Delivery Hero SE

Investor Presentation • Nov 11, 2021

Q3 2021 Trading Update

11 November 2021

Always delivering an amazing experience

Fast, easy and to your door

Growth as No. 1 Priority

Invest for Leadership

Build Tech & Product Leadership

Profitability

40% in short/mid-term (2017 IPO target) >30% in the long-term

Further strengthen our position across the most attractive regions

Invest in innovation to build a third generation ondemand platform

Drive profitability through scale and automation Long term adj. EBITDA margin

target of 5-8% of GMV

Q3 2021 Trading Update

Case Study: Asia

2021 Outlook

• As a reminder:
  • ‒ Woowa transaction closed 4 March 2021
  • ‒ Divestment of Delivery Hero Korea closed on 29 October 2021
• In order to give a better picture of the Group profile going forward and in line with our reporting in our previous Trading Updates, we will be presenting pro forma numbers that are:
  • ‒ Including Woowa from 1 January 2021 onwards
  • ‒ Excluding Delivery Hero Korea from 1 January 2021 onwards
  • ‒ For better comparison, historic data is also restated

Total Segment Revenue growth of 89% YoY

Acceleration of Dmart launches: +174 new stores in Q3 2021 vs. +84 stores in Q2 2021 (861 stores at end of Sep)

Strong profitability improvement in South Korea in 9M 2021 while rapidly rolling out own delivery logistics

Further increase of contribution margin in own-delivery – Asia OD business¹ at break-even after vouchers

Continued extension of footprint and service offering through strategic M&A and investments

Divestment of Delivery Hero Korea (Yogiyo) completed²

1. This excludes Delivery Hero Korea and is not yet including Woowa

All values including Woowa and excluding Delivery Hero Korea.

1. Gross Bookings reported by Uber Delivery, GTV reported by Just Eat Takeaway.com and Deliveroo, Marketplace GOV reported by DoorDash.

2018 2019 2020 2021

1. Total Segment Revenue is defined as revenue in accordance with IFRS 15, excluding the effect of vouchers and other discounts. Difference between group revenues 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 (Q3 2021: €-38.0m).

1. Total Segment Revenue is defined as revenue in accordance with IFRS 15, excluding the effect of vouchers and other discounts. 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 (Q3 2021: €-38.0m). All values including Woowa and excluding Delivery Hero Korea. 2. Includes reported current growth rates for Argentina and Lebanon in the constant currency calculation due to the effects of hyperinflation in Argentina and Lebanon.

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

854

Growing Asia segment is now contributing 48% to Total Segment Revenues

Contribution margin in own-delivery has significantly improved YoY and is at break-even in Asia¹ after vouchers for the first time

Increasing basket sizes across all major APAC countries with steady development in South Korea

Break-even of a second large Asian market on adjusted EBITDA level including group costs. Further improvement in profitability to be expected in the near-term

1. Excluding Woowa and excluding Delivery Hero Korea. 9

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

MENA revenues, adjusted EBITDA, Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the Lebanese operations qualifying as hyperinflationary economy according to IAS 29 beginning October 2020. In Q3 2021, GMV & revenues have been retrospectively adjusted with a total impact of +€2.2m and +€0.8m, respectively.

1. Includes reported current growth rates for Lebanon in the constant currency calculation due to the effects of hyperinflation in Lebanon.

Strong GMV growth of 54% YoY in Q3 2021 (on a like-for-like basis) despite reopening and gradual easing of COVID restrictions

Revenue growth of 74% on a like-for-like basis. Own-delivery share increased to 32% in Q3 2021 (Q3 2020: 24%)

Divestment of the Balkan businesses in Serbia, Bosnia, Montenegro and Bulgaria was closed in June. Romania expected to close in Q1 2022

1. On 26 May 2021, Delivery Hero announced the divestment of certain operations in the Balkan region. During the course of 2020, this perimeter had GMV of € 195 million, net revenues of € 37 million and a negative adjusted EBITDA of € 18 million. The transaction in Romania is expected to close in Q1 2022, subject to the fulfillment of certain conditions precedent and relevant required regulatory approvals.

Americas revenues, adjusted EBITDA, Gross Merchandise Value (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. In Q3 2021 GMV & revenues have been retrospectively adjusted with a total impact of +€36.5m and +€6.3m, respectively.

1. Includes reported current growth rates for Argentina in the constant currency calculation due to the effects of hyperinflation in Argentina.

Orders (m) GMV (€m) Segment Revenue (€m)

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

Integrated Verticals revenues, adjusted EBITDA, Gross Merchandise Value (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. In Q3 2021 GMV & revenues have been retrospectively adjusted with a total impact of +€0.9m and +€0.8m, respectively.

1. The agent business with local vendors is captured in the platform business segments. DH Kitchens is capturing various types of kitchen models.

