Delivery Hero SE

Investor Presentation • Apr 25, 2024

Q1 2024 Trading Update 25 April 2024

Table of contents

Trading Update

• Annual Results
• Case Studies
• Outlook
• Appendix

Q1 2024 Key Highlights

GMV growth of 8% YoY1 in Q1 2024 driven by accelerating order development

Total Segment Revenue growth of 21%1 YoY in Q1 2024 driven by multiple levers including AdTech – raising FY 2024 revenue outlook to 18-21% YoY (prev. 15-17% YoY)

Gross Profit margin expanded by +60 bps YoY to 7.7% in Q1 2024

Glovo generating strong growth while significantly improving profitability – positive adj. EBITDA in H2 2024E Dmart business executing on its path to profitability – positive adj. EBITDA by year-end 2024E

Successful refinancing optimising our debt maturity profile – next maturity <€100m in July 2025

Strong GMV and revenue development in Q1 2024

Key highlights

• § Positive GMV development in Q1 2024 driven by healthy order growth
• § Strong double-digit Total Segment Revenue growth driven by AdTech revenues, service and subscription fees, higher commission from owndelivery as well as increasing Dmarts contribution

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

Q1 2024 Europe Platform business

Segment Revenue (€m)

Key Highlights

• § Strong GMV growth of 19% YoY mainly driven by double-digit order growth and larger baskets
• § Our subscription Foodora PRO now at ~20% of GMV
• § Very strong growth of own-delivery in Greece expected to lead to better customer experience and higher revenues
• § Glovo grows above segment average and with improving category share trends. Adj. EBITDA losses have reduced by ~55% YoY in Q1 2024 and business is expected to reach positive adj. EBITDA in H2 2024 (incl. central Group costs)

Q1 2024 MENA Platform business

Key Highlights

• § Sustained double-digit top-line growth, despite 12 additional days of Ramadan compared to Q1 2023, on the back of continuous improvements in the ecosystem (e.g. FinTech, Kitchen, Dmart and multi-vertical offering)
• § Leading category position across all countries in the region sustained with strong service levels and continuously improving value proposition on choice and affordability
• § Continued focus on improving customer experience in Turkey through the ramp up of own delivery. Food OD share grew 4x YoY

Note: YoY growth rates in red are constant currency and in black reported currency

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. Hyperinflation accounting was first applied in Lebanon in Q1 2021. In Q1 2024, GMV & revenues have been retrospectively adjusted with a total impact of -€2.0m and +€1.4m, respectively

Q1 2024 Asia Platform business

Key Highlights

• § Significant push to drive GMV growth in South Korea with free delivery, Starbucks partnership and several key features
• § Strong Revenue growth of 14% driven by own-delivery roll-out and growing AdTech business
• § APAC1 AdTech revenue at all-time high of 3.4% as a percentage of GMV (+0.7 p.p. YoY), as we enhanced vendor targeting and introduced product improvements

Note: GMV and Revenue figures are in RC. YoY growth rates in red are constant currency (CC) and in black reported currency (RC) 1. APAC refers to the Asia segment excluding Woowa Group

Q1 2024 Americas Platform business

Key Highlights

• § GMV uplift of 7% YoY due to doubledigit order growth in most countries in the region, while basket values in Argentina suffered from FX devaluation
• § Positive order development YoY in Argentina despite temporary macro headwinds
• § Gross Profit margin further improved YoY through combination of CPO optimization, service fees and AdTech revenues
• § Business on track to generate positive adj. EBITDA during Q4 2024 (incl. central Group costs)

Note: YoY growth rates in red are constant currency and in black reported currency

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 Q1 2024, GMV and Segment Revenue have been retrospectively adjusted with a total impact of +€66.1m and +€26.2m, respectively

Q1 2024 Integrated Verticals

Key Highlights

• § Strong GMV growth of 25% YoY in Q1 while substantially improving unit economics
• § Constant enhancement of our service, product assortment and availability as well as pricing
• § Multi-verticality of our product offering (Food, Dmarts, Local shops) improves customer experience and loyalty resulting in higher Gross Profit per customer
• § Continue to further optimizing the store footprint (Q1 2024: 895 stores) and clear timeline for each store to reach break-even

Note: YoY growth rates in red are constant currency and in black reported currency

2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

2021 2022 2023 2024

^{70 102}

70 102

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 Q1 2024, GMV & revenues have been retrospectively adjusted with a total impact of +€3.2m and +€11.4m, respectively. The Integrated Verticals segment includes Glovo's Dmart business on a Like-for-Like basis as if Glovo would have been acquired on 1 January 2021

Gross Profit margin development within the Platform business

Platform business Gross Profit margin as % of GMV

§ Gross Profit margin of the Platform business increased by 240 bps since Q1 2022 to 7.6% in Q1 2024

Key Highlights

• § Further margin expansion expected throughout the year
• § AdTech continues to enhance with NCR contributing 2.2% of GMV in Q1 2024
• § Gross Profit margin of the Integrated Verticals business +320 bps YoY and is now above 2% (not included in the graph); substantial expansion expected throughout the year

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

Trading Update

• Annual Results
• Case Studies

Outlook

Appendix

Annual Results

Financial results for FY 2023

Key highlights

• § Double-digit Revenue growth driven by AdTech, Dmarts, service & subscription fees and continued increase in own-delivery services (Group: ~60%)
• § Adj. EBITDA improved by €721m YoY and turned positive for the first time on a full year basis. Further material uplift expected in FY 2024
• § Operating Cash Flow significantly improved and was tracking close to break-even in FY 2023

Note: YoY growth rates in black are reported currency (RC) and includes hyperinflation (HI) accounting. Values include Glovo since the closing of the acquisition and not on a pro-forma basis 1. Presented as cash flow from operating activities as per the FY 2023 IFRS consolidated statement of cash flows

Net result in FY 2023 materially influenced by non-cash items

Comment

4

• § Management adjustments include e.g. expenses for services related to corporate finance, corporate transactions, financing measures, of which expenses for earn-outs and bonus arrangements (€38m) and certain legal matters (€40m) and expenses for reorganization measures (€64m) 1
• § Goodwill impairment is driven by increased interest rates combined with review of our growth and margin assessment. Impairment relates to Glovo (€508m), Americas (€201m) and Europe (€148m) 2
• § D&A includes Yemeksepeti brand impairment (€140m) 3
• § Others mainly includes the amortization of financial liabilities in connection with the convertible bonds (effective interest method) and fair value losses from public and private assets (€164m) and net FX losses (€144m)

Items below the adj. EBITDA have already been reduced substantially

(in % of GMV)	FY 2022	FY 2023	Change YoY in €	Non-cash items
Adj. EBITDA	(1.1)%	0.6%	+721m
Management adjustments	(0.5)%	(0.3)%	+47m
o/w corporate finance, financing and legal matters	(0.4)%	(0.2)%	+87m
o/w reorganization measures	(0.1)%	(0.1)%	-40m
Share-based comp. (SBC)	(0.8)%	(0.6)%	+79m	Yes
Other reconciliation items	(1.9)%	(2.1)%	-70m
o/w goodwill impairment	(1.8)%	(2.0)%	-97m	Yes
EBITDA	(4.2)%	(2.4)%	+776m
D&A	(1.1)%	(1.5)%	-139m	Yes1
o/w Yemeksepeti brand impairment	-	(0.3)%	-140m	Yes
EBIT	(5.4)%	(3.9)%	+638m
Financial result	(1.3)%	(1.2)%	+52m
o/w fair value losses of public & private investments	(1.5)%	(0.4)%	+467m	Yes
Taxes	(0.3)%	(0.3)%	-1m
Net result	(7.0)%	(5.4)%	+689m

1. D&A for Leasing (IFRS 16) is a cash-relevant item

Ample liquidity position combined with a balanced debt maturity profile

1. 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 €2.2m as of end FY '23

2. 2030 convertible bond has an investor put option in August 2028

^2. Includes €540m principal and US\$1,363m principal (at 1.1037 FX rate as of 31 December 2023)

Organic cash flow generation comfortably exceeds upcoming maturities

€ million

• § Reached FCF break-even during H2 2023 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

Table of contents

Trading Update

• Annual Results
• Case Studies
• Outlook
• Appendix

Driving Leadership

We have competed with many strong players over the years…

…with >90% GMV now coming from leadership markets

Operating Model

Delivery Hero is combining central services with strong local execution

Central Global Services
		Tech and Product			Perf. & Marketing	Finance, Legal & HR1
Vendor App ● Advertising ● Promotions ● Devices ● Invoicing ● Self-Service ● Vendor Tech	Rider App ● Recruiting ● Staffing ● Routing ● Payments ● Self-Service ● Rider Tech	Picker App ● Warehousing ● Purchasing ● Promotions ● Product Catalog ● Content Mgmt ● Q-Com Tech	Search ● Recommendations ● Payments ● Wallet ● Pricing ● Self-Service ● Consumer Tech	Data Platform ● ML Platform ● Developer Platform ● Finance Systems ● HR Platform ● IT Security ● Infrastructure	International ● performance Q-commerce ● operations Marketing ● performance	SAP ● Consolidation ● Controlling ● Internal Audit ● M&A ● HRIS ● Overhead ●
		<10% of Central FTEs	<10% of Central FTEs
Local Execution
Brand	Marketing exec.	Sales Execution	Localized UI/UX	Innovations	Local Partnership	Operations

Higher cost efficiency through centralization and focus on Product & Tech

Other Functions

• § Increased centralization scope while reducing central headcount; additional SG&A savings in regions
• § Focused resources in Product & Tech via >50 Global Services driving local costs and revenue optimizations
• § Key Global Services & Respective Focus Areas
  • o Logistics: Delivery CPO and Pricing Optimization
  • o Vendor: AdTech, Self-service, Partners growth
  • o Q-commerce: Operational efficiency, Top line growth, AdTech
  • o Product: Consumer experience, engagement & retention
  • o Fintech: Payment Costs optimization
  • o Other functions: Performance management, Finance, Legal, Recruitment

Significant operating leverage and cost efficiency measures reflected in our overhead cost development

Strong GMV growth and adj. EBITDA break-even expected in H2 2024

• § Outstanding GMV growth trajectory with strong performance across all countries
• § Adj. EBITDA expected to improve by ~10p.p. since pre-acquisition as profitable markets continue to grow and less mature markets scale-up
• § Profitable growth driven through both operational focus, and leveraging synergies with the global Delivery Hero ecosystem; with further acceleration to come
• § Positive adj. EBITDA expected in H2 2024 (incl. central Group costs)

Glovo continues to sustainably scale since acquisition

• § GMV grew >90% at Glovo since pre-acquisition in 2021 and clear leadership markets already delivering positive adj. EBITDA in 20241
• § Improved category share position in key countries in Western Europe (e.g., Spain, Italy)
• § Emerging markets brought to scale with sustainable growth ahead, mainly Eastern Europe and Africa (e.g., Romania, Ukraine and Morocco)
• § All countries on strong earnings trajectory. Positive adj. EBITDA1 for Glovo expected for FY 2025

Rationalization and optimization of Dmarts leading to significant financial improvements

Comprehensive footprint rationalization	Deep operational optimization	Rapid financial improvement
Footprint reduced to focus on only the healthiest core	Multiple tech-led margin expansion levers deployed	Clear profitability trajectory
§ Shut all stores without predictable path to positive EBITDA contribution § Consolidated store locations by adapting delivery radius / delivery times § Quarterly reviews in place to continue tracking performance	§ Larger baskets driven by assortment and up-selling § Smarter pricing on both products and service fees § Picking times reduced with tech and operations solutions	ü Drive further GMV per store ü Dmarts business achieved a positive Gross Profit1 of 2.1% in Q4 2023 ü Substantial further margin expansion expected for FY 2024
Network reduced by 17% YoY to 895 stores as of Q1 2024	Positive Gross Profit1 margin since H2 2023	Expected to approach positive adj. EBITDA2 by the end of FY 2024

1. Gross Profit after deduction of delivery costs, store related expenses, supply chain costs, promotions and vouchers 2. Adj. EBITDA including central Group costs

• § Outstanding growth trajectory: GMV tripled within 2 years
• § Profitability reaching adj. EBITDA margin of 7% and attractive FCF conversion within 4 years after launching. Key milestones: 1) Gross Profit break-even within <12 months and 2) adj. EBITDA break-even within 18 months
• § Key success factors that are the foundation of our global Dmart strategy today: (1) Store utilization: average of 1,200 daily orders per store, (2) Assortment: choice is vital for customer retention and frequency, we offer >10k products, (3) Retail is detail: the right team of seasoned retail experts and tech innovators is key

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 ~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 >€1.3bn 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.

34

Table of contents

Trading Update

• Annual Results
• Case Studies
• Outlook
• Appendix

Updated Outlook for Delivery Hero Group in 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.

36

Long-term ambitions confirmed

and achieve highly attractive margins and cash flows

Table of contents

Trading Update

• Annual Results
• Case Studies
• Outlook
• Appendix

Delivery Hero KPIs (Pro Forma Data)

	2023						2024
in €m	Q1	Q2	H1	Q3	Q4	FY	Q1
Delivery Hero Group
GMV	11,198.9	11,083.8	22,282.7	11,693.4	11,299.1	45,275.2	11,789.3
% YoY Growth (RC)	1.5%	2.9%	2.2%	2.1%	-0.5%	1.5%	5.3%
% YoY Growth (CC)	2.1%	8.1%	5.1%	8.6%	3.3%	5.5%	8.9%
GMV excl. HI adj.					12,288.4	47,631.2	12,132.5
% YoY Growth (CC), excl. HI adj.					6.7%	6.8%	8.3%
Total Segment Revenue	2,494.2	2,581.4	5,075.6	2,712.9	2,674.7	10,463.2	2,951.2
% YoY Growth (RC)	11.8%	11.0%	11.4%	8.6%	5.5%	9.1%	18.3%
% YoY Growth (CC)	12.2%	16.2%	14.3%	16.2%	10.5%	13.8%	22.0%
Total Segment Revenue excl. HI adj.					2,984.6	11,094.2	3,019.1
% YoY Growth (CC), excl. HI adj.					15.7%	15.7%	21.0%
In tersegm en t con solid ation1	(55.3)	(56.0)	(111.3)	(85.6)	(69.5)	(266.4)	(90.3)
Adj. EBITDA			9.2			253.6
EBITDA Margin % (GMV)			0.0%			0.6%
Asia
GMV	6,462.1	6,181.1	12,643.2	6,385.6	6,325.5	25,354.2	6,135.8
% YoY Growth (RC)	-7.0%	-4.8%	-5.9%	-6.2%	-5.1%	-5.8%	-5.0%
% YoY Growth (CC)	-5.8%	1.6%	-2.2%	0.3%	-1.9%	-1.5%	-0.1%
Segment Revenue	924.1	907.3	1,831.4	929.4	968.6	3,729.3	1,002.4
% YoY Growth (RC)	-0.4%	-3.3%	-1.8%	-4.2%	0.1%	-2.0%	8.5%
% YoY Growth (CC)	1.0%	3.2%	2.1%	3.4%	4.3%	3.0%	14.0%
Adj. EBITDA			173.7			385.0
EBITDA Margin % (GMV)			1.4%			1.5%
MENA
GMV	2,254.8	2,315.0	4,569.8	2,716.3	2,673.1	9,959.3	2,745.5
% YoY Growth (RC)	16.7%	14.9%	15.8%	20.2%	14.5%	16.6%	21.8%
% YoY Growth (CC)	16.0%	20.6%	18.3%	31.3%	21.9%	22.7%	23.9%
Segment Revenue	593.9	640.6	1,234.4	723.5	742.9	2,700.8	757.2
% YoY Growth (RC)	20.9%	24.4%	22.7%	21.8%	20.2%	21.7%	27.5%
% YoY Growth (CC)	18.6%	29.2%	24.0%	32.3%	27.3%	27.1%	29.4%
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.

