Delivery Hero SE

Investor Presentation • Jul 30, 2019

Q2 2019 Trading Update

30th July, 2019

Our Clear Vision

Always delivering an amazing experience

AMAZING ORDERING

AMAZING SERVICE

Agenda

Business Update

• Financial Update
• Outlook
• Q&A

Q2 2019 Financial Highlights

All values in Unit million / € million

YoY growth rates on a constant currency basis

The group order growth would have been 63% YoY if adjusted for all acquisition and divestments – Mainly related to the acquisition of Zomato UAE which is consolidated from 1 March 2019

Continuous Track Record of Growth

All values in Unit million / € million

YoY growth rates on a constant currency basis

The group order growth would have been 63% YoY if adjusted for all acquisition and divestments – Mainly related to the acquisition of Zomato UAE which is consolidated from 1 March 2019

Delivering on Our Promise

Guidance at IPO	Status
Growth as No.1 Priority • >40% in short & mid-term • >30% in the long-term	Q2 2019 order and revenue growth of 67% and 103% with continued high level of growth throughout 20191 Increased guidance leading to near 100% YoY revenue growth for FY 2019

Invest for Leadership

• Further build leadership positions across the most attractive markets

• 1 leadership positions in 31 out of 39 markets²

• 50m orders per month in more than 4,000 cities

• 16m own-delivery orders per month (30% of overall orders) in c. 300 cities globally

Build Tech & Product Leadership

• Invest in innovation to build a third generation on-demand platform

• Migrated an additional 2 country operations in Q2 with a long-term target of 8 regional platforms
• Rollout of additional verticals (e.g. groceries) in another 2 countries now live in 12 countries

• Testing of c. 20 dark stores in Turkey

• 1. YoY growth rates on a constant currency basis
• 1. Google Trend Data After divestments of operations in Ecuador and Peru

Q2 2019 Business Update

Expanded City Coverage to Untap Additional Customers

• Increase of restaurant sales coverage with specific push in Asia and Americas
• Accelerated city and area expansion with additional 50 cities in Q2 2019

Increased Quantity, Quality & Choice via Expanded Restaurant Coverage

• Accelerated restaurant inventory with growth of 70% YoY to c. 310K restaurants
• Continued testing of cloud kitchens to provide better quality food with reduced delivery times at lower costs in 10+ markets

Improved Selection, Experience & Speed With Own-Delivery

• Better choice with expanded selection of popular restaurants
• Improved consumer experience via fast delivery and lower cost

Significant Acceleration of New Customer Acquisition at Flat Costs in Asia & Americas

ASIA & AMERICAS¹ - COST PER ACQUISITION

ASIA & AMERICAS - MONTH 1 FREQUENCY³

Higher Frequency Customers With 52% Increase in Frequency YoY

Significant Increase in Customer Acquisitions

Increased Marketing Spend With Close to

With 166% YoY Growth

Flat CPAs

Resulting in acceleration of order growth and a higher long term customer lifetime

1. Sum of new customers for the specific quarter

2. Average CPA per quarter. Slightly elevated CPA in Q2 2019 driven by one-offs in June 2019

3. Defined as number of orders divided by cohort acquisitions, calculated as three month average

Number of Own-Delivery Orders – Group¹

Utilization Rate – Group²

Improved UTR by +23% YoY

• Own-Delivery now at 30% of orders for the group

• Rollout driven by expansion to new cities & areas (Added 50+ cities and 200+ delivery areas in Q2 2019)

• Despite fast logistics rollout UTR increased by 23% YoY. In dense areas UTR increased by up to 50% YoY

• Improved customer experience through reduction of delivery time, which is now at c. 30 minutes with even faster delivery in dense areas

• 1. Number of own-delivery orders is displayed based upon current geographic footprint
• 1. Utilization Rate (UTR) defined as drops per hour per rider

Agenda

Business Update

Financial Update

• Outlook
• Q&A

Q2 2019 Group Performance

• 103% Revenue growth YoY driven by strong performance across all segments
• Own-delivery orders now at 30% of total orders driven by greater customer demand and city expansion
• Total group take rate excluding owndelivery orders at 12.0% in Q2 2019 (up from 11.3% in Q2 2018)
• Total group take rate increased to 18.7% driven by higher own-delivery mix and an increase in other revenues
• Preliminary adjusted EBITDA margin expected to be -30% for H1 2019

All values in Unit million / € million

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

Included reported current growth rates for Argentina in our constant currency calculation due to the effects of hyperinflation in Argentina

Q2 2019 MENA Performance

• Continue high level of order and revenue growth with 60% YoY and 141% YoY respectively¹
• Own-delivery orders now at 28% of total orders driving revenue growth
• The MENA segment is expected to generate full year adjusted EBITDA of EUR 70 million despite one-off impacts in H1 2019²
• The adjusted EBITDA is expected to be slightly negative in H1 2019 given oneoff impacts related to Hungerstation and the integration of Zomato UAE

