Shareholder Overhaul Reshapes Delivery Hero as Prosus Cuts and JPMorgan Builds

Prosus forced sell-down, Aspex activist stake, and Wall Street banks positions reshape Delivery Hero's ownership ahead of June AGM amid strong Q1 results and leadership transition.

Delivery Hero's shareholder register is undergoing its most significant upheaval in years, with a forced sell-down by Prosus, an activist build-up by Aspex Management, and fresh positions from Wall Street banks all converging ahead of the company's June annual general meeting. The Berlin-based food delivery group, which closed Friday at €28.99, has seen its stock surge more than 37% over the past 30 days, putting it within 2% of its 52-week high of €29.60 set in September 2025.

JPMorgan Chase & Co. disclosed on May 15 that its aggregate stake had risen to 6.68% from 4.48%, with the threshold crossed on May 8. The holding breaks down into 2.36% in directly attributable voting rights and 4.32% in instruments — primarily rights to use third-party convertible bonds. Morgan Stanley also reported a position, now holding 14.38% on a cumulative basis (11.36% direct voting rights, the remainder via instruments). Both banks have stressed the moves stem from market-making and client facilitation, not strategic intent.

The real structural shift involves South African internet group Prosus. Following European Commission approval of its Just Eat Takeaway acquisition in 2025, Prosus must reduce its Delivery Hero stake from the current 17% to below 10% by late summer. The first tranche — a 5-percentage-point block — was sold to Aspex Management, which has now built its holding to roughly 14–15%. That positions Aspex as the second-largest shareholder heading into the AGM on June 23, where it is likely to push harder on capital discipline, margins and strategic direction.

Operationally, Delivery Hero is delivering the numbers to support the narrative. First-quarter 2026 gross merchandise value reached €12.5 billion, up 8.8% on a currency-adjusted basis. Quick commerce posted the standout performance, with GMV growth of 30%, now accounting for 18% of total revenue. Quick commerce remains the swing factor in how fast the company can turn profitable versus how much investment it still requires.

The stock's recent rally — up 25.12% in the past seven days alone — has boosted technical indicators. The share price now sits 34.6% above its 200-day moving average, while the relative strength index at 38.1 suggests the move hasn't become overheated yet. Jefferies maintains a Buy rating with a €29 price target, a level the stock practically matched on Friday's close.

On the capital side, Delivery Hero published a document in early May for the admission of over 3.6 million new shares without a prospectus, destined primarily to settle restricted stock units from employee programmes. Meanwhile, founder Niklas Östberg will remain as CEO to oversee ongoing M&A processes while the supervisory board searches for a successor, aiming to finalise the appointment by the end of 2026. Östberg has previously indicated he plans to step down by March 2027.

The AGM next month will therefore bring together a transformed shareholder base with a company in the midst of a leadership transition — and a forced seller in Prosus that still has up to seven percentage points to offload. How the market absorbs those remaining shares will likely determine whether Delivery Hero can break decisively above its 52-week high or consolidate in the near term.