Delivery Hero SE

Investor Presentation • Apr 25, 2019

Q1 2019 Trading Update

25th April, 2019

Always delivering amazing experiences

AMAZING ORDERING

AMAZING SERVICE

Agenda

Business Update

• Financial Update
• Outlook
• Q&A

Q1 2019 Financial Highlights

YoY growth rates on a constant currency basis – Numbers exclude Germany – Q1 2019 figures include Zomato UAE performance since the 1 March 2019

Continuous Track Record of Growth

All values in Unit million / € million

YoY growth rates on a constant currency basis

Numbers are exclude Germany and include Zomato UAE performance since 1 March 2019

Delivering On Our Promise

Guidance at IPO	Status1
Growth as No.1 Priority >40% in short & mid-term • • >30% in the long-term	Q1 2019 order and revenue growth of 55% and 93%2 Remain in early stages of growth path with online penetration still low (c. 10%)3
Invest for Leadership

• Further build leadership positions across the most attractive markets

• 1 leadership positions in 33 out of 41 markets³

• 40m orders per month in more than 4,000 cities

• 10m own delivery orders per month (25% of orders) in c. 250 cities globally

Build Tech & Product Leadership

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

• Migrated an additional 4 country operations in Q1 with a long term target of 8 regional platforms
• Deployed personalized recommendations in a total of 23 countries

• Rollout of additional verticals (e.g. groceries) now live in over 10 countries

• 1. Numbers exclude Germany unless otherwise stated
• 1. YoY growth rates on a constant currency basis
• 1. Management Estimate

Q1 2019 Business Update

Successfully Increased Investments across the Group

• Continued expansion of our early stage markets
• Two thirds of our additional investments focused on new customer acquisition
• Increased order frequency across our platform
• Slightly higher returns on investments than expected

Improved Sales and Restaurant Coverage

• Increased active restaurants to over 290K
• Improved customer selection with a diversified restaurant partner portfolio (<4% orders coming from any one brand)

Further Innovation with our Technology & Product

• Enhanced our second generation cloud kitchens (shared & concept kitchens)
• Increased our additional vertical capabilities and selection of convenience items
• Re-launch of subscription services (e.g. Carriage Black)

M&A

• Successful acquisition of Zomato's food delivery business in UAE to strengthen MENA segment
• Successful closing of the sale of German operation to Takeaway.com N.V.

Investments In New Customers That Continue To Return To Our Platform For Many Years

• Continue to have very stable and increasing cohort ordering behaviour in 2018
• Once acquired customers require little to no additional marketing to return to the platform
• Revenues from these customers are recurring and increase in frequency over time

• For example our 2015 cohort ordered 69% more frequently in 2018

• "Cohort" refers to customers grouped by the calendar year in which they first placed an order with Delivery Hero. Cohort is reflective of Delivery Hero's current footprint

Agenda

Business Update

• Financial Update
• Outlook
• Q&A

Q1 2019 Group Performance

All values in Unit million / € million

Y-o-Y 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

Delivery Hero SE Q1 2019 Trading Update 10

Q1 2019 MENA Performance

All values in Unit million / € million

Y-o-Y growth rates in red are constant currency and in black are reported currency

Q1 2019 Europe Performance

• Germany is considered as a discontinued operation and is therefore excluded from the figures
• Own delivery orders 10% of total orders for Europe
• Take rate increased to 15.9% following the increase in own delivery orders

All values in Unit million / € million

Y-o-Y growth rates in red are constant currency and in black are reported currency

Q1 2019 Asia Performance

All values in Unit million / € million

Y-o-Y growth rates in red are constant currency and in black are reported currency

Q1 2019 Americas Performance

• Significant acceleration in order growth of

All values in Unit million / € million

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.

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

Agenda

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

FY 2019 Revenue Guidance

• 1. As per previous guidance, FY 2019 excludes Germany and other countries with divestments in foodora non-core assets (Australia, France, Italy and Netherlands).
• 1. The acquisition of Zomato's online food delivery business in UAE consolidated from 1 March 2019. The estimated impact of €18m relates to the time of March to December 2019. No like for like adjustment will be made given its impact on FY group revenues is limited to ~1%.

