Delivery Hero SE, the world’s foremost local delivery platform, has marked a significant turning point on its path to profitability, with the release of its Q2 2023 Trading Update. The company’s report highlights notable achievements, including positive adjusted EBITDA in the first half of 2023 and a positive EBITDA/GMV margin of 0.2% in Q2 2023 after considering group cost allocation.
A remarkable YoY GMV growth of 8% has been reported, far surpassing the original projection of 4% YoY. The Group’s performance outside of Asia was particularly impressive, with a remarkable 18% YoY GMV growth. Notably, the Asia segment managed to achieve positive GMV growth of 2% YoY, defying challenging comparable figures. The quarter also saw a substantial 16% YoY increase in Total Segment Revenue. As a result, Delivery Hero has raised its FY 2023 Total Segment Revenue outlook to an estimated 15% YoY, up from the previous guidance of around 10% YoY.
“Our team’s outstanding execution in both consumer and rider products has driven impressive YoY growth in Q2. We’ve not only achieved this while reaching the milestone of positive adjusted EBITDA at the Group level, but also witnessed enhanced category leadership.”
Niklas Östberg, CEO and Co-Founder of Delivery Hero
The Integrated Verticals segment reported a substantial GMV growth of 26% YoY during the quarter. The Dmart business outperformed expectations by achieving positive Gross Profit in June, underscoring the model’s viability through healthy volume growth, larger shopping baskets, and enhanced cost efficiency.
“Q2’s progress towards our profitability objectives for the year has materialized. Notably, our Dmarts achieved positive Gross Profit earlier than anticipated. As we optimize operations and share key insights globally, we’re unlocking their significant potential across the business.”
Emmanuel Thomassin, CFO of Delivery Hero
Delivery Hero’s commitment to environmental and social initiatives has been maintained throughout its journey to profitability. The Company’s efforts are aimed at bolstering the overall success and resilience of the delivery industry, paving the way for future challenges.
Foodpanda’s release of its 2022 pandapurpose data highlighted impactful initiatives, including electric vehicle pilots across seven markets and upskilling over 56,000 merchants. Glovo’s Impact Fund continued its positive trajectory, channeling portions of each order towards rider upskilling, sustainable packaging, and supporting women in tech careers. In Korea, Woowa’s achievement of 200,000 trainees for restaurant owner education and the launch of the “My First Store Loan” program demonstrate a commitment to empowering self-employed restaurateurs.
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