Delivery Hero SE

Investor Presentation • Nov 7, 2024

Q3 2024 Trading Update

7 November 2024

Table of contents

01 Trading Update

02 Case Studies

03 Outlook

04 Appendix

Q3 2024 Key Highlights

GMV growth continued to accelerate to $9 \%$ YoY ${ }^{1}$. GMV outside of Asia grew 25\% YoY ${ }^{1}$

Total Segment Revenue growth of 24\% YoY ${ }^{1}$ in Q3 '24 exceeding GMV development

Further improvement in profitability with adj. EBITDA ${ }^{2}$ on Group level growing sequentially

Europe Platform business achieved positive adj. EBITDA ${ }^{2}$ in Q3 '24

Cash balance maintained a strong level at $€ 1.65 b n$

1. In constant currency and excluding effects from hyperinflation accounting.
2. Adj. EBITDA incl. Group costs.

Q3 2024 Delivery Hero Group

Note: GMV and Revenue figures are in reported currency (RC). YoY growth rates are in constant currency (CC - red) and in reported currency (RC - black), both growth rates exclude hyperinflation (HI) accounting. 1. AdTech or advertising refers to non-commission based revenues (NCR) which also include other revenues (e.g. merchandise).

Double-digit revenue growth across all business segments

Note: GMV and Revenue figures are in reported currency (RC). YoY growth rates are in constant currency (CC - red) and in reported currency (RC - black), both growth rates exclude hyperinflation (HI) accounting.

Q3 2024 Europe Platform business

Note: GMV and Revenue figures are in reported currency (RC). YoY growth rates are in constant currency (CC - red) and in reported currency (RC - black).

1. AdTech or advertising refers to non-commission based revenues (NCR) which also include other revenues (e.g. merchandise).
2. Adj. EBITDA incl. Group costs.

Q3 2024 MENA Platform business

• incl. hyperinflation accounting $\quad$ excl. hyperinflation accounting

Note: GMV and Revenue figures are in reported currency (RC). YoY growth rates in red are constant currency (CC) and in black reported currency (RC), both growth rates exclude hyperinflation (HI) accounting. GMV, Revenue, adj. EB/IDA as well as the respective growth rates in the MENA segment are impacted by operations in Lebanon (until Q3 2023) and Turkey qualifying as hyperinflationary economies according to IAS 29. In Q3 2024, GMV \& revenues have been retrospectively adjusted with a total impact of $+€ 2.4 \mathrm{~m}$ and $+€ 0.2 \mathrm{~m}$, respectively.

Q3 2024 Asia Platform business

Note: GMV and Revenue figures are in reported currency (RC). YoY growth rates are in constant currency (CC - red) and in reported currency (RC - black).

1. AdTech or advertising refers to non-commission based revenues (NCR) which also include other revenues (e.g. merchandise).

Q3 2024 Americas Platform business

[^0]
[^0]: Note: GMV and Revenue figures are in reported currency (RC). YoY growth rates in red are constant currency (CC) and in black reported currency (RC), both growth rates exclude hyperinflation (HI) accounting GMV, Revenue, adj. EBITDA as well as the respective growth rates of the Americas segment are impacted by operations in Argentina qualifying as hyperinflationary economy according to IAS 29.
In Q3 2024, GMV and Segment Revenue have been retrospectively adjusted with a total impact of $€ 1.7 \mathrm{~m}$ and $€ 0.4 \mathrm{~m}$, respectively. 1. Adj. EBITDA incl. Group costs.

Q3 2024 Integrated Verticals

Notre: GMV and Revenue figures are in reported currency (RC). YoY growth rates in red are constant currency (CC) and in black reported currency (RC), both growth rates exclude hyperinflation (HI) accounting. GMV, Revenue, adj. EBITDA as well as the respective growth rates of the Americas and Integrated Verticals segment are impacted by operations in Argentina and Turkey qualifying as hyperinflationary economy according to IAS 29 In Q3 2024, GMV \& revenues have been retrospectively adjusted with a total impact of $+€ 1.0 \mathrm{~m}$ and $€ 0.3 \mathrm{~m}$, respectively.

