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Delivery Hero SE
Investor Presentation • Feb 13, 2025
94_rns_2025-02-13_860b6011-e043-40d3-88f8-1efae986f1f3.pdf
Investor Presentation
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Q4 2024 Trading Update
13 February 2025
Table of contents
O1 Trading Update
O2 Case Studies
03 Outlook
O4 Appendix
Group GMV growth of $8 \%$ YoY with GMV outside of Asia accelerating to $27 \%$ YoY in Q4'24'
Total Segment Revenue growth of $23 \%$ YoY in Q4 '24'
Adj. EBITDA uplift of $€ 500 \mathrm{~m}$ YoY to $€ 750 \mathrm{~m}$ in FY '24
FCF uplift of $€ 466 \mathrm{~m}$ YoY to $€ 100 \mathrm{~m}$ in FY '24 - net debt reduced to $€ 1.9 \mathrm{bn}$ and leverage to $2.5 \mathrm{x}^{2}$
Tender offer to repurchase approximately $€ 1$ billion of convertible bonds
- In constant currency and excluding effects from hyperinflation accounting.
- Defined as the ratio of net debt to adjusted EBITDA, based on the financial figures for the fiscal year 2024. Net debt is defined as the nominal value of convertible bonds, term loans and other debt ( $€ 5.7 \mathrm{bn}$ ) less cash and cash equivalents ( $€ 3.8 \mathrm{bn}$ )
Group delivers on its FY 2024 guidance
Note: GMV and Total Segment Revenue in constant currency and excluding hyperinflation accounting. Adj. EBITDA and FCF in reported currency and including hyperinflation accounting.
Free Cash Flow is calculated as cash flow from operations (changes in WC exclude receivables from payment service providers and restaurant liabilities) less capital expenditures and payment of lease liabilities. Free Cash Flow excludes interest income and expense.
Q4 2024 Delivery Hero Group
Note: GMV and Revenue figures are in reported currency (RC). YoY growth rates are in constant currency (CC - red) and in reported currency (RC - black), both growth rates exclude hyperinflation (HI) accounting. 1. AdTech or advertising refers to non-commission based revenues (NCR) which also include other revenues (e.g. merchandise).
Double-digit revenue growth across all business segments in Q4 2024
Note: Revenue figures are in reported currency (RC) and exclude hyperinflation (HI) accounting. YaY growth rates are in constant currency (CC - red) and in reported currency (RC - black), both growth rates exclude hyperinflation (HI) accounting.
Q4 2024 Europe Platform business
Note: GMV and Revenue figures are in reported currency (RC). YoY growth rates are in constant currency (CC - red) and in reported currency (RC - black).
- GMV growth on a like-for-like basis excluding operations the Group exited or divested during FY 2024 (Slovakia, Slovenia, Denmark, Ghana, etc.) | 2. Adj. EBITDA incl. Group costs.
Q4 2024 MENA Platform business
[^0]
[^0]: Note: GMV and Revenue figures are in reported currency (RC). YoY growth rates in red are constant currency (CC) and in black reported currency (RC), both growth rates exclude hyperinflation (HI) accounting. GMV, Revenue, adj. EBITDA as well as the respective growth rates in the MENA segment are impacted by operations in Lebanon (until Q3 2023) and Turkey qualifying as hyperinflationary economies according to IA5 29. In Q4 2023, GMV \& revenues have been retrospectively adjusted with a total impact of $+€ 175.8 \mathrm{~m}$ and $+€ 29.3 \mathrm{~m}$, respectively.
Q4 2024 Asia Platform business
Total Segment Revenue ( $\mathrm{km})$
Key Highlights
GMV development impacted by fading out free delivery for non-subscribers in Korea
Enhanced customer experience in Korea through simplified App user interface and operational improvements in own-delivery logistics. Strong traction of Baemin's subscription program
APAC continued its upward trajectory with sequential order growth for the third consecutive quarter and a positive adj. EBITDA before Group costs in H2'24
Strong customer growth Hong Kong in December positions the business for improving top-line trends in FY'25
Adj. EBITDA/GMV margin of $-1.6 \%$ FY'24. Stable to slightly higher earnings expected in FY ' 25 despite additional growth investments in Korea
Note: GMV and Revenue figures are in reported currency (RC). YoY growth rates are in constant currency (CC - red) and in reported currency (RC - black).
