Delivery Hero Shares Bounce From Oversold Territory on Solid Earnings

Delivery Hero SE shares (ETR: DHER) experienced a notable rebound today, with DHER surging 7.5% following the release of its Q3 2025 financial results. This upward movement comes after the stock had been heavily oversold, indicated by a Relative Strength Index (RSI) of 17.1, suggesting that the market may have overreacted to previous concerns.

Despite today's gains, the stock remains down 26.48% year-to-date, highlighting the challenges the company has faced in the broader market environment.

Q3 Financials

Delivery Hero's Q3 2025 results revealed a Gross Merchandise Value (GMV) increase of 7% year-over-year on a like-for-like basis, reaching €12.2 billion. Total Segment Revenue also saw substantial growth, up 22% year-over-year to €3.7 billion. This revenue growth was fueled by expansion in key areas such as the company’s own-delivery logistics, AdTech initiatives, Integrated Verticals, and subscription programs.

The Gross Profit margin improved by 40 basis points to 8.0%, and free cash flow continued to strengthen. At the end of the quarter, the company held a robust cash balance of €2.2 billion, further solidifying its financial stability.

A particularly bright spot in the Q3 results was the performance of Integrated Verticals, which achieved its first-ever positive quarterly Adjusted EBITDA. This segment is now on track for full-year break-even, demonstrating the effectiveness of Delivery Hero's diversification strategy.

Furthermore, the company anticipates GMV growth to accelerate in Q4 2025, driven by a recovery in its Asian markets, with South Korea showing a return to order growth in October. The quick commerce segment, including rapid delivery of groceries and other items, achieved its first quarterly profit in Q3 and is on track to break even for the full year.

Revised Full-Year Guidance, Mixed

Despite the positive Q3 performance, Delivery Hero has revised its full-year 2025 financial guidance. The company now anticipates annual GMV growth at the upper end of the previously guided 8-10% range on a like-for-like basis. Total segment revenue is expected to increase by 22-24% year-over-year, an upgrade from the earlier guidance of 17-19%.

However, adjusted EBITDA is now forecasted to be between €900 million and €940 million, down from the prior range of €975 million to €1.025 billion, primarily due to approximately €110 million in foreign exchange headwinds.

The market’s reaction to Delivery Hero's Q3 results suggests that investors are focusing on the company's operational improvements and growth prospects, particularly the anticipated acceleration in GMV growth in Q4.

While foreign exchange challenges have prompted a revision in full-year profit guidance, the company's strong operational performance and optimistic outlook for the fourth quarter suggest a promising trajectory for sustained growth and profitability which may positively impact market sentiment going forward.