Delivery Hero SE

Investor Presentation • Aug 12, 2021

Always delivering an amazing experience

Fast, easy and to your door

Growth as No. 1 Priority

Invest for Leadership

Build Tech & Product Leadership

Profitability

40% in short/mid-term (2017 IPO target) >30% in the long-term

Further strengthen our position across the most attractive regions

Invest in innovation to build a third generation ondemand platform

Drive profitability through scale and automation Long term adj. EBITDA margin

target of 5-8% of GMV

Q2 2021 Trading Update

Case Studies

2021 Outlook

• As a reminder:
  • ‒ Woowa transaction closed 4 March 2021
  • ‒ Main condition of the Woowa transaction approval by the KFTC was the divestment of Delivery Hero Korea (ongoing)
• In order to give a better picture of the Group profile going forward and in line with our reporting in our Q1 2021 Trading Update, we will be presenting pro forma numbers that are:
  • ‒ Including Woowa from 1 January 2021 onwards
  • ‒ Excluding Delivery Hero Korea from 1 January 2021 onwards
  • ‒ For better comparison, historic data is also restated
• The H1 2021 report will be published on 26 August 2021. Due to the IFRS reporting standards it will include Delivery Hero Korea from 1 January 2021 and Woowa from 5 March 2021 onwards.

10th consecutive quarter of total segment revenue growth of ~100% (+105% YoY reported/+115% YoY adj. for FX)

Successful start of our own delivery offering at Woowa (Baemin 1) in Korea

Further expansion of Dmarts: +84 new stores in Q2 2021, leading to a total of 687¹ at end of June

Foodpanda launch in Germany on track

Sale of Balkan² operations to Glovo for a transaction value of approx. €170m

Further progress on ESG: Sustainable Packaging Project initiated

1. Including 34 B-marts as part of Woowa.

2. Sale of Romanian activities announced in Q2 2021, closing still subject to antitrust approval.

730m ORDERS +79% YoY

€8.4bn GMV

€1.5bn TOTAL SEGMENT REVENUE¹

All values including Woowa and excluding Delivery Hero Korea.

1. Total Segment Revenue is defined as revenue in accordance with IFRS 15, excluding the effect of vouchers and other discounts. Difference between group revenues and the sum of segment revenues is mainly due to intersegment consolidation adjustments for services charged by the Platform Businesses to the Integrated Verticals Businesses (Q2 2021: €-35.2m).

1. Total Segment Revenue is defined as revenue in accordance with IFRS 15, excluding the effect of vouchers and other discounts. Difference between total segment revenue and the sum of segment revenues is mainly due to intersegment consolidation adjustments for services charged by the Platform Businesses to the Integrated Verticals Businesses (Q2 2021: €-35.2m).

2. Includes reported current growth rates for Argentina and Lebanon in the constant currency calculation due to the effects of hyperinflation in Argentina and Lebanon.

Q2'20 Q2'21 Q2'20 Q2'21 Q2'20 Q2'21

284

485

+71%

MENA benefits from easier comparable numbers as Q2/20 suffered significantly from Covid-19 curfews

Own-delivery at 44% of orders in Q2 2021 (Q2 2020: 42%)

MENA revenues, adjusted EBITDA, Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the Lebanese operations qualifying as hyperinflationary economy according to IAS 29 beginning October 2020. In Q2 2021 GMV & revenues have been retrospectively adjusted with a total impact of +€0.7m and +€0.1m, respectively.

1. Includes reported current growth rates for Lebanon in the constant currency calculation due to the effects of hyperinflation in Lebanon.

Despite a gradual ease of COVID related restrictions, strong order growth of 63% YoY in Q2 2021 and still 48% in July 2021

Own-delivery at 33% of orders in Q2 2021 (Q2 2020: 26%)

Americas revenues, adjusted EBITDA, Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the Argentinian operations qualifying as hyperinflationary economy according to IAS 29 beginning 1 September 2018. In Q2 2021 GMV & revenues have been retrospectively adjusted with a total impact of +€17.4m and +€4.0m, respectively.

1. Includes reported current growth rates for Argentina in the constant currency calculation due to the effects of hyperinflation in Argentina.

13 1. The agent business with local vendors is captured in the platform business segments. DH Kitchens (capturing various types of kitchen models).

