Guidance raised amid Uber bid.
Delivery Hero raises 2026 financial guidance following strong demand and an ongoing Uber takeover bid.
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Key Points
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Q2 2026 GMV rose 11.3% year-on-year to €13.2 billion, with first-half adjusted EBITDA of €427 million, ahead of expectations, highlighting the Everyday App's contribution to growth.
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The Everyday App's impact was underscored by Quick Commerce GMV growth of 32% year-on-year on a like-for-like basis in Q2, with subscribers making up 47% of Group GMV and Quick Commerce accounting for 18.3% of GMV.
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Uber's takeover bid is €41.50 per share, and Delivery Hero will operate independently until the deal closes in the second half of 2027; some analysts see about a 12% discount to the offer price and potential for a sweetener later.
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Berenberg analysts noted easing discounting by competitors and Delivery Hero's continued platform investments driving stronger-than-expected growth, despite regional pressures in South Korea and the Middle East and North Africa.
Delivery Hero raised its 2026 outlook after a strong first half, with gross merchandise value now expected to grow 9% to 11% instead of the prior forecast WhalesBook. Revenue is now projected to rise 17% to 19%, and the company reaffirmed its adjusted EBITDA target of roughly €960 million to €1 billion WSJ. The upgrades come as Delivery Hero's Everyday App strategy — which bundles food delivery with quick commerce — accelerates orders and profitability ahead of a planned Uber takeover at €41.50 per share.
Q2 results showed GMV of €13.2 billion, up 11.3% year-on-year, while first-half adjusted EBITDA reached €427 million, beating expectations NASDAQ. Quick Commerce GMV surged 32% year-on-year on a like-for-like basis, with subscribers now making up 47% of total group GMV ESM Magazine. The company will continue operating independently until the Uber deal closes in the second half of 2027.
Everyday App Drives Quick-Commerce Explosion
Delivery Hero's Everyday App bundle is the engine behind the company's acceleration. Quick Commerce — groceries and everyday items delivered fast — grew 32% year-on-year in Q2 on a like-for-like basis NASDAQ. Subscribers to the Everyday App now account for 47% of all group gross merchandise value, and Quick Commerce itself represents 18.3% of total GMV ESM Magazine. This shift toward bundled services is improving unit economics and stickiness.
Profit Margins Improve Despite Competitive Pressures
First-half adjusted EBITDA hit €427 million, surpassing forecasts and signaling improved profitability across the platform NASDAQ. Berenberg analysts attributed the beat to easing discounting by competitors and Delivery Hero's continued investments in its platform, which are now paying dividends ESM Magazine. However, the company faced regional headwinds in South Korea and the Middle East and North Africa, which tempered overall momentum in some markets.
Uber Deal Looms Over Independent Operations
Delivery Hero will operate as a standalone company until Uber closes its €41.50-per-share acquisition in the second half of 2027 WhalesBook. Some analysts see a roughly 12% gap between the current market price and the offer price, suggesting potential room for a deal sweetener WSJ. Meanwhile, the company raised guidance without factoring major changes from the pending transaction, indicating confidence in near-term execution and market strength.
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