Q4 2024 Americas Platform business
[^0]
[^0]: Note: GMV and Revenue figures are in reported currency (RC). YoY growth rates in red are constant currency (CC) and in black reported currency (RC), both growth rates exclude hyperinflation (HI) accounting. GMV, Revenue, adj. EBITDA as well as the respective growth rates of the Americas segment are impacted by operations in Argentina qualifying as hyperinflationary economy according to IAS 29.
In Q4 2024 GMV and Segment Revenue have been retrospectively adjusted with a total impact of $+€ 117.8 \mathrm{~m}$ and $+€ 24.7 \mathrm{~m}$, respectively.
1. Adj. EBITDA incl. Group costs.
Q4 2024 Integrated Verticals
Notre: GMV and Revenue figures are in reported currency (RC). YoY growth rates in red are constant currency (CC) and in black reported currency (RC), both growth rates exclude hyperinflation (HI) accounting. GMV, Revenue, adj. EBITDA as well as the respective growth rates of the Americas and Integrated Verticals segment are impacted by operations in Argentina and Turkey qualifying as hyperinflationary economy according to IAS 29. In Q4 2024 GMV \& revenues have been retrospectively adjusted with a total impact of $+€ 36.1 \mathrm{~m}$ and $+€ 33.5 \mathrm{~m}$, respectively. 1. Adj. EBITDA incl. Group costs and excl. hyperinflation accounting.
Gross Profit margin development on Group level (incl. Integrated Verticals)
Note: The Gross Profit margin shown above differs from IFRS Gross Profit, mainly because the former excludes vouchers and includes them in marketing spending, whereas the latter recognizes vouchers as revenue reduction. To ensure better comparability of the historical segment development, the Digital Service Tax has been reclassed as an operating expense rather than a cost of goods sold in the illustration above. AdTech or advertising refers to non-commission based revenues (NCR) which also include other revenues (e.g. merchandise).
Significant earnings growth and positive free cash flow in FY 2024
Note: GMV and Revenue figures are in reported currency (RC). Yoy growth rates are in constant currency (CC - red) and in reported currency (RC - black), both growth rates exclude hyperinflation (HI) accounting. 1. Free Cash Flow is calculated as cash flow from operations (changes in WC exclude receivables from payment service providers and restaurant liabilities) less capital expenditures and payment of lease liabilities. Free Cash Flow excludes interest income and expense.
Profitability
Strong progress on profitability in FY 2024
Note: The country cohort split between Profitable and Unprofitable Platform follows the same division as when DH first introduced the path to profitability with the Q3 2022 Trading Update. The intent is to illustrate how these cohorts have performed over time. From the $<35 \%$ of Group GMV generated in unprofitable countries in FY 2022, $>10$ p.p. of GMV have shifted to profitability due to the positive earnings progression.
Strong earnings trajectory and further margin expansion in FY 2024
Note: Numbers including Glove on a pro-forma basis from FY 2021 onwards
Cash Flow \& Debt
Ample liquidity position further increased by talabat IPO proceeds
Comment
- Cash generation: Significant increase in profitability positions the business for strong future cash generation
- Capital contributions: As part of the planned divestment of the Taiwan business, Uber subscribed to a capital increase, resulting in cash proceeds for Delivery Hero SE of $€ 280 \mathrm{~m}$
- IPO proceeds: Delivery Hero received net proceeds of $€ 1.84 \mathrm{bn}$ from the listing of a $20 \%$ stake in talabat at the Dubai stock exchange
Large cash balance combined with a balanced debt maturity profile
- Includes KRW 794bn principal and US $\$ 1,353$ m principal (at FX rates of 1,530.5 and 1.035, respectively, as of 31 December 2024) | 2. 2030 convertible bond has an investor put option in August 2028 | 3. Secured Overnight Financing Rate (SOFR) and Certificate of Deposit (CD) | 4. In Dec 2024, the aggregated principal amount of the RCF was increased by additional $€ 100 \mathrm{~m}$, resulting in a total RCF amount of $€ 600 \mathrm{~m}$. As of Dec 31, 2024, the RCF utilized by way of ancillary guarantee and letter of credit facilities amounted to $€ 268.5 \mathrm{~m}$; under those ancillary facilities, as of Dec 31, 2024, guarantees and letters of credit were issued in the amount of $€ 231.4 \mathrm{~m}$. The RCF and the instruments issued under the ancillary facilities were fully undrawn as of Dec 31, 2024.
