Delivery Hero lifts 2026 growth outlook

Delivery Hero (DHERd) has increased its full-year 2026 guidance after reporting stronger demand and improved profitability in the first half of the year. The food-delivery group now expects gross merchandise value (GMV) growth of 9%–11%, compared with its prior target of 8%–10%. Revenue growth guidance has been raised to 17%–19%, up from a previous range of 14%–16%. The company also lifted its adjusted EBITDA target for 2026 to between €960 million and €1.00 billion, from an earlier range of €910 million to €960 million.

Management linked the upgrade directly to better operating momentum and financial performance. Finance chief Marie-Anne Popp highlighted an acceleration in GMV growth, adjusted EBITDA ahead of expectations and a significant improvement in cash generation as key drivers. On this basis, the company said it had sufficient confidence to raise its outlook across all major financial metrics for the year.

For the first half of 2026, Delivery Hero (DHERd) reported adjusted EBITDA of €427 million, representing a 3.9% increase year-on-year. This improvement indicates that profitability continued to advance even as the group sustained growth in order volumes and transaction values. The adjusted EBITDA performance was described by management as being ahead of expectations, supporting the decision to tighten and raise the full-year profitability range.

Cash generation also strengthened materially in the period. Free cash flow turned positive in the first half of 2026, rising to €348 million from a deficit in the prior year. The move into positive free cash flow marks a notable shift in the company’s financial profile, providing additional support for its upgraded guidance and underlining progress toward more self-funded growth.

Operationally, Delivery Hero recorded solid expansion in the second quarter of 2026. Group GMV rose 11.3% year-on-year to €13.2 billion, reflecting higher transaction activity on its platforms. Revenue in the quarter increased 17.7% year-on-year to €4.0 billion, outpacing GMV growth and suggesting continued improvement in monetisation.

Order volumes also expanded during the quarter, with total Q2 orders reaching 981 million. The combination of higher orders, rising GMV and faster-growing revenue indicates broad-based growth across the business. These trends, together with improving profitability and cash generation, form the backdrop to Delivery Hero’s decision to raise its 2026 guidance.