Delivery Hero SE

Investor Presentation • Apr 4, 2022

Flash Update

4 April 2022

Transaction Structure

Business Update

Current Trading

Outlook

Appendix

Key indicative terms of our new Term Loan B and revolving credit facility financing

Borrower	New German Finco and New U.S. Finco		Delivery Hero SE, New German Finco and certain restricted subsidiaries
Instrument	Term Loan B	Term Loan B (pre-placed)	Revolving Credit Facility
Currency	USD	EUR	Multicurrency
Total amount	\$825m	€300m	€375m equivalent
Amortisation	1% p.a. (standard for USD TLBs)	None	None
Tenor	5.25 years		3+1+1 years
Corporate rating (S&P)	B- (stable outlook)
Instrument rating (S&P)	B- n.a.
Use of proceeds	General corporate purposes, including potential refinancing of convertible debt at maturity, working capital and guarantees
Interest payment	Quarterly interest paid in arrears
Ranking and security	Senior secured on a first-ranking basis
Guarantees	Guarantees from material subsidiaries
Incurrence covenants	Customary for institutional TLB financings
Maintenance covenants	None		Quarterly test of Minimum Liquidity in the amount of €800m
Governing law	New York and in the case of applicable foreign security documents, local law and the intercreditor agreement, English law

Transaction Structure

Business Update

Current Trading

Outlook

Appendix

We have built a truly global footprint and leading positions across all our regions

Note: The closing of the Glovo transaction is subject to certain customary conditions and regulatory approvals; Delivery Hero financials and KPIs as per latest public reporting and internal management information; addressable population represents the aggregate total population of all countries in which Delivery Hero operates in each region; Preliminary Glovo figures based on Delivery Hero management definitions; 1. Based on Delivery Hero management estimates; 2. GMV shown pro forma for Glovo and full year of Woowa and excluding DH Korea for the entire year FY21. For Glovo GMV is a preliminary basis and might not be entirely comparable to Delivery Hero's definition; 3. All Glovo countries illustratively included in the Europe segment (Andorra, Armenia, Belarus, Bosnia, Bulgaria, Croatia, Georgia, Ghana, Italy, Ivory Coast, Kazakhstan, Kenya, Kyrgystan, Moldova, Montenegro, Morocco, Nigeria, Poland, Portugal, Romania, Serbia, Slovenia, Spain, Uganda, Ukraine).

High diversity and market leadership positions drive long-term margins

GMV		Market position2
FY21 %	Excludes Glovo countries	Country #1	✓ ✓ Clear leader
Other countries 21% Country #9 2%	Country #1 52%	Country #2	✓ Leader
Country #8 3% Country #7 3%		Country #3	✓ Leader
Country #6 3% Country #5 4% Country #4 4%		Country #4	✓ ✓ Clear leader
Country #3 4% Gross Profit1	Country #2 5%	Country #5	✓ Leader
FY21 %	Excludes Glovo countries	Country #6	✓ ✓ Clear leader
Other countries 24%	Country #1 30%	Country #7	✓ Leader
Country #9 4%		Country #8	✓ Clear leader ✓
Country #8 4% Country #2 5%	Country #3 8%	Country #9	✓ ✓ Clear leader
Country #5 6% Country #6 6%	Country #4 7% Country #7 6%	Other countries	Mostly clear leader ✓

We have leading scale to drive profitability

Scale advantage vs. local and global peers, in particular with less reliance on orders from key accounts

Source: Public company filings, The World FactSet, Management estimates. Note: The closing of the Glovo transaction is subject to certain customary conditions and regulatory approvals. 1. Delivery Hero including Glovo; 2. Assuming total country population as coverage from The World FactSet, Delivery Hero including Glovo countries; 3. FY21 figures for Delivery Hero pro forma for full year of Woowa and excluding Delivery Hero Korea, for other competitors numbers are based on broker and outside-in estimates.

Frequency and loyalty fundamental for long term margin

Note: Cohort refers to customers grouped by the calendar year in which they first placed an order with Delivery Hero. Cohort is reflective of the Delivery Hero's current footprint. 1. Excluding Woowa, Delivery Hero Korea and Glovo. 8

We expect to be adj. EBITDA break-even at group level in 2023, with break-even in the Platform business¹ this year already ³

Note: The closing of the Glovo transaction is subject to certain customary conditions and regulatory approvals; 1.Platform business corresponds to the four regional segments of Delivery Hero Group (Europe, MENA, Asia and Americas) including group costs. The Integrated Verticals segment is not part of the Platform business; 2. Pro-forma for Glovo; 3. Including Glovo; 4. Integrated Verticals GMV is accounted for in the respective Platform segments and shown in the Integrated Verticals segment for illustrative purposes only.

