Earnings release
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Delivery Hero reaches FY 2024 targets with very strong Q4 performance Corporate News | 13 Feb 2025
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Delivery Hero SE / Key word(s): Quarter Results/Annual ResultsDelivery Hero reaches FY 2024 targets with very strong Q4 performance 13.02.2025 / 07:36 CET/CESTThe issuer is solely responsible for the content of this announcement. Delivery Hero reaches FY 2024 targets with very strong Q4 performance FY 2024 Results Group GMV grew 8.3% YoY in FY 2024, accelerating to 27% YoY outside Asia in Q4Total Segment Revenue grew 22% YoY in FY 2024Adj. EBITDA uplift of nearly €500 million to around €750 millionAchieved FY positive Free Cash Flow (FCF) for the first time Strong cash balance of €3.8 billion, about 55% YoY net debt reduction to €1.9 billionFY 2025 Outlook 8-10% GMV, 17-19% Total Segment Revenue growth YoYAdj. EBITDA of €975-1,025 millionFree Cash Flow of over €200 millionBerlin, February 13, 2025 – Delivery Hero SE ("Delivery Hero," the "Company," or the "Group"), the world'sleading local delivery platform, today released its Q4 and FY 2024 financial results. The Company showed avery strong performance, meeting its full year guidance, with Total Segment Revenue up by 22% YoY to€12.8 billion. Adj. EBITDA reached around €750 million from €254 million in FY 2023, and Free Cash Flowfor FY 2024 increased by around €466 million to around €100 million. Delivery Hero also reported GMVgrowth of 8.3% for FY 2024, at €48.8 billion, and strong cash reserves of €3.8 billion. In Q4 2024, strong order development and increasing basket sizes drove Gross Merchandise Value (GMV)growth of 8% YoY, accelerating to 27% YoY outside Asia. Total Segment Revenue growth outpaced GMVgrowth with 23% YoY, driven by more sales at Dmarts, increased platform monetization and a growingAdTech business. Niklas Östberg, CEO and Co-Founder of Delivery Hero, said: “I am very proud of our team’s achievements.In 2024, we continued to invest in our products and services to ensure we deliver higher revenues, strongerprofit margins, and maintain a solid cash position. As a result, we beat our guidance on growth andprofitability. Now, our focus is on delivering the best possible service for our customers.” Strong progress on profitability in FY 2024 By focusing on growth and profitability, while strengthening its operations in competitive markets, theCompany improved its Adj. EBITDA to around €750 million for the full year, an increase of almost half abillion Euros in FY 2024. In addition, the Integrated Verticals segment saw more than 50% improvement inAdj. EBITDA for FY 2024 and was close to break-even in December 2024. The Company’s Dmarts businessgenerated a positive Adj. EBITDA in December 2024. Large cash position drives stability and growth opportunities In FY 2024, Delivery Hero strengthened its liquidity position with cash generation and proceeds. Listing oneof its MENA brands, talabat, on the Dubai stock exchange in December 2024 generated €1.8 billion in netproceeds, increasing the Company’s cash reserves to €3.8 billion at the end of FY 2024. As earlier today,Delivery Hero intends to further optimize its capital structure by buying back approximately €1.0 billion ofconvertible bonds due in 2025, 2026, and 2027. Buybacks would be conducted by way of convertible bondtender o ers, and financed from the proceeds of the talabat initial public o ering. 1 1 1 2 1 1 5 1 2 1 1 1
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Marie-Anne Popp, CFO of Delivery Hero, said: “We ended 2024 in a strong financial position, with asignificant Free Cash Flow uplift of around €466 million to around €100 million, and €3.8 billion in cashreserves. By reducing our net debt by 55% year-over-year to €1.9 billion, we now have a robust balancesheet. With the proceeds from the talabat IPO, we have even greater financial flexibility, allowing us tofurther enhance our capital structure by conducting convertible bond buybacks.” FY 2025 Outlook Delivery Hero expects continued growth in 2025, with GMV increasing by 8-10% throughout FY 2025, andTotal Segment Revenue rising by 17-19%. Adj. EBITDA is projected to reach between €975-1,025 million,while Free Cash Flow is expected to exceed €200 million. The Group will continue investing in technologyand innovation to reinforce its position as the leading global delivery platform while driving profitability andcash flow. Delivery Hero – Guidance FY 2025 GMV 8-10% YoY Total Segment Revenue 17-19% YoY Adj. EBITDA EUR 975-1,025 million Free Cash Flow EUR >€200m Delivery Hero – Key Performance Indicators Q4 and FY 2024 Q4 2023 Q4 2024 FY 2023 FY 2024 EURmillion EURmillion EURmillion EURmillion GMV Group 11,299.1 12,818.2 45,275.2 48,754.0 %YoY Growth (CC, excl. hyperinflation adjustment) 6.7% 8.2% 6.8% 8.3% %YoY Growth (RC, incl. hyperinflation adjustment) ) (0.5)% 13.4% 1.5% 7.7% Asia 6,325.5 5,618.3 25,354.2 23,407.4 MENA 2,673.1 3,706.8 9,959.3 12,825.9 Europe 2,044.1 2,384.6 7,510.0 8,878.7 Americas 256.4 1,108.6 2,451.7 3,642.0 Integrated Verticals 548.6 820.7 2,224.4 2,904.7 1 1 5 1 1 5 3
