• Global GMV growth of 7%¹ in Q2 YoY, outside Asia GMV growth rate of 23%¹ in Q2 YoY
• Total Segment Revenue growth of 20%¹ YoY in Q2 2024
• Adj. EBITDA of EUR 240m and FCF² break-even in H1 2024, expecting further FCF generation in H2 2024  
• Company confirms positive outlook for FY 2024
• Delivery Hero prepares to list its talabat business in Q4 2024

Berlin, 29 August 2024 – Delivery Hero SE (“Delivery Hero”, the “Company” or the “Group”), the world’s leading local delivery platform, today announced its Q2 2024 and Half-Year financial results, showing that its drive for profitable growth across its global footprint continues to pay off. In H1 2024, Delivery Hero achieved adj. EBITDA of EUR 240m, an uplift of EUR 231m from H1 2023, and reached Free Cash Flow² (FCF) break-even. The Company expects further FCF generation in H2 2024.

The Company reported positive Gross Merchandise Value (GMV) growth of 7%¹ for the full quarter, driven mainly by a rise in order volume, with GMV growth outside of Asia reaching 23%¹ YoY in Q2 2024. Delivery Hero ended the quarter with a GMV increase of 10%¹ year-on-year (YoY) in June, with growth coming from almost all segments. The expansion of its AdTech business, Dmart business, service and subscription fees, as well as an ongoing increase in own delivery (OD) share, continued to drive double-digit growth in its Total Segment Revenue, rising by 20%¹ YoY in Q2 2024.

The Gross Profit margin of the Platform business remained firm at 7.6% in Q2 2024, with further margin expansion expected in H2 2024. The Integrated Verticals segment saw its Gross Profit margin nearly double quarter-on-quarter (QoQ) to 4%. Furthermore, the Group expects significant adj. EBITDA improvement for the entire Integrated Verticals segment in H2 2024 and to achieve break-even by December of this year. 

Niklas Östberg, CEO and Co-Founder of Delivery Hero, said: “We delivered another strong quarter of growth and improved profitability which is a testament to our relentless focus on customer experience, operational efficiency, and category leadership. We ended the quarter on a high note and expect further growth and significant increase in profitability in H2 2024.”

Strong performance of the Group’s platform business across regions
In the MENA region, the Group’s platform business achieved outstanding GMV topline development of 28%¹ YoY, fueled by ongoing improvements to the ecosystem and customer experience. Europe experienced double-digit order volume growth, leading to best-in-class GMV development of 19%¹ YoY in Q2 2024 among European peers. In Asia, the platform business reported revenue growth of 9%¹ YoY, due to continued OD roll-out and a growing advertisement business. Despite increased competition in South Korea, a number of initiatives during Q2 2024 has led to strong rebound in order volumes over the past few months. The platform business in the Americas achieved adj. EBITDA break-even in June. 

Marie-Anne Popp, interim CFO of Delivery Hero, said: “We have met our goal to deliver strong financial results in line with our 2024 guidance. Our healthy topline growth continued into Q2 2024, and following an adj. EBITDA uplift of €231m YoY, we achieved Free Cash Flow break-even in the first half of 2024. These numbers reflect the effectiveness of our business strategy to drive profitable growth, cash generation, and disciplined capital allocation.”

Positive cash development in H1 2024
Delivery Hero maintained stable cash development during the first half of 2024, combined with a balanced debt maturity profile. After the successful refinancing transaction in H1 2024, which further optimized the Company’s capital structure and improved its debt maturity profile, Delivery Hero continues with a strong liquidity position with EUR 1.8bn in cash and cash equivalents at the end of H1 2024. This includes cash inflows from the divestments of minority shareholdings and proceeds from capital contributions as part of the Taiwan divestment. Part of the proceeds from these capital contributions in the amount of EUR 88m were used in H1 2024 to conduct open market repurchases of convertible bonds.

Delivery Hero prepares to list talabat business in Q4 2024
Delivery Hero today announced that it is preparing a listing of its talabat business, its food delivery and quick commerce business covering countries in the Middle East and North Africa, on the Dubai Financial Market in Q4 2024. Full details in ad hoc announcement here.  

Delivery Hero – Guidance FY 2024

Delivery Hero – Key Performance Indicators Q2 2024³

Note: All numbers presented in this release are unaudited and based on preliminary information.
¹ GMV growth and Total Segment Revenue growth in constant currency and excluding hyperinflationary accounting.

² 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.

³ For Group, Europe, MENA, Americas and Integrated Verticals, revenues and Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the operations in Argentina, Ghana, Lebanon and/or Turkey qualifying as hyperinflationary economies according to IAS 29. RC = Reported Currency / CC = Constant Currency.

⁴ 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.

ABOUT DELIVERY HERO
Delivery Hero is the world’s leading local delivery platform, operating its service in around 70 countries across Asia, Europe, Latin America, the Middle East and Africa. The Company started as a food delivery service in 2011 and today runs its own delivery platform on four continents. Additionally, Delivery Hero is pioneering quick commerce, the next generation of e-commerce, aiming to bring groceries and household goods to customers in under one hour and often in 20 to 30 minutes. Headquartered in Berlin, Germany, Delivery Hero has been listed on the Frankfurt Stock Exchange since 2017 and is part of the MDAX stock market index. For more information, please visit www.deliveryhero.com

MEDIA CONTACT
Corporate Communications
moc.orehyrevilednull@sserp

INVESTOR RELATIONS CONTACT
Christoph Bast
Head of Investor Relations
moc.orehyrevilednull@ri 

DISCLAIMER

This release may contain forward looking statements, 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,” “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. Forward-looking statements are based on the current views, expectations and assumptions of the management of Delivery Hero SE and involve significant known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. 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. Any forward-looking statements included herein only speak as at the date of this release. We undertake no obligation, and do not expect to publicly update, or publicly revise, any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof, whether as a result of new information, future events or otherwise. We accept no liability whatsoever in respect of the achievement of such forward-looking statements and assumptions.

