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

EQS-News: Delivery Hero SE / Key word(s): Strategic Company
Decision/Statement
Letter to our shareholders: Focus on unlocking value through delivering
operational and financial improvements as well as evaluating strategic
options

09.12.2025 / 17:54 CET/CEST
The issuer is solely responsible for the content of this announcement.

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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 -EUR900m of Adj. EBITDA in the last twelve months (LTM Q3-2025),
    compared to a loss of EUR1,087m Adj. EBITDA in 2021, representing an
    improvement in Adj. EBITDA of roughly EUR2bn 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 -EUR38bn GMV in 2021 to -EUR50bn 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 EUR14bn 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 -EUR2.2bn plus an additional
    RCF of -EUR0.8bn (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.

                Kristin Skogen Lund             Niklas Östberg
     Chair of the Supervisory Board    Chief Executive Officer

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


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   Language:       English
   Company:        Delivery Hero SE
                   Oranienburger Straße 70
                   10117 Berlin
                   Germany
   Phone:          +49 (0)30 5444 59 105
   Fax:            +49 (0)30 5444 59 024
   E-mail:         ir@deliveryhero.com
   Internet:       www.deliveryhero.com
   ISIN:           DE000A2E4K43
   WKN:            A2E4K4
   Indices:        MDAX
   Listed:         Regulated Market in Frankfurt (Prime Standard);
                   Regulated Unofficial Market in Berlin, Dusseldorf,
                   Hamburg, Hanover, Munich, Stuttgart, Tradegate
                   Exchange; London, OTC QB, OTC QX, SIX, Vienna Stock
                   Exchange
   EQS News ID:    2242764

End of News EQS News Service
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2242764 09.12.2025 CET/CEST