Delivery Hero SE

Investor Presentation • Aug 9, 2023

Q2 2023 Trading Update 9 August 2023

Table of contents

01	Financial Update
02	Case Studies
03	Outlook
04	Appendix

Q2 2023 key highlights

GMV outside of Asia grew by 18% YoY in CC1 in Q2 2023 Group GMV growth accelerating to 8% YoY in CC1 in Q2 2023 – exceeding guidance of 4% YoY in CC1

GMV growth in Asia turned positive again to 2% YoY in CC1 in Q2 2023 despite tough comparable numbers

Dmarts achieved positive Gross Profit2 in June for the first time – ahead of guidance of "in H2 2023"

Positive adj. EBITDA on Group level in H1 2023 – more than €40m ahead of budget – providing flexibility for additional growth investments in H2 2023

€1.9bn in cash at the end of H1 2023 + undrawn Revolving Credit Facility (RCF) of €0.5bn

1. Gross Profit after deduction of delivery costs, store related expenses, supply chain costs, promotions and vouchers

3

GMV and Revenue growth accelerating while boosting profitability

Key highlights

• § GMV growth accelerated from 2% in Q1 2023 to 8% YoY in Q2 2023 in constant currency
• § Revenue growth had already been in the double-digit percentage range in Q1 and accelerated in Q2 2023
• § Positive adj. EBITDA in H1 2023 and adj. EBITDA/GMV margin of 0.2% in Q2 2023 additional margin expansion ahead to >1% in H2 2023

GMV outside of Asia grew by 18% YoY in CC in Q2 2023

1. GMV in the Integrated Verticals segment is accounted for in the respective regional Platform segments and is shown above for illustrative purposes only

Q2 2023 Asia Platform business

Key Highlights

• § Return to growth after difficult comps, driven by Covid and excessive competitive spending in APAC during 2019-2021. Expect to gradually accelerate growth from a strong basis over next 12 months
• § Increased marketing efficiency with smarter audience targeting focusing on high-value customers
• § Adj. EBITDA/GMV margin improved by +2.0 pp in H1'23 compared to the same period previous year, implying an adj. EBITDA uplift of ~€250m YoY. We are now in a strong position to invest into efficient growth

Q2 2023 MENA Platform business

• § GMV growth accelerating to 21% YoY in CC (Q1 2023: 16% YoY), due to strong customer demand
• § Improving category position in Saudi Arabia through investments in enhanced service, choice and affordability while strengthening profitability
• § Advanced customer experience by scaling own-delivery in Turkey and strengthening affordability initiatives
• § Adj. EBITDA/GMV margin improvement of +140 bps YoY to 2.4% in H1 2023, despite continued investments in growth and leadership across the region

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

MENA revenues, adj. EBITDA, Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by operations in Lebanon and Turkey qualifying as hyperinflationary economies according to IAS 29. In Q2 2023, GMV & revenues have been retrospectively adjusted with a total impact of €-155.2m and €-19.6m, respectively

Q2 2023 Europe Platform business

Segment Revenue (€m)

Key Highlights

• § GMV growth acceleration to 17% YoY in CC, despite ongoing macro headwinds across Europe
• § Further progress in profitability, driven by better unit economics and opex savings
• § foodora rebranding and centralization of key functions have been successfully completed. Europe now much better positioned for building product leadership

Note: YoY growth rates in red are constant currency and in black reported currency The European Platform financials presented on this slide include Glovo on a Like-for-Like basis as if Glovo would have been acquired on 1 January 2021

Q2 2023 Americas Platform business

2 3 4 5 6 7 8 9 10 11 12 13 14

2021 2022 2023

Key Highlights

• § Positive GMV development and growing category share while improving unit economics across the entire segment
• § Continued to gain leadership: now category leader in 13 out of 15 markets
• § Material step-change in profitability with adj. EBITDA/GMV margin improving almost 3 pp YoY in H1 2023