Berlin, 31 July 2024 – Delivery Hero SE (“Delivery Hero”, “the Company” or “the Group”), has today announced a merger to strengthen its market leading food delivery businesses – foodora and Yemeksepeti in Europe and foodpanda business in Asia. 

Together, all three businesses will form the second largest organization within Delivery Hero, and be led by Tareq Barto, currently Chief Operating Officer of talabat at Delivery Hero.  

The new organization will unlock synergies to enable the accelerated growth of the foodora, Yemeksepeti, and foodpanda businesses to support millions of customers across Europe and Asia. The three businesses are powered by Delivery Hero’s Pandora platform technology and the merger will have no impact on their brands’ customers, vendors, and partners. 

The merger is part of the company’s business strategy to maintain profitable growth and expand on its market leadership globally.

The changes will affect some employees. Delivery Hero is committed to meeting all its legal requirements and providing adequate support and care for all affected employees.  

No other Delivery Hero entity or services will be affected by the merger.  

Notes to editors 

Tareq Barto, has diverse global experience, having held leadership roles across the UK, Europe, and the MENA region. He is currently chief operating officer at talabat, one of the leading food delivery platforms in the Middle East. Prior to that, he was Senior Vice President of International Markets at Delivery Hero, responsible for driving value creation across the company’s entities globally.  

About Delivery Hero

Delivery Hero is the world’s leading local delivery platform, operating its service in around 70 countries across Asia, Europe, Latin America, the Middle East and Africa. The Company started as a food delivery service in 2011 and today runs its own delivery platform on four continents. Additionally, Delivery Hero is pioneering quick commerce, the next generation of e-commerce, aiming to bring groceries and household goods to customers in under one hour and often in 20 to 30 minutes. Headquartered in Berlin, Germany, Delivery Hero has been listed on the Frankfurt Stock Exchange since 2017 and is part of the MDAX stock market index. For more information, please visit www.deliveryhero.com.

Media contact

Corporate & Financial Communications

moc.orehyrevilednull@sserp 

Disclaimer

This release may contain forward looking statements, 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,” “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. Forward-looking statements are based on the current views, expectations and assumptions of the management of Delivery Hero SE and involve significant known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. 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. Any forward-looking statements included herein only speak as at the date of this release. We undertake no obligation, and do not expect to publicly update, or publicly revise, any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof, whether as a result of new information, future events or otherwise. We accept no liability whatsoever in respect of the achievement of such forward-looking statements and assumptions.

Berlin, 3 July 2024 – Delivery Hero SE (“Delivery Hero”, “the Company” or “the Group”), the world’s leading local delivery platform, today announced that Benjamin Mann has been appointed as the Company’s new Chief Technology Officer (CTO). Since 2023, Mann has been the Senior Vice President of Engineering at Delivery Hero. 

As the new CTO, Mann will lead the Company’s engineering teams, driving Delivery Hero’s technological advancements. He will continue developing innovative solutions that enhance user experience and align with Delivery Hero’s mission to deliver an amazing experience—fast, easy, and to the customer’s door. 

Niklas Östberg, CEO and Co-Founder of Delivery Hero: “Ben has been a tremendous force behind many of our technological advancements over the last years. With his unique combination of industry experience and vision, we are excited to have him lead the next technological stage in our growth.”

Mann joined foodpanda in 2020 as its Chief Technology Officer; he later became Delivery Hero’s Senior Vice President Engineering in 2023. With over 25 years of experience in the technology industry, including roles as CTO of Traveloka Financial Services and Vice President of Software Engineering, Asia Pacific, at Global Blue, Mann has been at the forefront of innovation throughout his career.   

About Delivery Hero

Delivery Hero is the world’s leading local delivery platform, operating its service in around 70 countries across Asia, Europe, Latin America, the Middle East and Africa. The Company started as a food delivery service in 2011 and today runs its own delivery platform on four continents. Additionally, Delivery Hero is pioneering quick commerce, the next generation of e-commerce, aiming to bring groceries and household goods to customers in under one hour and often in 20 to 30 minutes. Headquartered in Berlin, Germany, Delivery Hero has been listed on the Frankfurt Stock Exchange since 2017 and is part of the MDAX stock market index. For more information, please visit www.deliveryhero.com.

Media contact

Corporate & Financial Communications

moc.orehyrevilednull@sserp 

Disclaimer

This release may contain forward looking statements, 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,” “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. Forward-looking statements are based on the current views, expectations and assumptions of the management of Delivery Hero SE and involve significant known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. 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. Any forward-looking statements included herein only speak as at the date of this release. We undertake no obligation, and do not expect to publicly update, or publicly revise, any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof, whether as a result of new information, future events or otherwise. We accept no liability whatsoever in respect of the achievement of such forward-looking statements and assumptions.

Berlin, 28 June 2024 – Delivery Hero SE (“Delivery Hero”, “the Company” or “the Group”), the world’s leading local delivery platform, has today announced that Marie-Anne Popp will take on the responsibility of interim Chief Financial Officer (CFO), effective from 1st July 2024, reporting to CEO Niklas Östberg. 

