Delivery Hero: announces positive H1-2024 results

Berlin / DE. (dhh) Delivery Hero Holding S.E. announced its Q2 2024 and Half-Year financial results, showing that its drive for profitable growth across its global footprint continues to pay off. In H1 2024, Delivery Hero achieved adj. Ebitda of EUR 240m, an uplift of EUR 231m from H1 2023, and reached Free Cash Flow (FCF) break-even. The Company expects further FCF generation in H2 2024.

The Company reported positive Gross Merchandise Value (GMV) growth of 7 percent for the full quarter, driven mainly by a rise in order volume, with GMV growth outside of Asia reaching 23 percent YoY in Q2 2024. Delivery Hero ended the quarter with a GMV increase of 10 percent year-on-year (YoY) in June, with growth coming from almost all segments. The expansion of its AdTech business, Dmart business, service and subscription fees, as well as an ongoing increase in own delivery (OD) share, continued to drive double-digit growth in its Total Segment Revenue, rising by 20 percent YoY in Q2 2024.

The Gross Profit margin of the Platform business remained firm at 7.6 percent in Q2 2024, with further margin expansion expected in H2 2024. The Integrated Verticals segment saw its Gross Profit margin nearly double quarter-on-quarter (QoQ) to 4 percent. Furthermore, the Group expects significant adj. Ebitda improvement for the entire Integrated Verticals segment in H2 2024 and to achieve break-even by December of this year.

Niklas Östberg, CEO and Co-Founder: «We delivered another strong quarter of growth and improved profitability which is a testament to our relentless focus on customer experience, operational efficiency, and category leadership. We ended the quarter on a high note and expect further growth and significant increase in profitability in H2 2024.»

Strong performance of the Group’s platform business across regions

In the MENA region, the Group’s platform business achieved outstanding GMV topline development of 28 percent YoY, fueled by ongoing improvements to the ecosystem and customer experience. Europe experienced double-digit order volume growth, leading to best-in-class GMV development of 19 percent YoY in Q2 2024 among European peers. In Asia, the platform business reported revenue growth of 9 percent YoY, due to continued OD roll-out and a growing advertisement business. Despite increased competition in South Korea, a number of initiatives during Q2 2024 has led to strong rebound in order volumes over the past few months. The platform business in the Americas achieved adj. Ebitda break-even in June.

Marie-Anne Popp, interim CFO: «We have met our goal to deliver strong financial results in line with our 2024 guidance. Our healthy topline growth continued into Q2 2024, and following an adj. Ebitda uplift of EUR 231m YoY, we achieved Free Cash Flow break-even in the first half of 2024. These numbers reflect the effectiveness of our business strategy to drive profitable growth, cash generation, and disciplined capital allocation.»

Positive cash development in H1 2024

Delivery Hero maintained stable cash development during the first half of 2024, combined with a balanced debt maturity profile. After the successful refinancing transaction in H1 2024, which further optimized the Company’s capital structure and improved its debt maturity profile, Delivery Hero continues with a strong liquidity position with EUR 1.8bn in cash and cash equivalents at the end of H1 2024. This includes cash inflows from the divestments of minority shareholdings and proceeds from capital contributions as part of the Taiwan divestment. Part of the proceeds from these capital contributions in the amount of EUR 88m were used in H1 2024 to conduct open market repurchases of convertible bonds.

Delivery Hero prepares to list Talabat business in Q4 2024

Delivery Hero announced that it is preparing a listing of its Talabat business, its food delivery and quick commerce business covering countries in the Middle East and North Africa, on the Dubai Financial Market in Q4 2024.

Delivery Hero – Guidance FY 2024

GMV	7-9% YoY
Total Segment Revenue	18-21% YoY
Adj. Ebitda	EUR 725-775 million
Free Cash Flow	Positive

Delivery Hero – Key Performance Indicators Q2 2024

	Q2-2023	Q2-2024
	in mio.EUR	in mio.EUR
GMV Group	11,083.8	11,898.0
%YoY Growth (CC, excl. hyperinflation adjustment)		7.4%
%YoY Growth (RC, incl. hyperinflation adjustment)	2.9%	7.3%
Asia	6,181.1	5,691.3
MENA	2,315.0	3,169.1
Europe	1,836.9	2,177.1
Americas	750.8	860.6
Integrated Verticals	542.2	681.1
.
Total Segment Revenues Group	2,581.4	3,091.9
%YoY Growth (CC, excl. hyperinflation adjustment)		19.8%
%YoY Growth (RC, incl. hyperinflation adjustment)	11.0%	19.8%
Asia	907.3	966.7
MENA	640.6	874.7
Europe	378.0	458.2
Americas	195.8	223.4
Integrated Verticals	515.7	653.9
Intersegment consolidation	(56.0)	(85.0)
.
	H1-2023	H1-2024
	in mio.EUR	in mio.EUR
Adj. Ebitda	9.2	240.5
Adj. Ebitda margin % (GMV)	0.0%	1.0%

About: Delivery Hero is the world’s leading local delivery platform, operating its service in around 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.