Delivery Hero (ETR: DHER) shares surged more than 7% Thursday after the food delivery company reported first-quarter results that came in slightly ahead of expectations, though the stock remains down 10.1% year to date.
mwb Research analyst Alexander Zienkowicz maintained a Buy rating and €28.00 price target on the stock following the update, saying the quarter confirms a solid start to the year.
Delivery Hero reported first-quarter gross merchandise value of €12.5 billion, up 8.8% year over year on a like-for-like basis, modestly ahead of consensus estimates of roughly €12.3 billion.
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Total segment revenue reached €3.7 billion, up 17.8% year over year on a like-for-like basis. Reported growth remained subdued at around 1% due to foreign exchange headwinds across all regions.
Regional trends improved across the board. Korea returned to positive GMV growth on a constant currency basis, while MENA remained the key growth engine, with Saudi Arabia standing out on the back of high subscription penetration and expanding Quick Commerce. Spain saw temporary weakness tied to a rider transition, which management expects to reverse.
mwb Research noted that Quick Commerce was a standout, growing roughly 30% year over year and expanding its share of total GMV to 18%. Delivery Hero reiterated its full-year 2026 guidance, with management confidence skewing toward the upper end of its adjusted EBITDA range of €910 million to €960 million.
“Guidance was reiterated, with confidence skewing towards the upper end,” Zienkowicz wrote. mwb Research saw 46.3% upside in the stock prior to Thursday’s session.
“Overall, Q1 confirms a solid start to the year, with growth in line with guidance and underlying trends showing improvement despite FX headwinds,” the analyst added. “Momentum in Korea and MENA is strengthening, while Spain is set to recover. The agreed Taiwan disposal and Uber’s increased ~7% stake further support the equity
story amid an ongoing Prosus sell-down.”
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