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

Americas revenues, adj. EBITDA, Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the Argentine operations qualifying as hyperinflationary economy according to IAS 29 In Q2 2023, GMV and Segment Revenue have been retrospectively adjusted with a total impact of €4.2m and €-0.1m, respectively

Q2 2023 Integrated Verticals

Key Highlights

• § Strong GMV growth despite continuing to optimize our Dmart footprint (982 in Q2 2023) and a clear focus on profitability. Plan to rationalize another ~50 stores in Q3 2023
• § Process of closing our kitchen vertical outside of MENA reduces overall growth for Integrated Verticals. Dmart growing GMV with 38% YoY in Q2 2023 in CC
• § Continuous development of product and availability. Now offering >6,000 SKUs on average, increasing the relevance for customers and addressing additional shopping needs
• § First quarter with positive Gross Profit for the entire segment

Integrated Verticals revenues, adj. EBITDA, Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by operations in Argentina and Turkey qualifying as hyperinflationary economies according to IAS 29. In Q2 2023, GMV & revenues have been retrospectively adjusted with a total impact of €-14.5m and €-14.5m, respectively The Integrated Verticals segment includes Glovo's Dmart business on a Like-for-Like basis as if Glovo would have been acquired on 1 January 2021

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

Gross Profit margin expansion across the Platform business

Key Highlights

• § Progressive margin expansion driven by nearly all Platform segments, leading to a new record high of 7.4% of GMV in Q2 2023
• § Integrated Verticals achieved positive Gross Profit in Q2 2023 (not included in the graph)
• § Further roll-out of high-margin Ad-Tech business. NCR share +20 bps QoQ and now at 1.7% of GMV (2.7% excl. Woowa and Glovo) and steadily approaching long-term target of 3-5% of GMV

Note: The Gross Profit margin shown above differs from IFRS Gross Profit, mainly because the former excludes vouchers and includes them in marketing spending, whereas the latter recognizes vouchers as revenue reduction. AdTech or advertising refers to non-commission based revenues (NCR) which also include other revenues (e.g. merchandise).

Liquidity of more than €2 billion

Liquidity Bridge: in €bn

Table of contents

Dmarts business breaks even on Gross Profit level

• § Right-sizing of Dmart network after ultra-fast roll-out in past quarters
• § GMV growth of +38% YoY in constant currency despite store reduction of 14% since Q2 2022
• § Growing product assortment increases relevance and use-cases for customers. Best-in-class Tech and operations as key enabler for great customer experience and healthy unit economics
• § Dmarts enhance our value proposition and are a clear differentiator for customers across many markets
• § Positive Gross Profit in June driven by healthy volume growth, larger shopping baskets and improved cost efficiency

Note: Numbers represents Delivery Hero's entire Dmart business. Gross Profit after deduction of delivery costs, store related expenses, supply chain costs, promotions and vouchers 1. Numbers for Q1 and Q2 2023 are represented in constant currency

Saudi Arabia

Delivery Hero purchased all outstanding minority shares in HungerStation

Leading food delivery player in the Kingdom of Saudi Arabia, with strong category position

Owned 63% of HungerStation since initial acquisition completed in 2016

Purchased all outstanding minority stake (37%) for a total of USD 297m

Acquisition allows for stronger ties between HungerStation and the rest of the Group, including tech integration and knowledge sharing

Strong GMV development paired with improving category position

• § Management team focused on driving growth initiatives and strengthening relationships with the local community
• § Some of the initiatives included: choice, affordability, customer experience and attracting high-value customers through subscription
• § The aggregate effect has been a considerable boost in GMV, profitability uplift and leading category position
• § After a competitive push in Q4 2022 and Q1 2023, margins are back on record level while we keep growing category share

Note: Figures in local currency for Platform business

1. Index (base 100) based on internal estimates for Saudi Arabia on daily orders grouped on a monthly basis, which may not reflect actual position on a given competitively relevant market

