Delivery Hero reaches FY 2024 targets with very strong Q4 performance

FY 2024 Results Group GMV grew 8.3%1 YoY in FY 2024, accelerating to 27%1 YoY outside Asia in Q4 Total Segment Revenue grew 22%1 YoY in FY 2024 Adj. EBITDA uplift of nearly €500 million to around €750 million Achieved FY positive Free Cash Flow2 (FCF) for the first time  Strong cash balance of €3.8 billion, about 55% YoY net debt reduction to €1.9 billion FY 2025 Outlook 8-10%1 GMV, 17-19%1 Total Segment Revenue growth YoY Adj. EBITDA of €975-1,025 million Free Cash Flow5 of over €200 million Berlin, February 13, 2025 – Delivery Hero SE ("Delivery Hero," the "Company," or the "Group"), the world's leading local delivery platform, today released its Q4 and FY 2024 financial results. The Company showed a very strong performance, meeting its full year guidance, with Total Segment Revenue up by 22%1 YoY to €12.8 billion. Adj. EBITDA reached around €750 million from €254 million in FY 2023, and Free Cash Flow2 for FY 2024 increased by around €466 million to around €100 million. Delivery Hero also reported GMV growth of 8.3%1 for FY 2024, at €48.8 billion, and strong cash reserves of €3.8 billion. In Q4 2024, strong order development and increasing basket sizes drove Gross Merchandise Value (GMV) growth of 8%1 YoY, accelerating to 27% YoY outside Asia. Total Segment Revenue growth outpaced GMV growth with 23%1 YoY, driven by more sales at Dmarts, increased platform monetization and a growing AdTech business. Niklas Östberg, CEO and Co-Founder of Delivery Hero, said: “I am very proud of our team’s achievements. In 2024, we continued to invest in our products and services to ensure we deliver higher revenues, stronger profit margins, and maintain a solid cash position. As a result, we beat our guidance on growth and profitability. Now, our focus is on delivering the best possible service for our customers.” Strong progress on profitability in FY 2024 By focusing on growth and profitability, while strengthening its operations in competitive markets, the Company improved its Adj. EBITDA to around €750 million for the full year, an increase of almost half a billion Euros in FY 2024. In addition, the Integrated Verticals segment saw more than 50% improvement in Adj. EBITDA for FY 2024 and was close to break-even in December 2024. The Company’s Dmarts business generated a positive Adj. EBITDA in December 2024. Large cash position drives stability and growth opportunities  In FY 2024, Delivery Hero strengthened its liquidity position with cash generation and proceeds. Listing one of its MENA brands, talabat, on the Dubai stock exchange in December 2024 generated €1.8 billion in net proceeds, increasing the Company’s cash reserves to €3.8 billion at the end of FY 2024. As announced earlier today, Delivery Hero intends to further optimize its capital structure by buying back approximately €1.0 billion of convertible bonds due in 2025, 2026, and 2027. Buybacks would be conducted by way of convertible bond tender offers, and financed from the proceeds of the talabat initial public offering. Marie-Anne Popp, CFO of Delivery Hero, said: “We ended 2024 in a strong financial position, with a significant Free Cash Flow uplift of around €466 million to around €100 million, and €3.8 billion in cash reserves. By reducing our net debt by 55% year-over-year to €1.9 billion, we now have a robust balance sheet. With the proceeds from the talabat IPO, we have even greater financial flexibility, allowing us to further enhance our capital structure by conducting convertible bond buybacks.” FY 2025 Outlook Delivery Hero expects continued growth in 2025, with GMV increasing by 8-10%1 throughout FY 2025, and Total Segment Revenue rising by 17-19%1. Adj. EBITDA is projected to reach between €975-1,025 million, while Free Cash Flow5 is expected to exceed €200 million. The Group will continue investing in technology and innovation to reinforce its position as the leading global delivery platform while driving profitability and cash flow.     Delivery Hero – Guidance FY 2025

GMV	8-10% YoY1
Total Segment Revenue	17-19% YoY1
Adj. EBITDA	EUR 975-1,025 million
Free Cash Flow	EUR >€200m5

