Delivery Hero Se Unsp/Adr

Welcome to the Delivery Hero Q4 2024 Training Update conference call and live webcast. I'm Moritz, the chorus call operator. I would like to remind you that all participants will be in a listen-only mode and the conference is being recorded. The presentation will be followed by a question and answer session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it's a pleasure to hand over to Christoph Bust, Head of Investor Relations. Please go ahead.

Hello and welcome everyone. Thank you very much for joining our Q4 2024 earnings call. We would like to remind you again that this call is being webcast and a replay will be available later today on our website. Joining me today are Niklas Oerstberg, CEO, and Marianne Popp, CFO of DeliverHero, who will walk us through the key highlights of our Q4 performance. Afterwards, we will be happy to answer your questions. And now, let me hand it over to you, Niklas.

Thanks, Christoph. And hey, everyone, and thanks for listening in. So let's jump straight into it. In Q4, we continued our strong momentum in line with the last quarter's and grew our GMV by 8% in constant currency and excluding the effects from hyperinflation accounting. On a like-for-like basis, we had 8.6% GMV growth in Q4. Even more exciting, growth outside of Asia accelerated further from 25% in Q3 to 27% year-on-year in Q4. This is growth far exceeding all our peers globally. As we already announced in November, 2024 was a transition year for the Asia segment. And we soon will have all the fundamental pieces in place to grow sustainably. I'm very confident that we activated the right drivers to return to growth. And a sign of that is that we are backing GMV growth in eight out of 12 countries in Q4 while having a parallel substantially improved profitability. Total segment revenue continued to significantly outgrow GMV with a 23% year-on-year increase in the quarter. This puts our full-year revenue growth to 22%, exceeding our already increased full-year guidance which was upper end of 18 to 21%. This also had a positive impact on our profitability and led to a further increase of our adjusted EBITDA, both in year-on-year comparison as well as for quarter-on-quarter. Year-on-year EBITDA or adjusted EBITDA improved significantly by almost 500 million euro and came in at around 750 million euro. thereby also exceeding our full year guidance, which was the lower end of 725 and 775 million euros. In line with the profitability improvements, free cash flow also improved considerably to around 100 million euro and came in at the upper end of our already increased guidance of 50 to 100 million euro. Lastly, the recent Talabat IPO proceeds significantly reduced our net debt to 1.9 billion euro and the leverage ratio down to 2.5 times. Now on to the next slide for an actual versus guidance comparison. And here, GMV came in on target despite the discontinuation of free delivery for non-subscribers in Korea. This encouraging news is based on all the changes we made in Korea. We have now also start to see good trends end of December. Total segment revenue exceeded our guidance even after the guidance increase in November. And adjusted EBITDA was clearly ahead of our guidance and driven by higher earnings in Korea based on improved efficiency in our own delivery service and strong ad revenues. In addition, the Americas and MENA segment had very strong finishes to the year. This then ultimately also drove a better free cash flow, which came in at the upper end of our guidance. Now move to the next slide. Not much to say on this. Yeah, solid GMV and revenue growth. Let's go to the next slide. So here, you can see that we recorded revenue growth rates of around 25 to 35% outside of Asia. And despite the challenges we had in Korea throughout 2024, even the Asia segment recorded a double-digit revenue growth rate. Now, let me hand over to Marianne for more details. Marianne.