Company Update

February 2020
 Introduction to
Takeaway.com

2 | February 2020 | Company Update

Experienced founder led-management team

Jitse Groen Brent Wissink Jörg Gerbig

Founder & Chief Executive Officer Chief Financial Officer Chief Operating Officer
Founded Takeaway.com in 2000 Joined Takeaway.com in 2011 Founded Lieferando.de in 2009

Experience Experience Experience

3 | February 2020 | Company Update

 Creation of the leading online food marketplace in Europe and Israel
Prime Ventures & BGMenu.com1 Listing at London
Macquarie Capital €74m Oliviera.ro1 Stock Exchange
Prime Lieferando.de1 Foodarena.ch (“JET”)
Lieferservice.at Lieferservice.ch Ventures €13m Pyszne.pl1 10bis.co.il1 Just Eat 2
2008 2010 2012 2014 2018 2020

2000

Thuisbezorgd.nl

2007 2009 2011 2013 2016 2019

Lieferservice.de Introduction of Name change to Pizza.lu Pizza.pt Lieferheld.de1
Pizza.be iPhone/Android App Takeaway.com Justeat.be1 Pizza.de1
Just-eat.nl1 Foodora.de1
Food-express.com
TanteBep.nl1
Resto-in.be
Resto-in.de
IPO at Euronext Amsterdam
(“TKWY”)
1 Acquisition
2 Combination

4 | February 2020 | Company Update

What do we do?

5 | February 2020 | Company Update

“One company, one brand and one IT platform”

Single brand identity strategy “One company” approach results into increased efficiency

6 | February 2020 | Company Update

Powerful network effects…
13.2 1

19.5m

53.0k 159.2m

1 The number of Orders by a Returning Active Consumer during the period divided by the average number of Returning Active Consumers (where “Returning Active Consumer” is defined as Active Consumers who have ordered more than once) through the Takeaway.com platform in the preceding 12 months as at 31 December 2019. The 2019 Order
frequency of Returning Actives aggregated for the acquired German Businesses.

7 | February 2020 | Company Update

… Demonstrated in our KPIs

Orders per Returning Active Consumer Orders per restaurant1

Active Consumers1 Restaurants

8.9m +29% 11.5m +23% 14.1m +38% 19.5m 27.5k +4.3k 31.8k +11.9k 43.8k +9.2k 53.0k

% of Active Consumers that order more than once1

3,002
57% 59% 62% 66%

2,310
2,145
1,791
13.2 2

11.4
10.5 10.7

2016 2017 2018 2019 2016 2017 2018 2019

1 Orders per average restaurants at the end of period and 12 months preceding as at 31 December 2019.
2 Annualised by aggregating the acquired German Businesses from the preceding 12 months as at 31 December 2019.

8 | February 2020 | Company Update

Sticky user base

Stable cohorts result in highly predictable revenues Majority of orders from existing cohorts
Cumulative orders per consumer by monthly cohort1,2 Order split by cohort1,2

Orders from
2019 new
consumers

2019

2018 Orders from

2018 new
consumers
2017
Orders from
2016 2017 new
consumers

2015 Orders from 2017

Orders from new consumers
2016 new
2014 consumers

Orders from 2015

2013 new consumers
Orders from 2014 new
consumers
2012
Orders from pre 2012
new consumers

0 12 24 36 48 60 72 84 96 Months 2015 2016 2017 2018 2019

Source: Company information

1 Represents The Netherlands, Germany, Belgium, Austria and Poland since January 2012.
2 Cohort refers to consumers grouped by the calendar year in which they each first placed an order with Takeaway.com.

