Deliveroo : Annual Financial Report

DELIVERING VALUE

ANNUAL REPORT 2023

STRATEGIC REPORT

GOVERNANCE REPORT

FINANCIAL STATEMENTS

Our mission

At Deliveroo our mission is to transform the way people shop and eat, bringing the neighbourhood to their doors by connecting consumers, restaurants, shops and riders.

Strategic Report		Governance Report
01	At a glance	77	Governance at a glance
02	Group highlights	78	Chair's introduction to
03	Key financial highlights			governance
04	Founder and Chief Executive	80	Board of Directors
	Officer's letter	83	Governance Report
10	Investment case	91	Nomination Committee Report
12	Chair's letter	94	Audit and Risk Committee Report
14	Business model	102	Directors' Remuneration Report
16	Strategy	128	Directors' Report
20	Key performance indicators	134	Directors' Responsibilities
25	Stakeholder statement			statement

1. Section 172(1) Statement

1. Sustainability review

1. People

1. Operating and strategic review

1. Financial review

1. Share information

58 Risk management and our principal risks

67 Task Force on Climate-related Financial Disclosures statement

1. Viability statement
2. Non-financialand Sustainability information statement

Financial Statements

135 Independent Auditor's Report

1. Consolidated income statement and statement of comprehensive loss
2. Consolidated statement of financial position
3. Consolidated statement of changes in equity
4. Consolidated statement of cash flows
5. Notes to the consolidated financial statements

177 Parent Company balance sheet

1. Parent Company statement of changes in equity
2. Notes to the financial statements

1. Five-yearfinancial summary
2. Glossary

187 Glossary - Alternative Performance Measures

189 Company and shareholder information

STRATEGIC REPORT

GOVERNANCE REPORT

FINANCIAL STATEMENTS

At a glance

Our business is a hyperlocal three-sided online marketplace

What we do

We connect consumers, riders and merchants across local markets to bring people the food and products they love.

We are a global online platform, yet a very local business. Our consumers, riders and merchants live and operate within their local neighbourhoods. Through our sophisticated logistics technology, we unlock a wealth of hyperlocal choice, at the right price, with fast and reliable delivery.

Consumers

Riders	Merchants (Restaurants,
	Grocers, and Retailers)

Who we partner with

Restaurants

We work with some of the largest and best known restaurants in each of our markets. Our partners span four key segments: global quick service restaurants; national casual dining chains; independent full-service restaurants; and takeaways.

Grocery

We partner with some of the largest grocery retailers in the world, as well as a large number of small independent grocers.

Retail

In November 2023 we launched our non-food retail offering, Deliveroo 'Shopping', where we work with large and small merchants in categories such as flowers, DIY, homeware, electrical goods and health and beauty.

Advertising

We enable restaurant, grocery and retail partners to advertise on our platform. These partners range from small single sites to global enterprise companies. We also work with partners in FMCG and entertainment (e.g. travel, TV and music) who want to tap into our audience.

Where we do it

We manage our business on a geographic basis. Our 10 markets are split into two geographical segments: the UK and Ireland ('UKI') and International, comprising our business in Continental Europe, Asia and the Middle East.

Our business split by geographic segment (% of GTV*)

UKI - 59%

UK

Ireland

International - 41%

France

Italy

Belgium

Hong Kong

Singapore

UAE

Kuwait

Qatar

• To supplement performance assessment, Deliveroo uses alternative performance measures ('APMs'), which are not defined under IFRS.
  The first instance of each APM is indicated with an asterisk (*); definitions and further details are provided on page 187.

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Group highlights

CVP enhancements

Throughout 2023 we made significant progress developing our consumer value proposition ('CVP'). We launched a 'premium' delivery option, allowing consumers to pay a small

fee to guarantee that their order is brought directly to them, ahead of any other order.