Contribution Margin¹of Own-Delivery (Before Voucher Costs² ) as a % of GMV Values excluding Delivery Hero Korea and not yet including Woowa

1. Contribution margin relates to Platform business and includes the costs of the physical delivery of the order as well as the transmission and support costs of the order (i.e. payment costs, dispatching costs, customer support).

14 The contribution margin shown above differs from IFRS gross profit, because the former excludes certain non-commission revenue like advertising revenues, whereas the latter excludes i.e. customer support costs, bad debt expenses and includes voucher costs.

1. Voucher costs correspond to marketing initiatives to incentivize the acquisition of new users or the retention of existing users.

Contribution Margin¹of Own-Delivery (After Voucher Costs² ) as a % of GMV Values excluding Delivery Hero Korea and not yet including Woowa

1. Contribution margin relates to Platform business and includes the costs of the physical delivery of the order as well as the transmission and support costs of the order (i.e. payment costs, dispatching costs, customer support). The contribution margin shown above differs from IFRS gross profit, because the former excludes certain non-commission revenue like advertising revenues, whereas the latter excludes i.e. customer support costs and bad debt expenses.

2. Voucher costs correspond to marketing initiatives to incentivize the acquisition of new users or the retention of existing users.

• Portfolio supports in building a network to peer companies and to explore ways to collaborate, extend our know-how or drive consolidation
• Already generated very attractive returns in the double-digit and sometimes even in the tripledigit percentages

Q3 2021 Trading Update

Case Study: Asia

2021 Outlook

2.3x more active users with 1.7x higher frequency => resulting in c. 3.9x expected order basis

Overview includes all Asian countries where Delivery Hero is active through its foodpanda brand (Bangladesh, Cambodia, Hong Kong, Laos, Malaysia, Myanmar, Pakistan, Philippines, Singapore, Taiwan, Thailand) and excludes Japan and Korea. Source: App Annie

Adjusted EBITDA/GMV margin

Asia segment excl. South Korea, Japan and Integrated Verticals incl. all group costs

Q3 2021 Trading Update

Case Studies

2021 Outlook

The below outlook includes Woowa on a pro forma basis as of 1 January 2021 and excludes Delivery Hero Korea from the same date onwards.

GMV	Upper end of €33bn to €35bn Previously: €33bn to €35bn
Total Segment Revenue	Upper end of €6.4bn to €6.7bn Previously: €6.4bn to €6.7bn
Adjusted EBITDA margin	Confirmed: around -2% of GMV Including negative EBITDA investments of ~€550m	The 2021 adjusted EBITDA margin target already includes negative ~€550m EBITDA investments for: •Integrated Verticals (mostly Dmarts) •New Markets (Japan, Vietnam, Germany, Peru, Ecuador, etc.)

Large and expanding TAM opportunity

Food, groceries and other q-commerce areas offer a massive market opportunity in Delivery Hero's current country footprint covering a total population of 1.7bn

Leadership¹

95% of GMV generated in sectors where we are #1 75% of GMV generated in sectors in which DH is 4x the size of the #2 competitor

Forefront of product innovation

Built superior technology stack and constantly ahead of the curve in driving innovations around logistics, q-commerce, subscription, kitchen concepts, supplier systems and other core areas

Multiple levers driving highly attractive economics

Increasing frequency and average order value drive further improvement of unit economics

Clear path to 5-8% long-term EBITDA/GMV margin

Multiple profitability drivers, including scale, automation and commercial levers

