Delivery Hero AG reported a first-half net loss of €392.4 million, wider than the €191.7 million loss forecasted by S&P Global Visible Alpha, as rising costs and legal provisions weighed on results. Revenue increased 12.7% to €7.75 billion, exceeding the €7.44 billion consensus estimate.
Adjusted EBITDA rose 3.9% to €426.7 million, ahead of the €387.7 million consensus, driven by higher order frequency, expansion in Quick Commerce, and growth in own-delivery services. General and administrative expenses climbed 24.4% to €991 million, while net interest expense surged to €178.9 million from €108.9 million a year earlier. The company booked €172.7 million in management adjustments, primarily for antitrust-related legal matters.
The German food delivery group revised its 2026 outlook, projecting gross merchandise value growth of 9%–11%, an increase from the prior 8%–10% range. Adjusted EBITDA is now forecast between €960 million and €1 billion, while free cash flow before extraordinary items is expected to reach slightly above €250 million, up from the previous guidance of slightly above €200 million.
Uber’s growing influence over Delivery Hero, formalized in May, continues to reshape the company’s strategic direction. An agreement with SSW Partners outlines the sale of Delivery Hero’s operations in 14 markets, contingent on the completion of the Uber transaction. The deal is expected to close in the second half of 2027, pending regulatory approvals and other conditions.
