Delivery Hero: publishes half-year results for 2021

Berlin. (dhh) Delivery Hero SE, the world’s leading local delivery platform, published its final half-year results and 2021 Interim Financial Report. As previously stated in the Q2-2021 Trading Update on August 12, the group showed a strong growth trajectory in the first half of the year. On a pro-forma-basis, Delivery Hero processed 1.4 billion orders in H1 2021 (H1 2020: 760 million), corresponding to a YoY increase of 83 percent. The group’s GMV grew by 78 percent YoY to EUR 16.2 billion (H1 2020: EUR 9.1 billion), while total segment revenue increased 109 percent YoY to EUR 2.9 billion (H1 2020: EUR 1.4 billion).

While delivering very high YoY performance, the adjusted Ebitda development in the first half-year 2021 demonstrates the capacity of Delivery Hero to achieve efficient growth. The adjusted Ebitda/GMV margin has improved from -3.6 percent in H1 2020 to -2.1 percent in H1 2021. This improvement was made in spite of expansions into new verticals and markets.

Within the individual business segments, MENA has increased the adjusted Ebitda from EUR 18.8 million in H1 2020 to EUR 65.0 million in H1 2021 on a pro-forma basis. This corresponds to an increase in the adjusted Ebitda/GMV margin from 1.1 percent to 2.1 percent. In Europe, the adjusted Ebitda improved from EUR -7.9 million in H1 2020 to EUR 1.0 million turning the segment Europe profitable. In Asia, the adjusted Ebitda of EUR -202.2 million in H1 2021 improved only marginally compared to the previous year’s period, however, the adjusted Ebitda/GMV margin continued to improve to -1.9 percent (H1 2020: -3.4 percent). A similar picture is emerging in our Americas segment, where the adjusted Ebitda/GMV margin improved from -19.2 percent in H1 2020 to -9.1 percent in H1 2021.

Confirming the updated guidance given in the Q2 2021 Trading Update, Delivery Hero expects its full-year GMV to reach EUR 33 to 35 billion with a total segment revenue outlook at EUR 6.4 to 6.7 billion, and an adjusted Ebitda/GMV margin at around -2 percent for the financial year 2021.

Delivery Hero – Key Performance Indicators H1 202

All values include Woowa and exclude Delivery Hero Korea on a pro-forma-basis

(EUR in million unless otherwise noted)
H1-2020
H1-2021
Orders (Unit million) Group 760.3 1,393.1
Percent YoY Growth 87.0% 83.2%
Percent OD Orders 42.3% 48.9%
Asia 507.7 916.1
MENA 151.2 287.9
Europe 56.0 96.8
Americas 45.3 92.3
Integrated Verticals 10.4 38.4
GMV Group (1,2) 9,055.3 16,158.5
%YoY Growth (RC) (3) 64.2% 78.4%
%YoY Growth (CC) (4) 66.9% 86.1%
Asia 6,124.1 10,718.0
MENA (1,2) 1,778.9 3,155.0
Europe 740.8 1,401.1
Americas (1,2) 411.5 884.4
Integrated Verticals 118.0 449.4
Total Segment Revenues Group (1,2) 1,388.8 2,901.6
%YoY Growth (RC) (3) 99.9% 108.9%
%YoY Growth (CC) (4) 101.4% 120.5%
Asia 681.8 1,340.4
MENA (1,2) 368.1 684.9
Europe 133.6 285.9
Americas (1,2) 95.0 226.9
Integrated Verticals 113.9 418.0
Intersegment consolidation (5) (14.4) (54.5)
Adjusted Ebitda Group (1,2) (323.5) (332.3)
Asia (205.8) (202.2)
MENA (1,2) 18.8 65.0
Europe (7.9) 1.0
Americas (1,2) (79.1) (80.2)
Integrated Verticals (49.4) (115.8)
Adjusted Ebitda/GMV margin Group (1,2) -3.6% -2.1%
Asia -3.4% -1.9%
MENA (1,2) 1.1% 2.1%
Europe -1.1% 0.1%
Americas (1,2) -19.2% -9.1%
Integrated Verticals -41.9% -25.8%
  1. Americas and MENA revenues, adjusted Ebitda, Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the Argentinian and Lebanese operations qualifying as hyper-inflationary economies according to IAS 29 beginning 1 September 2018 and October 2020 respectively.
  2. Includes Reported Currency growth rates for Argentina and Lebanon in the Constant Currency calculations due to the effects of hyperinflation in the respective countries.
  3. Reported Currency Growth.
  4. Constant Currency Growth.
  5. Difference between total segment revenue and the sum of segment revenues is mainly due to intersegment consolidation for services charged by the Platform Businesses to the Integrated Verticals Businesses.