Delivery Hero SE

Quarterly Report • Oct 28, 2020

Q3 2020 Trading Update

October 28th, 2020

Our Clear Vision

Always delivering an amazing experience

Fast and easy to your door

Delivering On Our Promise

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

Delivery Hero SE This document is strictly confidential and may not be copied, used, made available or be disclosed to third parties without prior written permission.

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

Drive profitability through scale and automation Long term EBITDA margin target of 5-8% of GMV

Business Update

Financial Update Case Study

Outlook

4

Leading Position in 90%1 of Countries

Global Operational Footprint: 49 Countries

Information as of October 28th, 2020

1. For illustrative purposes based on Google Trend Data which does not reflect DH's actual position on a given competitive relevant market.

Delivery Hero SE This document is strictly confidential and may not be copied, used, made available or be disclosed to third parties without prior written permission. 2. Announced in Q2 2020, closing pending since subject to antitrust approval.

Footprint Update

Woowa

South Korea deal approval expected in Q4 2020

Glovo

Asset integration in Argentina, Panama and the Dominican Republic – entity acquisition in Peru, Ecuador, Costa Rica, Honduras and Guatemala (Q3 2020)

InstaShop

Online groceries marketplace operator acquired in UAE, Qatar, Bahrain, Egypt and Lebanon (Q3 2020)

Increased Number of Leading Positions

Gained 6 leading positions1 organically in 2020

Japan

Operations launch in Kobe, Yokohama, Nagoya, Sapporo, Fukuoka and Hiroshima (Q3 2020)

Canada

Market exited in Q2 2020

Colombia

Joint Venture with iFood announced in Q2 20202

Q3 2020 Key Highlights

Our own-delivery business is now providing a positive contribution margin as a percentage of GMV in MENA, Americas, Europe and Asia

Orders doubling YoY and record sequential order growth of 29% in Q3 2020 (+81m orders QoQ)

foodpanda operations launched in Japan with encouraging start

Further strengthened our positioning in the MENA region with the acquisition of InstaShop and the signing of a major partnership with Mastercard

Enlarging footprint in the Americas region with the acquisition of Glovo's operations in LatAm, adding five new countries

Delivery Hero SE This document is strictly confidential and may not be copied, used, made available or be disclosed to third parties without prior written permission.

Significantly expanded our Dmarts offering by opening 106 new stores (total of 254 as of September 30th, 2020)

Q3 2020 Financial Highlights

Reported Currency Constant Currency

ORDERS

VALUE

TOTAL SEGMENT REVENUES

Delivery Hero SE This document is strictly confidential and may not be copied, used, made available or be disclosed to third parties without prior written permission. The strategic partnership with Woowa is not reflected in the figures until closing of the transaction.

Q3 2020 M&A Update

Delivery Hero has acquired Glovo's full operations in LatAm and all the outstanding shares of InstaShop in MENA

Delivery Hero SE This document is strictly confidential and may not be copied, used, made available or be disclosed to third parties without prior written permission.

Glovo

• Acquired Glovo's operations in LatAm in September 20201
• Egypt and Lebanon New Countries: Peru, Ecuador, Costa Rica, Honduras and Guatemala
• In-Market Consolidation: Argentina, Panama and the Dominican Republic
• Purchase price of up to €230m, including a €60m performancebased earn-out

InstaShop

Acquired in August 20202, InstaShop is a leading online grocery

• marketplace in MENA, operating in UAE, Qatar, Bahrain,
• Marketplace-based business model connecting customers with vendors, while shops take care of logistics
• Outstanding shares are acquired at an initial purchase price of ~US\$270m, at a valuation of US\$360m

Accretive to EBITDA margins in the Americas segment

~US\$300m GMV Q2 2020 Run Rate +330% YoY

Achieving a positive EBITDA margin

InstaShop will continue to operate as an independent brand under the current leadership and is a complementary fit to Delivery Hero's current quick commerce strategy in the region

Partnership with Mastercard in MENA

A partnership to fully digitize the payment chain within the Delivery Hero ecosystem across MENA

New Payment Solutions for Customers	• Available for millions of consumers active in MENA • New contactless payment options: pay on delivery or a digital wallet solution • The digital wallet brings in a range of additional rewards and offers
Ecosystem Solution for Restaurants and Vendors	• Quickly settle payments between partners and Delivery Hero regional brands • Faster and safer way to move cash within the value chain: suppliers, employees and transfer payments
Innovative Wallet Solution for Riders	• A virtual card solution for Delivery Hero riders in the region • Instant access to earnings through their mobile devices • Includes access to new financial services and lifestyle discounts

Business Update

Financial Update

Case Study

Outlook

10

1. Difference between group revenues and sum of segment revenues is due to Inter Company Commissions charged by the Platform Business to the Integrated Verticals Businesses (€4.9m).

Delivery Hero SE This document is strictly confidential and may not be copied, used, made available or be disclosed to third parties without prior written permission. 2. Includes reported current growth rates for Argentina in the constant currency calculation due to the effects of hyperinflation in Argentina.

200

Orders

COVID-19 Update

Delivery Hero SE This document is strictly confidential and may not be copied, used, made available or be disclosed to third parties without prior written permission.

Q3 2020 Asia Platform Business

Delivery Hero SE This document is strictly confidential and may not be copied, used, made available or be disclosed to third parties without prior written permission.

1414

Delivery Hero SE This document is strictly confidential and may not be copied, used, made available or be disclosed to third parties without prior written permission.

Q3 2020 Europe Platform Business

Q3 2020 Americas Platform Business

Delivery Hero SE This document is strictly confidential and may not be copied, used, made available or be disclosed to third parties without prior written permission. 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 September 1, 2018. In Q3 2020 revenues & GMV have been retrospectively adjusted with a total impact of -€1.38m and -€5.99m, respectively. 1. Includes reported current growth rates for Argentina in the constant currency calculation due to the effects of hyperinflation in Argentina.

Delivery Hero SE This document is strictly confidential and may not be copied, used, made available or be disclosed to third parties without prior written permission. 1. DH Kitchens capturing solely self-operated kitchens.

Business Update

Financial Update

Case Study

Outlook

18

Positive Contribution Margin in Every Region

Contribution Margin1 (Before Voucher Costs2) as a % of GMV

• MENA with positive contribution margin since many quarters
• Strong improvement in Americas due to significant delivery CPO decline on the back of optimized fleet utilization and overall efficiency gains (e.g. in contact center)
• Asia benefits from economies of scale and cost-efficient expansion into tier 2 and 3 cities

• Europe improving due to higher UTR but also best-practice implementation in e.g. rider recruitment etc.

• 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 e.g. customer support costs, bad debt expenses and includes voucher costs.

Delivery Hero SE This document is strictly confidential and may not be copied, used, made available or be disclosed to third parties without prior written permission. 2. Voucher costs correspond to marketing initiatives to incentivize the acquisition of new users or the retention of existing users.

Even After Voucher Costs, Three of Four Own-Delivery Segments with Positive Contribution Margin

Contribution Margin1 (After Voucher Costs2) as a % of GMV

• After a peak in 2019 (H1 2019: 12.2%, H2 2019: 17.7%), vouchers as % of segment revenue was already down in H1 2020 to 15.7%. The trend is expected to continue in H2 2020
• Vouchers continue to be a tool for promoting usage and driving first time adoption of our services

• A centralized and data driven approach ensures marketing efficiency

• 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 e.g. customer support costs and bad debt expenses.

Delivery Hero SE This document is strictly confidential and may not be copied, used, made available or be disclosed to third parties without prior written permission. 2. Voucher costs correspond to marketing initiatives to incentivize the acquisition of new users or the retention of existing users.

Business Update Financial Update Case Study

Outlook

21

Updated 2020E Guidance

2020E Guidance

Total Segment Revenues

€2.7bn to €2.8bn

Previously: €2.6bn to €2.8bn

Adjusted EBITDA margin

-14% to -18%

Plus additional investments of up to €120m

Previously: Plus additional investments of up to €150m

• Flexibility of additional investments of up to €120m (including €20m to €30m for the launch of new operations in Japan)
  • Funds intended to be opportunistically allocated to extend leadership positions where required
• COVID-19 related costs will be absorbed in group guidance
• Up to €50m negative impact on adjusted EBITDA in MENA platform business from COVID-19 curfews

• Profitability outlined for 2 platform segments:

• Europe expected to break even in 2020

• MENA adjusted EBITDA expected to be higher in 2020 vs. 2019

Appendix

Delivery Hero KPIs (1/2)

	2019							2020
in €m	Q1	Q2	H1	Q3	Q4	FY	Q1	Q2	H1	Q3
Delivery Hero Group
Orders	124.5	144.2	268.8	181.3	216.0	666.1	238.5	280.6	519.1	361.7
% YoY Growth	55.2%	67.0%	61.4%	91.8%	99.4%	80.3%	91.5%	94.5%	93.1%	99.5%
% OD Orders	25.0%	29.9%	27.6%	40.4%	44.5%	36.5%	51.5%	62.1%	57.3%	62.0%
GMV1,2	1,507.6	1,684.1	3,191.7	1,971.7	2,272.2	7,435.5	2,378.2	2,767.6	5,145.8	3,355.5
% YoY Growth (RC) 3	55.3%	61.8%	58.6%	76.1%	71.8%	66.9%	57.7%	64.3%	61.2%	70.2%
% YoY Growth (CC) 4	56.8%	63.7%	60.4%	73.2%	70.0%	66.5%	58.5%	66.3%	62.6%	80.7%
Revenue1,2	267.2	314.6	581.8	390.6	483.3	1,455.5	514.7	612.1	1,126.8	776.4
% YoY Growth (RC) 3	94.1%	103.6%	99.1%	122.1%	120.6%	111.8%	92.6%	94.5%	93.7%	98.8%
% YoY Growth (CC) 4	93.0%	103.0%	98.3%	117.0%	116.8%	109.0%	92.0%	96.2%	94.3%	110.3%
Adj. EBITDA1,2			-171.1			-431.1			-319.8
% EBITDA Margin			-29.4%			-29.5%			-28.4%
Asia
Orders	30.4	40.2	70.6	68.1	88.3	227.0	109.6	156.8	266.5	189.0
% YoY Growth	73.0%	114.8%	94.6%	211.6%	261.4%	174.9%	260.6%	289.8%	277.2%	177.6%
% OD Orders	29.3%	38.8%	34.7%	54.6%	63.7%	51.9%	70.0%	76.4%	73.7%	77.8%
GMV	416.3	479.0	895.3	654.2	808.0	2,357.5	938.7	1,275.8	2,214.6	1,421.6
% YoY Growth (RC) 3	59.1%	71.1%	65.3%	106.1%	127.9%	94.3%	125.5%	166.3%	147.4%	117.3%
% YoY Growth (CC) 4	54.3%	72.5%	63.7%	106.6%	125.5%	93.0%	125.9%	165.9%	147.3%	124.8%
Revenue	66.7	83.0	149.7	126.4	179.3	455.5	201.3	280.3	481.5	331.2
% YoY Growth (RC) 3	67.3%	85.7%	77.0%	148.8%	213.9%	136.6%	201.6%	237.9%	221.7%	161.9%
% YoY Growth (CC) 4	61.4%	84.9%	73.8%	146.0%	206.3%	132.2%	197.7%	234.3%	217.9%	170.3%
Adj. EBITDA			-94.6			-312.0			-229.2
% EBITDA Margin			-63.2%			-68.5%			-47.6%
MENA
Orders	64.6	70.6	135.2	76.9	86.5	298.6	84.7	66.5	151.2	107.7
% YoY Growth	57.0%	59.7%	58.4%	57.9%	53.0%	56.7%	31.3%	-5.9%	11.9%	40.0%
% OD Orders	26.5%	28.3%	27.4%	32.4%	31.0%	29.8%	35.1%	41.6%	38.0%	40.6%
GMV	744.8	813.8	1,558.5	927.8	990.5	3,476.8	956.8	822.1	1,778.9	1,206.3
% YoY Growth (RC) 3	69.3%	69.6%	69.5%	68.8%	57.1%	65.6%	28.5%	1.0%	14.1%	30.0%
% YoY Growth (CC) 4	69.6%	70.0%	69.8%	62.1%	53.6%	62.9%	28.1%	2.4%	14.7%	43.8%
Revenue	143.9	164.3	308.2	193.2	214.8	716.2	202.3	165.9	368.1	246.2
% YoY Growth (RC) 3	154.1%	146.4%	149.9%	127.4%	98.7%	126.3%	40.6%	1.0%	19.5%	27.5%
% YoY Growth (CC) 4	146.8%	141.2%	143.8%	117.9%	93.5%	119.7%	38.4%	1.0%	18.5%	37.7%
Adj. EBITDA			-9.7			43.0			18.8
% EBITDA Margin			-3.1%			6.6%			5.1%

Delivery Hero SE This document is strictly confidential and may not be copied, used, made available or be disclosed to third parties without prior written permission.

Notes:

1. 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 September 1, 2018.

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

3. Reported Currency Growth.

4. Constant Currency Growth.

Delivery Hero KPIs (2/2)

	2019							2020
in €m	Q1	Q2	H1	Q3	Q4	FY	Q1	Q2	H1	Q3
Europe
Orders	19.2	20.8	39.9	20.7	24.4	85.0	25.4	30.6	56.0	32.0
% YoY Growth	38.5%	42.1%	40.4%	44.5%	39.5%	41.1%	32.9%	47.4%	40.4%	54.8%
% OD Orders	10.2%	13.1%	11.7%	14.8%	15.6%	13.6%	19.0%	26.3%	23.0%	25.8%
GMV	232.0	248.6	480.6	258.4	308.4	1,047.5	320.5	420.3	740.8	426.4
% YoY Growth (RC) 3	34.1%	43.5%	38.8%	47.8%	44.5%	42.6%	38.1%	69.1%	54.1%	65.0%
% YoY Growth (CC) 4	35.4%	44.7%	40.0%	48.8%	45.8%	43.8%	40.0%	72.8%	57.0%	66.9%
Revenue	37.0	41.3	78.2	42.7	52.3	173.2	57.5	76.1	133.6	80.4
% YoY Growth (RC) 3	34.9%	50.7%	42.8%	55.0%	55.7%	49.5%	55.6%	84.4%	70.8%	88.1%
% YoY Growth (CC) 4	36.6%	52.2%	44.4%	56.4%	57.8%	51.1%	58.3%	89.7%	74.9%	90.8%
Adj. EBITDA			-9.6			-19.0			-7.9
% EBITDA Margin			-12.3%			-11.0%			-5.9%
Americas
Orders	10.4	12.6	23.1	15.6	16.8	55.4	18.7	26.6	45.3	33.0
% YoY Growth	35.5%	43.8%	39.9%	61.6%	70.2%	54.0%	79.2%	111.2%	96.7%	112.0%
% OD Orders	30.2%	37.6%	34.3%	48.5%	54.8%	44.5%	62.5%	70.8%	67.3%	76.2%
GMV1,2	114.5	142.7	257.2	131.2	165.2	553.6	162.1	249.4	411.5	301.3
% YoY Growth (RC) 3	19.1%	32.1%	26.0%	68.4%	32.9%	36.2%	41.5%	74.8%	60.0%	129.6%
% YoY Growth (CC) 4	44.0%	43.7%	43.8%	70.6%	36.0%	46.6%	48.3%	85.4%	68.9%	148.7%
Revenue1,2	19.6	26.1	45.7	28.2	36.6	110.4	37.8	57.2	95.0	72.5
% YoY Growth (RC) 3	42.5%	65.0%	54.5%	125.2%	82.2%	77.7%	93.0%	119.5%	108.1%	157.4%
% YoY Growth (CC) 4	75.7%	80.4%	78.2%	126.6%	86.3%	90.5%	102.8%	132.5%	119.7%	178.0%
Adj. EBITDA1,2			-57.2			-143.0			-79.1
% EBITDA Margin			-125.2%			-129.5%			-83.3%
Integrated Verticals
Orders							2.7	4.1	6.9	6.8
% YoY Growth					Orders and GMV are accounted for in the respective
% OD Orders					Platform segments and shown in the Integrated Verticals		100.0%	100.0%	100.0%	100.0%
GMV					segment for illustrative purposes only		17.7	38.4	56.0	54.1
% YoY Growth (RC) 3
% YoY Growth (CC) 4
Revenue							16.9	35.4	52.3	51.0
% YoY Growth (RC) 3
% YoY Growth (CC) 4
Adj. EBITDA									-22.5
% EBITDA Margin									-43.0%

Delivery Hero SE This document is strictly confidential and may not be copied, used, made available or be disclosed to third parties without prior written permission.

Notes:

1. 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 September 1, 2018.

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

3. Reported Currency Growth.

4. Constant Currency Growth.

Recap and Update on Woowa Partnership

Valuation	- US\$4.0bn (or €3.6bn)1 for 100% of Woowa on a cash and debt free basis - This equates to c. 0.6x2019E GMV
Stock and Cash Consideration (for 100%)2	Stock: up to €1.9bn paid by issuing up to 40.1m shares from existing authorizations - - Up to 31.2m shares delivered at closing and the remaining shares at the same terms over a 4 year time horizon Cash: up to €1.7bn -
Conditions	Closing subject to certain conditions incl. regulatory approval and financing - Regulatory approval expected in Q4 2020 -
Financing	- Raised c. €2.3bn from the issuance of €1.75bn convertible bonds and c. €570m equity offering to partially de-risk a portion of the cash component as well as use the proceeds for Delivery Hero's operations

Notes:

Delivery Hero SE This document is strictly confidential and may not be copied, used, made available or be disclosed to third parties without prior written permission. 2. Based on a 20-day VWAP of €47.47 as of signing; Delivery Hero has contractually agreed to acquire an economic stake of approximately 87% from shareholders; 12% management stake will be converted into Delivery Hero shares over a four year time horizon at the same terms; Percentages are subject to certain adjustments; Additional shares might be issued in conjunction with Woowa's existing and future employee option program.

^1. Before certain adjustments; Converted at EUR/USD exchange rate of 1.1087.

Adjustments

Definition

Delivery Hero SE This document is strictly confidential and may not be copied, used, made available or be disclosed to third parties without prior written permission.

• The reported pro forma figures have been retrospectively adjusted for divestments of German operations
  • Figures have not been adjusted for other acquisitions or divestments that can be found in the table below
• The strategic partnership with Woowa is not reflected in the figures until closing of the transaction

Consolidation Change Since Q3 2019

	Europe	MENA	Asia	Americas
Acquisitions	Germany (Honest Food)	UAE, Qatar, Bahrain, Egypt and Lebanon (InstaShop)
Divestments				Uruguay (Motwer) Canada (Foodora)

COVID-19-related Measures (1/2)

Central approach tailored to local markets

Delivery Hero SE This document is strictly confidential and may not be copied, used, made available or be disclosed to third parties without prior written permission.

Government & Local Communities

• ü Offering free phone ordering for elderly to give them access to safe food delivery
• ü Helping medical staff and communities with free meal donations
• ü Distributing hygiene articles as an official government partner
• ü Partnering with charities to deliver food to elderly and disabled

Customers

• ü Introducing features to encourage ordering after re-opening of restaurants (i.e. pickup up, pre-order, push notifications)
• ü Continuing message of contactless deliveries and overall safety
• ü Offering free-delivery for local restaurants to keep people safe at home
• ü Growing q-commerce footprint facilitates safe groceries delivery

COVID-19-related Measures (2/2)

Central approach tailored to local markets

Definitions

• Gross Merchandise Value (GMV) is the total value paid by customers (including VAT, delivery fees, service fees and other subsidies)
• Total Segment Revenue is defined as revenue before subtraction of voucher expenses
• 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 the constant currency calculation to provide a more accurate picture of the underlying business
• 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 September 1, 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)

Investor Relations Contact

32

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 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.