Delivery Hero SE

Investor Presentation • Feb 6, 2019

Full Year 2018 Results

February ⁶th, ²⁰¹⁹

Create an amazing on-demand experience

Agenda

1 Recap and Update on German Transaction

• 2Recap and Update on Additional Investments
• 3Business and Financial Update
• 4Outlook

Germany Transaction Update

Closing of transaction is expected in H1 2019, only subject to approval of Takeaway.com's EGM

Total Consideration

Cash Consideration

• €508m cash consideration
• In January Takeaway.com N.V. successfully raised capital to finance the transaction via ABB and announced a convertible bond offering Initial Enterprise Value of c. €930m at signing Current Enterprise Value of €1.06bn GMV multiple of 1.6x 2018A; this equates to a Revenue multiple of 10.1x 2018A

Equity Consideration

Agenda

1 Recap and Update on German Transaction

2Recap and Update on Additional Investments

• 3Business and Financial Update
• 4Outlook

Delivering on Our Promise

G i d I P O t u a n c e a	1 S t t a u s
h i i G N 1 P t t r o w a s o r o r y	d d h f d 2 F Y 2 0 1 8 4 9 % 7 7 % t o r e r a n r e v e n u e g r o w o a n
ho d- 4 0 % in & i t te > s r m rm • he lo 3 0 % in t -t > ng er m •	b f b 3 N 5 3 % Y Y t t u m e r o r e s a u r a n s g r e w y o
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	l d 3 3 f h 8 0 % f G # 1 i 4 1 t i i t M V i e a e n o o c o n e s c. o c o m n g r u r u r w f l d h 5 # 1 i i t r o m e a e r s p c o u n r e s
f d h i I L t n e s o e a e s p v r r Fu he bu i l d le de h ip i io t t r r a rs p os ns •	d l d h, h d l 7 i 2 i t t > m o w n e v e r y o r e r s p e r m o n m o r e a n x o w n e v e r y 6 d f b d k l t i t i i t i t t o e s o c o m p e o s c o m n e n o m a e s n o a r r r u r r
he iv ke t t a t tr t ts ac ro ss m os ac e m ar	3 6 d h, h 3 ' b d t t t i t i i > m o e s p e m o n m o e a n c o m p e o s c o m n e n r r r r x r k l 7 i t t t o u r m a r e s n o a
	h h d l d O i i 4 0 0 0 i i i i i t t t t p e r a n g n m o r e a n c e s w o w n e v e r y r e r s n o w , d l 2 0 0 i i i i t i e e n g n c. c e s v r
i l d h d d h i B T & P L t e c o c e a e s p u r u r	l d l d d D i i i 2 3 i t t e p o y e p e r s o n a z e r e c o m m e n a o n s n c o u n r e s

• Invest in innovation to build a third generation on-demand platform

• Deployed personalized recommendations in 23 countries
• Rolled out multi-vertical delivery platform in 9 countries

Notes:

• 1. Numbers exclude Germany unless otherwise noted
• 1. Including Germany FY growth would be 45% and 66%, respectively. Revenue growth shown in constant currency
• 1. Including Germany growth would be 49%, in total we now have over 290,000 restaurants
• 1. Management estimate
• 1. Excluding countries with (planned) divestments in foodora non-core assets (Australia, France, Italy and Netherlands) and Germany
• 1. Management estimates for our countries of operations post deconsolidation of Germany. Excluding orders from South Korea, Norway & Canada
• and our minority holdings Rappi and Glovo 7. Management estimates for our countries of operations post deconsolidation of Germany. Excluding orders from South Korea, Norway & Canada

Increased Growth and Larger Flexibility to Invest…

• 1. Constant currency

• Excludes restaurant cash 3. Delivery Hero currently has an undrawn €125m revolving credit facility available

… In Large Markets with Untapped Opportunity…

Total Market of c. €500bn with untapped potential

… and with Higher Frequency as well as Higher Engagement

INCREASING # OF ORDERS

Average Monthly Orders per Active Customer Over Time

High and increasing order frequency across all markets over time

Upgrading Our 2019 Investment Plan

New Investment Plan

Increasing Investments with Net Adj. EBITDA Impact of Negative €250m

Expected Impact €45m incremental revenue impact expected in 2019

(Equal to approximately half of cash proceeds from the transaction)

€81m incremental recurring revenue per year starting in 2020

Appreciating The Long Term Return On Investments

AFFORDABILITY

Tap into more customers with reduced delivery fees and minimum order sizes

MARKETING

Accelerate customer acquisition with improving customer acquisition costs

SALES

Increase restaurant coverage in underpenetrated cities, neighbourhoods & rural areas

