Key Takeaways
- First-half net loss reached €392.4 million, significantly exceeding analyst projections of €191.7 million
- Top-line performance impressed with revenue climbing 12.7% to €7.75 billion against €7.44 billion estimates
- Adjusted EBITDA reached €426.7 million, a 3.9% increase surpassing the €387.7 million analyst consensus
- Management upgraded 2026 GMV growth projections to a 9%-11% range from the previous 8%-10% target
- Uber’s proposed acquisition remains on track for completion during H2 2027, contingent on regulatory clearance
Berlin-based Delivery Hero unveiled its first-half financial performance on Thursday, revealing a net loss of €392.4 million that substantially exceeded Wall Street’s €191.7 million loss projection. While the deficit represents a marginal improvement from the €396.3 million loss recorded in the corresponding period last year, it nonetheless disappointed market watchers.
The company’s top-line performance told a different story, with revenue reaching €7.75 billion—marking a 12.7% year-over-year increase that comfortably surpassed the €7.44 billion consensus forecast. This robust revenue growth demonstrates continued strength in order volumes and platform expansion.
Profitability metrics at the operational level exceeded expectations, with adjusted EBITDA climbing 3.9% to €426.7 million versus analyst estimates of €387.7 million. The improvement was fueled by increased customer order frequency, accelerated Quick Commerce segment growth, and expansion of the company’s proprietary delivery operations.
The disappointing bottom line stemmed primarily from escalating operational costs. General and administrative expenditures surged 24.4% to €991 million, while net interest expenses increased from €108.9 million to €178.9 million compared to the prior-year period.
Management also recorded €172.7 million in adjustments related to legal exposures, predominantly associated with antitrust risk provisions. This substantial charge weighed heavily on the reported loss figure.
Management Increases Forward Projections
Setting aside the challenging headline figures, management raised its 2026 financial outlook. The company now anticipates GMV growth in the 9%-11% range, an upgrade from the previous 8%-10% guidance. This compares favorably to the analyst consensus of approximately 9.1%.
Full-year adjusted EBITDA projections now stand between €960 million and €1 billion. Meanwhile, free cash flow excluding extraordinary items is expected to slightly exceed €250 million, representing an upward revision 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 activity and sustained platform investment as primary catalysts for the better-than-anticipated growth trajectory. However, they identified softness in South Korean and Middle Eastern/North African markets as potential concerns.
Pending Uber Transaction Progresses
These financial results emerge as Delivery Hero navigates its proposed merger with Uber Technologies. Uber established significant influence over Delivery Hero in May, with the transaction currently undergoing extensive regulatory review.
A separate arrangement with SSW Partners encompasses the divestiture of operations spanning 14 markets, scheduled to occur after the Uber transaction reaches completion.
Berenberg’s research team observed that the current 12% discount to Uber’s offer price appears excessive and suggested the possibility of an enhanced bid in the future cannot be dismissed.
The deal is anticipated to finalize during the second half of 2027, pending satisfaction of closing conditions and regulatory approvals. Delivery Hero confirmed it will maintain independent operations throughout the interim period.
The company’s better-than-anticipated first-half performance indicates it had generated meaningful operational momentum prior to Uber’s most recent acquisition approach in July.
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