Delivery Hero Se Unsp/Adr

Ladies and gentlemen, welcome to the Delivery Hero Q1 2024 Trading Update, conference call and live webcast. I'm Vicky, the operator. I would like to remind you that all participants will be in listen-only mode and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and 1 on your telephone. For operator assistance, Please press star then zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Christoph Bast, Head of IR. Please go ahead, sir.

Hello and welcome everyone. Thank you very much for joining our Q1 2024 earnings call. We would like to remind you that this call is being webcast and a replay will be available later today on our website. With me today, we have Niklas Oerstbeck, CEO and Emmanuel Thomasson, CFO of Delivery Hero, who will take us through the most relevant aspects of our Q1 performance. After that, we look forward to answering your questions. And now let me hand it over to you, Niklas.

Thank you, Christoph, and hey everyone, and thanks for listening in. We have a lot to cover, so let's jump straight into our Q1 highlights. Our business continued to show substantial growth, with GMB increased to 8% year-on-year in Q1 on constant currency and excluding effects of hyperinflation accounting. Growth, including hyperinflation accounting, was marginally higher. The positive momentum was driven by healthy order growth, which has been in the double digits across our markets outside of Asia, where GMV has grown in aggregate by 20% year on year this quarter. Total segment revenues continue to significantly outgrow GMV, with a 21% year-on-year increase in the quarter, driven by multiple levers, including ad tech revenues, service and subscription fees, high commission for known delivery, as well as increase in DMARC contribution. This is also why we now increase the revenue guidance range from 15 to 70% year-on-year to 18 to 21% year-on-year on constant currency and excluding hyperinflation. We are further executing our profitable growth strategy, which means not only delivering strong revenue growth, but also substantially enhancing profitability. In Q1, we reached a gross profit margin of 7.7%. That's 60 basis points higher than last year. We expect to continue expanding margins further in the quarters ahead. I'm also very pleased to report that Glovo has been growing exponentially since the acquisition while simultaneously improving profitability. We anticipate that Glovo will achieve a positive adjusted EBITDA in the second half of this year, including group cost. Additionally, DMARTS is progressing well as we continue to execute our optimization initiatives. We now anticipate a positive adjusted EBITDA for DMARTS by the end of 2024. We also executed a refinancing transaction during Q1. benefiting from highly supported debt capital markets and very healthy investor interests from our debt investors. The transactions further enhance the maturity profile of our debt obligation while improving the associated interest rates. Our next upcoming debt outflow amounts to less than 100 million euro in July 2025. As mentioned before, we are in the comfortable position to repay all of our debt maturities organically over the coming years through our own cash flow, if so desired. Now on to the next slide, please. Both GMV and revenue continued their positive development as we had healthy order development in most of our segments. We continue to grow the business while delivering substantial profit and cash flow improvements. Next slide shows the strong momentum has come from almost all segments. If you take a look at slide five here, you can get a very good understanding of where our growth is coming from. During the quarter, four out of five segments were generating strong double-digit revenue growth in constant currency and excluding hyperinflation accounting, Also including hyperinflation accounting, I believe, as it was even possibly affected. But Mina here, growing almost 30% year-on-year. Again, including hyperinflation accounting, growth was marginally higher. Now, let me hand it over to Emmanuel, who will give a deeper dive into the financials.