Outlook 2019

2019E Guidance¹:

€1.1bn to €1.2bn Revenues

Increased our revenue guidance

-€270m to -€320m Adj. EBITDA

Guidance unchanged

• MENA expected full year Adj. EBITDA of €70m after increased investments²

• Europe expected to reach breakeven during H2 2019

• FY2019 excludes Germany and other countries with (planned) divestments in foodora non-core assets (Australia, France, Italy and Netherlands) and India. Revenue guidance is pre-discount

• Adj. EBITDA guidance for the MENA segment is already factoring in the Zomato UAE acquisition that took place in Q1 2019

Agenda

Business Update

Financial Update Q1 2019

Outlook

Q&A

APPENDIX

Adjustments

• Definitions

• The reported figures have been retrospectively adjusted for the divestments of India, divestment of foodora (Australia, France, Italy & Netherlands) and Germany
• Figures have not been adjusted for other acquisitions or divestments
• The group order growth rate would have been 0.4% lower for Q1 2019 if adjusted for all the below acquisitions and divestments
• The acquisition of Zomato's online food delivery business in UAE has been consolidated from 1 March 2019. The estimated FY 2019 impact of €18m relates to the time of March to December 2019. No like for like adjustment will be made given its impact on FY group revenues is limited to ~1.5%

	Europe	MENA	Asia	Americas
Acquisitions	Deliveras, hipmenu, Pizza.hu	Zomato	Foodfly	Appetitos24, Megabite, Netcomidas, Argentina
Divestments	Germany Georgia, Kazakhstan, Switzerland, Poland Slovakia		Brunei	Brazil

2019 Financial Calendar

Event	Release Date
2019 Annual General Meeting	12-Jun-2019
Half-year 2019 Report	04-Sep-2019
Q3/9M 2019 Trading Update	07-Nov-2019

Delivery Hero KPIs (1/2)

			2017					2018					2019
in €m	Q1	Q2	H1	Q3	Q4	FY	Q1	Q2	H1	Q3	Q4	FY	Q1
Delivery Hero Group (ex. Germany)
Orders	52.9	58.2	111.1	63.4	73.8	248.3	80.2	86.4	166.6	94.5	108.3	369.4	124.5
% YoY Growth							51.8%	48.3%	50.0%	49.0%	46.7%	48.8%	55.2%
1,2 GMV	681.4		739.8 1,421.2 801.7			907.9 3,130.8	970.7	1,041.1	2,011.8	1,119.8	1,322.8	4,454.4	1,507.6
% YoY Growth (Reported currency)							42.5%	40.7%	41.6%	39.7%	45.7%	42.3%	55.3%
% YoY Growth (Constant currency)							59.4%	55.6%	57.4%	46.2%	57.8%	54.7%	56.8%
1,2 Revenue	88.1	97.4	185.5	106.4	125.5	417.4	137.7	154.5	292.2	175.9	218.9	687.0	267.2
% YoY Growth (Reported currency)							56.2%	58.7%	57.5%	65.3%	74.4%	64.6%	94.1%
% YoY Growth (Constant currency)							73.9%	74.0%	74.0%	71.4%	85.5%	76.8%	93.0%
1,2 EBITDA						-46.3						-100.2
% EBITDA Margin						-11.1%						-14.6%
MENA
Orders	25.7	28.3	53.9	31.7	37.5	123.1	41.1	44.2	85.4	48.7	56.5	190.6	64.6
% YoY Growth							60.4%	56.5%	58.3%	53.8%	50.9%	54.9%	57.0%
GMV	288.5	313.2	601.7	366.2		402.0 1,369.9	439.8	479.9	919.7	549.7	630.6	2,099.9	744.8
% YoY Growth (Reported currency)							52.4%	53.2%	52.8%	50.1%	56.9%	53.3%	69.3%
% YoY Growth (Constant currency)							76.6%	74.6%	75.6%	64.7%	66.3%	69.9%	69.6%
Revenue	29.6	32.7	62.3	41.8	49.2	153.3	56.6	66.7	123.3	85.0	108.1	316.4	143.9
% YoY Growth (Reported currency)							91.5%	103.8%	97.9%	103.4%	119.7%	106.4%	154.1%
% YoY Growth (Constant currency)							121.5%	130.1%	126.1%	117.6%	126.5%	123.9%	146.8%
EBITDA						23.9						18.1
% EBITDA Margin						15.6%						5.8%
Europe (ex Germany)
Orders	10.0	10.5	20.5	10.0	12.1	42.6	13.8	14.6	28.4	14.3	17.5	60.3	19.2
% YoY Growth							37.9%	39.1%	38.5%	43.5%	44.6%	41.4%	38.5%
GMV	128.4	131.8	260.2	130.8	156.4	547.4	173.1	173.2	346.3	174.8	213.4	734.5	232.0
% YoY Growth (Reported currency)							34.8%	31.4%	33.1%	33.7%	36.4%	34.2%	34.1%
% YoY Growth (Constant currency)							35.7%	32.8%	34.2%	36.1%	37.9%	35.7%	35.4%
Revenue	21.2	21.9	43.1	21.5	24.9	89.5	27.4	27.4	54.8	27.6	33.6	115.9	37.0
% YoY Growth (Reported currency)							29.1%	25.1%	27.1%	28.5%	34.8%	29.6%	34.9%
% YoY Growth (Constant currency)							30.6%	26.8%	28.7%	31.1%	36.5%	31.5%	36.6%
EBITDA						-16.4						-15.4
% EBITDA Margin						-18.3%						-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)