9 | February 2020 | Company Update

Takeaway.com’s
Leading Markets
 Leader in online food delivery marketplaces in Europe and Israel1

Active Consumers Orders Restaurants GMV

19.5m 159.2m 53.0k €3.0bn

(+38% growth) (+70% growth) (+21% growth) (+70% growth)

Netherlands Germany Belgium Austria Poland Israel Rest2

Takeaway.com
GMV, €m
814 1452 185 151 169 239 32

GMV YoY
Growth
+21% +118% +36% +23% +42% n.a. +98%

Leading position Top 3 position

1 Management estimates.
2 Represents Bulgaria, Romania, Portugal and Luxembourg.

11 | February 2020 | Company Update

Strong European presence in Leading Markets1

Takeaway.com brands
#2 (marketplace in Austria)
Netherlands
#2 (marketplace in Poland)

Germany Poland

Belgium

Austria

Source: Company Analysis as at 07 January 2020

¹ The coloring of the areas refers to the player with the largest number of online and active restaurants in the relevant delivery area (based on zipcode); where an area is striped with two colors, it means the two relevant players have an equal number of restaurants in that delivery area. Leading
Markets refer to The Netherlands, Germany, Belgium, Austria, Poland and Israel. In the map above only Continental Europe is shown.

12 | February 2020 | Company Update

Takeaway.com is unlocking a massive opportunity in Leading Markets

Total food delivery in Leading Markets1,2 Food delivery market1,2

Total food delivery in Leading Markets1
Germany c. €13.4bn
€7.0bn Poland
€1.6bn
Netherlands
€1.8bn

Belgium
€1.1bn

Takeaway.com
Austria GMV
€1.0bn c. €3.0bn

Israel
€0.9bn

Source:
1 Leading Markets refers to the six largest markets in which Takeaway.com believes that it has established a market leading position, being the Netherlands, Germany, Belgium, Austria, Poland and Israel.
2 Management estimates.

13 | February 2020 | Company Update

Significant penetration upside

Population aged 15+1 14.5m 71.8m 9.5m 7.6m 32.2m 6.5m 142.1m

100% 100%

31%

13% 12% 13%

12%
8%
5%

2
Netherlands Germany Belgium Austria Poland Israel Takeaway.com
Leading Markets
Takeaway.com Active consumers

Source:
1 Eurostat population census data as at 1 January 2019. Eurostat demographic distribution data for 2018. Takeaway.com intends to address only customers of 16 year and older, however, Eurostat only provides an overview of the population aged 15 and older.
2 Population census data as at October 2019, Israel Central Bureau of Statistics.

14 | February 2020 | Company Update

Web share trend for our brand across Leading Markets

Google trends web search interest1

1st Netherlands 1st Germany 1st Austria 1st Belgium 1st Poland 1st Israel

99 100
96 100 100
89 100 100
100 100 100 83
80 80 80
80 80 80
55 60 60 60
60 60 60
40 40 20 40
40 40 40 17
12 20 5 20 20
20 20 20 20
1
0 1 0 0 0 0
0

2 3
²

#2 (marketplace) #2 (marketplace) #2 (marketplace) #2 (marketplace)

#3 (marketplace) #3 (marketplace)

Source:
1 Google Trends for the period January 2004 up to and including December 2019, retrieved on 5 January 2020.
2 Rebranded from Lieferservice.at to Lieferando.at in October 2019.
3 Rebranded from Pizza.be to Takeaway.com in February 2017.

15 | February 2020 | Company Update

Financial overview
Strong compounded growth

Active Consumers (m) 1

Orders (m) GMV (€m)

2019 2019 2019

Y-o-Y Y-o-Y Y-o-Y
19.5 159.2 3041

+73%
5.4 +26% 51.7
775
+81%
14.1

11.5 93.9 1787

4.3
+118%
3.0
68.3 28.6 +113% 1313
448 1,452
9.6 +66% 69.5

16.9 281
5.8
665
5.0 32.6
23.9 480

+16% +21%
4.0 4.5 +12% 32.7 38.0 674
814
3.5 27.4 552

2017 2018 2019 2017 2018 2019 2017 2018 2019

Netherlands Germany Other Leading Markets

17 | February 2020 | Company Update

Evolution of key performance indicators

Netherlands Germany Other Leading Markets

69.5
51.7

38.0 32.6
32.7 28.6
27.4 23.9
Orders 16.9
m

2017 2018 2019 2017 2018 2019 2017 2018 2019

1,452

814 776
674 665
552 480
GMV 448
€m 281

2017 2018 2019 2017 2018 2019 2017 2018 2019

210.9

120.7
98.3 95.2
86.0
Gross 74.4
57.9 55.7
Revenue1 34.2
€m

2017 2018 2019 2017 2018 2019 2017 2018 2019

CAGR’s are calculated over the reported three years.

