Delivery Hero shares slump on below-expectations update

27th Feb 2026 10:36

(Sharecast News) - Shares in Delivery Hero fell sharply on Friday after the group reported full-year gross merchandise value (GMV) slightly below market expectations, despite highlighting improved profitability and a return to growth in Asia.

The Berlin-based online takeaway company said 2025 GMV rose 9% year-on-year on a like-for-like basis to €49.2bn, broadly in line with its preliminary release but marginally below the €49.5bn expected by analysts in a company-compiled poll, according to Reuters.

Fourth-quarter GMV came in at €12.4bn, up 7.9% on a like-for-like constant currency basis but down 3.3% in reported currency terms, with Jefferies noting the figure was 2.6% below consensus.

Total segment revenue increased 23.1% on a like-for-like basis in 2025 to €14.8bn, while fourth-quarter revenue rose 20.9% on the same basis to €3.9bn.

Gross profit margin reached a record 8.3% of GMV in the fourth quarter, up 10 basis points year-on-year.

Orders in the final quarter climbed 7% to 917 million.

Full-year adjusted EBITDA exceeded €900m, at the bottom end of the company's €900m to €940m guidance range and slightly below consensus of €911m, according to Jefferies.

Free cash flow topped €200m, ahead of guidance for more than €120m, excluding payments related to EU antitrust fines and Glovo rider litigation in the second half.

Regionally, performance was mixed.

In the Middle East and North Africa, GMV growth slowed sharply, rising just 0.9% in reported currency terms in the fourth quarter, well below consensus expectations, according to RBC Capital Markets.

The region, which is the group's primary profit engine, weighed on overall growth.

By contrast, the Americas segment outperformed, with GMV of €1.12bn, 2.9% ahead of consensus and up 13% in reported currency terms, while orders rose 24% to reach one million average daily orders.

Asia returned to growth in the fourth quarter, with GMV up 1% on a like-for-like constant currency basis after exits from certain markets.

Analysts at Jefferies described the recovery in Asia as a "bright spot" and a cornerstone of their investment case, while RBC noted that management said share gains in South Korea had continued into early 2026.

Europe delivered reported GMV growth of 6.5% to €2.5bn, though that was slightly below consensus, with growth dampened by Spain's transition to an employment-based rider model.

Chief executive Niklas Oestberg said the company had shown resilience "despite competitive and economic headwinds" and had achieved its goal of returning South Korea to growth while maintaining momentum in Saudi Arabia.

The company's chief financial officer Marie-Anne Popp told Reuters that early signs in 2026 were encouraging across Asia and that volatile markets such as Argentina and Turkey were having "reasonably little impact" on ordering behaviour.

Delivery Hero said it would publish its 2026 outlook with its annual report on 26 March and confirmed it remained engaged in a strategic review announced in December, aimed at exploring options to create shareholder value.

According to Reuters, the company had been under pressure from several large shareholders to assess strategic alternatives.

At 1148 CET (1048 GMT), shares in Delivery Hero were down 6.76% in Frankfurt at €19.16.

Reporting by Josh White for Sharecast.com.