Delivery Hero has raised its 2026 growth forecast to 9%–11% following a strong first-half profit performance. While operations are showing strength, the company reported a net loss due to high financing costs and legal provisions, as it continues to work toward its $14.8 billion acquisition by Uber expected to close in 2027.
Delivery Hero has updated its growth guidance for 2026, raising its forecast for Gross Merchandise Value (GMV) growth to a range of 9% to 11%, up from the earlier estimate of 8% to 10%. This revision follows a strong operational performance in the first half of the year, where the company reported an adjusted EBITDA of €426.7 million, surpassing the consensus analyst estimate of €387.7 million.
Despite this operational improvement, the company’s bottom line remains under pressure. Delivery Hero reported a net loss of €392.4 million for the first half of 2026, a figure that missed market expectations. This loss was largely driven by heavy financial burdens, including high financing costs and substantial legal provisions. The company set aside €172.7 million to cover antitrust issues and other legal matters, which significantly impacted the final profit numbers.
Uber Acquisition Context
The company is currently navigating the final stages before its planned $14.8 billion acquisition by Uber. The deal, which includes a share price of €41.50, is a major focus for shareholders. As part of the transition, Delivery Hero plans to divest operations in 14 markets to SSW Partners. The transaction is complex and is currently expected to finalize in the second half of 2027. Investors are closely monitoring this timeline, as any delay could extend the company's exposure to current market risks and financing costs.
Operational Risks
While the company is seeing success in capturing value by reducing aggressive discounting in regions like South Korea and the Middle East, challenges remain. The high legal provisions highlight the ongoing antitrust risks that regulators are examining. Furthermore, the company continues to face pressure from higher interest expenses, which is common for firms managing significant debt loads in the current environment. The ability of the business to maintain its operational momentum while dealing with these legal and financial hurdles will be a key factor for the market.
Looking ahead, the primary monitorables for investors include updates on the regulatory approval process for the Uber deal, the actual cash impact of the legal provisions, and whether the company can sustain its improved margin performance in its core markets. The focus will remain on whether operational efficiency gains can outweigh the financing and legal costs until the acquisition process concludes in 2027.