Earnings release
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Delivery Hero SE / Key word(s): Quarter Results/Half Year Report Delivery Hero raises full-year 2026 guidance as Everyday App strategy drives further acceleration in growth 27.08.2026 / 07:28 CET/CEST The issuer is solely responsible for the content of this announcement. Delivery Hero raises full-year 2026 guidance as Everyday App strategy drives further acceleration in growth Q2 Group GMV grew 11.3% YoY (LfL1) to €13.2 billion, accelerating from 8.8% in Q1. Q2 Revenue2 up 17.7% YoY (LfL1), to €4.0 billion. H1 adj. EBITDA ahead of expectations at €427 million, up 3.9% YoY. H1 Free Cash Flow3 of €348 million (H1 2025: €-8 million). FY guidance raised across all four metrics. Voluntary takeover offer from Uber announced at €41.50 per share. Berlin, August 27, 2026 – Delivery Hero SE ("Delivery Hero," the "Company," or the "Group"), the world's leading local delivery platform, today published its Q2 2026 financial results and H1 2026 financial report. With Gross Merchandise Value (GMV) growth accelerating and profitability coming in ahead of expectations in the first half, Delivery Hero has increased its guidance across all key financial metrics for 2026. Niklas Östberg, CEO and Co-Founder of Delivery Hero, said: "Our Everyday App strategy drove another outstanding performance in Q2. We hit new order records and accelerating growth drove profitability ahead of expectations. We're excited about the opportunity ahead with Uber, a partnership that will help us advance our Everyday App strategy further and deliver even greater value to our customers, partners, and riders worldwide." Marie-Anne Popp, CFO of Delivery Hero, said: "We delivered a strong first half, with a further acceleration of GMV growth, adjusted EBITDA ahead of expectations, and a significant step up in cash generation. This performance gives us confidence to raise our full-year guidance across all key metrics and we look forward to delivering improved profitability and another year of free cash flow generation." Dmarts as a key driver behind Quick Commerce success Delivery Hero's Everyday App strategy continued to drive customer loyalty and order growth in the second quarter, with Quick Commerce GMV growth accelerating to 32% YoY on a like-for-like basis1 (LfL), and subscribers representing 47% of Group GMV (+12 pp YoY). In Q2, the Quick Commerce business accounted for 18.3% of Group GMV (+3.1 pp YoY). On average, customers using multiple Quick Commerce verticals spend 5x more with Delivery Hero brands than single-vertical customers. The Group’s global network of Dmarts – small warehouses located in strategically relevant locations that enable Quick Commerce delivery within minutes – is a key pillar of its Everyday App strategy. Dmart orders grew 39% YoY in Q2 2026, marking the highest growth rate in more than three years and the sixth consecutive quarter of accelerating order growth. While the number of Dmarts increased 8% YoY in Q2, orders per store have grown 28% YoY, demonstrating how a great customer experience – building on a large, relevant product assortment and efficient picking and last-mile operations – continues to improve the utilization of the Group’s existing Quick Commerce footprint. Delivery Hero’s Dmart expansion plans remain on track, with the majority of new store openings scheduled for the second half of 2026. Helping partners and boosting performance with AI In August, Delivery Hero announced an agentic AI assistant to help local shops and restaurants grow faster. The assistant develops and — after partner approval — directly implements measures such as promotions, ad campaigns, improved menu content and review responses. Restaurants using the assistant at Glovo grew orders by 15%, and the tool already supports over 40,000 of the Group's approximately 1.5 million partners, with a broad roll-out ahead. The announcement followed the launch of Herogen, the Company's autonomous software delivery agent, which currently delivers an annual coding output equivalent to 130 senior engineers and continues to scale. Financial Highlights Group GMV rose 11.3% YoY (LfL1) in Q2 to €13.2 billion, a clear acceleration from 8.8% YoY (LfL1) growth in Q1. The Everyday App strategy and the rapid expansion of the Company’s Quick Commerce business supported the acceleration in growth. Revenue grew 17.7% YoY (LfL1) in Q2, reaching €4.0 billion, while orders jumped 11.0% YoY (LfL1) to 981 million. The strong revenue performance was supported by the Quick Commerce expansion, increased subscription adoption, and strong momentum in the AdTech business. For the first half of 2026, Group GMV grew 10.1% YoY (LfL1) to €25.7 billion, and Revenue grew 17.8% YoY (LfL1) to €7.8 billion. Profitability improved in H1, with adj. EBITDA reaching €427 million in H1, up 3.9% YoY and ahead of expectations. At the same time, cash generation surged, with Free Cash Flow before extraordinary items3 improving to €348 million, from €-8 million in H1 2025. Delivery Hero closed the first half with a cash balance of €2.8 billion after the March 2026 term loan transaction and the repurchase of the 2026 and 2027 convertible bonds. Together with the expected proceeds of $600 million from the disposal of its Taiwan business,
