Delivery Hero SE

Investor Presentation • Aug 28, 2025

Q2 2025 Trading Update

28August 2025

Table of contents

• 01 Platform &Technology
• Financial Highlights 02
• Segment Details 03
• Half Year Results 04
• Outlook 05
• Appendix 06

22

Update on Delivery Hero's Global Tech Platform

3

-9.5%

+4.4%

+10.7%

-40%

Nearly half of GMV driven by spending of customers that use multiple verticals

Note: Across all Delivery Hero entities; multi-vertical customers are defined as those who placed at least one order in both the food and quick commerce verticals within the respective quarter.

Financial Highlights

Key Highlights

Group GMV growth of 11% YoY on a LfL basis in Q2 '25, with clear acceleration in the Asia segment1

2

Total Segment Revenue growth of 27% YoY on a LfL basis in Q2 '251

Adj. EBITDA growth of 71% YoY to €411m in H1 '25 reflecting a margin expansion of 70 bps YoY

Free Cash Flow2 improves by €96m to -€8m in H1 '25 (excl. Taiwan breakup fee of €212m)

Strong cash balance of €2.8bn following convertible bond buybacks of €896m (nominal value) in H1 '25

1. GMV and Revenue growth on a like-for-like (LfL) basis excluding operations the Group exited or divested during FY '24 and '25 (Slovakia, Slovenia, Denmark, Ghana, Thailand, etc.) and suspended restaurant directory services in Spain and South Korea; in constant currency and excluding effects from hyperinflation accounting. 2. Free Cash Flow before extraordinary items excludes cash outflows related to ongoing legal disputes (e.g., EU antitrust and Glovo Spain) and cash inflows from M&A breakup fees.

Gross Merchandise Value

Key Highlights

GMV growth accelerated QoQ on Group level, driven by better growth dynamics in Asia

~70% of the Group achieved GMV growth of 21% YoY (LfL) ¹ in Q2 '25

Customer experience being further enhanced through expanding vendor base, expansion of Quick Commerce, strengthening of delivery logistics, increase in vendor funded deals and more compelling value proposition for subscription

Note: GMV figures are in reported currency (RC).

1. YoY growth rates in red are in constant currency (CC) and in green boxes are in constant currency and on a like-for like basis (LfL) basis, excluding operations the Group exited or divested during FY '24 and '25 (Slovakia, Slovenia, Denmark, Ghana, Thailand, etc.) and suspended restaurant directory services in Spain and South Korea. Both growth rates exclude hyperinflation (HI) accounting.

Total Segment Revenue

Key Highlights

Consistent revenue growth of at least 20% YoYalready been sustained over several quarters

Higher GMV-to-revenue-conversion of 29% driven by increasing Dmart contribution and roll-out of own-delivery in Korea as well as growing Ad-Tech business, subscription revenues and other monetization levers

Note: Revenue figures are in reported currency (RC).

1. YoY growth rates in red are in constant currency (CC) and in green boxes are in constant currency and on a like-for like basis (LfL) basis, excluding operations the Group exited or divested during FY '24 and '25 (Slovakia, Slovenia, Denmark, Ghana, Thailand, etc.) and suspended restaurant directory services in Spain and South Korea. Both growth rates exclude hyperinflation (HI) accounting.

Adjusted EBITDA

Key Highlights

Strong progress on profitability with adj. EBITDA growth of 71% YoY to €411m and margin expansion of 70 bps YoY in H1 '25, driven by overall topline performance, higher Gross Profit margins and improved operating costs

Driving operating leverage through disciplined SG&A management and increased marketing efficiency to support and sustain growth

Adj. EBITDA margin has expanded ~1pp per year and +440 bps in total since H1 '21, while continuing to invest in growth, product development and tech advancements as well as bolstering operations in competitive markets

Group reached positive Operating Result after management adjustments and sharebased comp. in H1 '25

Note: Figures are in reported currency (RC) and include hyperinflation (HI) accounting.

