Delivery Hero's Baemin Sees Growth After South Korea Rebuild

BERLIN, Germany — Delivery Hero reported that its South Korean business returned to growth in late 2025, following an 18-month restructuring period.

The company plans to increase investments in customer loyalty programs in South Korea in 2026.

During the first two weeks of its spring discount event, Baemin Festa, participating vendors saw a 40% increase in orders, the company said.

Chief Executive Niklas Oestberg said the restructuring in South Korea included pricing adjustments, a new technology platform, and the launch of a subscription program.

The subscription service now accounts for nearly half of total orders in the market, according to the company.

The company also redesigned its user interface and expanded quick-commerce operations in the country.

Oestberg said Baemin’s market share increased in the second half of 2025.

Credit card issues in South Korea had a minor impact on operations, the company said.

Delivery Hero suspended its restaurant directory services in South Korea during the fiscal year.

Foreign exchange losses from the devaluation of the Korean won partially offset the region's financial performance, the company said.

South Korea’s financial results are reported as part of Delivery Hero’s Asia segment.

For the 2025 fiscal year, the Asia segment reported a gross merchandise value of €20.78 billion.

The segment generated €4.41 billion in revenue before reporting harmonization.

Adjusted EBITDA for the Asia region was €333.1 million, with an EBITDA margin of 1.6% relative to gross merchandise value.