Delivery Hero SE

Investor Presentation • Aug 27, 2020

InstaShop Acquisition and Publication of H1 2020 Financial Report

August 27th, 2020

Acquisition of InstaShop

H1 2020 Financial Report

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Introduction to InstaShop

Wide variety of products from

select store partners

• Commission rate
• Delivery fee
• CPG1 visibility and analytics products

Deal Summary

Delivery Hero has acquired all of the outstanding shares of InstaShop, based on a valuation of USD 360 million

InstaShop brings significant industry expertise and a strong local team to Delivery Hero's family of entrepreneurs and brands with the opportunity to expand its footprint globally

Acquisition of InstaShop

H1 2020 Financial Report

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H1 2020 Financial Report

Delivery Hero SE This document is strictly confidential and may not be copied, used, made available or be disclosed to third parties without prior written permission.

YoY growth rates on a constant currency pro forma basis

1. Total Segment Revenue is defined as Revenue before subtraction of voucher expenses

Confirming 2020E Guidance1

2020E Guidance

Total Segment Revenues

€2.6bn to €2.8bn

Adjusted EBITDA margin

-14% to -18%

Plus additional investments of up to €150m

• Flexibility of additional investments of up to €150m (including €20m to €30m for the launch of new operations in Japan)
• Funds intended to be opportunistically allocated to extend leadership positions where required
  • COVID-19 related costs will be absorbed in group guidance
  • Up to €50m negative impact on adjusted EBITDA in MENA platform business from COVID-19 curfews

• Profitability outlined for 2 platform segments:

• Europe expected to remain break even in 2020

• MENA adjusted EBITDA expected to remain higher in 2020 vs. 2019

Delivery Hero KPIs (1/2)