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which is expected to close in the fourth quarter of 2026, the Company maintains a robust liquidity position. Segment Highlights In MENA, GMV grew 14.9% YoY (LfL1). Saudi Arabia delivered an outstanding quarter, with accelerating GMV growth and significant margin improvement validating strategic investments. Subscription adoption in Saudi Arabia is the highest within the Group, driving 63% of local GMV. talabat carried its strong Q1 momentum into the second quarter, driven by all business pillars. In Asia, GMV growth accelerated for the third consecutive quarter to 6.4% YoY (LfL1). Quick Commerce continues to scale rapidly, delivering 39% YoY constant-currency GMV growth in South Korea in Q2, driven by increasing basket sizes and higher order frequency. In Americas, GMV growth accelerated sharply to 29.1% YoY (LfL1) in Q2 on strong subscription adoption and an expansion of the multi-vertical product offering. Subscribers now account for 40% of GMV in the region, while Quick Commerce GMV grew 57% YoY. In Europe, GMV growth accelerated to 8.4% YoY (LfL1) in Q2 driven by Glovo’s strong operational performance, with further momentum anticipated in H2. Quick Commerce grew 19% YoY in Q2, significantly outpacing overall topline performance. The segment’s high-margin AdTech business delivered 32% YoY growth. Integrated Verticals: GMV increased 32.3% YoY (LfL1) powered by robust, broad-based operational execution and exceptional performance in MENA, Americas and Asia. AdTech revenue grew rapidly, turning into a significant driver for revenue growth with further scaling potential. Investment in the segment continues, supported by a material market opportunity and strong same-store returns for Dmarts, with orders per Dmart up 28% YoY. Voluntary takeover offer by Uber On July 16, 2026, Uber announced its intention to make an acquisition offer for Delivery Hero at an offer price of €41.50 per share. Delivery Hero and Uber continue to operate independently until the closing of the transaction, which is expected in the second half of 2027, subject to customary closing conditions including regulatory approvals. The Company's focus remains on executing on its Everyday App Strategy, expanding its operational momentum and serving its customers, riders and partners around the globe. Delivery Hero – FY 2026 Outlook The Group raises its outlook for the full year 2026 as follows: GMV4 9–11% YoY (LfL1) prev. 8-10% YoY (LfL1) Revenue4 17–19% YoY (LfL1) prev. 14-16% YoY (LfL1) Adj. EBITDA5 €960–1,000 million prev. €910-960 million Free Cash Flow3,5 >€250 million prev. >€200 million Delivery Hero – Key Performance Indicators Q2 and H1 20266
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Q2 2025 Q2 2026 H1 2025 H1 2026 EUR million EUR million EUR million EUR million GMV Group 12,243.4 13,208.6 24,615.9 25,675.2 %YoY Growth (CC, excl. hyperinflation adjustment and LfL1) 11.3% 11.3% 10.6% 10.1% %YoY Growth (CC, incl. hyperinflation adjustment) 7.3% 11.9% 7.0% 10.1% %YoY Growth (RC, incl. hyperinflation adjustment) 2.9% 7.9% 3.9% 4.3% Asia 5,176.9 5,014.6 10,591.8 9,930.3 MENA 3,690.4 4,248.5 7,238.3 8,077.0 Europe 2,422.7 2,596.0 4,807.9 5,108.1 Americas 953.5 1,349.4 1,977.9 2,559.8 Integrated Verticals 828.4 1,092.0 1,655.0 2,083.7 Revenue Group 3,489.3 4,024.5 6,879.5 7,752.2 %YoY Growth (CC, excl. hyperinflation adjustment and LfL1) 25.3% 17.7% 25.1% 17.8% %YoY Growth (CC, incl. hyperinflation adjustment) 22.0% 19.2% 22.4% 18.7% %YoY Growth (RC, incl. hyperinflation adjustment) 17.0% 15.3% 19.1% 12.7% Asia 1,034.5 1,063.2 2,016.1 2,088.5 MENA 954.7 1,077.1 1,865.3 2,031.7 Europe 617.8 661.9 1,221.9 1,308.0 Americas 228.4 325.3 471.3 618.9 Integrated Verticals 762.9 1,039.3 1,520.2 1,975.3 Intersegment consolidation7 (215.3) (270.2) Adj. EBITDA 410.7 426.7 Adj. EBITDA margin (% of GMV) 1.7% 1.7% Asia 176.3 148.3 MENA 256.2 252.0 Europe (50.8) (18.6) Americas 46.2 70.3 Integrated Verticals (17.3) (25.3) 1 Like-for-like growth reflects the performance of the business on a comparable basis, excluding changes in the consolidation scope (acquisitions, disposals, country exits) as applicable, and is presented in constant currency, excluding the effects of hyperinflation accounting.
