September 2024
Talabat Company Presentation THE LEADING ON- DEMAND DELIVERY PLATFORM IN MENA

This presentation (the "Presentation") is confidential. It contains information regarding Delivery Hero SE, a European company (Societas Europaea) ("Delivery Hero"), Delivery Hero's talabat business ("talabat"), and their direct or indirect subsidiaries (together, the "Group"). It is being provided for informational purposes only and should not be relied on for any purpose. The Presentation does not purport to be a full or complete description of Delivery Hero, talabat, or the Group or their direct or indirect subsidiaries. The 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 securities of Delivery Hero, talabat or any subsidiary of the Group, nor shall it or any part of it form the basis of or be relied upon in connection with or act as any inducement or recommendation to enter into any contract or commitment or investment decision or other transaction whatsoever. This document is not directed at, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. Persons into whose possession this document comes should inform themselves about, and observe, any such restrictions.

The Presentation and discussion may contain 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," "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 our intentions, beliefs or current expectations concerning, among other things, our prospects, growth, strategies, the industry in which we operate and potential or ongoing acquisitions. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that the development of our prospects, growth, strategies, the industry in which we operate, and the effect of acquisitions on us may differ materially from those made in or suggested by the forward-looking statements contained in this Presentation. In addition, even if the development of our prospects, growth, strategies and the industry in which we operate are consistent with the forward-looking statements contained in this Presentation, those developments may not be indicative of our results, liquidity or financial position or of results or developments in subsequent periods not covered by this Presentation.

Certain financial data included in the Presentation consists of "non-IFRS financial measures". These non-IFRS financial measures may not be comparable to similarly titled measures presented by other companies, nor should they be construed as an alternative to other financial measures determined in accordance with IFRS. You are cautioned not to place undue reliance on any non-IFRS financial measures and ratios included herein. All such information is subject to change without notice.

The Presentation only speaks as of its date. Neither Delivery Hero nor talabat or any subsidiary of the Group undertake any obligation, and do not expect to publicly update, or publicly revise, any forward-looking statement, whether as a result of new information, future events or otherwise. All subsequent written and oral forward-looking statements attributable to Delivery Hero, talabat or any subsidiary of the Group or to persons acting on behalf of Delivery Hero, talabat or any subsidiary of the Group are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in the Presentation.

All statements in this Presentation attributable to third party industry experts represent Delivery Hero's or talabat's interpretation of data, research opinion or viewpoints published by such industry experts, and have not been reviewed by them. Each publication of such industry experts speaks as of its original publication date and not as of the date of this document.
Nothing that is contained in this Presentation constitutes or should be treated as an admission concerning the financial position of Delivery Hero, talabat, the Group and/or any subsidiary of the Group.

talabat

EMPOWERING OUR COMMUNITIES.

We proudly deliver to the region that delivers We're the Orange ones

talabat at a Glance

The leading on-demand delivery platform in MENA ${ }^{(1)}$

Multivertical ecosystem

Category-leading on-demand online food ordering, delivery, takeaway and Grocery \& Retail marketplace in 8 highly attractive countries across MENA
2023 GMV of $\mathbf{\$ 6 . 1 B n}$ with double-digit growth, high profitability and cash conversion

Food delivery and Grocery \& Retail delivery leader in MENA

6M
Monthly Active Customers ${ }^{(2)}$

64k
Active Partners ${ }^{(2)}$

$>115 k$
Active Riders ${ }^{(2)}$

Attractive combination of scale, category leadership, growth and profitability

Source: Company information
Notes:
${ }^{1}$ For MENA countries within the talabat perimeter (UAE, Kuwait, Qatar, Bahrain, Egypt, Oman, Jordan and Iraq). Based on management estimates which are based on publicly available data, but which may not reflect actual position in a given competitively relevant market, talabat competes with all the available offline and online ordering, takeaway and delivery channels through which consumers can order food and other consumer goods to consume at home, including phone/direct orders.
${ }^{2}$ Based on 2019 cohort
${ }^{3}$ Free cash flow defined as Adj. EBITDA - change in working capital (change in working capital exclude receivables from payment service providers and restaurant liabilities) - capex - lease payments - tax. Free cash flow excludes interest income and expense. FCF margin $=F C F /$ GMV
${ }^{4}$ Cash conversion defined as Free Cash Flow / Adj. EBITDA

Journey to MENA's #1 on-demand delivery platform

Key company highlights

1. Large and fast expanding addressable market with secular tailwinds

Clear leader in all our MENA countries of presence ${ }^{(1)}$
Powerful network effects underpinned by a unique value proposition
Fully multivertical ecosystem driving loyalty, platform spend and expansion
Pioneers in technological innovation with a distinct product-first focus and AI edge
Highly attractive financial profile with strong growth, high profitability and healthy cash conversion
Clear future long-term growth underpinned by multiple strategic and operational initiatives

Source: Company information
Notes:
${ }^{1}$ For MENA countries within the totabat perimeter [Udd, Kuwait, Qatar, Bahrain, Egypt, Oman, Jordan and Iraq]: Based on management estimates which are based on publicity available data, but which may not reflect actual position in a given competitively relevant market, talabat competes with all the available offline and online ordering, takeaway and delivery channels through which consumers can order food and other consumer goods to consume at home, including phone/direct orders.

