Delivery Hero shareholders said to push for sale, divestment

Delivery Hero is under pressure from several major shareholders to consider selling the company or divesting parts of its business.

The Berlin-based food delivery company has seen its shares drop 53% over the past year, reducing its market value to about €5.2 billion (US$6.1 billion).

Shareholders including Hong Kong’s Aspex Management, Singapore’s Broad Peak Investment Advisers, and Switzerland’s PSquared Asset Management have expressed frustration with Delivery Hero’s financial performance.

At least one large US fund has also raised concerns about the company’s portfolio strategy.

Some investors are calling for a broader review after previous unsuccessful attempts to sell assets, including its Taiwan unit.

Potential buyers for Delivery Hero or its units could include Meituan, Grab, or Uber, sources said. Baedal Minjok, Delivery Hero’s Korean food delivery app, is seen as a particularly attractive asset.

🔗 Source: Bloomberg

🧠 Food for thought

Implications, context, and why it matters.

Balance sheet stress could force Delivery Hero’s hand sooner than expected

Shareholder pressure matters, yet the balance sheet sets the pace. Net debt, interest costs, and near-term maturities drive urgency. Cash stood at EUR 2.2 billion after EUR 900 million of convertible buybacks and EUR 500 million of extraordinary outflows in Q3 2025 1.
Free cash flow was 0.4% of Gross Merchandise Value (GMV) in fiscal year (FY) 2024 1. Guidance tops EUR 120 million for 2025, with a negative foreign exchange (FX) hit 1. Debt service and daily funding look tight. This squeeze boosts investor influence, even with GMV up 7% and revenue up 22% year over year in Q3 2025 1.

Investors and acquirers should target the Middle East and North Africa (MENA) and Korea first in any carve-out scenario

If a portfolio review moves ahead, the most valuable pieces for a carve-out (spinning off or selling a business unit) or sale likely sit in MENA and Korea. That includes Talabat, a food-delivery brand in the Gulf region, and Baedal Minjok (Baemin) in Korea. Management reported strong momentum in Korea and Saudi Arabia as Q3 2025 growth drivers 1.
Technology consultancies and systems integrators that offer carve-out services should target strategic buyers such as Meituan, Grab or Uber as reported by Bloomberg. They could gain cost and revenue benefits from regional leaders. Event-driven investors should track segment-level EBITDA for these units. EBITDA means earnings before interest, taxes, depreciation and amortization. Delivery Hero posted an 8.0% gross profit margin with better adjusted EBITDA in Q3 2025 1.