Delivery Hero SE

Earnings Release • Apr 26, 2018

Full Year 2017 Results

26th April 2018

Our Clear Vision

AMAZING FOOD

AMAZING ORDERING

Create an amazing takeaway experience

AMAZING SERVICE

2017 Highlights - Niklas Östberg, CEO

• Financial Update Emmanuel Thomassin, CFO
• Trading Update Niklas Östberg, CEO
• Q&A

Financial Highlights FY 2017

1. Like-for-like, please refer to the "Definitions" slide

2. Total segment revenues

Continuous Track Record of Growth

1. Like-for-like, please refer to the "Definitions" slide

2. 1. Total segment revenues
3. All values in Unit million / EUR million

2017 Highlights

• foodpanda integration

• Expanded our emerging markets through acquiring leadership positions in Asia, Europe and MENA
• Successful integration across 20 countries

• IPO on Frankfurt Stock Exchange

• Development into world-leading organization

• Expanded logistics capabilities

• Increased delivery services in MENA and Americas
• Acquisition of Carriage (MENA), FoodFly (South Korea) and Appetito24 (Panama)

• Increased city coverage

• Expanded into many new cities

Amazing Food

• >150k active restaurants globally in 2017
• Continuous improvement and roll-out of our Restaurant Partner Solutions technology
• 20 new POS integrations completed in 2017

in 19 countries

• Domino's Pizza, Papa John's, Taco Bell, Starbucks, Dunkin' Donuts and many more…

Amazing Ordering

• We increased order frequency in 2017 with continuous product and feature improvements by:
• Simplifying ordering process
• Improving discovery with delicious food images
• v • Increasing personalized recommendations
• Increasing payment options
• 94% of orders placed by returning customers
• 70% of orders placed through mobile devices

Amazing Service

• Our riders delivered 28.7m orders in 2017 in more than 31 countries
• We scaled our delivery services:

% Orders	Group	Europe	MENA	Asia	Americas
Q1'17	9%	12%	2%	20%	5%
Q4'17	v 12%	10%	6%	24%	9%

• Achieving best-in-class Utilization Rates

• 2 drops per rider per hour on average in Europe, Asia and Americas

• Continued profitability of own-delivery on a gross profit basis in countries at scale

M&A Highlights

Acquisitions and Investments

• Acquisition of Carriage (MENA) in 2017
• Acquisition of FoodFly (South Korea) in 2017
• Acquisition of Appetito24 (Panama) in 2017
• Acquisition of Deliveras (Greece) in 2018
• USD 105m investment in Rappi (South America) in 2018

v Strategic Divestments

• Sale of 51% of Poland and setup of strategic partnership with AmRest in 2017
• Sale of Kazakhstan in 2017
• Sale of Slovakia in 2017
• Sale of Georgia in 2017
• Sale of India against a minority stake in Ola in 2017
• Sale of UK in 2018

Our 2017 Orders

MAJORITY OF ORDERS FROM RETURNING CUSTOMERS

Total Orders per Cohort per Year

• Customer Experience driving our retention and frequency
• Returning customers continue to order more frequently
• Customer acquisitions continue to grow
• Word of mouth and referrals continue to be a major driver of new customers
• We expect frequency to continue to increase

^• "Cohort" refers to customers grouped by the calendar year in which they first placed an order with Delivery Hero.

2017 Highlights - Niklas Östberg, CEO

Financial Update - Emmanuel Thomassin, CFO

Trading Update - Niklas Östberg, CEO

Q&A

Group: Strong Development across All Metrics

• Adj. EBITDA margin improvement

• Order & GMV growth drivers

• Take rate of 14.2% due to

• Continued channel shift • Returning customers • Build out of new cities

• Premium placements were 9% of revenues

• Economies of scale • Optimized ROI-driven marketing investments

• Best in class delivery and service activities

• Like-for-like, please refer to the "Definitions" slide

• All values in Unit million / EUR million

2,618 3,824 197 292 -116 -94 341 544 2016 2017 2016 2017 2016 2017 2016 2017 Revenues Orders GMV ¹ Adj. EBITDA Adj. EBITDA Margin +60% -17% -34% +48% +46% +65% Constant Currency Basis