Table of contents

Outlook for Delivery Hero Group in FY 2023

Significant progress on the path to profitability

Long-term ambitions

and achieve highly attractive margins and cash flows

Table of contents

Delivery Hero KPIs (Pro Forma Data)

	2022							2023
in €m	Q1	Q2	H1	Q3	Q4	FY	Q1	Q2	H1
Delivery Hero Group
GMV	11,035.4	10,776.0	21,811.4	11,449.4	11,353.7	44,614.5	11,198.9	11,083.8	22,282.7
% YoY Growth (RC)	32.1%	19.8%	25.8%	12.3%	8.8%	17.5%	1.5%	2.9%	2.2%
% YoY Growth (CC)	-	-	-	7.6%	7.9%	-	2.1%	8.1%	5.1%
Total Segment Revenue	2,231.3	2,325.2	4,556.5	2,498.7	2,534.5	9,589.7	2,494.2	2,581.4	5,075.6
% YoY Growth (RC)	48.4%	36.2%	41.9%	28.0%	20.7%	32.0%	11.8%	11.0%	11.4%
% YoY Growth (CC)	-	-	-	20.3%	17.6%	-	12.2%	16.2% 14.3%
1 Intersegment consolidation	(46.2)	(49.2)	(95.3)	(53.8)	(50.7)		(55.3)	(56.0)	(111.3)
Adj. EBITDA	(199.8) (479.3) (623.6)								9.3
EBITDA Margin % (GMV)			-2.2%			-1.4%			0.0%
Asia
GMV	6,948.7	6,489.8	13,438.6	6,804.5	6,667.3	26,910.4	6,462.1	6,181.1	12,643.2
% YoY Growth (RC)	35.5%	16.1%	25.4%	2.2%	2.1%	12.6%	-7.0%	-4.8%	-5.9%
% YoY Growth (CC)	34.9%	13.7%	23.8%	-0.7%	3.4%	11.4%	-5.8%	1.6%	-2.2%
Segment Revenue	928.0	937.8	1,865.8	970.1	967.7	3,803.6	924.1	907.3	1,831.4
% YoY Growth (RC)	49.7%	30.2%	39.2%	13.6%	10.4%	23.9%	-0.4%	-3.3%	-1.8%
% YoY Growth (CC)	46.7%	25.4%	35.3%	8.6% 10.6%		20.8%	1.0%	3.2%	2.1%
Adj. EBITDA			(80.5)			57.0
EBITDA Margin % (GMV)			-0.6%			0.2%
MENA
GMV	1,932.4	2,015.0	3,947.5	2,260.6	2,334.2	8,542.3	2,254.8	2,315.0	4,569.8
% YoY Growth (RC)	25.7%	24.6%	25.1%	28.2%	27.0%	26.4%	16.7%	14.9%	15.8%
% YoY Growth (CC)	18.4%	13.1%	15.7%	13.6%	17.6%	15.7%	16.0%	20.6%	18.3%
Segment Revenue	491.1	514.9	1,006.0	594.1	618.3	2,218.4	593.9	640.6	1,234.4
% YoY Growth (RC)	50.9%	43.3%	46.9%	42.0%	34.5%	41.9%	20.9%	24.4%	22.7%
% YoY Growth (CC)	41.3%	28.6%	34.6%	23.9%	22.8%	28.3%	18.6%	29.2%	24.0%
Adj. EBITDA			40.1			130.8
EBITDA Margin % (GMV)			1.0%			1.5%

Note:

Preliminary values for H1 2023. Auditor's review has yet to be completed at the time of publication (9 August 2023), therefore potential changes may occur.

The Glovo transaction closed on 4 July 2022. The pro forma financial information includes Glovo from 1 January 2022 onwards and reflects the Glovo Group based on Spanish GAAP with selected adjustments in accordance with Delivery Hero accounting guidelines. For Group, MENA, Americas and Integrated Verticals, revenues, adj. EBITDA, Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the Argentine, Lebanese and/or Turkish operations qualifying as hyperinflationary economies according to IAS 29.

