Delivery Hero reports softer GMV growth amid competition

Online takeaway group Delivery Hero reported an annual gross merchandise value that came in slightly below market expectations.

The result underscores the strain facing food delivery platforms in a tougher economic climate.

The German company said gross merchandise value, a key industry measure tracking the total value of orders processed, rose in 2025 but missed analyst forecasts.

Delivery Hero shares fell 4.87% in trading, adding to a share price decline that has persisted since the start of the year.

The update highlights how competitive intensity and consumer pressure are shaping performance across major delivery markets.

GMV growth misses estimates

Delivery Hero said gross merchandise value increased 9% to 49.2 billion euros in 2025.

Analysts had expected 49.5 billion euros, according to a company compiled poll.

Gross merchandise value is widely used by delivery platforms to show the total value of goods sold across their apps.

While the annual increase reflects continued expansion, the slight shortfall indicates that growth has not fully matched market projections.

Even small gaps against expectations can influence sentiment in a sector that remains highly competitive and closely watched by investors.

The company’s shares have fallen 14.33% since the beginning of the year.

Competitive and economic strain

The company pointed to competitive pressure and a challenging economic environment as factors influencing performance.

Food delivery companies across Europe and other regions have been navigating tighter consumer spending and price sensitive demand.

Delivery Hero said it achieved its target of returning its South Korea business to growth.

It also maintained growth in Saudi Arabia despite strong competition in that market.

Management said the group had shown resilience despite competitive and economic headwinds.

The broader sector has been adjusting to slower order frequency in some cities and continued investment in logistics, technology, and customer incentives.

These factors have kept margins and growth rates under close scrutiny.

Regional focus areas

South Korea and Saudi Arabia remain important markets for Delivery Hero.

The return to growth in South Korea marks a shift after previously facing pressure in that country.

In Saudi Arabia, the company reported that it was able to sustain expansion even as rival platforms compete aggressively for market share.

Both regions have become central to the group’s broader strategy as it balances mature and emerging markets.

Next update due in March

Delivery Hero said it will publish its 2026 full year outlook alongside its annual report on March 26.

Investors will be watching for guidance on profitability, growth targets, and regional performance.

The upcoming report is expected to provide further clarity on how the company plans to navigate competition and consumer trends in the year ahead.

It will also outline how it intends to sustain order value growth while managing costs.

For now, the latest figures suggest that while order values are still rising, growth is being tested by economic conditions and competitive dynamics across its markets.