We also rolled out top-up grocery functionality that enables consumers to top up their restaurant order with a grocery order through the order tracking page. We continued to enhance the selection available to consumers, adding more merchant supply to the platform and taking the total number of restaurant, grocery and retail partners to around 183,000. We also expanded delivery radii in certain zones to improve selection for consumers and allow merchants to reach more consumers.

183,000 merchants

vs 176,000 at the end of 2022

Service improvements

Service improvements and defect reduction was a key Company priority in 2023. While the overwhelming majority of orders goes smoothly, a small percentage goes wrong, which can be a real trust-buster for consumers. Eliminating defects can drive retention, frequency and new customer acquisition, as well as save us money by reducing compensation costs. Throughout 2023, we substantially reduced poor service outcomes such as missing items and late orders. We also reduced the incidence of Orders Marked as Delivered, but not Received ('OMDNR')

• the worst consumer experience where the consumer did not receive their food at all - by around 65%, generating annualised savings of over £20m from reduced compensation costs.

65%

reduction in OMDNR generating £20m annualised savings

Roll out of value programme and commercial architecture

We believe that building consumer trust through a combination of price integrity and a flawless delivery experience is key to driving future growth for Deliveroo and our partners. Therefore, in 2023 we developed tools to incentivise merchants to provide fair prices, alongside a great service. The first of these is our value programme which rates the value for money provided by each partner based on mark-ups, quality and service. The restaurants who are providing fair prices, high quality and service see their traffic and visibility increase, and participate in dedicated offers. In parallel, our new commercial architecture aligns our interests with those of our largest merchants, consumers and riders. Merchants are able to unlock lower commissions linked to performance on trust-building metrics, for example lower mark-ups and better operational performance. These initiatives will ultimately drive wins for consumers, riders, merchants and us.

11 point

improvement in Net Promoter Score (NPS)

Launch of new retail proposition

While food remains the heart of what we do, it is clear from app search term data and purchases from our existing grocery partners that consumers want us to deliver more than just food. Therefore, in November 2023 we launched our new retail 'Shopping' proposition, starting

in the UK and UAE. Our ambition is to bring the neighbourhood to consumers' doors, unlocking on-demand delivery from retailers, such as local florists, DIY stores and pharmacies, in addition to the existing restaurants and grocers available on the platform. With a Total Addressable Market ('TAM') of £700 billion in markets where Deliveroo operates, retail represents a very large potential opportunity. Our target is to create a business in the region of £700 million GTV by 2028.

£700 million

GTV opportunity by 2028

Growth of advertising business

In 2023, we continued to scale our advertising business, reaching an annualised revenue run-rate of £77 million or 1.0% of GTV in Q4 2023 (Q4 2022: 0.6% of GTV). The vast majority of this revenue currently comes from our sponsored positioning and search results product for restaurants and grocers. We continue to take a consumer-first approach, wanting to strike the right balance between helping merchants drive incremental demand, while always prioritising the consumer experience.

1.0%

advertising revenue as a % of GTV in Q4 2023

vs 0.6% in Q4 2022

Shareholder returns

During 2023, the Board undertook a review

of our capital structure, growth opportunities and required cash balances, both now and in the future, and concluded that we had structurally surplus cash. In March 2023,

we announced a share purchase programme of up to £50 million to acquire Class A Ordinary Shares. This programme was completed

in December 2023. In September 2023, we announced a tender offer to return up to £250 million to shareholders. This was completed in full in October 2023, taking the total return of capital announced and completed in 2023 to £300 million.