1. Including 34 B-marts as part of Woowa.

Contribution Margin¹of Own-Delivery (Before Voucher Costs² ) as a % of GMV Values excluding Delivery Hero Korea and not yet including Woowa

1. Contribution margin relates to Platform business and includes the costs of the physical delivery of the order as well as the transmission and support costs of the order (i.e. payment costs, dispatching costs, customer support). The contribution margin shown above differs from IFRS gross profit, because the former excludes certain non-commission revenue like advertising revenues, whereas the latter excludes i.e. customer support costs, bad debt expenses and includes voucher costs.

Contribution Margin¹of Own-Delivery (After Voucher Costs² ) as a % of GMV Values excluding Delivery Hero Korea and not yet including Woowa

1. Contribution margin relates to Platform business and includes the costs of the physical delivery of the order as well as the transmission and support costs of the order (i.e. payment costs, dispatching costs, customer support). The contribution margin shown above differs from IFRS gross profit, because the former excludes certain non-commission revenue like advertising revenues, whereas the latter excludes i.e. customer support costs and bad debt expenses.

in €bn

Capex: 0.8% of GMV (4.4% of total segment revenues in H1 2021)

M&A & Investments: Mainly cash component for Woowa acquisition and purchase of Deliveroo stake

Glovo Rappi Deliveroo JET Zomato Others

Large portfolio of minority investments in the global food delivery space and adjacent businesses

Already generated very attractive returns in the double-digit and sometimes even in the tripledigit percentages.

Q2 2021 Trading Update

Case Studies

2021 Outlook

Development since launch in June 2021

Share of OD orders in Korea doubled to 8% in June (vs. January) as we quickly expanded OD to 29% in Seoul. Now expanding to new cities and plan to achieve >15% in Korea until year-end.

Pricing model: 12% commission + 3% payment fee + KRW 6,000 delivery fee after promotional period (AFV currently KRW 21,000)

Continuously strengthen our position in Korea.

Comparison of Average Basket Value (ABV) Dmarts vs. Food Delivery

Values for all Dmarts active in Jan 2021 vs Jun 2021

(weighted average ratio of ABV Dmarts relative to ABV Food)

Average Daily Orders per Store by Store Operating Month Values for cohort of stores active since June 2020 or before

Currently re-investing efficiency gains to expand our footprint – focusing on faster delivery times, customer acquisitions, competitive pricing, etc. in order to grab more market share.

Q2 2021 Trading Update

Case Studies

2021 Outlook

The below outlook includes Woowa on a pro forma basis as of 1 January 2021 and excludes Delivery Hero Korea from the same date onwards.

GMV	€33bn to €35bn Previously: €31bn to €34bn
Total Segment Revenue	€6.4bn to €6.7bn Previously: €6.1bn to €6.6bn
Adjusted EBITDA margin	around -2% of GMV Previously: -1.5% to -2.0% Including negative EBITDA investments of ~€550m	The 2021 adjusted EBITDA margin target already includes negative ~€550m EBITDA investments for: •Integrated Verticals (mostly Dmarts) •New Markets (Japan, Vietnam, Germany, Peru, Ecuador, etc.)

