Delivery Hero SE

Investor Presentation • Nov 13, 2023

Q3 2023 Trading Update

14 November 2023

Table of contents

01	Financial Update
02	Case Studies
03	Outlook
04	Appendix

Q3 2023 key highlights

GMV growth accelerated to 9% YoY in CC1 and Revenue growth came in at 16% YoY in CC1

On track to improve adj. EBITDA by >€850m in FY 2023, despite FX and hyperinflation headwinds of >€50m

APAC2 business turned positive on adj. EBITDA level (pre Group costs) in October

Stabilized category share across each district in Seoul since end of Jul and nationwide since early Sept

Raised GMV guidance to the upper end of the range and confirmed adj. EBITDA/GMV margin outlook

1. APAC refers to the Asia segment excluding the Woowa Group

GMV acceleration and strong revenue growth in Q3 2023

Key highlights

• § GMV growth accelerated to 9% YoY in Q3 2023 in constant currency (CC), up from 2% YoY in Q1 and 8% YoY in Q2 2023
• § Revenue continued to outgrow GMV driven by better monetization through AdTech, service and subscription fees and country mix
• § On track to improve adj. EBITDA by >850m in FY 2023, despite FX and hyperinflation headwinds of >€50m

Encouraging Revenue momentum across our diverse business segments

Q3 2023 MENA Platform business

Key Highlights

• § Outstanding GMV growth in Saudi Arabia driven by investments in customer experience, multi-verticality & affordability, while continuing to expand margins
• § Strong traction in Turkey and leading category share. Focus on affordability and scaling own-delivery, while improving unit economics
• § Subscription and Quick Commerce scaling across the region enabling us to lock-in high value customers

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 and Turkey qualifying as hyperinflationary economies according to IAS 29. Hyperinflation accounting was first applied in Lebanon in Q1 2021. In Q3 2023, GMV & revenues have been retrospectively adjusted with a total impact of €152.2m and €29.6m, respectively

Q3 2023 Asia Platform business

Key Highlights

• § Sequential GMV growth of 3% QoQ, while overall top-line development still influenced by normalization post Covid
• § Successful competitive response leading to category share stabilization in each district in Seoul since end of July and nationwide since early September
• § APAC2 business turned positive on adj. EBITDA level (pre Group costs) in October

Note: YoY growth rates in red are constant currency and in black reported currency 1. CC = constant currency 2. APAC refers to the Asia segment excluding Woowa Group

Q3 2023 Europe Platform business

Segment Revenue (€m)

Key Highlights

• § GMV growth of 15% YoY in constant currency while macro headwinds across Europe continue to weigh on customer behavior
• § Glovo grows above segment average and with positive category share trends while significantly reducing operating losses
• § Constant focus on enhancing customer experience through rolling-out own delivery, scaling subscription and strengthening vendor selection

Note: YoY growth rates in red are constant currency and in black reported currency The European Platform financials presented on this slide include Glovo on a Like-for-Like basis as if Glovo would have been acquired on 1 January 2021

Q3 2023 Americas Platform business

Key Highlights

• § Strong GMV increase of 40% YoY in Growth Markets (e.g. Dom. Republic, Ecuador, Nicaragua) while Argentina is impacted by macroeconomic factors
• § Good momentum and strong category share gains in competitive markets during the year as we launched several initiatives to drive overall affordability
• § Our subscription offering continues to ramp up across the region while service fees positively impact unit economics
• § Reached positive adj. EBITDA (pre Group costs) in Q3 2023 while still growing double-digit in constant currency

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 Q3 2023, GMV and Segment Revenue have been retrospectively adjusted with a total impact of €7.6m and €1.5m, respectively

Q3 2023 Integrated Verticals

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

2021 2022 2023

Key Highlights

• § Strong GMV growth of 31% YoY in CC, despite further optimization of global footprint (currently: 935 stores) and clear focus on unit economics
• § Continuous development of product, service and availability, increasing the relevance for customers and addressing additional shopping needs
• § Dmarts achieved positive Gross Profit after store-related expenses1 in Q3 2023. Profitability trending up every single month in Q3 2023

