Delivery Hero SE

Investor Presentation • Aug 29, 2024

Q2 2024

Trading Update

29 August 2024

Table of contents

01 Trading Update
02 Half Year Results
03 Case Studies
04 Outlook
05 Appendix

Q2 2024 Key Highlights

GMV grew 7\% YoY in Q2 '24 finishing the quarter with 10\% YoY in June. GMV outside of Asia grew 23\% YoY1

Total Segment Revenue growth of 20\% YoY ${ }^{1}$ in Q2 '24 exceeding GMV development

Glovo with positive adj. EBITDA in June, contributing to the Group's adj. EBITDA uplift of $€ 231 \mathrm{~m}$ YoY in H1 '24

Adj. EBITDA of $€ 240 \mathrm{~m}$ on Group level leading to positive Operating Cashflow of $€ 103 \mathrm{~m}$ and Free Cashflow ${ }^{2}$ break-even in H1 '24 - strong liquidity position of $€ 1.8 \mathrm{bn}$ at the end of June

Delivery Hero is preparing an IPO of its Talabat business on the Dubai Financial Market in Q4 '24

1. In constant currency and excluding effects from hyperinflation accounting
2. 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

Healthy topline development in Q2 2024

Key highlights

• Positive GMV development in Q2 2024 mainly driven by increase in order volumes
• Strong double-digit Total Segment Revenue growth driven my multiple levers incl. expanding own delivery, Dmarts \& AdTech business

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

Double-digit revenue growth across the majority of our business segments

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

Q2 2024 Europe Platform business

Q2 2024 MENA Platform business

Note: YoY growth rates in red are constant currency (CC) and in black reported currency (RC)
MENA Gross Merchandise Value (GMV), Revenue, adj. EBITDA, as well as the respective growth rates are impacted by operations in Lebanon (until Q3 2023) and Turkey qualifying as hyperinflationary economies according to IAS 29. In Q2 2024, GMV \& revenues have been retrospectively adjusted with a total impact of $+€ 43.3 \mathrm{~m}$ and $+€ 12.6 \mathrm{~m}$, respectively

Q2 2024 Asia Platform business

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

Q2 2024 Americas Platform business

Note: YoY growth rates in red are constant currency (CC) and in black reported currency (RC)
Americas revenues, adj. EBITDA, Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the Argentine operations qualifying as hyperinflationary economy according to IAS 29
In Q2 2024, GMV and Segment Revenue have been retrospectively adjusted with a total impact of $+€ 29.5 \mathrm{~m}$ and $+€ 6.8 \mathrm{~m}$, respectively

Q2 2024 Integrated Verticals

Note: YoY growth rates in red are constant currency (CC) and in black reported currency (RC)
Integrated Verticals revenues, adj. EBITDA, Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by operations in Argentina and Turkey qualifying as hyperinflationary economies according to IAS 29. In Q2 2024, GMV \& revenues have been retrospectively adjusted with a total impact of $+€ 9.0 \mathrm{~m}$ and $+€ 7.5 \mathrm{~m}$, respectively. The Integrated Verticals segment includes Glovo's Dmart business on a Like-for-Like basis as if Glovo had been acquired on 1 January 2021

Key Highlights

• Continued high GMV growth mainly driven by strong volume development, with $>500$ daily orders per store on average as set as our target in FY 2021 for reaching positive Gross Profit
• Gross Profit margin almost doubled QoQ in Q2 2024 to $4 \%$
• Continued to optimize store footprint with 834 Dmarts live in Q2 2024
• Significant adj. EBITDA improvement expected in H 2 and break-even in Dec-24

Gross Profit margin development within the Platform business

Platform business Gross Profit margin as \% of GMV

Key Highlights

• Gross Profit margin of the Platform business stable at $7.6 \%$ in Q2 '24. Further margin expansion expected in H2 '24
• Gross Profit margin in MENA and Americas already at $\sim 10 \%$. Europe marked a new high of $8 \%$, and Asia temporarily suffers from free delivery promotion in South Korea
• GP margin expansion on Group level of +20 bps QoQ to $7.8 \%$ in Q2 '24 driven by positive Dmarts contribution (not included in the graph)
• AdTech continues to enhance with NCR contributing 2.4\% of GMV in Q2 '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 Half Year Results
03 Case Studies
04 Outlook
05 Appendix

Half Year Results

Significant earnings growth and positive operating cash flow

Adj. EBITDA (€m)

Total Segment Revenue ( $€ \mathrm{bn}$ )

Operating Cash Flow ${ }^{1}$ ( $€ \mathrm{~m}$ )