in €m	2018								2019	2020
	Q1	Q2	H1	Q3	Q4	FY	Q1	Q2	H1	Q3	Q4	FY	Q1	Q2	H1
Delivery Hero Group
Orders	80.2	86.4	166.6	94.5	108.3	369.4	124.5	144.2	268.8	181.3	216	666.1	238.5	280.6	519.1
% YoY Growth	51.8%	48.3%	50.0%	49.0%	46.7%	48.8%	55.2%	67.0%	61.4%	91.8%	99.4%	80.3%	91.5%	94.5%	93.1%
% OD Orders	10.2%	11.9%	11.1%	16.4%	19.5%	14.9%	25.0%	29.9%	27.6%	40.4%	44.5%	36.5%	51.5%	62.1%	57.3%
GMV1,2	970.7	1,041.1	2,011.8	1,119.8	1,322.8	4,454.4	1,507.6	1,684.1	3,191.7	1,971.7	2,272.2	7,435.5	2,378.2	2,767.6	5,145.8
% YoY Growth (RC)3	42.5%	40.7%	41.6%	39.7%	45.7%	42.3%	55.3%	61.8%	58.6%	76.1%	71.8%	66.9%	57.7%	64.3%	61.2%
% YoY Growth (CC)4	59.4%	55.6%	57.4%	46.2%	57.8%	54.7%	56.8%	63.7%	60.4%	73.2%	70.0%	66.5%	58.5%	66.3%	62.6%
Revenue1,2	137.7	154.5	292.2	175.9	218.9	687	267.2	314.6	581.8	390.5	483.3	1,455.5	514.7	612.1	1,126.8
% YoY Growth (RC)3	56.2%	58.7%	57.5%	65.3%	74.4%	64.6%	94.1%	103.6%	99.1%	122.1%	120.6%	111.8%	92.6%	94.5%	93.7%
% YoY Growth (CC)4	73.9%	74.0%	74.0%	71.4%	85.5%	76.8%	93.0%	103.0%	98.3%	117.0%	116.8%	109.0%	92.0%	96.2%	94.3%
Adj. EBITDA1,2			-25.0			-100.2			-171.1			-431.1			-319.8
% EBITDA Margin			-8.6%			-14.6%			-29.4%			-29.5%			-28.4%
Asia
Orders	17.6	18.7	36.3	21.9	24.4	82.6	30.4	40.2	70.6	68.1	88.3	227.0	109.6	156.8	266.5
% YoY Growth	53.8%	46.9%	50.2%	50.6%	48.6%	49.8%	73.0%	114.8%	94.6%	211.6%	261.4%	174.9%	260.6%	289.8%	277.2%
% OD Orders	19.4%	21.8%	20.6%	25.7%	27.5%	24.0%	29.3%	38.8%	34.7%	54.6%	63.7%	51.9%	70.0%	76.4%	73.7%
GMV	261.7	280.0	541.7	317.4	354.5	1,213.7	416.3	479.0	895.3	654.2	808.0	2,357.5	938.7	1,275.8	2,214.6
% YoY Growth (RC)3	41.4%	39.8%	40.6%	50.4%	43.2%	43.8%	59.1%	71.1%	65.3%	106.1%	127.9%	94.3%	125.5%	166.3%	147.4%
% YoY Growth (CC)4	52.7%	45.7%	49.0%	48.7%	42.0%	46.9%	54.3%	72.5%	63.7%	106.6%	125.5%	93.0%	125.9%	165.9%	147.3%
Revenue	39.9	44.7	84.6	50.8	57.1	192.5	66.7	83.0	149.7	126.4	179.3	455.5	201.3	280.3	481.5
% YoY Growth (RC)3	44.7%	44.2%	44.4%	63.2%	52.1%	51.3%	67.3%	85.7%	77.0%	148.8%	213.9%	136.6%	201.6%	237.9%	221.7%
% YoY Growth (CC)4	56.4%	50.2%	53.1%	61.3%	50.4%	54.3%	61.4%	84.9%	73.8%	146.0%	206.3%	132.2%	197.7%	234.3%	217.9%
Adj. EBITDA			-15.0			-51.9			-94.6			-312.0			-229.2
% EBITDA Margin			-17.7%			-27.0%			-63.2%			-68.5%			-47.6%
MENA
Orders	41.1	44.2	85.4	48.7	56.5	190.6	64.6	70.6	135.2	76.9	86.5	298.6	84.7	66.5	151.2
% YoY Growth	60.4%	56.5%	58.3%	53.8%	50.9%	54.9%	57.0%	59.7%	58.4%	57.9%	53.0%	56.7%	31.3%	-5.9%	11.9%
% OD Orders	7.9%	9.4%	8.7%	14.4%	18.6%	13.1%	26.5%	28.3%	27.4%	32.4%	31.0%	29.8%	35.1%	41.6%	38.0%
GMV	439.8	479.9	919.7	549.7	630.6	2,099.9	744.8	813.8	1,558.5	927.8	990.5	3,476.8	956.8	822.1	1,778.9
% YoY Growth (RC)3	52.4%	53.2%	52.8%	50.1%	56.9%	53.3%	69.3%	69.6%	69.5%	68.8%	57.1%	65.6%	28.5%	1.0%	14.1%
% YoY Growth (CC)4	76.6%	74.6%	75.6%	64.7%	66.3%	69.9%	69.6%	70.0%	69.8%	62.1%	53.6%	62.9%	28.1%	2.4%	14.7%
Revenue	56.6	66.7	123.3	85.0	108.1	316.4	143.9	164.3	308.2	193.2	214.8	716.2	202.3	165.9	368.1
% YoY Growth (RC)3	91.5%	103.8%	97.9%	103.4%	119.7%	106.4%	154.1%	146.4%	149.9%	127.4%	98.7%	126.3%	40.6%	1.0%	19.5%
% YoY Growth (CC)4	121.5%	130.1%	126.1%	117.6%	126.5%	123.9%	146.8%	141.2%	143.8%	117.9%	93.5%	119.7%	38.4%	1.0%	18.5%
Adj. EBITDA			9.0			18.1			-9.7			43.0			18.8
% EBITDA Margin			7.3%			5.8%			-3.1%			6.6%			5.1%

Delivery Hero SE This document is strictly confidential and may not be copied, used, made available or be disclosed to third parties without prior written permission.

1. 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 September 1st, 2018

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

3. Reported Currency Growth

Delivery Hero KPIs (2/2)

