Delivery Hero (DHER) investor relations material

Executive summary

• Group GMV grew 8.8% like-for-like in Q1 2026, up from 7.9% in Q4, with Quick Commerce now 18% of GMV and growing 30% year-over-year.

• Total Segment Revenue rose 17.8% year-over-year (like-for-like) to €3.7 billion, driven by the Everyday App strategy and Quick Commerce momentum.

• Strategic review is ongoing, including the agreed $600 million Taiwan disposal and further asset evaluations.

• Everyday App strategy is driving multi-vertical engagement, with 55% of GMV from customers using multiple verticals.

• Subscribers generated 43% of Group GMV, reflecting strong customer engagement.

Financial highlights

• Q1 2026 Total Segment Revenue: €3,727.7 million, up from €3,390.3 million in Q1 2025.

• Q1 2026 Group GMV: €12,466.6 million, up from €12,372.5 million in Q1 2025.

• Adjusted EBITDA expected at the upper end of €910–960 million guidance, with free cash flow above €200 million for 2026.

• Integrated Verticals achieved 28% GMV growth and 32% revenue growth year-over-year (like-for-like).

• Pro forma cash balance at €2.7 billion, with $600 million expected from Taiwan business disposal.

Outlook and guidance

• FY 2026 GMV guidance: 8–10% year-over-year growth (like-for-like); Total Segment Revenue guidance: 14–16% year-over-year growth.

• Adjusted EBITDA expected between €910–960 million; Free Cash Flow above €200 million.

• Confident in delivering adjusted EBITDA in the upper half of the guidance range.

• Strategic review update expected by early June, focusing on operational improvements and asset evaluations.

• Growth in Q1 is within guidance, with positive momentum expected to continue, especially in MENA, Asia, and Quick Commerce.