Business & Finance - February 5, 2024

Delivery Hero announces preliminary [1] results for Q4 2023, delivering on its FY 2023 targets and issuing guidance for FY 2024

  • Successful execution of Delivery Hero’s growth strategy with a strong focus on profitability, cash generation and disciplined capital allocation
  • Fully delivered on its FY 2023 guidance. Adj. EBITDA exceeded EUR 250 million2
  • Achieved Free Cash Flow break-even during H2 2023. Cash and cash equivalents amounting to EUR 1.7 billion at the end of FY 20232
  • For FY 2024, Delivery Hero expects GMV growth of 7-9% YoY3, Total Segment Revenue growth of 15-17% YoY3, an adj. EBITDA of EUR 725-775 million and a positive Free Cash Flow2   

Berlin, 5 February 2024 – Delivery Hero SE (“Delivery Hero”, the “Company” or the “Group”), the world’s leading local delivery platform, today publishes preliminary results for Q4 2023 and FY 2023, confirming that it has delivered on all guidance parameters for FY 2023.

Niklas Östberg, CEO and Co-Founder of Delivery Hero, said: “We had a very strong ending to 2023. We have delivered on the commitments in our full year guidance, reaching key milestones and surpassing the Free Cash Flow break-even point. We remain fully committed to executing our strategic roadmap focused on profitable growth, cash generation and disciplined capital allocation in 2024 and beyond.”

Group GMV growth in-line with FY 2023 guidance and driven by healthy order growth 

Group GMV grew by 6.7% YoY to EUR 12.3 billion in Q4 2023 and by 6.8% to EUR 47.6 billion in FY 2023, meeting the 5-7% GMV guidance range for FY 20233. Total Segment Revenue increased by 15.7% YoY to EUR 3.0 billion in Q4 2023 and by 15.7% to EUR 11.1 billion in FY 2023, fully in-line with the guidance of “around 15% YoY”3. The strong result was driven by healthy order growth in many of our geographies.

Adjusted EBITDA met expectations and gained momentum in second half of the year

Adj. EBITDA exceeded EUR 250 million in FY 2023, implying an adj. EBITDA uplift of more than EUR 870 million compared to FY 2022. This amounts to an adj. EBITDA/GMV margin of 1.1% in H2 2023 and 0.6% in FY 2023 (including the negative impact from hyperinflationary accounting), both in-line with our guidance. 

Free Cash Flow break-even achieved and material improvement compared to prior year 

In addition, Delivery Hero reached Free Cash Flow break-even during H2 2023 and improved the Free Cash Flow development in H2 2023 by more than EUR 330 million YoY. In H2 2023, Delivery Hero generated Free Cash Flow of between EUR -0.1 billion and EUR 0.0 billion and cash flow from other activities (including M&A related payments and interest) of EUR -0.2 billion. At the end of FY 2023, cash and cash equivalents amounted to EUR 1.7 billion.

Guidance for FY 2024

For FY 2024, Delivery Hero anticipates Group GMV growth of 7-9% YoY3, Total Segment Revenue growth of 15-17% YoY3 and an adj. EBITDA of EUR 725-775 million2. Furthermore, Delivery Hero expects to generate a positive Free Cash Flow for FY 20242. This guidance is based on Delivery Hero’s current  Group structure.

All numbers presented in this release are unaudited and based on preliminary information. Delivery Hero will publish its additional preliminary numbers for Q4 2023 in its Trading Update in combination with a conference call as previously scheduled on February 14, 2024. 

Delivery Hero – Guidance FY 2024

GMV7-9% YoY3
Total Segment Revenue15-17% YoY3
Adj. EBITDAEUR 725-775 million2
Free Cash FlowPositive2

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 Group2,534.52,675.09,589.710,463.5
%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)>250
Adj. EBITDA margin % (GMV) -1.4%0.6%

Note: 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 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.

2 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.
3 GMV growth and Total Segment Revenue growth in constant currency 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
+49 160 30 13 435


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 t

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