Numerous additional and actionable levers to further increase profitability 1

		Illustrative examples of levers which may or may not be implemented in the short or long term	Adj. EBITDA impact based on 2021 order size
	Basket size	Increase minimum order value, increasing AOV by €0.5	+€180m
	Delivery fees	Introduce surcharge for longer distance deliveries of €0.5	+€180m
Revenue levers	Service fees	Introduce service fees of €0.1	+€290m
	Advertising	Increase vendor penetration by 5 p.p.	+€170m
	Delivery cost	Increase stacking penetration by 10 p.p.	+€150m
CPO levers	Payment fees	Reduce payment fees by 20%	+€80m
	Sales costs	Roll out automated onboarding	+€30m
Opex levers	Marketing costs	Cut spend on customer acquisition costs by 10%1	+€70m

We started to monetise the huge value of our platform's audience through advertising with a massive opportunity ahead 1

Advertising revenue offers significant earnings potential 1

Proven EBITDA profitability underpinned by strong market positions 1

Investing in Glovo to replicate globally the proven success story in Spain 2

Spain Monthly Active Users (MAU)

Glovo was able to gain leadership in Spain, its largest country in terms of GTV

Successfully widened the gap to competitors in terms of MAU and continues to grow faster than competition in terms of downloads

Glovo investing €330m in FY22E to drive increasing order frequency and higher order value

Aim to replicate the Spanish success story across Glovo's footprint serving a population of 700m

We know how to get the Dmarts model right 3

Operating metrics Unit economics

	Best-in-class	Dmarts overall
	Incl. 7 countries	Incl. 42 countries
Daily orders per store	540	244
Average basket value (vs. Platform)	120%	121%
% Free delivery orders	11.1%	21.7%
Delivery time (min)	25.4	21.5
Listed SKUs per store	5.2k	3.2k
Items per order	8.5	8.0

Best-in-class Dmarts overall Incl. 7 countries Incl. 42 countries Product margin 25.0% 26.7% Delivery fee 7.5% 6.2% Advertising revenue¹ 2.5% 2.0% Delivery cost (18.2)% (22.8)% Picker cost (3.9)% (7.9)% Other costs (4.0)% (10.4)% Gross Profit 8.9% (6.3)% Other costs includes shrinkage, packaging, and others

Vouchers (2.3)% (5.7)%

Gross profit after vouchers 6.6% (12.0)%

Relevant gaps to profitability can be improved through increased scale and business maturity

Note: Data from January 2022. Unit economics percentages calculated based on revenue. Delivery costs and gross profit adjusted for intercompany charges. Other fixed costs include distribution centres, store managers, utilities and store maintenance. 1. Includes primarily advertising revenues and other non-commission revenue.

Each of our main business lines generates similarly attractive level of gross profit 3

Reporting lines		Platform	Integrated verticals
Jan-22 unit economics (ex-Woowa) € per order	Marketplace	Own delivery	Best-in-class Dmarts2
AOV / Basket size	10.0	10.0	10.0
(+) Commission revenue per order	0.86	1.90	-
(+) Product gross margin	-	-	2.50
(+) Delivery fee per order	-	1.07	0.75
(+) Other fees per order	0.08	0.08	-
(-) Delivery costs	-	(1.99)	(1.82)
(-) Payment costs and other costs1	(0.24)	(0.46)	(0.79)
= Gross profit per order (GPO)	0.70	0.59	0.64
% gross profit margin Excludes advertising3	7%	6%	6%

Note: Gross profit presented based on Jan-22 actuals for DH excluding Woowa, scaled to €10 order values and excluding advertising revenue. Delivery fees and gross profit adjusted for intercompany charges. Other fees include distribution centres, store managers, utilities and store maintenance. Gross Profit is based on Internal Management accounts definition of GP and not IFRS Gross Profit. 1. Other costs for Dmarts include shrinkage, packaging, pickers and other fixed costs; 2. Dmarts figures based on 7 best-in-class countries only; 3. Primarily advertising revenues and other non-commission revenue (excluding Woowa).

