EMEA Internet: Newsflow you might have missed...

研报英文原文证据摘录

EMEA Internet: Newsflow you might have missed...

Barclays | EMEA Internet

breach affecting 37.6m users, citing inadequate security and negligence, with the breach linked

to a former employee retaining access credentials.

Barclays' view. Not much read-across to Baemin (DH) the outcome is nonetheless interesting,

and we would highlight that Baemin appears to have somewhat benefited at the time of the

data breach.

•• Global Food Delivery - Consolidation a key theme again in '26 (Barclays Research,

10/06/2026) Food delivery marketplaces are viewed as defensible as the world moves to more

agentic consumer transactions, with ad revenue a partial but manageable risk; in the US, order

growth decelerated in early 2026 with most companies missing organic order growth in Q1,

while competition between Uber and DoorDash has increased; in EMEA, growth remains solid

with consolidation ongoing and competitive intensity easing somewhat in the Middle East but

remaining elevated in LatAm and Europe; Delivery Hero fundamentals are improving with Korea

returning to YoY growth alongside an ongoing strategic review, while Talabat is facing increased

competition from KeeTa and Prosus has reset FY27 targets at iFood with higher investment.

Barclays' view. Overall, we remain constructive on the food delivery space. Growth is solid.

Market consolidation is ongoing (Delivery Hero). Competitive intensity is easing somewhat in

the Middle East, although remains elevated in LatAm and Europe. TAM model available on

request.

•• Talabat / Hungerstation (Delivery Hero) / Ninja (private) - Interest in MENA assests from

Ninja (FT, 09/06/2026)The FT reported that Ninja, a leading KSA quick commerce platform,

was considering a bid for some of Delivery Hero’s Middle East assets including Hungerstation in