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Total Segment Revenues Group 2,674.7 3,518.2 10,463.2 12,796.4 %YoY Growth (CC, excl. hyperinflation adjustment) 15.7% 22.6% 15.7% 21.9% %YoY Growth (RC, incl. hyperinflation adjustment) 5.5% 31.5% 9.1% 22.3% Asia 968.6 1,049.5 3,729.3 4,071.9 MENA 742.9 1008.1 2,700.8 3,527.8 Europe 422.9 519.3 1,522.4 1,891.9 Americas 76.7 281.9 651.0 939.6 Integrated Verticals 533.1 752.6 2,162.1 2,709.8 Intersegment consolidation (69.5) (93.2) (266.4) (344.5) Adj. EBITDA 253.6 ~750.0 Adj. EBITDA margin % (GMV) 0.6% ~1.5% Note: All numbers presented in this release are unaudited and based on preliminary information. GMV growth and Total Segment Revenue growth in constant currency and excluding hyperinflationaryaccounting. Free Cash Flow according to the old definition is calculated as Adj. EBITDA plus/minus changes in workingcapital (excluding receivables from payment service providers and restaurant liabilities); less taxes, capitalexpenditures and lease payments. For Group, Europe, MENA, Americas and Integrated Verticals, revenues and Gross Merchandise Value(GMV) as well as the respective growth rates are impacted by the operations in Argentina, Ghana, Lebanonand/or Turkey qualifying as hyperinflationary economies according to IAS 29. RC = Reported Currency / CC =Constant Currency. Di erence between Total Segment Revenue and the sum of segment revenues is mainly due tointersegment consolidation adjustments for services charged by the Platform businesses to the IntegratedVerticals businesses. Free Cash Flow according to the new definition is calculated as cash flow from operating activities asstated in the IFRS Statement of Cash Flows less net capital expenditures, and payment of lease liabilities.Free Cash Flow excludes interest income and expense. ABOUT DELIVERY HERO Delivery Hero is the world’s leading local delivery platform, operating its service in around 70 countriesacross Asia, Europe, Latin America, the Middle East and Africa. The Company started as a food deliveryservice in 2011 and today runs its own delivery platform on four continents. Additionally, Delivery Hero is 4 1 2 3 4 5
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pioneering quick commerce, the next generation of e-commerce, aiming to bring groceries and householdgoods to customers in under one hour and often in 20 to 30 minutes. Headquartered in Berlin, Germany,Delivery Hero has been listed on the Frankfurt Stock Exchange since 2017 and is part of the MDAX stockmarket index. For more information, please visit MEDIA CONTACT Corporate & Financial Communications INVESTOR RELATIONS CONTACT DISCLAIMER This release may contain forward looking statements, estimates, opinions and projections with respect toanticipated future performance of Delivery Hero SE ("forward-looking statements"). These forward-lookingstatements can be identified by the use of forward-looking terminology, including the terms "believes,""estimates," "anticipates," "expects," "intends," "may," "will" or "should" or, in each case, their negative, orother variations or comparable terminology. These forward-looking statements include all ma ers that arenot historical facts. Forward-looking statements are based on the current views, expectations andassumptions of the management of Delivery Hero SE and involve significant known and unknown risks anduncertainties that could cause actual results, performance or events to di er materially from thoseexpressed or implied in such statements. Forward-looking statements should not be read as guarantees offuture performance or results and will not necessarily be accurate indications of whether or not such resultswill be achieved. Any forward-looking statements included herein only speak as at the date of this release.We undertake no obligation, and do not expect to publicly update, or publicly revise, any of the information,forward-looking statements or the conclusions contained herein or to reflect new events or circumstances orto correct any inaccuracies which may become apparent subsequent to the date hereof, whether as a resultof new information, future events or otherwise. We accept no liability whatsoever in respect of theachievement of such forward-looking statements and assumptions. 13.02.2025 CET/CEST Dissemination of a Corporate News, transmi ed by EQS News - a service of EQSGroup.The issuer is solely responsible for the content of this announcement. The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and PressReleases.Archive at www.eqs-news.com Language: English Company: Delivery Hero SE Oranienburger Straße 70 10117 Berlin Germany
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Phone: +49 (0)30 5444 59 105 Fax: +49 (0)30 5444 59 024 E-mail: ir@deliveryhero.com Internet: www.deliveryhero.com ISIN: DE000A2E4K43 WKN: A2E4K4 Indices: MDAX Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Uno icial Market in Berlin,Dusseldorf, Hamburg, Hanover, Munich, Stu gart, Tradegate Exchange; London, OTC QB,OTC QX, SIX, Vienna Stock Exchange EQS NewsID: 2085647 End of News EQS News Service 2085647 13.02.2025 CET/CEST