Uber Technologies (UBER) investor relations material

Deal rationale and strategic fit

• Acquisition accelerates product innovation, expands platform capabilities across nearly 100 markets, and leverages proven synergies between mobility and delivery.

• Highly complementary geographic footprints create leading category positions and unlock cross-platform opportunities, expanding the addressable market by over 50 million consumers.

• Multi-vertical users spend significantly more, with cross-platform engagement generating 3x the Gross Bookings and profits compared to single-product users.

• Strengthens long-term investment thesis with broader product offerings, higher earnings potential, and supports continued growth of loyalty programs.

• Delivery Hero's assets are leading brands in their markets, profitable, and have expanded into non-food categories.

Financial terms and conditions

• Uber offers €41.50 per share in cash, implying a $14.8B equity value for 100% of Delivery Hero, or $13.7B adjusted for prior stake purchases.

• Transaction funded through existing cash, new debt, and a committed bridge facility of approximately €14 billion; gross leverage expected to remain below 2x.

• Delivery Hero to sell operations in 14 markets to SSW Partners for ~$1.6B as a separate, conditional transaction.

• Transaction expected to be Non-GAAP EPS accretive upon close, with high single-digit percentage accretion by year three.

• Prosus has irrevocably agreed to tender its entire ~17% stake, bringing Uber's total economic interest to ~53%.

Synergies and expected cost savings

• Over $1.2B in annualized run-rate synergies expected within 18 months of closing, primarily from operational efficiencies and tech platform migration.

• Additional cost synergies expected from shared services, headcount, and support functions.

• Enhanced cross-platform position to drive topline synergies and lower consumer acquisition costs by over 50%.

• Revenue synergies from cross-platform and multi-vertical users are conservatively estimated and are small relative to operational synergies.

• Merchants will benefit from Uber's large, engaged user base and enhanced advertising and local commerce tools.