    Delivery Hero – Key Performance Indicators Q4 and FY 20243

	Q4 2023	Q4 2024	FY 2023	FY 2024
	EUR million	EUR million	EUR million	EUR million
GMV Group	11,299.1	12,818.2	45,275.2	48,754.0
%YoY Growth (CC, excl. hyperinflation adjustment)	6.7%	8.2%	6.8%	8.3%
%YoY Growth (RC, incl. hyperinflation adjustment) )	(0.5)%	13.4%	1.5%	7.7%
Asia	6,325.5	5,618.3	25,354.2	23,407.4
MENA	2,673.1	3,706.8	9,959.3	12,825.9
Europe	2,044.1	2,384.6	7,510.0	8,878.7
Americas	256.4	1,108.6	2,451.7	3,642.0
Integrated Verticals	548.6	820.7	2,224.4	2,904.7
Total Segment Revenues Group	2,674.7	3,518.2	10,463.2	12,796.4
%YoY Growth (CC, excl. hyperinflation adjustment)	15.7%	22.6%	15.7%	21.9%
%YoY Growth (RC, incl. hyperinflation adjustment)	5.5%	31.5%	9.1%	22.3%
Asia	968.6	1,049.5	3,729.3	4,071.9
MENA	742.9	1008.1	2,700.8	3,527.8
Europe	422.9	519.3	1,522.4	1,891.9
Americas	76.7	281.9	651.0	939.6
Integrated Verticals	533.1	752.6	2,162.1	2,709.8
Intersegment consolidation4	(69.5)	(93.2)	(266.4)	(344.5)
Adj. EBITDA			253.6	~750.0
Adj. EBITDA margin % (GMV)			0.6%	~1.5%

  Note: All numbers presented in this release are unaudited and based on preliminary information. 1 GMV growth and Total Segment Revenue growth in constant currency and excluding hyperinflationary accounting. 2 Free Cash Flow according to the old definition is calculated as Adj. EBITDA plus/minus changes in working capital (excluding receivables from payment service providers and restaurant liabilities); less taxes, capital expenditures and lease payments. 3 For Group, Europe, MENA, Americas and Integrated Verticals, revenues and Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the operations in Argentina, Ghana, Lebanon and/or Turkey qualifying as hyperinflationary economies according to IAS 29. RC = Reported Currency / CC = Constant Currency. 4 Difference between Total Segment Revenue and the sum of segment revenues is mainly due to intersegment consolidation adjustments for services charged by the Platform businesses to the Integrated Verticals businesses. 5 Free Cash Flow according to the new definition is calculated as cash flow from operating activities as stated in the IFRS Statement of Cash Flows less net capital expenditures, and payment of lease liabilities. Free Cash Flow excludes interest income and expense.     ABOUT DELIVERY HERO Delivery Hero is the world’s leading local delivery platform, operating its service in around 70 countries across Asia, Europe, Latin America, the Middle East and Africa. The Company started as a food delivery service in 2011 and today runs its own delivery platform on four continents. Additionally, Delivery Hero is pioneering quick commerce, the next generation of e-commerce, aiming to bring groceries and household goods to customers in under one hour and often in 20 to 30 minutes. Headquartered in Berlin, Germany, Delivery Hero has been listed on the Frankfurt Stock Exchange since 2017 and is part of the MDAX stock market index. For more information, please visit www.deliveryhero.com   MEDIA CONTACT Corporate & Financial Communications press@deliveryhero.com   INVESTOR RELATIONS CONTACT ir@deliveryhero.com   DISCLAIMER This release may contain forward looking statements, estimates, opinions and projections with respect to anticipated future performance of Delivery Hero SE ("forward-looking statements"). These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "intends," "may," "will" or "should" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current views, expectations and assumptions of the management of Delivery Hero SE and involve significant known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Any forward-looking statements included herein only speak as at the date of this release. We undertake no obligation, and do not expect to publicly update, or publicly revise, any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof, whether as a result of new information, future events or otherwise. We accept no liability whatsoever in respect of the achievement of such forward-looking statements and assumptions.