1. Gross Profit excl. hyperinflation accounting.
2. Adj. EBITDA incl. Group costs, in constant currency and excl. hyperinflation accounting.

Gross Profit margin development within the Platform business

Key Highlights

Stable Gross Profit margin of the Platform business in Q3'24 compared to prior year. Temporary decline compared to Q2'24 due to extended free delivery and roll-out of subscription in Korea. Stronger margin trends expected in Q4'24

Continued positive GP margin trajectory, with MENA and Americas already within the long-term GP margin target range of 10-13\% on Group level

Dmarts business with third consecutive quarter of sequential margin expansion to $\sim 5 \%$ (not included in the graph). Business on track to reach positive adj. EBITDA in Dec '24

AdTech growing by $>40 \%$ YoY in Q3' 24

Note: The Gross Profit margin shown above differs from IFRS Gross Profit, mainly because the former excludes vouchers and includes them in marketing spending, whereas the latter recognizes vouchers as revenue reduction. AdTech or advertising refers to non-commission based revenues (NCR) which also include other revenues (e.g. merchandise).

Table of contents

01 Trading Update

02 Case Studies

03 Outlook

04 Appendix

South Korea

Setting the stage for sustainable growth and profitability

Glovo

Glovo excels on every front

1. Adj. EBITDA incl. Group costs.

Expanding our leadership positions

[^0]
[^0]: 1. Management estimates based on publicly available data and credit card data, which may not reflect actual position in a given competitively relevant market as Glovo competes with all the available offline and online ordering, takeaway and delivery channels. J 2. Expected GMV in constant currency and excluding hyperinflation for FY'24e. J 3. Monthly Active Users; Source: data.ai.

Accelerating growth, extending leadership and increasing profitability

1. GMV in constant currency and including hyperinflation.
2. Adj. EBITDA incl. Group costs.

Americas

Underlying demand is set to enhance Food Delivery in the years ahead

GMV driven by Strong Leadership countries

1. Percentage of total FY'24e Americas GMV in constant currency and excluding hyperinflation. Management estimates based on publicly available data and credit card data, which may not reflect actual position in a given competitively relevant market as PedidosYa competes with all the available offline and online ordering, takeaway and delivery channels. | 2. Based on IMF October 2024. Includes country data of Argentina, Bolivia, Chile, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Paraguay, Peru, and Uruguay. Excluding Venezuela. | 3. Population based on IMF October 2024. Data does not include inflation. Data includes FX rates projections against EUR. Includes country data of Argentina, Bolivia, Chile, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Panama, Paraguay, Peru, Nicaragua, and Uruguay. Excluding Venezuela. Orders based on internal estimates. | 4. Excluding Venezuela.

Strong growth over recent years lifts Americas to profitability

1. GMV in constant currency and excluding hyperinflation.
2. Adj. EBITDA margin incl. Group costs, in reported currency and including hyperinflation.

Profitability path

Strong progress on profitability expected in FY 2024

Note: The country cohort split between Profitable and Unprofitable Platform follows the same division as when DH first introduced the path to profitability with the Q3 2022 Trading Update. The intent is to illustrate how these cohorts have performed over time. From the $\sim 35 \%$ of Group GMV generated in unprofitable countries in FY 2022, $\sim 10$ p.p. of GMV have shifted to profitability due to the positive earnings progression.

Table of contents

01 Trading Update
02 Case Studies
03 Outlook
04 Appendix

Delivery Hero Group updates outlook for FY 2024

Upper end of 7-9\% YoY

Previously: 7-9\% YoY

Total Segment Revenue

Adj. EBITDA

Free Cash Flow

Upper end of 18-21\% YoY

Previously: 18-21\% YoY

Lower end of $€ 725-775 \mathrm{~m}$

Previously: $€ 725-775 \mathrm{~m}$

€50-100m

Previously: Positive

Note: GMV and Total Segment Revenue in constant currency and excluding hyperinflation accounting. Adj. EBITDA and FCF in reported currency and including hyperinflation accounting.
Free Cash Flow is calculated as cash flow from operations (changes in WC exclude receivables from payment service providers and restaurant liabilities) less capital expenditures and payment of lease liabilities. Free Cash Flow excludes interest income and expense.