Significant reduction in net debt
Note: Net debt is defined as the nominal value of convertible bonds, term loans and other debt ( $€ 5.7 \mathrm{bn}$ ) less cash and cash equivalents ( $€ 3.8 \mathrm{bn}$ ).
Table of contents
O1 Trading Update
O2 Case Studies
03 Outlook
04 Appendix
Soudi
Stable category position, accelerating growth and increasing profitability
- Adj. EBITDA incl. Group costs.
AdTech
Advertising business already generating revenues of $>€ 1$ billion
Advertising revenue (in $\in \mathrm{m}$ )
Long-term target
Advertising products help vendors to increase awareness, acquire new customers and ultimately generate more orders and greater earnings
Advertising Revenue already accounted for 2.9\% of GMV in Q4 '24 and generate very attractive adj. EBITDA margins of $\mathbf{\sim 7 0 \%}$
Korea and Glovo as key growth drivers for Advertising business in FY '25
Table of contents
O1 Trading Update
O2 Case Studies
03 Outlook
O4 Appendix
Free Cash Flow ${ }^{1}$ old vs. new definition
[^0]
[^0]: 1. 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. 2. Payment Service Provider
Delivery Hero Group outlook for FY 2025
Note: GMV and Total Segment Revenue in constant currency and excluding hyperinflation accounting. Adj. EBITDA and FCF in reported currency and including hyperinflation accounting. Free Cash Flow 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.
- The Free Cash Flow guidance for FY 2025 excludes extraordinary cash outflows related to ongoing legal disputes (e.g., EU antitrust and Glovo Spain) and extraordinary cash inflows from M\&A break fees.
Long-term ambitions confirmed
Growth
Achieve $>\in 200$ bn GMV in the long-term
Leadership
#1 player in
all markets ${ }^{1}$
Innovation
#1 preferred
delivery app ${ }^{1}$
Profitability
Achieve 5-8\% adj.
EBITDA/GMV margin²
by 2030
We plan to grow our GMV substantially, invest in tech \& innovation to further expand our leadership as the #1 delivery player globally, and achieve highly attractive margins and cash flows
[^0]
[^0]: 1. Referring to the current portfolio of countries \& verticals.