£300 million

structurally surplus capital announced and returned to shareholders in 2023

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STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS

Key financial highlights1 2023

£7.1bn	£2.03bn	£726m	£85m
Gross transaction	Revenue	Gross profit	Adjusted EBITDA*
value ('GTV')*	+2%2 vs 2022	10.3% (as % of GTV)*	1.2% as % of GTV

+3%2 vs 2022
	6.8	7.1			1.97	2.03				726		85
6.3							643
			1.74
								495
												23
												22
												(45)
21	22	23		21	22	23		21	22	23		21
												(100)
		£(11)m			£(38)m			£0.7bn
		Loss before income tax		Free cash flow*			Net cash*
										1.3
			(11)				23				1.0
							(38)
												0.7
			22
		21	(231)			21	22			21	22	23
		(282)				(239)	(243)

1. Full discussion of financial statements on pages 143-183.
2. Year-on-yeargrowth rate shown in constant currency*.

*To supplement performance assessment, Deliveroo uses alternative performance measures ('APMs'), which are not defined under IFRS. The first instance of each APM is indicated with an asterisk (*); definitions and further details are provided on page 187.

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Founder and Chief Executive Officer's letter

Opening thoughts

2023 was a good year. It was a good year from the vantage point of our results, but also for laying the foundations of the future. We continued to face a difficult macroeconomic environment, but we focus on what we can control, which has led to strong financial and operational results.

• We delivered a strong profit performance with adjusted EBITDA of £85 million, ahead of our guidance.
• We announced and completed a total £300 million of capital return to shareholders, showing our confidence in the progress made on profitability and cash flow.
• We continued to drive resilient GTV growth in the UKI (7% in 2023) and our growth in International markets improved through the year.
• We made some big innovations in our consumer value proposition ('CVP'), comprising availability, selection, service, price and brand, in particular through driving value for money through focusing on price, improving service through delivering more and more perfect orders, and expanding selection by launching 'Shopping' (our non- food retail offering).
• We continued to support our riders and merchants through increasing their earnings opportunities and growing their sales.

This is great progress, but it is still early days for us in capturing the full range of opportunities we have ahead. We have always been focused on developing the best hyperlocal CVP for consumers, which drives profitable consumer engagement. We truly believe the key to unlocking growth in the industry is through building consumer trust, and we can do this through price integrity and building a flawless delivery experience. I am very confident we will generate strong, sustainable free cash flow and accelerate GTV growth. Since I started this Company 11 years ago, I have never been more confident in our strategy and the team we have to deliver it. Our strategy for the coming years combines levers to drive and capture growth, with levers to increase profit.

We will:

• stay true to our core hyperlocal approach, focusing first on neighbourhoods with the greatest profit potential, winning them, neighbourhood by neighbourhood;
• scale our new retail vertical, including unlocking new consumer missions and expanding into new categories;
• continue to strengthen our CVP by tackling affordability issues through price integrity and improving the reliability of our service, so we bolster consumer trust;
• serve more consumer missions and ensure consumers have a highly personalised experience, enabling them to quickly and easily find what they want;
• double down on our loyalty programme, Deliveroo Plus, to become a Plus-first business by 2026;
• grow our advertising business and continue to build on our compelling proposition for advertisers; and
• continue to drive efficiencies across the business to support profit growth, with a particular focus on driving marketing efficiencies.

Will Shu

Founder and Chief Executive Officer

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A strategy is only as good as the people who are executing on it. We have the strongest, most consumer-centric team I have personally ever worked with - that is a reflection of the capabilities and attitude of each and every one of them. It is also a reflection of our Company Values, including 'live and breathe the marketplace' and 'obsess about operational excellence' and, perhaps most importantly, 'play to win'. We laid out a lot of this in our Capital Markets Event in November 2023. It is available on our website, and if you want to see our great team in action via video, I would encourage you to take a look.

Let me first spend time outlining the business progress we made in 2023, before going on to the focus areas for 2024 and beyond, which ladder up to the strategy I described and will allow us to deliver 4%+ adjusted EBITDA margin* by 2026 and mid-teens GTV growth in the medium term.

Business progress in 2023

Profitability gains

In 2023, we made significant progress on profitability both in the UKI and in our International markets. This progress is a result of the way we manage our markets hyperlocally, building strong positions in the neighbourhoods with the largest profit pools. In 2023, we reached £85 million adjusted EBITDA (versus a £(45) million adjusted EBITDA loss in 2022), representing a margin (as % of GTV) of 1.2%.