Long-term ambitions confirmed

Growth

Achieve $>\in 200$ bn GMV in the long-term

Leadership
#1 player in
all markets ${ }^{1}$

Innovation

#1 preferred delivery app ${ }^{1}$

Profitability
Achieve 5-8\% adj.
EBITDA/GMV margin²
by 2030

We plan to grow our GMV substantially, invest in tech \& innovation to further expand our leadership as the #1 delivery player globally, and achieve highly attractive margins and cash flows

[^0]
[^0]: 1. Referring to the current portfolio of countries \& verticals.
2. On Group level, including both Platform and Integrated Verticals.

Table of contents

01 Trading Update
02 Case Studies
03 Outlook
04 Appendix

Delivery Hero KPIs (Pro Forma Data)

	2023					2024
in $\mathbf{G m}$	Q1	Q2	H1	Q3	Q4	FY	Q1	Q2	H1 Q3
Delivery Hero Group
GMV	11,133.2	11,033.8	22,222.7	11,633.4	11,233.1	4,3,273.2	11,733.2	11,637.6	22,626.2
\% 10 Y Growth (RC)	1.5\%	$2.9 \%$	$2.2 \%$	$2.1 \%$	$-0.5 \%$	1.5\%	$5.3 \%$	$7.3 \%$	$6.3 \%$
\% 10 Y Growth (CC)	$2.1 \%$	$8.1 \%$	$5.1 \%$	$8.6 \%$	$3.3 \%$	$3.5 \%$	$8.8 \%$	$9.5 \%$	$9.2 \%$
GMV excl. HI adj.					12,288.4	47,631.2	12,135.7	12,064.7	24,200.4
\% 10 Y Growth (CC) excl. HI adj.					$6.7 \%$	$6.8 \%$	$8.4 \%$	$7.4 \%$	$7.9 \%$
Total Segment Revenue	2,494.2	2,581.4	5,075.6	2,712.9	2,674.7	10,463.2	2,956.8	3,088.8	6,043.7
\% 10 Y Growth (RC)	$11.8 \%$	$11.0 \%$	$11.4 \%$	$8.6 \%$	$5.5 \%$	$9.1 \%$	$18.5 \%$	$19.6 \%$	$19.1 \%$
\% 10 Y Growth (CC)	$12.2 \%$	$16.2 \%$	$14.3 \%$	$16.2 \%$	$10.5 \%$	$13.8 \%$	$22.2 \%$	$21.8 \%$	$22.0 \%$
Total Segment Revenue excl. HI adj.					2,984.6	11,084.2	3,025.7	3,121.6	6,147.3
\% 10 Y Growth (CC) excl. HI adj.					$15.7 \%$	$15.7 \%$	$21.2 \%$	$19.6 \%$	$20.4 \%$
Retro segment consolidation	$(55.3)$	$(56.0)$	$(111.3)$	$(65.6)$	$(69.5)$	$(266.4)$	$(76.1)$	$(98.7)$	$(166.8)$
Adj. EBITDA			9.2			253.6			240.6
EBITDA Margin \% (GMV)			$0.0 \%$			$0.6 \%$			$1.0 \%$
CMV
GMV	6,462.1	6,181.1	12,643.2	6,385.6	6,325.5	25,354.2	6,135.7	5,691.3	11,827.0
\% 10 Y Growth (RC)	$-7.0 \%$	$-4.8 \%$	$-5.9 \%$	$-6.2 \%$	$-5.1 \%$	$-5.8 \%$	$-5.1 \%$	$-7.9 \%$	$-6.5 \%$
\% 10 Y Growth (CC)	$-5.8 \%$	$1.6 \%$	$-2.2 \%$	$0.3 \%$	$-1.9 \%$	$-1.5 \%$	$-0.1 \%$	$-5.3 \%$	$-2.6 \%$
Segment Revenue	924.1	907.3	1,831.4	929.4	968.6	3,729.3	1,002.4	966.7	1,969.1
\% 10 Y Growth (RC)	$-0.4 \%$	$-3.3 \%$	$-1.8 \%$	$-4.2 \%$	$0.1 \%$	$-2.0 \%$	$8.5 \%$	$6.5 \%$	$7.5 \%$
\% 10 Y Growth (CC)	$1.0 \%$	$3.2 \%$	$2.1 \%$	$3.4 \%$	$4.3 \%$	$3.0 \%$	$14.0 \%$	$9.5 \%$	$11.8 \%$
Adj. EBITDA			173.7			385.0			157.1
EBITDA Margin \% (GMV)			$1.4 \%$			$1.5 \%$			$1.3 \%$
EBTAA
GMV	2,254.8	2,315.0	4,569.8	2,716.3	2,673.1	9,959.3	2,745.2	3,169.0	5,914.2
\% 10 Y Growth (RC)	$16.7 \%$	$14.9 \%$	$15.8 \%$	$20.2 \%$	$14.5 \%$	$16.6 \%$	$21.7 \%$	$36.9 \%$	$29.4 \%$
\% 10 Y Growth (CC)	$16.0 \%$	$20.6 \%$	$18.3 \%$	$31.3 \%$	$21.9 \%$	$22.7 \%$	$24.1 \%$	$39.0 \%$	$31.6 \%$
Segment Revenue	593.9	640.6	1,234.4	723.5	742.9	2,700.8	757.1	871.3	1,628.4
\% 10 Y Growth (RC)	$20.9 \%$	$24.4 \%$	$22.7 \%$	$21.6 \%$	$20.2 \%$	$21.7 \%$	$27.5 \%$	$36.0 \%$	$31.9 \%$
\% 10 Y Growth (CC)	$18.6 \%$	$29.2 \%$	$24.0 \%$	$32.3 \%$	$27.3 \%$	$27.1 \%$	$29.4 \%$	$36.7 \%$	$33.2 \%$
Adj. EBITDA			111.5			304.6			209.7
EBITDA Margin \% (GMV)			$2.4 \%$			$3.1 \%$			$3.5 \%$