1. Vast and under-penetrated market opportunity with proven resilience and multiple secular tailwinds

#1 market positions across 8 countries / 70M+ addressable population ${ }^{(1,3)}$

Sources: OC\&C and Redseer market analysis, company information, addressable population figures estimated based of Euromonitor international data Notes:
${ }^{1}$ For MINA countries within the tatabat perimeter. Based on management estimates which are based on publicly available data, but which may not reflect actual position on a given competitively relevant market. tatabat competes with all available offline and online ordering and delivery channels through which consumers can order food and other consumer goods to consume at home, including phone/direct orders, and the competitively relevant market includes all of these channels
${ }^{2}$ Relative size of tatabat food service delivery sales versus food service delivery sales of next largest online intermediary competitor by geography - as of HI 2024 (based on OC\&C market analysis)
${ }^{3}$ Addressable population defined as population aged 70-94 living in urban areas (estimated as (total population) x (\% age group) x (\% urbanisation))
${ }^{4}$ Calculated as average monthly orders FY 2023 / addressable population

3 Powerful network effects fueling growth, service quality and platform loyalty

3 Customervalue proposition continuously refined across three critical dimensions...

Source: Company information as of July 2024
Notes:
Total savings in the last twelve months up to Jul 2024 including incentives (vendor funded), 82B partnerships (third-party funded) and bank partnerships (bank funded) savings, average EUR / USD FX rate used for the period
${ }^{2}$ Source: OC\&C market analysis; Users surveyed on restaurant variety, delivery time, rider behaviour, customer support, discounts, prices, delivery fees and loyalty programs in Kuwait, UAE, Egypt, Qatar and Bahrain; Survey as of August 2024

3) ...resulting in an increasing pool of highly loyal customers

Our customers increasingly spend more with us every year...
GMV from cohorts ${ }^{(1)}$; Multiple indicates GMV growth within cohort vs. GMV of respective cohort in the year acquired

Source: Company information as of July 2024
Notes:
Cohort refers to customers grouped by the calendar year in which they first placed an order with tatabat
${ }^{2} 2024$ cohort numbers extrapolated for the full year based on the July figures excluding newly acquired customers
...reflecting a consistent increase in order frequency over time
Cumulative number of orders per cohorts ${ }^{(1)}$

3) Partner of choice and profitable growth channel to partners

Source: Company information as of July 2024
Notes:
1 Return on Ads spend for Cost-per-Click (CPC) only defined as GMV generated by vendors from CPC Ads / cost of CPC post discounts for all vendors including Local shops
${ }^{2}$ Cloud kitchen defined as number of partners / branches operating in the cloud kitchen
${ }^{3}$ Please refer to page 8 for further details on Local shops
${ }^{4}$ Total active partners including Local shops and restaurants ( $1 / 2$ in 2019 includes 300 Local shops, 64 k in Jul-24 includes 9.3k Local shops) ${ }^{5}$ Jordan and UAE only

Safe and flexible work for riders, empowered by techendiled efficiency

Highly attractive proposition...

Accessible
$\sim 90 \%{ }^{(1)}$ of riders sourced via third party partners

Flexible
Riders have full control over schedule and location

Safe
Market-leading safety kit and climate protection

Tech-

enabled

Telematics ${ }^{(2)}$ live in all markets

Source: Company information as of July 2024
Notes:
1 As of 7 August 2024
${ }^{2}$ Telematics defined Technology used to monitor rider driving patterns, such as speed, acceleration, braking, and cornering; this data provides insights to improve safety and promote responsible driving on the talabat platform
${ }^{3}$ Number of riders, includes total Iraq numbers from 2021 onwards, 2024 Data as of July 2024
${ }^{4}$ Shown for UAE as of July 2024
${ }^{5}$ As of July 2024; The Rider Safety Score reflects the average safety compliance of all riders based on multiple factors, including adherence to speed limits, avoidance of harsh riding, and not using mobile phones while driving. A score of $94 \%$ indicates that, on average, riders are $94 \%$ compliant with these safety guidelines

4) Multivertical ecosystem provides platform for future growth

The Customer Journey on talabat

Signs up for talabat Pro

talabat
Pro

Monthly or annual subscription with exclusive benefits
Free delivery on food and groceries entrenches talabat as preferred choice

Order frequency uplift post-

subscription to talabat Pro ${ }^{(2)}$

Source: Company Information
Notes:

1 As of July 2024
${ }^{2}$ For the month of July 2024
${ }^{3}$ Inclusive of tMarts that have been leased but are not yet operational

(4) Profitable Grocery \& Retail business expands our TAM and increases long-term earnings potential

Footprint

Business Model

Value Proposition
Product Category
KPIs

Source: Company information Notes:

Inclusive of I that have been leased but are not yet operational
Gross margin is Gross profit / GMV
As of 2023
As of July 2024

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8 Sophisticated, difficult-to-replicate data engine that improves with scale at the heart of talabat's technology

6 Continuous innovation that enhances the customer experience and translates into directly measurable results

(6) Attractive financial profile with solid growth track-record and strong free cash flow generation

Source: Company information

2 Multiple levers for sustained growth and profitability gains

Powerful macro tailwinds

Outsized population growth
Increasing urbanisation
Online penetration

Deeper market penetration

Targeted crosspollination campaigns
New verticals and product innovation
Multi-verticality adoption

Turbo-charging customer loyalty

Frequency enhancing initiatives
Loyalty boosters
Fintech

(2) Huge upside potential remaining from deeper market penetration and multi-verticality adoption

Significant headroom remaining
Total addressable population ${ }^{(1)} \quad \mathrm{xx}$

Average monthly orders per capita ${ }^{(2)}$

Huge upside potential from penetrating adjacent verticals

c.\$8Bn

Other adj. verticals
TAM ${ }^{(3)}$

Other Adj. verticals ${ }^{(5)}$

Sources: Company information; Market numbers based on OC&C Model from Euromonitor International, Statista, Vendor Interviews, Expert Interviews, Consumer Survey, Golf Internats, OC&C and Redseer analysis Notes:

Addressable population defined as population aged 15-64 living in urban areas (estimated as (total population) x (\% age group) x (\% urbanisation))

2 Calculated as average monthly orders FY 2023 / Addressable population
${ }^{3}$ GCC countries include UAE, Kuwait, Qatar, Bahrain and Oman while non-GCC countries include Jordan, Egypt, Iraq
4 Foodservice TAM includes foodservice spend in drive-through, collection and delivery
5 Grocery TAM includes grocery spend both in-store and online
${ }^{6}$ includes online retail spend on flowers, fashion, pharmacy, health and beauty, small electronics \& pet care - Talabat services 5 of these 6 verticals, except for fashion ${ }^{1}$ Average EUR / USD FX rate for 2023

2. Turbo-charging loyalty with frequency enhancing initiatives

2) Deepening supply partnerships by boosting returns for restaurant partners through strategic ad partnerships

Glossary

Term

Active customers
Active partners
Active riders

Adjusted EBITDA

AI

CAC
CAGR
Cohort
CPC
EUR
Free Cash Flow
FX rate
GCC
GMV
k
LT
LTM
M
MENA
min
ML
ROAS
TAM
Telematics
UAE
UN
USD
UX
US dollars
Individuals who have placed at least one successful order through the talabat platform within a specified period Vendors who have fulfilled at least one successful order via the talabat platform within a specified period Delivery personnel who have successfully delivered at least one order placed through the talabat platform within a specified period Adjusted EBITDA is defined as earnings from continuing operations before income taxes, financial result, depreciation and amortisation according to management reporting, and non-operating earnings effects. Non-operating earnings effects comprise, in particular (i) expenses for share-based compensation, (ii) expenses for services related to corporate transactions, financing measures and certain legal matters, (iii) expenses for reorganisation measures and (iv) other non-operating expenses, and income, especially the result from disposal of tangible and intangible assets, the result from sale and abandonment of subsidiaries, impairments of goodwill, allowances for other receivables, and non-income taxes
Artificial Intelligence
Customer acquisition cost
Compound annual growth rate
Refers to customers grouped by the calendar year in which they first placed an order with talabat
Cost-per-Click
Euro(s)
Free cash flow defined as Adj. EBITDA - change in working capital (change in working capital exclude receivables from payment service providers and restaurant liabilities) - capex - lease payments - tax. Free cash flow excludes interest income and expense
Foreign exchange rate; Average EUR / USD FX rate used for the period shown; FY 2015: 1.0863, FY 2016: 1.0548, FY 2017: 1.2008, FY 2018: 1.1432, FY 2019: 1.1225, FY 2020: 1.2236, FY 2021: 1.1372, FY 2022: 1.0673, FY 2023: 1.1047, FY 2024: 1.1018, HI 2023: 1.0806, HI 2024: 1.0811; AED / USD FX rate pegged at 3.6725
Gulf Cooperation Council countries including UAE, Kuwait, Qatar, Bahrain and Oman
Gross Merchandise Value
Thousand(s)
Long term
Last twelve months
Million
Middle East and North Africa region comprising Algeria, Bahrain, Djibouti, Egypt, Iran, Iraq, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Qatar, Saudi Arabia, Syria, Tunisia, United Arab Emirates, Yemen
Minute(s)
Machine learning
Return on ad spend
Total addressable market
Technology used to monitor rider driving patterns, such as speed, acceleration, braking, and cornering; this data provides insights to improve safety and promote responsible driving on the talabat platform
United Arab Emirates
United Nations
US dollar(s)
User experience

AI Terminal

Delivery Hero SE

94_ip_2024-09-12_6d6215a3-2477-43f5-8987-d422b7786366.pdf