Strong track record of value accretive acquisitions

Successful M&A to accelerate growth and expand our leadership

For further questions, feel free to reach out to ir@deliveryhero.com

Appendix

				2020				2021
in €m	Q 1	Q 2	H 1	Q 3	Q 4	F Y	Q 1	Q 2	H 1	Q 3
Delivery Hero Group
Orders	352.2	408.1	760.3	520.5	610.1	1,890.8	662.8	730.3	1,393.1	791.4
% YoY Growth	85.8%	88.0%	87.0%	98.6%	96.3%	93.0%	88.2%	78.9%	83.2%	52.0%
% OD Orders	38.1%	45.9%	42.3%	46.6%	47.3%	45.1%	47.9%	49.9%	48.9%	49.8%
GMV1,2	4,240.0	4,815.3	9,055.3	5,804.0	6,946.4	21,805.8	7,769.7	8,388.8	16,158.5	9,562.6
% YoY Growth (RC)3	61.4%	66.7%	64.2%	75.9%	81.3%	72.4%	83.2%	74.2%	78.4%	64.8%
% YoY Growth (CC)4	63.9%	69.6%	66.9%	85.5%	91.0%	79.0%	92.2%	80.8%	86.1%	64.6%
Revenue1,2	631.3	757.5	1,388.8	946.3	1,152.6	3,487.7	1,351.6	1,549.9	2,901.6	1,788.7
% YoY Growth (RC)3	96.7%	102.7%	99.9%	107.8%	101.5%	102.5%	114.1%	104.6%	108.9%	89.0%
% YoY Growth (CC)4	97.2%	105.0%	101.4%	119.4%	114.8%	110.6%	127.0%	115.1%	120.5%	89.9%
Intersegment consolidation5	(1.0)	(2.7)	(3.8)	(4.9)	(9.5)	(18.2)	(19.2)	(35.2)	(54.5)	(38.0)
Adj. EBITDA1,2			(323.5)			(590.2)			(332.3)
EBITDA Margin % (GMV)			-3.6%			-2.7%			-2.1%
Asia
Orders	223.3	284.4	507.7	347.8	399.1	1,254.5	430.6	485.5	916.1	540.0
% YoY Growth	134.0%	151.5%	143.5%	133.6%	117.9%	132.1%	92.9%	70.7%	80.5%	55.3%
% OD Orders	39.3%	46.8%	43.5%	47.6%	47.5%	45.9%	47.4%	49.9%	48.7%	48.2%
GMV	2,800.6	3,323.5	6,124.1	3,870.1	4,661.9	14,656.0	5,129.4	5,588.6	10,718.0	6,659.9
% YoY Growth (RC)3	82.4%	97.5%	90.3%	95.2%	96.8%	93.6%	83.2%	68.2%	75.0%	72.1%
% YoY Growth (CC)4	86.0%	100.2%	93.5%	103.3%	102.5%	98.8%	88.3%	71.0%	78.9%	70.0%
Revenue	290.8	391.0	681.8	450.1	541.7	1,673.6	620.1	720.2	1,340.4	853.7
% YoY Growth (RC)3	141.5%	175.0%	159.6%	135.2%	102.1%	131.8%	113.2%	84.2%	96.6%	89.7%
% YoY Growth (CC)4	141.4%	174.8%	159.5%	143.6%	109.6%	136.8%	121.5%	90.2%	103.5%	88.4%
Adj. EBITDA			(205.8)			(406.2)			(202.2)
EBITDA Margin % (GMV)			-3.4%			-2.8%			-1.9%
MENA
Orders	84.7	66.5	151.2	107.7	127.4	386.3	140.0	147.9	287.9	159.2
% YoY Growth	31.3%	-5.9%	11.9%	40.0%	47.3%	29.4%	65.2%	122.4%	90.4%	47.8%
% OD Orders	35.1%	41.6%	38.0%	40.6%	41.3%	39.8%	43.9%	43.7%	43.8%	48.4%
GMV1,2	956.8	822.1	1,778.9	1,206.3	1,350.4	4,335.6	1,537.7	1,617.3	3,155.0	1,763.4
% YoY Growth (RC)3	28.5%	1.0%	14.1%	30.0%	36.3%	24.7%	60.7%	96.7%	77.4%	46.2%
% YoY Growth (CC)4	28.1%	2.4%	14.7%	43.8%	57.1%	34.5%	83.2%	123.8%	102.0%	52.0%
Revenue1,2	202.3	165.9	368.1	246.2	279.9	894.3	325.5	359.3	684.9	418.5
% YoY Growth (RC)3	40.6%	1.0%	19.5%	27.5%	30.3%	24.9%	60.9%	116.6%	86.0%	70.0%
% YoY Growth (CC)4	38.4%	1.0%	18.5%	37.7%	45.3%	31.7%	79.4%	142.4%	107.8%	74.2%
Adj. EBITDA1,2			18.8			98.6			65.0
EBITDA Margin % (GMV)			1.1%			2.3%			2.1%

1. Americas and MENA revenues, adjusted EBITDA, Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the Argentinian and Lebanese operations qualifying as hyperinflationary economies according to IAS 29 beginning 1 September 2018 and October 2020 respectively.

2. Includes Reported Currency growth rates for Argentina and Lebanon in the Constant Currency calculations due to the effects of hyperinflation in the respective countries.

3. RC = Reported Currency Growth / CC = Constant Currency Growth.

4. 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.

