Is Delivery Hero profitable in 2026?

Group-level FY2025 adjusted EBITDA topped €900 million (+30% YoY) with free cash flow above €200 million, per results reported March 26, 2026. However, the Delivery Hero SE holding entity itself posted a net loss of €860.9 million in its HGB annual accounts for 2025.

Is Delivery Hero being acquired by Uber?

Yes. Uber announced on July 16, 2026 a deal to acquire Delivery Hero for €41.50 per share in cash, valuing the company at roughly €13 billion (about $14.8 billion). The deal is expected to close in H2 2027 pending antitrust clearance across many jurisdictions.

Who owns Delivery Hero now?

As of July 2026, Delivery Hero is still an independent public company (Frankfurt/MDAX, ticker DHER), but Prosus has given an irrevocable undertaking to sell its remaining ~16.8% stake to Uber once the acquisition completes, expected H2 2027.

Is Delivery Hero losing market share to Meituan?

Yes in Asia. Third-party research firm Momentum Works reported on July 7, 2026 that Meituan's Keeta overtook foodpanda in Hong Kong within just 29 months of entry, and foodpanda's Southeast Asia share fell from about 22% in 2021 to about 11% in 2025.

Could AI replace Delivery Hero's business?

Unlikely to replace it outright. Delivery Hero's moat is physical last-mile logistics, merchant networks and regulatory licenses across MENA and LatAm. The company instead uses AI internally, including an in-house coding agent called Herogen, launched February 2026, and a target to automate 85% of first-line customer service by 2026.

Who is Delivery Hero's biggest competitor?

Depends on region: Meituan (via Keeta) is displacing foodpanda in Hong Kong and Southeast Asia as of 2025, DoorDash competes globally after acquiring Deliveroo in 2025, and Uber Eats, now Delivery Hero's own acquirer, posted about $17.24 billion FY2025 revenue.

E-commerce and marketplaces · acquisition pending · Germany

Delivery Hero

deliveryhero.com ↗

German operator of food and quick-commerce delivery marketplaces across MENA, LatAm, and Asia.

Losing its protection

Assessed 22 July 2026 · Evidence as of 22 July 2026

The structural protection is eroding.

On the recordSince 22 July 2026 · Checkable from H2 2027 · Every call on the record Checkpoint: Antitrust approvals across EU, UK, MENA, and LatAm for the Uber acquisition

The call

The company Delivery Hero is being priced out of existence by Uber while Meituan's Keeta chips away at its Asian markets in the meantime.

Delivery Hero runs food delivery apps in the Middle East, Latin America, and Southeast Asia, competing with local restaurants and stores. The company built real advantages in dense neighborhoods and merchant relationships, but its share in Southeast Asia dropped sharply as Meituan and Keeta copied the model, proving those advantages only work in certain regions with legal protections or first-mover advantages. Uber is buying the company for cash and closing the deal in late 2027, so the independent company will no longer exist; if regulators delay approval or change the terms, the deal could break and force the company to compete again on its own weakened standing.

Why

AI pressure: AI ordering agents from OpenAI, Google, and Amazon that place food orders directly. If AI agents book meals directly through merchant APIs, Delivery Hero's app becomes a pass-through instead of the destination. Could AI do the core job? Unlikely.

Bigger players: Uber. Uber agreed to buy Delivery Hero outright for 41.50 euros a share, cash, announced July 2026, with close expected H2 2027. Could a giant copy it? No, they are blocked.

What protects it. Dense merchant and rider networks plus regulatory licenses in MENA and LatAm, especially Talabat's Gulf position.

What would change this call

Uber's acquisition of Delivery Hero closes in H2 2027 as structured. Confirms independent Delivery Hero ends and it becomes an Uber-owned unit.
Antitrust delay or repricing of the Uber deal past Q4 2027. Signals deal trouble, board pressure, and possible strategic review pivot.
foodpanda's SEA/Hong Kong market share vs Keeta in 2026 reports. Shows whether Asia share losses are stabilizing or continuing to erode.

