October 2024
talabat Capital Markets Event
THE LEADING
ON-DEMAND
DELIVERY
PLATFORM
IN MENA

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This presentation contains information regarding Delivery Hero 5E, a European company ('Societas Europaea) ("Delivery Hero"), Delivery Hero's talabat business ('the "Company"), and their direct or indirect subsidiaries ('together, the "Group"). This presentation has been prepared for information and background purposes only. It does not constitute or form part of, and should not be construed as, an offer of, a solicitation of an offer to buy, or an invitation to subscribe for, underwrite or otherwise acquire, any securities of the Company, Delivery Hero, or any members of the Group, nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company, Delivery Hero, or any members of the Group or with any other contract or commitment whatsoever. This presentation does not constitute a prospectus in whole or in part, and any decision to invest in securities should be made solely on the basis of the information to be contained in a prospectus and on an independent analysis of the information contained therein.

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The information contained in this presentation is provided as of the date of this presentation and is subject to change without notice.

Today's presenters

Agenda \& presenters

talabat

1 Introduction \& Key Company Highlights
2 Category Overview
3 Product \& Service Offering - Part I

Break

Product \& Service Offering - Part II

4 Technology

5 Management \& ESG

Break

6 Long-Term Value Creation

7 Financials

Break

Q\&A

Tomaso Rodriguez

Jeremy Doutte

Jeremy Doutte | Tomaso Rodriguez

Wassim Makarem | Khaled Alfakesh | Jeremy Doutte

Yi-Wei Ang

Tomaso Rodriguez

Khaled Alfakesh

Introduction \& Key Company Highlights

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 ${ }^{(1)}$

Multi-vertical 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
Active customers ${ }^{(2)}$

115k
Active riders ${ }^{(2)}$

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.
${ }^{2}$ As of July 2024

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 excludes receivables from payment service providers and restaurant liabilities) - copax - IRES 16 lease payments - tax. Free cash flow excludes interest income and expense. FCF margin = FCF divided by GMV
${ }^{4}$ Cash conversion defined as Free Cash Flow divided by 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 our leading value proposition
Fully multi-vertical 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
Note:
${ }^{1}$ For MENA countries within the totabat perimeter [UAE, 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 category opportunity with proven resilience and multiple secular tailwinds

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

Sources: OC\&C and Redseer category analysis, company information, addressable population figures estimated based on Euromonitor International data Notes:
${ }^{1}$ For MfNA 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 category, 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
${ }^{2}$ Relative size of talabat Foodservice delivery sales versus Foodservice delivery sales of next largest online intermediary platform by geography - as of HI 2024 (based on OC\&C category analysis)
${ }^{3}$ Addressable population defined as population aged 70-54 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...

3) ...resulting in an ever 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 on order with tatabat
${ }^{1}$ 2024 cohort numbers extrapolated for the full year based on the July figures excluding newly acquired customers
...resulting in 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 SMV generated by partners from CPC ads / cost of CPC post discounts for all partners including Local shops
${ }^{2}$ Cloud kitchen defined as number of partners / branches operating in the cloud kitchen
${ }^{3}$ Total Active partners including Local shops and restaurants ( 76 k in 2019 includes 300 Local shops, 64k in Jul-24 includes 9.3k Local shops)

Safe and flexible work for riders, empowered by techeanabled efficiency

4 Multi-vertical ecosystem provides platform for future growth

The Customer Journey on talabat

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

Footprint

Business Model

Value Proposition
Product Category
KPIs
Source: Company information as of July 2024
Notes:
1 Inclusive of iMarts that have been leased but are not yet operational
2 Average delivery time for July 2024
${ }^{3}$ Gross margin is Gross Profit divided by GMV
${ }^{4}$ EBITDA margin as of 2023
${ }^{5}$ EBITDA margin is EBITDA divided by GMV
${ }^{6}$ Local shops partners that have generated at least 1 order in July 2024

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

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

2 Multiple levers for sustained growth and profitability gains

Powerful macro

tailwinds

Outsized population growth
Increasing urbanisation
Young and tech-
savvy population

Deeper category penetration

New verticals and product innovation
Multi-verticality adoption

Turbo-charging customer loyalty

Frequency enhancing initiatives
Loyalty boosters
FinTech

Deeper supply partnerships

AdTech solutions
CPG partnerships

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

Significant headroom remaining

Total addressable population ${ }^{(1)}$

18M
$54 M$
$22 \%$
$1 \%$
$1 \%$
Average monthly orders per capita ${ }^{(2)}$

Customer adoption

Customer adoption
$\checkmark$
c. $\$ 95 B n(4)$
Grocery TAC ${ }^{(5)}$
c. $\$ 8 B n(4)$

Other adj. verticals
TAC $^{(7)}$
(3) 19

C. $\$ 8 B n^{(4)}$

Other adj. verticals
TAC $^{(7)}$

C. $\$ 95 B n(4)$

Other adj. verticals
TAC $^{(7)}$

C. $\$ 8 B n^{(4)}$

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

Sources: Company information; Category numbers based on OC\&C Model from Euromonitor International, Statista, Partner Interviews, Expert Interviews, Consumer Survey, Golf internals, OC\&C and Redseer analysis Notes:

1 Addressable population defined as population aged 15-54 living in urban areas (estimated as [total population] x [5 age group] x [5 urbanisation].)
${ }^{2}$ Calculated as average monthly orders FY 2023. I addressable population ${ }^{3}$ GCC countries include UAE, Kuwait, Qatar, Bahrain and Oman while non-GCC countries include Jordan, Egypt, Iraq
${ }^{4}$ TAC values may not sum to $\$ 125$ Bn due to rounding.
${ }^{5}$ Foodservice TAC includes foodservice spend in drive-through, collection and delivery.6 Grocery TAC includes grocery spend both in-store and online
${ }^{7}$ includes online retail spend on flowers, fashion, pharmacy, health and beauty, small electronics \& pet care - tabdoct services 5 of these 6 verticals, except for fashion ${ }^{8}$ Average EUR / USD FX rate for 2023

2. Turbo-charging loyalty with frequency enhancing initiatives

Substantial capacity for further penetration ${ }^{(4)}$

Penetration as of Jul-24 GMV share from debit Total user base potential card transactions

Loyalty

Subscription service providing free delivery, exclusive deals and other benefits
Higher customer acquisition, engagement and retention

Significant headroom for growth from user base

Penetration as of Jul-24 Global leading peer Total user base potential benchmark ${ }^{(6)}$

Source: Company information as of July 2024 Notes:

1 Frequency uplift is measured based on a pre-post analysis (post 3 months of adoption) i.e. the data refers to delta in frequency of Posthald users 3 months after the adoption. Analysis includes all users who adopted between Nov'21 to Jan'24
${ }^{2}$ totalast pro frequency uplift is measured for the month of July'24. The data refers to delta in frequency of totabat pro user cohort vs. lookatike users (i.e. users that have exactly the same frequency, AFV \& totabat tenure as totabat pro users in the period before joining totabat pro, but who did not join totabat pro)
${ }^{3}$ CAO8 calculated for July 2022 to July 2024 for first country of entry i.e. UAE
4 Calculated as Posthald users divided by the Total users
${ }^{5}$ Excluding Iraq online payments are tiny as just launched
${ }^{6}$ Penetration of loyalty programme in home country (United States) of one of the leading global food delivery players

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

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 our leading value proposition
Fully multi-vertical 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

Category Overview

Our countries are characterised by the most attractive macro tailwinds globally...

Fast growing population...

