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Delivery Hero published its Q1 2026 trading update on Thursday, with group GMV growing 8.8% on a like-for-like basis to €12.5 billion. The headline numbers landed broadly in line with consensus.
What the trading update didn't say plainly, but what the parent company's separately filed annual statements for FY2025 make explicit, is that the Berlin-listed group has become structurally dependent on its MENA operations.
In FY2025, MENA generated €546 million in adjusted EBITDA at a 3.7% EBITDA-to-GMV margin. Group EBITDA was €903 million. On those numbers, the MENA segment delivered roughly 60% of group profitability from around 30% of group GMV. No other region comes close. Asia ran at 1.6%. Americas at 2.5%. Europe was loss-making at minus 0.8%.
Source: Delivery Hero’s Q1 2026 Trading Update
Delivery Hero MENA Holding GmbH, the German entity that sits above the regional operations, recorded FY2025 net income of €235.5 million. As of January 1, 2025, that entity is now bound by a profit and loss transfer agreement with Delivery Hero SE, meaning the Berlin parent consumes MENA's profit directly through the German tax group.
Without that flow, the parent's FY2025 net loss of €860.9 million would be considerably worse.
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