Delivery Hero raised its full-year forecast as growth accelerated ahead of Uber takeover

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The German food-delivery company now expects gross merchandise value growth of 9% to 11% and adjusted EBITDA of up to €1 billion

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Delivery Hero raised its full-year guidance across all key financial metrics on Thursday after growth accelerated in the second quarter and first-half profitability came in ahead of expectations.

The Berlin-based company now expects full-year gross merchandise value to grow 9% to 11% year-over-year on a like-for-like basis, up from a prior range of 8% to 10%. Full-year revenue growth guidance was also bumped up, to a range of 17% to 19% from the prior 14% to 16%. Adjusted EBITDA guidance was raised to between €960 million and €1 billion, compared with €910 million to €960 million before, and free cash flow guidance was lifted to more than €250 million, from more than €200 million.

Second-quarter group GMV grew 11.3% year-over-year on a like-for-like basis to €13.2 billion, accelerating from 8.8% growth in the first quarter. Revenue rose 17.7% on the same basis to €4.0 billion. For the first half, adjusted EBITDA reached €427 million, up 3.9% year-over-year, while free cash flow before extraordinary items improved to €348 million from €-8 million in the same period a year earlier.

Quick commerce — the company's business delivering groceries and everyday essentials within minutes using small local warehouses — was a key driver of the results. In the second quarter, quick commerce GMV jumped 32% on a like-for-like basis year-over-year, while subscribers made up 47% of group GMV, a gain of 12 percentage points compared with the same period a year earlier, the company said. Orders from its network of small warehouses, known as Dmarts, grew 39% year-over-year in the second quarter, the highest growth rate in more than three years.

"Our Everyday App strategy drove another outstanding performance in second quarter. We hit new order records and accelerating growth drove profitability ahead of expectations. We're excited about the opportunity ahead with Uber $UBER, a partnership that will help us advance our Everyday App strategy further and deliver even greater value to our customers, partners, and riders worldwide," Chief Executive Officer Niklas Östberg said in a statement.

Growth was broad-based across regions. GMV expanded 14.9% year-over-year in the Middle East and North Africa, 6.4% in Asia, 29.1% in the Americas, and 8.4% in Europe, all on a like-for-like basis, the company said.

The guidance raise comes as Delivery Hero awaits the completion of a takeover offer from Uber, announced on July 16, 2026, at €41.50 per share. The transaction, which requires regulatory approvals, is expected to close in the second half of 2027. The two companies continue to operate independently in the meantime.

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