Four key factors underpinned this profit performance. First, we reduced our delivery costs by taking steps to drive efficiencies in our delivery network. We did this through reducing the overall time riders spend on an order, for example by incentivising merchants to make sure orders are ready on time, which also improves riders' experience as they are not left waiting around for orders. We also continued to develop our order stacking capabilities by launching multi pick-up stacking - when we know the consumer experience will not be harmed and it makes sense for the network, we allow riders to pick up orders from multiple merchants and deliver them to multiple consumers. Second, we delivered more efficient marketing, particularly on digital marketing, which drove significant savings. Third, we reduced our total staff and other people costs, through initiating a redundancy programme in February 2023 and significantly reducing our use of contractors. Fourth, we grew our nascent advertising business and advertising revenue reached 1.0% of GTV

in Q4 2023.

Importantly, we made progress on profitability whilst continuing to significantly invest in our consumer proposition to drive growth. Our focus remains to win local market share positions, neighbourhood by neighbourhood.

Growth

Delivering growth was not easy in 2023. The macroeconomic environment impacted people and businesses across the world. Food price inflation outpaced wage growth (in some cases by a factor of three) across Europe and in particular the UK, which led to a cost of living crisis that continues to impact consumer behaviour. In many of our key markets, food price inflation continued to rise in the first half of the year, though the rate of inflation began to moderate in H2. We saw considerable uncertainty caused by the war in Ukraine and conflict in the Middle East, with weak consumer confidence and concerns about the state of the economy. Despite that, our UKI business grew GTV 7% in constant currency in 2023, while International returned to GTV growth in Q4, driven by particular strength in Italy and the UAE. As macro headwinds start to ease, and in particular with the gap between food price inflation and wage inflation closing, we are confident that we can drive an acceleration in GTV growth to the mid-teens in the medium term.

We often get asked the question 'Didn't everyone who is going to try Deliveroo already do that during the pandemic'? In both 2022 and 2023, we continued to add large numbers of new consumers, which while lower than the peak during COVID-19 in 2021, by far exceeded the pace of additions in any year pre-pandemic. This is due to the investments we made in our consumer value proposition. We see significant opportunity to drive further acquisition through continuing to invest in our CVP, expanding into new grocery missions (given we are still very early days here) and growing our retail business (which I will come onto later).

A lot of people ask me - what drives growth in an industry that is now fairly mainstream? The answer is quite simple. It comes down to fair prices and an excellent delivery experience. The best ecommerce marketplaces deliver great selection at fair prices, and offer a defect-free, consistent service. Great selection is 'table-stakes', but price and service are the two pillars of our consumer value proposition that I believe are the big building blocks of consumer trust. And building consumer trust is the key to delivering high and sustainable growth over the long term.

• To supplement performance assessment, Deliveroo uses alternative performance measures ('APMs'), which are not defined under IFRS. The first instance of each APM is indicated with an asterisk (*); definitions and further details are provided on page 187.

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Founder and Chief Executive Officer's letter continued

Business progress in 2023 continued

Strengthening our CVP

I wrote in my letter last year that one of our focus areas for 2023 was to ensure consumers can access fair prices so they feel as though they are getting good value. In 2023,

I am pleased to say that we made a lot of progress on improving value for money and addressing food price mark-ups on our platform. We did this through direct levers, such as targeted promotions, and indirect levers, such as offering incentives to merchants who opt to provide fair and transparent prices in combination with providing great service. One flagship initiative we launched to promote fairer pricing on our platform is our new value programme, where merchants are now assessed on three categories - price mark-ups, consumer ratings, and service. If merchants opt for lower price mark-ups (compared to their dine-in prices) and perform well across the other categories of metrics, they get featured in our 'Deliveroo's Choice' in-app carousel to promote their value. However if merchants opt for high price mark-ups and do not perform well on the other metrics, they get reduced in-app visibility. I am conscious that some of these actions might be controversial, but there is no doubt in my mind that long-term they are the best for consumers, riders, merchants, and Deliveroo.