Clear operational levers to drive best-in-class performance across all Dmarts 3

Orders / store levers	Coverage Visibility Assortment	Increase delivery areas (and times) Improve visibility in app Aim for >5k SKUs / store	✓ Achieve scale More new customers / higher ✓ Low shrinkage CPO penetration ✓ Low shopper CPO
	DH deals CPG deals	Focus DH spend on first-time orders by existing food customers Run supplier-funded campaigns	✓ Lower other CPO ✓ Higher frequency ✓ Low voucher CPO
Revenue levers	Basket value Product margin	Increase minimum order value Use key value items pricing and get better supplier terms
	Delivery fee Advertising1	Increase delivery fees and introduce service fees Sell visibility products to CPGs	✓ Higher revenue per order
Cost levers	Shrinkage	Reduce inventory via demand planning and distribution centres
	Picker Packaging	Increase picker efficiency in low performing stores Cut packaging cost (reduce # of bags used)	✓ Lower CPO
	Delivery cost	Increase stacked delivery

Transaction Structure

Business Update

Current Trading

Outlook

Appendix

Strong momentum in January and February

Transaction Structure

Business Update

Current Trading

Outlook

Appendix

2022 Outlook (excluding Glovo)

1. Platform business corresponds to the four regional segments of Delivery Hero Group (Europe, MENA, Asia and Americas) including group costs. The Integrated Verticals segment is not part of the Platform business; 2. For a better comparability, the numbers presented are pro forma for the full year impact to include Woowa and to exclude Germany, Japan, and DH Korea.

We expect to be adj. EBITDA break-even at group level in 2023, with break-even in the Platform business¹ this year already

Transaction Structure

Business Update

Current Trading

Outlook

Appendix

Delivery Hero KPIs (new pro forma data)

Delivery Hero KPIs (new pro forma data)
	2020						2021
in €m	Q1	Q2	H1	Q3	Q4	F Y	Q1	Q2	H1	Q3	Q4	F Y 2
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	775.5	2,960.0
% YoY Growth	85.8%	88.0%	87.0%	98.6%	96.3%	93.0%	88.2%	78.9%	83.2%	52.0%	27.1%	56.5%
% OD Orders	38.1%	45.9%	42.3%	46.6%	47.3%	45.1%	47.9%	49.9%	48.9%	49.8%	50.6%	49.6%
GMV	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	9,640.4	35,361.5
% YoY Growth (RC)	61.4%	66.7%	64.2%	75.9%	81.3%	72.4%	83.2%	74.2%	78.4%	64.8%	38.8%	62.2%
% YoY Growth (CC)	63.9%	69.6%	66.9%	85.5%	91.0%	79.0%	92.2%	80.8%	86.1%	64.6%	39.8%	65.6%
Revenue	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	1,918.5	6,608.8
% YoY Growth (RC)	96.7%	102.7%	99.9%	107.8%	101.5%	102.5%	114.1%	104.6%	108.9%	89.0%	66.5%	89.5%
% YoY Growth (CC)	97.2%	105.0%	101.4%	119.4%	114.8%	110.6%	127.0%	115.1%	120.5%	89.9%	65.9%	94.1%
Intersegment consolidation1	(1.0)	(2.7)	(3.8)	(4.9)	(9.5)	(18.2)	(19.2)	(35.2)	(54.5)	(38.0)	(42.8)	(135.2)
Adj. EBITDA			(323.5)			(590.2)			(332.3)			(780.5)
EBITDA Margin % (GMV)			(3.6%)			(2.7%)			(2.1%)			(2.2%)
Asia Orders	223.3	284.4	507.7	347.8	399.1	1,254.5	430.6	485.5	916.1	540.0	510.9	1,967.0
% YoY Growth	134.0%	151.5%	143.5%	133.6%	117.9%	132.1%	92.9%	70.7%	80.5%	55.3%	28.0%	56.8%
% OD Orders	39.3%	46.8%	43.5%	47.6%	47.5%	45.9%	47.4%	49.9%	48.7%	48.2%	48.0%	48.4%
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	6,529.2	23,907.0
% YoY Growth (RC)	82.4%	97.5%	90.3%	95.2%	96.8%	93.6%	83.2%	68.2%	75.0%	72.1%	40.1%	63.1%
% YoY Growth (CC)	86.0%	100.2%	93.5%	103.3%	102.5%	98.8%	88.3%	71.0%	78.9%	70.0%	40.8%	64.4%
Revenue	290.8	391.0	681.8	450.1	541.7	1,673.6	620.1	720.2	1,340.4	853.7	876.6	3,070.7
% YoY Growth (RC)	141.5%	175.0%	159.6%	135.2%	102.1%	131.8%	113.2%	84.2%	96.6%	89.7%	61.8%	83.5%
% YoY Growth (CC)	141.4%	174.8%	159.5%	143.6%	109.6%	136.8%	121.5%	90.2%	103.5%	88.4%	60.6%	85.6%
Adj. EBITDA			(205.8)			(406.2)			(202.2)			(396.6)
EBITDA Margin % (GMV)			(3.4%)			(2.8%)			(1.9%)			(1.7%)
MENA
Orders	84.7	66.5	151.2	107.7	127.4	386.3	140.0	147.9	287.9	159.2	169.4	616.5
% YoY Growth	31.3%	-5.9%	11.9%	40.0%	47.3%	29.4%	65.2%	122.4%	90.4%	47.8%	33.0%	59.6%
% OD Orders	35.1%	41.6%	38.0%	40.6%	41.3%	39.8%	43.9%	43.7%	43.8%	48.4%	52.3%	47.3%
GMV	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	1,837.5	6,755.9
% YoY Growth (RC)	28.5%	1.0%	14.1%	30.0%	36.3%	24.7%	60.7%	96.7%	77.4%	46.2%	36.1%	55.8%
% YoY Growth (CC)	28.1%	2.4%	14.7%	43.8%	57.1%	34.5%	83.2%	123.8%	102.0%	52.0%	38.9%	68.4%
Revenue	202.3	165.9	368.1	246.2	279.9	894.3	325.5	359.3	684.9	418.5	459.6	1,562.9
% YoY Growth (RC)	40.6%	1.0%	19.5%	27.5%	30.3%	24.9%	60.9%	116.6%	86.0%	70.0%	64.2%	74.8%
% YoY Growth (CC)	38.4%	1.0%	18.5%	37.7%	45.3%	31.7%	79.4%	142.4%	107.8%	74.2%	63.2%	84.6%
Adj. EBITDA			18.8			98.6			65.0			105.7
EBITDA Margin % (GMV)			1.1%			2.3%			2.1%			1.6%