TECHNOLOGY AND PRODUCT

Continuous innovation to improve on-demand experience for consumers and restaurant partners

LONGER TERM

MEDIUM TERM

Proven Ability to Deploy Incremental Investment at High Returns: €80m in H2 2018

Notes:

ASIA1

ASIA1

1. Asia refers to Asia excluding Korea 2. Average New Customers per month per quarter

2. 1. Defined as number of orders divided by cohort acquisitions, calculated as three month average
3. 1. Q418 YTD returning 1 month frequency includes only October 2018
4. 1. Average CPA per quarter Q418 returning 1 month frequency includes the FY 2018

Q1 18 Q2 18 Q3 18 Q4 18

- COST PER ACQUISITION (CPA)³

- NEW CUSTOMERS²

Agenda

• 1 Recap and Update on German Transaction
• 2Recap and Update on Additional Investments
• 3Business and Financial Update
• 4Outlook

FY

1. YoY growth rates on a constant currency basis

Delivery Hero SE. Full Year 2018 Results 13

Continuous Track Record of Quarterly Growth (excluding Germany)

All values in Unit million / € million.

Y-o-Y growth rates on a constant currency basis

Group Performance

• • Germany is considered as discontinued operation and is therefore excluded from the figures
• • Group take rate ex-delivery orders at 11.7% in Q4 2018
• • Own Delivery orders now at 19.5% of total orders for the group
• • Above full year 2018 revenue guidance of EUR 780-785 million with EUR 792 million
• • Preliminary adjusted EBITDA margin expected to be -18.0%

All values in Unit million / € million

Y-o-Y growth rates in red are constant currency and in black are reported currency

Constant currency growth rates exclude hyperinflation in Argentina

MENA Performance

All values in Unit million / € million

Y-o-Y growth rates in red are constant currency and in black are reported currency

Europe Performance

• • Germany is considered as discontinued operation and is therefore excluded from the figures
• • Own Delivery orders now at 8.5% of total orders for Europe
• • Our Europe segment post the German transaction:
• • Leadership in 11 out of 13 countries with approximately 90% GMV coming from those countries
• • Significant growth potential given exposure to large population and early stage markets in Southern and Eastern Europe

All values in Unit million / € million

Y-o-Y growth rates in red are constant currency and in black are reported currency

Asia Performance

All values in Unit million / € million

Y-o-Y growth rates in red are constant currency and in black are reported currency

Americas Performance

All values in Unit million / € million.

1. Americas revenues and 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. 2018 revenue is retrospectively adjusted. Comparability is affected as prior period information is not restated.

2. Constant currency growth rates for the group total segment revenue and Americas revenue as well as GMV exclude hyperinflation in Argentina

Agenda

1 Recap and Update on German Transaction 2 Recap and Update on Additional Investments 3Business and Financial Update

4Outlook

Notes:

2.FY2019 excludes Germany and other countries with (planned) divestments in foodora non-core assets (Australia, France, Italy and Netherlands). As per previous guidance, revenue guidance is pre-discount

^1.FY2018 excludes countries with (planned) divestments in foodora non-core assets (Australia, France, Italy and Netherlands). As per previous guidance, revenue guidance is pre-discount

Equity Value Bridge

Notes:

• 1. Illustrative value
• 1. Excludes restaurant cash
• 1. Based on €58.10 per share as of 5th February 2019 prior to the dilution following the conversion of the convertible bond
• 1. Latest Portfolio Valuation of all our minority interests as per our 4Q18 results

Updated Outlook

2019E Guidance¹:

Revenues

Revenue guidance €1.08bn to €1.15bn

Adj. EBITDA

-€270m to -€320m

which includes additional investment across all segments with a negative Net Adj. EBITDA impact of€250m

• • MENA expected full year Adj. EBITDA of €70m after increased investments

• • Europe expected to reach breakeven during H2 2019

• FY2019 excludes Germany and other countries with (planned) divestments in foodora non-core assets (Australia, France, Italy and Netherlands) and India. Revenue guidance is pre-discount

Notes:

APPENDIX

Delivery Hero SE. Full Year 2018 Results 24

Adjustments

Definition

•

•

• The reported figures have been adjusted for material M&A and exclude the divestment of India, divestment of foodora (Australia, France, Italy & Netherlands) and Germany
• • India revenues were €2.3m in Q1'17, €2.6m in Q2'17, €2.5m in Q3'17 and €2.5m in Q4'17
• • foodora revenues were €6.3m for Q3'17 and €7.6m for Q4'17, €7.4m in Q1'18, €7.1m for Q2'18 and €3.9m for Q3'18 and €0.7m for Q4'18
• • Germany revenues were €21.4m in Q1'17, €21.7m in Q2'17, €22.7m in Q3'17 and €24.3m in Q4'17, €25.5m in Q1'18, €24.7m for Q2'18, €25.9m for Q3'18 and €29.2m for Q4'18
• • Numbers have not been adjusted for smaller acquisitions or divestments
• The group order growth rate would have been 1.1 percentage points higher (excl Germany) for FY18 if we adjusted for all the below acquisitions and divestments. For clarification the acquisition of Carriage was completed in Q2'17 and is included in the reported figures since then.

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2019 Financial Calendar

E t e n v	l R D t e e a s e a e
l l 2 0 1 8 A R / R t t n n a e s s e p o r u u	2 2 0 1 9 5 A p r- -
d i d Q 1 2 0 1 9 T U t r a n g p a e	0 8 2 0 1 9 M a y - -
l l i 2 0 1 9 G A M t n n u a e n e r a e e n g	1 2 2 0 1 9 J u n - -
l f- 2 0 1 9 H R t a e a r e p o r y	0 S 2 0 1 9 4 e p - -
d i d Q 3 9 2 0 1 9 / M T U t r a n g p a e	0 2 0 1 9 7 N o v - -

Delivery Hero KPIs (1/2)

			2 0	1 7			2 0 1 8
in € m	Q 1	Q 2	H 1	Q 3	Q 4	F Y	Q 1	Q 2	H 1	Q 3	Q 4	F Y
l ive Gr ( . G ) De H er o ou p ex er m an ry y
Or de rs	5 2. 9	5 8. 2	11 1. 1	6 3.4	73 .8	24 8. 3	8 0. 2	8 6. 4	16 6. 6	94 .5	10 8. 3	3 6 9. 4
% Y oY G h ( Gr ) wt ro ou p cu rre nc y							51 .8 %	48 .3 %	5 0. 0 %	49 .0 %	46 .7 %	48 .8 %
h ( ) % Y oY G wt tan t c ro co ns ur re nc y							51 .8 %	48 .3 %	5 0. 0 %	49 .0 %	46 .7 %	48 .8 %
1,2 GM V	6 81 .4	73 9. 8	42 2 1, 1.	8 01 .7	9 07 .9	3, 13 0. 8	97 0. 7	04 1, 1. 1	2, 01 8 1.	9. 8 1, 11	3 22 .8 1,	4, 45 4. 4
% G h ( Gr ) Y oY wt ro ou p cu rre nc y							42 % .5	40 % .7	.6 % 41	3 9. 7%	% 45 .7	42 .3 %