1 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)

		2023
in €m	Q1	Q2	H1	Q3	Q4	FY	2024 Q1
Europe
GMV	1,809.5	1,836.9	3,646.5	1,819.5	2,044.1	7,510.0	2,132.5
% YoY Growth (RC)	13.4%	15.0%	14.2%	13.4%	15.3%	14.3%	17.8%
% YoY Growth (CC)	14.9%	17.0%	16.0%	15.3%	16.3%	15.9%	18.6%
Segment Revenue	351.5	378.0	729.5	369.9	422.9	1,522.4	440.7
% YoY Growth (RC)	9.7%	14.7%	12.2%	18.3%	18.7%	15.4%	25.4%
% YoY Growth (CC)	11.6%	17.2%	14.5%	20.9%	20.1%	17.5%	26.4%
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
% YoY Growth (RC)	20.5%	11.3%	15.5%	-1.0%	-55.8%	-5.4%	15.3%
% YoY Growth (CC)	16.9%	11.2%	13.8%	1.5%	-52.1%	-4.6%	18.8%
Segment Revenue	176.6	195.8	372.4	201.9	76.7	651.0	209.9
% YoY Growth (RC)	18.3%	10.1%	13.8%	-0.2%	-49.6%	-4.5%	18.8%
% YoY Growth (CC)	14.7%	9.9%	12.1%	2.4%	-45.8%	-3.7%	22.6%
Adj. EBITDA			(53.4)			(49.9)
EBITDA Margin % (GMV)			-3.7%			-2.0%
Integrated Verticals
GMV	531.0	542.2	1,073.2	602.6	548.6	2,224.4	648.3
% YoY Growth (RC)	24.6%	18.8%	21.6%	21.4%	5.3%	17.1%	22.1%
% YoY Growth (CC)	26.2%	25.9%	26.1%	31.5%	12.0%	23.6%	26.1%
Segment Revenue	503.4	515.7	1,019.1	573.8	533.1	2,126.1	631.3
% YoY Growth (RC)	29.6%	24.5%	26.9%	21.2%	8.7%	20.3%	25.4%
% YoY Growth (CC)	31.3%	32.0%	31.7%	31.3%	15.4%	27.1%	29.5%
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 29.

RC = Reported Currency / CC = Constant Currency.

Powerful levers available for achieving long-term Gross Profit margin targets

Gross Profit to adj. EBITDA for the Group (as % of GMV): Q1 2023 to Q1 2024

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

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%	~1.6%	5% to 8%	§ Best-in-class markets already generating 5-7% adj. EBITDA (as % GMV)
Capex	(0.6)%	(0.6)%	Stable	~(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	~(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 ~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)%	~(0.6)%	§ Growth at slower rate vs. GMV. Revised from (0.8%) previously

Note:

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, in accordance to IMF
• § 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, Europe1 and Integrated Verticals segments are impacted by hyperinflation 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. Those adjustments are being calculated based on CPI index (inflation driven) and FX evolvement (e.g. ARS devaluation to EUR). Those 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
• § It's a two-step process, where first the Financial Statement of the subsidiary is restated in accordance with the CPI index. All amounts from the subsidiary's financial statements are then translated at the closing rate into EUR
• § Impact on the financials:
  • § 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: National Institute of Statistics and Censuses of the Argentine Republic (INDEC)

§ Argentina Platform business: In Q1 2024, hyperinflation accounting resulted in a positive impact on GMV, Revenue, and adj. EBITDA, as in March 2024, the monthly CPI increase (change in %) was higher than the monthly FX devaluation (change in %)

Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Monthly CPI % Monthly devaluation EUR/TRY % Turkey Q1 2024

§ Turkey Platform business: In Q1 2024, hyperinflation accounting resulted in a negative impact on GMV and Revenue, as in March 2024, the monthly CPI increase (change in %) was lower than the monthly FX devaluation (change in %).

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

The impact on adj. EBITDA was slightly positive

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 Ghana1 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.

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 Forwardlooking 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

Dennis Bader Director IR dennis.bader@deliveryhero.com

Laura Hecker Senior Manager IR laura.hecker@deliveryhero.com

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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