Business & Finance - February 14, 2024

Delivery Hero delivers on its FY 2023 targets 

Q4 and FY 2023

  • Successful execution on the growth strategy with a strong focus on profitability, cash generation and disciplined capital allocation
  • Fully delivered on its FY 2023 guidance. Adj. EBITDA reached EUR 253.3 million1
  • Achieved Free Cash Flow break-even during H2 20231. Cash and cash equivalents amounting to EUR 1.7 billion at the end of FY 2023 


  • In 2024, expects GMV growth of 7-9% YoY2, Total Segment Revenue growth of 15-17% YoY2, an adj. EBITDA of EUR 725-775 million and a positive Free Cash Flow1 
  • Expects to generate substantial future cash flows that will exceed upcoming debt maturities

Berlin, 14 February 2024 – Delivery Hero SE (“Delivery Hero”, the “Company” or the “Group”), the world’s leading local delivery platform, today released its Q4 2023 results, reaffirming that it had hit all of its ambitious targets for Q4 and FY 2023. The Company saw a GMV growth of 7% YoY2 and Total Segment Revenue growth of 16% YoY in Q42, as well as reporting an adj. EBITDA margin of 1.1% in H2 20231. This implies an adj. EBITDA uplift of more than EUR 870 million in FY 20231. The Group also confirmed that it had reached Free Cash Flow Break-even during H2 20231.

Niklas Östberg, CEO and Co-Founder of Delivery Hero, said: “2023 was a landmark year for Delivery Hero as we saw our commitment to a rational growth strategy pay off. We have proven that we can significantly improve profits and cash flows while building on our category leadership. Thanks to the team for all of the great progress we have made towards our goals.”

Platform business sees unprofitable markets mature 

Detailing the profitability trajectory, Delivery Hero announced that around 75% of the Platform business is profitable in FY 2023, close to 10 percentage points above 2022, with the profitable Platform business generating an annualized adj. EBITDA of more than EUR 1.3 billion in Q4 2023. Meanwhile, the adj. EBITDA margin of the unprofitable Platform business is performing ahead of expectations. The majority of these markets are at an early stage and experiencing significant growth, with the Company expecting them to move into profitability in the coming quarters. 

Dmart profitability trajectory continues

Delivery Hero continued doubling down on the customer value proposition of its Dmarts, prioritizing improved choice by increasing inventory (SKUs) across all units. With this emphasis on consumer experience, the Company saw the continuation of the profitability trajectory of its Integrated Verticals segment, which is predominantly made up of Dmarts.  In particular, negative adj. EBITDA margin improved by approximately 60% YoY during Q4 2023, demonstrating a clear path to sustainable profitable growth. 

Emmanuel Thomassin, CFO of Delivery Hero, said: “We started 2024 in a strong position to achieve our ambitious adjusted EBITDA and Free Cash Flow targets. We are confident we will deliver substantial future cash flows that will exceed upcoming debt maturities.” 

2024 guidance

With this quarterly release, Delivery Hero confirms the guidance given in its preliminary results, which were released on 5 February 2024. Most significantly, the Group expects an adj. EBITDA of EUR 725-775 million and positive Free Cash Flow1 in FY 2024.

Delivery Hero – Guidance FY 2024

GMV7-9% YoY2
Total Segment Revenue15-17% YoY2
Adj. EBITDAEUR 725-775 million1
Free Cash FlowPositive1

Delivery Hero – Key Performance Indicators Q4 & FY 20234

Q4 2022Q4 2023FY 2022FY 2023
GMV Group 11,353.711,299.144,614.545,275.2
%YoY Growth (RC) 8.8%-0.5%17.5%1.5%
%YoY Growth (CC) 7.9%3.3%5.5%
GMV Group (CC) excl. hyperinflation adjustment12,288.447,631.2
%YoY Growth (CC) 6.7%6.8%
MENA 2,334.22,673.18,542.39,959.3
Americas 579.4256.42,591.42,451.7
Integrated Verticals520.9548.61,899.92,224.4
Total Segment Revenues Group2,534.52,674.79,589.710,463.2
%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) excl. hyperinflation adjustment2,984.911,094.5
%YoY Growth (CC) 15.7%15.7%
Integrated Verticals490.6533.11,766.82,126.1
Intersegment consolidation5(50.7)(69.5)(199.8)(266.4)
Adj. EBITDA(623.6)253.3
Adj. EBITDA margin % (GMV) -1.4%0.6%

Note: All numbers presented in this release are unaudited and based on preliminary information. These figures may be adjusted based on the ongoing audit procedures to the 2023 combined management report and IFRS consolidated financial statements. The full financial results for FY 2023 will be published in the 2023 Annual Report.

Given the extraordinary devaluation of the Argentine Peso by more than 50% in December 2023 and the application of hyperinflationary accounting standards according to IAS 29, the Group was facing an hyperinflation impact of around EUR 550 million on GMV and of around EUR 180 million of Segment Revenue in Argentina in Q4 2023. Thus, including hyperinflation Group GMV grew by 5.5% YoY in FY 2023 and Total Segment Revenue grew by 13.8% YoY in constant currency in FY 2023.

1 Adj. EBITDA and Free Cash Flow in reported currency and including hyperinflationary accounting. Free Cash Flow is calculated as cash flow from operations (changes in working capital exclude receivables from payment service providers and restaurant liabilities) less capital expenditures (CapEx) and payment of lease liabilities. Free Cash Flow excludes interest income and expense.
2 GMV growth and Total Segment Revenue growth in constant currency and excluding hyperinflationary accounting.

3 Gross Profit after deduction of delivery costs, store related expenses, supply chain costs, promotions and vouchers and excluding hyperinflationary accounting.

4 For Group, Europe, MENA, Americas and Integrated Verticals, revenues and Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the operations in Argentina, Ghana, Lebanon and/or Turkey qualifying as hyperinflationary economies according to IAS 29. RC = Reported Currency / CC = Constant Currency.

5 Difference between Total Segment Revenue and the sum of segment revenues is mainly due to intersegment consolidation adjustments for services charged by the Platform businesses to the Integrated Verticals businesses.

Delivery Hero is the world’s leading local delivery platform, operating its service in over 70 countries across Asia, Europe, Latin America, the Middle East and Africa. The Company started as a food delivery service in 2011 and today runs its own delivery platform on four continents. Additionally, Delivery Hero is pioneering quick commerce, the next generation of e-commerce, aiming to bring groceries and household goods to customers in under one hour and often in 20 to 30 minutes. Headquartered in Berlin, Germany, Delivery Hero has been listed on the Frankfurt Stock Exchange since 2017 and is part of the MDAX stock market index. For more information, please visit

Isobel Hambleton
Corporate Communications
+49 151 57 01 76 25

Christoph Bast
Head of Investor Relations

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