% Y oY G h ( ) wt tan t c ro co ns re nc ur y							5 9.4 %	55 .6 %	57 .4 %	46 .2 %	57 .8 %	54 .7 %
Re 1,2 ve nu e	8 8. 1	97 .4	18 5. 5	10 6. 4	12 5. 5	41 7. 4	13 7. 7	15 4. 5	29 2. 2	17 5. 9	21 8. 9	6 87 .0
h ( ) % Y oY G wt Gr ro ou p cu rre nc y							5 6. 2%	5 8. 7%	57 .5 %	65 .3 %	74 .4 %	64 .6 %
h ( ) % Y oY G wt tan t c ro co ns ur re nc y							73 .9 %	74 .0 %	74 .0 %	71 .4 %	85 .5 %	76 .8 %
l ive ( . G ) De H Eu er o ro p e ex er m an ry y
Or de rs	10 .0	10 .5	20 .5	10 .0	12 .1	42 .6	13 .8	.6 14	28 .4	.3 14	17 .5	6 0. 3
% Y oY G h ( Gr ) wt ro ou p cu rre nc y							37 .9 %	3 9. 1%	3 8. 5 %	43 .5 %	44 .6 %	41 .4 %
% Y oY G h ( ) wt tan t c ro co ns ur re nc y							37 .9 %	3 9. 1%	3 8. 5 %	43 .5 %	44 .6 %	41 .4 %
GM V	12 8. 4	13 1.8	26 0. 2	13 0. 8	15 6. 4	54 7. 4	17 3. 1	17 3. 2	34 6. 3	17 4. 8	21 3.4	73 4. 5
h ( ) % Y oY G wt Gr ro ou p cu rre nc y							34 .8 %	31 .4 %	3 3. 1%	3 3. 7%	3 6.4 %	34 .2 %
% G h ( ) Y oY wt tan t c ro co ns re nc ur y							35 % .7	3 2. 8 %	34 .2 %	3 6. 1%	37 .9 %	35 % .7
Re ve nu e	21 .2	21 .9	43 .1	21 .5	24 .9	8 9. 5	27 .4	27 .4	.8 54	27 .6	3 3. 6	9 11 5.
% Y oY G h ( Gr ) wt ro ou p cu rre nc y							29 .1 %	25 .1 %	27 .1 %	28 .5 %	34 .8 %	29 .6 %
% Y oY G h ( ) wt tan t c ro co ns ur re nc y							3 0. 6 %	26 .8 %	28 .7 %	31 .1 %	3 6. 5 %	31 .5 %
l ive De H Ge ry er o rm an y
Or de rs	6. 7	9 6.	13 .6	2 7.	8 7.	28 .5	8. 0	7.4	15 .4	9 7.	9. 0	3 3 2.
% G h ( Gr ) Y oY wt ro ou p cu rre nc y							19 .2 %	8. 3 %	13 % .7	10 % .7	% 15 .4	13 % .4
% G h ( ) Y oY wt tan t c ro co ns re nc ur y							19 .2 %	8. 3 %	13 % .7	10 % .7	% 15 .4	13 % .4
3 GM V	12 8. 6	13 0. 6	25 9. 2	13 8. 7	15 2. 7	55 0. 7	15 7. 0	14 7. 1	3 04 .1	15 7. 7	18 0. 7	64 2. 5
% Y oY G h ( Gr ) wt ro ou p cu rre nc y							20 .4 %	12 .2 %	16 .3 %	13 .6 %	18 .3 %	16 .2 %
h ( ) % Y oY G wt tan t c ro co ns ur re nc y							20 .4 %	12 .2 %	16 .3 %	13 .6 %	18 .3 %	16 .2 %
Re ve nu e	21 .4	21 .7	43 .1	22 .7	24 .3	9 0. 1	25 .5	24 .7	0. 2 5	25 .9	29 .3	10 5. 4
% G h ( Gr ) Y oY wt ro ou p cu rre nc y							19 .2 %	14 .0 %	16 .6 %	14 .1 %	20 .6 %	17 .0 %
% G h ( ) Y oY wt tan t c ro co ns re nc ur y							19 .2 %	.0 % 14	16 .6 %	% 14 .1	20 .6 %	.0 % 17

