Published by Global Banking & Finance Review®
Posted on February 27, 2026
2 min readLast updated: April 2, 2026
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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
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 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.
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.
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.
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)
GMV grew 9% to 49.2 billion euros, slightly below the analysts' average estimate of 49.5 billion euros in a company-compiled poll.
Shares, down 14.4% since the start of the year including the session, fell 5.4% in early trading after the report.
Jefferies noted Asia returned to growth on a like-for-like basis, and orders in South Korea rose again.
The company cited competitive pressure and a challenging economic environment, while the sector faced selective consumer spending amid ongoing price inflation.
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.
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