Letter to our shareholders: Focus on unlocking value through delivering operational and financial improvements as well as evaluating strategic options

Berlin, 09 December, 2025  

Letter to our shareholders: Focus on unlocking value through delivering operational and financial improvements as well as evaluating strategic options

Dear Shareholders:

2025 has been another year of operational progress. Some of our improvements included significantly progressing on a full global platform migration, getting Asia back to growth, maintaining growth in Saudi Arabia despite elevated competition, streamlining our cost structure, and simplifying our corporate structure. Despite this significant progress and our relentless focus to always deliver the best possible customer proposition, we acknowledge that the share price performance has been disappointing for all of us. With this letter, we want to provide our fellow shareholders a brief recap of Delivery Hero’s operational and structural improvements and reiterate that we as the Management and Supervisory Boards are taking the necessary steps to drive shareholder value, which includes assessing various strategic options.

Delivery Hero is operationally in a much stronger position today than ever before. We have remained laser focused on delivering the best experience and service to our customers, restaurant partners, stores and riders, while executing a “profitable growth” strategy at scale.

• We successfully pivoted to a “profitable growth” strategy. We have delivered ~€900m of Adj. EBITDA in the last twelve months (LTM Q3-2025), compared to a loss of €1,087m Adj. EBITDA in 2021, representing an improvement in Adj. EBITDA of roughly €2bn over 4 years.
• We generate ~90% of our GMV in markets where Delivery Hero holds the #1 position.
• While undergoing this significant paradigm shift, we managed to grow our business from ~€38bn GMV in 2021 to ~€50bn GMV to date (LTM Q3-2025), representing a ~7% CAGR, substantially outperforming our European food delivery peers. Over the same period, we multiplied our revenues by >2x and have delivered more than €14bn in revenues to date (LTM Q3-2025).     
• We successfully streamlined our cost structure by focusing on operational efficiencies, resulting in best-in-class levels of G&A and development costs as % of GMV.
• We settled significant legal litigation and have made important adaptations to further align our operations with relevant regulations.
• We have significantly strengthened our balance sheet and financial flexibility as we upsized and extended the maturity of our Term Loan B in April 2024 whilst using the Term Loan B and talabat IPO proceeds to buy back convertible bonds. Our net leverage has been successfully reduced and we have a large cash balance of ~€2.2bn plus an additional RCF of ~€0.8bn (as of Q3-2025). 
• We have taken the tough but necessary corporate actions to reduce our footprint in unprofitable countries, such as Thailand, Denmark, Ghana, Slovenia and Slovakia.
• Through the $2bn talabat IPO, which valued the company at $10bn and introduced a 20% stake to the public market, we have demonstrated our ability to monetize and localize assets.
• Despite fierce competition from international players in some of our most important markets, such as South Korea, Saudi Arabia and the UAE, we have successfully maintained our #1 category share across all these markets, while also retaining profitability.
• Through our relentless focus on superior customer proposition, in two markets where competition was the most intense and where competitors used aggressive vouchering and discounts, we have started to see a reversal in share gains without jeopardizing our guided profitability targets.    

Despite all of these operational achievements, we are disappointed by the share price performance and valuation of Delivery Hero. We want to reassure our shareholders that the Company remains fully committed to addressing this matter. Together, the Management and Supervisory Boards will continue to make the required efforts to drive long-term shareholder value.

With this objective in mind, Delivery Hero has retained financial and legal advisors, who have been supporting us in recent months in proactively assessing various strategic options for our Group with the aim of making Delivery Hero an even stronger company and unlocking shareholder value going forward.

Together with our advisors, we have been evaluating strategic options, including:

• Conducting “best-owner” evaluations for select assets / country operations
• Assessing strategic partnerships for select assets / country operations
• Evaluating capital market transactions for select assets / country operations
• Reviewing value enhancing capital structure / capital allocation measures

The outcome of this assessment may result in the decision to pursue and execute select strategic measures, aiming to create value for our shareholders.

With this letter, the Management and Supervisory Boards of Delivery Hero are reiterating our strong commitment to addressing the current share price performance and valuation by assessing various strategic options and keeping our relentless focus on operational and financial improvements. We have always been fully committed to our customers, restaurant partners and shops and will continue to always deliver an amazing experience while further strengthening the world's leading local delivery platform.

ABOUT DELIVERY HERO

Delivery Hero is the world’s leading local delivery platform, operating its service in around 70 countries across Asia, Europe, Latin America, the Middle East and Africa. The Company started as a food delivery service in 2011 and today runs its own delivery platform on four continents. Additionally, Delivery Hero is pioneering quick commerce, the next generation of e-commerce, aiming to bring groceries and household goods to customers in under one hour and often in 20 to 30 minutes. Headquartered in Berlin, Germany, Delivery Hero has been listed on the Frankfurt Stock Exchange since 2017 and is part of the MDAX stock market index. For more information, please visit www.deliveryhero.com

MEDIA CONTACT

Corporate & Financial Communications

press@deliveryhero.com

INVESTOR RELATIONS CONTACT

ir@deliveryhero.com