Note:

1. Constant currency growth rates for the group total segment revenue and Americas revenue as well as GMV exclude hyperinflation in Argentina.

2. Q1, Q2 2017 numbers revised from €130.4m and €131.1m respectively

^1. Americas revenues and GMV are impacted by the Argentinian operations qualifying as hyperinflationary economy according to IAS ²⁹ beginning 1 September 2018. 2018 revenue is retrospectively adjusted. Comparability is affected as prior period information is not restated.

Delivery Hero KPIs (2/2)

			2 0	1 7			2 0 1 8
in € m	Q 1	Q 2	H 1	Q 3	Q 4	F Y	Q 1	Q 2	H 1	Q 3	Q 4	F Y
ia As
Or de rs	11 .4	12 .8	24 .2	14 .5	16 .5	55 .1	.6 17	18 .7	3 6. 3	21 .9	24 .4	8 2. 6
% Y oY G h ( Gr ) wt ro ou p cu rre nc y							5 3. 8 %	46 .9 %	5 0. 2%	5 0. 6 %	48 .6 %	49 .8 %
GM V	18 5. 0	20 0. 4	3 85 .4	21 1.0	24 7. 6	84 4. 0	26 1.7	28 0. 0	54 1. 7	31 7.4	35 4. 5	1, 21 3. 7
h ( ) % Y oY G wt Gr ro ou p cu rre nc y							41 .4 %	8 3 9. %	40 .6 %	5 0.4 %	43 .2 %	.8 43 %
h ( ) % Y oY G wt tan t c ro co ns ur re nc y							5 2. 7%	45 .7 %	49 .0 %	48 .7 %	42 .0 %	46 .9 %
Re ve nu e	27 .6	31 .0	5 8. 6	31 .1	37 .6	12 7. 3	3 9. 9	44 .7	84 .6	5 0. 8	57 .1	19 2. 5
% G h ( Gr ) Y oY wt ro ou p cu rre nc y							% 44 .7	.2 % 44	% 44 .4	6 3. 2%	2. 1% 5	.3 % 51
h ( ) % Y oY G wt tan t c ro co ns ur re nc y							5 6.4 %	5 0. 2%	5 3. 1%	61 .3 %	5 0.4 %	54 .3 %
ME NA
Or de rs	25 .7	28 .3	5 3. 9	31 .7	37 .5	12 3. 1	41 .1	44 .2	85 .4	48 .7	5 6. 5	19 0. 6
% G h ( Gr ) Y oY wt ro ou p cu rre nc y							6 0.4 %	6. % 5 5	8. 3 % 5	3. 8 % 5	0. 9 % 5	.9 % 54
GM V	28 8. 5	31 3. 2	6 01 .7	3 6 6. 2	40 2. 0	1, 3 6 9. 9	43 9. 8	47 9. 9	91 9. 7	54 9. 7	6 3 0. 6	2, 0 9 9. 9
% Y oY G h ( Gr ) wt ro ou p cu rre nc y							5 2. 4%	5 3. 2%	5 2. 8 %	5 0. 1%	5 6. 9 %	5 3. 3 %
% Y oY G h ( ) wt tan t c ro co ns re nc ur y							76 .6 %	74 .6 %	75 .6 %	64 .7 %	6 6. 3 %	6 9. 9 %
Re ve nu e	29 .6	3 2. 7	6 2. 3	.8 41	49 .2	15 3. 3	5 6. 6	6 6. 7	12 3. 3	85 .0	8. 10 1	31 6. 4
% Y oY G h ( Gr ) wt ro ou p cu rre nc y							91 .5 %	10 3. 8 %	97 .9 %	10 3. 4%	11 9. 7%	10 6. 4%
% Y oY G h ( ) wt tan t c ro co ns ur re nc y							12 1.5 %	13 0. 1%	12 6. 1%	11 7. 6 %	12 6. 5 %	12 3. 9 %
ica Am er s
de Or rs	5. 8	6. 7	12 .4	7. 3	7. 8	27 .5	7. 7	8. 8	16 .5	9. 6	9. 8	3 6. 0
% Y oY G h ( Gr ) wt ro ou p cu rre nc y							3 3. 8 %	31 .1 %	3 2. 4%	3 2. 6 %	25 .9 %	3 0. 6 %
1,2 GM V	79 .4	94 .5	17 3. 9	9 3. 7	10 1.9	3 6 9. 5	9 6. 1	10 8. 0	20 4. 2	77 .9	12 4. 3	40 6. 3
% G h ( Gr ) Y oY wt ro ou p cu rre nc y							21 % .1	.3 % 14	% 17 .4	6. 9 % -1	22 .0 %	10 .0 %
h ( ) % Y oY G wt tan t c ro co ns ur re nc y							51 .0 %	45 .8 %	48 .1 %	-1 7. 5 %	9 3. 4%	44 .0 %
1,2 Re ve nu e	9. 8	11 .8	21 .5	12 .0	13 .8	47 .4	13 .8	15 .8	29 .6	12 .5	20 .1	6 2. 1
% Y oY G h ( Gr ) wt ro ou p cu rre nc y							40 .7 %	34 .3 %	37 .2 %	4. 0 %	45 .4 %	31 .2 %
h ( ) % Y oY G wt tan t c ro co ns ur re nc y							73 .1 %	6 8. 5 %	70 .6 %	8. 4%	12 3. 8 %	70 .3 %

Note:

1. Americas revenues and GMV are impacted by the Argentinian operations qualifying as hyperinflationary economy according to IAS ²⁹ beginning 1 September 2018. 2018 revenue is retrospectively adjusted. Comparability is affected as prior period information is not restated.

2. Constant currency growth rates for the group total segment revenue and Americas revenue as well as GMV exclude hyperinflation in Argentina.

Delivery Hero SE. Full Year 2018 Results 28

Definitions

• • Gross Merchandise Value (GMV)is the total value of orders (including VAT) transmitted to restaurants.
• • Revenues presented for Delivery Herorepresent the total segment revenues prior to vouchers.
• •Constant currency provides an indication of the business performance by removing the impact of foreign exchange rate movements.

Important Notice

•ALL FINANCIAL FIGURES INCLUDED IN THE FOLLOWING PRESENTATION ARE BASED ON IFRS, UNLESS NOTED OTHERWISE.

• • 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 forwardlooking 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.