Delivery Hero reported Q2 2026 revenue of $4.03 billion, exceeding the $3.90 billion consensus forecast by 3.3% and marking an 18% year-over-year increase on a like-for-like basis. Gross merchandise value rose 11.3% to €13.2 billion, while orders climbed 11% to 981 million. Adjusted EBITDA for the first half of 2026 totaled €427 million, up 4% year-over-year on a reported basis and 12% on a like-for-like basis.
The food delivery group raised its full-year 2026 guidance across all key metrics. GMV growth is now expected between 9% and 11%, up from the prior 8%-10% range. Revenue growth is projected at 17%-19%, compared with the previous 14%-16% estimate. Adjusted EBITDA guidance was increased to €960 million to €1 billion, while free cash flow before extraordinary items is now forecast to exceed €250 million, up from the prior minimum of €200 million.
Regional performance showed strong growth in quick commerce, which now accounts for 18% of group GMV and expanded 32% year-over-year. The Americas segment led with a 29% like-for-like GMV increase, while MENA grew 15% to €2.4 billion. Europe’s revenue rose 8% to €662 million, with AdTech accelerating 32%. Asia’s GMV grew 6% like-for-like, driven by a 39% increase in South Korea’s quick commerce segment.
Cash and equivalents stood at €2.77 billion at the end of H1 2026, up from €2.11 billion at the start of the year. The group booked €173 million in adjustments related to competition and antitrust risks, primarily in South Korea. Shares were trading near the top of their 52-week range, with a market capitalization of $13.06 billion.
Delivery Hero faces an ongoing voluntary takeover offer from Uber, announced on July 16, 2026, valuing the company at €13 billion at €41.50 per share. The initial acceptance period began August 27 and runs through November 5, 2026, with closing expected in the second half of 2027. Separately, the company agreed to sell its business in 14 countries to SSW Partners for approximately €1.4 billion and finalized the sale of its Taiwan operations to Grab for $600 million, with closing anticipated in Q4 2026.