Forecast population growth
talabat countries ${ }^{(1)}$ population growth
Western countries population growth

...supporting strong macro economic growth...
Forecast real GDP per capita growth
2023-2028E ( $\%$ CAOK)

Source: OC\&C and Redseer analysis from Euromonitor International data
Notes:
1 Weighted average for talabat's GCC countries - Bahrain, Kuwait, Oman, Qatar, UAE
${ }^{1}$ Weighted average for western countries include North America (United States, Canada) and Western Europe (Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom)

... underpinned by very attractive regional fundamentals

Concentrated urbanised regions...

Urbanisation rate ${ }^{(1)}$

2023 (\% of population living in urban area)

...with a young population...
Average age distribution ${ }^{(3)}$
2023 (\% of population by age group)

Under	$72 \%$
40
Aged	$28 \%$


Aged	$15-39$
0-14

talabat
countries average ${ }^{(2)}$
...and higher internet and mobile subscriptions
Internet penetration ${ }^{(4)}$
2023 (\% of population using internet)
Mobile internet penetration ${ }^{(4)}$
2023 (# mobile internet subscriptions per 100 people)

Source: OC&C and Redaier analysis from Euromonitor International data
Notes:

[^0]
[^0]: ${ }^{1}$ Calculated as total population living in urban areas in specified region / total population in specified region ${ }^{2}$ Weighted average for talabat's GCC countries - Bahrain, Kuwait, Oman, Qatar, UAE ${ }^{3}$ Calculated as total population per age band in specified region / total population in specified region; percentages may not sum to $100 \%$ due to rounding. ${ }^{4}$ Weighted average for western countries include North America (United States, Canada) and Western Europe (Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom). ${ }^{5}$ Refers to the percentage of population in specified region with access to the world-wide network via home, work internet enabled computers, internet cafes or mobile phones ${ }^{6}$ Calculated by dividing the number of mobile internet subscribers in specified region by the total population in the specified region and multiplying by 100

Foodservice and Grocery \& Retail represents a massive and a vastly underpenetrated opportunity

Leading position across all our countries

#1 category positions across 8 countries / 70M+ population ${ }^{(1,4)}$

Sources: OC\&C and Redseer category analysis, Company information, addressable population figures estimated based on Euromonitor international data
Notes:
${ }^{1}$ For MENA countries within the talabat perimeter. Based on management estimates which are based on publicly available data, but which may not reflect actual position on a given competitively relevant category, talabat 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 category includes all of these channels
${ }^{2}$ Relative size of talabat Foodservice delivery sales versus Foodservice delivery sales of next largest online intermediary platform by geography - as of HI 2024 (based on OC\&C category analysis)
${ }^{3}$ Relative size of talabat Grocery \& Retail sales versus Grocery \& Retail sales of next largest online intermediary platform by geography - as of HI 2024 (based on OC\&C category analysis)
${ }^{4}$ Addressable population defined as population aged 75-64 living in urban areas (estimated as [total population] x [\% age group] x [\% urbanisation]
${ }^{5}$ Calculated as average monthly orders FY 2023 / addressable population

We have built the leading platform in the attractive GCC countries...

... and see an immense upside in the less mature non-GCC countries

Product \& Service Offering

talabst

CUSTOMERS

Fast growing, large and high value customer base...

Source: Company information as of July 2024
Notes:
${ }^{1}$ CAGR from January 2020 to July 2024 (4.6 years)
${ }^{2}$ For the month of July 2024
${ }^{3}$ Share of multi-vertical users divided by total users i.e. multi-vertical users + single vertical Food users + single vertical Grocery \& Retail users

$7.6 \%$

Participation rate in talabat pro programme suggests significant headroom for user base growth ${ }^{(2)}$

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 on order with tatabat
${ }^{1}$ 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 ${ }^{(1)}$

We understand what our customers went...

...focusing on driving a very deep selection

Evolution of total number of Restaurants \& Local shops

Sources: Company information
Notes:
${ }^{1}$ CMDR from 1 January 2018 to 31 July 2024 ( 5.6 years)
${ }^{2}$ AAA - Global leading branches / A \& B - Regional favourites / C, D, E - other boutique branches; Internal company tiering (AAA, A, B, C, D, E Tiers) based on three key factors: GMV, New Acquisitions, and Customer Frequency; Number of chains as of July 2024
${ }^{3}$ Based on total GMV for the month of July 2024

Large untapped number of potential partners to drive further GMV growth

Best-in-class customer experience

Increasing coverage area between pickup and customer location... ${ }^{[1,2]}$ Rebased to 100

[^0]
[^0]: Sources: Company information
Notes:
Only 100 orders are tracked ie orders delivered by talabat riders
${ }^{2}$ Average of distance calculated from rider near pickup location and customer location based on Manhattan distance (distance between two points in a grid-based system)
${ }^{3}$ Promised delivery time defined as time which was promised to the customer upon order placement
${ }^{4}$ Customer contact rate defined as number of contacts initiated by customer / gross orders. Gross order defined as number of orders that are not incomplete and not abandoned (payment status succeeded). Excluding non-order related customer contacts

Leading partners fund significant savings for our customers

Source: Company information
Notes:

[^0]
[^0]: ${ }^{1}$ CAGR from 1 January 2023 to 30 June 2024 ( 15 years)
${ }^{2}$ Total partner funded savings include Food, Grocery \& Retail (excluding tMart as not a partner), 82B and Banks (including talabat ADCB credit cards). Average EUR / USD FX rate used for the $p$ LTM from 1 August 2023 to 31 July 2024
${ }^{3}$ Partner funded savings divided by GMV (based on half-year basis)
${ }^{4}$ Based on discounted orders in Food, Grocery \& retail and talabat pro
${ }^{5}$ Excluding 82B and bank discounts. As of July 2024

Given our leading value proposition, customers prefer talabat

Sources: Company information, All data (except the 20 years of operations) from OC&C and Redweer analysis of consumer survey data in UAE, Kuwait, Egypt, Qatar, Bahrain, Jordan, Oman, Iraq
Notes:
111 percentess Question: "Which of the following online food / grocery delivery players are you aware of?"; Food delivery number of respondents -3,002; Grocery delivery number of respondents -3,003
${ }^{2}$ Usage Question: "Which of the following food / grocery delivery players have you used in the post 1 month?"; Food delivery number of respondents -3,002; Grocery delivery number of respondents -3,003
${ }^{3}$ Preference Question: "Which of the following food / grocery delivery apps do you prefer the most?"; Food delivery number of respondents -3,002; Grocery delivery number of respondents -3,003
${ }^{4}$ Share of Average Last 10 Orders Question: "Of your last 10 orders, how many orders were placed through each food / grocery delivery app?"; Food delivery number of respondents -3,002; Grocery delivery number of respondents -3,003
Includes next leading players from UAE, Kuwait, Egypt, Qatar, Bahrain, Jordan, Oman, Iraq
${ }^{5}$ MPS + Net promoter score
1 Share of food delivery users ranking talabat #1 for restaurant selection. Ranking Question: "Please rank the top 3 food delivery apps based on the selection [variety of restaurants and cuisines they offer]"; number of respondents: 3,002
${ }^{6}$ Share of food delivery users ranking talabat #1 for customer experience. Ranking Question: "Please rank the top 3 food delivery apps based on the experience (delivery time, rider behavior and customer support)"; number of respondents - 3,002
${ }^{7}$ Average of UAE, Kuwait, Egypt, Qatar, Bahrain, Jordan, Oman, Iraq

talabst

PARTNERS

We have built a large, diverse partner base of >64k Active partners, achieving a 4.4x growth since 2018(1)

4.4\% of GMV(1)

$17 k+$ regional favourite restaurants ${ }^{(2)}$

$4 k+$ global leading restaurants ${ }^{(2)}$

34k+ boutique restaurants ${ }^{(2)}$

$9 k+$ Grocery \& Retail branches

Grocery \& Retail

34k+Sintique restaurants ${ }^{(2)}$

9k+ Grocery \& Retail branches

Source: Company information as of July 2024
Notes:

1 Total Active partners including Local shops and restaurants ( 994 in 2019 includes 300 Local shops, 64k in Jul-24 includes 9.3k Local shops)
${ }^{2}$ AAA - Global leading branches / A \& B - Regional favourites / C, D, E - other boutique branches; Internal company tiering (AAA, A, B, C, D, E Tiers) based on three key factors: GMV, New Acquisitions, and Customer Frequency; Number of chains as of July 2024

What do our partners want

We provide our partners with access to a deep pool of

loyal customers

Access to the largest user base in the region

Active customers

Average order

frequency ${ }^{(1)}$

Relative category share ${ }^{(2)}$

Deep

footprint and coverage

Boosting

online brand visibility

Best-in-class AdTech product
$>4.9 x$
Partner ROAS ${ }^{(4)}$

Premium

positions

Display ads
Keywords

Targeted deals

Smart
marketer

Sources: Company information as of July 2024, OC\&C and Redseer analysis from Euromonitor International data
Notes:
${ }^{1}$ Calculated as Total orders for July 2024 divided by July 2024 Active customers ${ }^{2}$ Foodservice only; OC\&C and Redseer category analysis ${ }^{3}$ Addressable population defined as population aged 15-64 living in urban areas (estimated as (total population) $x$ (\% age group) $x$ (\% urbanisation) ${ }^{4}$ Return on Ads spend for Cost-per-Click ("CPC") only defined as OMV generated by partners from CPC Ads / cost of CPC post discounts for all partners including local shops
${ }^{5}$ GEMs allow restaurant partners to acquire new customers or win back lost customers, by offering a limited time discount. GEMs offer high visibility through prime real estate on the app, such as the popup on the Food list, and advertiser pay for every user acquired. GEMs are recommended for restaurant partners with low/declining customer acquisition or retention rates.

We provide our partners with the most comprehensive talabat advertising tools...

...generating tangible growth for partners and boosting talabat's profitability

Source: Company information
Notes:
1 Data shown for Food vertical only
${ }^{2}$ AdTech revenue includes non-commission revenue from all talabat countries; Average EUR / USD FX rate for the period
${ }^{3}$ Revenue of AdTech programme as \% of GMV for of one of the leading global platform companies

Case study: How our AdTech products successfully supported one of our partners in their growth journey

Popular local restaurant located in UAE, serving a selection of grills, sandwiches, shawarma, ...

S yrs

Tenure with talabat

Daily orders

S yrs

# of AdTech products

subscribed to

Historical CMV evolution

Monthly GMV ${ }^{\text {® }}$ evolution of selected partner (\$M)

Historical CAC evolution

Monthly CAC $^{22}$ evolution of selected partner (\$)

Jan-23	May-23	Sep-23	Oct-23	Dec-23	Jul-24

We are enabling our partners on their next leg of profitable growth

Diverse toolbelt of growth levers for our partners...

Analytics and data driven insights

Cloud Kitchens

Support

geographic expansion

...leading to tangible topline impacts

Monthly GMV evolution of selected partner (SM)

We enable our partners to offer the best customer experience

Best experience for our customers

2024 Higher NPS score than other platforms ${ }^{(1)}$

Fast and reliable delivery

Decreasing customer contact rate ${ }^{(2)}$

Superior analytics tool

Sales performance

Customer conversion

Order
delay

Customer

complaints

1 Calculated as tabbat NPS vs. next leading player; NPS score calculated as the difference between Promoter ( $9-10$ ) and Detractor ( $31-6$ )

2 Customer contact rate defined as number of contacts initiated by customer / gross orders. Gross order defined as number of orders that are not incomplete and not abandoned (payment status succeeded). Excluding non-order related customer contacts

talabst
RIDERS

We have built a dense and diverse network of riders

Source: Company information
Notes:
${ }^{1}$ Number of riders, includes total Iraq numbers from 2021 onwards, 2024 data as of July 2024
${ }^{2}$ Shown for UAE as of July 2024
${ }^{3}$ Tenure is based on average for each month

What do riders care about

Cornings

What matters?

High earnings potential Fast payment
$1.2 x$
talabat riders' daily
income vs. other riders ${ }^{(1)}$

What matters?

Reliable equipment

Safety
$94 \%$
Rider safety score ${ }^{(2)}$

Respect

What matters?

Customer appreciation

Professional

environment

Tipping initiatives

High compliance

Riders rate partners

Source: Company information
Notes:
${ }^{1}$ Rider Interviews, OC\&C and Redseer analysis; Based on rider survey across UAE, Kuwait, Qatar, and Egypt; Earning potential is calculated basis # of orders served * pay/order, factoring in other perks, where present. Where a fixed monthly salary is provided, it is divided by days of the month.
${ }^{2}$ 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

Improving efficiency to drive higher earnings for riders

Successful initiatives to improve efficiency...

Precise fleet size forecasts

Efficient order funneling

—leading to high rider earnings...

Riders' daily income earning through talabat vs. other riders' ${ }^{(1)}$

Illustrative earnings waterfall

Rider base income
Upside
from tipping
Average cost
of living
with a superior payment process

Rated #1 ${ }^{(2)}$ for fast and reliable payment cycles

Rated #1 ${ }^{(2)}$ for attractive payment terms for 3PLs
"talabat is recognised for timely payments and they ensure their drivers are paid on time by 3PLs. If any payment issues arise, they are resolved promptly. "

Operations Supervisor in Kuwait

[^0]
[^0]: Sources: Company information, Rider Interviews, OC\&C and Redseer analysis Notes
${ }^{1}$ Based on rider survey across UAE, Kuwait, Qatar and Egypt. Earning potential is calculated basis # of orders served * pay/order, factoring in other perks, where present. Where a fixed monthly salary is provided, it is divided by days of the month
${ }^{2}$ Rated as #1 for payment cycles by riders based on interviews
${ }^{3}$ Rated as #1 for payment terms / payment cycles by 3 PL companies based on interviews

We offer riders the highest safety and wellbeing

A rider model that combines high compliance with

strong rider appreciation

SPL rider model complies with the high standards...

...whilst treating riders with the respect they deserve

Customer appreciation	$\checkmark$ Initiatives to boost tipping $\checkmark$ Social media campaigns celebrating riders

Partner

appreciation

Flexible working model

$\checkmark$ Feedback app for riders to rate partner experiences

Plan shift schedule 1 week in advance
Option to take on shifts immediately
Flexibility to extend shifts to boost earnings

talabst

GROCERY \& RETAIL

Expanding from Food into Grocery \& Retail increases

frequency, boosts spending and drives platform growth

Source: Company information as of July 2024
Notes:
1 Customers who placed at least one Food order during July 2024 and zero orders in Grocery \& Retail
${ }^{2}$ Customers who placed at least one order in Food and at least one order in Grocery \& Retail during July 2024
${ }^{3}$ Customers with orders exclusively in Grocery \& Retail are excluded from this analysis

Strong fundamentals, a large market and ample room for growth make MENA a prime region for Grocery \& Retail

Grocery \& Retail is set for rapid growth on a strong foundation...