Note: Financials pro forma for full year of Woowa and excluding Delivery Hero Korea. For Group, MENA, Americas and Integrated Verticals, revenues, adjusted EBITDA, Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the Argentinian and/or Lebanese operations qualifying as hyperinflationary economies according to IAS 29 beginning 1 September 2018 and October 2020 respectively. RC = Reported Currency Growth / CC = Constant Currency Growth 1. 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 2. Adjusted EBITDA is unaudited and on a preliminary basis.

Delivery Hero KPIs (new pro forma data) – cont'd

Note: Financials pro forma for full year of Woowa and excluding Delivery Hero Korea. For Group, MENA, Americas and Integrated Verticals, revenues, adjusted EBITDA, Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the Argentinian and/or Lebanese operations qualifying as hyperinflationary economies according to IAS 29 beginning 1 September 2018 and October 2020 respectively. RC = Reported Currency Growth / CC = Constant Currency Growth . 1. Adjusted EBITDA is unaudited and on a preliminary basis.

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

Important Notice

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 securities of Delivery Hero SE or any of its group companies, or 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 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.

Certain financial information included in this presentation is not directly extracted from Delivery Hero SE's accounting systems or records and are non-IFRS measures. These non-IFRS measures may not be comparable to similarly titled financial measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with International Financial Reporting Standards or any other generally accepted accounting principles. Although Delivery Hero SE believes these non-IFRS financial measures provide useful information to users in measuring the financial performance and condition of its business, undue reliance should not be placed on any non-IFRS financial measures and ratios included in this presentation.

Certain industry and market data contained in this presentation is based on Delivery Hero SE's analysis of multiple third-party sources, including industry publications, studies and surveys. Third-party industry publications, studies and surveys generally state that the data contained therein has been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While Delivery Hero SE believes that each of these publications, studies and surveys has been prepared by a reputable source, Delivery Hero SE has not independently verified the data contained therein. In addition, certain of the industry and market data contained in this presentation comes from Delivery Hero SE's own internal research and estimates based on the knowledge and experience of Delivery Hero SE's management in the market in which Delivery Hero SE operates (including with reference to and derived or extrapolated from such aforementioned third-party sources). While Delivery Hero SE believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change without notice. To the extent that the information presented in this presentation has been sourced from third parties, such information has been accurately reproduced and, as far as Delivery Hero SE is aware and able to ascertain from the information published by such third parties, no facts have been omitted that would render the reproduced information inaccurate or misleading. Market studies and analyses are, however, inherently predictive and subject to uncertainty and not necessarily reflective of actual market conditions, are frequently based on information and assumptions that may not be accurate or technically correct, and their methodology may be forward-looking and speculative. In particular, market studies and analyses are based on market research, which itself is based on sampling and subjective judgments by both the researchers and the respondents, including judgments about what types of products and transactions should be included in the relevant market.

The presentation contains forward-looking statements, other estimates, opinions and projections with respect to the 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, Forwardlooking 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 no 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 or any of its directors, officers, employees, agents or affiliates in respect of the achievement of such Forward-looking Statements and assumptions.