Note:

For Group, Europe, MENA, Americas and Integrated Verticals, revenues, adj. EBITDA, Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the Argentine, Ghanaian, Lebanese and/or Turkish operations qualifying as hyperinflationary economies according to IAS 29.
RC = Reported Currency / CC = Constant Currency.
Difference between Total Segment Revenue and the sum of segment revenues is mainly due to intersegment consolidation adjustments for services charged by the Platform businesses to the Integrated Verticals businesses.

Delivery Hero KPIs (Pro Forma Data)

in $\Phi \mathrm{n}$	2023					2024
	Q1	Q2	H1	Q3	Q4	FY	Q1	Q2	H1
DISKIN
GMV	1,809.5	1,836.9	3,846.5	1,819.5	2,044.1	7,510.0	2,132.4	2,176.7	4,309.1
\% 10 FGrowth (RC)	$13.4 \%$	$15.0 \%$	$14.2 \%$	$13.4 \%$	$15.3 \%$	$14.3 \%$	$17.8 \%$	$18.5 \%$	$18.2 \%$
\% 10 FGrowth (CC)	$14.8 \%$	$17.0 \%$	$16.0 \%$	$15.3 \%$	$16.3 \%$	$15.9 \%$	$18.6 \%$	$19.2 \%$	$18.9 \%$
Segment Revenue	351.5	378.0	729.5	369.9	422.9	1,522.4	444.1	460.8	904.9
\% 10 FGrowth (RC)	$9.7 \%$	$14.7 \%$	$12.2 \%$	$18.3 \%$	$18.7 \%$	$15.4 \%$	$26.3 \%$	$21.9 \%$	$24.0 \%$
\% 10 FGrowth (CC)	$11.6 \%$	$17.2 \%$	$14.5 \%$	$20.9 \%$	$20.1 \%$	$17.5 \%$	$27.5 \%$	$22.9 \%$	$25.1 \%$
Adj. EBITDA			(98.3)			(168.2)			(39.6)
EBITDA Margin \% (GMV)			$-2.7 \%$			$-2.2 \%$			$-0.9 \%$
Deafness
GMV	672.5	750.8	1,423.3	772.0	256.4	2,451.7	775.6	860.6	1,636.2
\% 10 FGrowth (RC)	$20.5 \%$	$11.3 \%$	$15.5 \%$	$-1.0 \%$	$-55.8 \%$	$-5.4 \%$	$15.3 \%$	$14.6 \%$	$15.0 \%$
\% 10 FGrowth (CC)	$16.9 \%$	$11.2 \%$	$13.8 \%$	$1.5 \%$	$-52.1 \%$	$-4.6 \%$	$18.8 \%$	$16.9 \%$	$17.8 \%$
Segment Revenue	176.6	195.8	372.4	201.9	76.7	651.0	200.4	223.3	423.6
\% 10 FGrowth (RC)	$18.3 \%$	$10.1 \%$	$13.8 \%$	$-0.2 \%$	$-49.6 \%$	$-4.5 \%$	$13.4 \%$	$14.0 \%$	$13.7 \%$
\% 10 FGrowth (CC)	$14.7 \%$	$9.9 \%$	$12.1 \%$	$2.4 \%$	$-45.8 \%$	$-3.7 \%$	$17.2 \%$	$16.7 \%$	$16.9 \%$
Adj. EBITDA			(53.4)			(49.9)			(13.0)
EBITDA Margin \% (GMV)			$-3.7 \%$			$-2.0 \%$			$-0.8 \%$
DISKIN DEALTHERIA
GMV	531.0	542.2	1,073.2	602.6	548.6	2,224.4	650.6	693.1	1,343.6
\% 10 FGrowth (RC)	$24.6 \%$	$18.8 \%$	$21.6 \%$	$21.4 \%$	$5.3 \%$	$17.1 \%$	$22.5 \%$	$27.8 \%$	$25.2 \%$
\% 10 FGrowth (CC)	$26.2 \%$	$25.9 \%$	$26.1 \%$	$31.5 \%$	$12.0 \%$	$23.6 \%$	$26.6 \%$	$30.7 \%$	$28.6 \%$