RC = Reported Currency / CC = Constant Currency.

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.

Delivery Hero KPIs (Pro Forma Data)

		2022						2023
in €m	Q1	Q2	H1	Q3	Q4	FY	Q1	Q2	H1
Europe
GMV	1,596.1	1,596.7	3,192.9	1,604.7	1,772.8	6,570.4	1,809.5	1,836.9	3,646.5
% YoY Growth (RC)	26.2%	20.9%	23.5%	27.3%	17.7%	22.7%	13.4%	15.0%	14.2%
% YoY Growth (CC)	-	-	-	27.9%	19.2%	-	14.9%	17.0%	16.0%
Segment Revenue	320.5	329.5	650.0	312.8	356.3	1,319.1	351.5	378.0	729.5
% YoY Growth (RC)	13.4%	8.9%	11.1%	9.6%	10.6%	10.6%	9.7%	14.7%	12.2%
% YoY Growth (CC)	-	-	-	10.3%	12.6%	-	11.6%	17.2%	14.5%
Adj. EBITDA			(159.3)			(297.6)
EBITDA Margin % (GMV)			-5.0%			-4.5%
Americas
GMV	558.1	674.4	1,232.5	779.6	579.4	2,591.4	672.5	750.8	1,423.3
% YoY Growth (RC)	32.8%	45.3%	39.4%	51.8%	3.5%	32.4%	20.5%	11.3%	15.5%
% YoY Growth (CC)	31.0%	40.1%	35.8%	44.5%	-2.8%	27.0%	16.9%	11.2%	13.8%
Segment Revenue	149.3	177.9	327.1	202.2	152.3	681.6	176.6	195.8	372.4
% YoY Growth (RC)	39.4%	48.4%	44.2%	53.3%	1.1%	33.8%	18.3%	10.1%	13.8%
% YoY Growth (CC)	37.6%	43.3%	40.6%	45.7%	-5.2%	28.4%	14.7%	9.9%	12.1%
Adj. EBITDA			(80.0)			(132.8)
EBITDA Margin % (GMV)			-6.5%			-5.1%
Integrated Verticals
GMV	426.1	456.6	882.6	496.3	520.9	1,899.9	531.0	542.2	1,073.2
% YoY Growth (RC)	116.0%	76.2%	93.4%	55.7%	45.0%	67.5%	24.6%	18.8%	21.6%
% YoY Growth (CC)	-	-	-	46.1%	40.8%	-	26.2%	25.9%	26.1%
Segment Revenue	388.6	414.3	802.9	473.3	490.6	1,766.8	503.4	515.7	1,019.1
% YoY Growth (RC)	108.5%	72.0%	88.0%	57.3%	47.0%	66.4%	29.6%	24.5%	26.9%
% YoY Growth (CC)	-	-	-	47.8%	42.9%	-	31.3%	32.0%	31.7%
Adj. EBITDA			(199.6)			(380.8)
EBITDA Margin % (GMV)			-22.6%			-20.0%

GMV in the Integrated Verticals segment is accounted for in the respective regional Platform segments. It's shown in the table on the left in the Integrated Verticals segment for illustrative purposes only

Note:

Preliminary values for H1 2023. Auditor's review has yet to be completed at the time of publication (9 August 2023), therefore potential changes may occur.

The Glovo transaction closed on 4 July 2022. The pro forma financial information includes Glovo from 1 January 2022 onwards and reflects the Glovo Group based on Spanish GAAP with selected adjustments in accordance with Delivery Hero accounting guidelines.

For Group, MENA, Americas and Integrated Verticals, revenues, adj. EBITDA, Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the Argentine, Lebanese and/or Turkish operations qualifying as hyperinflationary economies according to IAS 29.

RC = Reported Currency / CC = Constant Currency.

