Delivery Hero Raises Full Year 2019 Revenue Guidance by EUR 200 million

DGAP-News | 19 Jun 2019

DGAP-News: Delivery Hero SE / Key word(s): Change in Forecast

19.06.2019 / 21:19
The issuer is solely responsible for the content of this announcement.

Berlin, 19 June 2019 - Delivery Hero Group ("Delivery Hero"), one of the leading global online food ordering and delivery marketplaces, sees higher investment returns and significantly raises its FY 2019 revenue guidance.

Niklas Östberg, CEO of Delivery Hero, commented:
"The business has outperformed our expectations for the first two months of the second quarter as the number of new customers that order on our platform has accelerated significantly. The impact of our improved product, restaurant coverage, expanded delivery services and the rapid expansion of our early stage markets has been beyond our expectations. We see the trend continuing for the rest of the year."

Trading Update Highlights:
  • Trading in the first two months of the second quarter has exceeded expectations with higher levels of new customers, orders and revenues
  • As a result, Delivery Hero raises its expected full year 2019 revenue guidance by EUR 200 million to between EUR 1.3 and EUR 1.4 billion leading to near 100% year on year growth
  • Expected group growth rates for orders and revenues in Q2 2019 are slightly higher than in Q1 2019 and these higher growth rates are expected to continue in the third and the fourth quarter 2019
  • Business outperformance has been driven by a significant increase in new customer orders as a result of an expansion in the food delivery markets along with improvements in product, restaurant coverage and expansion of own delivery capabilities. This is particularly the case in Asia with higher than expected order growth levels
  • Delivery Hero's adjusted EBITDA for the first five months of 2019 is in line with its previous guidance range for FY 2019. Based on increased investment returns, Delivery Hero seeks to opportunistically invest up to an additional EUR 100 million in the second half 2019 if returns remain attractive
  • The investments are expected to increase revenues by up to EUR 20 million in 2019 and EUR 50 million in 2020, with continued incremental future revenues from returning customers. The revenue increase is already included in the updated revenue guidance for 2019
  • These investments will be focused on new customer acquisition given costs of acquisition have remained flat to lower and take advantage of the early stage and rapidly expanding markets particularly in our Asia and Americas segments
  • The MENA and Europe segments 2019 full year adjusted EBITDA guidance remains the same after the additional investments with:
    • MENA segment expected to generate EUR 70 million of positive adjusted EBITDA for the full year 2019; and
    • Europe expected to break even in the second half of 2019
  • Figures are adjusted for the divestments of India, foodora (Australia, France, Italy & the Netherlands) and Germany
    • Numbers have not been adjusted for smaller acquisitions or divestments
    • The acquisition of Zomato's online food delivery business in UAE consolidated from 1 March 2019. The estimated impact of EUR18m relates to the time of March to December 2019. No like for like adjustment will be made given its limited impact.
  • Revenues presented for Delivery Hero represent the total segment revenues prior to discounts
  • Adjusted EBITDA is the earnings from continuing operations before income taxes, financial result, depreciation and amortization and non-operating earning effects. From January 2019 onwards, adjusted EBITDA reflects adoption of IFRS 16

Financial Calendar 2019:
Event Date
Q2 2019 Trading Update /
Half-year 2019 Report
Sep 4, 2019
Q3/9M 2019 Quarterly Statement Nov 07, 2019

About Delivery Hero:
Delivery Hero is one of the leading global online food ordering and delivery marketplaces. The company maintains number one competitive market positions, in terms of restaurants, active users and orders, and online and mobile platforms, across 33 out of 39 countries in Europe, the Middle East & North Africa (MENA), Latin America and Asia-Pacific. Delivery Hero also operates its own delivery service primarily in over 250 cities around the world. The Company is headquartered in Berlin, Germany and has over 19,000 employees.
For more information, please visit
WKN: A2E4K4; ISIN: DE000A2E4K43
Investor Relations Enquiries
Duncan McIntyre
SVP Corporate Finance & Head of Investor Relations
Media Enquiries
Vincent Pfeifer
Corporate Spokesperson & Senior Manager Corporate Communications

The presentation contains forward looking statements, other 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", "aims", "plans", "predicts", "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. They appear in a number of places throughout this press release and include statements regarding Delivery Hero SE's intentions, beliefs or current expectations concerning, among other things, Delivery Hero SE's prospects, growth, strategies, the industry in which it operates and potential or ongoing acquisitions. By their nature, Forward-looking Statements involve significant risks and uncertainties, because they relate to events and depend on circumstances that may or may not occur in the future. 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. Similarly, past performance should not be taken as an indication of future results, and nor representation or warranty, express or implied, is made regarding future performance. The development of Delivery Hero SE's prospects, growth, strategies, the industry in which it operates, and the effect of acquisitions on Delivery Hero SE may differ materially from those made in or suggested by the Forward-looking Statements contained in this presentation or past performance. In addition, even if the development of Delivery Hero SE's prospects, growth, strategies and the industry in which it operates are consistent with the Forward-looking Statements contained in this presentation or past performance, those developments may not be indicative of Delivery Hero SE's results, liquidity or financial position or of results or developments in subsequent periods not covered by this presentation. Any Forward-Looking Statements only speak as at the date of this press release is provided to the recipient and it is up to the recipient to make its own assessment of the validity of any Forward-looking Statements and assumptions. No liability whatsoever is accepted by Delivery Hero SE in respect of the achievement of such Forward-looking Statements and assumptions.

19.06.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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