Segment Revenue	503.4	515.7	1,019.1	573.8	533.1	2,126.1	631.0	653.8	1,284.5
\% 10 FGrowth (RC)	$29.6 \%$	$24.5 \%$	$26.9 \%$	$21.2 \%$	$8.7 \%$	$20.3 \%$	$25.3 \%$	$26.7 \%$	$26.0 \%$
\% 10 FGrowth (CC)	$31.3 \%$	$32.0 \%$	$31.7 \%$	$31.3 \%$	$15.4 \%$	$27.1 \%$	$29.4 \%$	$30.1 \%$	$28.8 \%$
Adj. EBITDA			(124.3)			(217.9)			(73.7)
EBITDA Margin \% (GMV)			$-11.6 \%$			$-9.8 \%$			$-5.5 \%$

Note:
GMV in the Integrated Verticals segment is accounted for in the respective regional Platform segments. It is shown in the table above in the Integrated Verticals segment for illustrative purposes only.
For Group, Europe, MENA, Americas and Integrated Verticals, revenues, adj. EBITDA, Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the Argentine, Ghanaian, Lebanese and/or Turkish operations qualifying as hyperinflationary economies according to IAS 25.
RC = Reported Currency / CC = Constant Currency.

Very attractive long-term margins and high cash conversion

(in \% of GMV)	FY 2022	FY 2023	FY 2024e	FY 2030e	Comments
Gross Profit	6.0\%	7.4\%	Improve	10\% to 13\%	- Driven by pricing, advertising, order stacking and improving profitability of Dmarts
Marketing	$(3.2) \%$	$(2.9) \%$	Improve	$<(3) \%$	- High focus on improved marketing efficiency while continuing to grow at scale
Opex and others	$(4.2) \%$	$(4.0) \%$	Improve	$<(3) \%$	- Top-line growth combined with strict cost control to drive operating leverage
Adj. EBITDA	$(1.4) \%$	$0.6 \%$	$\sim 1.6 \%$	$5 \%$ to $8 \%$	- Best-in-class countries already generating 5-7\% adj. EBITDA (as \% GMV)
Capex	$(0.6) \%$	$(0.6) \%$	Stable	$\sim(0.3) \%$	- Investment in tangible and intangible CAPEX leverage as business scales
Change in Working Capital	small inflow	small inflow	small inflow	small inflow	- Positive cash generation as business scales driven by active Working Capital management
Lease payments	$(0.3) \%$	$(0.3) \%$	Stable	$\sim(0.2) \%$	- Growth at slower rate vs. GMV
Taxes paid	$(0.2) \%$	$(0.6) \%$	Stable	$(0.9) \%$ to $(1.9) \%$	- Predominantly income taxes. Long-term cash tax rate of $\sim 25 \%$ corresponds to (0.9) to (1.9)\% of GMV
Free Cash Flow	negative	Break-even during H2 2023	Positive	$3 \%$ to $6 \%$	- Highly attractive long-term cash conversion
Share-based comp. (SBC)	$(0.8) \%$	$(0.6) \%$	$(0.6) \%$	$\sim(0.6) \%$	- Growth at slower rate vs. GMV