Europe: Acceleration in Growth & Better Profitability

• Like-for-like, please refer to the "Definitions" slide
• All values in Unit million / EUR million

MENA: Strong Performance across all Markets

• Like-for-like, please refer to the "Definitions" slide

• All values in Unit million / EUR million

Asia: Rapid Growth & Improvements in Key Markets

• Like-for-like, please refer to the "Definitions" slide

• All values in Unit million / EUR million

Americas: Rapid Development in Early Stage Markets

• Like-for-like, please refer to the "Definitions" slide
• All values in Unit million / EUR million

FX Impact in 2017

Revenue Overview FY 2017

• FX impact of EUR 18.6m in 2017
• The Euro strengthened versus most currencies

• Most significant impact due to USD, KRW, SAR, KWD, TRY

• CC stands for constant currency

• We show here the difference between CC revenue per segment and actual revenue per segment
• All values in EUR million

2017 Highlights - Niklas Östberg, CEO

Financial Update - Emmanuel Thomassin, CFO

Trading Update - Niklas Östberg, CEO

Q&A

Q1 2018 Update

• Strong order growth continued in January, February and March
• Roll-out of own-delivery on track in MENA and Americas
• Continued strengthening of the Euro in Q1'18 against most currencies
• On track to reach Adj. EBITDA breakeven on monthly basis at end of 2018
• Q1 2018 results on 9th May 2018, including full year guidance

We Remain on Track to Meet our IPO Guidance

2017 Highlights - Niklas Östberg, CEO

Financial Update - Emmanuel Thomassin, CFO

Trading Update - Niklas Östberg, CEO

Q&A

APPENDIX

Financial Calendar 2018

Date	Event
Feb 7, 2018	Full-Year 2017 Trading Update
Apr 26, 2018	Annual Report 2017
May 9, 2018	Q1 Quarterly Statement 2018
Jun 6, 2018	Annual General Meeting
Sep 13, 2018	Half-Year Report 2018
Nov 7, 2018	Q3/9M Quarterly Statement 2018

Definitions

• All numbers are excluding UK operations (discontinued operations).
• "Like for like" presents Delivery Hero's comparative 2016 results as if the acquisition of foodpanda had occurred on 1 January 2016 and excludes contributions from operations reported in discontinued operations. In addition, please note that:
• No adjustments have been made for Hungerstation (first fully consolidated in July 2016).
• Asia KPIs exclude our former operations in China, which were sold in May 2016.
• All numbers are including India operations, with for full year 2017:
• Orders: 11.6 million (2016: 9.6 million).
• GMV: EUR 57.5 million (2016: EUR 54.2 million).
• Revenues: EUR 9.9 million (2016: EUR 7.1 million).
• Revenues presented for Delivery Hero represent the total segment revenues.
• Orders represent orders made by end consumers in the period indicated. Orders for our click-to-call operations have been estimated based on the number of phone calls made by users to restaurants through these click-to-call platforms in the relevant period that lasted 25 seconds or longer multiplied by 60%.
• Gross Merchandise Value (GMV) is the total value of orders (including VAT) transmitted to restaurants. GMV for our click-to-call operations have been estimated based on the number of phone calls made by users to restaurants through these click-to-call platforms in the relevant period that lasted 25 seconds or longer multiplied by 60% and by the average basket size for the orders placed through our Korean non-click-to-call online marketplaces during the same period.
• Adjusted (Adj.) EBITDA represents earnings before interest, taxes, depreciation and amortization adjusted for extraordinary expenses related to transactions and financings, our planned IPO, restructuring expenses and expenses related to major IT projects and for expenses for share-based payments.
• Adjusted (Adj.) EBITDA Margin refers to adjusted EBITDA divided by Revenues.
• Group GMV for FY 2017 was slightly adjusted compared to the full-year 2017 trading update, as it was previously underestimated by c. EUR 0.4 million in Europe for the same period. MENA GMV, Americas orders and Americas revenues for FY 2017 had a minor decimal rounding update.