Delivery Hero raised its 2026 financial outlook on Thursday, citing stronger demand and improved profitability as the German food delivery company moves toward a potential takeover by Uber.
Revised guidance reflects operational momentum
The Berlin-based company now expects gross merchandise value—the total value of all goods sold through its platform—to grow 9% to 11% this year. That’s up from its previous forecast of 8% to 10%. Analysts had predicted GMV growth of 9.1% on average, with projections reaching €51.63 billion ($60.17 billion).
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed 3.9% to €427 million in the first half of 2026, surpassing the €396 million estimate from analysts. Free cash flow also turned positive, reaching €348 million compared to a €8 million loss in the same period last year.
“We delivered a strong first half, with a further acceleration of GMV growth, adjusted EBITDA ahead of expectations, and a significant step up in cash generation,” said finance chief Marie-Anne Popp. “This performance gives us confidence to raise our full-year guidance across all key metrics.”
The company also lifted its full-year adjusted EBITDA guidance to €960 million to €1 billion, along with improved outlooks for revenue and free cash flow.
Uber’s takeover bid looms in the background
The upgraded forecast comes as Uber’s voluntary takeover offer for Delivery Hero remains in progress. Uber proposed a €41.50-per-share bid in July, valuing the company at roughly €13 billion. The transaction is expected to close in the second half of 2027, though both companies will operate independently until then.
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Shares in Delivery Hero rose 1.3% in early Frankfurt trading following the announcement.
Berenberg analysts noted that easing discounting from competitors and continued platform investments helped drive growth, despite pressure in South Korea and the Middle East and North Africa. They also suggested the current 12% discount to Uber’s offer price might narrow if the bid is sweetened over time.
For now, the company’s stronger-than-expected results suggest it was gaining traction even before Uber’s approach. The improved outlook could also signal confidence in its ability to sustain growth while handling the takeover process.
Still, the deal’s timeline leaves room for uncertainty. Delivery Hero’s independence will continue until the transaction closes, and any shift in market conditions or regulatory hurdles could delay or reshape the outcome. Investors, meanwhile, appear to be weighing the potential benefits of the merger against the company’s standalone performance.
The revised guidance may ease some concerns about Delivery Hero’s ability to compete in a crowded market. But with Uber’s bid still pending, the company’s long-term trajectory remains tied to how the takeover unfolds.
