Company Reports

Delivery Hero is an online food and convenience delivery platform with operations in over 70 countries. The firm has market share leadership in several regions with attractive growth prospects. However, defending its positioning will become more difficult as competition intensifies and markets mature.

Delivery Hero’s first-half fiscal 2026 results included comparable gross merchandise value and revenue growth of 10% and 18%, respectively, and 4% EBITDA growth. Shares were flat intraday on Aug. 27.

Delivery Hero announced it has entered into a takeover agreement with Uber, with the deal implying an equity value of EUR 13 billion. Uber is offering EUR 41.50 per share, implying a 34% premium on the three-month volume-weighted average share price prior to the announcement on July 16.

Delivery Hero is an online food and convenience delivery platform with operations in over 70 countries. The firm has market share leadership in several regions with attractive growth prospects. However, defending its positioning will become more difficult as competition intensifies and markets mature.

Delivery Hero confirmed that Uber is interested in acquiring the company. Over the last month, Uber has increased its stake in Delivery Hero to 19.5% with a further 5.6% in derivatives. An offer of EUR 33 per share was rejected, and shareholders are aiming for a price above EUR 40.

Delivery Hero’s first-quarter trading update included like-for-like gross merchandise value growth of 8.8% year over year and total segment revenue growth of 17.8%, ahead of company-compiled consensus. Shares rose around 7% intraday on April 30.

Delivery Hero’s full-year 2025 results included a 30% adjusted EBITDA increase to EUR 903 million, at the lower end of its EUR 900 million-940 million target. Free cash flow totaled EUR 250 million. Shares were flat intraday March 26.

Delivery Hero is an online food and convenience delivery platform with operations in over 70 countries. The firm has market share leadership in several regions with attractive growth prospects. However, defending its positioning will become more difficult as competition intensifies and markets mature.

Delivery Hero’s fourth quarter trading update included year-over-year gross merchandise value (GMV) growth of 8% and 21% revenue growth, both on a like-for-like basis. For the full year 2025, revenue increased by 23% and adjusted EBITDA exceeded EUR 900 million. Shares fell around 7% intraday.

Delivery Hero’s third-quarter trading update included like-for-like gross merchandise value growth of 7% and total revenue growth of 22%, both year over year. Shares rose around 8% intraday on Nov. 13.

We’re transferring coverage of Delivery Hero, an online delivery platform operating in over 70 countries. Forty-eight percent of Delivery Hero’s 2024 gross merchandise value was from Asia, 26% from the Middle East and Africa, 18% from Europe, and 8% from Latin America.

Delivery Hero is an online food and convenience delivery platform with operations in over 70 countries. The firm has market share leadership in several regions with attractive growth prospects. However, defending its positioning will become more difficult as competition intensifies and markets mature.

Delivery Hero is one of the fastest-growing food delivery operators in the world. It’s exposed to regions with attractive long-term structural characteristics and is well-poised to benefit from the secular trend of digitization of food delivery orders, in our opinion. A combination of strong positions in concentrated markets, consistent and sticky cohort behavior, and a significant addressable market underpins Delivery Hero's investment thesis.

Delivery Hero reported its half-year results, with adjusted EBITDA and total segment revenue increasing by 71% and 19%, respectively, ahead of company-compiled consensus.

We maintain our EUR 34 per share fair value estimate for narrow-moat Delivery Hero after the firm reported its first-quarter trading update in line with our expectations. Management reaffirmed its 2025 targets, including 8%-10% GMV growth, total segment revenue growth of 17%-19%, and adjusted EBITDA between EUR 975 million and EUR 1.025 billion. On April 23, Delivery Hero announced it is exiting its Thailand business, which we think will be margin accretive as the firm focuses on more profitable geographies. Shares fell following the announcement due to uncertainty around Delivery Hero's strategic market exits and weaker-than-expected performance in Asia. Still, we think Delivery Hero is well placed to benefit from the secular trend of digitization of food delivery orders and is on track to meet our long-term forecasts.

We maintain our EUR 34 per share fair value estimate for narrow-moat Delivery Hero after the firm reported fourth-quarter results slightly ahead of our above-consensus expectations. We are impressed with the firm’s continued growth as it benefits from the secular trend of digitization of food delivery orders. Management issued fiscal 2025 guidance that signals continued momentum and improving profitability. Following the announcement, shares jumped 8%, and we view the current stock as undervalued.

We maintain our EUR 34 per share fair value estimate for narrow-moat Delivery Hero after the firm reported its third-quarter trading update largely in line with consensus and our expectations. We remain impressed with the firm's continued growth as it benefits from the secular trend of digitization of food delivery orders. With increased confidence, management narrowed in on its free cash flow target, expecting between EUR 50 million and EUR 100 million, compared with the previous guidance of free cash flow being positive. We view this target, as well as the others, as attainable. Shares were slightly up following the release, placing the stock in 3-star territory.

Delivery Hero is one of the fastest-growing food delivery operators in the world. It’s exposed to regions with attractive long-term structural characteristics and is well positioned to benefit from the secular trend of digitization of food delivery orders, in our opinion. A combination of strong positions in concentrated markets, consistent and sticky cohort behavior, profitable delivery operations in the Middle East and North Africa, South Korea, and a significant addressable market underpins Delivery Hero's investment thesis.

Delivery Hero published its first-half results, with gross merchandise value, or GMV, up 7% in constant currency and revenue up 20% in constant currency in the second quarter, ahead of the company's compiled consensus. Notably, GMV growth outside of Asia was around 23% in the second quarter and was 10% year on year in June. In turn, strong revenue growth was driven by the AdTech business, Dmart, service and subscription fees, as well as an increase in own delivery share (which carries a higher take rate). On profitability, gross profit margin for the platform business was 7.6%, flat in the second quarter, with expansion expected in the second half of the year. More importantly, in the less mature side of the business, the integrated verticals segment saw its gross margin double to 4% quarter on quarter, while at the adjusted EBITDA level, the company expects the segment to reach breakeven by December this year. In addition, Glovo's adjusted EBITDA turned positive in June. Group adjusted EBITDA was EUR 240 million, driving free cash flow breakeven in the first half of the year, as expected.

Delivery Hero announced the sale of its Taiwan business Foodpanda to Uber Eats on May 14 for $950 million on a cash-free and debt-free basis. The deal is targeted to close in the first half of 2025, subject to the fulfillment of customary closing conditions and regulatory approvals, including merger control approval. Additionally, Uber agreed to acquire a minority stake in Delivery Hero by purchasing newly issued shares at a placement price of EUR 33 per share, which is around a 30% premium to the preannouncement price. This stake represents approximately 3% of Delivery Hero's share capital after the implementation of the capital increase.