2. On Group level, including both Platform and Integrated Verticals.
Table of contents
O1 Trading Update
O2 Case Studies
03 Outlook
O4 Appendix
Delivery Hero KPIs (Pro Forma Data)
| 2023 | 2024 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| in $\mathbf{C m}$ | Q1 | Q2 | H1 | Q3 | Q4 | FY | Q1 | Q2 | H1 | Q3 | Q4 |
| DETRAY Hero KPIs | |||||||||||
| GMV | 11,198.9 | 11,083.8 | 22,282.7 | 11,693.4 | 11,299.1 | 45,275.2 | 11,788.9 | 11,897.6 | 23,686.5 | 12,249.3 | 12,818.2 |
| $X Y o Y$ Growth (RC) | 1,5\% | 2,9\% | 2,2\% | 2,1\% | $-0,5 \%$ | 1,5\% | 5,3\% | 7,3\% | 6,3\% | 4,8\% | 13,4\% |
| $X Y o Y$ Growth (CC) | 2,1\% | 8,1\% | 5,1\% | 8,6\% | 3,3\% | 5,5\% | 8,9\% | 9,5\% | 9,2\% | 7,8\% | 16,1\% |
| GMV excl. HI adj. | 12,288.4 | 47,631.2 | 12,135.7 | 12,064.7 | 24,200.4 | 12,607.9 | 12,828.8 | ||||
| X Y o Y Growth (CC) excl. HI adj. | 6,7\% | 6,8\% | 8,4\% | 7,4\% | 7,9\% | 9,3\% | 8,2\% | ||||
| Total Segment Revenue | 2,494.2 | 2,581.4 | 5,075.6 | 2,712.9 | 2,674.7 | 10,463.2 | 2,956.8 | 3,086.8 | 6,043.7 | 3,234.5 | 3,518.2 |
| X Y o Y Growth (RC) | 11,8\% | 11,0\% | 11,4\% | 8,6\% | 5,5\% | 9,1\% | 18,5\% | 19,6\% | 19,1\% | 19,2\% | 31,5\% |
| X Y o Y Growth (CC) | 12,2\% | 16,2\% | 14,3\% | 16,2\% | 10,5\% | 13,8\% | 22,2\% | 21,8\% | 22,0\% | 22,6\% | 34,3\% |
| Total Segment Revenue excl. HI adj. | 2,984.6 | 11,094.2 | 3,025.7 | 3,121.6 | 6,147.3 | 3,328.3 | 3,507.1 | ||||
| X Y o Y Growth (CC) excl. HI adj. | 15,7\% | 15,7\% | 21,2\% | 19,6\% | 20,4\% | 24,2\% | 22,6\% | ||||
| Intersegment consolidation | (55,3) | (56,0) | (111,3) | (85,6) | (69,5) | (266,4) | (78,1) | (88,7) | (166,8) | (84,5) | (93,2) |
| Adj. EBITDA | 9.2 | 253.6 | 240.6 | ||||||||
| EBITDA Margin $X(G M V)$ | (1,0\% | (1,6\% | 1,0\% | ||||||||
| GMV | 6,462.1 | 6,181.1 | 12,643.2 | 6,385.6 | 6,325.5 | 25,354.2 | 6,135.7 | 5,691.3 | 11,827.0 | 5,962.2 | 5,618.3 |
| X Y o Y Growth (RC) | $-7,0 \%$ | $-4,8 \%$ | $-5,9 \%$ | $-6,2 \%$ | $-5,1 \%$ | $-5,8 \%$ | $-5,1 \%$ | $-7,9 \%$ | $-6,5 \%$ | $-6,6 \%$ | $-11,2 \%$ |
| X Y o Y Growth (CC) | $-5,8 \%$ | 1,6\% | $-2,2 \%$ | $(1,3)$ | $-1,9 \%$ | $-1,5 \%$ | $-0,1 \%$ | $-5,3 \%$ | $-2,6 \%$ | $-3,5 \%$ | $-8,2 \%$ |
| Segment Revenue | 924.1 | 907.3 | 1,831.4 | 929.4 | 968.6 | 3,729.3 | 1,002.4 | 966.7 | 1,969.1 | 1,053.3 | 1,049.5 |
| X Y o Y Growth (RC) | $-0,4 \%$ | $-3,3 \%$ | $-1,8 \%$ | $-4,2 \%$ | $(1,1)$ | $-2,0 \%$ | 8,5\% | 6,5\% | 7,5\% | 13,3\% | 8,4\% |
