Delivery Hero: confirms full delivery of FY-2023 guidance

Berlin / DE. (dhh) Delivery Hero Holding S.E. publishes preliminary results for Q4-2023 and FY-2023, confirming that it has delivered on all guidance parameters for FY-2023.

CEO and Co-Founder Niklas Östberg: «We had a very strong ending to 2023. We have delivered on the commitments in our full year guidance, reaching key milestones and surpassing the Free Cash Flow break-even point. We remain fully committed to executing our strategic roadmap focused on profitable growth, cash generation and disciplined capital allocation in 2024 and beyond.»

Group GMV growth in-line with FY-2023 guidance and driven by healthy order growth

Group GMV grew by 6.7 percent YoY to EUR 12.3 billion in Q4-2023 and by 6.8 percent to EUR 47.6 billion in FY-2023, meeting the 5-7 percent GMV guidance range for FY-20233. Total Segment Revenue increased by 15.7 percent YoY to EUR 3.0 billion in Q4-2023 and by 15.7 percent to EUR 11.1 billion in FY-2023, fully in-line with the guidance of «around 15 percent YoY». The strong result was driven by healthy order growth in many of our geographies.

Adjusted Ebitda met expectations and gained momentum in second half of the year

Adjusted Ebitda exceeded EUR 250 million in FY-2023, implying an adjusted Ebitda uplift of more than EUR 870 million compared to FY-2022. This amounts to an adjusted Ebitda/GMV margin of 1.1 percent in H2-2023 and 0.6 percent in FY-2023 (including the negative impact from hyper-inflationary accounting), both in-line with our guidance.

Free Cash Flow break-even achieved and material improvement compared to prior year

In addition, Delivery Hero reached Free Cash Flow break-even during H2-2023 and improved the Free Cash Flow development in H2-2023 by more than EUR 330 million YoY. In H2-2023, Delivery Hero generated Free Cash Flow of between EUR -0.1 billion and EUR 0.0 billion and cash flow from other activities (including M+A related payments and interest) of EUR -0.2 billion. At the end of FY-2023, cash and cash equivalents amounted to EUR 1.7 billion.

Guidance for FY 2024

For FY 2024, Delivery Hero anticipates Group GMV growth of 7-9 percent YoY3, Total Segment Revenue growth of 15-17 percent YoY and an adjusted Ebitda of EUR 725-775 million. Furthermore, Delivery Hero expects to generate a positive Free Cash Flow for FY 20242. This guidance is based on Delivery Hero’s current Group structure.

All numbers presented in this release are unaudited and based on preliminary information. Delivery Hero will publish its additional preliminary numbers for Q4-2023 in its Trading Update in combination with a conference call as previously scheduled on February 14, 2024.

Delivery Hero – Guidance FY-2024

GMV	7-9 percent YoY
Total Segment Revenue	15-17 percent YoY
Adjusted Ebitda	EUR 725-775 million
Free Cash Flow	Positive

Delivery Hero – Key Performance Indicators Q4 and FY-2023

(EUR in millions)	Q4-2022	Q4-2023	FY-2022	FY-2023
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GMV Group	11,353.7	11,299.1	44,614.5	45,275.2
%YoY Growth (RC)	8.8%	-0.5%	17.5%	1.5%
%YoY Growth (CC)	7.9%	3.3%	–	5.5%
GMV Group (CC) exclusive hyperinflation adjustment		12,288.4		47,631.2
%YoY Growth (CC)		6.7%		6.8%
Asia	6,667.3	6,325.5	26,910.4	25,354.2
MENA	2,334.2	2,673.1	8,542.3	9,959.3
Europe	1,772.8	2,044.1	6,570.4	7,510.0
Americas	579.4	256.4	2,591.4	2,451.7
Integrated Verticals	520.9	548.6	1,899.9	2,224.4
.
Total Segment Revenues Group	2,534.5	2,675.0	9,589.7	10,463.5
%YoY Growth (RC)	20.7%	5.5%	32.0%	9.1%
%YoY Growth (CC)	17.6%	10.5%	–	13.8%
Total Segment Revenues Group (CC) exclusive hyperinflation adjustment		2,984.9		11,094.5
%YoY Growth (CC)		15.7%		15.7%
Asia	967.7	968.6	3,803.6	3,729.3
MENA	618.3	742.9	2,218.4	2,700.8
Europe	356.3	423.2	1,319.1	1,522.7
Americas	152.3	76.7	681.6	651.0
Integrated Verticals	490.6	533.1	1,766.8	2,126.1
Intersegment consolidation	(50.7)	(69.5)	(199.8)	(266.4)
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Adjusted Ebitda			(623.6)	>250
Adjusted Ebitda margin % (GMV)			-1.4%	0.6%