Delivery Hero SE / DE000A2E4K43

Delivery Hero SE announces preliminary Q4 2023 numbers early, met 2023 guidance and issues guidance for FY 2024

EQS-Ad-hoc: Delivery Hero SE / Key word(s): Preliminary Results/Forecast


05-Feb-2024 / 07:31 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

---

AD-HOC RELEASE Disclosure of inside information under Article 17 of Regulation (EU) No 596/2014 on market abuse (Market Abuse Regulation - MAR) Berlin, 5 February 2024 - Delivery Hero SE (“Delivery Hero” or the “Company”, ISIN: DE000A2E4K43, Frankfurt Stock Exchange: DHER), announces preliminary results for Q4 2023 and the FY 2023, confirming the Company’s achievement of the FY 2023 guidance and allowing the Company to issue guidance for the FY 2024. Preliminary results for Q4 2023 and FY 2023 Group GMV grew by 6.7% YoY to EUR 12.3 billion in Q4 2023 and 6.8% YoY to EUR 47.6 billion in FY 2023, which resulted in the Company reaching the 5-7% GMV growth guidance range for FY 2023 (in constant currency and excl. the impact of hyperinflationary accounting)1. Total Segment Revenue increased by 15.7% YoY to EUR 3.0 billion in Q4 2023 and 15.7% YoY to EUR 11.1 billion in FY 2023, in-line with the FY 2023 guidance of “around 15% YoY” (in constant currency and excl. the impact of hyperinflationary accounting)1. The strong result was driven by healthy order growth in many of our geographies. Adj. EBITDA exceeded EUR 250 million in FY 2023, implying an adj. EBITDA uplift of more than EUR 870 million compared to the FY 2022. This amounts to an adj. EBITDA/GMV margin of 1.1% in H2 2023 and 0.6% in FY 2023 (including the negative impact from hyperinflationary accounting), both in line with our previous guidance. Delivery Hero’s Management Board confirms that the Company reached Free Cash Flow2 break-even during H2 2023 and the Free Cash Flow2 development improved in H2 2023 by more than EUR 330 million YoY. In H2 2023, Delivery Hero generated Free Cash Flow2 of between EUR -0.1 billion and EUR 0.0 billion and cash flow from other activities (including M&A related payments and interest) of EUR -0.2 billion. At the end of FY 2023, cash and cash equivalents amounted to EUR 1.7 billion. Guidance for FY 2024 For FY 2024, Delivery Hero anticipates Group GMV growth of 7-9% YoY3, Total Segment Revenue growth of 15-17% YoY3 and an adj. EBITDA of EUR 725-775 million3. Furthermore, Delivery Hero expects to generate a positive Free Cash Flow for FY 20243. This outlook is based on Delivery Hero’s current Group structure. Together with this ad-hoc notification, Delivery Hero has published a press release with preliminary numbers for Q4 2023 and FY 2023. Delivery Hero will publish additional preliminary numbers for Q4 2023 and FY 2023 in its Trading Update in combination with a conference call as previously scheduled on February 14, 2024. The final numbers for Q4 2023 and FY 2023 may deviate from the preliminary results indicated in this ad-hoc release. All numbers presented in this ad-hoc release are unaudited and based on preliminary information. These figures may be adjusted based on the ongoing audit procedures to the 2023 combined management report and IFRS consolidated financial statements. The full financial results for FY 2023 will be published in the 2023 Annual Report. Regarding the definition of the alternative performance measures, adjusted EBITDA, Total Segment Revenue and GMV, as well as related information, Delivery Hero refers to the corresponding definition in its 2022 Annual Report on page 79 under the chapter A “Group Profile” within the Combined Management Report, which has been published on the Company’s Investor Relations website.   Note: Given the extraordinary devaluation of the Argentine Peso by more than 50% in December 2023 and the application of hyperinflationary accounting standards according to IAS 29, the Group was facing an hyperinflationary impact of around EUR 550 million on GMV and of around EUR 180 million of Segment Revenue in Argentina in Q4 2023. Thus, including hyperinflation, Group GMV grew by 5.5% YoY in FY 2023 and Total Segment Revenue grew by 13.8% YoY in FY 2023 in constant currency.
  Free Cash Flow is calculated as cash flow from operations (changes in working capital exclude receivables from payment service providers and restaurant liabilities) less capital expenditures (CapEx) and payment of lease liabilities. Free Cash Flow excludes interest income and expense.
  GMV growth and Total Segment Revenue growth in FY 2024 in constant currency and excluding hyperinflationary accounting. Adj. EBITDA and Free Cash Flow in FY 2024 in reported currency and including hyperinflationary accounting.   *************  

Investor Relations Enquiries Christoph Bast Head of Investor Relations [e-mail]

Media Enquiries Isobel Hambleton Corporate Communications [e-mail]

  Disclaimer This release may contain forward looking statements, estimates, opinions and projections with respect to anticipated future performance of Delivery Hero SE ("forward-looking statements"). These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "intends," "may," "will" or "should" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current views, expectations and assumptions of the management of Delivery Hero SE and involve significant known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Any forward-looking statements included herein only speak as at the date of this release. We undertake no obligation, and do not expect to publicly update, or publicly revise, any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof, whether as a result of new information, future events or otherwise. We accept no liability whatsoever in respect of the achievement of such forward-looking statements and assumptions.   Contact:
Christoph  Bast
Head of Investor Relations

End of Inside Information

---

05-Feb-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com

---

Language:	English
Company:	Delivery Hero SE
	Oranienburger Straße 70
	10117 Berlin
	Germany
Phone:	[phone]
Fax:	[phone]
E-mail:	[e-mail]
Internet:	www.deliveryhero.com
ISIN:	DE000A2E4K43
WKN:	A2E4K4
Indices:	MDAX
Listed:	Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; London, OTC QB, OTC QX, SIX, Vienna Stock Exchange
EQS News ID:	1829715

End of Announcement	EQS News Service

---

1829715  05-Feb-2024 CET/CEST