| X Y o Y Growth (CC) | 1,0\% | 3,2\% | 2,1\% | 3,4\% | 4,3\% | 3,0\% | 14,0\% | 9,5\% | 11,8\% | 16,8\% | 11,4\% |
| Adj. EBITDA | 173.7 | 385.0 | 157.1 | ||||||||
| EBITDA Margin $X(G M V)$ | 1,4\% | 1,5\% | 1,3\% | ||||||||
| DETRAX | |||||||||||
| GMV | 2,254.8 | 2,315.0 | 4,569.8 | 2,716.3 | 2,673.1 | 9,959.3 | 2,745.2 | 3,169.0 | 5,914.2 | 3,204.9 | 3,706.8 |
| X Y o Y Growth (RC) | 16,7\% | 14,9\% | 15,8\% | 20,2\% | 14,5\% | 16,6\% | 21,7\% | 36,9\% | 29,4\% | 18,0\% | 38,7\% |
| X Y o Y Growth (CC) | 16,0\% | 20,6\% | 18,3\% | 31,5\% | 21,9\% | 22,7\% | 24,1\% | 39,0\% | 31,6\% | 22,5\% | 41,9\% |
| Segment Revenue | 593.9 | 640.6 | 1,234.4 | 723.5 | 742.9 | 2,700.8 | 757.1 | 871.3 | 1,628.4 | 891.3 | 1,008.1 |
| X Y o Y Growth (RC) | 20,9\% | 24,4\% | 22,7\% | 21,8\% | 20,2\% | 21,7\% | 27,5\% | 36,0\% | 31,9\% | 23,2\% | 35,7\% |
| X Y o Y Growth (CC) | 18,6\% | 29,2\% | 24,0\% | 32,5\% | 27,3\% | 27,1\% | 29,4\% | 36,7\% | 33,2\% | 26,5\% | 37,3\% |
| Adj. EBITDA | 111,5 | 304.6 | 209.7 | ||||||||
| EBITDA Margin $X(G M V)$ | 2,4\% | 3,1\% | 3,5\% |
Note:
For Group, Europe, MENA, Americas and Integrated Verticals, revenues, adj. EBITDA, Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the Argentine, Ghanaian, Lebanese and/or Turkish operations qualifying as hyperinflationary economies according to IAS 29.
RC = Reported Currency / CC = Constant Currency.
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.
Delivery Hero KPIs (Pro Forma Data)
| 2023 | 2024 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| in $\mathbf{C m}$ | Q1 | Q2 | H1 | Q3 | Q4 | FY | Q1 | Q2 | H1 | Q3 | Q4 | FY |
| Group | ||||||||||||
| GMV | 1,809.5 | 1,836.9 | 3,646.5 | 1,819.5 | 2,044.1 | 7,510.0 | 2,132.4 | 2,176.7 | 4,309.1 | 2,185.0 | 2,384.6 | 8,878.7 |
| $X Y o Y$ Growth (RC) | 13.4\% | 15.0\% | 14.2\% | 13.4\% | 15.3\% | 14.3\% | 17.8\% | 18.5\% | 18.2\% | 20.1\% | 16.7\% | 18.2\% |
| $X Y o Y$ Growth (CC) | 14.9\% | 17.0\% | 16.0\% | 15.3\% | 16.3\% | 15.9\% | 18.6\% | 19.2\% | 18.9\% | 20.8\% | 17.4\% | 19.0\% |
| Segment Revenue | 351.5 | 378.0 | 729.5 | 369.9 | 422.9 | 1,522.4 | 444.1 | 460.8 | 904.9 | 467.8 | 519.3 | 1,891.9 |
| $X Y o Y$ Growth (RC) | 9.7\% | 14.7\% | 12.2\% | 18.3\% | 18.7\% | 15.4\% | 26.3\% | 21.9\% | 24.0\% | 26.4\% | 22.8\% | 24.3\% |
| $X Y o Y$ Growth (CC) | 11.6\% | 17.2\% | 14.5\% | 20.9\% | 20.1\% | 17.5\% | 27.5\% | 22.9\% | 25.1\% | 27.3\% | 23.8\% | 25.3\% |
| Adj. EBITDA | (98.3) | (168.2) | (39.6) | n/a | ||||||||
