Business & Finance - February 10, 2022

Delivery Hero exceeds 2021 GMV guidance and sets 2022 outlook to reach positive adjusted EBITDA for its platform business

  • Delivery Hero reports continued growth in Q4 2021, generating EUR 9.6 billion GMV (+39% YoY) and hitting EUR 1.9 billion total segment revenue (+66% YoY)
  • With a record of 213 new Dmart openings in Q4, Delivery Hero operated more than 1,000 warehouses globally by the end of 2021
  • Looking at FY 2022, the company expects to achieve adjusted EBITDA break-even in its platform business(1) and sets full-year guidance for the group’s adjusted EBITDA/GMV margin of around -1.0% to -1.2%

Berlin, 10 February 2022 – Delivery Hero SE (“Delivery Hero”, “the group” or “the company”), the world’s leading local delivery platform, today published its financial results for the fourth quarter of 2021(2). The group generated a Gross Merchandise Value (GMV) of EUR 9.6 billion (+39% YoY) while total segment revenue increased to EUR 1.9 billion (+66% YoY). In Q4, Delivery Hero achieved a record-high contribution margin(3) of own-delivery(4), which made up for 51% of the company’s orders.

The last quarter of 2021 was marked by improved economics and strengthening of leadership in key regions and new verticals. Finishing off the year on a high note, we signed an agreement to become the majority shareholder of Glovo, which will increase our geographical footprint and long term growth potential. Upon closing, we will serve up to 2.2 billion people around the world.

Niklas Östberg, CEO and Co-Founder of Delivery Hero

Record results for the full year 2021

With strong continued performance in the fourth quarter 2021, Delivery Hero concludes a year that was marked by growth, innovation and solid financial results. In total, the company generated a GMV of EUR 35.4 billion (+62% YoY), slightly exceeding the given guidance of EUR 33 to 35 billion. With EUR 6.6 billion total segment revenue (+89% YoY), the upper end of the given forecast of EUR 6.4 to 6.7 billion was almost reached. The adjusted EBITDA/GMV margin for the financial year 2021 of -2.2% is in line with the set guidance of around -2%.

Financial outlook for 2022 and expected profitability for the platform business

Delivery Hero also published guidance(5) for the full-year 2022, anticipating GMV to range between EUR 44 to 45 billion, total segment revenue to reach EUR 9.5 to 10.5 billion and an adjusted EBITDA/GMV margin of around -1.0% to -1.2%. The company is on track to generate a positive adjusted EBITDA for the platform business for the full year 2022.

We are proud to deliver on our promises for 2021 in terms of GMV, revenue and EBITDA. With steady growth rates and an increasing contribution margin of own-delivery, it is clear that our business model works. Our deliberate focus on scale and driving efficiency pays off, and we expect our platform business to generate a positive adjusted EBITDA this year.

Emmanuel Thomassin, CFO of Delivery Hero

Optimizing Delivery Hero’s global footprint

Marking a major milestone, in December 2021 Delivery Hero signed an agreement(6) to become the majority shareholder of the Spanish multi-category delivery platform Glovo, acquiring an additional stake of approximately 39.4% on top of its pre-existing 44%, on a non-diluted basis. As of 31 January 2022, further remaining Glovo shareholders have adhered to the transaction on the same terms, resulting in Delivery Hero’s stake in Glovo amounting to approximately 95% (on a non-diluted basis). Both companies are pioneers in the area of quick commerce and their partnership will further drive innovation in the industry, shaping the future of delivery in Europe and beyond. Q4 also saw Delivery Hero scale down operations of foodpanda Germany to a Berlin-based innovation hub and announce plans to divest foodpanda Japan. This rational decision will enable greater opportunities for investment and growth in other key areas.

Driving the future of quick commerce

Delivery Hero continues to invest into the Integrated Verticals segment(7), with its q-commerce business thriving. New records were achieved with the opening of 213 new Dmarts(8) in Q4, resulting in an impressive total of 1,074 warehouses worldwide by the end of 2021 and making Delivery Hero’s Dmart business a leader in the industry. The company also expanded its Logistics-as-a-Service offering into 25+ markets, with ambitious plans to connect e-commerce, marketplaces, pharmacies and grocery stores with the group’s innovative logistics technology – getting products delivered to their customers faster than ever before. The Integrated Verticals segment GMV reaching EUR 347 million (+133% YoY) and segment revenue hitting EUR 322 million (+127% YoY) in Q4 confirm an outstanding upwards trend.

