Delivery Hero, the parent company of foodpanda, has reported robust growth in its third-quarter earnings, meeting market expectations and anticipating that its annual GMV (Gross Merchandise Volume) growth will reach the upper end of its forecast. The increase in order volume has driven the company’s performance, with Delivery Hero’s third-quarter GMV reaching €12.249 billion, a 9% increase that aligns with analyst expectations. Notably, GMV growth outside of Asia was 25%. The company currently estimates that its full-year GMV growth could reach the upper end of its 7% to 9% forecast.

Delivery Hero, the parent company of foodpanda, has reported robust growth in its third-quarter earnings, meeting market expectations and anticipating that its annual GMV (Gross Merchandise Volume) growth will reach the upper end of its forecast. The increase in order volume has driven the company’s performance, with Delivery Hero’s third-quarter GMV reaching €12.249 billion, a 9% increase that aligns with analyst expectations. Notably, GMV growth outside of Asia was 25%. The company currently estimates that its full-year GMV growth could reach the upper end of its 7% to 9% forecast.

In more detail, Delivery Hero saw a 30% GMV growth in the Middle East and North Africa (MENA) region. Wealth management firm Stifel analysts noted that the GMV growth is a positive sign for both Delivery Hero and its UAE subsidiary, Talabat, which plans to list on the Dubai Stock Exchange in the fourth quarter.

In Asia, despite expanding its market influence through the 2021 acquisition of South Korea’s largest delivery platform, Woowa, Delivery Hero’s third-quarter GMV declined by 6.6%. Additionally, the acquisition of Delivery Hero’s foodpanda Taiwan delivery business by Uber is still awaiting review by the Fair Trade Commission. The Ministry of Labor has also expressed opposition to the deal, while Uber Eats hopes to complete the transaction by 2025.

As of the end of the third quarter, Delivery Hero’s cash balance remained at €1.65 billion, indicating a stable financial position. The company expects its adjusted full-year core profit to be at the lower end of its €725 million to €775 million forecast.