Delivery Hero / Talabat Holding Plc: Thoughts on Uber + model update for Talabat Q1 and recent news flow

研报英文原文证据摘录

Delivery Hero / Talabat Holding Plc: Thoughts on Uber + model update for Talabat Q1 and recent news flow

Equity Research

19 May 2026

Delivery Hero / Talabat Holding Plc

Thoughts on Uber + model update

for Talabat Q1 and recent news

EMEA Internetflow

POSITIVE

Increase Talabat PT to AED 1.40 and Delivery Hero PT to Unchanged

€39.10. Still see paths to value realisation across the structure EMEA Internet Andrew Ross, CFA

in 2026. Uber increasing shareholding in DH is a reminder of +44 (0)20 7773 3023

strategic value of assets. OW both Talabat and DH. andrew.ross@barclays.comBarclays, UK

Guillaume Galland, CFA

Thoughts on Uber. Outlined in detail later in the note, but Uber (covered by Ross Sandler) has +44 (0)20 7773 4061

increased its stake in Delivery Hero to 19.5% with an additional 5.6% in an option structure (vs guillaume.galland@barclays.com

7% prior, see note on original share purchase here). Our base case is the additional purchase is Barclays, UK

not from Prosus but monitoring the filings in the next couple of days will be interesting to piece Olivia Venancio

together any information on potential sellers. But this signals to us that Uber sees strategic +44 (0)20 3555 0278

value in the DH assets. It remains to be seen if there is any conversation with the EU/EC about olivia.venancio@barclays.com

the Uber shareholding in DH, even without a board seat or disproportionate influence. It will Barclays, UK

also be interesting to see if it has any implications for the existing agreement between Prosus Yash Jain

and the EC to sell down stake in DH to an undetermined level below 10% by August (our base +91 (0)22 6175 3418

case remains not and Prosus will continue to sell). This strategic involvement alongside last yash.jain2@barclays.com