| EBITDA Margin $X$ (GMV) | (2.7)\% | (2.2)\% | (0.9)\% | $(0.2) \%$ | ||||||||
| Group | ||||||||||||
| GMV | 672.5 | 750.8 | 1,423.3 | 772.0 | 256.4 | 2,451.7 | 775.6 | 860.6 | 1,636.2 | 897.3 | 1,108.6 | 3,642.0 |
| $X Y o Y$ Growth (RC) | 20.5\% | 11.3\% | 15.5\% | $-1.0 \%$ | $-55.8 \%$ | $-5.4 \%$ | 15.3\% | 14.6\% | 15.0\% | 16.2\% | 332.4\% | 48.6\% |
| $X Y o Y$ Growth (CC) | 16.9\% | 11.2\% | 13.8\% | 1.5\% | $-52.1 \%$ | $-4.6 \%$ | 18.8\% | 16.9\% | 17.8\% | 19.3\% | 336.7\% | 51.6\% |
| Segment Revenue | 176.6 | 195.8 | 372.4 | 201.9 | 76.7 | 651.0 | 200.4 | 223.3 | 423.6 | 234.1 | 281.9 | 939.6 |
| $X Y o Y$ Growth (RC) | 18.3\% | 10.1\% | 13.8\% | $-0.2 \%$ | $-49.6 \%$ | $-4.5 \%$ | 13.4\% | 14.0\% | 13.7\% | 15.9\% | 267.4\% | 44.3\% |
| $X Y o Y$ Growth (CC) | 14.7\% | 9.9\% | 12.1\% | 2.4\% | $-45.8 \%$ | $-3.7 \%$ | 17.2\% | 16.7\% | 16.9\% | 19.2\% | 271.7\% | 47.7\% |
| Adj. EBITDA | (53.4) | (49.9) | (13.0) | n/a | ||||||||
| EBITDA Margin $X$ (GMV) | (3.7)\% | (2.0)\% | (0.8)\% | $(0.3)$ \% | ||||||||
| Segment Tertious | ||||||||||||
| GMV | 531.0 | 542.2 | 1,073.2 | 602.6 | 548.6 | 2,224.4 | 650.6 | 693.1 | 1,343.6 | 740.4 | 820.7 | 2,904.7 |
| $X Y o Y$ Growth (RC) | 24.6\% | 18.8\% | 21.6\% | 21.4\% | 5.3\% | 17.1\% | 22.5\% | 27.8\% | 25.2\% | 22.9\% | 49.6\% | 30.6\% |
| $X Y o Y$ Growth (CC) | 24.2\% | 23.9\% | 24.1\% | 31.5\% | 12.0\% | 23.4\% | 24.6\% | 30.7\% | 28.6\% | 28.2\% | 54.9\% | 35.0\% |
| Segment Revenue | 503.4 | 515.7 | 1,019.1 | 573.8 | 533.1 | 2,126.1 | 631.0 | 653.6 | 1,284.5 | 672.7 | 752.6 | 2,709.8 |
| $X Y o Y$ Growth (RC) | 29.6\% | 24.5\% | 26.9\% | 21.2\% | 8.7\% | 20.3\% | 25.3\% | 26.7\% | 26.0\% | 17.2\% | 41.2\% | 27.5\% |
| $X Y o Y$ Growth (CC) | 31.3\% | 32.0\% | 31.7\% | 31.3\% | 15.4\% | 27.1\% | 29.4\% | 30.1\% | 29.8\% | 22.4\% | 46.4\% | 32.0\% |
| Adj. EBITDA | (124.3) | (217.9) | (73.7) | n/a | ||||||||
| EBITDA Margin $X$ (GMV) | (11.6)\% | (9.8)\% | (5.5)\% | $(3.4) \%$ |
Note:
GMV in the Integrated Verticals segment is accounted for in the respective regional Platform segments. It is shown in the table above in the Integrated Verticals segment for illustrative purposes only.
For Group, Europe, MENA, Americas and Integrated Verticals, revenues, adj. EBITDA, Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the Argentine, Ghanaian, Lebanese and/or Turkish operations qualifying as hyperinflationary economies according to IAS 29.
RC = Reported Currency / CC = Constant Currency.