Appendix

	2020							2021
in €m	Q 1	Q 2	H 1	Q 3	Q 4	F Y	Q 1	Q 2	H 1
Delivery Hero Group
Orders	352.2	408.1	760.3	520.5	610.1	1,890.8	662.8	730.3	1,393.1
% YoY Growth	85.8%	88.0%	87.0%	98.6%	96.3%	93.0%	88.2%	78.9%	83.2%
% OD Orders	38.1%	45.9%	42.3%	46.6%	47.3%	45.1%	47.9%	49.9%	48.9%
GMV1,2	4,240.0	4,815.3	9,055.3	5,804.0	6,946.4	21,805.8	7,769.7	8,388.8	16,158.5
% YoY Growth (RC)3	61.4%	66.7%	64.2%	75.9%	81.3%	72.4%	83.2%	74.2%	78.4%
% YoY Growth (CC)4	63.9%	69.6%	66.9%	85.5%	91.0%	79.0%	92.2%	80.8%	86.1%
Revenue1,2	631.3	757.5	1,388.8	946.3	1,152.6	3,487.7	1,351.6	1,549.9	2,901.6
% YoY Growth (RC)3	96.7%	102.7%	99.9%	107.8%	101.5%	102.5%	114.1%	104.6%	108.9%
% YoY Growth (CC)4	97.2%	105.0%	101.4%	119.4%	114.8%	110.6%	127.0%	115.1%	120.5%
Intersegment consolidation5	(1.0)	(2.7)	(3.8)	(4.9)	(9.5)	(18.2)	(19.2)	(35.2)	(54.5)
Adj. EBITDA1,2			(323.5)			(590.2)			(332.3)
EBITDA Margin % (GMV)			-3.6%			-2.7%			-2.1%
Asia
Orders	223.3	284.4	507.7	347.8	399.1	1,254.5	430.6	485.5	916.1
% YoY Growth	134.0%	151.5%	143.5%	133.6%	117.9%	132.1%	92.9%	70.7%	80.5%
% OD Orders	39.3%	46.8%	43.5%	47.6%	47.5%	45.9%	47.4%	49.9%	48.7%
GMV	2,800.6	3,323.5	6,124.1	3,870.1	4,661.9	14,656.0	5,129.4	5,588.6	10,718.0
% YoY Growth (RC)3	82.4%	97.5%	90.3%	95.2%	96.8%	93.6%	83.2%	68.2%	75.0%
% YoY Growth (CC)4	86.0%	100.2%	93.5%	103.3%	102.5%	98.8%	88.3%	71.0%	78.9%
Revenue	290.8	391.0	681.8	450.1	541.7	1,673.6	620.1	720.2	1,340.4
% YoY Growth (RC)3	141.5%	175.0%	159.6%	135.2%	102.1%	131.8%	113.2%	84.2%	96.6%
% YoY Growth (CC)4	141.4%	174.8%	159.5%	143.6%	109.6%	136.8%	121.5%	90.2%	103.5%
Adj. EBITDA			(205.8)			(406.2)
EBITDA Margin % (GMV)			-3.4%			-2.8%
MENA
Orders	84.7	66.5	151.2	107.7	127.4	386.3	140.0	147.9	287.9
% YoY Growth	31.3%	-5.9%	11.9%	40.0%	47.3%	29.4%	65.2%	122.4%	90.4%
% OD Orders	35.1%	41.6%	38.0%	40.6%	41.3%	39.8%	43.9%	43.7%	43.8%
GMV1,2	956.8	822.1	1,778.9	1,206.3	1,350.4	4,335.6	1,537.7	1,617.3	3,155.0
% YoY Growth (RC)3	28.5%	1.0%	14.1%	30.0%	36.3%	24.7%	60.7%	96.7%	77.4%
% YoY Growth (CC)4	28.1%	2.4%	14.7%	43.8%	57.1%	34.5%	83.2%	123.8%	102.0%
Revenue1,2	202.3	165.9	368.1	246.2	279.9	894.3	325.5	359.3	684.9
% YoY Growth (RC)3	40.6%	1.0%	19.5%	27.5%	30.3%	24.9%	60.9%	116.6%	86.0%
% YoY Growth (CC)4	38.4%	1.0%	18.5%	37.7%	45.3%	31.7%	79.4%	142.4%	107.8%
Adj. EBITDA1,2			18.8			98.6
EBITDA Margin % (GMV)			1.1%			2.3%

1. Americas and MENA revenues, adjusted EBITDA, Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the Argentinian and Lebanese operations qualifying as hyperinflationary economies according to IAS 29 beginning 1 September 2018 and October 2020 respectively.

2. Includes Reported Currency growth rates for Argentina and Lebanon in the Constant Currency calculations due to the effects of hyperinflation in the respective countries.

3. RC = Reported Currency Growth / CC = Constant Currency Growth.

4. Difference between total segment revenue and the sum of segment revenues is mainly due to intersegment consolidation adjustments for services charged by the Platform Businesses to the Integrated Verticals Businesses.

5. Preliminary values. Auditor review not yet completed at the time of publication (12 August 2021) therefore changes might occur.