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2 Effective January 1, 2026, the key financial performance indicator Total Segment Revenue has been fully harmonised with "Revenue" as presented under IFRS. 3 Free Cash Flow before extraordinary items excludes extraordinary cash outflows related to certain legal matters, primarily antitrust and rider-related matters, and extraordinary cash inflows from M&A break-up fees. 4 FY 2026 GMV and Revenue guidance in constant currency, excluding hyperinflation accounting and on a like-for-like basis. 5 FY 2026 adj. EBITDA and Free Cash Flow guidance is based on FX rates as of July 2026. The Free Cash Flow guidance for the financial year 2026 excludes extraordinary cash outflows related to certain legal matters, primarily antitrust and rider-related matters. 6 For Group, MENA, Americas and Integrated Verticals, revenues, adj. EBITDA and Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the operations in Argentina and/or Türkiye qualifying as hyperinflationary economies according to IAS 29. Consequently, growth rates for Argentina and Türkiye are calculated exclusively in reported currency (Euro). RC = Reported Currency / CC = Constant Currency. 7 The difference between Revenue and the sum of segment revenues is mainly due to intersegment consolidation adjustments for services charged by the Platform businesses to the Integrated Verticals businesses. ABOUT DELIVERY HERO Delivery Hero is the world’s leading local delivery platform, operating its service in around 65 countries across Asia, Europe, Latin America, the Middle East and Africa. The Company started as a food delivery service in 2011 and today runs its own delivery platform on four continents. Additionally, Delivery Hero is pioneering quick commerce, the next generation of e-commerce, aiming to bring groceries and household goods 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 stock market index. For more information, please visit www.deliveryhero.com MEDIA CONTACT Corporate & Financial Communications press@deliveryhero.com INVESTOR RELATIONS CONTACT Investor Relations ir@deliveryhero.com DISCLAIMER This release may contain forward looking statements, estimates, opinions and projections with respect to anticipated future performance of Delivery Hero SE (“forward-looking statements”). These forward-looking statements 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, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current views, expectations and assumptions of the management of Delivery Hero SE and involve significant known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will 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 or to correct any inaccuracies which may become apparent subsequent to the date hereof, whether as a result of new information, future events or otherwise. We accept no liability whatsoever in respect of the achievement of such forward-looking statements and assumptions. This release does not constitute an offer of, or a solicitation of an offer to purchase, securities of Delivery Hero SE or of any of its subsidiaries in the United States of America, Germany or any other jurisdiction. Neither this release nor anything contained herein shall form the basis of, or be relied upon in connection with, an offer in any jurisdiction. 27.08.2026 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group. The issuer is solely responsible for the content of this announcement. The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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Language: English Company: Delivery Hero SE Oranienburger Str. 70 10117 Berlin Germany 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 Unofficial Market in Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate BSX; London, OTC QB, OTC QX, SIX, Vienna Stock Exchange LEI Code: 529900C3EX1FZGE48X78 EQS News ID: 2389366 End of News EQS News Service