Consumer profile

Fragmented Grocery \& Retail landscape

Underserved areas

Cultural \&

seasonal drivers

Preference for premium goods and fresh produce

Major seasonal events that change behaviours

...creating a large market with huge potential for expansion

Grocery \& Retail

CAGR
$23-29 E$
Ovenall Retail
c.\$103Bn
TAC
Grocery + High Potential retail e-commerce categories ${ }^{(1)}$

Sources: OC\&C Model from Euromonitor International, Statista, Vendor Interviews, Expert Interviews, Consumer Survey, Company Information, OC\&C and Redseer analysis Notes
Includes high potential categories for Grocery \& Retail based on logistics ease/price - incl. flowers, fashion, pharmacy, health \& beauty, small electronics \& pet care
${ }^{2}$ Categories incl. flowers, pharmacy, health \& beauty, small electronics

Following our Food model, we focus on selection, $O X$ and $t a l a b a t$ value, securing category leadership and future growth

Growing through two complementary business models tailored to different shopping missions

Footprint

Source: Company information as of July 2024
Notes:
1 Inclusive of fMarts that have been leased but are not yet operational
${ }^{2}$ Seamless orders: Percentage of customer-placed orders that are successfully delivered without any cancellation by the rider, partner or customer
${ }^{3}$ Average delivery time for July 2024
${ }^{4}$ Local shops partners that have generated at least 1 order in July 2024
${ }^{5}$ Unique SKUs (stock keeping unit) represent the total number of distinct products available to customers across Grocery \& Retail in all markets as of July 2024
${ }^{6}$ Promotion penetration: The percentage of orders delivered that included at least one item with a promotion, resulting in a lower price for the customer

Online Grocery \& Retail is challenging, but we are solving it with technology at every step of the journey

A tech-first approach has made great strides in tackling the out-of-stock issue in online groceries...

Case Study

What we did

Inventory management

Real-time updates, automated accuracy and demand planning

Order fulfilment

Picker tracking, partner performance and compliance tools

Replacement flow

Picker suggestions, customer choice and automated engagement

Source: Company information, Regional average for all top grocery partners Notes
1 Comparison between data in July 2022 and July 2024
${ }^{2}$ Represents the improvement in orders with all items delivered. Orders will all items delivered calculated as $100 \%$ - Percentage of orders partially fulfilled
${ }^{3}$ Customer Reorder Rate - The monthly reorder rate for the partners in scope. Data calculated as a one-month reorder rate

...enabling seamless basket-building for customers

with technology-driven solutions

Multi-vertical item discovery allowing for the best choices for each occasion

Unlocking the potential to explore different options, making it easier to find and save on products

Unlocking the freedom to buy the exact weight and quantity customers want

Offering personalised deals, giving customers access to exclusive savings

Empowering CPSs and partners with retail medic solutions to enhance discoverability

Enabling CPSs to...

...reach customers better through proprietary integrated Ads and Data Platforms, leveraging 1st Party Data

Enabling Grocery \& Retail partners to...
...connect with customers, through strategic content placement

Leading CPE confectionery brand drove investmenta

Purchases through A/B testing a feature

Case Study

Source: Company information

Enabling a local brand in gaining category share in peanut butter

Case Study

Incremental sales and category position improvement from ad spend

Product ads campaign for a local UAE brand
Significant effect on incremental sales
Boosts organic actions through increased customer trials and buy-again opportunities
Category position experiences an immediate increase, peaking at $4 x$ during the campaign
Elevated category position is maintained post-spend reduction, achieving a $3 \times$ ROAS $^{1,2}$

Strong financial track record with rapid growth and a clear strategy to further accelerate growth

InstaShop overview

Founded in Dubai in 2015, operating in UAE and Egypt
$\sim 8,800$ partners across 20 different sub-verticals

Key financials

Expanded partner network

through cross listing

$\sim \$ 487 \mathrm{M}$

GMV FY23

Positive EBITDA
Margin

Optimised operations through fleet synergies and pickers

Product \& Tech synergies

talabst

FINTECH

PostPaid delivers 14\% frequency uplift by simplifying payments

tolabat

Allowing customers to order, pay for it later (within 30 days) for no extra cost

Profitable product ${ }^{(1)}$

In-house capabilities
ensuring minimal exposure
to credit default risks and
already evaluating to
outsource this risk entirely

Smoothens 'pay-week'
cyclicality

Substantial capacity for further growth and penetration

In

Frequency
uplift ${ }^{(2)}$

Penetration across the 8 countries ${ }^{(3)}$

Pay-week cyclicality ${ }^{(4)}$

Source: Company information as of July 2024

Our co-branded credit cards drive higher loyalty with our customers

Source: Company information as of July 2024
Notes:

On pro restaurants with a minimum order value of AED 50 for food orders and AED 100 for non-food orders
${ }^{2}$ Given as tatabat credit upon achieving a minimum spend of AED 2,500 in 45 days
${ }^{3}$ All other spend outside tatabat rewarded at $1.25 \%$ except low interchange categories which are rewarded at $0.35 \%$
${ }^{4}$ First 10 transactions are rewarded at $35 \%$, $1^{\text {th }}$ transaction onwards are rewarded at $1.25 \%$ as tatabat credit

talabst

LOYALTY PROGRAMMES

telebat pro - our premium subscription fostering

frequency and retention

Subscription service launched across six countries, offering unlimited free delivery \& exclusive deals

Source: Company information
Notes:
${ }^{1}$ Above specific MOV
${ }^{2}$ All countries except Egypt and Iraq
${ }^{3}$ Total savings in the last twelve months up to July 2024 funded by our partners (excluding tMarts as not a partner). Average EUR/USD FX rate used for the period

talabat pro drives great value for customers, unlocking talabat higher retention and step-changing frequency

Source: Company information as of July 2024
Notes:
Retention measured for customers who joined talabat pro in July 2023; calculated as \% of talabat pro customers that are retained on talabat 12 months after joining talabat pro, relative to lookalike customers (i.e. customers that have exactly the same frequency, $M^{\prime} \div$ is talabat tenure as talabat pro users in the period before joining talabat pro, but who did not join talabat pro)
${ }^{1}$ talabat pro frequency uplift is measured for the month of July 2024. The data refers to delta in frequency of talabat pro user cohort vs. lookalike users
${ }^{2}$ Measured for customers who joined talabat pro and paid subscription fees in July 2024 (except Bahrain for which month of joining talabat pro is June 2024) and calculated as \% increase in gross profit per customer for new talabat pro customers 30 days post paying for talabat pro, relative to gross profit per customer 30 days pre joining talabat pro

Rewards programme allowing customers to earn points, increasing loyalty in the talabat platform

Source: Company information as of July 2024
Note:
1 Iplift in order frequency of talabat Rewards is calculated over July 2024; comparing the frequency of first-time redeemers 30 days after their first redemption vs. 30 days prior to redemption

Technology

Our Tech stack has supported our journey in becoming talabat the leading on-demand delivery platform in MENA

20 years ago, we started as a marketplace website

Today, we are a leading tech company with the largest platform in the region

The real-time challenge: our systems are optimised for high throughput at minimum latency

Our technology ecosystem serves consumers,

Best-in-class food and grocery ordering experience, powered by personalisation

Riders benefit from the most advanced routing algorithms at scale

Delivery optimisation

Optimised dispatch
Our rider technology ensures efficient delivery routes, reducing fuel consumption and maximising rider earnings

Rider scheduling

Predictive algorithms help riders plan their shifts in advance, aligning with demand forecasts to ensure optimal work schedules

Safety \& performance

Real-time tracking, GPS integration, and smart scheduling systems ensure safe, timely, and efficient deliveries, improving rider satisfaction

Source: Company information
Notes:
1 As of July 2024
${ }^{2}$ 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

Delivery optimisation

Advanced algorithms for better routing optimisation

[^0]
[^0]: ${ }^{5}$ Only TGO orders are tracked i.e orders delivered by totabat riders
Averag of distance calculated from rider near pickup location until customer location based on Manhattan distance From 2020 to HI 2024
a Promised delivery time defined as time which was promised to the customer upon order placement

Partners gain access to a large and specific set of "eyeballs" for effective and targeted ad delivery

Advertising tech

AdTech platform
Our sophisticated advertising platform, built on our data stack, enables partners to create targeted campaigns directly within our ecosystem

Partners self-service tools

Significant upside potential from self-service as partners can manage their ad campaigns, track performance, and optimise their marketing spend in real time

Measurable ROI

Partners benefit from increased visibility and higher conversion rates, driving measurable ROI through optimised ad placements and audience segmentation

Efficient ads and targeting

Improved management operation and performance

Partner

self-serve
Reports \& campaign management

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

Teach that scales with our growth...

