Delivery Hero SE

Investor Presentation • Apr 28, 2021

Always delivering an amazing experience

Fast and easy to your door

Growth as No. 1 Priority

Invest for Leadership

Build Tech & Product Leadership

Invest in innovation to build a

third generation on-demand

platform

Profitability

Drive profitability through scale and automation

Long term adj. EBITDA margin target of 5-8% of GMV

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

Further strengthen our position across the most attractive regions

Full Year 2020 Results

Q1 2021 Trading Update

Case Study Contribution Margin

2021 Outlook

Snapshot ESG

	Guidance for 2020 Achieved or Exceeded		2020 Key Highlights
	Guidance	2020 Results
Total Segment Revenues	€2.4bn to €2.6bn	€2.8bn
Adjusted EBITDA margin (excl. additional investments)	-14% to -18% of Total Segment Revenues	-16% of Total Segment Revenues
Additional Investments	Up to €200m	€115m		and total segment revenues (+95% YoY)
Europe	Expected break-even in 2020	Adj. EBITDA at break-even (€-2m)		before vouchers
MENA	Adj. EBITDA expected to be higher in 2020 vs. 2019	Adj. EBITDA of €99m1 (2019: €43m)
Dmarts	400 active Dmarts by year-end	491 active Dmarts as of 31 December 2020

Significant growth in orders (+96% YoY), GMV (+66% YoY) and total segment revenues (+95% YoY)

Strong progress on efficiency gains – contribution margin per order on OD (as a % of GMV) with significant improvements during the year, now positive in all regions before vouchers

Strengthening and expanding our footprint via M&A (i.e. acquisition of Glovo Latam business, InstaShop), organic launches (i.e. Japan) and partnerships (i.e. Mastercard)

Material increase of own delivery share of orders

All values exclude Woowa and include Delivery Hero Korea.

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 inter company eliminations for services charged by the Platform Businesses to the Integrated Verticals Businesses (FY 2020: €-18.2m).

2. Management adjustments consist of costs related to corporate transactions & financing rounds as well as reorganization measures

3. 1. Main contributors are investments in Rappi and Glovo 2
4. 1. Mainly due to valuation effect related to derivatives linked to July 2020 convertible bonds and FX effects from intercompany loans and other FX effects

5. As a reminder:

6. ‒ Woowa transaction closed 4 March 2021
7. ‒ Main condition of the Woowa transaction approval by the KFTC was the divestment of Delivery Hero Korea
8. In order to give a better picture of the group profile going forward, we will be presenting pro forma numbers that are:
9. ‒ Including Woowa from 1 January 2021 onwards
10. ‒ Excluding Delivery Hero Korea from 1 January 2021 onwards

11. For better comparison, historic data is also adjusted

12. 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 inter company eliminations for services charged by the Platform Businesses to the Integrated Verticals Businesses (FY 2020: €-18.2m; FY 2020 Pro Forma: €-18.2m; ).

Full Year 2020 Results

Q1 2021 Trading Update

Case Study Contribution Margin

2021 Outlook

Snapshot ESG

YoY

All values including Woowa and excluding Delivery Hero Korea.

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 inter company eliminations for services charged by the Platform Businesses to the Integrated Verticals Businesses (Q1 2021: €-20.9m).

Closing of the Woowa transaction as of 4 March 2021 – pushing Delivery Hero to the next level

Q1 2021 is the 9th consecutive quarter with YoY revenue growth of around 100%

Share of own-delivery orders up strongly to 48% (Q1 2020: 38%)

Further increase of number of active Dmarts, with a total of 603¹ at end of March, adding 80 stores in Q1 2021

Quick commerce business grew more than 400% YoY (combination of Dmarts business and delivery for local stores), delivering >400k orders per day globally in April

All operations acquired from Glovo in Latin America were migrated to PedidosYa platform in Q1 2021 – Globally, all but two countries are currently on our eight platforms (full migration envisaged in next six months)

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 inter company eliminations for services charged by the Platform Businesses to the Integrated Verticals Businesses (Q1 2021: €-20.9m).

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.

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 Q1 2021 revenues & GMV have been retrospectively adjusted with a total impact of +€0.1m and +€0.3m, respectively.

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

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 Q1 2021 revenues & GMV have been retrospectively adjusted with a total impact of +€0.9m and +€3.1m, respectively.

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

18 1. DH Kitchens capturing solely self-operated kitchens.

1. Including 32 B-marts as part of Woowa.

Full Year 2020 Results

Q1 2021 Trading Update

Case Study Contribution Margin

2021 Outlook

Snapshot ESG

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, bad debt expenses and includes voucher costs.

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

3. 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.