		2020						2021
in €m	Q 1	Q 2	H 1	Q 3	Q 4	F Y	Q 1	Q 2	H 1
Europe
Orders	25.4	30.6	56.0	32.0	40.6	128.7	47.0	49.8	96.8
% YoY Growth	32.9%	47.4%	40.4%	54.8%	66.4%	51.4%	84.7%	62.8%	72.7%
% OD Orders	19.0%	26.3%	23.0%	25.8%	28.3%	25.4%	31.4%	33.4%	32.4%
GMV	320.5	420.3	740.8	426.4	570.3	1,737.5	682.4	718.7	1,401.1
% YoY Growth (RC)3	38.1%	69.1%	54.1%	65.0%	84.9%	65.9%	112.9%	71.0%	89.1%
% YoY Growth (CC)4	40.0%	72.8%	57.0%	66.9%	86.8%	68.2%	112.6%	68.3%	87.5%
Revenue	57.5	76.1	133.6	80.4	109.1	323.1	136.6	149.3	285.9
% YoY Growth (RC)3	55.6%	84.4%	70.8%	88.1%	108.5%	86.4%	137.5%	96.3%	114.0%
% YoY Growth (CC)4	58.3%	89.7%	74.9%	90.8%	111.0%	89.7%	136.5%	92.0%	111.2%
Adj. EBITDA			(7.9)			(2.2)
EBITDA Margin % (GMV)			-1.1%			-0.1%
Americas
Orders	18.7	26.6	45.3	33.0	43.0	121.3	45.2	47.1	92.3
% YoY Growth	79.2%	111.2%	96.7%	112.0%	156.4%	119.1%	141.4%	77.1%	103.6%
% OD Orders	62.5%	70.8%	67.3%	76.2%	81.9%	74.9%	83.4%	86.3%	84.9%
GMV1,2	162.1	249.4	411.5	301.3	363.8	1,076.6	420.1	464.3	884.4
% YoY Growth (RC)3	41.5%	74.8%	60.0%	129.6%	120.2%	94.5%	159.2%	86.1%	114.9%
% YoY Growth (CC)4	48.3%	85.4%	68.9%	148.7%	136.4%	108.0%	172.6%	90.9%	123.0%
Revenue1,2	37.8	57.2	95.0	72.5	89.9	257.4	107.0	119.9	226.9
% YoY Growth (RC)3	93.0%	119.5%	108.1%	157.4%	145.6%	133.1%	182.8%	109.6%	138.8%
% YoY Growth (CC)4	102.8%	132.5%	119.7%	178.0%	163.5%	149.1%	196.7%	114.7%	147.4%
Adj. EBITDA1,2			(79.1)			(143.1)
EBITDA Margin % (GMV)			-19.2%			-13.3%
Integrated Verticals
Orders	4.3	6.1	10.4	10.1	14.2	34.7	17.0	21.5	38.4	Orders and GMV are accounted for in
% YoY Growth							296.1%	249.4%	268.6%	the respective Platform segments and
% OD Orders	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	shown in the Integrated Verticals
GMV	45.7	72.3	118.0	103.8	148.9	370.7	193.2	256.2	449.4	segment for illustrative purposes only
% YoY Growth (RC)3							322.9%	254.5%	281.0%
% YoY Growth (CC)4							360.4%	279.6%	310.9%
Revenue	43.8	70.1	113.9	102.1	141.4	357.4	181.6	236.4	418.0
% YoY Growth (RC)3							314.6%	237.3%	267.0%
% YoY Growth (CC)4							351.7%	263.3%	297.3%
Adj. EBITDA			(49.4)			(137.2)
EBITDA Margin % (GMV)			-41.9%			-37.0%

1. Americas and MENA revenues, adjusted EBITDA, Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the Argentinian and Lebanese operations qualifying as hyperinflationary economies according to IAS 29 beginning 1 September 2018 and October 2020 respectively.

2. Includes Reported Currency growth rates for Argentina and Lebanon in the Constant Currency calculations due to the effects of hyperinflation in the respective countries.

3. RC = Reported Currency Growth / CC = Constant Currency Growth.

Consolidation Change Since Q1 2020

	Europe	MENA	Asia	Americas
Acquisitions	Germany (Honest Food)	UAE, Qatar, Bahrain, Egypt and Lebanon (InstaShop)	South Korea (Woowa Group)	Peru, Ecuador, Costa Rica, Honduras and Guatemala (Glovo)
Divestments	Balkan (Bosnia and Herzegovina, Bulgaria, Montenegro, Serbia)1			Colombia (iFood JV)2 Uruguay (Motwer) Canada (Foodora)

Additional Explanations

The pro forma figures have been retrospectively adjusted for the divestment of the German operations in 2018, the anticipated divestment of Delivery Hero Korea, and the acquisition of Woowa.