-177

H1 '23
H1 '24

Note: YoY growth rates in black are reported currency (RC) and include hyperinflation (HI) accounting 1. Presented as cash flow from operating activities as per the H1 2024 IFRS consolidated statement of cash flows

Reconciliation of adjusted EBITDA to IFRS net result

Comment

• Management adjustments include (i) expenses for services related to corporate transactions, financing measures and certain legal matters of $€ 269 \mathrm{~m}$, mainly comprising $€ 226 \mathrm{~m}$ expenses for antitrust \& other legal matters, $€ 13 \mathrm{~m}$ for earn-outs and bonus arrangements and $€ 28 \mathrm{~m}$ expenses for or services related to corporate finance transactions, (ii) expenses for reorganization measures of $€ 24 \mathrm{~m}$
• Others mainly include non-cash portion of other financial result and interest result, predominantly unrealized FX losses

Positive cash development in H1 2024

Comment

• Change in Working Capital: positive Working Capital effects in H1 2024 expected to be partially offset by cash outflow in H2 2024, inline with our FY 2024 guidance of "small inflow" (see slide 34)
• Others includes cash inflow from the divestment of minority shareholdings ( $€ 176 \mathrm{~m}$ ), proceeds from the Uber capital contribution ( $€ 280 \mathrm{~m}$ ) and from the upsizing of the Term Loans ( $€ 748 \mathrm{~m}$ ). It includes cash outflow from the repayment / buyback of convertible bonds ( $€ 847 \mathrm{~m}$ ) and others (e.g. costs for financing transaction, FX effects, earn-outs)

Ample liquidity position combined with a balanced debt maturity profile

Free Cash Flow ${ }^{1}$ break-even already reached in H1 2024

1. Free Cash Flow is calculated as cash flow from operations (changes in Working Capital 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. Free Cash Flow is based on management accounts which deviates from IFRS

Table of contents

01 Trading Update
02 Annual Results
03 Case Studies
04 Outlook
05 Appendix

South Korea

Better customer experience and higher platform monetization

New user interface

• More convenient and intuitive with OD and MP landing page combined
• Greater choice for customers, thus higher conversion and customer loyalty rates
• Currently being rolled out across the country

New pricing methodology

• Increased restaurant commission for OD orders to 9.8\% (6.8\% previously)
• Reduced delivery fee borne by vendors from KRW 2,500-3,300 to KRW 1,900- 2,900
• New pricing in line with South Korean industry standards

Subscription launched

• Users in South Korea can now opt-in to Baemin Club subscription program
• Subscribers get free stacked deliveries in addition to access to attractive benefits from food delivery, quick commerce shops and other partners
• MP restaurants will also be able to offer their products to our subscribers

Pick-up services

• Since July/24 and until March/25, new restaurants are charged a discounted commission fee of $3.4 \%$
• From April/25 onwards, the current plan is to charge a commission fee for all pick-up orders
• Further enhancing pick-up order features and support for vendors and customers

Before

Resilient order dynamics despite competitive pressure

Average order development

• Competitive pressure intensified with free stacked-order delivery launched by main competitor at the end of March
• Intense focus on customer experience, subscription, own delivery and logistics has supported to regain the order drop during April and early-May
• Baemin's response has led to a 14\% rebound in order volume over the past few months, surpassing the year's lowest point and exceeding order levels seen at the beginning of 2024

Note: 28-days rolling average order volume based on Baemin's daily orders from February $3^{\text {rd }}$ until August 14 ${ }^{\text {th }}, 2024$

YoY growth recovering after challenging April and May

Note: 1. 28-days rolling average order volume based on Baemin's daily orders and GMV in local currency from February 3rd, 2024 until August 14th, 2024

Talabat

Talabat at a glance

Multi-vertical ecosystem

• Category-leading integrated food delivery and quick commerce platform with leading category positions in 8 highly attractive countries across MENA
• GMV of $\epsilon 5 \mathrm{bn}+$ with double-digit growth and high profitability and cash conversion
  

Profitability path

Strong progress on profitability expected in FY 2024

Adj. EBITDA (in $\mathbf{~ E m}$ ) on Group level

Profitable Platform on track to increase the annualized adj. EBITDA from $€ 1.2 \mathrm{bn}$ in Q4'23' to $€ 1.3$ bn in Q4'24 despite heavy investments in Korea

Unprofitable Platform business expected to reduce adj. EBITDA losses by $90 \%$ since Q4'22. Expected to track close to breakeven in Dec-24

Integrated Verticals adj. EBITDA expected to improve by $>50 \%$ in FY '24. Expected to reach break-even in Dec-24

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, >10 p.p. of GMV have shifted to profitability due to the positive earnings progression.
1. The Profitable Platform business was presented in the Q4'23 trading update as having achieved an adj. EBITDA run-rate of $>€ 1.3$ bn in Q4 2023. That figure was based on 2023's country split between Profitable and Unprofitable countries and is therefore not comparable to the figures presented on the slide above.

Table of contents

01 Trading Update
02 Half Year Results
03 Case Studies
04 Outlook
05 Appendix

Delivery Hero Group confirms outlook for FY 2024

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 Half Year Results
03 Case Studies
04 Outlook
05 Appendix

Delivery Hero KPIs (Pro Forma Data)

in On	2023					2024
	Q1	Q2	H1	Q3	Q4	FY	Q1	Q2
Delivery Hero Group
GRV	11,198.8	11,087.8	22,282.7	16,893.4	11,298.1	45,275.2	11,789.2	11,898.8
\%10YGrowth (RC)	$1.5 \%$	$2.9 \%$	$2.2 \%$	$2.1 \%$	$-0.5 \%$	$1.5 \%$	$5.3 \%$	$7.3 \%$
\%10YGrowth (CC)	$2.1 \%$	$8.1 \%$	$5.1 \%$	$8.6 \%$	$3.3 \%$	$5.5 \%$	$8.9 \%$	$9.5 \%$
GMV excl. HI adj.					12,388.4	47,631.2	12,132.5	12,060.6
\%10YGrowth (CC), excl. HI adj.					$6.7 \%$	$6.8 \%$	$8.3 \%$	$7.4 \%$
Total Segment Revenue	2,494.2	2,581.4	5,075.6	2,712.9	2,674.7	10,463.2	2,951.2	3,091.9
\%10YGrowth (RC)	$11.8 \%$	$11.0 \%$	$11.4 \%$	$8.6 \%$	$5.5 \%$	$9.1 \%$	$18.3 \%$	$19.8 \%$
\%10YGrowth (CC)	$12.2 \%$	$16.2 \%$	$14.3 \%$	$16.2 \%$	$10.5 \%$	$13.8 \%$	$22.0 \%$	$21.9 \%$
Total Segment Revenue excl. HI adj.					2,984.6	11,094.2	3,019.1	3,126.6
\%10YGrowth (CC), excl. HI adj.					$15.7 \%$	$15.7 \%$	$21.0 \%$	$19.8 \%$
Intersegment comm.Mation	$(55.3)$	$(56.0)$	$(111.3)$	$(85.6)$	$(69.5)$	$(266.4)$	$(90.3)$	$(85.0)$
Adj. EBITDA			9.2			253.6
EBITDA Margin \% (GMV)			$0.0 \%$			$0.6 \%$
Adj. EBITDA
GRV	6,462.1	6,181.1	12,643.2	6,385.6	6,325.5	25,354.2	6,135.8	5,691.3
\%10YGrowth (RC)	$-7.0 \%$	$-4.8 \%$	$-5.9 \%$	$-6.2 \%$	$-5.1 \%$	$-5.8 \%$	$-5.0 \%$	$-7.9 \%$
\%10YGrowth (CC)	$-5.8 \%$	$1.6 \%$	$-2.2 \%$	$0.3 \%$	$-1.9 \%$	$-1.5 \%$	$-0.1 \%$	$-5.3 \%$
Segment Revenue	924.1	907.3	1,831.4	929.4	968.6	3,729.3	1,002.4	966.7
\%10YGrowth (RC)	$-0.4 \%$	$-3.3 \%$	$-1.8 \%$	$-4.2 \%$	$0.1 \%$	$-2.0 \%$	$8.5 \%$	$6.5 \%$
\%10YGrowth (CC)	$1.0 \%$	$3.2 \%$	$2.1 \%$	$3.4 \%$	$4.3 \%$	$3.0 \%$	$14.0 \%$	$9.5 \%$
Adj. EBITDA			173.7			385.0
EBITDA Margin \% (GMV)			$1.4 \%$			$1.5 \%$
EBITDA
GRV	2,254.8	2,215.0	4,569.9	2,716.3	2,673.1	9,959.3	2,795.5	3,169.1
\%10YGrowth (RC)	$16.7 \%$	$14.9 \%$	$15.8 \%$	$20.2 \%$	$14.5 \%$	$16.6 \%$	$21.8 \%$	$39.9 \%$
\%10YGrowth (CC)	$16.0 \%$	$20.6 \%$	$18.3 \%$	$31.3 \%$	$21.9 \%$	$22.7 \%$	$23.9 \%$	$38.9 \%$
Segment Revenue	593.9	640.6	1,234.4	723.5	742.9	2,700.8	757.2	874.7
\%10YGrowth (RC)	$20.9 \%$	$24.4 \%$	$22.7 \%$	$21.8 \%$	$20.2 \%$	$21.7 \%$	$27.5 \%$	$36.5 \%$
\%10YGrowth (CC)	$18.6 \%$	$29.2 \%$	$24.0 \%$	$32.3 \%$	$27.3 \%$	$27.1 \%$	$29.4 \%$	$37.2 \%$
Adj. EBITDA			111.5			304.6
EBITDA Margin \% (GMV)			$2.4 \%$			$3.1 \%$

Note:

The Glovo transaction closed on 4 July 2022. The pro forma financial information includes Glovo from 1 January 2022 onwards and reflects the Glovo Group based on Spanish GAAP with selected adjustments in accordance with Delivery Hero accounting guidelines.
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 dm	2023					2024
	Q1	Q2	H1	Q3	Q4	FY	Q1	Q2
MERIT
GMV	1,809.5	1,836.9	3,646.5	1,819.5	2,044.1	7,510.0	2,132.5	2,177.1
\% 10 F Ghovm (RC)	$13.4 \%$	$15.0 \%$	$14.2 \%$	$13.4 \%$	$15.3 \%$	$14.3 \%$	$17.8 \%$	$18.5 \%$
\% 10 F Ghovm (CC)	$14.8 \%$	$17.0 \%$	$16.0 \%$	$15.3 \%$	$16.3 \%$	$15.9 \%$	$18.6 \%$	$18.3 \%$
Segment Revenue	351.5	378.0	729.5	369.9	422.9	1,522.4	440.7	458.2
\% 10 F Ghovm (RC)	$9.7 \%$	$14.7 \%$	$12.2 \%$	$18.3 \%$	$18.7 \%$	$15.4 \%$	$25.4 \%$	$21.2 \%$
\% 10 F Ghovm (CC)	$11.6 \%$	$17.2 \%$	$14.5 \%$	$20.9 \%$	$20.1 \%$	$17.5 \%$	$26.4 \%$	$22.1 \%$
Adj. EBITDA			(98.3)			(168.2)
EBITDA Margin \% (GMV)			$-2.7 \%$			$-2.2 \%$
Americas
GMV	672.5	750.8	1,423.3	772.0	256.4	2,451.7	775.6	860.6
\% 10 F Ghovm (RC)	$20.5 \%$	$11.3 \%$	$15.5 \%$	$-1.0 \%$	$-55.8 \%$	$-5.4 \%$	$15.3 \%$	$14.6 \%$
\% 10 F Ghovm (CC)	$16.9 \%$	$11.2 \%$	$13.8 \%$	$1.5 \%$	$-52.1 \%$	$-4.6 \%$	$18.8 \%$	$16.9 \%$
Segment Revenue	176.6	195.8	372.4	201.9	76.7	651.0	209.9	223.4
\% 10 F Ghovm (RC)	$18.3 \%$	$10.1 \%$	$13.8 \%$	$-0.2 \%$	$-49.6 \%$	$-4.5 \%$	$18.8 \%$	$14.1 \%$
\% 10 F Ghovm (CC)	$14.7 \%$	$9.9 \%$	$12.1 \%$	$2.4 \%$	$-45.8 \%$	$-3.7 \%$	$22.6 \%$	$16.7 \%$
Adj. EBITDA			(53.4)			(49.9)
EBITDA Margin \% (GMV)			$-3.7 \%$			$-2.0 \%$
NERIT OF EXERCISE
GMV	531.0	542.2	1,073.2	602.6	548.6	2,224.4	646.3	681.1
\% 10 F Ghovm (RC)	$24.6 \%$	$18.8 \%$	$21.6 \%$	$21.4 \%$	$5.3 \%$	$17.1 \%$	$22.1 \%$	$25.6 \%$
\% 10 F Ghovm (CC)	$26.2 \%$	$25.9 \%$	$26.1 \%$	$31.5 \%$	$12.0 \%$	$23.6 \%$	$26.1 \%$	$28.8 \%$
Segment Revenue	503.4	515.7	1,019.1	573.8	533.1	2,126.1	631.3	653.9
\% 10 F Ghovm (RC)	$29.6 \%$	$24.5 \%$	$26.9 \%$	$21.2 \%$	$8.7 \%$	$20.3 \%$	$25.4 \%$	$26.8 \%$
\% 10 F Ghovm (CC)	$31.3 \%$	$32.0 \%$	$31.7 \%$	$31.3 \%$	$15.4 \%$	$27.1 \%$	$29.5 \%$	$30.2 \%$
Adj. EBITDA			(124.3)			(217.9)
EBITDA Margin \% (GMV)			$-11.6 \%$			$-9.8 \%$

