Delivery Hero Is Well-Positioned to Capitalize on Secular Trends

Delivery Hero is one of the fastest-growing food delivery operators in the world. It’s exposed to regions with attractive long-term structural characteristics and is well positioned to benefit from the secular trend of digitization of food delivery orders, in our opinion. A combination of strong positions in concentrated markets, consistent and sticky cohort behavior, profitable delivery operations in the Middle East and North Africa, South Korea, and a significant addressable market underpins Delivery Hero's investment thesis.