Slide 1: Q4 2024 Trading Update
Q4 2024 Trading Update 13 February 2025
Slide 2: Table of contents
Table of contents 01 Trading Update 02 Case Studies 03 Outlook 04 Appendix 2
Slide 3: Q4 2024 Key Highlights
Q4 2024 Key Highlights Group GMV growth of 8% YoY with GMV outside of Asia accelerating to 27% YoY in Q4 ’241 Total Segment Revenue growth of 23% YoY in Q4 ’241 Adj. EBITDA uplift of ~€500m YoY to ~€750m in FY ’24 FCF uplift of ~€466m YoY to ~€100m in FY ’24 - net debt reduced to €1.9bn and leverage
Slide 4: Group delivers on its FY 2024 guidance
Group delivers on its FY 2024 guidance Guidance Outcome GMV Upper end of 7-9% YoY 8.3% Total Segment Revenue Upper end of 18-21% YoY 22% Adj. EBITDA Lower end of €725-775m ~€750m Free Cash Flow €50-100m ~€100m Note: GMV and Total Segment Revenue in constant currency and excluding hyperinflation acco
Slide 5: Q4 2024 Delivery Hero Group
Q4 2024 Delivery Hero Group GMV (€bn) Total Segment Revenue (€bn) Key Highlights Healthy GMV growth of 8% YoY on Group level with GMV outside of Asia accelerating to 27% YoY +8% +23% in Q4 ’24. Main drivers: strong order development +6% +20% and growing basket sizes 12.8 3.5 Total Segment Revenue gr
Slide 6: Double-digit revenue growth across all business segments in Q4 2024
Double-digit revenue growth across all business segments in Q4 2024 Europe Revenue (€m) MENA Revenue (€m) Asia Revenue (€m) +24% +34% +11% +23% +32% +8% 519 979 1,049 423 969 742 Q4 ’23 Q4 ’24 Q4 ’23 Q4 ’24 Q4 ’23 Q4 ’24 Americas Revenue (€m) Integrated Verticals Revenue (€m) +25% +23% +27% +22% 257
Slide 7: Q4 2024 Europe Platform business
Q4 2024 Europe Platform business GMV (€bn) Total Segment Revenue (€m) Key Highlights +21% Strong GMV growth of 17% YoY, mainly driven by like-for-like1 healthy order growth and despite exiting several +17% +24% countries in the Europe segment. GMV growth on a +17% +23% like-for-like-basis of 21% YoY
Slide 8: Q4 2024 MENA Platform business
Q4 2024 MENA Platform business GMV (€bn) Total Segment Revenue (€m) Key Highlights GMV growth accelerated to 34% YoY driven by a 30% YoY increase in order volumes and +34% +34% continued leadership across all countries +31% +32% Saudi Arabia generated strong GMV growth 3.7 1,008 3.5 979 and sustaine
Slide 9: Q4 2024 Asia Platform business
Q4 2024 Asia Platform business GMV (€bn) Total Segment Revenue (€m) Key Highlights GMV development impacted by fading out free delivery for non-subscribers in Korea -8% +11% +8% Enhanced customer experience in Korea through -11% 6.3 1,049 simplified App user interface and operational 969 improvement
Slide 10: Q4 2024 Americas Platform business
Q4 2024 Americas Platform business GMV (€m) Total Segment Revenue (€m) Key Highlights GMV growth accelerated further to 25% YoY in Q4 ’24 driven by double-digit volume growth +25% +25% +24% +23% Positive adjusted EBITDA1 in FY ’24 following the 1,109 282 break-even in Q3 ’24 and further earnings gro
Slide 11: Q4 2024 Integrated Verticals
Q4 2024 Integrated Verticals GMV (€m) Total Segment Revenue (€m) Key Highlights Continued strong top-line momentum, with GMV growth of >30% YoY (despite reduced Dmarts +32% +27% footprint) driven by more daily orders per store +28% +22% and larger basket sizes 821 753 785 719 Gross Profit margin con
Slide 12: Gross Profit margin development on Group level (incl. Integrated Verticals)
Gross Profit margin development on Group level (incl. Integrated Verticals) Group Gross Profit margin as % of GMV Key Highlights Continuous Gross Profit margin expansion on Group level with MENA and Americas already 10% within the long-term GP margin target range of 10-13% 9% GP margins in Asia have
Slide 13: Significant earnings growth and positive free cash flow in FY 2024
Significant earnings growth and positive free cash flow in FY 2024 GMV(€bn) Total Segment Revenue (€bn) +8% +22% +5% +19% 45.3 48.8 12.8 10.5 FY ’23 FY ’24 FY ’23 FY ’24 Adj. EBITDA (€m) Free Cash Flow1 (€m) Cash flow uplift of ~€466m ~100 Adj. EBITDA uplift of ~€500m ~750 254 -366 FY ’23 FY ’24 FY
Slide 14: Profitability
Profitability
Slide 15: Strong progress on profitability in FY 2024
Strong progress on profitability in FY 2024 Adj. EBITDA (in €m) on Group level FY 2024 Group ambition Annualized Group Annualized Group Annualized Group Profitable Platform increased the annualized adj. EBITDA adj. EBITDA adj. EBITDA adj. EBITDA from €1.2bn in Q4 ’23 to €1.3bn in of neg. ~€0.1bn of
Slide 16: Strong earnings trajectory and further margin expansion in FY 2024
Strong earnings trajectory and further margin expansion in FY 2024 Adj. EBITDA on Group level (in €m) Comments Adj. EBITDA/GMV margin (2.9%) (1.4%) 0.6% ~1.5% § Continue to focus on growth, profitability and cash generation while strengthen our ~750 operations in competitive markets § Adj. EBITDA ma
Slide 17: Cash Flow & Debt
Cash Flow & Debt
Slide 18: Ample liquidity position further increased by talabat IPO proceeds
Ample liquidity position further increased by talabat IPO proceeds Values in € billion 1.84 (0.27) 0.75 (0.15) (0.30) 3.81 0.10 (0.19) 0.28 0.08 0.01 1.66 1.69 Cash & cash Adj. CAPEX Leasing Taxes Change in PSP & Net Others Subtotal Capital IPO Cash & cash equiv. end of EBITDA paid Working Restauran
Slide 19: Large cash balance combined with a balanced debt maturity profile
Large cash balance combined with a balanced debt maturity profile Cash (€bn) Debt maturity profile (€m) Comment § €3.8bn in cash post talabat IPO § €3.8bn in outstanding convert. bonds, at a weighted average coupon of 1.8% 1 (0.875% to 3.25% range) 3.8 1,826 § $1.4bn and KRW 794bn term loan with a m
Slide 20: Significant reduction in net debt
Significant reduction in net debt Net debt (in €bn) Comments § talabat IPO proceeds of €1.8bn boost cash position to €3.8bn, reducing the net debt position by ~55% YoY to €1.9bn § Leverage ratio drops to 2.5x net debt to adjusted EBITDA in FY ’24 -55% § Delivery Hero will use IPO proceeds for deleve
Slide 21: Table of contents
Table of contents 01 Trading Update 02 Case Studies 03 Outlook 04 Appendix 21
Slide 22: Saudi
Saudi
Slide 23: Stable category position, accelerating growth and increasing profitability
Stable category position, accelerating growth and increasing profitability Active Users Order growth H2 2024 Key Highlights Record adj. EBITDA Growth acceleration attributed to numerous in Q4 ’24 product enhancements and feature launches 32% Category share remained fairly stable due to larger select
Slide 24: AdTech
AdTech
Slide 25: Advertising business already generating revenues of >€1billion
Advertising business already generating revenues of >€1billion Upd ate df rom Advertising revenue (in €m)1 pre v . 3- 5% >1,500 Long-term target >4% of GMV +36% 1,241 Advertising products help vendors to increase awareness, acquire new customers and ultimately generate more orders and greater earnin
Slide 26: Table of contents
Table of contents 01 Trading Update 02 Case Studies 03 Outlook 04 Appendix 26
Slide 27: Free Cash Flow old vs. new definition
Free Cash Flow1 old vs. new definition (in €m) FCF FY ’24 old (in €m) FCF FY ’24 new Adj. EBITDA Net result (-) Other Taxes Paid (+) Non-cash items (-) Income Taxes Paid (-) Income Taxes Paid Final numbers will be released (+/-) Change in Working Capital (+/-) Change in Working Capital along with th
Slide 28: Delivery Hero Group outlook for FY 2025
Delivery Hero Group outlook for FY 2025 Total Segment GMV Adj. EBITDA Free Cash Flow Revenue 8-10% YoY 17-19% YoY €975-1,025m >€200m1 Note: GMV and Total Segment Revenue in constant currency and excluding hyperinflation accounting. Adj. EBITDA and FCF in reported currency and including hyperinflatio
Slide 29: Long-term ambitions confirmed
Long-term ambitions confirmed Growth Leadership Innovation Profitability Achieve >€200bn GMV #1 player in #1 preferred Achieve 5–8% adj. in the long-term all markets1 delivery app1 EBITDA/GMV margin2 by 2030 We plan to grow our GMV substantially, invest in tech & innovation to further expand our lea
Slide 30: Table of contents
Table of contents 01 Trading Update 02 Case Studies 03 Outlook 04 Appendix 30
Slide 31: Delivery Hero KPIs (Pro Forma Data)
Delivery Hero KPIs (Pro Forma Data) 2023 2024 in Gm Q1 Q2 H1 Q3 Q4 FY Q1 Q2 H1 Q3 Q4 FY Delivery Hero Group GMV 11,198.9 11,083.8 22,282.7 11,693.4 11,299.1 45,275.2 11,788.9 11,897.6 23,686.5 12,249.3 12,818.2 48,754.0 % YoY Growth (RC) 1.5% 2.9% 2.2% 2.1% -0.5% 1.5% 5.3% 7.3% 6.3% 4.8% 13.4% 7.7%
Slide 32: Delivery Hero KPIs (Pro Forma Data)
Delivery Hero KPIs (Pro Forma Data) 2023 2024 in Gm Q1 Q2 H1 Q3 Q4 FY Q1 Q2 H1 Q3 Q4 FY Europe GMV 1,809.5 1,836.9 3,646.5 1,819.5 2,044.1 7,510.0 2,132.4 2,176.7 4,309.1 2,185.0 2,384.6 8,878.7 % YoY Growth (RC) 13.4% 15.0% 14.2% 13.4% 15.3% 14.3% 17.8% 18.5% 18.2% 20.1% 16.7% 18.2% % YoY Growth (C
Slide 33: Hyperinflation accounting in Argentina and Turkey
Hyperinflation accounting in Argentina and Turkey Argentina Turkey Monthly CPI change Monthly devaluatio n EUR/ARS % Monthly CPI % Monthly devaluatio n EUR/TRY % 140% Q4 2024 30% Q4 2024 120% 25% 100% 20% 80% 15% 60% 10% 40% 5% 20% 0% 0% -5% Ja n- 23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Ja n- 24 Mar-2
Slide 34: Significant potential for Gross Profit margin expansion
Significant potential for Gross Profit margin expansion Gross Profit to adj. EBITDA for the Group (as % of GMV): FY 2024 to Long-Term Can be significantly 0.5-1.0% smaller than <6% at 0.5-1.0% 0.0075 0.0075 scale 0.5-1.0% 0.0075 1.5-2.0% 0.0175 10-13% -0.0255 1.0-2.0% 2.0-3.0% 1 0.015 Converting int
Slide 35: Very attractive long-term margins and high cash conversion
Very attractive long-term margins and high cash conversion (in % of GMV) FY 2024 FY 2025e FY 2030e Comments § Driven by pricing, advertising, order stacking and improving Gross Profit 7.8% Improve 10% to 13% profitability of Dmarts § High focus on improved marketing efficiency while continuing Marke
Slide 36: Definitions
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 effec
Slide 37: Important Notice
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, subscri
Slide 38: Investor Relations Contact
Investor Relations Contact Christoph Bast Barbara Jeitler Moritz Verleger Lukas Herzog Loredana Strîmbei Head of IR Director IR Senior Manager IR Manager IR Specialist IR christoph.bast@deliveryhero.com barbara.jeitler@deliveryhero.com moritz.verleger@deliveryhero.com lukas.herzog@deliveryhero.com l