Segment Details

Europe Platform business

Europe continues strong growth trajectory, outperforming major European peers Revenue development driven by expansion of own-delivery logistics, AdTech and subscription programs Glovo successfully transitioned entire rider fleet in Spain to an employment-based model and implemented structural adaptations to the rider model in Italy

Adj. EBITDA of -€51m in H1 '25, including provisions for Italy and elevated initial costs for rollout of new operating model in Spain

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

1. YoY growth rates in green boxes are in constant currency and on a like-for like basis (LfL) basis, excluding operations the Group exited or divested during FY 2024 (Slovakia, Slovenia, Denmark, Ghana, etc.) and suspended restaurant directory services in Spain.

MENA Platform business

GMV growth fueled by continued strengthening of Food Delivery and Quick

Saudi Arabia maintained strong growth path, with order volume rising by >20% YoY in Q2 '25, driven by enhanced subscription offerings and vendor-funded promotions

talabat continues to deliver remarkable growth driven by accelerated customer acquisition, improved CX and subscriber

Adj. EBITDA increase of 22% YoY to €256m in H1 '25 despite selective growth investments and FX headwinds from weaker USD

incl. hyperinflation accounting excl. hyperinflation accounting

Note: GMV and Revenue figures are in reported currency (RC). YoY growth rates in red are in constant currency (CC) and in black are in reported currency (RC), both growth rates exclude hyperinflation (HI) accounting. GMV, Revenue, adj. EBITDA as well as the respective growth rates in the MENA segment are impacted by operations in Türkiye qualifying as hyperinflationary economies according to IAS 29. In Q2 2025, GMV & Revenue have been retrospectively adjusted with a total impact of -€74.7m and -€13.6m, respectively.

Asia Platform business

Sequential improvement in GMV growth from –7% YoY (LfL) in Q1 '25 to -2% (LfL) in Q2 '25 driven by better growth dynamics in South Korea and APAC

Foodpanda re-entered growth trajectory, clear indicator that new leadership structure is yielding positive results

Woowa making great progress in enhancing the customer value proposition through accelerated ramp-up of own-delivery and launching new products while optimizing logistics costs

Adj. EBITDA/GMV margin +40 bps YoY to 1.7% in H1 '25 despite additional costs from own-delivery roll-out in Korea and FX headwinds

Note: GMV and Revenue figures are in reported currency (RC). YoY growth rates in red are in constant currency (CC) and in black are in reported currency (RC). 1. YoY growth rates in green boxes are in constant currency and on a like-for like basis (LfL) basis, excluding operations the Group exited or divested during FY '25 (Thailand) and suspended restaurant directory services in South Korea.

Americas Platform business

Continued strong top-line momentum driven by double-digit order growth in all leadership countries and an increased vendor base

Subscription program now live in 13/15 countries with subscription order share already at >20% and ramping up fast

FinTech roll-out in Argentina, positioning us to deliver enhanced financial services that drive value for vendors, riders and customers

Profitability improved significantly, resulting in an adjusted EBITDA of €46m (up from -€13m in H1 '24) and a margin of 2.3%

incl. hyperinflation accounting excl. hyperinflation accounting

Note: GMV and Revenue figures are in reported currency (RC). YoY growth rates in red are in constant currency (CC) and in black are in 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 Q2 2025, GMV and Segment Revenue have been retrospectively adjusted with a total impact of -€85.4m and -€20.6m, respectively.

Integrated Verticals

Substantial top-line momentum driven by customer experience enhancements in MENA and product optimizations in Americas

Significant profitability improvements with adj. EBITDA margin increasing to -1.0% in H1 '25 due to expanding Gross Profit margins and better Dmart utilization. Business on track to achieve adj. EBITDA break-even1 in FY '25

Quick Commerce outpacing overall trends, as food delivery customers increasingly cross-order groceries and retail products

incl. hyperinflation accounting excl. hyperinflation accounting

Note: GMV and Revenue figures are in reported currency (RC). YoY growth rates in red are in constant currency (CC) and in black are in reported currency (RC), both growth rates exclude hyperinflation (HI) accounting. GMV, Revenue, adj. EBITDA as well as the respective growth rates of the Integrated Verticals segment are impacted by operations in Argentina and Türkiye qualifying as hyperinflationary economy according to IAS 29. In Q2 2025, GMV & revenues have been retrospectively adjusted with a total impact of -€19.9m and -€21.5m, respectively.