1 Not adjusted for voucher expenses under IFRS 15.

18 | February 2020 | Company Update

Strong compounded growth

Driving Revenue Growth Across Markets Increasing Commission Rates

Gross Revenue1 (€m) Average Commission Rate

Y-o-Y Growth
14.0%
426.8

+71% 12.0%
95.2

10.0%

240.0 8.0%
+145%
210.9
55.7
6.0%
166.5
34.2
86.0 4.0%
57.9

+23% 2.0%
120.7
98.3
74.4

0.0%
2017 2018 2019 Netherlands Germany Other Leading Markets Average

Netherlands Germany Other Leading Markets 2015 2016 2017 2018 2019

Source: Company information

1 Not adjusted for voucher expenses under IFRS 15.

19 | February 2020 | Company Update

Profitable business model

Adjusted EBITDA (€m) Marketing and Scoober main driver of group profitability1,2
100%
Revenues 73%
49%
Gross
54% 59 margin
53 37%
EBITDA
58% Cost of sales margin
43 (27%) pre-marketing 3%
63% Adjusted
35 Opex ex. EBITDA
63% marketing margin
26 (36%)

Marketing
(34%)
12
5

(12) (14)
(14)
(11) 49% Adjusted EBITDA margin in the Netherlands1,3
(18)
(24) 100%
(29) (28) (28) 81%
Revenues
Gross
margin 62%
(37) EBITDA
(39) 49%
margin Adjusted
(47) Cost of sales pre-marketing EBITDA
(52) (19%) margin
Opex ex.
Netherlands Germany Other Leading Group marketing Marketing
Markets (19%) (13%)
% Adjusted EBITDA margin 2015 2016 2017 2018 2019
(Netherlands)

1 Full year 2019

2 Adjusted for voucher expenses under IFRS 15
3 Not adjusted for voucher expenses under IFRS 15

20 | February 2020 | Company Update

Clear and defined strategy positioning the company for future growth

Maintain and expand market leadership

Continue to enhance brand awareness across countries

Further enhance the technology platform and mobile applications to drive adoption

Improve profitability

Maintain disciplined portfolio management

Further develop Scoober in selected markets

21 | February 2020 | Company Update

Key Highlights

● Leading online food delivery Marketplace in Continental Europe

● Strong brand awareness in each leading market focused on a single brand per country
● Powerful network effects that drive sustainable leadership and profitability
● ”One company, one brand and one IT platform” approach
● Highly scalable, secure, global technology platform
● Company leading to strong consumer engagement and monetisation
● Fast growing, highly recurring and predictable consumer base and revenues
● Attractive unit economics with proven profitability
● Experienced founder-led management

22 | February 2020 | Company Update

 Appendix:
Additional materials
 Disclaimer

This document contains certain forward-looking statements with respect to the financial position and results of Takeaway.com’s activities. Any statements
contained herein that are not statements of historical fact are forward-looking statements. Some of the forward-looking statements may be identified by words like
“expects”, "anticipates", "plans", "intends", "projects", "indicates" and similar expressions. We have based these forward-looking statements on our current
expectations and projections about future events, including numerous assumptions regarding our present and future business strategies, operations and the
environment in which we will operate in the future. Forward-looking statements are not guarantees of future performance and involve a number of risks,
uncertainties and assumptions. Although we believe that the expectations reflected in such forward looking statements are based on reasonable assumptions, our
actual results and performance could differ materially from those set forth in the forward looking statements.

No statement in this presentation is intended to be a profit forecast.

Statements regarding market share, including Takeaway.com's competitive position, contained in this document are based on outside sources such as specialised
research institutes, industry and dealer panels in combination with management estimates.

The forward-looking statements contained herein speak only as of the date they are made. We do not assume any obligation to update any public information or
forward-looking statement in this document to reflect events or circumstances after the date of this document, except as may be required by applicable laws.

You will be solely responsible for your own assessment of the market and the market position of Takeaway.com and you will conduct your own analysis and be
solely responsible for forming your own view of the potential future performance of Takeaway.com’s business.

This document does not constitute or form part of, and should not be constructed as, an offer or invitation to subscribe for or purchase any Takeaway.com
securities.

24 | February 2020 | Company Update