One unified technology stack, capable of processing millions of transactions a day across verticals and categories

Technology

stack

Highly scaldable

tech stack
With ability to support
$2 x$ the current order level ${ }^{(1)}$

Source: Company information
Note:
As of July 2024

Data is stored encrypted and undergoes regular audits by third-party entities and Delivery Hero's security framework

1000s of experiments run every year

...complemented by a clear roadmap for future growth talabat

1

Personalisation \& marketing automation

Al driven recommendations in new form factors
Optimising timing, placement, and incentives of vertical and product crosssells

Grocery \& Retail

shopping and monetisation

Fresh \& Ultra Fresh experiences
Enhancing CPG Ad solutions
Upsell and cross-sell capabilities to grow basket sizes

3

Advancing AdTech capabilities to improve partner ROI

Advanced targeting capabilities
Bidding capabilities
Launching in remaining categories
Deepening value proposition

5

FinTech to drive affordability on the talabat platform

Further launches of PostPaid and CoBranded cards in categories

We are the largest tech hub in the region with a proven ability to attract the best tech talent

Management \& Esq

Passionate and highly experienced management team with proven execution track record

Building a high performance culture through engaged

workforce and growing talent density

Consistently achieving positive eNPS

High employees satisfaction and willingness to recommend talabat as an employer of choice

Celebrating our global talent...

...and nurturing their growth and career development

Of senior leadership roles ${ }^{(1)}$ filled with internal talent 2024

Of managers have gone through at least one leadership development programme ${ }^{(2)}$

High performing women in middle management roles ${ }^{(3)}$ have progressed to the next level in 2024
$\checkmark$ Our diverse team is a reflection of our commitment to innovation and inclusivity
$\checkmark$ We believe our global perspective drives better results, creativity, and collaboration

Leadership programmes

$\checkmark$ "Elevate" in partnership with
Insead
$\checkmark$ MD accelerator programmes in
partnership with Harvard
Business School

Sample of employees testimonials from last engagement survey

In the past few months I've had the opportunity to learn and grow
July 8$\cdot$Score 10・Growth > Learning $\cdot$ (3)
New projects or responsibilities, strong mentorship,
cross-functional collaboration, problem-solving opportunities,
increased autonomy \& self-directed learning

I can see myself working at talabat for the next 2 years

July 8・Score 9・Loyalty $\cdot$ (3)
I like working at talabat because it's a great learning opportunity, and I get to work with an amazing, diverse team of higly motivated colleagues. We are making a difference and addressing consumer needs more and more effectively

I can see myself working at talabat for the next 2 years

July 8・Score 10・Loyalty $\cdot$ (3)
Yes I don't think I want to leave. Very good experience and opportunity. It feels like we are changing the industry everyday. Glad to be part of the change.

Source: Company information as of July 2024
Notes:
Bafers to employees in M3 $\cdot$ (Director and above) as defined internally
${ }^{1}$ 50\% + of managers have gone through at least I leadership development program to drive a learning culture in their teams as of July 2024
${ }^{2}$ Number of females promoted from Ml to M2 and M2 to M3 / Total number of females in Ml and M2 rated at 4 \& 5; based on EOY 2023 on MY 2024

talabat is committed to positively impacting the community

Sustainability strategic framework and plan
Our sustainability agenda is driven by our contributions to the below 3 UN SDGs

What we are most proud of

Building our TECH4GOOD Platform

Facilitated over $\$ 19.7 \mathrm{M}$ in donations ${ }^{(1)}$ equivalent to over 7.2M meals since 2020 to local and global charities

Industry leading, comprehensive carbon report including Scope 1, 2 and $3^{(2)}$

Key sustainability partnerships

Source: Company information as of July 2024
Notes:
${ }^{1}$ Donations represent the monetary contributions made by customers through virtual charities on the talabat platform (since 2020). Average EUR / USD F\$ rate used for the period
${ }^{2}$ Scope 1 are direct emissions that are owned or controlled by a company, whereas scope 2 and 3 indirect emissions that are a consequence of the activities of the company but occur from sources not owned or controlled by it

We are an active member of our communities from local through to regional level engagement

LOCAL

Annual "Summer Together" initiative in UAE provides rest areas and air-conditioned buses to protect rider safety

Strategic partnership with Jordanian Food Bank encourages customers to donate food parcels with employees participating in distributions

Sustainability-focused pilot projects (EV initiative and biodegradable packaging initiative) ${ }^{(1)}$ in Qatar contribute to Qatar's National Vision 2030
Source: Company information
Note:
These projects include an EV initiative to pilot test EVs in Doha for decarbonisation as well as a biodegradable packaging initiative in partnership with Enerva, Qatar's first premium biodegradable bioplastic manufacturer, to support local entrepreneurship and sustainability by promoting large-scale manufacturing and distribution of sustainable cutlery products

Local Government's core mission is to enable, and empower businesses like talabat

Leveraging regional leading role to participate in regulatory discussions, and outcomes across the region, and beyond

We are a valued partner in regulatory conversations, impacting our industry's ecosystem

Long-Term Value Gratition

Multiple levers for sustained growth and profitability gains

Powerful macro

tailwinds

Outsized population growth
Increasing urbanisation
Young and tech-
savvy population

Deeper category penetration

New verticals and product innovation
Multi-verticality adoption

Turbo-charging customer loyalty

Frequency enhancing initiatives
Loyalty boosters
FinTech

Deeper supply partnerships

AdTech solutions
CPG partnerships

(A) Powerful macro tailwinds drive long-term growth in addressable customers

(a) Huge upside potential remaining from deeper category penetration

Significant headroom remaining

Total addressable population ${ }^{(1)}$

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

Sources: Company information; Category numbers based on Euromonitor, Statista, Partner Interviews, Expert Interviews, Consumer Survey, OC\&C and Redeeer category analysis; Population numbers based on World Bank
Notes:

[^0]
[^0]: ${ }^{1}$ 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
${ }^{3}$ China comprises only Meiluan which has a category share of $72 \%$ (2022) according to broker research; Calculation of total addressable population and average monthly orders per capita in line with methodology used for talabat countries; Total population of China as per World Bank; Addressable population defined as population aged 15-64 living in urban areas (estimated as (total population) x ( $\%$ age group) x ( $\%$ urbanisation))

(B) Non-GCC countries remain a massive untapped opportunity

Non-GCC countries pose a massive opportunity...

Egypt and Iraq are emerging countries with high growth rates

Currently only present in $\mathbf{\sim 1 9 \%}$ and $\mathbf{\sim 4 2 \%}$ of larger cities ${ }^{(3)}$ in Iraq and Egypt

UNE growing faster than average platform ${ }^{(4)}$

Monthly orders per capita ${ }^{(1,2)}$

Sources: Company information, OC\&C and Redseer category analysis Notes:
1 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
${ }^{3}$ Share of cities with tabbat presence and population of $>50$ \% on total number of cities with a population of $>500$; Population data based on World Population Review as of 2024
${ }^{4}$ Based on GMV HI 2024 y/y growth

(B) Significant headroom to grow by penetrating adjacent verticals

Huge upside potential from penetrating adjacent verticals...