1. Adj. EBITDA incl. Group costs and excl. hyperinflation accounting.

Gross Profit margin development

2% 3% 4% 5% 6% 7% 8% 9% 10% 11% Q1 '22 Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 MENA Americas Asia Europe Group (incl. IV) +40 Bps

Group Gross Profit margin as % of GMV

Key Highlights

GP margin on Group level continued to increase by +40 bps YoY to 8.2%

MENA and Americas already at ~10% GP margin, while expanding fast in Quick Commerce and further rolling out owndelivery in Turkey

Asia GP margin rebounded QoQ to 6.9% in Q2 '25 due to stronger profitability in owndelivery operations. This follows a dip in Q1'25 due to the implementation of new industrywide tiered commission model1 in Korea

Europe affected by legal provisions in Italy in Q4 '24, and the transition to an employmentbased model in Spain in H1 '25

Note: The margin shown above is based on Gross Profit calculated from Total Segment Revenue, eliminates prior-period rider reclassification provision risk and Digital Service Tax reclass from cost of sales to operating expenses. AdTech or advertising refers to non-commission based revenues (NCR) which also include other revenues (e.g. merchandise).

1. For further information, please refer to the announcement from November 14th, 2024: Link

Half Year Results

Delivering strong earnings growth and free cash flow uplift in H1 2025

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

1. YoY growth rates in green boxes are in constant currency, excluding hyperinflation (HI) accounting, and on a like-for-like basis, excluding operations the Group exited or divested during FY '24 and '25 (Slovakia, Slovenia, Denmark, Ghana, Thailand, etc.) and suspended restaurant directory services in Spain and South Korea.

2. Free Cash Flow before extraordinary items is calculated as cash flow from operating activities as stated in the IFRS Statement of Cash Flows less net capital expenditures, and payment of lease liabilities and excludes extraordinary cash outflows related to ongoing legal disputes (e.g., EU antitrust and Glovo Spain) and extraordinary cash inflows from M&A breakup fees. Free Cash Flow excludes interest income and expense.

Net result in H1 2025

• Comments
  • Management adjustments include expenses for reorganization and other restructuring measures (€46m), expenses for services related to corporate transactions and financing measures (€10m) and income from certain legal matters (€19m) 1
  • D&A includes depreciation, amortization and other impairments, other than goodwill impairment 2
  • Other financial and at equity results mainly due to net losses from the fair value measurement of financial instruments (€110m) and FX losses (€72m) 3
  • Income taxes include income taxes paid (€129m) and a positive effect from deferred income taxes (€55m) mainly due to the recognition of deferred tax assets that became recoverable as profitability improved in certain entities 4

Free Cash Flow

(in €m)	H1 2024	H1 2025	Change YoY	Strong improvement
Net result	(720)	(356)	+364	in operational performance
(+) Non-cash items	614	730	+116
(-) Income Taxes Paid	(125)	(129)	(4)	H1 '25 WC: €-65m excl. Taiwan breakup
(+/-) Change in Working Capital (incl. PSP1 receivables and restaurant liabilities)	95	476	+381	fee of €212m and excl. antitrust settlement of €329m
(+/-) Change in Provisions	240	(325)	(565)
Cash Flow from Operating Activities	103	395	+292	Shift of €329m from provisions for legal
(-) CAPEX (tangible and intangible)	(134)	(154)	(20)	risk to other current liabilities due to
(-) Lease payments (IFRS 16)	(74)	(76)	(2)	antitrust settlement
Free Cash Flow (after extraordinary items)	(104)	165	+268	Further cash
(+) Spain Rider Liability	-	40	n.m.	outflow for Glovo Spain and EU antitrust case are
(-) Taiwan breakup fee (working capital)	-	(212)	n.m.	expected in H2 '25
Free Cash Flow (before extraordinary items)	(104)	(8)	+96

Note: Free Cash Flow before extraordinary items is calculated as cash flow from operating activities as stated in the IFRS Statement of Cash Flows less net capital expenditures, and payment of lease liabilities and excludes extraordinary cash outflows related to ongoing legal disputes (e.g., EU antitrust and Glovo Spain) and extraordinary cash inflows from M&A breakup fees. Free Cash Flow excludes interest income and expense. 1. Payment Service Provider