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

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 Q3 2023, GMV & revenues have been retrospectively adjusted with a total impact of €16.2m and €17.0m, 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

1. Gross Profit after deduction of delivery costs, store related expenses, supply chain costs, promotions and vouchers and excluding the effects from hyperinflation accounting

Gross Profit margin development within the Platform business

Platform business Gross Profit margin as % of GMV

Key Highlights

• § Americas with record Gross Profit margin of close to 10%
• § APAC1 Gross Profit margin grew to >10% due to stronger unit economics and improved delivery costs
• § Roll-out of own-delivery in Turkey and stronger growth from less mature countries weighed on GP margin development in MENA
• § AdTech continues to enhance with NCR contributing 1.8% of GMV (incl. Woowa) in September

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)

1. APAC refers to the Asia segment excluding the Woowa Group

Cash balance remained largely unchanged in Q3 2023

Liquidity overview: in €bn

Table of contents

01	Financial Update
02	Case Studies
03	Outlook
04	Appendix

Rider liabilities in Spain

Update on Spanish rider liabilities

SLOT model

§ Glovo launched in Spain in 2015. At this point there were no clear requirements for operating a freelancer model. Several lower instance courts had validated Glovo´s freelancer model (SLOT) and all major platforms (Uber, Deliveroo and Glovo) operated the freelancer model until the new "Rider Law" was put in place in August 2021 at which point Glovo adapted their operating model to address the new law. § The Spanish Labor authority has requested that Glovo pay social security and fines for the period of 2016 to August 2021. § Delivery Hero has taken a conservative stance to provision for social security payments and fines under the SLOT model. We remain of the view that the final amount should be substantially lower (if any) than the current total.

FLEX model

§ The 'Rider Law' was introduced in August 2021. Glovo spent almost a year building and introducing a new rider app and adapting its operating model (FLEX), to adapt to the new law. § Today the two largest delivery platforms (Uber and Glovo) operate with a freelance model, based on riders' preference for flexibility. § The Spanish Labor Authority has sent provisional employment proposals for 49 riders (out of ca. 19,000) working under the FLEX model. Based on the political landscape, Delivery Hero expects the Labor Authority to continue their procedure. Glovo disagrees with the proposal sent by the authorities and will dispute once finalized. § Glovo will continue reviewing its model and adjusting where necessary to address any reasonable compliance concerns of the Labor Authority. § Delivery Hero has decided to disclose a maximum amount of €200-400m as a contingent liability for the period Aug 2021 to July 2023, and intends to continue to disclose ca. €30-45m per quarter as a contingent liability until a resolution is found. We continue to assess the appropriate accounting treatment as the Labor Authority continues to challenge the rider status. § Delivery Hero and Glovo are always open to dialogue and to find a long-term solution with the government and other stakeholders in Spain. Delivery Hero operates in over 70 markets and has a reputation of being pragmatic and solution-oriented. We remain committed to working with the Spanish government to find a solution that works for all parties involved.

Path to profitability

• § Profitable Platform business
• § Unprofitable Platform business
• § Integrated Verticals
• § Group

On track to reach adj. EBITDA run-rate of >€1.3bn

Adj. EBITDA in the profitable Platform1 business

FY 2023 and beyond

• § Achieved an adj. EBITDA run-rate of €1.0bn in Q4 2022 and on track to expand by >30% in 2023, despite additional investments of €41m in Korea to address competition

• § ~75%2 of the Platform business is expected to be profitable in FY 2023

• Platform business includes the 4 regional business segments Asia, MENA, Europe, Americas and excludes Integrated Verticals

• Based on the grouping of individual countries FY 2023 GMV as a percentage of Group GMV

• Based on FY 2023 GMV estimates for individual countries as a percentage of the Americas segment's GMV

Path to profitability

• § Profitable Platform business
• § Unprofitable Platform business
• § Integrated Verticals
• § Group

Adj. EBITDA (in €m) for the unprofitable Platform business1 Comment

Adj. EBITDA/GMV margin

• § Significant improvement in adj. EBITDA ahead of expectations as less mature markets continue to scale
• § Adj. EBITDA margin now expected to reach around -2.2% in Q4 2023
• § Unprofitable Platform markets consist of:
  • § Start-up markets: Early-stage countries being developed for the future
  • § Leadership: Countries that have been developed for a few years and are high growth. On track to reach profitability in the short to medium term
  • § Second place: Countries in which we have yet to reach leadership and are investing for growth