Sources: Company information; Category numbers based on Euromonitor, Statista, Partner Interviews, Expert Interviews, Consumer Survey, OC\&C and Redever category analysis Notes:

[^0]
[^0]: ${ }^{1}$ Foodservice TAC includes foodservice spend in drive-through, collection and delivery
${ }^{2}$ Grocery TAC includes grocery spend both in-store and online; TAC values may not sum to $\$ 125 \mathrm{~B}$ n due to rounding
${ }^{3}$ Includes online retail spend on flowers, fashion, pharmacy, health and beauty, small electronics \& pet care - talabait services 5 of these 6 verticals, except for fashion
${ }^{4}$ Average EUR / USD FX rate for 2023
${ }^{5}$ Share of multi-vertical users divided by total users i.e. multi-vertical users + single vertical Food users + single vertical Grocery \& Retail users as of July 2024

G Grow our PostPaid product to drive further engagement and retention

talabat

PostPaid

Customer acquisition and engagement engine

Frequency ${ }^{(1)}$ uplift

Profitable product
fueling our growth

Significant headroom to grow

Penetration as GMV share from Total user base of Jul-24
debit card
potential transactions

Live in	Planned expansion ${ }^{(4)}$

6 Continue sealing talabat pro to turbo-charge our customer loyalty and fuel partners' growth

6) Deepening supply partnerships by boosting returns for restaurant partners and reducing their costs...

๑... supported by a full suite of innovative ad products

Automation Increasing share of self-service tools

Penetration of self-service ads portal ${ }^{(1)}$

Self-service ads portal

Tool for partners to book cost-per-click premium positions, gem campaigns and targeted deals on partner portal

Targeting
Increasing spend on targeting products
Targeted ads penetration ${ }^{(2)}$ (\%)

Jul-24
Upside potential

Targeting functionality
$\checkmark$ Supports cost-per-click campaigns and discounts
$\checkmark$ Partners can now target ad campaigns to new and lapses users

Algorithmic efficiency Improving algorithm drives higher conversion

Click-to-order conversion rate (\%)

14\%

Jul-24
Upside potential

Smart auction system

$\checkmark$ Auction system for partners to pay a customised, dynamic cost-per-click based on campaign performance
Goal is to maximise visibility and value of partners' ad campaigns

Future focus

Improve automation functionality to accommodate customer needs

Expond targeting capabilities to include display and awareness ad products

Enhance machine learning algorithm to optimise customer-partner matching based on time-of-day

(6) Accelerating online penetration and increased marketing spend create tailwinds for strong CPG growth

talabat's Grocery \& Retail categories will benefit from accelerating online retail growth...

Retail ecommerce sales penetration of grocery products (by category in the US)
\% of total retail sales in each group ${ }^{(1)}$

...while marketing expenses rise, with a growing focus on online channels

Global retail media ad spending
\$8n

Sources: Company information, Insider Intelligence - eMarketer June 2022 (Weblink: https://www.emarketer.com/content/state-of-cpg-ecommerce-5-charts), Insider Intelligence - eMarketer Forecast December 2023
[Weblink: https://www.emarketer.com/content/retail-media-accounts-one-fifth-of-worldwide-digital-ad-spend)
Notes:

1 Includes products or services ordered using the internet, regardless of the method of payment or fulfillment; excludes travel and event tickets, payments such as bill pay, taxes, or money transfers, restaurant sales, Foodservice and drinking place sales, gambling and other vice goods sales.
2 August 2022 forecast
${ }^{3}$ Digital advertising that appears on websites or apps that are primarily engaged in retail ecommerce or is bought through a retailer's media network or demand-side platform (DSP); examples of websites or apps primarily engaged in retail ecommerce include Amazon, Walmart, and eBay; examples of retail media networks include Amazon's DSP and Etsy's Offsite Ads; includes ads purchased through retail media networks that may not appear on ecommerce sites or apps

(6) Our retail media solutions support CPGs to grow\& achieve talabat their goals, with lots of potential to further improve margins

$\mathrm{CPG}^{(1)}$ challenges

Reach customers and stand out among products

Get closer to transaction and use data to meet evolving customer needs

Grow and be competitive while driving efficiency

talabat solutions

Direct access to high intent customers through ads

Real time data and insights about customers and categories

Real time data about assortment and inventory

Our proprietary Ads and Data Platforms leverage 1st party data to target customers throughout their journey

Opportunity size

Advertising investment ratio of CPG products to sales (2023)

Financlle

Attractive combination of scale, category leadership, growth and profitability

Source: Company information

Strong GMV growth fueled by strong demand, order frequency and expanding multi-vertical customer base...

$\mathrm{GMV}^{(1)}(\$ \mathrm{M})$

Source: Company information Note:
${ }^{1}$ Gross Merchandise Value ("GMV") represents the total value paid by customers (including VAT, delivery fees, other fees and subsidies)

talabat achieved $\mathbf{2 4 \%}$ GMV CAGR over 2021-2023 period mainly due to stronger order volumes across all regions
In HI 2024, we continued to experience strong consumer demand, improving order frequency, and robust growth in Grocery \& Retail business
Additionally, our multi-vertical platform fueled our topline growth with Grocery \& Retail segment now contributing $\mathbf{- 2 5 \%}$ of total GMV
In terms of country mix, GCC countries represented 86\% of total GMV in HI 2024
Non-GCC markets ( 50\% YoY growth) are growing at a higher pace relative to GCC countries ( $\sim 20 \%$ ), albeit from a much lower base

...translating into strong revenue growth

Total management reporting revenue (\$M)

Total revenue increased by $\mathbf{3 1 \%}$ YoY in HI 2024, exceeding GMV growth mainly due to further upside from non-commission revenues, delivery \& service fees, and our tMart business
talabat's GMV to revenue conversion reached $\mathbf{3 9 . 4 \%}$ in HI 2024 (up from 37.1\% same period last year) due to improved monetisation measures
Advertising business and Delivery \& Service fee revenues increased by $\mathbf{3 5 \%}$ and $\mathbf{2 9 \%}$ YoY in HI 2024, respectively
Additionally, contribution of tMart business has grown significantly, representing $27 \%$ of revenue in HI 2024
In terms of country mix, GCC countries revenue contributed to $\mathbf{8 5 \%}$ of total revenue in HI 2024

Source: Company information
Notes:

Include fees related to advertising services provided to partners, listing fees, and other non-commission revenues
Include fees related to the subscription programs offered to orderers, other direct income (mainly includes revenue generated from retail sales, payment processing fee, and other income streams)
In terms of country mix, GCC countries revenue contributed to $\mathbf{8 5 \%}$ of total revenue in HI 2024

Gross profit margin expansion due to better unit economics \& cost optimisation

Gross profit (\$M)

talabat successfully increased gross profit margin by $1.0 \%$ to $\mathbf{1 2 . 4 \%}$ in HI 2024, mainly due to better unit economics \& cost optimisation
Further improved logistics efficiency
AdTech products gaining momentum
Continued growth in service fees
Improved profitability of Grocery \& Retail business
Gross profit margin expansion was partially offset by faster revenue growth from nonGCC countries which currently generate relatively lower profit margin, and higher contributions from Grocery \& Retail segment

Stellar growth trajectory with continuous improvement of margins

Adj. EBITDA ${ }^{(1)}(\$ \mathbf{M})$

Adjusted EBITDA increased by $\mathbf{7 0 \%}$ YoY to \$231M in H1 2024 mainly due to the following factors:
Strong topline growth and gross profit margin expansion
Low and relatively stable operating cost base with increasing efficiencies due to economies of scale (i.e. General \& Administrative and IT expenses)
Improved marketing efficiency with reduced Customer Acquisition and Restaurant Support costs as a \% of GMV
Adjusted EBITDA margin expanded by 1.9\% to $6.7 \%$ of GMV

High operating leverage with well-defined levers for future earnings growth

Gross profit to Adj. EBITDA ${ }^{(1)}$ bridge (\$M)

