Delivery Hero reports Q3 GMV growth and efficiency gains, driven by AI and global tech platform
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Delivery Hero SE published its Q3 2025 financial results, demonstrating the success of its strategy focused on technology-driven efficiency and profitable growth.
The Group continued top-line growth with Group GMV up 7% YoY to €12.2 billion and Total Segment Revenue up 22% YoY to €3.7 billion in the third quarter. Revenue growth was driven by expansion of the Group’s own-delivery logistics, AdTech, Integrated Verticals, and subscription programs. The Gross Profit margin continued to expand by 40 basis points YoY to 8.0%9 and free cash flow continued to improve in Q3 2025. The company’s cash balance was a strong €2.2 billion at the end of the quarter, implying that Delivery Hero’s financial position remains solid. The company confirmed its full-year 2025 guidance.
Niklas Östberg, CEO and Co-Founder of Delivery Hero: “Our investment in tech and our multi-vertical strategy to become a delivery super-app continues to pay off. AI not only helps us work more efficiently on a global level but also deliver the best experience for customers. Early signs from Q4 are encouraging, especially thanks to the turnaround in Korea, and we’re expecting to finish the year with return to growth in Asia and faster group GMV growth in the final quarter.”
Marie-Anne Popp, CFO of Delivery Hero: “Our focus on financial discipline is clearly evident in these results. The reduction of general costs and marketing expenses from 7.2% to 6.0% of GMV since Q1 2023 showcases our success in creating a more efficient platform. This, combined with our stable Gross Profit margin, is fueling further Adjusted EBITDA growth year-over-year and improved Free Cash Flow.”
Driving efficiency and personalization
The Group is successfully leveraging its Global Tech Platform to drive both core efficiency and enhanced user experience through deep localization – a unique competitive advantage.
The Delivery Hero Global Tech Platform enables rapid deployment of efficiency tools across all local platforms giving us gains in delivery, pricing, AdTech, and AI & machine learning. AI is being utilized to personalize the app experience for customers, delivering more relevant search results and recommendations. The Group is rolling out agentic AI in services and sales, after successfully launching tools at Glovo and talabat in the quarter.
Initiatives like AI-driven automation and personalization are delivering measurable efficiencies, and have contributed to a steep reduction in Selling, General & Administrative (SG&A) and Marketing costs as a percentage of GMV, which decreased from 7.2% in Q1 2023 to 6.0% by Q3 2025. This reduction, coupled with Gross Profit margin expansion of +40 basis points YoY to 8.0%9, drives continued year-over-year Adjusted EBITDA growth.
Integrated Verticals on track for FY 2025 break-even
The Integrated Verticals business maintained substantial top-line momentum, with GMV growth of +23%3 YoY. This growth was driven by customer experience enhancements in MENA and product optimizations in the Americas. Crucially, the business achieved its first ever positive quarterly Adjusted EBITDA in Q3 2025, and is on track to achieve Adjusted EBITDA break-even8 for the full year 2025. Quick Commerce continues to outpace overall trends as food delivery customers increasingly cross-order groceries and retail products.
Performance across platform business remained strong
- The MENA Platform business delivered GMV growth (+19%3 YoY) driven by strength in key markets, including Saudi Arabia, where a highly attractive subscription program supported 14% YoY order growth and Turkey significantly increased profitability, achieving positive Adjusted EBITDA in the third quarter. The business demonstrates resilience among high-value customers despite new competitive entries in Saudi Arabia, validating the focus on quality and retention.
- Europe reported GMV growth of +13%1 YoY and revenue growth of +34%1 YoY. Adjusted EBITDA is expected to reach near break-even in Q4 2025.
- The Americas segment maintained GMV momentum of 19%3, driven by order growth of 21% YoY.
- In Asia, GMV was -3%1, constrained by high comparatives in South Korea the prior year. However, revenue growth was robust at 17%1 YoY, primarily driven by the rollout of own-delivery operations. Asia is already showing a strong start to Q4, validated by orders in South Korea returning to growth during October, setting the stage for GMV growth for the Asia segment in Q4 2025.
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