Delivery Hero Achieves Strong Performance in Q1 2024

Delivery Hero SE, a major global delivery platform, disclosed beneficial results for the first quarter of 2024. The report highlights an 8% YoY growth in Gross Merchandise Volume (GMV) and a significant 21% YoY increase in revenue. These figures have led the company to enhance its revenue forecast for FY2024 to between 18-21% YoY, up from the previously projected 15-17%.

The company also reported a gross profit margin expansion of +60 basis points YoY, reaching 7.7%. This growth is attributed to strategic enhancements in operations and portfolio management, including adjustments to the company's Dmart portfolio and the adoption of global services that are expected to improve cost efficiency and overall performance.

In addition, Delivery Hero concluded a successful refinancing in March 2024, which refined its capital structure and extended its debt maturity profile, resulting in a substantial liquidity pool of EUR 1.8 billion in pro-forma cash.

Looking forward, Delivery Hero remains on track to reach an adjusted EBITDA of EUR 725-775 million and generate positive free cash flow by the end of FY 2024. The subsidiary, Glovo, is also expected to achieve a positive adjusted EBITDA in the second half of 2024 due to ongoing adjustments and market leadership consolidation.