Making the delivery industry more sustainable

Underlining its commitment to sustainability, Delivery Hero received a B rating in its first participation in the Carbon Disclosure Project (“CDP”). CDP is an NGO that assesses a company’s environmental effort and performance. This rating places Delivery Hero in a positive position to move forward with new sustainability initiatives and continue to build a company that the next generation can be proud of.

Delivery Hero – Key Performance Indicators Q4 2021
(All values include Woowa and exclude Delivery Hero Korea on a pro forma basis)

Q4 2020Q4 2021
Orders (Unit million) Group610.1775.5
%YoY Growth96.3%27.1%
%OD Orders47.3%50.6%
Integrated Verticals14.227.7
GMV Group 6,946.49,640.4
%YoY Growth (RC) 81.3%38.8%
%YoY Growth (CC) 91.0%39.8%
MENA 1,350.41,837.5
Americas 363.8559.9
Integrated Verticals148.9347.2
Total Segment Revenues Group1,152.61,918.5
%YoY Growth (RC) 101.5%66.5%
%YoY Growth (CC) 114.8%65.9%
Integrated Verticals141.4321.6
Intersegment consolidation 1(9.5)(42.8)

For Group, MENA, Americas and Integrated Verticals, revenues and Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the Argentinian and/or Lebanese operations qualifying as hyperinflationary economies according to IAS 29 beginning 1 September 2018 and October 2020 respectively.ted by the Argentinian and Lebanese operations qualifying as hyperinflationary economies according to IAS 29 beginning 1 September 2018 and October 2020 respectively.
RC = Reported Currency Growth / CC = Constant Currency Growth.
1. Difference between Total Segment Revenue and the sum of segment revenues is mainly due to inter-segment consolidation 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 around 50 countries across Asia, Europe, Latin America, the Middle East and North 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 10 to 15 minutes. Headquartered in Berlin, Germany, Delivery Hero is listed on the Frankfurt stock exchange since 2017, and became part of the leading index DAX (Deutscher Aktienindex) in 2020. For more information, please visit

Lara Hesse
Corporate & Financial Communications
+49 151 54 66 00 56

Christoph Bast
Head of Investor Relations
+49 160 30 13 435

(1) Platform business corresponds to the four regional segments of Delivery Hero Group (Europe, MENA, Asia and Americas) including group costs. The Integrated Verticals segment is not part of the Platform business.
(2) To provide a better picture of the group profile, financials for the 2021 business year include Woowa on a pro forma basis from 1 January 2021, and exclude Delivery Hero Korea from the same date onwards, which, for comparison, also applies to historic data.
(3) This excludes Delivery Hero Korea and does not yet include Woowa. The contribution margin is calculated as a percentage of GMV before voucher costs.
(4) Customer orders are fulfilled by Delivery Hero’s own delivery fleet.
(5) Guidance excludes Glovo. Glovo will be integrated into financial reporting after closing of the transaction.
(6) The closing of the transaction is subject to certain customary conditions and regulatory approvals, including merger control clearance in several countries, and is expected to occur in the second quarter of 2022.
(7) The segment Integrated Verticals captures the business where Delivery Hero acts as a principal (Dmarts and Delivery Hero kitchens).
(8) Delivery Hero-owned small warehouses located in strategically relevant locations for delivery.


This release may contain forward looking statements, estimates, opinions and projections with respect to anticipated future performance of Delivery Hero SE (“forward-looking statements”). These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “intends,” “may,” “will” or “should” or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current views, expectations and assumptions of the management of Delivery Hero SE and involve significant known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Any forward-looking statements included herein only speak as at the date of this release. We undertake no obligation, and do not expect to publicly update, or publicly revise, any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof, whether as a result of new information, future events or otherwise. We accept no liability whatsoever in respect of the achievement of such forward-looking statements and assumptions.

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