Delivery Hero (DHER) investor relations material

Transaction overview

• Announced divestment of Taiwan food delivery operations to Grab for $600 million in cash, marking a key milestone in a broader strategic review initiated in December 2025.

• The Taiwan business generated EUR 1.5 billion GMV in 2025, about 3% of group GMV.

• Transaction expected to close in H2 2026, pending regulatory approvals.

• Delivery Hero will provide support services for up to 12 months post-close to ensure a smooth transition.

• Transaction aims to unlock and crystalize shareholder value not previously reflected in trading valuation.

Financial and capital structure impact

• Sale strengthens capital structure, reducing net leverage from 2.7x to 2.2x.

• Proceeds and recent term loan issuance will be used to repay debt and maintain financial flexibility.

• Cash balance strategy aims to optimize debt structure and support long-term interests.

Profitability and operational implications

• EBITDA impact from the Taiwan sale is expected to be marginal in 2026, as platform cost allocations offset positive country-level EBITDA.

• Transitional service agreement will generate some fees, keeping EBITDA and cash flow impact minimal during the migration period.

• Over time, central and tech costs will be adjusted to reflect the reduced business scope.

• Taiwan operations delivered positive adjusted EBITDA before group costs.