Note:
Figures for FY 2022 include Glovo on a pro-forma basis. Cash flow items are based on full year management estimates. Gross Profit is based on management accounts and differs from IFRS Gross Profit.

Basic concepts of hyperinflation accounting (IAS 29)

• Hyperinflation refers to a situation where the prices of goods, services, interest and wages in a given country rise uncontrollably over a defined period of time. This is the case for Argentina, Turkey and Ghana¹, all considered hyperinflationary economies
• IAS 29 standard - Financial Reporting in Hyperinflationary Economies - is then applied to Delivery Hero's operations in said markets with the aim of expressing the Financial Statements in current purchasing power at the reporting date. GMV, Revenue, adj. EBITDA and growth rates for the MENA, Americas, Europe ${ }^{1}$ and Integrated Verticals segments are impacted by hyperinflation accounting adjustments. As GMV is not a financial metric, there is no requirement per IAS 29, however, for ratio purposes and consistency, we do translate this as well
• Hyperinflation accounting is conducted quarterly at minimum, with YTD figures restated on an on-going basis to express current purchasing power and translated at closing rate for consolidation purposes. IAS 29 adjustments are calculated based on CPI index (inflation driven) in the financials under local currency
• Financial Statement of the subsidiary is revaluated in accordance with the CPI index as per IAS 29 methodologies. All amounts from the subsidiary's financial statements are then translated into EUR. CPI index and currency translation fluctuate within the fiscal year, hence every quarter can be impacted differently. The revaluation difference on a YTD basis is then booked in the current reporting period
• Impact on the financials of hyperinflation accounting and currency translation:
• GMV \& Revenue: If the monthly CPI increase (change in \%) is higher than the monthly currency devaluation (change in \%), there is a positive impact on GMV and Revenue from hyperinflation accounting. If the monthly CPI increase (change in \%) is lower than the monthly currency devaluation (change in \%), there is a negative impact on GMV and Revenue from hyperinflation accounting
• Adj. EBITDA:
• If an entity is profitable and the monthly CPI increase (change in \%) is higher than the monthly currency devaluation (change in \%), there is a positive impact on adj. EBITDA from hyperinflation accounting. If an entity is profitable and the monthly CPI increase (change in \%) is lower than the monthly currency devaluation (change in \%), there is a negative impact on adj. EBITDA from hyperinflation accounting

• If an entity is unprofitable and the monthly CPI increase (change in \%) is higher than the monthly currency devaluation (change in \%), there is a negative impact on adj. EBITDA from hyperinflation accounting. If an entity is unprofitable and the monthly CPI increase (change in \%) is lower than the monthly currency devaluation (change in \%), there is a positive impact on adj. EBITDA from hyperinflation accounting

• Glovo's operations located in Africa and Central Asia are included in the Europe segment.

Hyperinflation accounting in Argentina and Turkey

• Argentina Platform business: In Q3 2024, hyperinflation accounting resulted in a positive impact on GMV, Revenue, and adj. EBITDA, as in September 2024, the monthly CPI increase (change in \%) was higher than the monthly FX devaluation (change in \%)
• Turkey Platform business: In Q3 2024, hyperinflation accounting resulted in a positive impact on GMV and Revenue, as in September 2024, the monthly CPI increase (change in \%) was higher than the monthly FX devaluation (change in \%). The impact on adj. EBITDA was negative

talabat Q3 2024

Financial Update

Strong GMV growth...