Service was also a key focus in 2023. This is about consistently delivering a great end-to-end experience. Last year we prioritised fixing defects so we could deliver more and more perfect orders. We paved the way in ensuring our merchants also provide good service based on eliminating defects that are within their own control, and have now included defect targets within larger merchants' commission frameworks - this highlights just how much we care about getting consumers perfect orders. One of the things I was proudest of last year was how we all but eliminated the worst defect possible - 'OMDNR' or 'Order Marked Delivered, Not Received'. This is when a consumer pays for their order but does not receive it, which is unacceptable. It happens during the 'rider to consumer' leg of the order journey and is really difficult to solve because it could be genuine (i.e, rider has difficulty finding a consumer's address), or foul play on the consumer or rider side. We put together a cross-functional team to solve OMDNR and set ourselves an incredibly punchy goal, which we hit. How? Because of the sheer determination, attention to detail, and relentlessness of the team. In 2023, we also launched a feature to boost service - 'premium delivery' - which gives consumers the option to pay an additional fee (£2.49 in the UK) to ensure their order is delivered directly to them (rather than their rider potentially dropping off another order on the way).

On selection, we expanded our supply of merchants with an additional c.5,000 restaurants, c.2,000 grocery stores and a growing number of retail stores globally, including adding brands such as Domino's in the UAE, Subway in Hong Kong and Five Guys in Singapore. We continued to enhance our use of data to help our local sales teams prioritise those prospects we know will bring most benefit to the hyperlocal consumer value proposition. We also dramatically increased the selection that consumers see by expanding delivery areas to give them greater choice. This means consumers can now order from a wider selection of merchants from further afield, and not just those that are available in their local neighbourhoods.

Supporting riders and merchants

The work we offer our riders -­ where they can choose when and for how long they want to work - gives them access to incremental earnings quickly. They can immediately take their cash out once they have completed an order. Given the widespread cost of living pressures, I am proud that we can support our rider community at a time when strong earnings are key. Through growing our grocery business and launching retail, we were able to offer riders even more earnings opportunities by boosting the number of orders outside of traditional meal times. Through developing

our order stacking capabilities, including pick-ups from multiple merchants, we can offer riders more stacked orders so they can earn more money quicker than they had previously been able to. Giving our riders opportunities outside of working with Deliveroo is really important to us, and in 2023, we ran a scholarship programme for riders in Italy, and partnered with City & Guilds in the UK where we offered up to 15,000 riders the opportunity to boost their careers by undertaking training and learning new skills. We also launched new partnerships with garages for our rider community in Hong Kong to help them repair essential kit, and in the UK we offered them access to discounts and perks, such as free drinks at Caffè Nero. In 2023, we had 135,000 riders in our fleet globally and continue to see strong rider application pipelines and rider retention rates, which shows we have an attractive proposition.

For merchants, we continued to drive order volume to their sites to boost revenue, so they could offset some of the higher costs from food price inflation, energy costs, and rents due to rising interest rates. In 2023, we launched a partnership with Bestway in the UKI to give merchants discounts on everyday essentials, such as soft drinks, flour, rice, dairy products - all items that have been impacted by food price inflation.

We also supported SMEs (small and medium-sized enterprises) in the UK through launching a new training academy. This is a dedicated platform, in partnership with Enterprise Nation, which offers tailored courses including hiring talent, digital marketing, social media, sustainability and managing finances.

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Focus areas for 2024

Expanding into retail

In November 2023, we announced our expansion into retail through the launch of our 'Shopping' proposition, initially in the UKI and UAE. Until then, we had been focused on delivering food from restaurants and grocers. Food remains at the heart of what we do, but we will always put our consumers first and build our offering based on what we know they want. And it is now clear that our consumers want to order non-food, retail products from our platform. Our data shows that they were already buying them from our grocery merchants, and were also searching for retail products in our app organically.

In 2024, our focus is to scale our retail vertical by entering into new markets with a strong consumer proposition. We will add selection to the platform, which includes both larger retailers and smaller independents. We will continue to iterate on the in-app experience by building new features that allow consumers to easily discover and purchase products from their favourite stores. We will expand into new categories to serve different occasions - for example, we launched our 'gifting' feature last year which uses AI and machine learning models to quickly scan through thousands of items on the platform to curate a selection of suitable products. The opportunity ahead is huge - retail represents a £700 billion total addressable market ('TAM') in the geographic markets we operate in, and I am really excited to see us grow this new vertical in 2024.

Bolstering consumer trust

In 2024, we are going to focus our efforts on driving improvements to the price and service pillars of our consumer value proposition.

Boosting value for money for consumers will continue to be a huge focus. We are rolling out our value programme across key markets so we reward and highlight merchants in our app who set fair delivery pricing. We have seen particularly promising results of this initiative in the UK in value for money Net Promoter Scores ('NPS'), so I am excited to see the impact it will have on consumer trust as we roll the programme out across other markets.

On service, we will continue to fix defects with a particular focus on those that merchants directly cause or contribute to - for example orders that arrive with items missing, or orders that are cancelled or rejected by merchants. Whilst getting to the root cause of a defect is critical in eliminating them, the three-sided marketplace in which we operate means that sometimes issues do happen. A key area we will continue to focus on in 2024 is therefore the recovery experience, to ensure consumers are being treated fairly if they experience issues.

I fully believe that if we can provide consumers with fair prices, whilst also delivering more and more perfect orders, we can build consumer trust and dramatically impact the long-term growth of our business. You might think, well, of course that is how you drive growth, but the key is actually how you do it. It is a series of small, marginal improvements driven by technology. By driving these gains, we make a big difference to consumers. But rarely is there a silver bullet, rather it is the collective efforts of many people, every single day.

Selection and in-app experience

At the heart of our consumer value proposition is the selection of merchants we offer. Consumers should be able to find and order exactly what they want, which means offering the widest breadth of selection possible (without having merchants on our platform that very clearly deteriorate the consumer experience).

In 2024, we will continue to apply our hyperlocal model which identifies and prioritises selection that drives leadership

in areas of high profit potential. Since 2018 when we entered the on-demand grocery space, we have focused predominantly on smaller baskets - up to £30, with grocers having on average 3,000 Stock Keeping Units ('SKUs') listed on our platform. We will now expand to serve more consumer missions, and in 2024, we will be going after mid-sized baskets - £30-£60 shops, with selected grocers having up to 10,000 SKUs listed on our platform. We will not be targeting scheduled, large weekly shops, rather we are enabling more grocery missions by allowing consumers to increase their basket size. Given our expansion into retail, we will also be adding more and more selection to the platform across categories such as toys, homeware, DIY, and electronics.

While growing selection is great for consumers, it is not enough to simply have the selection listed on our platform. Our goal is to ensure consumers have a highly personalised and relevant experience, enabling them to quickly and easily find what they want. In 2024, we are going to double down on the in app experience and are investing across three pillars. First, we are going to enrich our data structure and metadata around merchants and items. This will give us a much more granular view on exactly what is in an order, so we can make much better decisions on how we deliver it. For example, if we can clearly identify 'running shoes' as a type of shoe, we can create merchandising specifically for the category 'running shoes'. Second, we are going to invest in deeply understanding what our consumers' preferences are and what their intent is when they come to Deliveroo. Finally, we are investing heavily in merchandising, and in my opinion the biggest opportunity lies in this space. We want to make sure we are displaying content to consumers in a way that makes sense for their mission; for example, for retail, consumers are likely more item led, but for restaurants, they are likely more merchant led.

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Founder and Chief Executive Officer's letter continued

Focus areas for 2024 continued

Doubling down on Plus

I am particularly excited about the growth of Deliveroo Plus. Our subscription model is available across eight markets and has two tiers - Plus Gold and Plus Silver. We have seen particularly compelling financial and retention characteristics from our Plus subscribers - so much so that by 2026,

we intend to become a Plus-first business with the majority of our orders coming from Plus subscribers.

In 2024, we are investing significantly to grow the Plus programme across three areas in particular. First, we will explore new ways to offer value to Plus subscribers, for example through new discounts and member perks that are funded by us or merchants. In 2023, we tested a range of new member benefits including an on-time promise guarantee on Plus Gold, where consumers are proactively compensated for late orders, and discounts on grocery orders in certain markets. We will continue to explore new discounts and member perks across our Plus tiers in 2024. Second, we will design fully targeted propositions that actually cater to individual user needs, given we know so much about our Plus subscribers. We are going to personalise the Plus experience, with the aim of making every subscriber feel like we give them a uniquely tailored proposition. Third, we will continue to grow the programme across our markets so we drive value from our existing collaborations with Amazon Prime (UKI, France, Italy and UAE) and Revolut (UKI, France and Italy), Gojek (Singapore) and Bank of China (Hong Kong).

I am confident that we are uniquely well placed to capitalise on this growth opportunity. We have over 7 years of experience in the subscription programme space, we have strong user demographics, and we have a one-of-a-kind tiered programme.

Growing our ads business

Our advertising journey started a little over two years ago and since then, we have enabled restaurants, grocers, FMCG and other complementary consumer brands (e.g. entertainment) to tap into our unique audience. We have seen significant growth in merchants and brands advertising on our platform, with around 70,000 partner sites running campaigns and approximately 300 global FMCG advertisers throughout 2023.

We are targeting advertising revenue of >2% of GTV in 2026. To achieve this, we are continuing to grow the types of formats and number of ads shown (using science to ensure we do not compromise the consumer experience), alongside driving advertiser returns and experience to increase adoption and penetration. In 2024, we will launch new advertising formats, and the ability for advertisers to deliver more engaging and emotional messaging to consumers through better targeting capabilities, brand-led display formats, and storefront shopping experiences.

Deliveroo's DNA

We are still very early on in our journey and I am incredibly confident in our ability to deliver. That is because of the team we have in place. Each and every one of them exhibits a set of characteristics that are inherently in Deliveroo's DNA. We are consumer obsessed, and seek to truly understand the experience of those in our marketplace who engage with our platform. We are innovators, and have pioneered industry-leading products and features; we continue to push the boundaries on what we build, no matter how big or small. We are operators - since day 1 of starting this business, I have seen how the team methodically drives efficiencies

in our network and forensically solves order defects. We are relentless, and thrive and adapt to unforeseen situations. These characteristics are reflected in our new Company Values that we launched in 2023. Even more importantly, they are reflected in many practical ways, from how we think and approach tasks, to how we work with our riders and merchants, and how we go about building new features and products.

11 years after the Company was founded, I am sometimes asked if I am still as excited about the Company as when it first started. The short answer is: I am. There is a huge opportunity that lies ahead of us - we operate in a large total addressable market and all our verticals are still so under-penetrated. We have also spent the last few years developing a series of critical operational building blocks which have given us solid foundations for future expansion. That is why the Board, the Executive Team and I are all aligned on and excited about transforming the way consumers shop and eat, bringing the neighbourhood to their door

by connecting consumers, restaurants, shops and riders.

We are continuing to scale our advertising business, which	Will Shu
is a key profit driver over the medium term. We provide an	Founder and Chief Executive Officer
attractive platform for advertisers to connect with our large	13 March 2024
premium consumer base. Consumer experience remains
paramount, even though we continue to deliver strong returns
for our advertisers. Our technology powers our advertising
solutions, so it allows us to protect the consumer experience
by serving them with only the most relevant content.

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