Current CFO Emmanuel Thomassin, after more than 10 years with Delivery Hero, is pursuing a professional opportunity outside the Company. He will step down from his position on the Management Board of Delivery Hero effective immediately but remaining as advisor until the end of September. This effectively reduces the size of the management board to two board members for the time being. 

Popp is currently the Senior Vice President of Finance at the Company and as interim CFO, Popp will oversee the Finance function of the company with responsibilities delegated to her. 

Prior to her current position at Delivery Hero, Popp held several senior leadership roles, including SVP Corporate Finance & Strategic Programs at Adidas, and as a CFO covering Emerging Markets at General Electric. During her time at Delivery Hero, Popp has constantly shown strategic vision and leadership. Since joining the Company, she has been instrumental in optimizing Delivery Hero’s financial processes and implementing effective systems to support Delivery Hero’s growth and efficiency. Popp holds a Master of Business Administration from Harvard Business School and a Master of Economics from ESCP Business School.

About Delivery Hero

Delivery Hero is the world’s leading local delivery platform, operating its service in around 70 countries across Asia, Europe, Latin America, the Middle East and Africa. The Company started as a food delivery service in 2011 and today runs its own delivery platform on four continents. Additionally, Delivery Hero is pioneering quick commerce, the next generation of e-commerce, aiming to bring groceries and household goods to customers in under one hour and often in 20 to 30 minutes. Headquartered in Berlin, Germany, Delivery Hero has been listed on the Frankfurt Stock Exchange since 2017 and is part of the MDAX stock market index. For more information, please visit www.deliveryhero.com.

Media contact

Corporate & Financial Communications

moc.orehyrevilednull@sserp 

Investor Relations contact

Christoph Bast

Head of Investor Relations

moc.orehyrevilednull@ri

Disclaimer

This release may contain forward looking statements, 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,” “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. Forward-looking statements are based on the current views, expectations and assumptions of the management of Delivery Hero SE and involve significant known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. 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. Any forward-looking statements included herein only speak as at the date of this release. We undertake no obligation, and do not expect to publicly update, or publicly revise, any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof, whether as a result of new information, future events or otherwise. We accept no liability whatsoever in respect of the achievement of such forward-looking statements and assumptions.

May 14, 2024, SAN FRANCISCO and BERLIN — Uber Technologies, Inc. (NYSE: UBER) and Delivery Hero SE (FSE: DHER) have reached an agreement for Uber to acquire Delivery Hero’s foodpanda delivery business in Taiwan for $950 million in cash. The acquisition of foodpanda Taiwan is subject to regulatory approval and other customary closing conditions and is targeted to close in the first half of 2025. Separately, the companies have also entered into an agreement for Uber to purchase $300 million in newly issued ordinary shares of Delivery Hero.

Until closing, Delivery Hero is dedicated to continue operating foodpanda Taiwan as before, offering the best possible service for its customers and vendors. In the period following closing, foodpanda’s local consumers, merchants, and delivery partners will be transitioned to Uber Eats. 

Due to its existing presence in Taiwan, Uber is best placed to build upon the significant local operations developed by Delivery Hero and foodpanda over the past years, and invest further into an improved experience for consumers, merchants, and delivery partners.

Niklas Östberg, CEO and Co-Founder of Delivery Hero, said: “The strength of our Taiwanese business is a testament to the hard work of many teams over the last eight years. In order to build a world-leading service, we have come to the conclusion that we need to focus our resources on other parts of our global footprint, where we feel we can have the largest impact for customers, vendors and riders. This deal gives foodpanda an exciting runway in Taiwan and we wish them all the best in their next chapter.”

The deal will combine Uber’s global expertise in operating a high-efficiency marketplace with foodpanda’s extensive coverage across Taiwan and its relationships with beloved local brands. The deal will also give consumers greater choice across food types and price points by bringing the complementary groups of merchants on Uber Eats and foodpanda onto a combined platform. 

For example, consumers stand to benefit from the combination of Uber’s wider selection across northern Taiwan and in major urban centers with foodpanda’s comparative strength in southern Taiwan and in smaller cities. Better service for consumers helps drive more orders from merchants, and more orders from merchants means more opportunities for delivery partners to earn. 

Pierre-Dimitri Gore-Coty, Senior Vice President of Delivery at Uber, said: “Bringing together our distinct customer bases, merchant selections, and geographic footprints will allow us to deliver more choices and the best prices for consumers, stronger demand for restaurants, and more earnings opportunities for delivery partners. Taiwan is a fiercely competitive market, where online food delivery platforms today still represent just a small part of the food delivery landscape. We’re so excited about the opportunity to deliver even greater convenience and value that this transaction would unlock in the years ahead.”

Once completed, this deal would be one of the largest ever international acquisitions in Taiwan, outside of the semiconductor industry. Uber’s decision to commit to this considerable increase in its Taiwan investment is a concrete vote of confidence in the continued long-term attractiveness of Taiwan for international companies and investors.

