30-Day Stock Price
— (30d)Revenue & EBITDA Trajectory
H1'26 rev +12.7% · EBITDA €426.7MQuarterly Performance Tracker
Semi-annual · see basis note| Period | Revenue (€B) | Gross Profit (€B) | EBITDA (€M) | Net Income (€M) | FCF (€M) | Cash (€B) |
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Investor's Translation
FY2025 GMV by Segment (Share)
GMV by Segment — Reported vs Like-for-Like (YoY %)
FY2025 Revenue by Segment (Reported YoY %)
Asia
FX-hitThe euro headline and the underlying business disagree. Asia GMV fell 6.2% in reported terms — the only segment to decline — yet the report states GMV "grew across all key markets, driven by higher order frequency and Quick Commerce expansion", with "negative exchange rate effects, mainly from the South Korean won" more than offsetting that growth. Own-delivery share jumped to 77.5% from 69.0%, the largest shift of any segment. Asia is now 38.7% of Group GMV, down from 43.0%. Note: the +6.4% like-for-like figure circulated at Q2 is a press-release measure and does not appear in the financial report.
MENA
SteadyThe Group's profit engine. MENA delivered €252.0M of the €426.7M H1 adj. EBITDA — 59% of the total — on 31.5% of Group GMV, at a 3.1% margin no other segment approaches. Revenue grew slower than GMV (+8.9% vs +11.6%) as customer incentives diluted revenue per order. Own-delivery share 81.6%, up from 79.2%. Risk: foody (Cyprus) and Yemeksepeti (Türkiye) are both in the 14-market package being sold to SSW Partners as a condition of the Uber deal.
Europe
ImprovingBest margin improvement in the Group. The adj. EBITDA loss narrowed by €32.2M to just -€18.6M, driven by logistics-model optimisation, marketing and SG&A rationalisation, and efficiencies from migrating Glovo onto DH's global tech platform. Own-delivery share 83.2%, up from 80.9%. Structural risk: nine of Europe's markets — foodora (Austria, Czechia, Norway, Sweden), efood (Greece) and Glovo (Poland, Portugal, Romania, Moldova, Spain) — are being sold to SSW Partners as a condition of the Uber deal. DH exited Germany in 2019 and Finland in 2026.
Americas
OutperformerFastest growth and fastest-rising profit. The only segment where the euro headline and the underlying business agree: +29.4% reported GMV against +29.1% like-for-like. Adj. EBITDA rose 52.2% to €70.3M with margin up to 2.7% of GMV. Own-delivery share is 97.7%, the highest in the Group. Americas is now 10.0% of Group GMV, up from 8.0%. Note: PedidosYa Chile and Ecuador are in the SSW Partners divestment package.
🏷️ Takeover Situation — Uber Business Combination Agreement
Signed Jul 16, 2026Delivery Hero has signed a Business Combination Agreement with Uber. This is a binding agreement with reciprocal breakup fees — materially further along than the indicative €33/share approach of May 2026. The share price is now driven primarily by deal probability and timing, not by quarterly fundamentals.
Markets being sold to SSW Partners: foodora (Austria, Czechia, Norway, Sweden) · efood (Greece) · foody (Cyprus) · Glovo (Poland, Portugal, Romania, Moldova, Spain) · PedidosYa (Chile, Ecuador) · Yemeksepeti (Türkiye). These are flagged →SSW on the Segment Performance tab. Closing is contingent on, and concurrent with, completion of the Uber offer.