	2018							2019							2020
in €m	Q1	Q2	H1	Q3	Q4	FY	Q1	Q2	H1	Q3	Q4	FY	Q1	Q2	H1
Europe
Orders	13.8	14.6	28.4	14.3	17.5	60.3	19.2	20.8	39.9	20.7	24.4	85.0	25.4	30.6	56.0
% YoY Growth	37.9%	39.1%	38.5%	43.5%	44.6%	41.4%	38.5%	42.1%	40.4%	44.5%	39.5%	41.1%	32.9%	47.4%	40.4%
% OD Orders	6.1%	6.4%	6.2%	7.8%	8.5%	7.3%	10.2%	13.1%	11.7%	14.8%	15.6%	13.6%	19.0%	26.3%	23.0%
GMV	173.1	173.2	346.3	174.8	213.4	734.5	232.0	248.6	480.6	258.4	308.4	1,047.5	320.5	420.3	740.8
% YoY Growth (RC)3	34.8%	31.4%	33.1%	33.7%	36.4%	34.2%	34.1%	43.5%	38.8%	47.8%	44.5%	42.6%	38.1%	69.1%	54.1%
% YoY Growth (CC)4	35.7%	32.8%	34.2%	36.1%	37.9%	35.7%	35.4%	44.7%	40.0%	48.8%	45.8%	43.8%	40.0%	72.8%	57.0%
Revenue	27.4	27.4	54.8	27.6	33.6	115.9	37.0	41.3	78.2	42.7	52.3	173.2	57.5	76.1	133.6
% YoY Growth (RC)3	29.1%	25.1%	27.1%	28.5%	34.8%	29.6%	34.9%	50.7%	42.8%	55.0%	55.7%	49.5%	55.6%	84.4%	70.8%
% YoY Growth (CC)4	30.6%	26.8%	28.7%	31.1%	36.5%	31.5%	36.6%	52.2%	44.4%	56.4%	57.8%	51.1%	58.3%	89.7%	74.9%
Adj. EBITDA			-0.9			-15.4			-9.6			-19.0			-7.9
% EBITDA Margin			-1.6%			-13.3%			-12.3%			-11.0%			-5.9%
Americas
Orders	7.7	8.8	16.5	9.6	9.8	36.0	10.4	12.6	23.1	15.6	16.8	55.4	18.7	26.6	45.3
% YoY Growth	33.8%	31.1%	32.4%	32.6%	25.9%	30.6%	35.5%	43.8%	39.9%	61.6%	70.2%	54.0%	79.2%	111.2%	96.7%
% OD Orders	9.5%	12.9%	11.3%	18.6%	24.2%	16.8%	30.2%	37.6%	34.3%	48.5%	54.8%	44.5%	62.5%	70.8%	67.3%
GMV1,2	96.1	108.0	204.2	77.9	124.3	406.3	114.5	142.7	257.2	131.2	165.2	553.6	162.1	249.4	411.5
% YoY Growth (RC)3	21.1%	14.3%	17.4%	-16.9%	22.0%	10.0%	19.1%	32.1%	26.0%	68.4%	32.9%	36.2%	41.5%	74.8%	60.0%
% YoY Growth (CC)4	51.0%	45.8%	48.1%	-17.5%	93.4%	44.0%	44.0%	43.7%	43.8%	70.6%	36.0%	46.6%	48.3%	85.4%	68.9%
Revenue1,2	13.8	15.8	29.6	12.5	20.1	62.1	19.6	26.1	45.7	28.2	36.6	110.4	37.8	57.2	95.0
% YoY Growth (RC)3	40.7%	34.3%	37.2%	4.0%	45.4%	31.2%	42.5%	65.0%	54.5%	125.2%	82.2%	77.7%	93.0%	119.5%	108.1%
% YoY Growth (CC)4	73.1%	68.5%	70.6%	8.4%	123.8%	70.3%	75.7%	80.4%	78.2%	126.6%	86.3%	90.5%	102.8%	132.5%	119.7%
Adj. EBITDA1,2			-18.0			-50.9			-57.2			-143.0			-79.1
% EBITDA Margin			-60.8%			-81.6%			-125.2%			-129.5%			-83.3%
Integrated Verticals
Orders													2.7	4.1	6.9
% YoY Growth										Orders and GMV are represented in both
% OD Orders										Platform Segments and Integrated Verticals,			100%	100%	100%
GMV										subsequently consolidates at Group level			17.7	38.4	56.0
% YoY Growth (RC)3
% YoY Growth (CC)4
Revenue													16.9	35.4	52.3
% YoY Growth (RC)3
% YoY Growth (CC)4
Adj. EBITDA															-22.5
% EBITDA Margin															-43.0%

Delivery Hero SE This document is strictly confidential and may not be copied, used, made available or be disclosed to third parties without prior written permission.

1. 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 September 1st, 2018

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

3. Reported Currency Growth

4. Constant Currency Growth

Definitions

• Gross Merchandise Value (GMV) is the total value paid by customers (including VAT, delivery fees, service fees and other subsidies)
• Total Segment Revenue is defined as Revenue before subtraction of voucher expenses
• Constant currency provides an indication of the business performance by removing the impact of foreign exchange rate movements. Due to hyperinflation in Argentina we have included reported current growth rates for Argentina in the constant currency calculation to provide a more accurate picture of the underlying business
• IAS 29 Hyperinflation Economies applies to our Argentinian operations beginning 1 September 2018 and impacts our Americas revenues and GMV as well as the respective growth rates

Delivery Hero Investor Relations Team

Head of IR daniel.fard-yazdani@deliveryhero.com Julia Stoetzel

IR Director julia.stoetzel@deliveryhero.com Caroline Jabban

IR Associate caroline.jabban@deliveryhero.com

Dennis Bader

Daniel

Fard-Yazdani

IR Director dennis.bader@deliveryhero.com

Delivery Hero SE This document is strictly confidential and may not be copied, used, made available or be disclosed to third parties without prior written permission.

Team Contact

T: +49 3054 4459 000 70 Oranienburger Straße 10117 Berlin Germany

ir@deliveryhero.com https://ir.deliveryhero.com

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Important Notice

• 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.