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.
The Glovo transaction closed on 4 July 2022. The pro forma financial information includes Glovo from 1 January 2022 onwards and reflects the Glovo Group based on Spanish GAAP with selected adjustments in accordance with Delivery Hero accounting guidelines.
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

Organic cash flow generation comfortably exceeds upcoming maturities

€ million

• Reached FCF break-even in H1 2024 and are fully on track to deliver a positive FCF in FY 2024 and substantial cash flows in the next years
• The organic cash flow generation in the coming years comfortably exceeds all upcoming convertible debt and term loan maturities
• No dependency on any external (re-)financing transaction or potential proceeds from minority stake monetization or M\&A disposals
• We have ample access to capital if beneficial and when a compelling refinancing opportunity arises to further strengthen our long-term capital structure

Note: Pro-forma cash: Cash balance as of 31 December 2023 adjusted for divestment of Deliveroo shares, upsize of term loans and repayment of convertible bonds. Excludes restricted cash of $£ 2.2 \mathrm{~m}$ as of end FY ' 23

Balance sheet (1/2)

(in $\mathbf{€ m}$ )	Dec. 31, 2023	Jun. 30, 2024
Intangible assets	6,455.7	6,275.2
Property, plant and equipment	746.7	754.2
Other financial assets	408.3	276.0
Other assets	26.2	18.0
Deferred tax assets	8.8	13.3
Investments accounted for using the equity method	7.6	7.4
Non-current assets	7,653.3	7,343.9
Inventories	143.5	156.9
Trade and other receivables	711.9	794.9
Other financial assets	4.9	8.7
Other assets	255.3	273.2
Income tax receivables	9.9	24.3
Cash and cash equivalents	1,659.4	1,755.9
Assets (disposal groups) classified as held for sale	49.7	40.2
Current assets	2,834.5	3,054.0
Total assets	10,487.8	10,397.9

Balance Sheet (2/2)

Cashflow Statement (1/2)

(in €m)	H1 20231	H1 2024
Net result	$-772.1$	$-720.2$
Income tax expense	12.8	141.6
Income tax paid	$-103.3$	$-125.4$
Amortization and depreciation	245.4	231.0
Impairment of goodwill and other intangible assets	28.0	0.9
Increase in provisions	18.2	239.9
Non-cash expenses from share-based payments	131.6	98.4
Other non-cash expenses	55.4	31.0
Loss on disposals of non-current assets	2.5	19.8
Gain (-)/loss ( + ) on deconsolidation	3.9	$-0.0$
Increase (-)/decrease ( + ) in inventories, trade receivables and other assets	43.9	$\begin{gathered} -108.5 \ 203.9 \end{gathered}$
Increase ( + )/decrease (-) in trade payables and other liabilities	$-26.1$
Interest and similar income (-)/expense ( + ) and fair value gains (-)/losses ( + )	182.6	90.9
Cash flows from operating activities	$-177.2$	103.2
Payments for investments in property, plant and equipment	$-62.8$	$-63.1$
Proceeds from disposal of intangible assets	0.2	1.3
Payments for investments in intangible assets	$-49.9$	$-71.7$
Proceeds from investments in other financial assets	9.7	175.9
Net payments from loans to third parties	$-3.7$	$-9.8$
Net payments for the acquisition of subsidiaries	$-7.9$	-
Payments for the acquisition of equity investments	$-3.6$	$-0.9$
Interest received	25.7	24.1
Cash flows from investing activities	$-92.4$	55.7

[^0]
[^0]: 1. The comparative information is restated due to correction of errors

Cashflow Statement (2/2)

1. The comparative information is restated due to correction of errors
2. Cash of $€ 0.5$ million included in a disposal group classified as held for sale as of January 1, 2023
3. Cash of $€ 0.5$ million included in a disposal group classified as held for sale as of June 30, 2023

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.

Hyperinflation accounting in Argentina and Turkey

Source: The Central Bank Of The Republic Of Turkey (CBRT)

• Turkey Platform business: In Q2 2024, hyperinflation accounting resulted in a positive impact on GMV and Revenue, as in June 2024, the monthly CPI increase (change in \%) was higher than the monthly FX devaluation (change in \%). The impact on adj. EBITDA was slightly negative

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

Bruno Priuli
Director IR
bruno.priuli@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