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1Delivery Hero SE. Company Presentation.
Company
Presentation
H1 – 13 September 2018
2Delivery Hero SE. Company Presentation.
Our Clear Vision
Create an amazing takeaway experience
AMAZING
FOOD
AMAZING
ORDERING
AMAZING
SERVICE
3Delivery Hero SE. Company Presentation.
We Are an Online Food Orderingand Delivery Marketplace
USER RESTAURANT
1
2
Customer Order
Received (TBU)
3
Search
OrderReceive
Deliver
4
Eat
Cook
6
RESTAURANT
DRIVER
Customer Order
Received (TBU)
5
4Delivery Hero SE. Company Presentation.
Delivery Hero in 2017 at a Glance: Best-in-class Performance and Global Leadership
Present in
39Countries4
>€70bn2
Current Food Delivery Market Taking on
>€500bn2
Food Services Opportunity
Source: Company information; Euromonitor; World Bank; United Nations
Notes:1. On a constant currency basis. 60% on a reported basis.2. Management estimates.3. Source: Euromonitor International; Economies and Consumers; data as of 2016.4. Excluding foodora own-delivery only countries (Canada, Norway) as well as Costa Rica and Paraguay.
292mOrders in 2017
€3.8bnGross Merchandise
Value in 2017
Already Reaching
2.7bn People3
+65%1
Revenue Growth
5Delivery Hero SE. Company Presentation.
1 Large Market Opportunity
2 Highly Attractive Markets
3 Very Strong Business Fundamentals
4 Leadership in Innovation and Technology
5 Global Category Leadership
6 Multiple Drivers for Long-term Growth
DELIVERY HERO HIGHLIGHTS
6Delivery Hero SE. Company Presentation.
Unlocking the Large and UnderpenetratedFood Market
Online & Mobile Engagement
On-demand &Last-mile Logistics
Life-style, Urbanization & Convenience
Mega Trends That Drive Additional Growth Total Food Market
€7.5tn2
Takeaway Market in Delivery Hero’s Countries
>€70bn1
Food Services in Delivery Hero’s Countries
>€500bn1
Opportunity
Source: Company information; Euromonitor
Notes:
1. Management estimates.2. Source: Euromonitor International; Economies and Consumers; Global Food Market represents Consumer Expenditure on Food and Catering,
value at fixed 2016 exchange rates; data as of 2016.
1
Delivery Hero GMV
€3.8bn in 2017
7Delivery Hero SE. Company Presentation.
Our Customers Consistently Increasing Order Frequency Across our Highly Attractive Markets2
High and increasing order frequency across highly attractive markets over time
Month 1 Month 47 Month 1 Month 47 Month 1 Month 47 Month 1 Month 47 Month 1 Month 47 Month 1 Month 47
INCREASING # OF ORDERS Average Monthly Orders per Active Customer Over Time
Source: Company information
Note:• Example: Cohort (March 2013) is shown; “Month 1” refers to April 2013.
MENA excl. Turkey Turkey Asia Americas Europe excl. Nordics Nordics
+40%
+33%
+27%
+19%
+95%
+32%
8Delivery Hero SE. Company Presentation.
3 Highly Predictable Customer Behaviour With Accelerating Growth…
Source: Company information
Note:1. “Cohort” refers to customers grouped by the calendar year in which they first placed an order with Delivery Hero.
2015 2016 2017
Orders From2015 Cohort
MAJORITY OF ORDERS FROM RETURNING CUSTOMERSTotal Orders per Cohort per Year
High ReturningCustomer-base
Increasing First-timeCustomer-base
Orders From2017 Cohort
Orders From2016 Cohort
+29%
+31%
v
• Customer Experience driving our retention and frequency
• Returning customers continue to order more frequently
• Customer acquisitions continue to grow
• Word of mouth and referrals continue to be a major driver of new customers
• We expect frequency to continue to increase
9Delivery Hero SE. Company Presentation.
RESTAURANT PARTNER SOLUTIONS
Restaurant-facing technology to deepen our relationship with our restaurant partners
Tools for restaurants:
• Order transmission
• Order processing
• Partner integration
• Order tracking
• Restaurants performance reports
• Business Intelligence to enable better product and operational decisions
DESCRIPTION
LOGISTICS SERVICES
Improvements in logistics efficiency (e.g. delivery rider scheduling, fleet management, etc.) via central services, enabling to cut delivery fee
Our technology provides smart and efficient delivery processes:
• Rider scheduling
• Rider staffing
• Fleet management
• Route Optimization
• Real-time delivery estimates
DESCRIPTION
PLATFORM
Localisation challenge solved with:
• Central services:
• Personalization and Search & Discovery
• Restaurant Partner Solutions
• Logistics Services
• Data warehouse & Analytics
• Performance Marketing
• Restaurant CRM (Salesforce)
• Finance systems
• Customer reviews
• Regional platforms:
• Cultural specifics
• Address systems
• Integrated payment systems
DESCRIPTION
Discovery based on inspirational content and next generation browsing experience
Personalisation based on consumer preferences and machine learning
Recommendation to customers with targeted messages and tailored product experience
Our goal is for the customer to ultimately outsource its food decision to us
PERSONALIZATION SEARCH & DISCOVERY
DESCRIPTION
Leadership in Innovation and Technology4
10Delivery Hero SE. Company Presentation.
5 We Are One of the Global Leaders in Online Food Delivery with Significant Reach, Scale and Growth
EUROPE
13COUNTRIES
189mTOTAL POPULATION
72%URBAN POPULATION
AUSTRIA / BOSNIA AND HERZEGOVINA / BULGARIA /
CROATIA / CZECH REPUBLIC / FINLAND / GERMANY /
GREECE / HUNGARY / MONTENEGRO / ROMANIA / SERBIA /
SWEDEN
MENA
9COUNTRIES
239mTOTAL POPULATION
65%URBAN POPULATION
BAHRAIN / JORDAN / EGYPT / KUWAIT / OMAN / QATAR /
SAUDI ARABIA / UAE / TURKEY
AMERICAS
7COUNTRIES
374mTOTAL POPULATION
84%URBAN POPULATION
ASIA
10COUNTRIES
624mTOTAL POPULATION
47%URBAN POPULATION
BANGLADESH / BRUNEI / HONG KONG / MALASIA /
PAKISTAN / PHIILIPINES / SOUTH KOREA / SINGAPORE /
TAIWANT / THAILAND
ARGENTINA / CHILE / COLOMBIA / ECUADOR / PANAMA /
PERU / URUGUAYSource: World Development Indicators, 2018; rounded figures
Notes:1. Excluding foodora own-delivery only countries (Canada,
Norway) as well as Costa Rica and Paraguay.
11Delivery Hero SE. Company Presentation.
Multiple Driversfor Long-term Growth and Profitability6
Source: Company information; management estimates; Euromonitor
Notes:1. Based on our IPO disclosure.2. Source: Euromonitor International; Economies and Consumers; Global Food Market represents Consumer Expenditure on Food and Catering, value at fixed 2016 exchange rates; data as of 2016.
€72bnTakeaway Market
Going Online1
Taking on
€7.5tn Food Market Opportunity2
Increased Frequency Through Better
Experience
Take-rate Expansion
with Best Marketplace
Markets Already +18%
Above 50% EBITDA Margin
in Best Markets
Ongoing
IndustryConsolidation
FOOD MARKETTRANSFORMATION
TAKE-RATEIMPROVEMENT
MARGINEXPANSION
M&AFOR SCALE
ONLINETRANSITION
TECHNOLOGY & INNOVATION
12Delivery Hero SE. Company Presentation.
BUSINESS MODEL & FINANCIALS
13Delivery Hero SE. Company Presentation.
Our Business Model Is Designed for MultiyearRevenue Growth
AverageBasket Size
GMV RevenueOrders
Recurring high quality cohorts combined with
strong new customer growth and increasing
frequency
Take-rate expansion driven
by market maturity and own delivery
Take-rate
IN
CR
EA
SIN
G
IN
CR
EA
SIN
G
14Delivery Hero SE. Company Presentation.
17.4% 17.1%
10.4%
13.9%
16.0%
16.3%
12.5%
14.6%
14.1%
15,40%
Q2 2016 Q2 2017 Q2 2018
17.0%
14.2%
13.2%
10.3%
9.2%
Growing Take-rates With Significant Long-termUpside Potential
Source: Company informationNotes:1. For the like-for-like definition, please refer to the “Definitions” slide.2. Total segment revenues.
Europe
Asia
Americas
Group
MENA
REGIONAL TAKE-RATES1 SEGMENT REVENUE H1 2018 BY SOURCE2
Commissions73%
Delivery Fees11%
Prime Placings 7%
Credit card use 4%
Other5%
15Delivery Hero SE. Company Presentation.
Continuous Track Record of Quarterly Growth
Orders GMV Revenues
Q1 Q2 Q3 Q4 Q1 Q2
2016 2017
Q3 Q4
1. Growth rates are on a constant currency basis
• Like-for-like, please refer to the “Definitions” slide
• All values in Unit million / € million
Q1
2018
4144
47
56
60
66
71
82
89
95
Q2
560585
659
765
832
892
960
1.083
1.150
1.209
Q1 Q2 Q3 Q4 Q1 Q2
2016 2017
Q3 Q4 Q1
2018
Q2
6977
84
103
116
126
135
157
171
186
Q1 Q2 Q3 Q4 Q1 Q2
2016 2017
Q3 Q4 Q1
2018
Q2
+44% +48% +60%1 1
16Delivery Hero SE. Company Presentation.
H1 2018 Financial Highlights
€357mREVENUES
+60% Y-o-Y Growth 1
184mORDERS
+46% Y-o-Y Growth 1
€2.4bnGROSS MERCHANDISE VALUE
+50% Y-o-Y Growth 1
1. Like-for-like, please refer to the “Definitions” slide and on a constant currency basis.
17Delivery Hero SE. Company Presentation.
278337
7 9
313
480
1319
28
44
1823
Growth across all Segments
Europe MENA Asia AmericasAverage Order Value
€ 14.8€ 15.5
Average Order Value
€ 12.3€ 11.1
Average Order Value
€ 15.7€ 15.9
Average Order Value
€ 15.7€ 14.1
Ord
ers
1G
MV
1,2
Reven
ue
1,2
Source: Company informationNotes:1. Absolute Numbers for the like-for-like definition, please refer to the “Definitions” slide2. Growth rates on a constant currency basis
+27%+57%
+46%
206285
95 108
4858
33
67
33
46
12 16
+31%
+22%
+74%
+44%
+46%
+20% +130%
+47%
+69%
Q2 2017 Q2 2018 Q2 2017 Q2 2018 Q2 2017 Q2 2018 Q2 2017 Q2 2018
Q2 2017 Q2 2018 Q2 2017 Q2 2018 Q2 2017 Q2 2018 Q2 2017 Q2 2018
Q2 2017 Q2 2018 Q2 2017 Q2 2018 Q2 2017 Q2 2018 Q2 2017 Q2 2018
18Delivery Hero SE. Company Presentation.
Increasing Share of Revenues from MENA, Asia and Americas
Europe 38%
MENA 25%
Asia 28%
Q2 2017REVENUE SHARE PER SEGMENT1
Q2 2018REVENUE SHARE PER SEGMENT
Source: Company informationNotes:1. For the like-for-like definition, please refer to the “Definitions” slide.
MENA 36%
Asia25%
Europe31%
Americas8%
Americas9%
19Delivery Hero SE. Company Presentation.
REVENUE(€m, aggregated)1
96116
62
12362
88
22
30
Europe MENA Asia Americas
H1 2017 H1 2018
Source: Company informationNotes:1. Total segment revenues.2. Including Indian operations.
+48%
Strong Revenue Growthand Improving Adj. EBITDA Margins
-26 -28
16 9
-19 -18
-11-18
H1 2017 H1 2018
Europe MENA Asia Americas
ADJ. EBITDA2
(€m, aggregated)
ADJ. EBITDAMARGIN2
(%, aggregated)
-17% -15%
357
242
-40
-55
Europe -27% -24%
MENA 25% 7%
Asia -31% -20%
Americas -51% -61%
Group
+60%Constant Currency Basis
20Delivery Hero SE. Company Presentation.
vSubstantial Market Opportunity
v v v v vLong-term Take-rate Upside
Highly AttractiveRegions
Leader in Product and Technology
More Leadership Positions
Best-in-Class Delivery Operations
1 2 3 4 5 6
DELIVERY HERO SUMMARY
21Delivery Hero SE. Company Presentation.
APPENDIX
22Delivery Hero SE. Company Presentation.
6 7 7 8 8 9
Q12017
Q22017
Q32017
Q42017
Q12018
Q22018
12 1315
17 18 19
Q12017
Q22017
Q32017
Q42017
Q12018
Q22018
2628
32
37
4144
Q12017
Q22017
Q32017
Q42017
Q12018
Q22018
17 18 1821
22 23
Q12017
Q22017
Q32017
Q42017
Q12018
Q22018
+58%+54%
+63%+61%
+53%
+36%+39%+42%+49%+34%
+60%
+71%+62%
+60%
MENA +60%
+27%+33%+29%+23%
+30%
Orders1:Quarterly Y-o-Y Growth
Europe
Asia Americas
+27%
+57%
+57%
+31%
Source: Company informationNotes:1. Absolute Numbers for the like-for-like definition, please refer to the “Definitions” slide
23Delivery Hero SE. Company Presentation.
79 94 94 102 96 108
Q12017
Q22017
Q32017
Q42017
Q12018
Q22018
190206 217
254 266285
Q12017
Q22017
Q32017
Q42017
Q12018
Q22018
289313
366402
440
480
Q12017
Q22017
Q32017
Q42017
Q12018
Q22018
273 278 283
326348 337
Q12017
Q22017
Q32017
Q42017
Q12018
Q22018
+47%+40%+67%
+63%
+40%
+42%+48%+73%+91%
+21%
+28%+34%+30%+24%
+27%
+51%+59%
+63%+59%
+52%Europe
Asia Americas
GMV1:Quarterly Y-o-Y Growth
MENA
+21%
+53%
+38%
+14%
+22%2
+74%2
+44%2
+46%2
Source: Company informationNotes:1. Absolute Numbers for the like-for-like definition, please refer to the “Definitions” slide2. Growth rates on a constant currency basis
+28%2
+77%2
+51%2
+51%2
24Delivery Hero SE. Company Presentation.
10 12 12 14 1416
Q12017
Q22017
Q32017
Q42017
Q12018
Q22018
2933 33
40 4146
Q12017
Q22017
Q32017
Q42017
Q12018
Q22018
3033
42
49
57
67
Q12017
Q22017
Q32017
Q42017
Q12018
Q22018
47 48 49
5559 58
Q12017
Q22017
Q32017
Q42017
Q12018
Q22018
+55%
+48%+87%+101%
+42%
+67%+80%+109% +41%
+85%
+91%
+86%+87%
+92%+28%
+46%+33%+38%
+25%
MENA
Asia Americas
Revenue1:Quarterly Y-o-Y Growth
Europe
+131%
+19%
+104%
+41%
+34%
Source: Company informationNotes:1. Absolute Numbers for the like-for-like definition, please refer to the “Definitions” slide2. Growth rates on a constant currency basis
+20%2
+130%2
+47%2
+69%2
+25%2 +122%2
+53%2
+73%2
25Delivery Hero SE. Company Presentation.
Date Event
Nov 7, 2018 Q3/9M Trading Update 2018
Financial Calendar 2018
26Delivery Hero SE. Company Presentation.
Definitions
• “Like-for-like” figures include foodpanda and exclude the results of our disposed operations in the United Kingdom and India. The results of smaller acquisitions and disposals are not adjusted for. In addition, please note that:
• No adjustments have been made for HungerStation (first fully consolidated in July 2016).
• Asia KPIs exclude our former operations in China, which were sold in May 2016.
• All “like-for-like” numbers are excluding Indian operations, with for full year 2017:• Orders: 11.6 million.
• GMV: EUR 57.5 million.
• Revenues: EUR 9.9 million.
• Gross Merchandise Value (GMV) is the total value of orders (including VAT) transmitted to restaurants.
• Revenues presented for Delivery Hero represent the total segment revenues.
• Adjusted (Adj.) EBITDA represents earnings before interest, taxes, depreciation and amortization adjusted for extraordinary expenses related to transactions and financings, our planned IPO, restructuring expenses and expenses related to major IT projects and for expenses for share-based payments.
• Adjusted (Adj.) EBITDA Margin refers to adjusted EBITDA divided by revenues.
27Delivery Hero SE. Company Presentation.
Important Notice
• ALL FINANCIAL FIGURES INCLUDED IN THE FOLLOWING PRESENTATION ARE BASED ON IFRS, UNLESS NOTED OTHERWISE.
• For the purposes of this notice, “presentation” means this document, its contents or any part of it. This presentation does not, and is not intendedto, 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 otherwiseacquire, 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 orinvestment 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 thispresentation, 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 whatsoeveron 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 suchinformation may change materially. Neither Delivery Hero SE nor any of its directors, officers, employees, agents or affiliates undertakes or isunder any duty to update this presentation or to correct any inaccuracies in any such information which may become apparent or to provide anyadditional information.
• The presentation and discussion contain forward looking statements, other estimates, opinions and projections with respect to anticipated futureperformance 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 mattersthat are not historical facts. They appear in a number of places throughout this presentation and include statements regarding Delivery Hero SE’sintentions, beliefs or current expectations concerning, among other things, Delivery Hero SE’s prospects, growth, strategies, the industry in whichit operates and potential or ongoing acquisitions. By their nature, Forward-looking Statements involve significant risks and uncertainties, becausethey relate to events and depend on circumstances that may or may not occur in the future. Forward-looking Statements should not be read asguarantees 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 maderegarding future performance. The development of Delivery Hero SE’s prospects, growth, strategies, the industry in which it operates, and theeffect of acquisitions on Delivery Hero SE may differ materially from those made in or suggested by the Forward-looking Statements contained inthis presentation or past performance. In addition, even if the development of Delivery Hero SE’s prospects, growth, strategies and the industry inwhich it operates are consistent with the Forward-looking Statements contained in this presentation or past performance, those developments maynot be indicative of Delivery Hero SE’s results, liquidity or financial position or of results or developments in subsequent periods not covered bythis presentation. Any Forward-Looking Statements only speak as at the date of this presentation is provided to the recipient and it is up to therecipient to make its own assessment of the validity of any Forward-looking Statements and assumptions. No liability whatsoever is accepted byDelivery Hero SE in respect of the achievement of such Forward-looking Statements and assumptions.