• talabat achieved $\mathbf{2 1 \%}$ GMV growth over 9M239M24 period mainly due to stronger order volumes across all regions
• In 9M24, we continued to experience strong consumer demand, improving order frequency, and robust growth in Grocery \& Retail business
• Additionally, our multi-vertical platform fueled our top-line growth with Grocery \& Retail segment now contributing $\mathbf{- 2 5 \%}$ of total GMV
• In terms of country mix, GCC countries represented $\mathbf{8 6 \%}$ of total GMV in 9M24
• Non-GCC markets ( 43\% YoY growth) are growing at a higher pace relative to GCC countries ( $\sim 18 \%$ ), albeit from a much lower base

...translating into strong revenue growth

Source: Company information
Note:

1. Include fees related to advertising services provided to partners, listing fees, and other non-commission revenues
2. 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)
3. Include delivery fees charged to customers and restaurants, service fees (charged separately to orderers in certain markets for the usage of marketplace platforms)
4. Commission fees charged to restaurants as part of consideration for the online marketplace services, in which talabat arranges for restaurants to sell food to orderers

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

Source: Company information
Note:

1. Based on management reporting revenue

2. talabat successfully increased gross profit margin by $1.1 \%$ to $\mathbf{1 2 . 3 \%}$ for 9 M 24 , mainly due to better unit economics \& cost optimisation

3. Further improved logistics efficiency
4. AdTech products gaining momentum
5. Continued growth in service fees
6. Improved profitability of Grocery \& Retail business
7. Gross profit margin expansion was partially offset by faster revenue growth from non-GCC countries which currently generate relatively lower profit margin, and higher contributions from Grocery \& Retail segment

Stellar growth trajectory with continuous margin improvement

• Adjusted EBITDA increased by $\mathbf{6 3 \%}$ YoY to $\$ 358 \mathrm{M}$ for 9 M 24 mainly due to the following factors:
• Strong top-line 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 $1.8 \%$ to $6.7 \%$ of GMV for 9 M 24

Source: Company information
Note:

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. Based on management reporting revenue

Strong earnings trajectory

Source: Company information
Note:

1. Adj. net income calculated as net income excluding (1) foreign exchange income (loss) (mainly related to non-cash unrealised foreign exchange loss from shareholder loan liability in Delivery Hero Egypt SAE), (2) and interest expense on loans and interest income (mainly related to shareholder loans and deposits that will be capitalised pre-IFO)
2. 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

3. Based on management reporting revenue

4. Adjusted net income increased by $72 \%$ YoY to \$271M (5.0\% of GMV) for 9M24, outpacing revenue and Adjusted EBITDA (2) growth rate mainly due to increased cost efficiencies and talabat's asset light business model

5. Low depreciation \& amortisation expenses due to talabat's asset light business model
6. Relatively limited income tax burden in countries of operation

Outstanding free cash flow profile

Free Cash Flow(1)
( $\$ \mathrm{~m}$ )	9M-23	9M-24	Q3-23	Q3-24
Adj. EBITDA ${ }^{(2)}$	219	358	83	128
(-) Capex (A)	(28)	(31)	(10)	(15)
(-) IFRS 16 lease payments	(17)	(16)	(6)	(4)
$+/$ (-) Change in NWC (B)	40	44	1	13
(-) Taxes (C)	(9)	(10)	(2)	(2)
= FCF	205	345	67	119
YoY growth		68\%		77\%
FCF margin (\% GMV)	$5 \%$	$6 \%$	$4 \%$	$6 \%$
FCF margin (\% revenue) ${ }^{(3)}$	$13 \%$	$16 \%$	$12 \%$	$15 \%$
Cash Conversion ${ }^{(4)}$	$93 \%$	$96 \%$	$80 \%$	$93 \%$

Source: Company information
Note:

1. 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
2. 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
3. Based on management reporting revenue

4. Cash conversion defined as FCF divided by Adj. EBITDA

5. Free cash flow increased by $68 \%$ YoY to \$345M (96\% cash conversion) for 9M24, partially driven by talabat's low capex requirements and positive working capital effects