(\$M)	2022	2023	$\begin{gathered} 2022 \ \% \text { of GMV } \end{gathered}$	$\begin{gathered} 2023 \ \% \text { of GMV } \end{gathered}$	HI 2023	HI 2024	$\begin{gathered} \text { HI } 2023 \ \% \text { of GMV } \end{gathered}$	$\begin{gathered} \text { HI } 2024 \ \% \text { of GMV } \end{gathered}$
Gross Profit	528	691	10.2\%	11.4\%	321	427	11.4\%	12.4\%
Marketing expenses (A)	(138)	(132)	$(2.7) \%$	$(2.2) \%$	(70)	(74)	$(2.5) \%$	$(2.1) \%$
IT expenses (B)	(49)	(56)	$(1.0) \%$	$(0.9) \%$	(26)	(29)	$(0.9) \%$	$(0.8) \%$
G\&A (excl. Dep. \& Amor. and other non-income taxes)	(106)	(101)	$(2.0) \%$	$(1.7) \%$	(58)	(53)	$(2.1) \%$	$(1.5) \%$
Other income \& expenses (C)	(23) (2)	(89)	$(0.4) \%$	$(1.5) \%$	(48)	(54)	$(1.7) \%$	$(1.6) \%$
EBITDA	212	314	4.1\%	5.2\%	119	218	4.2\%	6.3\%
Adjustments
Share-based compensation (D)	24	14	0.5\%	0.2\%	9	8	0.3\%	0.2\%
Other adjustments	(20)	(7)	$(0.4) \%$	$(0.1) \%$	8	5	0.3\%	0.2\%
Adj. EBITDA ${ }^{(1)}$	217	321	4.2\%	5.3\%	136	231	4.8\%	6.7\%

High operating leverage support further cost efficiencies and Adj. EBITDA margin expansion
(A) Marketing expenses mainly include restaurants acquisition, and customers acquisition \& retention costs
(B) IT expenses include research \& development and technology related costs to drive further efficiencies
(C) Other income \& expenses mainly consist of Group Costs which refer to global services provided by Delivery Hero SE (e.g. logistics technology, vendor technology and other services)
(D) talabat employees participation in the share-based compensation arrangement managed by Delivery Hero SE

Source: Company information
Notes:
${ }^{1}$ 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
${ }^{2}$ Includes extra ordinary income of \$22M related to previous M\&A transactions

Limited exposure to foreign exchange risk as most of our functional currencies are dollar pegged

Management reporting revenue breakdown

2023
In 2023, Egypt represented
-6\% of total revenue and

Non-GCC Countries

Total revenue and Adjusted EBITDA is predominantly generated from countries with a currency peg policy which sets a fixed foreign exchange rate to US\$ or to a weighted basket of foreign currencies
talabat's exposure to foreign currency risk is primarily linked to Egypt segment
In 2023, Egypt represented -6\% of total revenue and only $-1 \%$ of total Adj. EBITDA

Impressive earnings trajectory with net income almost doubling in HI 2024

Adjusted Net income ${ }^{(1)}$ (\$M)

Adjusted net income increased by $\mathbf{9 1 \%}$ YoY to $\$ 173$ M ( $5.0 \%$ of GMV) in HI 2024, outpacing revenue and Adjusted EBITDA ${ }^{(2)}$ growth rate mainly due to increased cost efficiencies and talabat's asset light business model
Low depreciation \& amortisation expenses due to talabat's asset light business model
Relatively limited income tax burden in countries of operation

Outstanding free cash flow profile

Free Cash Flow ${ }^{(1)}$

(GM)	2022	2023	H1 2023	H1 2024
Adj. EBITDA ${ }^{(2)}$	217	321	136	231
$(-)$ Capex (A)	(47)	(43)	(18)	(16)
$(-)$ IFRS 16 lease payments	(20)	(24)	(11)	(12)
$+/(-)$ Change in NWC (B)	30	54	38	31
$(-)$ Taxes (c)	(12)	(8)	(7)	(8)
= FCF	168	301	138	226
YoY growth		79\%		64\%
FCF margin (\% GMV)	$3 \%$	$5 \%$	$5 \%$	$7 \%$
FCF margin (\% revenue) ${ }^{(3)}$	$10 \%$	$13 \%$	$13 \%$	$17 \%$
Cash Conversion ${ }^{(4)}$	$77 \%$	$94 \%$	$102 \%$	$98 \%$

Source: Company information
Notes:
Free cash flow defined as Adj. EBITDA - change in working capital (change in working capital excludes receivables from payment service providers and restaurant liabilities) - capex - IFRS 16 lease payments - tax. Free cash flow excludes interest income and expense. FCF margin = FCF divided by GMV
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
experises, 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
Based on management reporting revenue
${ }^{4}$ Cash conversion defined as FCF divided by Adj. EBITDA

Free cash flow increased by $64 \%$ YoY to \$226M (98\% cash conversion) in H1 2024, partially driven by talabat's low capex requirements and positive working capital effects

(A) Asset-light business model with low capex requirements of $0.5 \%$ in H1 2024
(B) Cash inflow from active Working Capital management and efficiency cash conversion cycle in the Grocery \& Retail business
(C) Low effective tax rate

Ample balance sheet capacity due to current net cash position and no financial debt at IPO

Capital structure overview

(SM)

IFRS 16 lease liabilities

Shareholder loan (Net position)

Cash and cash equivalents

Net debt / (Net cash)
(60)

Total equity / (deficit)

Financial guidance ${ }^{(1)}$

	Outlook			Comments
	2024E forecast	2025E forecast	Medium-term
GMV growth	$\begin{gathered} 22-23 \% \ \text { (YoY 2023-24) } \end{gathered}$	$\begin{gathered} 17-18 \% \ \text { (YoY 2024-25) } \end{gathered}$	$14-15 \%$	- Strong GMV growth at double-digit rates, despite the shift in geographical and product mix attributing the year-over-year deceleration
Revenue growth	$\begin{gathered} 28-30 \% \ \text { (YoY 2023-24) } \end{gathered}$	$\begin{gathered} 18-20 \% \ \text { (YoY 2024-25) } \end{gathered}$	$15-17 \%$	- Revenue continues to grow at a faster pace than GMV, driven by the growth in AdTech and Grocery \& Retail
Adj. EBITDA margin (as \% of GMV)	$-6.5 \%$	$6.5-7.0 \%$	$7-8 \%$	- Adj. EBITDA margin improvement is driven by increased efficiency in marketing spend and G\&A expense
Net income margin (as \% of GMV)	$-5 \%$	$5.0-5.5 \%$	$5-6 \%$	- Positive development of net income margin despite expected implementation of new corporate income tax in the region
CAPEX (as \% of GMV)		$0.2-0.4 \%$		- Stable development in CAPEX as the business model remains asset light, with no significant investments in dark stores anticipated
IFRS 16 lease payments (as \% of GMV)		$0.2-0.4 \%$		- Stable development for leases as a percentage of GMV
Change in NWC (as \% of GMV)		$0.2-0.4 \%$		- Stable positive impact of NWC driven by Grocery \& Retail
FCF margin (as \% of GMV)		$6.0-6.5 \%$		- Maintaining our strong FCF position

Source: Company information
Note:
${ }^{1}$ The guidance provided in these slides is not a profit forecast and no statement or projection in these slides should be interpreted to mean that earnings for the current or future financial periods or years would necessarily match or exceed historical earnings or meet the guidance targets set out above. Our ability to meet the guidance targets depends on a variety of factors, including market conditions and industry knowledge, the accuracy of various assumptions involving factors that are beyond our control and are subject to known and unknown risks, uncertainties and other factors that may result in our being unable to implement the strategy and achieve such guidance targets. Financial guidance does not reflect the potential impact due to the acquisition of workshop. All figures are presented in constant currency to ensure comparability across periods

Financial guidance ${ }^{(1)}$ (cont'd)