Hyperinflation accounting in Argentina and Turkey
- Argentina Platform business: In Q4 2024, hyperinflation accounting resulted in a positive impact on GMV, Revenue, and adj. EBITDA, as in December 2024, the monthly CPI increase (change in \%) was higher than the monthly FX devaluation (change in \%)
- Turkey Platform business: In Q4 2024, hyperinflation accounting resulted in a positive impact on GMV and Revenue, as in December 2024, the monthly CPI increase (change in \%) was higher than the monthly FX devaluation (change in \%). The impact on adj. EBITDA was negative
Significant potential for Gross Profit margin expansion
Gross Profit to adj. EBITDA for the Group (as \% of GMV): FY 2024 to Long-Term
- Unknown risks and non-execution of positive levers compared to plan
- Adj. EBITDA margin and FCF margin as \% of GMV and on Group level, including both Platform and Integrated Verticals.
Very attractive long-term margins and high cash conversion
| (in \% of GMV) | FY 2024 | FY 2025e | FY 2030e | Comments |
|---|---|---|---|---|
| Gross Profit | 7.8\% | Improve | 10\% to 13\% | - Driven by pricing, advertising, order stocking and improving profitability of Dmarts |
| Marketing | $(2.4) \%$ | Stable \% | $<(3) \%$ | - High focus on improved marketing efficiency while continuing to grow at scale. |
| Opex and others | $(3.9) \%$ | Improve | $<(3) \%$ | - Top-line growth combined with strict cost control to drive operating leverage |
| Adj. EBITDA | $-1.5 \%$ | $-1.9 \%$ | $5 \%$ to $8 \%$ | - Best-in-class countries already generating adj. EBITDA/GMV margin of 6-8\% |
| Change in Working Capital | $0.4 \%$ | small inflow | small inflow | - Positive cash generation as business scales driven by active Working Capital management |
| Taxes paid | $(0.6) \%$ | Stable \% | $(0.9) \%$ to $(1.9) \%$ | - Predominantly income taxes. Long-term cash tax rate of $\sim 25 \%$ corresponds to (0.9) to (1.9)\% of GMV |
| Cash Flow from Operating Activities | $-1.3 \%$ | $>1.3 \%$ | $4 \%$ to $6 \%$ | - Resulting from significant profitability improvements and Working Capital optimizations despite higher taxes paid |
| Capex | $(0.6) \%$ | Stable \% | $-(0.3) \%$ | - Investment in tangible and intangible CAPEX leverage as business scales |
| Lease payments | $(0.3) \%$ | Stable \% | $-(0.2) \%$ | - Growth at slower rate vs. GMV |
| Free Cash Flow | $-0.4 \%$ | $>0.4 \%$ | $3 \%$ to $6 \%$ | - Highly attractive long-term cash conversion |
| Share-based comp. (SBC) | $(0.4) \%$ | Stable \% | $-(0.6) \%$ | - Incentivize key employees and align with company objectives |
Note: Gross Profit is based on management accounts and differs from IFRS Gross Profit. 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
Definitions
- Gross Merchandise Value (GMV) is the total value paid by customers (including VAT, delivery fees, other fees and subsidies but excluding subscription fees, tips and delivery-as-a-service fee).
- Total Segment Revenue is defined as revenue in accordance with IFRS 15, excluding the effect of vouchers, discounts and other reconciliation effects. 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.
- Adjusted EBITDA figures are preliminary, and the underlying financial data is currently undergoing audit procedures. Adjusted EBITDA is including group cost unless otherwise specified.
- Free Cash Flow is calculated as cash flow from operating activities as stated in the IFRS Cash Flow statement less net capital expenditures, and payment of lease liabilities. Free Cash Flow excludes interest income and expense.
- Constant currency provides an indication of the business performance by removing the impact of foreign exchange rate movements. Due to hyperinflation in Argentina, Turkey and Ghana we have included reported current growth rates for Argentina, Turkey and Ghana in the constant currency calculation to provide a more accurate picture of the underlying business.