6. (A) Asset-light business model with low capex requirements of $0.6 \%$ of GMV for 9 M 24
7. (B) Cash inflow from active Working Capital management and efficiency cash conversion cycle in the Grocery \& Retail business
8. (C) Low effective tax rate

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

Financial guidance vs. 9M-24(1): on track to meet FY2024 guidance

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 Instashop. All figures are presented in constant currency to ensure comparability across periods starting from 2025 onwards
2. Adj. net income calculated as net income excluding (1) foreign exchange income (loss) (mainly related to non-cash unrealised foreign exchange loss from shareholder loan liability in Delivery Hero Egypt SAE), (2) and interest expense on loans and interest income (mainly related to shareholder loans and deposits that will be capitalised pre-IPO)

Gross profit to Adj. EBITDA bridge

Source: Company information
Note:

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. High operating leverage support further cost efficiencies and Adj. EBITDA margin expansion

3. (A) Marketing expenses mainly include restaurants acquisition, and customers acquisition \& retention costs
4. (B) IT expenses include research \& development and technology related costs to drive further efficiencies
5. (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)
6. (D) talabat employees participation in the sharebased compensation arrangement managed by Delivery Hero SE

9M24 (\$m)

Source: Company information
Note:

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

Definitions

• Gross Merchandise Value (GMV) is the total value paid by customers (including VAT, delivery fees, other fees and subsidies but excluding subscription fees, tips and delivery-as-a-service fee).
• Total Segment Revenue is defined as revenue in accordance with IFRS 15, excluding the effect of vouchers, discounts and other reconciliation effects. Difference between total segment revenue and the sum of segment revenues is mainly due to intersegment consolidation adjustments for services charged by the Platform Businesses to the Integrated Verticals Businesses.
• Free Cash Flow is calculated as cash flow from operations (changes in WC exclude receivables from payment service providers and restaurant liabilities) less capital expenditures and payment of lease liabilities. Free Cash Flow excludes interest income and expense.
• Constant currency provides an indication of the business performance by removing the impact of foreign exchange rate movements. Due to hyperinflation in Argentina, Turkey and Ghana we have included reported current growth rates for Argentina, Turkey and Ghana in the constant currency calculation to provide a more accurate picture of the underlying business.
• AdTech or advertising refers to non-commission based revenues (NCR) which also include other revenues (e.g. merchandise).
• MENA revenues, adj. EBITDA, GMV, as well as the respective growth rates, are impacted by the operations in Turkey qualifying as hyperinflationary economies according to IAS 29 (Turkey: since June 2022).
• Americas revenues, adj. EBITDA, GMV, as well as the respective growth rates, are impacted by the Argentine operations qualifying as hyperinflationary economy according to IAS 29 (Argentina: since September 2018).
• Europe revenues, adj. EBITDA, GMV, as well as the respective growth rates, are impacted by the operations in Ghana ${ }^{1}$ qualifying as hyperinflationary economy according to IAS 29 (Ghana: since December 2023).
• Integrated Verticals revenues, adj. EBITDA, GMV as well as the respective growth rates are impacted by operations in Argentina and Turkey qualifying as hyperinflationary economies according to IAS 29.
• Pro Forma adjustments: Financial data is shown on a pro forma basis, including Woowa and Glovo and excluding Delivery Hero Korea from 1 January 2021 onwards; historic data has been restated. The Woowa transaction closed 4 March 2021. The divestment of Delivery Hero Korea closed on 29 October 2021. The Glovo transaction closed on 4 July 2022.

[^0]
[^0]: 1 Glovo's operations located in Africa and Central Asia are included in the Europe segment.

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

Investor Relations Contact

Christoph Bast
Head of IR
christoph.bast@deliveryhero.com

Barbara Jeitler
Director IR
barbara.jeitler@deliveryhero.com

Moritz Verleger
Senior Manager IR
moritz.verleger@deliveryhero.com

Lukas Herzog
Manager IR
lukas.herzog@deliveryhero.com

Loredana Strímbei Specialist IR
loredana.strimbei@deliveryhero.com

ir@deliveryhero.com

T: +49 (0)30 544459105
Oranienburger Straße 70, 10117 Berlin, Germany
ir.deliveryhero.com