Finance
Delivery Hero's growth disappoints in 2025, but Asia recovers
Published by Global Banking & Finance Review®
Posted on February 27, 2026
2 min readLast updated: February 27, 2026
Quick Summary
Delivery Hero’s 2025 GMV rose 9% to about €49.2bn, but came in slightly under consensus, underscoring how consumer caution and competition are still capping top-line momentum. Management and analysts nonetheless point to improving trends in Asia—especially Korea—as early-2026 demand signals turn mor
Delivery Hero 2025 GMV Misses Forecasts as Shares Fall, Asia Rebounds
Delivery Hero Results, Market Reaction, and Strategic Review
Report and Key GMV Metrics
By Ozan Ergenay
Feb 27 (Reuters) - Online takeaway food company Delivery Hero on Friday reported 2025 gross merchandise value (GMV) slightly below market expectations, hampered by competitive pressure and a challenging economic environment.
The German company's GMV, a common metric for delivery firms measuring the total value of all goods sold, grew 9% to 49.2 billion euros ($58.08 billion) annually, compared with analysts' average estimate of 49.5 billion euros in a company-compiled poll.
Shares and Analyst Commentary
Shares in Delivery Hero, which were down 14.4% since the start of the year including today's session, fell 5.4% in early trading.
Analysts at Jefferies said that the company had finished the year with a soft GMV, but highlighted bright spots with Asia returning to growth on a like-for-like basis and orders in South Korea rising again.
Management View on Regional Trends
Chief Financial Officer Marie-Anne Popp said in a call with Reuters that the company can see encouraging signs at the beginning of this year throughout the region.
"We also operate in markets like Argentina and Turkey that can be very volatile and difficult, and what we see interestingly is that it has reasonably little impact because people will still order," Popp said.
Industry Backdrop: Consumer Spending and Inflation
Food delivery firms have been struggling as customers, hit by soaring prices and higher bills, are still selective in their spending as price inflation continues, albeit at a slower pace.
Strategic Review and Shareholder Pressure
DELIVERY HERO PURSUES STRATEGIC REVIEW
Asked about Delivery Hero's reviewing strategic options announced in December last year, Popp said that the company remains actively engaged in that process.
"We look into all options to provide value to shareholders, that's really the purpose of the exercise and that's an ongoing process. We'll update when we can," she added.
In November, Bloomberg News reported the company was under pressure from several large shareholders to carry out a strategic review.
($1 = 0.8471 euros)
(Reporting by Ozan Ergenay in Gdansk, editing by Matt Scuffham)
Key Takeaways
- •GMV growth was solid but missed expectations: FY2025 group GMV increased to €49.1968bn (+9% like-for-like), while Q4 GMV was €12.4015bn and down on a reported-currency basis, highlighting FX/hyperinflation and divestment effects that can mask underlying momentum. (deliveryhero.com)
- •Asia is stabilizing after a weak 2025 on reported figures: Delivery Hero’s Asia GMV in the company KPI table fell year-on-year in reported euros (FY2025: €20.78bn vs FY2024: €23.41bn), but the company and Street have separately flagged a return to growth in Asia driven by a Korea turnaround and improving late-2025 demand. (deliveryhero.com)
- •Strategic review remains a live catalyst amid investor pressure and sector consolidation: the board has been exploring value-unlocking options (including asset sales/partnerships), with investors scrutinizing competitive threats (e.g., Meituan in parts of MENA) and ownership dynamics around major shareholder Prosus. (ft.com)
References
Frequently Asked Questions about Delivery Hero's growth disappoints in 2025, but Asia recovers
1What was Delivery Hero's 2025 GMV and how did it compare with estimates?
GMV grew 9% to 49.2 billion euros, slightly below the analysts' average estimate of 49.5 billion euros in a company-compiled poll.
2How did Delivery Hero shares react to the 2025 GMV report?
Shares, down 14.4% since the start of the year including the session, fell 5.4% in early trading after the report.
3Which regions showed improvement for Delivery Hero toward year-end?
Jefferies noted Asia returned to growth on a like-for-like basis, and orders in South Korea rose again.
4What factors weighed on Delivery Hero's growth in 2025?
The company cited competitive pressure and a challenging economic environment, while the sector faced selective consumer spending amid ongoing price inflation.
5What did Delivery Hero say about its strategic review process?
CFO Marie-Anne Popp said the company remains actively engaged, is looking into all options to provide value to shareholders, and will update when it can.
