Europe Movers: Delivery Hero, Euronext, Tate &Lyle

Inga Muller
17 Feb, 2025
Frankfurt

Benchmark indexes in Europe jumped nearly 1%, driven by a surge in defense stocks in Europe. 

The DAX index increased by 0.9% to 22,713.24, the CAC-40 index edged higher 0.04% to 8,181.49, and the FTSE 100 index increased by 0.2% to 8,753.54. 

The yield on 10-year German bonds inched higher to 2.48%, French bonds increased to 3.17%, the UK gilts moved up to 4.59%, and Italian bonds edged higher to 3.55%.

Delivery Hero SE gained 2.4% to €30.30 after Germany’s online food ordering and delivery company reported fourth quarter and fiscal year 2024 results.

Revenue in 2024 increased 22% to €12.8 billion from €10.5 billion, and adjusted EBITDA swung to a loss of €750 million from a profit of €254 million a year ago.

Total segment revenue in the fourth quarter rose to €3.52 billion from €2.67 billion a year ago, supported by strong growth in Europe, the Middle East and North Africa, and the Americas.

In Asia, the gross merchandise volumes dropped 11.2% in the quarter and 7.7% in the full year.

For fiscal 2025, Delivery Hero estimated gross merchandise volumes to increase between 8% and 10%, total segment revenue to increase between 17% and 19%, and adjusted EBITDA between €975 million and €1.02 billion.

The company plans to buy back approximately €1.0 billion of convertible bonds due in 2025, 2026, and 2027.

Euronext NV jumped 2.2% to €118.30 after the European bourse operator reported revenue growth in the fourth quarter ending in December.

Revenue in fiscal 2024 increased 10.3% to €1.63 billion from €1.47 billion, net income climbed 14% to €682.5 million from €584.7 million, and earnings per diluted share rose 16.6% to €5.63 from €4.83 a year ago.

The company proposed a dividend of €292.8 million, an increase of 14% from 2023 and 50% of 2024 reported net income, for the shareholder approval at the annual general meeting scheduled on May 15.

Last year, Euronext announced a share repurchase program for a maximum amount of €300 million, effective through November 2025.

Revenue in the fourth quarter increased 11.1% to €415.8 million from €374.1 million, net income jumped 10.8% to €144.6 million from €130.6 million, and earnings per diluted share rose 12.1% to €1.39 from €1.24 a year ago.

Tate & Lyle Plc. dropped 2.2% to 577 pence after the British food ingredients provider lowered its 2025 revenue guidance.

For the year ending March 31, excluding CP Kelco, the company estimated revenue in constant currency in the mid-single-digit percent lower and for EBITDA growth to be towards the lower end of guidance between 4% and 7%.

For the three months ending in December, group revenue increased 14% to £423 million, supported by strong growth in the company’s sucralose segment.

Tate & Lyle completed its £215 million share buyback program and returned net proceeds from the sale of its remaining interest in Primient to shareholders.

On January 23, the company priced a multi-tranche debt offering of $300 million and €275 million in the private placement offering.