Very attractive long-term margins and high cash conversion

(in % of GMV)	FY 2022	FY 2023	Long-term range	Comments
Gross Profit	6.0%		10% to 13%	§ Driven by pricing, advertising, order stacking and improving profitability of Dmarts
Marketing	(3.2)%		< (3)%	§ High focus on improved marketing efficiency while continuing to grow at scale
Opex and others	(4.2)%		< (3)%	§ Top-line growth combined with strict cost control to drive operating leverage
Adj. EBITDA	(1.4)%	>0.5%	5% to 8%	§ Best-in-class markets already generating 5-7% adj. EBITDA (as % GMV)
Capex	(0.6)%	stable	~(0.3)%	§ Stable in FY 2023 due to office expansion in several countries. Long-term capex lower for POS devices, Dmarts and properties
Change in Working Capital	small inflow	small inflow	small inflow	§ Positive cash generation as business scales driven by active Working Capital management
Lease payments	(0.3)%	stable	~(0.2)%	§ Growth at slower rate vs. GMV
Taxes	(0.2)%		(0.9)% to (1.9)%	§ Long-term cash tax rate of ~25% corresponds to (0.9) to (1.9)% of GMV
Free Cash Flow	negative	Break-even during H2 2023	3% to 6%	§ Highly attractive long-term cash conversion
Share-based comp. (SBC)	(0.8)%	stable	≤ (0.8)%	§ Growth at slower rate vs. GMV

Impacts: improve increase

Ample liquidity and balanced long-term debt maturity profile

Definitions

• § Gross Merchandise Value (GMV) is the total value paid by customers (including VAT, delivery fees, other fees and subsidies but excluding subscription fees, tips and delivery-as-a-service fee).
• § Total Segment Revenue is defined as revenue in accordance with IFRS 15, excluding the effect of vouchers, discounts and other reconciliation effects. 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.
• § Free Cash Flow is calculated as cash flow from operations (changes in WC exclude receivables from payment service providers and restaurant liabilities) less capital expenditures and payment of lease liabilities. Free Cash Flow excludes interest income and expense.
• § Constant currency provides an indication of the business performance by removing the impact of foreign exchange rate movements. Due to hyperinflation in Argentina, Lebanon and Turkey we have included reported current growth rates for Argentina, Lebanon and Turkey in the constant currency calculation to provide a more accurate picture of the underlying business.
• § AdTech or advertising refers to non-commission based revenues (NCR) which also include other revenues (e.g. merchandise).
• § MENA revenues, adj. EBITDA, GMV, as well as the respective growth rates, are impacted by the operations in Lebanon and Turkey qualifying as hyperinflationary economies according to IAS 29 (Lebanon: since October 2020, Turkey: since June 2022).
• § Americas revenues, adj. EBITDA, GMV, as well as the respective growth rates, are impacted by the Argentine operations qualifying as hyperinflationary economy according to IAS 29 (Argentina: since September 2018).
• § Integrated Verticals revenues, adj. EBITDA, GMV as well as the respective growth rates are impacted by operations in Argentina and Turkey qualifying as hyperinflationary economies according to IAS 29.
• § Pro Forma adjustments: Financial data is shown on a pro forma basis, including Woowa and Glovo and excluding Delivery Hero Korea from 1 January 2021 onwards; historic data has been restated. The Woowa transaction closed 4 March 2021. The divestment of Delivery Hero Korea closed on 29 October 2021. The Glovo transaction closed on 4 July 2022.

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 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 Forwardlooking 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.

Investor Relations Contact

Christoph Bast Head of IR christoph.bast@deliveryhero.com

Bruno Priuli Director IR bruno.priuli@deliveryhero.com

Dennis Bader Director IR dennis.bader@deliveryhero.com

Laura Hecker Senior Manager IR laura.hecker@deliveryhero.com

30

Loredana Strîmbei

Specialist IR loredana.strimbei@deliveryhero.com

ir@deliveryhero.com

T: +49 (0)30 54 4459 105 Oranienburger Straße 70, 10117 Berlin, Germany

ir.deliveryhero.com