Delivery Hero Se Unsp/Adr

Welcome to the Delivery Hero Q3 2025 Trading Update. Today's presentation will be followed by a Q&A session. For those of you who have joined the Zoom webinar, you can use the raise hand function at the bottom of your Zoom screen at any time to join the queue to ask a question, and you will be called upon during the Q&A session. If you have dialed in, please press star 9 to enter the queue. If you want to withdraw your question, please lower your hand using the raise hand function in the Zoom app or via the telephone, press star nine. I will now hand over to Christoph Burst, Head of Investor Relations, to begin the presentation.

Hello and welcome everyone. Thank you very much for joining our Q3 2025 earnings call. Joining me on this call today are Niklas Oestberg, CEO and Marianne Popp, CFO at Delivery Hero. And together they will present the key highlights of our Q3 2025 results. Following the presentations, we will be delighted to address any questions you might have. And now over to you, Niklas.

Thank you, Christoph, and welcome, everyone, and thank you for listening in. We have a solid quarter behind us and enter Q4 with momentum. We have returned to order growth in Korea. We have excellent numbers in Saudi Arabia and very strong development in our multivertical offering. This current development gives us confidence to accelerate our strategy. We will be focusing our investments in three key areas, expanding our multivertical offering, enhancing our customer value proposition, invest in strategically important markets. We have confidence this is the right strategy to build on our momentum and drive sustainable long-term value. Later in the call, we will share more specific areas where we plan to lean in. Now let's start with an update on our global technology platform, which represents our greatest strength and a key differentiator in our industry. What makes our global platform unique is that it is a single unified platform across 65 countries, exactly like Uber, Eats or DoorDash, with the important difference that we have enabled deeper localization for multiple brands across all verticals. This platform provides world-class logistics, ad tech, customer service, AI personalization, search, payments, quick commerce, partner integrations, and much more. Last quarter, we finished the integration of Glovo, demonstrating the power of our platform with significant operational improvements reflected in a better customer experience, increased delivery efficiency, and a stronger advertisement business. With the ongoing integration of OVA, we are working on the integration of the last brand to our global platform. The first regions in South Korea have already been migrated with promising results, such as significantly increasing the numbers of deliveries per rider per hour, while still delivering slightly faster, which point to significant delivery efficiencies. that leads to higher rider earnings while also lowering costs for us and vendors. While business enablers are fully globalized, our global platform also allows for unprecedented deep localization of the customer experience. This enables us to fully embrace uniquely local customer preferences without any global one size fits all compromises. leveraging our leading local heritage brands much better and faster than our competitors. To give you some examples, we are offering a fully customized Ramadan experience in Mina, curbside pickup in KSA, special student discounts in Greece, a customer loyalty program in Turkey, group ordering in APAC, and so much more. It is this unique combination of fully globalized business enablers and deep localization of customer experience that is the heart of our platform's competitive edge. Another pillar of competitiveness that we have been building for some time is AI personalization. We firmly believe in end-to-end personalization. We want to offer a customer experience that is individually optimized and curated for each specific customer. Those becoming much more relevant, inspiring and engaging than any unpersonalized experience. Over the last two years, we have developed a proprietary global AI personalization platform that leverages state-of-the-art AI algorithms to process all of customer, vendor, and product information, continuously learn how to personalize the experience for each individual customer. With millions of customers in around 65 countries, every day, this platform processes more than 10 trillion features. The result is that all relevant aspects of our customer journey and our apps are becoming personalized. That goes for search results, recommendations, deals and promotions, ads, delivery fees, vendors, and product lists, and so much more. This end-to-end AI personalization of the customer experience leads to significantly increased conversion rates, higher average order volumes and improved customer lifetime values. But the deployment of AI has also been impactful when it comes to cost. If we move to the next page, here we can see that we are laser focused on improving our operational leverage by increasing efficiency through deploying AI automations. It's fully integrated throughout our business and constantly improving our performance. Over time, we have reduced SG&A and marketing costs as a percentage of GME from 7.2% in Q1 2023 to 6.0% in Q3 2025, reflecting measurable efficiencies and smarter marketing spend. Looking at the ratio G&A, including research and development costs, to G&V, we are now world-leading GME. in our peer group. This improvement is supported by our AI and automation roadmap, which began in 2023 with self-service for customers, vendors, and riders. In 2024, we introduced co-pilots for service agents and productized incentives. By end of 2025, we will have implemented vendor-funded deal optimization and AI content optimization. And finally, in 2026, we will focus on agentic services and sales, along with AI-driven incentive optimizations. These steps position us for sustained margin expansion through automation and personalizations. Let me now hand over to Marianne, who will guide us through the financial highlights.