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 -25% vs avg
Free Cash Flow (FY25) >€200M Beat guidance

30-Day Stock Price

-18.3% (30d)

Revenue & EBITDA Trajectory

FY2025 Revenue +23.1% LFL

Quarterly Performance Tracker

Semi-annual reporting
Period Revenue (€B) Gross Profit (€B) EBITDA (€M) Net Income (€M) FCF (€M) Cash (€B)
H2 2025 est. 7.92 1.95 662 -164 -116 3.10
H1 2025 6.88 1.73 241 -396 316 2.81
H2 2024 6.52 1.69 131 -164 459 3.81
H1 2024 5.77 1.64 -159 -718 40 1.76
H2 2023 5.10 1.52 -204 -1,467 73 1.66
H1 2023 4.84 1.45 -203 -830 -240 1.92

Investor's Translation

📈
Take Rate Expansion: Revenue growing 2.5x faster than GMV (23% vs 9%) signals improving unit economics. Implied take rate expanded from ~27% to ~30%, driven by AdTech monetization (3.0% of GMV) and subscription revenue.
💰
Cash Flow Inflection: FCF went from -€240M (H1 2023) to >€200M for FY2025, beating guidance of >€120M. This is the strongest signal for "real" profitability — the company is now generating meaningful cash, not just adj. EBITDA.
⚖️
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 (-€560M 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

Q4 2025 GMV by Segment (LFL YoY %)

FY2025 Revenue by Segment (LFL YoY %)

🌏

Asia

Return to growth
Q4 GMV (LFL)+1%
Q4 GMV (reported)-11.4%
Q4 GMV€5.0B
Key driverKorea share gains

Brand: foodpanda. Markets: South Korea, Hong Kong, Bangladesh, Malaysia, Myanmar, Pakistan, Singapore. (Taiwan sold to Grab, closing H2 2026.) Asia's return to like-for-like growth is the "cornerstone" of the bull thesis (Jefferies). Korea share gains continuing into 2026. Thailand exited — focusing capital on winning markets.

🌍

MENA

Q4 miss
Q4 GMV (reported)+0.9%
vs consensus-5.8%
Q4 GMV€3.7B
Saudi momentumRe-accelerating

Brand: talabat. Markets: UAE, Kuwait, Qatar, Bahrain, Jordan, Egypt, Iraq, Oman. Biggest Q4 disappointment — FX headwinds from USD strength masked underlying growth. Saudi order growth accelerated to >15% in Dec and continues into 2026. 50% of Saudi GMV from subscribers.

🇪🇺

Europe

Transitioning
Q4 GMV (reported)+6.5%
Q4 Revenue (LFL)+34%
Own-delivery share82%
EBITDA targetBreak-even FY26

Brand: Delivery Hero. Markets: Germany, Norway, Sweden, Bosnia. (Finland exited 2025.) Revenue +34% on only +6.5% GMV shows extreme take-rate leverage from Spain's rider employment model change. Growth expected to re-accelerate H2 2026.

🌎

Americas

Outperformer
Q4 GMV (reported)+13%
Q4 Order growth+24%
Daily orders1M avg
vs consensus+2.9%

Brand: PedidosYa. Markets: Argentina, Chile, Colombia, Ecuador, Panama, Uruguay. Sole regional outperformer vs. consensus. Quick Commerce, subscriptions, and AdTech driving growth. Argentina hyperinflation distorts EUR reporting. EBITDA materially improved in FY2025.

Consensus Rating OUTPERFORM ~20 analysts
Avg Target Price €28–32 +75–100% upside
Buy / Hold / Sell 16 / 8 / 1 64% Buy
Target Range €19—€48 Wide dispersion

Analyst Rating Distribution

Bulls vs Bears

🐂 Bull Case

  • Take rate expansion driving revenue quality over GMV volume
  • Asia return to growth — Korea share gains are the "cornerstone" thesis
  • FCF >€200M proves cash generation capability
  • Taiwan $600M sale validates asset monetization path, reduces leverage to 2.2x
  • Trading at ~7x EV/EBITDA — deep discount to peers

🐻 Bear Case

  • Aspex (9% stake) demanding CEO removal — governance crisis risk
  • FY2026 guidance signals clear deceleration (EBITDA +1–6% vs +30%)
  • MENA profit engine stalled — Q4 GMV +0.9% vs consensus +9.6%
  • Stock -46% from 52-week high — market not buying the recovery story
  • €800M+ in fines/litigation excluded from adj. figures

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 →

Recent Analyst Actions

DateFirmRatingTarget (€)Action
Mar 26JPMorganOverweight28.00Maintained
Mar 24JefferiesBuy35.00Maintained
Feb 27BarclaysOverweight39.40Maintained
Feb 27RBC CapitalSector Perform22.00Maintained

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 (Published March 26, 2026)

📊
Adj. EBITDA: €910M – €960M (+1% to +6% YoY)
🛒
GMV Growth: +8% to +10% (LFL)
💶
Revenue Growth: +14% to +16% (LFL)
🏪
Quick Commerce GMV: ~€10B target (from €7.5B)
📺
AdTech: >4% of GMV long-term target
🎯
2030 Vision: >€200B GMV, 5–8% adj. EBITDA/GMV