Key Highlights
- Delivery Hero recorded a first-half net loss of €392.4 million, significantly exceeding analyst expectations of €191.7 million
- Top-line performance impressed with revenue climbing 12.7% to €7.75 billion against €7.44 billion consensus
- Adjusted EBITDA delivered €426.7 million, a 3.9% increase that surpassed the €387.7 million analyst forecast
- Management upgraded its 2026 GMV growth projection to 9%-11% from the previous 8%-10% range
- Regulatory review of the Uber acquisition continues, with closing anticipated in H2 2027
In its Thursday earnings release, Delivery Hero disclosed a first-half net loss totaling €392.4 million, representing more than twice the analyst consensus of €191.7 million. While the figure remained elevated, it showed marginal improvement from the €396.3 million loss recorded in the corresponding period of the previous year.
The top line delivered a more encouraging picture, with revenue reaching €7.75 billion—a 12.7% year-over-year increase that exceeded the €7.44 billion consensus projection. This performance demonstrates the platform’s continued ability to attract orders and expand its user base.
On the adjusted EBITDA front, the company delivered €426.7 million, marking a 3.9% gain and surpassing analyst expectations of €387.7 million. This improvement was fueled by increased order frequency, Quick Commerce segment expansion, and growth in the company’s own-delivery operations.
The disappointing net loss figure was primarily attributed to escalating operational expenses. General and administrative costs surged 24.4% to €991 million, while net interest expense expanded to €178.9 million compared to €108.9 million in the prior-year period.
Additionally, Delivery Hero recorded €172.7 million in management adjustments related to legal issues, predominantly concerning antitrust exposure. This item significantly impacted the headline loss metric.
Management Upgrades Forward Outlook
Notwithstanding the challenging headline figures, management increased its 2026 projections. The GMV growth forecast now stands at 9%-11%, revised upward from the previous 8%-10% guidance. Market consensus had anticipated approximately 9.1% GMV growth.
Full-year adjusted EBITDA is now projected to land between €960 million and €1 billion. Meanwhile, free cash flow before extraordinary items is expected to exceed €250 million, an upgrade from the prior target of slightly above €200 million.
“We delivered a strong first half, with a further acceleration of GMV growth, adjusted EBITDA ahead of expectations, and a significant step up in cash generation,” said finance chief Marie-Anne Popp.
Analysts at Berenberg highlighted reduced competitive discounting and ongoing platform investments as primary catalysts behind the better-than-anticipated growth trajectory. They identified South Korea and the MENA region as potential pressure points requiring monitoring.
Pending Uber Acquisition Remains on Track
These financial results emerge as Delivery Hero progresses through its planned combination with Uber Technologies. Uber secured influence over Delivery Hero in May, and the transaction is currently navigating the regulatory approval process.
A separate arrangement with SSW Partners encompasses the divestiture of operations across 14 markets following finalization of the Uber transaction.
Berenberg’s research team observed that the current 12% discount to Uber’s offer price appears excessive, suggesting the possibility of an enhanced bid cannot be dismissed.
The deal is projected to reach completion in the second half of 2027, contingent upon satisfying various conditions and obtaining regulatory clearances. Delivery Hero confirmed it will maintain independent operations throughout the interim period.
The company’s robust H1 performance indicates it was generating positive operational momentum in the lead-up to Uber’s latest proposal submitted in July.
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