Bulls vs Bears
🐂 Bull Case
- Binding BCA signed with Uber at €41.50/share cash (Jul 16) — implying €13.0B fully diluted equity value. Not an indication of interest: it carries reciprocal breakup fees and irrevocable tender commitments
- Uber bears most of the regulatory risk — a €700M Regulatory Reverse Fee payable to DH versus a €200M Company Termination Fee payable to Uber. The 3.5:1 asymmetry is a strong commitment signal
- Acceptance threshold looks already covered — Uber’s 24.77% holding plus 11.74% in instruments plus 16.68% of irrevocable tender commitments exceeds 53%, against a 50%-plus-one-share minimum
- FY2026 adj. EBITDA guidance raised to €960M–€1,000M (from €910–960M) and FCF before extraordinary items to above €250M (from above €200M)
- FCF before extraordinary items swung to +€348.3M from -€7.7M; headline Free Cash Flow nearly doubled to €304.7M from €164.6M, and operating cash flow rose to €534.8M from €395.4M
- Europe adj. EBITDA loss narrowed 63.3% to -€18.6M from -€50.8M — logistics optimisation plus Glovo’s migration onto DH’s global tech platform. Americas adj. EBITDA rose 52.2% to €70.3M, margin up to 2.7% of GMV
- Own-delivery share rose in every segment — Asia 69.0%→77.5%, MENA 79.2%→81.6%, Europe 80.9%→83.2%, Americas 95.9%→97.7% — structurally lifting take rate and data control
- Take rate expanded to 30.2% from 27.9% on a consistent IFRS revenue basis; Dmart revenue +30.2% to €1,780.7M, now 23.0% of Group revenue
- Trading at ~14x EV/EBITDA on trailing-twelve-month adj. EBITDA (€919M) — a wide discount to Uber (~23×), Grab (~33×) and DoorDash (~75×)
🐻 Bear Case
- Asia GMV actually fell 6.2% to €9,930.3M — the only segment to decline, and -4.3% even on a comparable basis. Asia dropped from 43.0% to 38.7% of Group GMV, and its adj. EBITDA fell 15.9% to €148.3M
- Profit is not keeping pace with revenue: revenue +12.7% but adj. EBITDA only +3.9%, with margin flat at 1.7% of GMV. Gross profit rose just 1.8% and gross margin fell 2.3pp to 21.5%
- Going-concern warning at Glovo Spain. The report states “significant uncertainty exists with respect to the ability of Glovoapp Spain Platform S.L.U., Spain, to continue as a going concern” on courier-reclassification exposure absent support from Delivery Hero SE
- South Korea antitrust escalating. G&A rose 24.4% to €991.0M mainly on competition and antitrust provisions, particularly in South Korea; other provisions rose €159.6M and legal-matter adjustments hit €172.7M versus €18.7M of income a year ago
- Still loss-making at the bottom line — net result -€359.1M and EPS -€1.28; the operating result swung to -€160.1M from +€3.1M. Net interest cost rose to -€178.9M on the new USD term loan
- Raised EBITDA guide implies a steep H2 — €960M–€1,000M requires €533M–€573M in H2 against €426.7M in H1
- Deal is ~1 year out and regulator-dependent — completion expected H2 2027, requiring merger control, FDI, foreign-subsidies and financial-services clearances, plus separation of 14 carve-out markets. Change-of-control clauses could accelerate debt repayment
- The Group loses 14 markets to SSW Partners as a deal condition, including most of Europe’s footprint — Spain, Poland, Portugal, Romania, Moldova, Greece, Austria, Czechia, Norway, Sweden — plus Türkiye, Cyprus, Chile and Ecuador
- Middle East conflict is raising operating and transportation costs via energy disruption and inaccessibility of the Strait of Hormuz
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 |
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Recent Analyst Actions
13 analysts · updated Aug 27, 2026Every firm below sits at exactly €41.50 — the Uber offer price — while holding three different ratings. Once a binding cash offer exists it becomes the valuation ceiling, so targets converge and the rating becomes a view on whether the deal closes, not on the business. That is why the Buy share fell from 61% to 31% since June without anything deteriorating operationally.
| Date | Firm | Analyst | Rating | Target (€) | Action |
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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.
🐻 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)
FY2026 Guidance Reference (Half-Year Financial Report 2026, Section D — two metrics updated, two confirmed)
Percentage ranges of “+9–11% LfL GMV” and “+17–19% LfL revenue” circulated after the results do not appear in the audited half-year report, which states GMV and revenue guidance qualitatively and describes both as confirmed rather than raised.