2024E, 2025E and medium-term outlook

Tax

Capital structure

Dividend

Effective corporate income tax rate on Company level converging to $11 \%$ over the medium-term (taking into account the implementation of corporate income tax in the UAE)
Company does not expect to issue financial debt in the near-term
We retain flexibility to add more leverage in the future to help support any potential corporate activities such as M\&A
Subject to the foregoing, the Company intends to pay a minimum dividend in the amount of $\$ 100 \mathrm{M}$ in April 2025 in respect of the financial results of the fourth quarter of 2024
The Company expects a minimum dividend distribution of $\$ 400 \mathrm{M}$ for the financial year ending 31 December 2025 to be payable in October 2025 and April 2026
Following such distribution, the Company intends to pay dividends twice each calendar year, with an interim payment based on the first-half financial results being paid in October of that calendar year, and a second payment following the publication of full-year financial results being paid in April of the following calendar year, in each case with a target reported net income payout of $90 \%$

Source: Company information
Note:
The guidance provided in these slides is not a profit forecast and no statement or projection in these slides should be interpreted to mean that earnings for the current or future financial periods or years would necessarily match or exceed historical earnings or meet the guidance targets set out above. Our ability to meet the guidance targets depends on a variety of factors, including market conditions and industry knowledge, the accuracy of various assumptions involving factors that are beyond our control and are subject to known and unknown risks, uncertainties and other factors that may result in our being unable to implement the strategy and achieve such guidance targets. Financial guidance does not reflect the potential impact due to the acquisition of instashup. All figures are presented in constant currency to ensure comparability across periods

Appendix

Overview of marketing expense customer acquisition \& retention cost

Marketing Expense (IFRS)

$2023(\$ \mathrm{M})$

Restaurant acquisition, refers to costs for general support to restaurants' sales, compromising off our Sales personnel \& non-personnel cost in addition to Contact Center cost.
Customer acquisition \& retention, refers to TV, radio, offline marketing, search engine marketing (SEM) and other customer acquisition costs like social media, display, and mobile marketing.
Other marketing cost, includes our Marketing personnel \& non-personnel cost

Customer Acquisition \& Retention Cost

$2023(\$ \mathrm{M})$

Customer Acquisition \& Retention Cost refers to customer acquisition \& retention as defined, adding vouchers cost for acquisition \& retention

Net Income to Adj. EBITDA ${ }^{(1)}$ Bridge

2023 (\$M)

Source: Company information
Note:
Adjusted EBITDA is defined as earnings from continuing operations before income taxes, financial result, depreciation and amortization 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

Author	Country/Reference
$\boldsymbol{\square}$	Number of
Active customers/ users	Individuals who have placed at least one successful order through the talabat platform within the full calendar month specified
Active partners	partners who have fulfilled at least one successful order via the talabat platform within the full calendar month specified
Active riders	Delivery personnel who have successfully delivered at least one order placed through the talabat platform within the full calendar month specified
Adjusted EBITDA	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. Nonoperating earnings effects comprise, in particular (I) expenses for share-based compensation, (V) expenses for services related to corporate transactions, financing measures and certain legal matters, (XI) expenses for reorganisation measures and ( $X$ ) 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
AFV	Average Food Value
AI	Artificial Intelligence
CAC	Customer acquisition cost
CASR	Compound annual growth rate
Cohort	Refers to customers grouped by the calendar year in which they first placed an order with talabat
CPC	Cost-per-CS/d
eMPS	Engagement Net Promoter Score
EUR	Euro[s]
Free Cash Flow	Free cash flow defined as Adj. EBITDA - change in working capital (change in working capital excludes receivables from payment service providers and restaurant liabilities) - capes - IFRS 9 lease payments - tax. Free cash flow excludes interest income and expense
FX note	Foreign exchange rate; Average EUR / USD FX rate used for the period shown: FY 2016: 1.0863, FY 2016: 1.0548, FY 2017: 1.2008, FY 2018: 1.1432, FY 2019: 1.1225, FY 2020: 1.2235, FY 2021: 1.1372, FY 2022: 1.0673, FY 2023: 1.1047, FY 2024: 1.1098, HI 2023: 1.0808, HI 2024: 1.0811, FY 2025 - HI 2024: 1.1102, LTM as of July 2024: 1.0799; AED / USD FX rate pegged at 3.6725
FY	Fiscal year
GCC	Gulf Cooperation Council countries including UAE, Kuwait, Qatar, Bahrain and Oman
GMV	Gross Merchandise Value
k	Thousand[s]
LT	Long term
LTM	Last twelve months
M	Million[s]
MENA	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
min	Minute[s]
Month (e.g., June, July)	For datapoints as of a point in time, refers to last day of the month. For average figures, refers to average over the course of the full period
Mobile internet subscribers	Mobile internet subscribers refers to the sum of both standard mobile internet and dedicated mobile internet subscribers. Dedicated mobile internet subscribers include all stand-alone services that use mobile internet connection. Include data cards, USB modems and other devices using SIM card other than mobile telephones. Standard SMS and MMS are not included, even if they are delivered via IP. The indicator covers actual subscribers, not potential subscribers, even though the latter may have broadband enabled handsets
NPS	Net Promoter Score
ROAS	Return on ad spend
SAC	Serviceable addressable category
TAC	Total addressable category
Telematics	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
UAE	United Arab Emirates
UN	United Nations
USD	US dollar[s]
UX	User experience
Yrs	Years
YTD	Year to date

AI Terminal

Delivery Hero SE

94_ip_2024-10-08_e8699326-d71b-4287-93f9-e54f40a9a3bb.pdf

Today's presenters

Agenda \& presenters

talabat

Break

Product \& Service Offering - Part II

Tomaso Rodriguez

Introduction \& Key Company Highlights

talabat

EMPOWERING OUR COMMUNITIES

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

Multi-vertical ecosystem

Attractive combination of scale, category leadership, growth and profitability

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

Key company highlights

1. Large and fast expanding addressable market with secular tailwinds

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

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

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

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

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

Our customers increasingly spend more with us every year...

3 Partner of choice and profitable growth channel to partners

Safe and flexible work for riders, empowered by techeanabled efficiency

4 Multi-vertical ecosystem provides platform for future growth

The Customer Journey on talabat

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

Business Model

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

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

2 Multiple levers for sustained growth and profitability gains

Powerful macro

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

Significant headroom remaining

Customer adoption

C. $\$ 8 B n^{(4)}$

C. $\$ 95 B n(4)$

C. $\$ 8 B n^{(4)}$

2. Turbo-charging loyalty with frequency enhancing initiatives

Loyalty

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

Key company highlights

1. Large and fast expanding addressable market with secular tailwinds

Category Overview

Our countries are characterised by the most attractive macro tailwinds globally...

Fast growing population...

... underpinned by very attractive regional fundamentals

Concentrated urbanised regions...

Urbanisation rate ${ }^{(1)}$

Foodservice and Grocery \& Retail represents a massive and a vastly underpenetrated opportunity

Leading position across all our countries

We have built the leading platform in the attractive GCC countries...

... and see an immense upside in the less mature non-GCC countries

Product \& Service Offering

talabst

CUSTOMERS

$7.6 \%$

We understand what our customers went...

...focusing on driving a very deep selection

Evolution of total number of Restaurants \& Local shops

Large untapped number of potential partners to drive further GMV growth

Best-in-class customer experience

Leading partners fund significant savings for our customers

Given our leading value proposition, customers prefer talabat

talabst

PARTNERS

We have built a large, diverse partner base of >64k Active partners, achieving a 4.4x growth since 2018(1)

4.4\% of GMV(1)

$17 k+$ regional favourite restaurants ${ }^{(2)}$

Grocery \& Retail

34k+Sintique restaurants ${ }^{(2)}$

9k+ Grocery \& Retail branches

What do our partners want

We provide our partners with access to a deep pool of

Average order

Deep

Boosting

talabst
RIDERS