Delivery Hero reported a first-half net loss of €392.4 million on Thursday, more than double the €191.7 million loss that analysts had forecast. The miss came despite the loss narrowing slightly from €396.3 million in the same period a year ago.
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Revenue came in at €7.75 billion, up 12.7% year-over-year and ahead of the €7.44 billion consensus estimate. That top-line beat showed the business is still pulling in more orders and growing its platform.
Adjusted EBITDA rose 3.9% to €426.7 million, beating the €387.7 million consensus. Higher order frequency, Quick Commerce expansion and own-delivery growth all contributed to the improvement.
The bottom-line miss was driven largely by rising costs. General and administrative expenses jumped 24.4% to €991 million. Net interest expense climbed to €178.9 million from €108.9 million a year earlier.
Delivery Hero also booked €172.7 million in management adjustments tied to legal matters, primarily antitrust risks. That was a notable drag on the headline loss figure.
Despite the messy headline numbers, the company lifted its full-year 2026 outlook. GMV growth is now expected at 9%-11%, up from the prior 8%-10% range. Analysts had forecast GMV growth of around 9.1%.
Adjusted EBITDA for the full year is now expected between €960 million and €1 billion. Free cash flow before extraordinary items is forecast to come in slightly above €250 million, raised from slightly above €200 million.
“We delivered a strong first half, with a further acceleration of GMV growth, adjusted EBITDA ahead of expectations, and a significant step up in cash generation,” said finance chief Marie-Anne Popp.
Berenberg analysts pointed to easing discounting from competitors and continued platform investment as the key drivers behind the stronger-than-expected growth. They flagged pressure in South Korea and the MENA region as areas to watch.
The results arrive as Delivery Hero moves through its proposed combination with Uber Technologies. Uber gained influence over Delivery Hero back in May, with the deal now running through its regulatory process.
An agreement with SSW Partners also covers the sale of businesses across 14 markets following completion of the planned Uber transaction.
Berenberg analysts noted that the current 12% discount to Uber’s offer price looks too wide, and said they would not rule out a sweetened offer down the line.
The transaction is expected to close in the second half of 2027, subject to conditions and regulatory approvals. Delivery Hero said it will continue to operate independently until then.
The company’s stronger-than-expected H1 results suggest it was building operational momentum before Uber’s latest approach in July.
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