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

Full Year 2020 Results

Q1 2021 Trading Update

Case Study Contribution Margin

2021 Outlook

Snapshot ESG

GMV	€31bn to €34bn
Total Segment Revenue	€6.1bn to €6.6bn
Adjusted EBITDA margin	-1.5% to -2.0% 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, Peru, Ecuador, etc.)

Full Year 2020 Results

Q1 2021 Trading Update

Case Study Contribution Margin

2021 Outlook

Snapshot ESG

Heterogeneous landscape of regulatory environment today…

• APAC and MENA: Freelance status of platform workers not widely disputed
• Europe and Americas: Freelance status of platform workers disputed in several countries. Legislative initiatives to regulate worker status at a country level and at EU level

...and different local rider engagement models

• Freelance only: most APAC markets incl. Singapore, Thailand
• 3PL only: most MENA markets incl. UAE
• Employment only: Greece, Turkey
• Mixed models: more than one model co-existing in Austria, Argentina, Norway (status choice via collective bargaining agreement).

Case Study Norway

1. When riders apply to be a courier in Norway they get the option to choose what vehicle type they want to deliver with 2. Then they can choose how they want to be affiliated - Either as an employee or an independent contractor Riders prefer flexibility: 70% of riders applied for a freelancer model

COVID-19 - Rider Support Initiative

Special Initiative

• Financial fund with a volume of EUR 3 million
• To allow Delivery Hero subsidiaries supporting those riders who are engaged as freelancers and directly affected by COVID-19 for a duration of up to 15 days

Summary

• Scope: All markets Delivery Hero is operating in
• Duration: The program consolidates ongoing rider initiatives since June 2019
• Senior Management Involvement: Delivery Hero CFO, CPO and management functions for every country
• Purpose: The Global Rider Program strives to further improve the experience of riders while also contributing to the business objectives of Delivery Hero. The program currently consists of 8 projects that have been initiated to tackle key critical rider areas ensuring a compliant, safe & effective work environment for both riders and Delivery Hero.

Climate Action Achievements & Outlook D&I Strategy at Delivery Hero

At Delivery Hero, carbon neutrality is an important part of our sustainability ambition.

In January 2021, we achieved carbon neutrality for our 2020 operations in Europe and Latin America by offsetting 282,737 tCO2e through certified climate protection projects.

By extending the carbon neutrality program to MENA and Asia, we aim to be carbon neutral globally by end of 2021.

Launch of the Sustainable Packaging Program in Q2 2021 will contribute to reduce our carbon footprint.

First submission to CDP on climate change topics will take place in 2021. As a next step, we will set targets to actively reduce our CO² emissions going forward.

Our D&I strategy is focused on equal opportunity, equitable structures, and inclusive behavior.

Introduction of the D&I Advisory Board in the summer of 2021 – supporting our D&I commitment.

Following the launch of the community of Inclusion Champions, the women in leadership program will be launched by the end of 2021.

Supporting the #StayOnBoard initiative - promoting the representation of women in boards and leadership positions.

Strengthening our HeroCommunities - ERGs including FemaleHeroes, MuslimHeroes, PrideHeroes and more.