• Gross Merchandise Value (GMV) is the total value paid by customers (including VAT, delivery fees, other fees and subsidies).
• Total Segment Revenue is defined as revenue in accordance with IFRS 15, excluding the effect of vouchers and other discounts.
• Constant currency provides an indication of the business performance by removing the impact of foreign exchange rate movements. Due to hyperinflation in Argentina and Lebanon we have included reported current growth rates for Argentina and Lebanon in the constant currency calculation to provide a more accurate picture of the underlying business.
• MENA revenues, adjusted EBITDA, GMV as well as the respective growth rates are impacted by the Lebanese operations qualifying as hyperinflationary economy according to IAS 29 beginning October 2020.
• Americas revenues, adjusted EBITDA, GMV as well as the respective growth rates are impacted by the Argentinian operations qualifying as hyperinflationary economy according to IAS 29 beginning 1 September 2018.
• Contribution margin relates to Platform business and includes the costs of the physical delivery of the order as well as the transmission and support costs of the order (i.e. payment costs, dispatching costs, customer support).

29

• For the purposes of this notice, "presentation" means this document, its contents or any part of it. This presentation does not, and is not intended to, constitute or form part of, and should not be construed as, an offer to sell, or a solicitation of an offer to purchase, subscribe for or otherwise acquire, any part of it form the basis of or be relied upon in connection with or act as any inducement to enter into any contract or commitment or investment decision whatsoever.
• This presentation is neither an advertisement nor a prospectus and should not be relied upon in making any investment decision to purchase, subscribe for or otherwise acquire any securities. The information and opinions contained in this presentation are provided as at the date of this presentation, are subject to change without notice and do not purport to contain all information that may be required to evaluate Delivery Hero SE. Delivery Hero SE undertakes no obligation to update or revise this presentation. No reliance may or should be placed for any purpose whatsoever on the information contained in this presentation, or any other information discussed verbally, or on its completeness, accuracy or fairness.
• The information in this presentation is of preliminary and abbreviated nature and may be subject to updating, revision and amendment, and such information may change materially. Neither Delivery Hero SE nor any of its directors, officers, employees, agents or affiliates undertakes or is under any duty to update this presentation or to correct any inaccuracies in any such information which may become apparent or to provide any additional information.
• The presentation and discussion contain forward looking statements, other estimates, opinions and projections with respect to anticipated future performance of Delivery Hero SE ("Forward-looking Statements"). These Forward-looking Statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "aims", "plans", "predicts", "may", "will" or "should" or, in each case, their negative, or other variations or comparable terminology. These Forward-looking Statements include all matters that are not historical facts. They appear in a number of places throughout this presentation and include statements regarding Delivery Hero SE's intentions, beliefs or current expectations concerning, among other things, Delivery Hero SE's prospects, growth, strategies, the industry in which it operates and potential or ongoing acquisitions. By their nature, Forward-looking Statements involve significant risks and uncertainties, because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking Statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Similarly, past performance should not be taken as an indication of future results, and nor representation or warranty, express or implied, is made regarding future performance. The development of Delivery Hero SE's prospects, growth, strategies, the industry in which it operates, and the effect of acquisitions on Delivery Hero SE may differ materially from those made in or suggested by the Forward-looking Statements contained in this presentation or past performance. In addition, even if the development of Delivery Hero SE's prospects, growth, strategies and the industry in which it operates are consistent with the Forward-looking Statements contained in this presentation or past performance, those developments may not be indicative of Delivery Hero SE's results, liquidity or financial position or of results or developments in subsequent periods not covered by this presentation. Any Forward-Looking Statements only speak as at the date of this presentation is provided to the recipient and it is up to the recipient to make its own assessment of the validity of any Forward-looking Statements and assumptions. No liability whatsoever is accepted by Delivery Hero SE in respect of the achievement of such Forward-looking Statements and assumptions.