All values in Unit million / € million

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

• 1. MENA order growth would have been 52% YoY if adjusted for all acquisition and divestments Mainly related to the acquisition of Zomato UAE which is consolidated from 1 March 2019
• 1. One off effects in H1 are not expected to be carried forward to H2 2019. The strong underlying performance of the business will allow us to reach significant profits in H2 2019. Adj. EBITDA guidance for the MENA segment is already factoring in the Zomato UAE acquisition that took place in Q1 2019

Q2 2019 Europe Performance

All values in Unit million / € million

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

1. Europe is expected to breakeven on an adjusted EBITDA basis

Delivery Hero SE Q2 2019 Trading Update 13

Q2 2019 Asia Performance

• Substantial increase in growth of 115% YoY in orders with further upside to accelerate driven by city expansion, increased restaurant coverage and improved customer experience through delivery
• Own-delivery orders now at 39% of total orders
• Due to the successful adoption of sustainable affordability measures the average order value has reduced to €11.90

All values in Unit million / € million

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

Q2 2019 Americas Performance

• Significant acceleration in order growth of

+44%² +32%¹ +65%¹ +80%² +44% Orders GMV Revenues 13 108 143 16 26 50% YoY ex Brazil with further upside to accelerate • Own-delivery orders now at 38% of total orders • Due to the successful adoption of affordability campaigns the average order value has decreased to €11.31 • Revenues and GMV are impacted by the accounting treatment IAS 29 for Argentina considered as a hyperinflationary economy² Ex. Brazil +50%

All values in Unit million / € million

9

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

1. Americas revenues and GMV as well as the respective growth rates are impacted by the Argentinian operations qualifying as hyperinflationary economy according to IAS 29 beginning 1 September 2018. 2018 revenue is retrospectively adjusted. Comparability is affected as prior period information is not restated. In Q2 2019 revenues & GMV have been retrospectively adjusted with a total positive impact of €1.2m and €7.5m respectively

2. Included reported current growth rates for Argentina in our constant currency calculation due to the effects of hyperinflation in Argentina

Q2'18 Q2'19 Q2'18 Q2'19 Q2'18 Q2'19

Agenda

• Business Update
• Financial Update
• Outlook
• Q&A

FY 2019 Revenue Guidance

1. Incremental profits from revenue uplift will be reinvested into the business. Adjusted EBITDA guidance remains unchanged.

2. As per June 2019 announcement

Outlook 2019

2019E Guidance:

Revenues

€1.3bn to €1.4bn

Raised Revenue Guidance by €200m in June 2019

Adjusted EBITDA

Includes €100m investments announced in June 2019

• MENA expected to generate full year adjusted EBITDA of €70m¹ despite one off impacts in H1 2019

• Europe expected to reach adjusted EBITDA breakeven during H2 2019

• Adjusted EBITDA expected to be slightly negative in H1 2019 with significant profit occurring in H2 2019. H1 2019 profitability impacted by one-off impacts in H1 2019 related to Hungerstation and the integration of Zomato UAE. One-off effects in H1 are not expected to be carried forward to H2 2019. The strong underlying performance of the business will allow us to reach significant profits in H2 2019

Agenda

• Business Update
• Financial Update Q1 2019
• Outlook
• Q&A

APPENDIX

Adjustments

• Definitions

• The reported like for like figures have been retrospectively adjusted for divestments of foodora non core assets i.e. Australia, France, Italy & Netherlands and Germany
• Figures have not been adjusted for other acquisitions or divestments that can be found in the table below
• The group order growth would have been 63% YoY if adjusted for all acquisition and divestments – Mainly related to the acquisition of Zomato UAE which is consolidated from 1 March 2019.

• Change in Footprint Since Q2 2018

	Europe	MENA	Asia	Americas
Acquisitions	Hungary (Pizza.hu) Romania (hipmenu) Hungrig (Sweden)	UAE (Zomato)		Ecuador (Megabite) Uruguay / Bolivia (Netcomidas) Argentina (Delivery Santa Fe)
Divestments	Switzerland (Foodarena) Poland (PizzaPortal)			Brazil (PedidosYa) Peru (Domicilios) Ecuador (Domicilios)

2019 Financial Calendar

Event	Release Date
Half-year 2019 Report	04-Sep-2019
Q3/9M 2019 Trading Update	07-Nov-2019

Delivery Hero KPIs (1/2)