Appendix

	2019				2020						2021
€m in	Q1	Q2	H 1	Q3	Q4	F Y	Q1	Q2	H 1	Q3	Q4	F Y	Q1
Delivery Hero Group
Orders	189.6	217.1	406.7	262.1	310.8	979.6	352.2	408.1	760.3	520.5	610.1	1,890.8	662.8
% YoY Growth	57.8%	66.3%	62.2%	77.6%	84.1%	72.7%	85.8%	88.0%	87.0%	98.6%	96.3%	93.0%	88.2%
% OD Orders	17.4%	21.1%	19.4%	29.6%	34.1%	26.8%	38.1%	45.9%	42.3%	46.6%	47.3%	45.1%	47.9%
GMV1,2	2,626.6	2,887.9	5,514.5	3,300.1	3,832.4	12,647.0	4,240.0	4,815.3	9,055.3	5,804.0	6,946.4	21,805.8	7,769.5
% YoY Growth (RC) 3	65.1%	65.2%	65.2%	67.6%	65.4%	65.9%	61.4%	66.7%	64.2%	75.9%	81.3%	72.4%	83.2%
% YoY Growth (CC) 4	-	-	-	-	-	-	-	-	-	-	-	-	92.2%
Revenue1,2	320.9	373.8	694.7	455.4	571.9	1,722.0	631.3	757.5	1,388.8	946.3	1,152.6	3,487.7	1,361.3
% YoY Growth (RC) 3	101.9%	103.0%	102.5%	114.9%	113.2%	109.2%	96.7%	102.7%	99.9%	107.8%	101.5%	102.5%	115.6%
% YoY Growth (CC) 4		-	-	-	-	-	-	-	-	-	-	-	128.6%
Inter Company Eliminations5	-	-	-	-	-	-	(1.0)	(2.7)	(3.8)	(4.9)	(9.5)	(18.2)	(20.9)
Adj. EBITDA1,2			(143.1)			(401.4)			(323.4)			(590.1)
EBITDA Margin % (GMV)			-2.6%			-3.2%			-3.6%			-2.7%
Asia
Orders	95.4	113.1	208.5	148.9	183.1	540.5	223.3	284.4	507.7	347.8	399.1	1,254.5	430.6
% YoY Growth	66.0%	79.7%	73.2%	98.7%	115.6%	92.9%	134.0%	151.5%	143.5%	133.6%	117.9%	132.1%	92.9%
% OD Orders	11.3%	16.3%	14.0%	27.8%	35.5%	25.1%	39.3%	46.8%	43.5%	47.6%	47.5%	45.9%	47.4%
GMV	1,535.3	1,682.9	3,218.2	1,982.6	2,368.3	7,569.1	2,800.6	3,323.5	6,124.1	3,870.1	4,661.9	14,656.0	5,129.4
% YoY Growth (RC) 3	74.2%	70.5%	72.2%	70.0%	75.6%	72.7%	82.4%	97.5%	90.3%	95.2%	96.8%	93.6%	83.2%
% YoY Growth (CC) 4	-	-	-	-	-	-	-	-	-	-	-	-	88.3%
Revenue	120.4	142.2	262.6	191.3	268.1	722.0	290.8	391.0	681.8	450.1	541.7	1,673.6	629.5
% YoY Growth (RC) 3	96.9%	91.3%	93.8%	120.2%	151.8%	119.6%	141.5%	175.0%	159.6%	135.2%	102.1%	131.8%	116.4%
% YoY Growth (CC) 4	-	-	-	-	-	-	-	-	-	-	-	-	124.8%
Adj. EBITDA			(66.5)			(283.1)			(205.8)			(406.2)
EBITDA Margin % (GMV)			-2.1%			-3.7%			-3.4%			-2.8%
MENA
Orders	64.6	70.6	135.2	76.9	86.5	298.6	84.7	66.5	151.2	107.7	127.4	386.3	140.0
% YoY Growth	57.0%	59.7%	58.4%	57.9%	53.0%	56.7%	31.3%	-5.9%	11.9%	40.0%	47.3%	29.4%	65.2%
% OD Orders	26.5%	28.3%	27.4%	32.4%	31.0%	29.8%	35.1%	41.6%	38.0%	40.6%	41.3%	39.8%	43.9%
GMV1,2	744.8	813.8	1,558.5	927.8	990.5	3,476.8	956.8	822.1	1,778.9	1,206.3	1,350.4	4,335.6	1,537.5
% YoY Growth (RC) 3	69.3%	69.6%	69.5%	68.8%	57.1%	65.6%	28.5%	1.0%	14.1%	30.0%	36.3%	24.7%	60.7%
% YoY Growth (CC) 4	69.6%	70.0%	69.8%	62.1%	53.6%	62.9%	28.1%	2.4%	14.7%	43.8%	57.1%	34.5%	83.2%
Revenue1,2	143.9	164.3	308.2	193.2	214.8	716.6	202.3	165.9	368.1	246.2	279.9	894.3	325.6
% YoY Growth (RC) 3	154.1%	146.4%	149.9%	127.4%	98.7%	126.3%	40.6%	1.0%	19.5%	27.5%	30.3%	24.9%	61.0%
% YoY Growth (CC) 4	146.8%	141.2%	143.8%	117.9%	93.5%	119.7%	38.4%	1.0%	18.5%	37.7%	45.3%	31.7%	79.5%
Adj. EBITDA1,2			(9.7)			43.3			18.8			98.6
EBITDA Margin % (GMV)			-0.6%			1.2%			1.1%			2.3%

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. Reported Currency Growth.

4. Constant Currency Growth.

5. Difference between total segment revenue and the sum of segment revenues is mainly due to inter company eliminations for services charged by the Platform Businesses to the Integrated Verticals Businesses.

