Delivery Hero Cuts Full-Year Profit Outlook as FX Erodes Gains

Delivery Hero SE reported second-quarter like-for-like revenue of €3.7 billion, a 27% year-on-year increase that slightly exceeded analysts’ expectations. The German online food-delivery group attributed the growth to stronger performances across several markets and continued rollout of its own courier network in South Korea. First-half adjusted EBITDA rose 71% to €411 million. Despite the operational progress, the company cut its full-year guidance for adjusted earnings and free cash flow. Management cited exchange-rate headwinds stemming from a stronger euro against U.S.-dollar-pegged currencies and the South Korean won, saying profitability would otherwise have been on track to meet earlier targets. Asia, led by South Korea, accounted for more than one-third of global sales in the quarter.