Strong liquidity position after convertible bond buyback

Values in € billion

Comment

• Operating cash flow generation: Significant increase in profitability positions the business for strong future cash generation
• Convertible bonds buyback in February 2025 following the talabat IPO in November 2024
• Working Capital inflow includes shift of €329m from changes in provisions to current liabilities due to the antitrust settlement
• Others: mainly includes FX effects of €134m due to an appreciation of the Euro and a weakening US Dollar as well as South Korean Won

Delivery Hero Group updates outlook for FY 2025

Note: GMV and Total Segment Revenue in constant currency, excluding hyperinflation accounting and on a like-for-like basis, excluding operations the Group exited or divested during FY '24 and '25 (Slovakia, Slovenia, Denmark, Ghana, Thailand, etc.) and suspended restaurant directory services in Spain and South Korea. Adj. EBITDA and FCF in reported currency and including hyperinflation accounting. Free Cash Flow is calculated as cash flow from operating activities as stated in the IFRS Statement of Cash Flows less net capital expenditures, and payment of lease liabilities. Free Cash Flow excludes interest income and expense. 1. The Free Cash Flow guidance for FY 2025 excludes extraordinary cash outflows related to ongoing legal disputes (e.g., EU antitrust and Glovo Spain) and extraordinary cash inflows from M&A breakup fees.

Our long-term ambitions

1 player in all markets1

1 preferred delivery app1

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

1. Referring to the current portfolio of countries & verticals.

in the long-term

1. On Group level, including both Platform and Integrated Verticals.

Delivery Hero KPIs

	2024						2025
€m in	Q1	Q2	H1	Q3	Q4	FY	Q1	Q2	H1
Delivery Hero Group
GMV	11,788.9	11,897.6	23,686.5	12,249.3	12,818.2	48,754.0	12,372.5	12,243.4	24,615.9
% YoY Growth (RC)	5.3%	7.3%	6.3%	4.8%	13.4%	7.7%	5.0%	2.9%	3.9%
% YoY Growth (CC)	8.9%	9.5%	9.2%	7.8%	16.1%	10.6%	6.7%	7.3%	7.0%
GMV (CC) excl. HI adj.	12,135.7	12,064.7	24,200.4	12,607.9	12,828.8	49,637.1	12,621.4	12,931.9	25,553.3
% YoY Growth (CC), excl. HI adj.	8.4%	7.4%	7.9%	9.3%	8.2%	8.3%	7.6%	9.4%	8.5%
Total Segment Revenue	2,956.8	3,086.8	6,043.7	3,234.5	3,518.2	12,796.4	3,523.3	3,662.5	7,185.8
% YoY Growth (RC)	18.5%	19.6%	19.1%	19.2%	31.5%	22.3%	19.2%	18.6%	18.9%
% YoY Growth (CC)	22.2%	21.8%	22.0%	22.6%	34.3%	25.3%	20.6%	23.7%	22.2%
Total Segment Revenue (CC) excl. HI adj.	3,025.7	3,121.6	6,147.3	3,328.3	3,507.1	12,982.6	3,576.3	3,873.7	7,450.0
% YoY Growth (CC), excl. HI adj.	21.2%	19.6%	20.4%	24.2%	22.6%	21.9%	21.9%	26.4%	24.2%
Intersegment consolidation	(78.1)	(88.7)	(166.8)	(84.5)	(93.2)	(344.5)	(89.6)	(91.6)	(181.3)
Adj. EBITDA			240.6			692.5			410.7
EBITDA Margin % (GMV)			1.0%			1.4%			1.7%
Europe
GMV	2,132.4	2,176.7	4,309.1	2,185.0	2,384.6	8,878.7	2,385.2	2,422.7	4,807.9
% YoY Growth (RC)	17.8%	18.5%	18.2%	20.1%	16.7%	18.2%	11.9%	11.3%	11.6%
% YoY Growth (CC)	18.6%	19.2%	18.9%	20.8%	17.4%	19.0%	11.9%	11.8%	11.9%
Segment Revenue	444.1	460.8	904.9	467.8	519.3	1,891.9	553.3	612.9	1,166.1
% YoY Growth (RC)	26.3%	21.9%	24.0%	26.4%	22.8%	24.3%	24.6%	33.0%	28.9%
% YoY Growth (CC)	27.5%	22.9%	25.1%	27.3%	23.8%	25.3%	24.7%	33.4%	29.2%
Adj. EBITDA			(39.6)			(77.0)			(50.8)
EBITDA Margin % (GMV)			(0.9)%			(0.9)%			(1.1)%
MENA
GMV	2,745.2	3,169.0	5,914.2	3,204.9	3,706.8	12,825.9	3,548.0	3,690.4	7,238.3
% YoY Growth (RC)	21.7%	36.9%	29.4%	18.0%	38.7%	28.8%	29.2%	16.5%	22.4%
% YoY Growth (CC)	24.1%	39.0%	31.6%	22.5%	41.9%	31.9%	29.4%	22.2%	25.5%
Segment Revenue	757.1	871.3	1,628.4	891.3	1,008.1	3,527.8	973.2	1,018.5	1,991.7
% YoY Growth (RC)	27.5%	36.0%	31.9%	23.2%	35.7%	30.6%	28.5%	16.9%	22.3%
% YoY Growth (CC)	29.4%	36.7%	33.2%	26.5%	37.3%	32.6%	27.4%	22.8%	24.9%
Adj. EBITDA			209.7			472.9			256.2
EBITDA Margin % (GMV)			3.5%			3.7%			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 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.