Path to profitability

• § Profitable Platform business
• § Unprofitable Platform business
• § Integrated Verticals
• § Group

Dmarts started to generate positive Gross Profit

• § Right-sizing of Dmart network to 935 stores, with ~50 stores closed (net) during Q3
• Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 § GMV growth of +36% YoY in constant currency despite store reduction of 22% since Q3 2022
• § Positive Gross Profit driven by healthy volume growth, larger shopping baskets and improved cost efficiency
• § Integrated Verticals fully on track to almost halve the adj. EBITDA loss in Q4 2023 compared to Q4 2022

Note: Numbers represents Delivery Hero's entire Dmart business. Gross Profit after deduction of delivery costs, store related expenses, supply chain costs, promotions and vouchers 1. Numbers are represented in constant currency and excluding the effects from hyperinflation accounting

Path to profitability

• § Profitable Platform business
• § Unprofitable Platform business
• § Integrated Verticals
• § Group

Confirming adj. EBITDA margin outlook for FY 2023

Comments

• § Adj. EBITDA margin of the Platform business has historically improved by ~1% per year, with the last 2 years seeing a stronger margin development
• § Integrated Verticals showing fast pace of improvements, with adj. EBITDA expected to improve by ~50% YoY in Q4 2023
• § Confirming EBITDA/GMV margin outlook for FY 2023 of >0.5%. On track to improve adj. EBITDA by >850m in FY 2023, despite FX and hyperinflation headwinds of >€50m

Strong underlying earnings progression

FY 2023 guidance bridge in (€m)

• § Headwinds from FX and hyperinflation accounting and increased promotional spending in Korea weigh on profitability
• § Underlying earnings progression clearly ahead of initial targets – main drivers are over-performance in MENA as well as cost reduction at central Group level

Note: Figures are rounded, minor discrepancies may occur through the addition of these amounts. The FX impact in the illustration above refers to the difference between actual and budgeted currency rates, whereas constant currency refers to the difference between actual and 12 months old currency rates

Table of contents

01	Financial Update
02	Case Studies
03	Outlook
04	Appendix

Updated outlook for Delivery Hero Group

Long-term ambitions confirmed

and achieve highly attractive margins and cash flows

Table of contents

01	Financial Update
02	Case Studies
03	Outlook
04	Appendix

Delivery Hero KPIs (Pro Forma Data)