			2019							2020			2021
in €m	Q1	Q2	H 1	Q3	Q4	F Y	Q1	Q2	H 1	Q3	Q4	F Y	Q1
Europe
Orders	19.2	20.8	39.9	20.7	24.4	85.0	25.4	30.6	56.0	32.0	40.6	128.7	47.0
% YoY Growth	38.5%	42.1%	40.4%	44.5%	39.5%	41.1%	32.9%	47.4%	40.4%	54.8%	66.4%	51.4%	84.7%
% OD Orders	10.2%	13.1%	11.7%	14.8%	15.6%	13.6%	19.0%	26.3%	23.0%	25.8%	28.3%	25.4%	31.4%
GMV	232.0	248.6	480.6	258.4	308.4	1,047.5	320.5	420.3	740.8	426.4	570.3	1,737.5	682.4
% YoY Growth (RC) 3	34.1%	43.5%	38.8%	47.8%	44.5%	42.6%	38.1%	69.1%	54.1%	65.0%	84.9%	65.9%	112.9%
% YoY Growth (CC) 4	35.4%	44.7%	40.0%	48.8%	45.8%	43.8%	40.0%	72.8%	57.0%	66.9%	86.8%	68.2%	112.6%
Revenue	37.0	41.3	78.2	42.7	52.3	173.2	57.5	76.1	133.6	80.4	109.1	323.1	136.6
% YoY Growth (RC) 3	34.9%	50.7%	42.8%	55.0%	55.7%	49.4%	55.6%	84.4%	70.8%	88.1%	108.5%	86.4%	137.5%
% YoY Growth (CC) 4	36.6%	52.2%	44.4%	56.4%	57.8%	51.1%	58.3%	89.7%	74.9%	90.8%	111.0%	89.7%	136.5%
Adj. EBITDA			(9.6)			(19.0)			(7.9)			(2.2)
EBITDA Margin % (GMV)			-2.0%			-1.8%			-1.1%			-0.1%
Americas
Orders	10.4	12.6	23.1	15.6	16.8	55.4	18.7	26.6	45.3	33.0	43.0	121.3	45.2
% YoY Growth	35.5%	43.8%	39.9%	61.6%	70.2%	53.9%	79.2%	111.2%	96.7%	112.0%	156.4%	119.1%	141.4%
% OD Orders	30.2%	37.6%	34.3%	48.5%	54.8%	44.5%	62.5%	70.8%	67.3%	76.2%	81.9%	74.9%	83.4%
GMV1,2	114.5	142.7	257.2	131.2	165.2	553.6	162.1	249.4	411.5	301.3	363.8	1,076.6	420.2
% YoY Growth (RC) 3	19.1%	32.1%	26.0%	68.4%	32.9%	36.3%	41.5%	74.8%	60.0%	129.6%	120.2%	94.5%	159.2%
% YoY Growth (CC) 4	44.0%	43.7%	43.8%	70.6%	36.0%	46.6%	48.3%	85.4%	68.9%	148.7%	136.4%	108.0%	172.6%
Revenue1,2	19.6	26.1	45.7	28.2	36.6	110.4	37.8	57.2	95.0	72.5	89.9	257.4	107.0
% YoY Growth (RC) 3	42.5%	65.0%	54.5%	125.2%	82.2%	77.8%	93.0%	119.5%	108.1%	157.4%	145.6%	133.1%	182.8%
% YoY Growth (CC) 4	75.7%	80.4%	78.2%	126.6%	86.3%	90.5%	102.8%	132.5%	119.7%	178.0%	163.5%	149.1%	196.7%
Adj. EBITDA1,2			(57.2)			(143.0)			(79.1)			(143.1)
EBITDA Margin % (GMV)			-22.3%			-25.8%			-19.2%			-13.3%
Integrated Verticals
Orders				Orders	and GMV are accounted	for in the	4.3	6.1	10.4	10.1	14.2	34.7	17.0
% YoY Growth					respective Platform segments and	shown in the							296.1%
% OD Orders					Integrated Verticals segment for	illustrative	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
GMV					purposes only		45.7	72.3	118.0	103.8	148.9	370.7	193.2
% YoY Growth (RC) 3													322.9%
% YoY Growth (CC) 4													357.3%
Revenue							43.8	70.1	113.9	102.1	141.4	357.4	183.5
% YoY Growth (RC) 3													319.0%
% YoY Growth (CC) 4													353.1%
Adj. EBITDA									(49.4)			(137.2)
EBITDA Margin % (GMV)									-41.9%			-37.0%

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. Reported Currency Growth.

4. Constant Currency Growth.

Consolidation Change Since Q1 2020

	Europe	MENA	Asia	Americas
Acquisitions	Germany (Honest Food)	UAE, Qatar, Bahrain, Egypt and Lebanon (InstaShop)	South Korea (Woowa Group)	Peru, Ecuador, Costa Rica, Honduras and Guatemala (Glovo)
Divestments				Colombia (iFood JV)1 Uruguay (Motwer) Canada (Foodora)

Additional Explanations

The pro forma figures have been retrospectively adjusted for the divestment of German operations, the anticipated divestment of Delivery Hero Korea, and the acquisition of Woowa.

• 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, 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.
• 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.

• 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.