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% LFLQuarterly 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
AcceleratingQ1 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
*Taiwan sold to Grab — closing H2 2026.
🇰🇿Kazakhstan
🇰🇬Kyrgyzstan
🌍
MENA
SteadyQ1 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
StableQ1 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)
✗ Market exited.
🇦🇲Armenia
🇧🇦Bosnia & Herz.
🇧🇬Bulgaria
🇭🇷Croatia
🇬🇪Georgia
🇮🇹Italy
🇲🇩Moldova
🇲🇪Montenegro
🇵🇱Poland
🇵🇹Portugal
🇷🇴Romania
🇷🇸Serbia
🇪🇸Spain
🇺🇦Ukraine
🌎
Americas
OutperformerQ1 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
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Buy / Hold / Sell
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Target Range
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Wide dispersion
Analyst Consensus
As of Mar 26, 2026
Bulls vs Bears
🐂 Bull Case
- Uber acquired ~4.5% stake from Prosus (Apr 17, 2026) — strategic endorsement from a global tech leader
- Q1 2026 group GMV +8.8% LfL — accelerating from +7.9% in Q4 2025
- Asia LfL +3% (vs +1% Q4) — Korea share gains continuing into 2026
- Americas +18.1% LfL — strongest segment, +25% order growth
- Quick Commerce now 18% of GMV (+30% LfL) — vertical mix shift accelerating
- FY2025 FCF €250M (+15% YoY) beat guidance; CFO hints EBITDA upper-half of FY26 €910–960M range
- Taiwan $600M sale (closing H2 2026) validates asset monetization; net debt down to €1.8B
- Trading at ~7x EV/EBITDA — deep discount to peers (15–25× food-delivery comps)
🐻 Bear Case
- FY2026 EBITDA growth slows materially: €910–960M guide = +1–6% YoY vs +30% in FY2025
- MENA decelerated to +16.1% LfL in Q1 (from +20% CC in Q4) — Saudi remains the primary growth engine
- Q1 revenue +17.8% LfL above guide (14–16%) but lifted by Spain take-rate base effects that lap into H2 2026
- Stock — from 52-week high — market not yet buying the recovery story
- FY2025 GAAP net loss €783M; €800M+ in EU fines and Glovo litigation excluded from adjusted figures
- Asia FY2025 revenue +8.5% reported but per-segment LfL not disclosed — recovery hinges on Korea sustaining Q1 momentum
- Semi-annual reporting (no Q1/Q3 EBITDA or FCF disclosure) limits visibility on profitability 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: Mar 26, 2026 — pre-Q1 trading update| Date | Firm | Rating | Target (€) | Action |
|---|---|---|---|---|
| Mar 26 | JPMorgan | 28.00 | Maintained | |
| Mar 24 | Jefferies | 35.00 | Maintained | |
| Feb 27 | Barclays | 39.40 | Maintained | |
| Feb 27 | RBC Capital | 22.00 | Maintained |
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%
🐻 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
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FY2026E EBITDA
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FY2028E Revenue
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FY2028E EBITDA
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FY2028E EBITDA Margin
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Implied EV/EBITDA 28E
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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