Delivery Hero SE (DHER) Q2 2025 Earnings Report

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Previous Report: Q4 2024

Next Report: Q4 2025

DE:DHER Q2 2025 EPS Results

Actual EPS-€1.35

Consensus EPS€0.00

Beat/MissMissed by -€1.35

One Year Ago EPS-€0.30

DE:DHER Q2 2025 Revenue Results

Actual Revenue€6.88B

Expected Revenue€3.51B

Beat/MissBeat by +€3.37B

YoY Revenue Growth+19.18%

Earnings Announcement Details

QuarterQ2 2025

Date08/28/2025

TimeBefore Open

Conference CallThursday, August 28, 2025

DE:DHER Upcoming Earnings

Delivery Hero SE's next earnings date is estimated for April 29, 2027, based on past reporting schedules.

Q2 2025 Earnings Call Audio

No earnings call audio is available for this earnings event.

Q2 2025 Earnings Slide Deck

No slide deck is available for this earnings event.

Q2 2025 Earnings Call Summary

Q2 2025

Earnings Call Date:Aug 28, 2025|

% Change Since:

Earnings Call Sentiment|Neutral

The earnings call presented a mixed view with significant growth in GMV and revenue, as well as improvements in EBITDA and cash flow. However, these were balanced by challenges including FX headwinds affecting guidance, legal issues in Spain, and increased costs from own delivery expansion.

Company Guidance

During the Q2 2025 earnings call, Delivery Hero's leadership shared comprehensive guidance on their financial and operational performance. The company reported an 11% year-over-year GMV increase and a 27% rise in revenue, excluding hyperinflation FX effects. The adjusted EBITDA for the first half of 2025 expanded by 71% to EUR 411 million, with a margin improvement of 70 basis points. Despite FX headwinds, particularly from the U.S. dollar and Korean won, and costs associated with scaling own delivery in Korea, the company expects to reach the higher end of their GMV growth guidance of 8% to 10% for the full year. Free cash flow before extraordinary items improved significantly, approaching breakeven at minus EUR 8 million, with a robust liquidity position of EUR 2.8 billion. The company also highlighted successful integration efforts, including a 6.7% improvement in conversion rates post-Glovo integration and a 9.5% reduction in cost per order, underscoring their enhanced operational efficiencies.

Strong GMV and Revenue Growth

GMV in Q2 increased by 11% year-over-year on a like-for-like basis, with revenue growth accelerating to 27% in the same period.

Significant EBITDA Improvement

Adjusted EBITDA in the first half of the year increased by 71% to EUR 411 million, representing a margin expansion of 70 basis points.

Strong Cash Position

The company maintains a robust capital position with EUR 2.8 billion in cash at the end of H1, despite repurchasing nearly EUR 900 million in convertible bonds.

Successful Integration and Platform Expansion

The Glovo integration is completed, and the company has reached a milestone with half of its GMV coming from multi-vertical customers, who spend 5.2x more than single vertical customers.

Strong Performance in MENA and Americas

MENA segment showed GMV growth of 26% year-over-year, while the Americas segment exhibited GMV growth of 30% and significant EBITDA improvement.

DE:DHER Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Apr 29, 2027	2026 (Q4)	6.86 / -	-1.296	―
Aug 27, 2026	2026 (Q2)	- / -8.56	-1.349	-534.62% (-7.21)
Mar 26, 2026	2025 (Q4)	- / -1.30	2.322	-155.81% (-3.62)
Aug 28, 2025	2025 (Q2)	0.00 / -1.35	-0.3	-349.67% (-1.05)
Apr 24, 2025	2024 (Q4)	2.31 / 2.32	-1.51	253.77% (+3.83)
Aug 29, 2024	2024 (Q2)	-2.75 / -0.30	-3.04	90.13% (+2.74)
Apr 25, 2024	2023 (Q4)	-0.87 / -1.51	-5.893	74.38% (+4.38)
Aug 30, 2023	2023 (Q2)	-1.32 / -3.04	-5.64	46.10% (+2.60)
Apr 27, 2023	2022 (Q4)	-1.29 / -5.89	-1.12	-426.16% (-4.77)
Aug 25, 2022	2022 (Q2)	-1.80 / -5.64	-3.325	-69.62% (-2.31)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed