Company

Presentation

7th February 2018

Delivery Hero AG. Company Presentation. 1

 Our Clear Vision

AMAZING
FOOD

AMAZING
ORDERING
Create an
amazing
takeaway AMAZING
experience SERVICE

Delivery Hero AG. Company Presentation. 2

 We Are an Online Food Ordering
and Delivery Marketplace

USER RESTAURANT
Receive Cook
Order 3
4
2
Customer Order
1 Search
Received (TBU)

Deliver
5
6
Eat Customer Order
Received (TBU)

RESTAURANT
DRIVER

Delivery Hero AG. Company Presentation. 3

 Delivery Hero in 2017 at a Glance:
Best-in-class Performance and Global Leadership

€3.8bn +65%
292m Constant Currency Basis
Gross Merchandise Orders in 2017
Value in 2017 +60% Y-o-Y Revenue Growth1
in 2017

€72bn2 #1 Leader in
Growing & Taking on Already Reaching

€563bn4 2.7bn People 5 36 out of 41

Food Service Market Countries3 as of 2017
Opportunity

Source: Company information; Euromonitor; World Bank; United Nations

Notes:
1. For the like-for-like definition, please refer to the “Definitions” slide.
2. Based on our IPO disclosure.
3. Market position denotes sum of all platforms (brands) in the respective country. Based on our IPO disclosure including Panama, excluding Costa Rica and divested countries (India, Kazakhstan, Georgia and Slovakia).
4. Source: Euromonitor International; Consumer Foodservice 2017ed; Foodservice data at foodservice value RSP, 2016 fixed exchange rate; data as of 2016. Referring only to Delivery Hero’s countries as of 2016.
5. Source: Euromonitor International; Economies and Consumers; data as of 2016.

Delivery Hero AG. Company Presentation. 4

 DELIVERY HERO HIGHLIGHTS
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 AG. Company Presentation. 5

 Unlocking the Large and Underpenetrated
1 Food Market

Mega Trends That Drive Additional Growth Total Food Market

€7.5tn3 in 2016

Online & Mobile Foodservice

Market in
Engagement Delivery Hero’s
Countries
€563bn2 in
2016

On-demand & Takeaway

Last-mile Market in
Delivery Hero’s
Logistics Countries
€72bn1 in 2016

Life-style,
Urbanization &
Convenience Delivery Hero
GMV
€2.6bn in
2016

Source: Company information; Euromonitor

Notes:
1. Based on our IPO disclosure.
2. Source: Euromonitor International; Consumer Foodservice 2017ed; Foodservice data at foodservice value RSP, 2016 fixed exchange rate;
data as of 2016.
3. 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.

Delivery Hero AG. Company Presentation. 6

 Our Customers Consistently Increasing Order
2 Frequency Across our Highly Attractive Markets

INCREASING # OF ORDERS
Average Monthly Orders per Active
Laura (38), a Customer Over Time
working mother of 2
from Munich,
getting Sushi
for Friday dinner

+95%

+32%

Shirilee (20),
Farah (21) and +33%
Aasiyah (20),
university students +40%
in Riyadh, catching
up after a busy +27%
week of lectures
+19%

Seung (42), a tech

COO from Seoul,
ordering his
favourite lunch

MENA excl. Turkey Asia Americas Europe excl. Nordics

Turkey Nordics
Month 1 Month 47 Month 1 Month 47 Month 1 Month 47 Month 1 Month 47 Month 1 Month 47 Month 1 Month 47

Juan (26) and

Santiago (26),
childhood gaming
pals from
Montevideo, taking
a League of High and increasing order frequency across highly attractive markets over time
Legends break

Source: Images used under license from Shutterstock.com Source: Company information
Note: Note:
• Customer profiles are for illustrative purposes only. • Example: Cohort (March 2013) is shown; “Month 1” refers to April 2013.

Delivery Hero AG. Company Presentation. 7

 3 Highly Predictable Customer Behaviour With Accelerating
Growth…

MAJORITY OF ORDERS FROM EXISTING COHORTS1

Total Orders per Cohort and Year
Orders From
2017 Cohort
Increasing
First-time
Customer-
base

Orders From
2016 Cohort

Orders From High

2015 Cohort Returning
Customer-
base
Orders From
2014 Cohort
Orders From
2013 Cohort
Orders From
2012 Cohort
2011
Orders From 2010
2009
Earlier Cohorts 2008
Before 2008

2012 2013 2014 2015 2016 2017

Source: Company information

Note:
1. “Cohort” refers to customers grouped by the calendar month in which they first placed an order with Delivery Hero.

Delivery Hero AG. Company Presentation. 8

 4 Leadership in Innovation and Technology
PERSONALIZATION
SEARCH & DISCOVERY
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
Delivery Hero AG. Company Presentation.
RESTAURANT
PARTNER SOLUTIONS
DESCRIPTION
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
LOGISTICS
SERVICES
DESCRIPTION
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
PLATFORM
DESCRIPTION
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
9
 5 We Are the Global Leader in Online Food Delivery with
Larger Reach, More Scale and Faster Growth

# of Countries8 411 12 1 9

#1 Positions8 361 12 1 5
Leading Player

# of Orders c. 206m3 c. 124m c. 86m c. 49m

# of Restaurants >150k4 c. 69k c. 70k c. 29k

Revenue Growth5 +66%6 +52% +36% +45%

Largest Markets

Total Addressable Market €72bn2 €28bn N/A €13bn

€ Expected GDP Growth7 3.1% 1.7% 1.9% 1.5%

2016 Population7 2.7bn 0.5bn 0.3bn 0.2bn

Source: Company information; management estimates; Euromonitor; public filings

Notes:
1. Market position denotes sum of all platforms (brands) in the respective country. Based on our IPO disclosure including Panama, excluding Costa Rica and divested countries (India, Kazakhstan, Georgia and Slovakia).
2. Based on our IPO disclosure.
3. 9 Months 2017.
4. Refers to number of active restaurants (i.e. restaurants that received at least 1 successful order in 2016) per leading brand as of December 2016, with an adjustment for Yogiyo in South Korea.
5. H1 2017 Like-for-Like (LfL) Year-over-Year (Y-o-Y) Growth (%) – for LfL definition of Delivery Hero, please refer to the “Definitions” slide.
6. Total segment revenues. Group revenues H1 2017 of €253m, reconciling effect primarily relate to food, order and delivery services where the Group is considered to act as principal as results of country specific service arrangements.
7. Source: Euromonitor International; Economies and Consumers; 2016-2020 GDP CAGR at constant currency for GDP growth.
8. Just Eat, GrubHub and Takeaway.com data on countries and market positions based on 2017.

Delivery Hero AG. Company Presentation. 10

 Multiple Drivers
6 for Long-term Growth and Profitability
Ongoing
Industry
Consolidation
Above 50%
EBITDA
Margin
Take-rate in Best Markets
Expansion
M&A
with Best FOR SCALE
Marketplace
Markets Already
Increased +18%
Frequency MARGIN
Taking on
Through Better EXPANSION
€7.5tn Experience
Food Market
€72bn Opportunity2
TAKE-RATE
Takeaway Market IMPROVEMENT
Going Online1

TECHNOLOGY
& INNOVATION
FOOD MARKET
TRANSFORMATION
ONLINE
TRANSITION

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.

Delivery Hero AG. Company Presentation. 11

 BUSINESS MODEL &
FINANCIALS

Delivery Hero AG. Company Presentation. 12

 Our Business Model Is Designed for Multiyear
Revenue Growth

Average
Orders GMV Take-rate Revenue
Basket Size
INCREASING

INCREASING
Recurring high
quality cohorts Take-rate
combined with expansion driven
strong new by market
customer growth maturity and
and increasing own delivery
frequency

Delivery Hero AG. Company Presentation. 13

 Growing Take-rates With Significant Long-term
Upside Potential

REGIONAL TAKE-RATES1 SEGMENT REVENUE

2017 BY SOURCE2

16.8 % 16.8 % Other

Credit card 4%
15.8 % use 4%

14.8 %
14.6 % Delivery fees
9%
Europe
13.5 % 13.6 %

Premium
Asia
12.2 % placements
Group 11.5 % 9%

10.0 %
Americas
MENA

Commissions
75%
Q4 2016 Q4 2017

Source: Company information

Notes:
1. For the like-for-like definition, please refer to the “Definitions” slide.
2. Total segment revenues.

Delivery Hero AG. Company Presentation. 14

 Group Continuous Track Record of Growth

Orders1 GMV1 Revenues1,2

+51% Y-o-Y Growth

+46% Y-o-Y Growth +41% Y-o-Y Growth +61% Y-o-Y Growth

Constant Currency Basis

85 160
1,096

74 138
975
69 128
906
63 846 118
59
781 106

49 673
46 86
43 598 79
566
70

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2016 2017 2016 2017 2016 2017

Source: Company information

Notes:
1. For the like-for-like definition, please refer to the “Definitions” slide.
2. Total segment revenues.

Delivery Hero AG. Company Presentation. 15

 Growth across all Segments
Europe MENA Asia Americas
Average Order Value Average Order Value Average Order Value Average Order Value
€ 15.7 € 15.8 € 11.5 € 11.1 € 13.7 € 13.7 € 11.9 € 13.4

+63%
123
Orders1

+28% +51%
73 75
68
57 +41%
45
28
20

FY 2016 FY 2017 FY 2016 FY 2017 FY 2016 FY 2017 FY 2016 FY 2017

+58%
+29% 1,370
+50%
GMV1

1,160

900 924
869

617 +59%
370
232

FY 2016 FY 2017 FY 2016 FY 2017 FY 2016 FY 2017 FY 2016 FY 2017

+36%
Revenue1

199 +87% +66%

147 153
145

82 87 +91%
47
25

FY 2016 FY 2017 FY 2016 FY 2017 FY 2016 FY 2017 FY 2016 FY 2017

Source: Company information

Notes:
1. For the like-for-like definition, please refer to the “Definitions” slide.

Delivery Hero AG. Company Presentation. 16

 Increasing Share of Revenues from MENA, Asia and
Americas

FULL YEAR 2016 FULL YEAR 2017

REVENUE SHARE PER SEGMENT1 REVENUE SHARE PER SEGMENT

Americas
9%
Americas +2 percentage points
7%

Asia Europe Europe 37%

26% 43% Asia 27%
+1 percentage points

MENA
24%
MENA 28%
+4 percentage points

Source: Company information

Notes:
1. For the like-for-like definition, please refer to the “Definitions” slide.

Delivery Hero AG. Company Presentation. 17

 Strong Revenue Growth
and Improving Adj. EBITDA Margins

REVENUE LFL1,2
ADJ. EBITDA1
(€m, aggregated)1 (€m, aggregated)
+60% +65% Europe MENA Asia Americas
Constant Currency Basis

H1 2016 H1 2017
544

47
16
6

-28 -26

145
-24
-38
-11
341
-10 -45
25
-70
ADJ. EBITDA
87 153 MARGIN1
(%, aggregated)

82 Group -47% -18%

199 Europe -40% -27%

147
MENA 19% 25%

FY 2016 FY 2017 -108

Asia -36%
Europe MENA Asia Americas %

Americas -99% -51%

Source: Company information

Notes:
1. Total segment revenues.
2. For the like-for-like definition, please refer to the “Definitions” slide.

Delivery Hero AG. Company Presentation. 18

 We Remain on Track to Meet our IPO Guidance

Guidance at IPO Status

Growth as No.1 Priority

• >40% in short & mid-term  FY order and revenue growth of 48% and 60%
• >30% in the long-term v  Developing ahead of planv with further room to invest
in Marketing, Product and Technology

Invest for Leadership

• Further build global leadership  M&A strategy towards consolidation of our

ssssssssssssssssssssssssss leadership positions (i.e. 36/41 markets), and value
• Further build leadership positions across all accretive investments in complementary business
markets v v
models (positive impact on customers frequency)
 Expansion into logistics in MENA and Americas
further builds leadership positions in these
segments

Build Tech & Product Leadership

• Invest in technology and continue to innovate to  Investment in personalization, restaurant partner

v
build an Amazing Takeaway Experience solutions, logistics services and our platforms,
v
enhancing global data and machine learning
capabilities

Growing into profitability

• Achieve breakeven in the course of 2018  On plan (expected at the end of 2018)
v
• Achieve breakeven on a full-year basis in 2019  On plan v

Delivery Hero AG. Company Presentation. 19

 DELIVERY HERO SUMMARY

1 2 3 4 5 6
v
Substantial v
Long-term v
Highly v in
Leader More v v
Best-in-Class
Market Take-rate Attractive Product and Leadership Delivery
Opportunity Upside Regions Technology Positions Operations

Delivery Hero AG. Company Presentation. 20

 APPENDIX

Delivery Hero AG. Company Presentation. 21

 Orders 2017:
Quarterly Y-o-Y Growth
Europe MENA
+60%
37
+71%
+62% 32
+60%
28
+27% 26
+23% +29% +33%
21
17 18 18

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2017 Q2 2017 Q3 2017 Q4 2017

Asia Americas

+47%
+47%
+56% 20
+56% 18
16
14
+39% +36%
+49% +43%
7 7 8
6

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2017 Q2 2017 Q3 2017 Q4 2017

Source: Company information

Notes:
• For the like-for-like definition, please refer to the “Definitions” slide.

Delivery Hero AG. Company Presentation. 22

 GMV 2017:
Quarterly Y-o-Y Growth
Europe MENA +51%
+59% 402
+28% 366
+63%
+34% 326 +59%
+24% +30% 313
283 289
273 278

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2017 Q2 2017 Q3 2017 Q4 2017

Asia Americas

+42%
+61% +37% 266
+67%
221 232
205

+73% +48% +42%

+91%
94 94 102
79

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2017 Q2 2017 Q3 2017 Q4 2017

Source: Company information

Notes:
• For the like-for-like definition, please refer to the “Definitions” slide.

Delivery Hero AG. Company Presentation. 23

 Revenue 2017:
Quarterly Y-o-Y Growth
Europe MENA
+28%
+33% +46% 55 +85%
+38%
48 49 +91% 49
47
42
+86%
+87%
33
30

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2017 Q2 2017 Q3 2017 Q4 2017

Asia Americas
+52%
+85% +47% 42
+99%
36 36
32

+80% +67%
+109%
+131%
12 14
12
10

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2017 Q2 2017 Q3 2017 Q4 2017

Source: Company information

Notes:
• For the like-for-like definition, please refer to the “Definitions” slide.

Delivery Hero AG. Company Presentation. 24

 Financial Calendar 2018

Date Event

Feb 7, 2018 Full-Year 2017 Trading Update

Apr 26, 2018 Annual Report 2017

May 9, 2018 Q1 Quarterly Statement 2018

Jun 6, 2018 Annual General Meeting

Sep 13, 2018 Half-Year Report 2018

Nov 7, 2018 Q3/9M Quarterly Statement 2018

Delivery Hero AG. Company Presentation. 25

 Definitions
• All numbers are excluding UK operations (discontinued operations).

• “Like for like” presents Delivery Hero’s comparative 2016 results as if the acquisition of foodpanda had occurred on 1 January 2016
and excludes contributions from operations reported in discontinued operations. 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 numbers are including India operations, with for full year 2017:
• Orders: 11.6 million.
• GMV: EUR 57.5 million.
• Revenues: EUR 9.9 million.

• Revenues presented for Delivery Hero represent the total segment revenues.

• Orders represent orders made by end consumers in the period indicated. Orders for our click-to-call operations have been estimated
based on the number of phone calls made by users to restaurants through these click-to-call platforms in the relevant period that
lasted 25 seconds or longer multiplied by 60%.

• Gross Merchandise Value (GMV) refers to gross merchandise value, which means the total value of orders (including VAT)
transmitted to restaurants. GMV for our click-to-call operations have been estimated based on the number of phone calls made by
users to restaurants through these click-to-call platforms in the relevant period that lasted 25 seconds or longer multiplied by 60%
and by the average basket size for the orders placed through our Korean non-click-to-call online marketplaces during the same period.

• 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.

Delivery Hero AG. Company Presentation. 26

 Important Notice

• ALL FINANCIAL FIGURES INCLUDED IN THE FOLLOWING PRESENTATION ARE BASED ON IFRS, UNLESS NOTED OTHERWISE. THE 2014, 2015 AND 2016 DELIVERY HERO
FINANCIAL INFORMATION AND THE 2015 AND 2016 FOODPANDA FINANCIAL INFORMATION IS AUDITED (UNLESS OTHERWISE INDICATED).
• 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 the Company, nor shall it or 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 the Company. 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
the Company 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.
• This presentation is not an offer of securities for sale in the United States. The securities of the Company are not and will not be registered pursuant to the provisions of the US Securities Act
of 1933, as amended (the “Securities Act”) or with the securities regulators of the individual states of the United States. The securities may not be offered, sold or delivered, directly or
indirectly, in or into the United States except pursuant to an exemption from the registration and reporting requirements of the United States securities laws and in compliance with all other
applicable United States legal regulations. The Company does not intend to register its securities under the Securities Act or to conduct a public offering of securities in the United States.
• Sales in the United Kingdom are also subject to restrictions. The securities are only available in the United Kingdom to, and any invitation, offer or agreement to subscribe, purchase or
otherwise acquire such securities in the United Kingdom will be engaged in only with, such relevant persons to whom it may lawfully be communicated (“Relevant Persons”). Any person in
the United Kingdom who is not a Relevant Person should not act or rely on this presentation or any of its contents.
• Certain information (including industry, market and competitive position data) in this presentation is based on the Company’s own internal research and management estimates. In addition,
certain data points in this presentation are selective and may not necessarily be representative for the Delivery Hero Group. Such research, estimates and data points have been made in
good faith and represent the current beliefs of members of management. The Company and those management members believe that such research, estimates and data points are founded
on reasonable grounds. However, by their nature, research and estimates as well as the data points may not be correct or complete, and their underlying methodology and assumptions,
have not been verified by any independent source for accuracy or completeness. Accordingly, no representation or warranty, express or implied, is given that such research, estimates or
data points are correct or complete.
• The presentation and discussion contain forward looking statements, other estimates, opinions and projections with respect to anticipated future performance of the Company (“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 the Company’s intentions, beliefs or current
expectations concerning, among other things, the Company’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 no representation or warranty, express or implied, is made regarding future performance. The development of the
Company’s prospects, growth, strategies, the industry in which it operates, and the effect of acquisitions on the Company 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 the Company’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 the Company’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 the Company in respect of the achievement of such Forward-looking Statements and assumptions.

Delivery Hero AG. Company Presentation. 27