	2022						2023
in €m	Q1	Q2	H1	Q3	Q4	FY	Q1	Q2	H1	Q3
Delivery Hero Group
GMV	11.035.4	10.776.0	21.811.4	11.449.4	11.353.7	44.614.5	11.198.9	11.083.8	22.282.7	11.693.4
% YoY Growth (RC)	32.1%	19.8%	25.8%	12.3%	8.8%	17.5%	1.5%	2.9%	2.2%	2.1%
% YoY Growth (CC)	-	-	-	7.6%	7.9%	-	2.1%	8.1%	5.1%	8.6%
Total Segment Revenue	2.231.3	2.325.2	4.556.5	2.498.7	2.534.5	9.589.7	2.494.2	2.581.4	5.075.6	2.712.9
% YoY Growth (RC)	48.4%	36.2%	41.9%	28.0%	20.7%	32.0%	11.8%	11.0%	11.4%	8.6%
% YoY Growth (CC)	-	-	-	20.3%	17.6%	-	12.2%	16.2%	14.3%	16.2%
Intersegment consolidation1	(46.2)	(49.2)	(95.3)	(53.8)	(50.7)	(199.8)	(55.3)	(56.0)	(111.3)	(85.6)
Adj. EBITDA			(479.3)			(623.6)			9.2
EBITDA Margin % (GMV)			-2.2%			-1.4%			0.0%
Asia
GMV	6.948.7	6.489.8	13.438.6	6.804.5	6.667.3	26.910.4	6.462.1	6.181.1	12.643.2	6.385.6
% YoY Growth (RC)	35.5%	16.1%	25.4%	2.2%	2.1%	12.6%	-7.0%	-4.8%	-5.9%	-6.2%
% YoY Growth (CC)	34.9%	13.7%	23.8%	-0.7%	3.4%	11.4%	-5.8%	1.6%	-2.2%	0.3%
Segment Revenue	928.0	937.8	1.865.8	970.1	967.7	3.803.6	924.1	907.3	1.831.4	929.4
% YoY Growth (RC)	49.7%	30.2%	39.2%	13.6%	10.4%	23.9%	-0.4%	-3.3%	-1.8%	-4.2%
% YoY Growth (CC)	46.7%	25.4%	35.3%	8.6%	10.6%	20.8%	1.0%	3.2%	2.1%	3.4%
Adj. EBITDA			(80.5)			57.0			173.7
EBITDA Margin % (GMV)			-0.6%			0.2%			1.4%
MENA
GMV	1.932.4	2.015.0	3.947.5	2.260.6	2.334.2	8.542.3	2.254.8	2.315.0	4.569.8	2.716.3
% YoY Growth (RC)	25.7%	24.6%	25.1%	28.2%	27.0%	26.4%	16.7%	14.9%	15.8%	20.2%
% YoY Growth (CC)	18.4%	13.1%	15.7%	13.6%	17.6%	15.7%	16.0%	20.6%	18.3%	31.3%
Segment Revenue	491.1	514.9	1.006.0	594.1	618.3	2.218.4	593.9	640.6	1.234.4	723.5
% YoY Growth (RC)	50.9%	43.3%	46.9%	42.0%	34.5%	41.9%	20.9%	24.4%	22.7%	21.8%
% YoY Growth (CC)	41.3%	28.6%	34.6%	23.9%	22.8%	28.3%	18.6%	29.2%	24.0%	32.3%
Adj. EBITDA			40.1			130.8			111.5
EBITDA Margin % (GMV)			1.0%			1.5%			2.4%

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, MENA, Americas and Integrated Verticals, revenues, adj. EBITDA, Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the Argentine, 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	Q1	Q2	H1	Q3
Europe
GMV	1.596.1	1.596.7	3.192.9	1.604.7	1.772.8	6.570.4	1.809.5	1.836.9	3.646.5	1.819.5
% YoY Growth (RC)	26.2%	20.9%	23.5%	27.3%	17.7%	22.7%	13.4%	15.0%	14.2%	13.4%
% YoY Growth (CC)	-	-	-	27.9%	19.2%	-	14.9%	17.0%	16.0%	15.3%
Segment Revenue	320.5	329.5	650.0	312.8	356.3	1.319.1	351.5	378.0	729.5	369.9
% YoY Growth (RC)	13.4%	8.9%	11.1%	9.6%	10.6%	10.6%	9.7%	14.7%	12.2%	18.3%
% YoY Growth (CC)	-	-	-	10.3%	12.6%	-	11.6%	17.2%	14.5%	20.9%
Adj. EBITDA			(159.3)			(297.6)			(98.3)
EBITDA Margin % (GMV)			-5.0%			-4.5%			-2.7%
Americas
GMV	558.1	674.4	1.232.5	779.6	579.4	2.591.4	672.5	750.8	1.423.3	772.0
% YoY Growth (RC)	32.8%	45.3%	39.4%	51.8%	3.5%	32.4%	20.5%	11.3%	15.5%	-1.0%
% YoY Growth (CC)	31.0%	40.1%	35.8%	44.5%	-2.8%	27.0%	16.9%	11.2%	13.8%	1.5%
Segment Revenue	149.3	177.9	327.1	202.2	152.3	681.6	176.6	195.8	372.4	201.9
% YoY Growth (RC)	39.4%	48.4%	44.2%	53.3%	1.1%	33.8%	18.3%	10.1%	13.8%	-0.2%
% YoY Growth (CC)	37.6%	43.3%	40.6%	45.7%	-5.2%	28.4%	14.7%	9.9%	12.1%	2.4%
Adj. EBITDA			(80.0)			(132.8)			(53.4)
EBITDA Margin % (GMV)			-6.5%			-5.1%			-3.7%
Integrated Verticals
GMV	426.1	456.6	882.6	496.3	520.9	1.899.9	531.0	542.2	1.073.2	602.6
% YoY Growth (RC)	116.0%	76.2%	93.4%	55.7%	45.0%	67.5%	24.6%	18.8%	21.6%	21.4%
% YoY Growth (CC)	-	-	-	46.1%	40.8%	-	26.2%	25.9%	26.1%	31.5%
Segment Revenue	388.6	414.3	802.9	473.3	490.6	1.766.8	503.4	515.7	1.019.1	573.8
% YoY Growth (RC)	108.5%	72.0%	88.0%	57.3%	47.0%	66.4%	29.6%	24.5%	26.9%	21.2%
% YoY Growth (CC)	-	-	-	47.8%	42.9%	-	31.3%	32.0%	31.7%	31.3%
Adj. EBITDA			(199.6)			(380.8)			(124.3)
EBITDA Margin % (GMV)			-22.6%			-20.0%			-11.6%

