Delivery Hero H1 loss misses consensus as Uber deal reshapes outlook

Delivery Hero, the European food delivery giant, announced a first-half net loss on Thursday that fell short of market expectations. The company's net loss attributable to shareholders was €392.4 million, exceeding the S&P Global Visible Alpha consensus estimate of a €191.7 million loss. However, revenue exceeded forecasts, growing 12.7% to €7.75 billion from €6.88 billion a year prior, surpassing the €7.44 billion Visible Alpha consensus.

Despite the profit improvement, the bottom line still missed expectations, narrowing slightly from €396.3 million to €392.4 million in the previous year.

Higher financing costs, legal provisions, and continued investment drove the loss, overshadowing stronger revenue growth and improving cash generation. General and administrative expenses rose by 24.4% to €991 million, while net interest expenses increased to €178.9 million from €108.9 million. The company also recorded a €172.7 million management adjustment for legal matters, primarily due to antitrust risks.

Despite these challenges, Delivery Hero raised its 2026 outlook, now forecasting GMV growth of 9%-11%, up from the previously expected 8%-10%. Adjusted EBITDA is projected at €960 million to €1 billion, while free cash flow before extraordinary items is expected to be slightly above €250 million, up from the prior estimate of slightly above €200 million.