Key numbers

Uber deal values Delivery Hero at about 13 billion euros (2026-07-16)
foodpanda SEA share fell from 22% to 11% (2025)
FY2025 adjusted EBITDA topped 900 million euros, up 30% (2026-03-26)

Named risks

Uber acquisition may not close as structured due to antitrust review across many jurisdictions before H2 2027. Severity: high
Continued Asia market share loss to Meituan's Keeta and other regional rivals through 2025-2026. Severity: high
Leadership vacuum with CEO Niklas Ostberg departing by March 31, 2027 amid deal uncertainty. Severity: medium
Follow-on civil damages litigation possible after EUR329 million EU cartel fine published July 2025. Severity: medium
Parallel SSW Partners divestiture (~$1.6bn) and Grab Taiwan sale are conditional on the main Uber deal completing. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Uber	losing to	Uber agreed to acquire Delivery Hero outright for EUR41.50/share, announced 2026-07-16
Meituan (Keeta)	losing to	Keeta overtook foodpanda in Hong Kong within 29 months, became profitable, per Momentum Works 2026-07-07
Grab	contesting	Delivery Hero agreed to sell foodpanda Taiwan to Grab for $600m, announced 2026-03-23
DoorDash	contesting	DoorDash acquired Deliveroo in 2025 and posted $13.71bn FY2025 revenue vs DH's EUR14.8bn
Just Eat Takeaway.com	contesting	Prosus-owned rival closed its own acquisition in October 2025, reshaping European competitive landscape

Questions people ask

Is Delivery Hero profitable in 2026?: Group-level FY2025 adjusted EBITDA topped €900 million (+30% YoY) with free cash flow above €200 million, per results reported March 26, 2026. However, the Delivery Hero SE holding entity itself posted a net loss of €860.9 million in its HGB annual accounts for 2025.
Is Delivery Hero being acquired by Uber?: Yes. Uber announced on July 16, 2026 a deal to acquire Delivery Hero for €41.50 per share in cash, valuing the company at roughly €13 billion (about $14.8 billion). The deal is expected to close in H2 2027 pending antitrust clearance across many jurisdictions.
Who owns Delivery Hero now?: As of July 2026, Delivery Hero is still an independent public company (Frankfurt/MDAX, ticker DHER), but Prosus has given an irrevocable undertaking to sell its remaining ~16.8% stake to Uber once the acquisition completes, expected H2 2027.
Is Delivery Hero losing market share to Meituan?: Yes in Asia. Third-party research firm Momentum Works reported on July 7, 2026 that Meituan's Keeta overtook foodpanda in Hong Kong within just 29 months of entry, and foodpanda's Southeast Asia share fell from about 22% in 2021 to about 11% in 2025.
Could AI replace Delivery Hero's business?: Unlikely to replace it outright. Delivery Hero's moat is physical last-mile logistics, merchant networks and regulatory licenses across MENA and LatAm. The company instead uses AI internally, including an in-house coding agent called Herogen, launched February 2026, and a target to automate 85% of first-line customer service by 2026.
Who is Delivery Hero's biggest competitor?: Depends on region: Meituan (via Keeta) is displacing foodpanda in Hong Kong and Southeast Asia as of 2025, DoorDash competes globally after acquiring Deliveroo in 2025, and Uber Eats, now Delivery Hero's own acquirer, posted about $17.24 billion FY2025 revenue.

Timeline

2026-07-20Reports confirm Uber deal close expected H2 2027, giving indirect control of Talabat
2026-07-16Uber announces acquisition of Delivery Hero for EUR41.50 per share, about EUR13bn
2026-07-15Prosus gives irrevocable undertaking to sell remaining ~16.8% stake to Uber
2026-07-07Momentum Works reports Keeta overtook foodpanda in Hong Kong within 29 months
2026-05-09Delivery Hero reveals Herogen, in-house LLM coding agent rolled out internally
2026-03-26FY2025 results reported: revenue EUR14.8bn, adj EBITDA up 30% to over EUR900m
2026-03-23Delivery Hero agrees to sell foodpanda Taiwan to Grab for $600 million
2025-08-26EU cartel fine of EUR329m against Delivery Hero and Glovo made public
2025-03-11Uber terminates original Foodpanda Taiwan acquisition citing regulatory hurdles
2024-12-03Talabat IPOs 20% on Dubai Financial Market, raising about $2bn

Revision history

22 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

In the same band

Wayfair Meituan Shein Group