Note:

GMV in the Integrated Verticals segment is accounted for in the respective regional Platform segments. It's 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, MENA, Americas and Integrated Verticals, revenues, adj. EBITDA, Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the Argentine, Lebanese and/or Turkish operations qualifying as hyperinflationary economies according to IAS 29.

Very attractive long-term margins and high cash conversion

(in % of GMV)	FY 2022	FY 2023	Long-term range	Comments
Gross Profit	6.0%		10% to 13%	§ Driven by pricing, advertising, order stacking and improving profitability of Dmarts
Marketing	(3.2)%		< (3)%	§ High focus on improved marketing efficiency while continuing to grow at scale
Opex and others	(4.2)%		< (3)%	§ Top-line growth combined with strict cost control to drive operating leverage
Adj. EBITDA	(1.4)%	>0.5%	5% to 8%	§ Best-in-class markets already generating 5-7% adj. EBITDA (as % GMV)
Capex	(0.6)%	stable	~(0.3)%	§ Stable in FY 2023 due to office expansion in several countries. Long-term capex lower for POS devices, Dmarts and properties
Change in Working Capital	small inflow	small inflow	small inflow	§ Positive cash generation as business scales driven by active Working Capital management
Lease payments	(0.3)%	stable	~(0.2)%	§ Growth at slower rate vs. GMV
Taxes	(0.2)%		(0.9)% to (1.9)%	§ 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	3% to 6%	§ Highly attractive long-term cash conversion
Share-based comp. (SBC)	(0.8)%	stable	≤ (0.8)%	§ Growth at slower rate vs. GMV

Note:

Impacts: improve increase

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 and Turkey, both 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 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 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

Hyperinflation accounting in Argentina and Turkey

Source: National Institute of Statistics and Censuses of the Argentine Republic (INDEC)

§ Argentina Platform business: In Q3 2023, hyperinflation accounting resulted in a positive impact on GMV, Revenue and adj. EBITDA, as in September 2023, the monthly CPI increase (change in %) was higher than the monthly FX devaluation (change in %)

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

§ Turkey Platform business: In Q3 2023, hyperinflation accounting resulted in a positive impact on GMV and Revenue, as in September 2023, the monthly CPI increase (change in %) was higher than the monthly FX devaluation (change in %). The impact on adjusted EBITDA was negative

Ample liquidity and balanced long-term debt maturity profile

1. 2030 convertible bond has an investor put option in August 2028

^2. The RCF was utilized by way of ancillary guarantee and letter of credit facilities in the amount of € 77.4 million as of June 30, 2023. Guarantees and letters of credit in the amount of € 49.5 million were issued under these ancillary facilities as of June 30, 2023. The RCF and the instruments issued under the ancillary facilities were fully undrawn as of June 30, 2023. Additional agreements to further increase the Ancillary Facilities were entered after the reporting period (please see p. 27 of the Half-Year Financial Report 2023)

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, Lebanon and Turkey we have included reported current growth rates for Argentina, Lebanon and Turkey 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 Lebanon and Turkey qualifying as hyperinflationary economies according to IAS 29 (Lebanon: since October 2020, 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).
• § 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