Delivery Hero SE Q2 2025 Earnings Recap

Delivery Hero demonstrated robust growth in Q2 2025, achieving a remarkable 27% increase in revenue and a significant rebound in profitability, positioning itself strongly for continued momentum.

Key Takeaways

• GMV increased by 11% year-over-year on a like-for-like basis, driven by strong performance in Asia.
• Adjusted EBITDA surged 71% to EUR 411 million, with a notable 70 basis points margin expansion.
• Free cash flow improved significantly, nearing breakeven at -EUR 8 million despite an extraordinary breakup fee of EUR 212 million.
• The integration of Glovo has enhanced operational efficiency, resulting in 9.5% reduced costs per order and a 29% increase in ad revenue.
• Multi-vertical customers now spend 5.2x more than single vertical customers, emphasizing the platform's successful expansion strategy.