Delivery Hero reports strong Q1 results, builds on strategy for profitable growth and cash generation

Quarterly Statement Q1 2024 

Delivery Hero reports strong Q1 results, builds on strategy for profitable growth and cash generation 

• GMV growth of 8% YoY¹ and Revenue growth of 21% YoY¹. Revenue outlook raised to 18-21% YoY¹ in FY2024 (previously 15-17% YoY¹)
• Gross Profit margin expanded by +60bps YoY to 7.7%
• Glovo made strong strides towards profitability, expecting to deliver positive adj. EBITDA in H2 2024
• Successful refinancing leaves Company with an ample liquidity of EUR 1.8bn in pro-forma cash²
• Company continues strategic focus on optimizing geostrategy, rationalizing Dmart portfolio, and furthering global services adoption to streamline cost and performance

Berlin, 25 April 2024 – Delivery Hero SE (“Delivery Hero”, the “Company” or the “Group”), the world’s leading local delivery platform, today announced strong Q1 2024 results, confirming that its strategy  focused on profitable growth, cash generation and disciplined capital allocation continues to yield successful results. The Company achieved strong top-line performance, with GMV growth of 8% YoY¹ and double-digit revenue growth of 21% YoY¹. On the back of the accelerated revenue growth in Q1 2024, the company raised its revenue guidance from previously 15-17%¹ to now 18-21%¹. The Gross Profit margin continued to expand by +60bps YoY to 7.7%. The Company also confirmed that it is fully on track to deliver adj. EBITDA of EUR 725-775m and positive Free Cash Flow in FY 2024.

In March, Delivery Hero successfully completed a refinancing transaction which further optimized its capital structure and improved its debt maturity profile. With these capital structure optimizations, Delivery Hero has EUR 1.8bn in pro-forma cash².

Niklas Östberg, CEO and Co-Founder of Delivery Hero, said: “We had a great start to 2024. We continue to execute our plan for profitable growth and cash flow generation, while deepening our focus on building clear leadership positions in our portfolio.” 

Glovo and Dmarts make strong strides towards profitability

Glovo continued to scale towards profitability at a rapid pace, while at the same time continuing to work on extending its market leadership. The company confirmed that Glovo is expected to deliver a positive adj. EBITDA in H2 2024.

Within the Integrated Verticals segment, the Company continued to optimize its Dmart footprint, reporting 895 in Q1 2024. As a result of this disciplined focus on capital allocation, the Dmart business is expected to approach adj. EBITDA break-even by the end of FY 2024.

Emmanuel Thomassin, CFO of Delivery Hero, said: “The Q1 results underline our path to profitability combined with strong revenue growth leading us to raise our Total Segment Revenue guidance for 2024. We will continue to focus on combining growth and profitability translating to positive cash flow generation.”

Delivery Hero – Guidance FY 2024

Delivery Hero – Key Performance Indicators Q1 2024³

Note: All numbers presented in this release are unaudited and based on preliminary information.
¹ GMV growth and Total Segment Revenue growth in constant currency and excluding hyperinflationary accounting.

² Cash balance as of 31 December 2023 adjusted for divestment of Deliveroo shares, upsize of term loans and repayment of convertible bonds. Excludes restricted cash of €2.2m as of end FY23.

³ 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, Lebanon and/or Turkey qualifying as hyperinflationary economies according to IAS 29. RC = Reported Currency / CC = Constant Currency.

⁴ Difference between Total Segment 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 over 70 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

Christoph Bast

Head of 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.