Delivery Hero has registered revenue growth for the second quarter of 2025 but lowered its full-year profit outlook due to currency headwinds.
In the three months to June (Q2 2025), the German online food delivery company achieved total segment revenue of €3.7bn ($4.3bn). This marked a 27% year-on-year increase on a like-for-like basis.
Group Gross Merchandise Value (GMV) also rose by 11% on a like-for-like basis, reaching €12.2bn in the quarter.
The company highlighted “positive momentum in Asia, highlighted by a return to growth in APAC and improved growth dynamics in South Korea”.
For the first half of 2025, Delivery Hero’s adjusted EBITDA climbed 71% year-on-year to €411m, with the adjusted EBITDA margin improving by 70 basis points to 1.7% of GMV.
This growth was driven by a positive contribution from the Platform business, which increased by €113.7m from the prior year, and an improved negative adjusted EBITDA from Integrated Verticals, up by €56.5m year-on-year.
However, adverse exchange rate effects, particularly from the South Korean won, partially offset these gains.
Total Segment Revenue for H1 2025 grew by 25% on a like-for-like basis to €7.2bn, while group GMV increased by 11% to €24.6bn.
The revenue growth was supported by the roll-out of own-delivery services in key regions, higher order frequency, increased contribution from Integrated Verticals revenue, rising consumer fees, expansion of non-commission revenue, and the scaling of subscription models.
Additionally, Delivery Hero revised its full-year guidance downwards, citing currency headwinds from a stronger euro against US dollar-pegged currencies and the Korean won.
The company now projects adjusted EBITDA to range between €900m and €940m, down from its previous forecast of €975m to €1.02bn.
Free cash flow guidance was also reduced to more than €120m, from the earlier projection of over €200m.
However; Delivery Hero raised its total segment revenue growth forecast to 22-24% year-on-year on a like-for-like basis, up from the prior range of 17-19%.
The company continues to expect GMV growth at the upper end of its 8-10% range for 2025 on a like-for-like basis.
Currently, Delivery Hero operates in approximately 70 countries across Asia, Europe, Latin America, the Middle East, and Africa.
