Delivery Hero: Latest thoughts + feedback from Talabat mgmt. meetings

Research evidence excerpt

Delivery Hero: Latest thoughts + feedback from Talabat mgmt. meetings

Equity Research

EMEA Internet

10 June 2026

Delivery Hero

Latest thoughts + feedback from

Talabat mgmt. meetings

Recap of events in last two weeks with thoughts as well as DHER.DE/DHER GR OVERWEIGHT

feedback from hosting Talabat CFO this week. Debate on DH EMEA Internet POSITIVE

remains offer for whole company vs value from a break-up. Price Target EUR 39.10

Price (09-Jun-26) EUR 37.98

Potential Upside/Downside +2.9%

Recap of news flow since our May 25 note Source: Bloomberg, Barclays Research

We published a first take on the Delivery Hero situation on May 25 (here). Below we update our

EMEA Internetlatest thoughts based on newsflow in the past two weeks.

Andrew Ross, CFA

1. Aspex selling shares to Uber; Uber reportedly lining up another bid +44 (0)20 7773 3023

andrew.ross@barclays.com

The news Barclays, UK

Guillaume Galland, CFA

Aspex sold some of its stake in Delivery Hero to Uber (covered by Ross Sandler) on May 27 for a +44 (0)20 7773 4061

reported price in the high €30s / share (Bloomberg, 27 May). This takes the Uber stake to 24.90% guillaume.galland@barclays.com

with as much as 37% including option structures. The FT article referred to Uber still reportedly Barclays, UK

weighing up another offer for Delivery Hero with a decision “weeks away”.

Olivia Venancio

+44 (0)20 3555 0278Our view

olivia.venancio@barclays.com

•• A signal towards a higher Uber offer. We view this as a clear statement of intent from Uber Barclays, UK

in increasing its stake further and it sets a minimum level for any voluntary offer to come. Yash Jain

According to the FT (here. 27 May), Uber has pledged to compensate Aspex if a transaction for +91 (0)22 6175 3418

DH ends up happening higher than this transaction price.