Delivery Hero Hits One Billion Quarterly Orders as Quick Commerce Accelerates

Delivery Hero has raised its full-year financial outlook for the second time in 2026 after reporting stronger growth across its delivery platforms. The German company recorded €13.9 billion in gross merchandise value (GMV) during the third quarter, a like-for-like increase of 13.6% year on year, while revenue rose 22% on the same basis to €4.3 billion.

The results mark a significant acceleration in the company’s performance. Delivery Hero handled 1.001 billion orders during the quarter, its first quarter above one billion, reflecting growing customer engagement and the expansion of its everyday delivery services.

The company now expects GMV to grow between 10% and 12% in 2026, compared with its previous forecast of 9% to 11%. Its revenue growth forecast has increased to 18% to 20%, from 17% to 19%, while adjusted EBITDA is now projected at €980 million to €1.02 billion, up from €960 million to €1 billion. The company also raised its free cash flow outlook to more than €300 million, from more than €250 million.

Quick Commerce Becomes a Major Growth Engine

Rapid delivery of groceries and everyday essentials is becoming an increasingly important part of Delivery Hero’s business model.

The company reported 39% like-for-like growth in quick-commerce GMV during the third quarter. These operations accounted for 19% of total group GMV, supported by a network of approximately 900 Dmarts, small fulfilment centres designed to enable rapid deliveries.

This expansion reflects a broader change in consumer expectations. Customers increasingly use delivery platforms for routine purchases, including groceries and household essentials, alongside restaurant meals.

For operators, this creates opportunities to increase order frequency and build stronger customer relationships. It also requires investment in local fulfilment infrastructure, inventory management and delivery efficiency.

Subscription Models Strengthen Customer Loyalty

Delivery Hero is also seeing greater engagement from customers using its subscription services.

Subscribers generated 51% of the group’s GMV in the third quarter, while 62% of GMV came from customers using multiple service categories across its platforms. Both figures indicate the importance of encouraging customers to use delivery services more frequently and across different needs.

Subscription programmes can help platforms build recurring customer relationships through benefits such as reduced delivery fees and exclusive offers. For businesses, the model can support retention and provide more predictable purchasing patterns.

The commercial challenge is to maintain customer loyalty while ensuring that discounts, delivery costs and operational investments support sustainable margins.

Uber Takeover Adds Another Dimension

Delivery Hero’s growth comes as its shareholders weigh a voluntary takeover offer from Uber, which the company’s management and supervisory boards have recommended they accept. The acceptance period for the offer of €41.50 per share runs through November 5, 2026. The proposed transaction is expected to close in the second half of 2027, subject to regulatory approvals and other customary conditions.

The offer adds a strategic dimension to Delivery Hero’s latest results. Strong operating performance could influence how investors assess the company’s prospects, while the potential acquisition would reshape the competitive landscape of international food delivery.

Delivery Hero is also evaluating the future of its foodpanda business in Taiwan after Taiwan’s Fair Trade Commission blocked its planned US$600 million sale to Singapore-based Grab on 21 October. The company says the Taiwanese business continues to operate as normal, and chief executive Niklas Östberg told Reuters that the options include continuing to run it or finding another buyer.

The Battle for Everyday Consumer Spending

Delivery Hero’s latest results highlight how delivery platforms are expanding their role in everyday consumer spending. Restaurant orders remain central to the category, but grocery delivery, subscriptions and multi-category services are creating additional opportunities for growth.

The next challenge is converting that expansion into durable profitability across different markets. Delivery speed, customer experience, local operating costs and purchasing frequency will remain important factors in determining which platforms can sustain their competitive positions.

For Delivery Hero, the latest forecast upgrade signals confidence in its current growth strategy as it navigates both an evolving consumer market and a potential ownership transition.