Delivery Hero AG reported a first-half net loss of €392.4 million, exceeding the S&P Global Visible Alpha consensus estimate of a €191.7 million loss, despite revenue growth of 12.7% to €7.75 billion.
The Berlin-based food delivery group narrowed its net loss from €396.3 million in the same period last year, though expenses rose sharply. General and administrative costs increased 24.4% to €991 million, while net interest expense climbed to €178.9 million from €108.9 million a year earlier. Adjusted EBITDA grew 3.9% to €426.7 million, ahead of the €387.7 million consensus, supported by higher order frequency and expansion in quick commerce.
Management booked €172.7 million in adjustments related to legal matters, primarily antitrust risks. Revenue beat the Visible Alpha estimate of €7.44 billion, reflecting growth across core markets and non-commission revenue streams.
For 2026, Delivery Hero raised its gross merchandise value growth forecast to 9%-11%, up from the prior 8%-10% range. Adjusted EBITDA is now projected at €960 million to €1 billion, while free cash flow before extraordinary items is expected to exceed €250 million, compared with the previous target of just above €200 million.
The company’s strategic outlook has been reshaped by its pending combination with Uber Technologies. Uber gained significant influence over Delivery Hero in May, and an agreement with SSW Partners covers the sale of businesses in 14 markets following the transaction. The deal’s closing is anticipated in the second half of 2027, subject to regulatory approvals and other conditions.