		2024						2025
€m in	Q1	Q2	H1	Q3	Q4	FY	Q1	Q2	H1
Asia
GMV	6,135.7	5,691.3	11,827.0	5,962.2	5,618.3	23,407.4	5,414.9	5,176.9	10,591.8
% YoY Growth (RC)	-5.1%	-7.9%	-6.5%	-6.6%	-11.2%	-7.7%	-11.7%	-9.0%	-10.4%
% YoY Growth (CC)	-0.1%	-5.3%	-2.6%	-3.5%	-8.2%	-4.2%	-8.4%	-3.8%	-6.2%
Segment Revenue	1,002.4	966.7	1,969.1	1,053.3	1,049.5	4,071.9	1,063.2	1,112.3	2,175.5
% YoY Growth (RC)	8.5%	6.5%	7.5%	13.3%	8.4%	9.2%	6.1%	15.1%	10.5%
% YoY Growth (CC)	14.0%	9.5%	11.8%	16.8%	11.4%	12.9%	9.5%	21.1%	15.2%
Adj. EBITDA			157.1			385.1			176.3
EBITDA Margin % (GMV)			1.3%			1.6%			1.7%
Americas
GMV	775.6	860.6	1,636.2	897.3	1,108.6	3,642.0	1,024.4	953.5	1,977.9
% YoY Growth (RC)	15.3%	14.6%	15.0%	16.2%	332.4%	48.6%	32.1%	10.8%	20.9%
% YoY Growth (CC)	18.8%	16.9%	17.8%	19.3%	336.7%	51.6%	31.5%	15.3%	23.0%
Segment Revenue	200.4	223.3	423.6	234.1	281.9	939.6	265.0	247.6	512.6
% YoY Growth (RC)	13.4%	14.0%	13.7%	15.9%	267.4%	44.3%	32.3%	10.9%	21.0%
% YoY Growth (CC)	17.2%	16.7%	16.9%	19.2%	271.7%	47.7%	31.7%	15.6%	23.2%
Adj. EBITDA			(13.0)			10.3			46.2
EBITDA Margin % (GMV)			(0.8)%			0.3%			2.3%
Integrated Verticals
GMV	650.6	693.1	1,343.6	740.4	820.7	2,904.7	826.6	828.4	1,655.0
% YoY Growth (RC)	22.5%	27.8%	25.2%	22.9%	49.6%	30.6%	27.1%	19.5%	23.2%
% YoY Growth (CC)	26.6%	31.2%	28.9%	28.2%	54.9%	35.1%	29.8%	25.4%	27.5%
Segment Revenue	631.0	653.6	1,284.5	672.7	752.6	2,709.8	758.3	762.9	1,521.2
% YoY Growth (RC)	25.3%	26.7%	26.0%	17.2%	41.2%	27.5%	20.2%	16.7%	18.4%
% YoY Growth (CC)	29.4%	30.1%	29.8%	22.4%	46.4%	32.0%	22.8%	22.4%	22.6%
Adj. EBITDA			(73.7)			(98.7)			(17.3)
EBITDA Margin % (GMV)			(5.5)%			(3.4)%			(1.0)%

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 and/or Turkish operations qualifying as hyperinflationary economies according to IAS 29.

RC = Reported Currency / CC = Constant Currency.

Hyperinflation accounting in Argentina and Türkiye

Argentina Platform business: In Q2 2025, hyperinflation accounting resulted in a negative impact on GMV, Revenue, and adj. EBITDA, as in June 2025, the monthly CPI increase (change in %) was lower than the monthly FX devaluation (change in %). Türkiye Platform business: In Q2 2025, hyperinflation accounting resulted in a negative impact on GMV and Revenue, as in June 2025, the monthly CPI increase (change in %) was lower than the monthly FX devaluation (change in %). The impact on adj. EBITDA was positive.

28

Profit and loss statement (IFRS)

(in €m)	H1 2024	H1 2025
Revenue	5,772.3	6,879.5
Cost of sales	(4,132.7)	(5,145.6)	Own-delivery rollout,
Gross profit	1,639.6	1,733.9	especially in South Korea
Marketing expenses	(724.6)	(732.4)
IT expenses	(271.8)	(248.8)
General administrative expenses	(1,024.6)	(734.1)	Stable YoY excl. increase of the antitrust provision in
Other operating income	15.7	17.4	H1 '24 and partial release in H1 '25
Other operating expenses and goodwill impairment	(8.5)	(4.2)
Impairment losses on trade receivables and other assets	(16.2)	(27.1)
Operating result	(390.5)	4.7	Positive effect in H1 '24 due
Net interest result	(65.8)	(110.5)	to the modifications of the term loans
Other financial result	(121.6)	(164.2)
Results from assets accounted for using the equity method	(0.8)	(1.1)
Earnings before income taxes	(578.6)	(271.1)
Income taxes	(141.6)	(85.3)	Lower withholding taxes
Net results	(720.2)	(356.3)

Balance sheet (IFRS)

(in €m)	Dec. 31, 2024	Jun. 30, 2025
Intangible assets	5,995.4	5,715.7
Property, plant and equipment	770.5	748.1
Other financial assets	396.9	281.8
Other assets	30.3	47.1
Deferred tax assets	22.1	36.8
Investments accounted for using the equity method	8.9	12.5
Non-current assets	7,224.1	6,842.0
Inventories	174.6	182.1
Trade and other receivables	659.7	759.0
Other financial assets	225.5	2.7
Other assets	308.1	343.9
Income tax receivables	19.8	25.5
Cash and cash equivalents	3,808.7	2,808.1
Current assets	5,196.3	4,121.3
Total assets	12,420.4	10,963.3

Balance sheet (IFRS)

(in €m)	Dec. 31, 2024	Jun. 30, 2025
Share capital/Subscribed capital	287.4	293.9
Capital reserves	12,513.5	12,621.5
Retained earnings and other reserves	(10,208.5)	(10,720.0)
Treasury shares	(0.0)	(0.0)
Equity attributable to shareholders of the parent company	2,592.3	2,195.4	Decrease in term loan
Non-controlling interests	120.2	141.1	liabilities driven by
Equity	2,712.6	2,336.4	exchange rate effects, particularly related to the
Liabilities to banks	1,794.5	1,611.8	US Dollar
Provisions for pension and similar obligations	28.6	30.8
Other provisions	256.1	335.0
Trade and other payables	347.1	324.8
Convertible bonds	3,272.6	2,406.1	Convertible bond buyback for a nominal value of
Other liabilities	34.4	31.6	€895.9 million in H1 '25
Income Tax liabilities	7.3	15.5
Deferred tax liabilities	234.7	185.9
Non-current liabilities	5,975.2	4,941.5	Partial release and
Liabilities to banks	18.9	23.4	reclassification of the
Other provisions	852.5	464.6	provision to other liabilities upon reaching a
Trade and other payables	2,023.6	2,028.4	settlement agreement
Convertible bonds	47.4	79.8	regarding the antitrust investigation by the
Other liabilities	445.3	797.9	European Commission
Income tax liabilities	345.0	291.3
Current liabilities	3,732.7	3,685.4
Total equity and liabilities	12,420.4	10,963.3

Cashflow Statement (IFRS)

(in €m)	H1 20241,2	H1 2025
Net result	(720.2)	(356.3)
Income tax expense	141.6	85.3
Income tax paid	(125.4)	(129.4)
Amortization and depreciation	231.0	229.9	Shift of €329m from provisions for legal risk to other current liabilities due
Impairment of goodwill and other intangible assets	0.9	9.8
Increase (+) / decrease (–) in provisions1	230.2	(325.0)	to antitrust settlement
Non-cash expenses from share-based payments	98.4	125.8
Bad debt impairment, unrealized exchange rate effects and other non-cash expenses1	(12.1)	7.8
Gain (–) / loss (+) on disposals of non-current assets	19.8	(0.9)
Gain (−) / loss (+) on deconsolidation	(0.0)	(3.2)
Increase (–) / decrease (+) in receivables from payment service providers	(69.0)	(125.2)	Payment of Taiwan
Increase (–) / decrease (+) in inventories, trade receivables and other assets1	(76.4)	43.2	breakup fee of €212m
Increase (+) / decrease (–) in restaurant liabilities	30.8	69.3
Increase (+) / decrease (–) in trade and other payables	173.1	488.4	Shift of €329m from provisions for legal risk to
Finance income (-) / expense (+) 1	180.5	275.8
Cash flows from operating activities	103.2	395.4	other current liabilities due to antitrust settlement
Proceeds from disposal of property, plant and equipment	-	5.3
Payments for investments in property, plant and equipment	(63.1)	(79.6)
Proceeds from disposal of intangible assets	1.3	0.0
Payments for investments in intangible assets	(71.7)	(80.2)
Proceeds from divestments of other financial assets	175.9	(0.3)
Net payments from loans to third parties	(9.8)	(20.7)
Net payments for the acquisition of subsidiaries2	(8.0)	(28.1)
Net proceeds from sale of subsidiaries or discontinued operations	–	(0.2)
Payments for the acquisition of equity investments	(0.9)	(4.7)
Interest received	24.1	36.7
Cash flows from investing activities2	47.7	(171.3)

1. In order to allow comparability to 2025 figures, 2024 figures were adjusted; finance income and currency translation effects amounting to €89.6 million are now presented as "finance income (-)/expense (+)". In addition, balance sheet related movements are presented in the respective line items, while previously presented as "other non-cash expenses". 2. In order to allow comparability to 2025 figures, cash flows related to earn-out payments of €8.0 million, classified as financing activities in 2024, have been reclassified to investing activities.

Cashflow Statement (IFRS)

(in €m)	H1 20241,2	H1 2025
Proceeds from capital contributions	280.0	-
Proceeds from bonds and borrowings	747.8	765.0
Payments of lease liabilities	(73.7)	(76.4)
Repayments of loans and borrowings2	(882.4)	(1,637.8)	Convertible bond buyback
Interest paid	(106.1)	(121.4)
Dividends paid	–	(20.1)
Cash flows from financing activities2	(34.4)	(1,090.6)
Net change in cash and cash equivalents	116.5	(866.5)
Effect of exchange rate movements on cash and cash equivalents	(19.9)	(134.0)
Cash and cash equivalents at the beginning of the period3	1,659.4	3,808.7
Cash and cash equivalents at the end of period	1,755.9	2,808.1

1. In order to allow comparability to 2025 figures, 2024 figures were adjusted; finance income and currency translation effects amounting to €89.6m are now presented as

"finance income (-)/expense (+)". In addition, balance sheet related movements are presented in the respective line items, while previously presented as "other non-cash expenses".

1. In order to allow comparability to 2025 figures, cash flows related to earn-out payments of €8.0m, classified as financing activities in 2024, have been reclassified to investing activities.

2. As of January 1, 2024, cash of €0.5m is included in a disposal group classified as held for sale.

Large cash balance combined with a balanced debt maturity profile

Note: 1. Includes KRW 794bn principal and US\$1,346m principal (at FX rates of 1,594.6 and 1.179, respectively, as of 30 June 2025) | 2. 2030 convertible bond has an investor put option in August 2028 | 3. Secured Overnight Financing Rate (SOFR) and Certificate of Deposit (CD) | 4. As of June 30, 2025, the RCF of €840m was utilized by way of ancillary guarantee and letter of credit facilities amounted to €398.5m; under those ancillary facilities, as of June 30, 2025, guarantees and letters of credit were issued in the amount of €262.6m. The RCF and the instruments issued under the ancillary facilities were fully undrawn as of June 30, 2025. In May 2025, the aggregated principal amount of the RCF was increased by additional €50m, resulting in a total RCF amount of €840m with a maturity of May 2028.

Significant potential for Gross Profit margin expansion

Gross Profit to adj. EBITDA for the Group (as % of GMV): FY 2024 to Long-Term

1. Unknown risks and non-execution of positive levers compared to plan.

2. Adj. EBITDA margin and FCF margin as % of GMV and on Group level, including both Platform and Integrated Verticals.

Very attractive long-term margins and high cash conversion

	FY 2023	FY 2024	FY 2025e	FY 2030e	Comments
Management accounts
Gross Profit	7.4%	7.7%	Improve	10% to 13%	Driven by pricing, advertising, order stacking and increasing profitability of Dmarts
Marketing	(2.9)%	(2.4)%	Stable %	<(3)%	High focus on improved marketing efficiency while continuing to grow at scale
Opex and others	(4.0)%	(3.9)%	Improve	<(3)%	Top-line growth combined with strict cost control to drive operating leverage
Adj. EBITDA	0.6%	1.4%	~1.9%	5% to 8%	Best-in-class countries already generating adj. EBITDA margin of 6-8% of GMV
IFRS reporting
Cash Flow from Operations	(0.04)%	1.3%	~1.2%	4% to 6%	Resulting from significant profitability increase and Working Capital optimizations despite higher taxes
o/w Change in Working Capital -	outflow small	0 4%	inflow small	inflow small	cash as business scales and driven by Positive generation active Working Capital management
o/w Taxes paid -	(0 4)%	(0 6)%	Stable %	(0 9)% (1 9)% to	Predominantly income Long-term cash of taxes. tax rate ~25% corresponds (0 9) (1 9)% of GMV to to
Capex	(0.6)%	(0.6)%	Stable %	~(0.3)%	Investment in tangible and intangible CAPEX leverage as business scales
Lease payments	(0.3)%	(0.3)%	Stable %	~(0.2)%	Growth at slower rate vs. GMV
Free Cash Flow	(1.0)%	0.4%	~0.2%	3% to 6%	Highly attractive long-term cash conversion
Share-based comp. (SBC)	(0.6)%	(0.4)%	Stable %	~(0.6)%	Incentivize key employees and align with company objectives

Note: Gross Profit is based on management accounts and differs from IFRS Gross Profit. Free Cash Flow according to the new definition is calculated as Cash Flow from Operating Activities as stated in the IFRS Statement of Cash Flows less net capital expenditures, and payment of lease liabilities. Free Cash Flow excludes interest income and expense. The Free Cash Flow guidance for FY 2025 excludes extraordinary cash outflows related to ongoing legal disputes (e.g., EU antitrust and Glovo Spain) and extraordinary cash inflows from M&A breakup fees.

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.
• Adjusted EBITDA figures are preliminary, and the underlying financial data is currently undergoing audit procedures. Adjusted EBITDA is including group cost unless otherwise specified.
• Free Cash Flow is calculated as cash flow from operating activities as stated in the IFRS Cash Flow statement less net 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 and Türkiye we have included reported current growth rates for Argentina and Türkiye 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 Türkiye qualifying as hyperinflationary economies according to IAS 29 (Türkiye: 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).
• Integrated Verticals revenues, adj. EBITDA, GMV as well as the respective growth rates are impacted by operations in Argentina and Türkiye qualifying as hyperinflationary economies according to IAS 29.

Important Notice

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

Investor Relations Contacts

Barbara Jeitler Director IR

barbara.jeitler@deliveryhero.com

Senior Manager IR moritz.verleger@deliveryhero.com

Lukas Herzog Manager IR lukas.herzog@deliveryhero.com

Loredana Strîmbei Specialist IR loredana.strimbei@deliveryhero.com

ir@deliveryhero.com

T: +49 (0)30 54 4459 105 Oranienburger Straße 70, 10117 Berlin, Germany

ir.deliveryhero.com