Berlin / DE. (dhh) Delivery Hero Holding S.E., the world’s leading local delivery platform, can confirm that it has reached several major milestones on its path to profitability as it releases its Q2-2023 Trading Update. Most significantly, the Group achieved positive adjusted Ebitda in H1-2023, with a positive Ebitda/GMV margin of 0.2 percent in Q2-2023 after group cost allocation. Overall GMV growth accelerated to 8 percent YoY, exceeding original expectations of 4 percent YoY, and the Group GMV outside of Asia recorded double-digit growth of 18 percent YoY. The Asia segment also returned to positive GMV growth at 2 percent YoY, despite tough comparable numbers. Total Segment Revenue growth hit 16 percent YoY. Accordingly, the company has updated its Total Segment Revenue outlook for FY 2023, expecting an increase of around 15 percent YoY (up from around 10 percent YoY in its previous guidance).
CEO and Co-Founder Niklas Östberg: «Our team has executed another fantastic quarter, with significant improvements in both consumer and rider products. As a result, we’ve seen an acceleration in YoY growth in Q2, as well as an improvement in category leadership. We achieved this while still hitting the milestone of a positive adjusted Ebitda on Group level.»
The Integrated Verticals segment recorded a strong GMV growth of 26 percent YoY this quarter, and the Dmart business achieved positive Gross Profit in June, ahead of guidance. This was due to healthy volume growth, shopping baskets and improved cost efficiency, demonstrating strong potential for the model.
CFO Emmanuel Thomassin: «I am very pleased that the progression made towards our profitability goals at the start of the year has materialized in Q2. A particularly significant result was that our Dmarts achieved positive Gross Profit for the first time, ahead of previous guidance. As we continue optimizing our operations and sharing key learnings on a global scale, we are unlocking the valuable potential they can have across the business going forward.»
Uplifting the ecosystem
Throughout its path to profitability, Delivery Hero has maintained its commitment to environmental and social programs that benefit its entire ecosystem. The Company aims to play a key role in the long-term success of the broader delivery industry, reinforcing its resilience to future challenges.
This quarter, foodpanda released its 2022 data for pandapurpose. Key results included piloting electric vehicles in seven markets, with 1 in 5 riders now using low-to-no emission modes of delivery, and upskilling more than 56,000 merchants with workshops. Glovo also continued the roll out of its Impact Fund, which commits a small amount from every order to initiatives that include upskilling riders, expanding its sustainable packaging program, and financing boot camps to enable women to start a career in tech. In Korea, Woowa hit the milestone of 200,000 trainees for its restaurant owner education programmes, as well as recruiting its second round of applicants for the «My First Store Loan». The latter is a support program that supports self-employed restaurateurs in purchasing their first business property.
- GMV: 5-7 percent YoY in constant currency, with GMV growth accelerating throughout the year
- Total Segment Revenue: ~15 percent YoY in constant currency (previously: ~10 percent YoY in constant currency), with revenue growth accelerating throughout the year
- Adj. Ebitda: FY 2023 >0.5 percent of GMV |H2 2023 >1.0 percent of GMV
- Free Cash Flow: Break-even during H2 2023
Key Performance Indicators Q2-2023
|(EUR in million)||Q2-2022||Q2-2023|
|%YoY Growth (RC)||–||2.9%|
|%YoY Growth (CC)||–||8.1%|
|Total Segment Revenue Group||2,325.2||2,581.4|
|%YoY Growth (RC)||–||11.0%|
|%YoY Growth (CC)||–||16.2%|