- AdTech or advertising refers to non-commission based revenues (NCR) which also include other revenues (e.g. merchandise).
- MENA revenues, adj. EBITDA, GMV, as well as the respective growth rates, are impacted by the operations in Turkey qualifying as hyperinflationary economies according to IAS 29 (Turkey: since June 2022).
- Americas revenues, adj. EBITDA, GMV, as well as the respective growth rates, are impacted by the Argentine operations qualifying as hyperinflationary economy according to IAS 29 (Argentina: since September 2018).
- Europe revenues, adj. EBITDA, GMV, as well as the respective growth rates, are impacted by the operations in Ghana ${ }^{1}$ qualifying as hyperinflationary economy according to IAS 29 (Ghana: since December 2023).
-
Integrated Verticals revenues, adj. EBITDA, GMV as well as the respective growth rates are impacted by operations in Argentina and Turkey qualifying as hyperinflationary economies according to IAS 29.
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For the purposes of this notice, "presentation" means this document, its contents or any part of it. This presentation does not, and is not intended to, constitute or form part of, and should not be construed as, an offer to sell, or a solicitation of an offer to purchase, subscribe for or otherwise acquire, any part of it form the basis of or be relied upon in connection with or act as any inducement to enter into any contract or commitment or investment decision whatsoever.
- This presentation is neither an advertisement nor a prospectus and should not be relied upon in making any investment decision to purchase, subscribe for or otherwise acquire any securities. The information and opinions contained in this presentation are provided as at the date of this presentation, are subject to change without notice and do not purport to contain all information that may be required to evaluate Delivery Hero SE. Delivery Hero SE undertakes no obligation to update or revise this presentation. No reliance may or should be placed for any purpose whatsoever on the information contained in this presentation, or any other information discussed verbally, or on its completeness, accuracy or fairness.
- The information in this presentation is of preliminary and abbreviated nature and may be subject to updating, revision and amendment, and such information may change materially. Neither Delivery Hero SE nor any of its directors, officers, employees, agents or affiliates undertakes or is under any duty to update this presentation or to correct any inaccuracies in any such information which may become apparent or to provide any additional information.
- The presentation and discussion contain forward looking statements, other 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", "aims", "plans", "predicts", "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. They appear in a number of places throughout this presentation and include statements regarding Delivery Hero SE's intentions, beliefs or current expectations concerning, among other things, Delivery Hero SE's prospects, growth, strategies, the industry in which it operates and potential or ongoing acquisitions. By their nature, Forward-looking Statements involve significant risks and uncertainties, because they relate to events and depend on circumstances that may or may not occur in the future. 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. Similarly, past performance should not be taken as an indication of future results, and nor representation or warranty, express or implied, is made regarding future performance. The development of Delivery Hero SE's prospects, growth, strategies, the industry in which it operates, and the effect of acquisitions on Delivery Hero SE may differ materially from those made in or suggested by the Forward-looking Statements contained in this presentation or past performance. In addition, even if the development of Delivery Hero SE's prospects, growth, strategies and the industry in which it operates are consistent with the Forward-looking Statements contained in this presentation or past performance, those developments may not be indicative of Delivery Hero SE's results, liquidity or financial position or of results or developments in subsequent periods not covered by this presentation. Any Forward-Looking Statements only speak as at the date of this presentation is provided to the recipient and it is up to the recipient to make its own assessment of the validity of any Forward-looking Statements and assumptions. No liability whatsoever is accepted by Delivery Hero SE in respect of the achievement of such Forward-looking Statements and assumptions.
Investor Relations Contact
Christoph Bast
Head of IR
[email protected]
Barbara Jeitler
Director IR
[email protected]
Moritz Verleger
Senior Manager IR
[email protected]
Lukas Herzog
Manager IR
[email protected]
Loredana Strîmbei Specialist IR
[email protected]
[email protected]
T: +49 (0)30.54 4459105
Oranienburger Straße 70, 10117 Berlin, Germany
ir.deliveryhero.com
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