Forward-Looking Statements 

This press release contains forward-looking statements regarding Uber’s future business expectations which involve risks and uncertainties. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “hope,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Uber’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors relate to, among others: risks and uncertainties related to the pending acquisition of foodpanda, including the failure to obtain, or delays in obtaining, required regulatory approvals, any reverse termination fee that may be payable in connection with any failure to close the transaction, the risk that such approvals may result in the imposition of conditions that could adversely affect Uber or the expected benefits of the proposed transaction, or the failure to satisfy any of the closing conditions to the proposed transaction on a timely basis or at all; costs, expenses or difficulties related to the acquisition of foodpanda; failure to realize the expected benefits and synergies of the proposed transaction in the expected timeframes or at all; the potential impact of the announcement, pendency or consummation of the proposed transaction on relationships with Uber’s and/or foodpanda’s employees, merchants, suppliers, delivery partners and other business partners; the risk of litigation or regulatory actions to Uber, Delivery Hero and/or foodpanda; inability to retain key personnel; changes in legislation or government regulations affecting Uber, Delivery Hero or foodpanda; and economic financial, social or political conditions that could adversely affect Uber, Delivery Hero, foodpanda or the proposed transaction.  For additional information on other potential risks and uncertainties that could cause actual results to differ from the results predicted, please see Uber’s most recent annual report on Form 10-K for the year ended December 31, 2023 and subsequent quarterly reports, annual reports and other filings filed with the Securities and Exchange Commission from time to time. All information provided in this release and in the attachments is as of the date of this press release and any forward-looking statements contained herein are based on assumptions that Uber believes to be reasonable as of this date. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to Uber on the date hereof. Uber undertakes no duty to update this information unless required by law.

CONTACTS

For Uber:
moc.rebunull@sserp

For Delivery Hero:
moc.orehyrevilednull@sserp

ABOUT UBER
Uber’s mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 49 billion trips later, we’re building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities.

ABOUT DELIVERY HERO
Delivery Hero is the world’s leading local delivery platform, operating its service in over 70 countries across Asia, Europe, Latin America, the Middle East and Africa. The Company started as a food delivery service in 2011 and today runs its own delivery platform on four continents. Additionally, Delivery Hero is pioneering quick commerce, the next generation of e-commerce, aiming to bring groceries and household goods to customers in under one hour and often in 20 to 30 minutes. Headquartered in Berlin, Germany, Delivery Hero has been listed on the Frankfurt Stock Exchange since 2017 and is part of the MDAX stock market index. For more information, please visit www.deliveryhero.com

*Goldman Sachs & Co. LLC acted as exclusive financial advisor to Uber and UniCredit Bank GmbH acted as financial advisor to Delivery Hero.

Berlin, 19 June 2024 — Delivery Hero SE (“Delivery Hero” or the “Company”), the world’s leading local delivery platform, today announced the election of its Supervisory Board, following its Annual General Meeting (AGM) today.

The Company formally expanded the Supervisory Board from six to eight members, following strong shareholder backing for the Company’s announcement in April, 2024. The increase will add additional skills and expertise to enhance the Company’s strategy and operations in around 70 countries and achieve sustainable long-term growth and profitability. 

All four shareholder representatives nominated to the Supervisory Board on April 29th, 2024 were elected by a majority of shareholders.

The Supervisory Board’s new composition, includes the following shareholder representatives:

• Kristin Skogen Lund, former CEO of Schibsted, elected Chair of the Supervisory Board
• Dr. Martin Enderle, re-elected, ensuring continuity of leadership and facilitating a seamless transition of Chair duties to Ms. Skogen Lund
• Roger Rabalais, CEO of Prosus Food Delivery, assumes the role of chairing the Audit Committee
• Scott Ferguson, Managing Partner of Sachem Head Capital Management, confirmed as a member of the Strategy Committee

Kristin Skogen Lund and Roger Rabalais have been appointed for the next four years, Dr. Martin Enderle for two years, Scott Ferguson for one year. Thereby a staggered board structure will be implemented.

Kristin Skogen Lund, Chair of the Supervisory Board, said: “I’m grateful for the confidence and trust shareholders have shown in electing the reconstituted Supervisory Board of Delivery Hero. Delivery Hero’s leadership in a highly competitive sector is rooted in its distinctive ability to drive global scale with local expertise. Using this unique position, Delivery Hero’s Management and Supervisory Board are on course to greater heights, guided by a commitment to operational excellence, sustainable growth, and shareholder value.”

Three employee representatives nominated by Delivery Hero’s SE works council were also elected as part of the Board’s expansion. Gabriella Ardbo Engarås and Nils Engvall have been re-elected for another four-year term. Isabel Poscherstnikov has joined the employee-elected seats for a four-year term. A fourth employee representative will be elected by the Company’s SE works council. The Company will then apply for the elected employee to be appointed by the court.

Delivery Hero acknowledges the valuable insights and contributions of Jeanette Gorgas and Patrick Kolek, and expresses deep appreciation to Dr. Martin Enderle for his leadership as Chair since the Company’s IPO in 2017. Their efforts, combined with the commitment of our employee-elected members, have been pivotal in navigating Delivery Hero through significant growth and market expansion. These achievements have helped the Company reach profitability and free cash flow breakeven in H2 2023, cementing Delivery Hero’s status as a global leader in the food delivery industry.

Biography of the new shareholder representatives of the Supervisory Board

Joining Martin Enderle on the Supervisory Board the new members will bring a wealth of relevant experience to supervise the Company’s focus on profitability, cash generation and disciplined capital allocation.

Kristin Skogen Lund has spent her career scaling and integrating efficient global organizations in competitive industries. In addition, she brings regulatory expertise, including knowledge of international labor standards, and a close connection to European legislators through her former role as President of the European Tech Alliance. Prior to her latest role at Schibsted, a Norwegian listed media and online retail group, she was Director General of the Confederation of Norwegian Enterprise, EVP at Telenor, CEO of several Schibsted brands, and held positions at The Coca-Cola Company, Unilever and the Norwegian Embassy in Madrid. She served as president of the Confederation of Norwegian Enterprise and as a member of the boards of Ericsson, AutoStore, Adevinta, and Orkla, among others. Most recently, she has been appointed as Chairperson of the INSEAD Board of Directors as of 1 September 2024. She has also been a member of the Global Commission on the Economy and Climate and the ILO Global Commission on the Future of Work and was Chair of Norway’s Pension Reform Committee.

Roger Rabalais has over two decades of experience in the Business-to-Consumer (B2C) technology sector. Prior to his current role as CEO of Food Delivery at Prosus, Rabalais served as the CFO Food and COO of Prosus’ B2C businesses for many years. He previously held longstanding senior leadership positions at eBay. Rabalais sits on the boards of several companies within the Prosus portfolio, including eMAG, Takealot and iFood.

Scott Ferguson is the managing partner and portfolio manager of Sachem Head Capital Management, a value-oriented investment management firm based in New York. Prior to starting Sachem Head in 2012, he spent nine years at Pershing Square Capital Management, which he joined at its inception in 2003. Prior to Pershing Square, Scott earned an M.B.A. from Harvard Business School in 2003 and was a vice president at American Industrial Partners, private equity firm, from 1999 to 2001. Scott was also a business analyst at McKinsey & Company from 1996 to 1999. Scott graduated from Stanford University with an B.A. in Public Policy in 1996. He was formerly on the boards of Olin, Elanco Animal Health, Autodesk and US Foods.

ABOUT DELIVERY HERO
Delivery Hero is the world’s leading local delivery platform, operating its service in around 70 countries across Asia, Europe, Latin America, the Middle East and Africa. The Company started as a food delivery service in 2011 and today runs its own delivery platform on four continents. Additionally, Delivery Hero is pioneering quick commerce, the next generation of e-commerce, aiming to bring groceries and household goods to customers in under one hour and often in 20 to 30 minutes. Headquartered in Berlin, Germany, Delivery Hero has been listed on the Frankfurt Stock Exchange since 2017 and is part of the MDAX stock market index. For more information, please visit www.deliveryhero.com

Media contact

Corporate & Financial Communications

moc.orehyrevilednull@sserp

Investor Relations contact

Christoph Bast

Head of Investor Relations

moc.orehyrevilednull@ri

Disclaimer

This release may contain forward looking statements, 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,” “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. Forward-looking statements are based on the current views, expectations and assumptions of the management of Delivery Hero SE and involve significant known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. 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. Any forward-looking statements included herein only speak as at the date of this release. We undertake no obligation, and do not expect to publicly update, or publicly revise, any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof, whether as a result of new information, future events or otherwise. We accept no liability whatsoever in respect of the achievement of such forward-looking statements and assumptions.

• GMV growth of 8% YoY¹ and Revenue growth of 21% YoY¹. Revenue outlook raised to 18-21% YoY¹ in FY2024 (previously 15-17% YoY¹)
• Gross Profit margin expanded by +60bps YoY to 7.7%
• Glovo made strong strides towards profitability, expecting to deliver positive adj. EBITDA in H2 2024 
• Successful refinancing leaves Company with an ample liquidity of EUR 1.8bn in pro-forma cash² 
• Company continues strategic focus on optimizing geostrategy, rationalizing Dmart portfolio, and furthering global services adoption to streamline cost and performance

Berlin, 25 April 2024 – Delivery Hero SE (“Delivery Hero”, the “Company” or the “Group”), the world’s leading local delivery platform, today announced strong Q1 2024 results, confirming that its strategy  focused on profitable growth, cash generation and disciplined capital allocation continues to yield successful results. The Company achieved strong top-line performance, with GMV growth of 8% YoY¹ and double-digit revenue growth of 21% YoY¹. On the back of the accelerated revenue growth in Q1 2024, the company raised its revenue guidance from previously 15-17%¹ to now 18-21%¹. The Gross Profit margin continued to expand by +60bps YoY to 7.7%. The Company also confirmed that it is fully on track to deliver adj. EBITDA of EUR 725-775m and positive Free Cash Flow in FY 2024. 

In March, Delivery Hero successfully completed a refinancing transaction which further optimized its capital structure and improved its debt maturity profile. With these capital structure optimizations, Delivery Hero has EUR 1.8bn in pro-forma cash². 

Niklas Östberg, CEO and Co-Founder of Delivery Hero, said: “We had a great start to 2024. We continue to execute our plan for profitable growth and cash flow generation, while deepening our focus on building clear leadership positions in our portfolio.”

Glovo and Dmarts make strong strides towards profitability 

Glovo continued to scale towards profitability at a rapid pace, while at the same time continuing to work on extending its market leadership. The company confirmed that Glovo is expected to deliver a positive adj. EBITDA in H2 2024. 

Within the Integrated Verticals segment, the Company continued to optimize its Dmart footprint, reporting 895 in Q1 2024. As a result of this disciplined focus on capital allocation, the Dmart business is expected to approach adj. EBITDA break-even by the end of FY 2024.

Emmanuel Thomassin, CFO of Delivery Hero, said: “The Q1 results underline our path to profitability combined with strong revenue growth leading us to raise our Total Segment Revenue guidance for 2024. We will continue to focus on combining growth and profitability translating to positive cash flow generation.”

Delivery Hero – Guidance FY 2024

Delivery Hero – Key Performance Indicators Q1 2024³

Note: All numbers presented in this release are unaudited and based on preliminary information.
¹ GMV growth and Total Segment Revenue growth in constant currency and excluding hyperinflationary accounting.

² Cash balance as of 31 December 2023 adjusted for divestment of Deliveroo shares, upsize of term loans and repayment of convertible bonds. Excludes restricted cash of €2.2m as of end FY23.

³ For Group, Europe, MENA, Americas and Integrated Verticals, revenues and Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the operations in Argentina, Ghana, Lebanon and/or Turkey qualifying as hyperinflationary economies according to IAS 29. RC = Reported Currency / CC = Constant Currency.

⁴ 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.

ABOUT DELIVERY HERO
Delivery Hero is the world’s leading local delivery platform, operating its service in over 70 countries across Asia, Europe, Latin America, the Middle East and Africa. The Company started as a food delivery service in 2011 and today runs its own delivery platform on four continents. Additionally, Delivery Hero is pioneering quick commerce, the next generation of e-commerce, aiming to bring groceries and household goods to customers in under one hour and often in 20 to 30 minutes. Headquartered in Berlin, Germany, Delivery Hero has been listed on the Frankfurt Stock Exchange since 2017 and is part of the MDAX stock market index. For more information, please visit www.deliveryhero.com

MEDIA CONTACT
Corporate Communications
moc.orehyrevilednull@sserp

INVESTOR RELATIONS CONTACT
Christoph Bast
Head of Investor Relations
moc.orehyrevilednull@ri 

I would like to thank Emmanuel personally and on behalf of the entire Supervisory Board for his tireless efforts and dedication to Delivery Hero. He has undoubtedly been a driving force behind the Company’s financial success and strength during his long tenure as our CFO. Emmanuel leaves Delivery Hero in a strong position and with compelling prospects. We wish Emmanuel well in his future endeavors.

Martin Enderle, Chair of the Supervisory Board

For a decade, Emmanuel has been instrumental in establishing our leadership position and financial strength. His dedication and management have built the Company into the success that we both feel it is today. He now wishes to take on a new challenge, and on behalf of the entire Delivery Hero team, we extend our deepest thanks and wish him the very best.”

Niklas Östberg, CEO and Co-Founder of Delivery Hero

I am very grateful for the privilege of serving Delivery Hero as CFO over the last decade. I am proud of the many achievements we have reached together with so many talented leaders across our global organization. Delivery Hero’s position in its strategic markets and its financial strength form a great base to continue the impressive trajectory of the Company.

Emmanuel Thomassin, departing CFO

Thomassin played an instrumental leadership role in the Company’s conversion into a stock corporation listed on the Frankfurt Stock Exchange in 2017. He was a core driver of the Company’s M&A expansion strategies over the course of the last ten years. Thomassin also brought the Group to its most recent major financial milestone in 2023, having reached its Free Cash Flow breakeven point.

ABOUT DELIVERY HERO
Delivery Hero is the world’s leading local delivery platform, operating its service in over 70 countries across Asia, Europe, Latin America, the Middle East and Africa. The Company started as a food delivery service in 2011 and today runs its own delivery platform on four continents. Additionally, Delivery Hero is pioneering quick commerce, the next generation of e-commerce, aiming to bring groceries and household goods to customers in under one hour and often in 20 to 30 minutes. Headquartered in Berlin, Germany, Delivery Hero has been listed on the Frankfurt Stock Exchange since 2017 and is part of the MDAX stock market index. For more information, please visit www.deliveryhero.com

MEDIA CONTACT

Roberto Ludwig Japon Treffler
Corporate Communications
+49 175 98 42 933
moc.orehyrevilednull@sserp

INVESTOR RELATIONS CONTACT
Christoph Bast
Head of Investor Relations
+49 160 30 13 435
moc.orehyrevilednull@ri 

When reconfirming ongoing discussions on February 2, 2024, Delivery Hero remained optimistic that it would reach agreeable terms for signing with the main negotiating counterpart. At that time, the Company believed it had reached an alignment with the potential buyer on the fundamental terms regarding the sale of the business. However, Delivery Hero took the decision to withdraw from negotiations as this is no longer the case.

The strength of our APAC business has become evident during the last quarters as the region reached an inflection point in 2023. We believe the region remains strongly positioned to drive profitable growth at scale. The decision to terminate negotiations after months of discussions was taken after careful consideration.

Niklas Östberg, CEO and Co-Founder of Delivery Hero

As always, the Company will remain open to M&A and will continue to assess potential strategic alternatives. However, Delivery Hero will only proceed with negotiations where it can create value for shareholders with high certainty of closing. Delivery Hero continues to exercise a disciplined investment policy aimed at maximizing profitable growth and Free Cash Flow generation in its operations.

Delivery Hero’s FY 2024 guidance, provided with its Q4 2023 Trading Update, excludes any M&A activities. Consequently, this announcement does not have any impact on the Company’s guidance it set out for 2024 or its Free Cash Flow expectations for the medium term.

ABOUT DELIVERY HERO
Delivery Hero is the world’s leading local delivery platform, operating its service in over 70 countries across Asia, Europe, Latin America, the Middle East and Africa. The Company started as a food delivery service in 2011 and today runs its own delivery platform on four continents. Additionally, Delivery Hero is pioneering quick commerce, the next generation of e-commerce, aiming to bring groceries and household goods to customers in under one hour and often in 20 to 30 minutes. Headquartered in Berlin, Germany, Delivery Hero has been listed on the Frankfurt Stock Exchange since 2017 and is part of the MDAX stock market index. For more information, please visit www.deliveryhero.com

DISCLAIMER

This release may contain forward looking statements, 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,” “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. Forward-looking statements are based on the current views, expectations and assumptions of the management of Delivery Hero SE and involve significant known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. 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. Any forward-looking statements included herein only speak as at the date of this release. We undertake no obligation, and do not expect to publicly update, or publicly revise, any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof, whether as a result of new information, future events or otherwise. We accept no liability whatsoever in respect of the achievement of such forward-looking statements and assumptions.

• Successful execution on the growth strategy with a strong focus on profitability, cash generation and disciplined capital allocation
• Fully delivered on its FY 2023 guidance. Adj. EBITDA reached EUR 253.3 million¹
• Achieved Free Cash Flow break-even during H2 2023¹. Cash and cash equivalents amounting to EUR 1.7 billion at the end of FY 2023 

Outlook

• In 2024, expects GMV growth of 7-9% YoY², Total Segment Revenue growth of 15-17% YoY², an adj. EBITDA of EUR 725-775 million and a positive Free Cash Flow¹ 
• Expects to generate substantial future cash flows that will exceed upcoming debt maturities

Berlin, 14 February 2024 – Delivery Hero SE (“Delivery Hero”, the “Company” or the “Group”), the world’s leading local delivery platform, today released its Q4 2023 results, reaffirming that it had hit all of its ambitious targets for Q4 and FY 2023. The Company saw a GMV growth of 7% YoY² and Total Segment Revenue growth of 16% YoY in Q4², as well as reporting an adj. EBITDA margin of 1.1% in H2 2023¹. This implies an adj. EBITDA uplift of more than EUR 870 million in FY 2023¹. The Group also confirmed that it had reached Free Cash Flow Break-even during H2 2023¹.

Niklas Östberg, CEO and Co-Founder of Delivery Hero, said: “2023 was a landmark year for Delivery Hero as we saw our commitment to a rational growth strategy pay off. We have proven that we can significantly improve profits and cash flows while building on our category leadership. Thanks to the team for all of the great progress we have made towards our goals.”

Platform business sees unprofitable markets mature 

Detailing the profitability trajectory, Delivery Hero announced that around 75% of the Platform business is profitable in FY 2023, close to 10 percentage points above 2022, with the profitable Platform business generating an annualized adj. EBITDA of more than EUR 1.3 billion in Q4 2023. Meanwhile, the adj. EBITDA margin of the unprofitable Platform business is performing ahead of expectations. The majority of these markets are at an early stage and experiencing significant growth, with the Company expecting them to move into profitability in the coming quarters. 

Dmart profitability trajectory continues

Delivery Hero continued doubling down on the customer value proposition of its Dmarts, prioritizing improved choice by increasing inventory (SKUs) across all units. With this emphasis on consumer experience, the Company saw the continuation of the profitability trajectory of its Integrated Verticals segment, which is predominantly made up of Dmarts.  In particular, negative adj. EBITDA margin improved by approximately 60% YoY during Q4 2023, demonstrating a clear path to sustainable profitable growth. 

Emmanuel Thomassin, CFO of Delivery Hero, said: “We started 2024 in a strong position to achieve our ambitious adjusted EBITDA and Free Cash Flow targets. We are confident we will deliver substantial future cash flows that will exceed upcoming debt maturities.” 

2024 guidance

With this quarterly release, Delivery Hero confirms the guidance given in its preliminary results, which were released on 5 February 2024. Most significantly, the Group expects an adj. EBITDA of EUR 725-775 million and positive Free Cash Flow¹ in FY 2024.

Delivery Hero – Guidance FY 2024

Delivery Hero – Key Performance Indicators Q4 & FY 2023⁴

Note: All numbers presented in this release are unaudited and based on preliminary information. These figures may be adjusted based on the ongoing audit procedures to the 2023 combined management report and IFRS consolidated financial statements. The full financial results for FY 2023 will be published in the 2023 Annual Report.

Given the extraordinary devaluation of the Argentine Peso by more than 50% in December 2023 and the application of hyperinflationary accounting standards according to IAS 29, the Group was facing an hyperinflation impact of around EUR 550 million on GMV and of around EUR 180 million of Segment Revenue in Argentina in Q4 2023. Thus, including hyperinflation Group GMV grew by 5.5% YoY in FY 2023 and Total Segment Revenue grew by 13.8% YoY in constant currency in FY 2023.

¹ Adj. EBITDA and Free Cash Flow in reported currency and including hyperinflationary accounting. Free Cash Flow is calculated as cash flow from operations (changes in working capital exclude receivables from payment service providers and restaurant liabilities) less capital expenditures (CapEx) and payment of lease liabilities. Free Cash Flow excludes interest income and expense.
² GMV growth and Total Segment Revenue growth in constant currency and excluding hyperinflationary accounting.

³ Gross Profit after deduction of delivery costs, store related expenses, supply chain costs, promotions and vouchers and excluding hyperinflationary accounting.

⁴ For Group, Europe, MENA, Americas and Integrated Verticals, revenues and Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the operations in Argentina, Ghana, Lebanon and/or Turkey qualifying as hyperinflationary economies according to IAS 29. RC = Reported Currency / CC = Constant Currency.

⁵ 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.

ABOUT DELIVERY HERO
Delivery Hero is the world’s leading local delivery platform, operating its service in over 70 countries across Asia, Europe, Latin America, the Middle East and Africa. The Company started as a food delivery service in 2011 and today runs its own delivery platform on four continents. Additionally, Delivery Hero is pioneering quick commerce, the next generation of e-commerce, aiming to bring groceries and household goods to customers in under one hour and often in 20 to 30 minutes. Headquartered in Berlin, Germany, Delivery Hero has been listed on the Frankfurt Stock Exchange since 2017 and is part of the MDAX stock market index. For more information, please visit www.deliveryhero.com

MEDIA CONTACT
Isobel Hambleton
Corporate Communications
+49 151 57 01 76 25
moc.orehyrevilednull@sserp

INVESTOR RELATIONS CONTACT
Christoph Bast
Head of Investor Relations
moc.orehyrevilednull@ri 

Berlin, 5 February 2024 – Delivery Hero SE (“Delivery Hero”, the “Company” or the “Group”), the world’s leading local delivery platform, today publishes preliminary results for Q4 2023 and FY 2023, confirming that it has delivered on all guidance parameters for FY 2023.

Niklas Östberg, CEO and Co-Founder of Delivery Hero, said: “We had a very strong ending to 2023. We have delivered on the commitments in our full year guidance, reaching key milestones and surpassing the Free Cash Flow break-even point. We remain fully committed to executing our strategic roadmap focused on profitable growth, cash generation and disciplined capital allocation in 2024 and beyond.”

Group GMV growth in-line with FY 2023 guidance and driven by healthy order growth 

Group GMV grew by 6.7% YoY to EUR 12.3 billion in Q4 2023 and by 6.8% to EUR 47.6 billion in FY 2023, meeting the 5-7% GMV guidance range for FY 2023³. Total Segment Revenue increased by 15.7% YoY to EUR 3.0 billion in Q4 2023 and by 15.7% to EUR 11.1 billion in FY 2023, fully in-line with the guidance of “around 15% YoY”³. The strong result was driven by healthy order growth in many of our geographies.

Adjusted EBITDA met expectations and gained momentum in second half of the year

Adj. EBITDA exceeded EUR 250 million in FY 2023, implying an adj. EBITDA uplift of more than EUR 870 million compared to FY 2022. This amounts to an adj. EBITDA/GMV margin of 1.1% in H2 2023 and 0.6% in FY 2023 (including the negative impact from hyperinflationary accounting), both in-line with our guidance. 

Free Cash Flow break-even achieved and material improvement compared to prior year 

In addition, Delivery Hero reached Free Cash Flow break-even during H2 2023 and improved the Free Cash Flow development in H2 2023 by more than EUR 330 million YoY. In H2 2023, Delivery Hero generated Free Cash Flow of between EUR -0.1 billion and EUR 0.0 billion and cash flow from other activities (including M&A related payments and interest) of EUR -0.2 billion. At the end of FY 2023, cash and cash equivalents amounted to EUR 1.7 billion.

Guidance for FY 2024

For FY 2024, Delivery Hero anticipates Group GMV growth of 7-9% YoY³, Total Segment Revenue growth of 15-17% YoY³ and an adj. EBITDA of EUR 725-775 million². Furthermore, Delivery Hero expects to generate a positive Free Cash Flow for FY 2024². This guidance is based on Delivery Hero’s current  Group structure.

All numbers presented in this release are unaudited and based on preliminary information. Delivery Hero will publish its additional preliminary numbers for Q4 2023 in its Trading Update in combination with a conference call as previously scheduled on February 14, 2024. 

Delivery Hero – Guidance FY 2024

Delivery Hero – Key Performance Indicators Q4 & FY 2023⁴

Note: Given the extraordinary devaluation of the Argentine Peso by more than 50% in December 2023 and the application of hyperinflationary accounting standards according to IAS 29, the Group was facing an hyperinflation impact of around EUR 550 million on GMV and of around EUR 180 million of Segment Revenue in Argentina in Q4 2023. Thus, including hyperinflation Group GMV grew by 5.5% YoY in FY 2023 and Total Segment Revenue grew by 13.8% YoY in constant currency in FY 2023.

¹ All numbers presented in this release are unaudited and based on preliminary information. These figures may be adjusted based on the ongoing audit procedures to the 2023 combined management report and IFRS consolidated financial statements. The full financial results for FY 2023 will be published in the 2023 Annual Report.

² Adj. EBITDA and Free Cash Flow in reported currency and including hyperinflationary accounting. Free Cash Flow is calculated as cash flow from operations (changes in working capital exclude receivables from payment service providers and restaurant liabilities) less capital expenditures (CapEx) and payment of lease liabilities. Free Cash Flow excludes interest income and expense.
³ GMV growth and Total Segment Revenue growth in constant currency and excluding hyperinflationary accounting.

⁴ For Group, Europe, MENA, Americas and Integrated Verticals, revenues and Gross Merchandise Value (GMV) as well as the respective growth rates are impacted by the operations in Argentina, Ghana, Lebanon and/or Turkey qualifying as hyperinflationary economies according to IAS 29. RC = Reported Currency / CC = Constant Currency.

⁵ 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.

ABOUT DELIVERY HERO

Delivery Hero is the world’s leading local delivery platform, operating its service in over 70 countries across Asia, Europe, Latin America, the Middle East and Africa. The Company started as a food delivery service in 2011 and today runs its own delivery platform on four continents. Additionally, Delivery Hero is pioneering quick commerce, the next generation of e-commerce, aiming to bring groceries and household goods to customers in under one hour and often in 20 to 30 minutes. Headquartered in Berlin, Germany, Delivery Hero has been listed on the Frankfurt Stock Exchange since 2017 and is part of the MDAX stock market index. For more information, please visit www.deliveryhero.com

MEDIA CONTACT
Isobel Hambleton
Corporate Communications
+49 151 57 01 76 25
moc.orehyrevilednull@sserp

INVESTOR RELATIONS CONTACT
Christoph Bast
Head of Investor Relations
+49 160 30 13 435
moc.orehyrevilednull@ri

DISCLAIMER

This release may contain forward looking statements, 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,” “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. Forward-looking statements are based on the current views, expectations and assumptions of the management of Delivery Hero SE and involve significant known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. 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. Any forward-looking statements included herein only speak as at the date of this release. We undertake no obligation, and do not expect to publicly update, or publicly revise, any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent t