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August 16, 2022

Delivery Hero reports 38% increase in total segment revenue in Q2

The company’s gross merchandise value (GMV) grew by 18% to €9.9bn.

Multinational online food-delivery service Delivery Hero has reported a total segment revenue of €2.1bn in its second quarter (Q2) results of 2022.

The figure represents an increase of 38% year-over-year (YoY) from €1.5bn reported in the same period a year ago.

The food delivery company’s quarterly gross merchandise value (GMV) also grew by 18% YoY to €9.9bn.

Last month, Delivery Hero acquired Barcelona-based on-demand courier service Glovo.

With the inclusion of Glovo, Delivery Hero anticipates a total segment revenue between €9.8bn to €10.4bn, and GMV between €44.7bn to €46.9bn, for FY 2022.

The adjusted EBITDA/GMV margin is expected to remain between -1.5% to -1.6%.

Delivery Hero said that the high contribution margin in own-delivery, supported by Asia and Europe segments; as well as increased market share in key regions, supported its growth in Q2, despite the continued easing of Covid-19 restrictions.

In the third quarter (Q3) of 2022, it anticipates a GMV growth of 7% quarter on quarter (QoQ) to €10.6bn (€11.5bn, including Glovo). This is based on the first six weeks of data.

It also estimates that its platform will achieve adjusted EBITDA break-even during Q3 2022, including Glovo.

Delivery Hero CFO Emmanuel Thomassin said: “We had a very solid quarter throughout all segments, with the Integrated Verticals segment showing a strong GMV growth of 75% YoY – despite the planned deceleration of new Dmart openings, with a total of 1,125 stores by the end of June.

“Meanwhile, our constant focus on unit economics and product assortment led to a basket size increase of 27% YoY in Q2 2022, driving a further increase in gross profit margins. In the second half of 2022, we will continue to work on optimising our store network and operational efficiency.”

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