in €m	2020							2021
	Q 1	Q 2	H 1	Q 3	Q 4	F Y	Q 1	Q 2	H 1	Q 3
Europe
Orders	25.4	30.6	56.0	32.0	40.6	128.7	47.0	49.8	96.8	43.3
% YoY Growth	32.9%	47.4%	40.4%	54.8%	66.4%	51.4%	84.7%	62.8%	72.7%	35.1%
% OD Orders	19.0%	26.3%	23.0%	25.8%	28.3%	25.4%	31.4%	33.4%	32.4%	31.7%
GMV	320.5	420.3	740.8	426.4	570.3	1,737.5	682.4	718.7	1,401.1	625.9
% YoY Growth (RC)3	38.1%	69.1%	54.1%	65.0%	84.9%	65.9%	112.9%	71.0%	89.1%	46.8%
% YoY Growth (CC)4	40.0%	72.8%	57.0%	66.9%	86.8%	68.2%	112.6%	68.3%	87.5%	45.8%
Revenue	57.5	76.1	133.6	80.4	109.1	323.1	136.6	149.3	285.9	132.7
% YoY Growth (RC)3	55.6%	84.4%	70.8%	88.1%	108.5%	86.4%	137.5%	96.3%	114.0%	65.2%
% YoY Growth (CC)4	58.3%	89.7%	74.9%	90.8%	111.0%	89.7%	136.5%	92.0%	111.2%	63.6%
Adj. EBITDA			(7.9)			(2.2)			1.0
EBITDA Margin % (GMV)			-1.1%			-0.1%			0.1%
Americas
Orders	18.7	26.6	45.3	33.0	43.0	121.3	45.2	47.1	92.3	48.9
% YoY Growth	79.2%	111.2%	96.7%	112.0%	156.4%	119.1%	141.4%	77.1%	103.6%	48.2%
% OD Orders	62.5%	70.8%	67.3%	76.2%	81.9%	74.9%	83.4%	86.3%	84.9%	88.4%
GMV1,2	162.1	249.4	411.5	301.3	363.8	1,076.6	420.1	464.3	884.4	513.4
% YoY Growth (RC)3	41.5%	74.8%	60.0%	129.6%	120.2%	94.5%	159.2%	86.1%	114.9%	70.4%
% YoY Growth (CC)4	48.3%	85.4%	68.9%	148.7%	136.4%	108.0%	172.6%	90.9%	123.0%	71.8%
Revenue1,2	37.8	57.2	95.0	72.5	89.9	257.4	107.0	119.9	226.9	131.9
% YoY Growth (RC)3	93.0%	119.5%	108.1%	157.4%	145.6%	133.1%	182.8%	109.6%	138.8%	82.1%
% YoY Growth (CC)4	102.8%	132.5%	119.7%	178.0%	163.5%	149.1%	196.7%	114.7%	147.4%	83.4%
Adj. EBITDA1,2			(79.1)			(143.1)			(80.2)
EBITDA Margin % (GMV)			-19.2%			-13.3%			-9.1%
Integrated Verticals
Orders	4.3	6.1	10.4	10.1	14.2	34.7	17.0	21.5	38.4	25.4
% YoY Growth							296.1%	249.4%	268.6%	151.0%
GMV	45.7	72.3	118.0	103.8	148.9	370.7	190.7	250.3	440.9	310.9
% YoY Growth (RC)3							317.4%	246.2%	273.8%	199.6%
% YoY Growth (CC)4							354.8%	271.2%	303.6%	204.1%
Revenue	43.8	70.1	113.9	102.1	141.4	357.4	181.6	236.4	418.0	289.8
% YoY Growth (RC)3							314.6%	237.3%	267.0%	183.8%
% YoY Growth (CC)4							351.7%	263.3%	297.3%	187.6%
Adj. EBITDA			(49.4)			(137.2)			(115.8)
EBITDA Margin % (GMV)			-41.9%			-37.0%			-26.3%

Orders and GMV are accounted for in the respective Platform segments and shown in the Integrated Verticals segment for illustrative purposes only

1. Americas and MENA revenues, adjusted EBITDA, Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the Argentinian and Lebanese operations qualifying as hyperinflationary economies according to IAS 29 beginning 1 September 2018 and October 2020 respectively.

2. Includes Reported Currency growth rates for Argentina and Lebanon in the Constant Currency calculations due to the effects of hyperinflation in the respective countries.

3. RC = Reported Currency Growth / CC = Constant Currency Growth.

• Gross Merchandise Value (GMV) is the total value paid by customers (including VAT, delivery fees, other fees and subsidies).
• Total Segment Revenue is defined as revenue in accordance with IFRS 15, excluding the effect of vouchers and other discounts.
• Constant currency provides an indication of the business performance by removing the impact of foreign exchange rate movements. Due to hyperinflation in Argentina and Lebanon we have included reported current growth rates for Argentina and Lebanon in the constant currency calculation to provide a more accurate picture of the underlying business.
• MENA revenues, adjusted EBITDA, GMV as well as the respective growth rates are impacted by the Lebanese operations qualifying as hyperinflationary economy according to IAS 29 beginning October 2020.
• Americas revenues, adjusted EBITDA, 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.
• Integrated Verticals revenues, adjusted EBITDA, Gross Merchandise Value (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.
• Contribution margin relates to Platform business and includes the costs of the physical delivery of the order as well as the transmission and support costs of the order (i.e. payment costs, dispatching costs, customer support).

• 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 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.