Delivery Hero SE updates FY 2025 guidance to reflect foreign exchange rate headwinds, now expecting lower adjusted EBITDA and Free Cash Flow

Delivery Hero SE updates FY 2025 guidance to reflect foreign exchange rate headwinds, now expecting lower adjusted EBITDA and Free Cash Flow

Berlin, 27 August 2025 – The Management Board of Delivery Hero SE (“Delivery Hero” or the “Company”, ISIN: DE000A2E4K43, Frankfurt Stock Exchange: DHER) decided today to update its financial guidance for the full year 2025 (“FY 2025”) compared to its previous guidance as confirmed in April 2025 as follows:

• Gross Merchandise Value (“GMV”) to grow at the upper end of an 8-10% YoY range¹ on a like-for-like basis⁴, compared to the previous guidance of 8-10% YoY^2;
• Total Segment Revenue to increase by 22-24% YoY¹ on a like-for-like basis⁴, compared to the previous guidance of 17-19% YoY²;
• Adjusted EBITDA to be in the range of EUR 900-940 million, compared to the previous guidance of EUR 975-1,025 million, as a result of approx. EUR 110 million FX headwinds; and
• Free Cash Flow to be generated of more than EUR 120 million³, compared to the previous guidance of more than EUR 200 million³, as a result of approx. EUR 80 million FX headwinds.

GMV and Total Segment Revenue: The Company has updated its GMV guidance to the upper end of a 8-10% YoY like-for-like range⁴. In relation to Total Segment Revenue, the updated guidance reflects accelerated Q2 growth of 27% YoY on a like-for-like basis⁴, which is underpinned by stronger growth across several markets and an accelerated roll-out of the Company’s own delivery network in South Korea.

Adjusted EBITDA and Free Cash Flow: The updated guidance for adjusted EBITDA and Free Cash Flow is a result of foreign exchange rate headwinds since the Company published and confirmed its guidance in February and April, respectively, as well as strong adjusted EBITDA and Free Cash Flow results for H1 2025. Specifically, adjusted EBITDA increased by 71% YoY to EUR 411 million, and Free Cash Flow improved by EUR 96 million to
EUR -8 million before extraordinary items and amounted to EUR 165 million after extraordinary items. With respect to the foreign exchange rate headwinds, the strengthening of the Euro against U.S. Dollar-pegged currencies and Korean Won has had a significant negative impact on adjusted EBITDA (approximately EUR 110 million full year based on 13 February 2025 rates) and Free Cash Flow (approximately EUR 80 million full year based on 13 February 2025 rates). In the absence of these headwinds, the Company would have been on track to meet its previously stated FY 2025 guidance.

Regarding the definition of the alternative performance measures, adjusted EBITDA, Free Cash Flow, Total Segment Revenue and GMV, as well as related information, Delivery Hero refers to the corresponding definitions in its 2024 Annual Report on pages 101 and 136 under chapters “A. Group Profile” and “D. Outlook” within the Combined Management Report, which has been published on the Company’s Investor Relations website.

Notes:

1. In constant currency, excluding effects from hyperinflationary accounting and on a like-for-like basis, excluding operations the Group exited or divested during FY 2024 and FY 2025 (e.g., Slovakia, Slovenia, Denmark, Ghana, Thailand), as well as suspended restaurant directory services in Spain and South Korea.
2. In constant currency, excluding effects from hyperinflationary accounting.
3. The Free Cash Flow guidance for FY 2025 excludes extraordinary cash inflows from M&A breakup fees, as well as extraordinary cash outflows related to ongoing legal disputes (e.g., EU antitrust and Glovo Spain). Free Cash Flow is calculated as cash flow from operations as stated in the IFRS Statement of Cash Flows less net capital expenditures, and payment of lease liabilities. Free Cash Flow excludes interest income and expense.
4. The Company is using a like-for-like comparison for GMV and Total Segment Revenue growth to provide a clearer view of its underlying business performance following the divestitures and service changes in the Company’s operations referred to in footnote 1 above. Including those divestitures and service changes would reduce GMV growth by approximately two percentage points.

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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.

Responsible Person for this Publication:
Christoph Bast
Head of Investor Relations