				2017			2018						2019
in €m	Q1	Q2	H1	Q3	Q4	FY	Q1	Q2	H1	Q3	Q4	FY	Q1
Asia
Orders	11.4	12.8	24.2	14.5	16.5	55.1	17.6	18.7	36.3	21.9	24.4	82.6	30.4
% YoY Growth							53.8%	46.9%	50.2%	50.6%	48.6%	49.8%	73.0%
GMV						185.0 200.4 385.4 211.0 247.6 844.0	261.7	280.0	541.7	317.4	354.5	1,213.7	416.3
% YoY Growth (Reported currency)							41.4%	39.8%	40.6%	50.4%	43.2%	43.8%	59.1%
% YoY Growth (Constant currency)							52.7%	45.7%	49.0%	48.7%	42.0%	46.9%	54.3%
Revenue	27.6	31.0	58.6	31.1	37.6	127.3	39.9	44.7	84.6	50.8	57.1	192.5	66.7
% YoY Growth (Reported currency)							44.7%	44.2%	44.4%	63.2%	52.1%	51.3%	67.3%
% YoY Growth (Constant currency)							56.4%	50.2%	53.1%	61.3%	50.4%	54.3%	61.4%
EBITDA						-28.4						-51.9
% EBITDA Margin						-22.3%						-27.0%
Americas Orders	5.8	6.7	12.4	7.3	7.8	27.5	7.7	8.8	16.5	9.6	9.8	36.0	10.4
% YoY Growth							33.8%	31.1%	32.4%	32.6%	25.9%	30.6%	35.5%
GMV 1,2	79.4					94.5 173.9 93.7 101.9 369.5	96.1	108.0	204.2	77.9	124.3	406.3	114.5
% YoY Growth (Reported currency)							21.1%	14.3%	17.4%	-16.9%	22.0%	10.0%	19.1%
% YoY Growth (Constant currency)							51.0%	45.8%	48.1%	-17.5%	93.4%	44.0%	44.0%
Revenue 1,2	9.8	11.8	21.5	12.0	13.8	47.4	13.8	15.8	29.6	12.5	20.1	62.1	19.6
% YoY Growth (Reported currency)							40.7%	34.3%	37.2%	4.0%	45.4%	31.2%	42.5%
% YoY Growth (constant currency)							73.1%	68.5%	70.6%	8.4%	123.8%	70.3%	75.7%
1,2 EBITDA						-25.4						-50.9
% EBITDA Margin						-53.6%						-81.6%
Delivery Hero Germany
Orders	6.7	6.9	13.6	7.2	7.8	28.5	8.0	7.4	15.4	7.9	9.0	32.3	9.1
% YoY Growth							19.2%	8.3%	13.7%	10.7%	15.4%	13.4%	13.7%
3 GMV						128.6 130.6 259.2 138.7 152.7 550.7	157.0	147.1	304.1	157.7	180.7	642.5	182.4
% YoY Growth (Reported currency)							20.4%	12.2%	16.3%	13.6%	18.3%	16.2%	16.2%
% YoY Growth (Constant currency)							20.4%	12.2%	16.3%	13.6%	18.3%	16.2%	16.2%
Revenue	21.4	21.7	43.1	22.7	24.3	90.1	25.5	24.7	50.2	25.9	29.3	105.4	28.8
% YoY Growth (Reported currency)							19.2%	14.0%	16.6%	14.1%	20.6%	17.0%	12.9%
% YoY Growth (Constant currency)							19.2%	14.0%	16.6%	14.1%	20.6%	17.0%	12.9%
EBITDA
% EBITDA Margin

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

3. Q1, Q2 2017 numbers revised from €130.4m and €131.1m respectively

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
• 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 FOLLOWING 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.