🇲Oman 🇶🇦Qatar 🇦🇪UAE
Hungerstation
🇸🇦Saudi Arabia
Yemeksepeti
🇹🇷Turkey
InstaShop
🇪🇬Egypt 🇦🇪UAE
foody
🇨🇾Cyprus
Glovo (Africa)
🇨🇮Côte d'Ivoire 🇰🇪Kenya 🇲🇦Morocco 🇳🇬Nigeria 🇹🇳Tunisia 🇺🇬Uganda
🇪🇺

Europe

Stable
Q1 GMV (LFL)+6.8%
Q1 GMV€2.51B
Own-delivery share83%
EBITDA targetBreak-even FY26

Q1 LfL +6.8% is broadly stable vs Q4 +6.5% reported. Take-rate leverage from Spain's rider employment model continues to flow through revenue. Growth expected to re-accelerate H2 2026. Note: DH exited Germany in 2019 (Foodora & Lieferheld sold to Takeaway).

foodora
🇦🇹Austria 🇨🇿Czech Republic 🇭🇺Hungary 🇳🇴Norway 🇸🇪Sweden 🇫🇮Finland✗
efood
🇬🇷Greece
Glovo (Europe / CIS)
🇦🇲Armenia 🇧🇦Bosnia & Herz. 🇧🇬Bulgaria 🇭🇷Croatia 🇬🇪Georgia 🇮🇹Italy 🇲🇩Moldova 🇲🇪Montenegro 🇵🇱Poland 🇵🇹Portugal 🇷🇴Romania 🇷🇸Serbia 🇪🇸Spain 🇺🇦Ukraine
✗ Market exited.
🌎

Americas

Outperformer
Q1 GMV (LFL)+18.1%
Q1 Order growth+25%
Q1 GMV€1.21B
Subs share of orders37%

Strongest Q1 print of any segment at +18.1% LfL GMV. Quick Commerce, subscriptions (37% of orders), and AdTech driving the acceleration. Argentina hyperinflation distorts EUR reporting. EBITDA materially improved in FY2025.

PedidosYa
🇦🇷Argentina 🇧🇴Bolivia 🇨🇱Chile 🇨🇷Costa Rica 🇩🇴Dominican Rep. 🇪🇨Ecuador 🇸🇻El Salvador 🇬🇹Guatemala 🇭🇳Honduras 🇳🇮Nicaragua 🇵🇦Panama 🇵🇾Paraguay 🇵🇪Peru 🇺🇾Uruguay 🇻🇪Venezuela
Consensus Rating OUTPERFORM ~20 analysts
Avg Target Price — —
Buy / Hold / Sell — —
Target Range ——— Wide dispersion
Analyst Consensus
As of Jun 15, 2026

Bulls vs Bears

🐂 Bull Case

  • Uber formal €33/share indicative bid (May 23) — Uber now holds ~37% stake; Uber board met to consider raising offer; DoorDash also circling, creating competitive M&A dynamic
  • Woowa Brothers (Baemin) sale at ~$5.4B (JPMorgan process, May 2026) — validates Korea asset value and could cut net debt to near-zero
  • Q1 2026 group GMV +8.8% LfL — accelerating from +7.9% in Q4; Americas +18.1%, MENA +16.1%, Asia recovering (+3%)
  • Quick Commerce now 18% of GMV (+30% LfL) — subscriptions 43% of GMV; structural mix shift intact
  • FY2025 FCF €250M beat guidance; CFO hints EBITDA upper-half of FY26 €910–960M range
  • Taiwan $600M sale (closing H2 2026) + Woowa asset monetization de-risks the balance sheet materially
  • S&P Global upgraded DH credit rating to 'B' (Jun 2026) — balance sheet trajectory recognized
  • Trading at ~7x EV/EBITDA — deep discount to peers (15–25×) even before any control premium

🐻 Bear Case

  • Bank of America downgraded to Underperform (May 2026) — limited fundamental upside above €33 bid price; no formal tender offer launched yet
  • No formal public tender offer launched — if Uber walks away, stock re-prices sharply toward fundamental value (~€20–28); a €38/share approach to one large investor was rejected, with Uber board still debating how far to raise
  • Woowa (Baemin) operating profit fell 7% YoY in 2025 (₩593B) — three-year margin decline; Coupang Eats nearly doubled MAUs in 18 months, threatening the $5.4B valuation ask
  • FY2026 EBITDA growth slows materially: €910–960M guide = +1–6% YoY vs +30% in FY2025
  • Q1 revenue Spain take-rate base effects lap into H2 2026 — revenue growth deceleration expected in second half
  • FY2025 GAAP net loss €783M; €800M+ in EU fines and Glovo litigation excluded from adjusted figures
  • Semi-annual reporting (no Q1/Q3 EBITDA or FCF disclosure) limits profitability visibility between H1 and FY

Official News & Press Releases

All earnings reports, press releases, and investor presentations are published on the official Delivery Hero Investor Relations newsroom.

View IR Newsroom →

Peer Comparison — Global Food Delivery

As of —
Ticker Company Mkt Cap EV / EBITDA GMV Growth FCF Margin

Recent Analyst Actions

Last refreshed: Jun 15, 2026 — post-Uber bid
DateFirmRatingTarget (€)Action
May 23Bank of AmericaUnderperform—Downgraded from Neutral
MayCitiNeutral—Upgraded from Sell
MayCantor FitzgeraldNeutral—Upgraded from Underperform
Post-Q1JPMorganOverweight33.00Target trimmed ↓ from €34

Profitability Scenario Calculator

Think of this as a "what-if" tool. Slide each lever to explore how Delivery Hero's future profits and revenue might look under different assumptions. The Base Case reflects company guidance. Try Bear/Bull scenarios using the guide below.

0%Guidance: 8–10%20%
25%Current: 30.1%40%
0.5%LT Target: 5–8%8%
0%10%25%
0 bps30 bps100 bps
💡
Scenario guide:
🐻 Bear: GMV 8%, Take Rate 29%, EBITDA/GMV 1.5%
📊 Base: GMV 9%, Take Rate 30.1%, EBITDA/GMV 1.8% (company guidance)
🐂 Bull: GMV 12%, Take Rate 32%, EBITDA/GMV 2.5%

Projected EBITDA & Revenue (€B)

FY2026E Revenue —
FY2026E EBITDA —
FY2028E Revenue —
FY2028E EBITDA —
FY2028E EBITDA Margin —
Implied EV/EBITDA 28E —

FY2026 Guidance Reference (Reaffirmed at Q1 Trading Update, April 30, 2026)

📊
Adj. EBITDA: €910M – €960M (CFO hints upper half)
🛒
GMV Growth: +8% to +10% LFL (Q1: +8.8%)
💶
Revenue Growth: +14% to +16% LFL (Q1: +17.8%)
🏪
Quick Commerce: 18% of GMV in Q1 (+30% LFL) — pacing >€10B
📺
AdTech: >4% of GMV long-term target
🎯
2030 Vision: >€200B GMV, 5–8% adj. EBITDA/GMV