	2018					2019
in €m	Q1	Q2	H1	Q3	Q4	FY	Q1	Q2	H1
Delivery Hero Group
Orders	80.2	86.4	166.6	94.5	108.3	369.4	124.5	144.2	268.8
% YoY Growth	51.8%	48.3%	50.0%	49.0%	46.7%	48.8%	55.2%	67.0%	61.4%
% OD Orders	10.2%	11.9%	11.1%	16.4%	19.5%	14.9%	25.0%	29.9%	27.6%
1,2 GMV	970.7	1,041.1	2,011.8	1,119.8	1,322.8	4,454.4	1,507.6	1,684.1	3,191.7
% YoY Growth (Reported currency)	42.5%	40.7%	41.6%	39.7%	45.7%	42.3%	55.3%	61.8%	58.6%
% YoY Growth (Constant currency)	59.4%	55.6%	57.4%	46.2%	57.8%	54.7%	56.8%	63.7%	60.4%
1,2 Revenue	137.7	154.5	292.2	175.9	218.9	687.0	267.2	314.6	581.7
% YoY Growth (Reported currency)	56.2%	58.7%	57.5%	65.3%	74.4%	64.6%	94.1%	103.6%	99.1%
% YoY Growth (Constant currency)	73.9%	74.0%	74.0%	71.4%	85.5%	76.8%	93.0%	103.0%	98.3%
1,2 Adj. EBITDA						-100.2
% EBITDA Margin						-14.6%
MENA
Orders	41.1	44.2	85.4	48.7	56.5	190.6	64.6	70.6	135.2
% YoY Growth	60.4%	56.5%	58.3%	53.8%	50.9%	54.9%	57.0%	59.7%	58.4%
% OD Orders	7.9%	9.4%	8.7%	14.4%	18.6%	13.1%	26.5%	28.3%	27.4%
GMV	439.8	479.9	919.7	549.7	630.6	2,099.9	744.8	813.8	1,558.5
% YoY Growth (Reported currency)	52.4%	53.2%	52.8%	50.1%	56.9%	53.3%	69.3%	69.6%	69.5%
% YoY Growth (Constant currency)	76.6%	74.6%	75.6%	64.7%	66.3%	69.9%	69.6%	70.0%	69.8%
Revenue	56.6	66.7	123.3	85.0	108.1	316.4	143.9	164.3	308.2
% YoY Growth (Reported currency)	91.5%	103.8%	97.9%	103.4%	119.7%	106.4%	154.1%	146.4%	149.9%
% YoY Growth (Constant currency)	121.5%	130.1%	126.1%	117.6%	126.5%	123.9%	146.8%	141.2%	143.8%
Adj. EBITDA						18.1
% EBITDA Margin						5.8%
Europe
Orders	13.8	14.6	28.4	14.3	17.5	60.3	19.2	20.8	39.9
% YoY Growth	37.9%	39.1%	38.5%	43.5%	44.6%	41.4%	38.5%	42.1%	40.4%
% OD Orders	6.1%	6.4%	6.2%	7.8%	8.5%	7.3%	10.2%	13.1%	11.7%
GMV	173.1	173.2	346.3	174.8	213.4	734.5	232.0	248.6	480.6
% YoY Growth (Reported currency)	34.8%	31.4%	33.1%	33.7%	36.4%	34.2%	34.1%	43.5%	38.8%
% YoY Growth (Constant currency)	35.7%	32.8%	34.2%	36.1%	37.9%	35.7%	35.4%	44.7%	40.0%
Revenue	27.4	27.4	54.8	27.6	33.6	115.9	37.0	41.3	78.2
% YoY Growth (Reported currency)	29.1%	25.1%	27.1%	28.5%	34.8%	29.6%	34.9%	50.7%	42.8%
% YoY Growth (Constant currency)	30.6%	26.8%	28.7%	31.1%	36.5%	31.5%	36.6%	52.2%	44.4%
Adj. EBITDA						-15.4
% EBITDA Margin						-13.3%

1. Americas revenues and GMV are impacted by the Argentinian operations qualifying as hyperinflationary economy according to IAS 29 beginning 1 September 2018. 2018 revenue is retrospectively adjusted. Comparability is affected as prior period information is not restated.

2. Included reported current growth rates for Argentina in our constant currency calculation due to the effects of hyperinflation in Argentina

Delivery Hero KPIs (2/2)

1. Americas revenues and GMV are impacted by the Argentinian operations qualifying as hyperinflationary economy according to IAS 29 beginning 1 September 2018. 2018 revenue is retrospectively adjusted. Comparability is affected as prior period information is not restated.

2. Included reported current growth rates for Argentina in our constant currency calculation due to the effects of hyperinflation in Argentina

Definitions

• Gross Merchandise Value (GMV) is the total value of orders (including VAT) transmitted to restaurants
• Revenues presented for Delivery Hero represent the total segment revenues prior to discounts. Discounts are expected to amount to EUR 71 million in H1 2019
• Constant currency provides an indication of the business performance by removing the impact of foreign exchange rate movements. Due to hyperinflation in Argentina we have included reported current growth rates for Argentina in our constant currency calculation to provide a more accurate picture of the underlying business
• IAS 29 Hyperinflation Economies applies to our Argentinian operations beginning 1 September 2018 and impacts our Americas revenues and GMV. 2018 revenue is retrospectively adjusted and comparability is affected as prior period information is not restated.
• IFRS 16 has been adopted as of 1 January 2019

Important Notice

• ALL FINANCIAL FIGURES INCLUDED IN THE PRESENTATION ARE BASED ON IFRS, UNLESS NOTED OTHERWISE.
• 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 forwardlooking 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.