Interim Results Disclaimer This Presentation is not an offer to buy - PDF document

1 for the Period ended 30 June 2019 Interim Results

Disclaimer This Presentation is not an offer to buy or sell any securities. Save where otherwise indicated, the Company is the source of the content of this Presentation and, accordingly, although care has been taken to ensure that the facts stated in this Presentation are accurate and that the opinions expressed are fair and reasonable, no representation, warranty or undertaking, express or implied, is made by any of the Company, any of its directors, officers, employees, affiliates, advisors, shareholders or representatives as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. Neither the Company nor any of its directors, officers, employees, affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with the Presentation. Certain statements in this Presentation are not historical facts and are “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”, “plans”, “may”, “will” or “should” or, in each case, their negative or other variations or comparable terminology. None of the Company, its directors, officers, employees, affiliates, advisors, shareholders or representatives intend or have any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this Presentation or to update or to keep current any other information contained in this Presentation. The information and opinions contained in this Presentation are provided as at the date of this Presentation and are subject to change without notice. As a result, you are cautioned not to place undue reliance on such forward looking statements. 2

Today’s Agenda Highlights Aslan Saranga – Chief Executive Officer Operational Review Aslan Saranga Financial Results & Management Guidance Selim Kender – Chief Strategy Officer and Head of Investor Relations Conclusion Aslan Saranga Q&A 3

SECTION 1: Highlights

2019 H1 highlights SYSTEM SALES REVENUE Adjusted EBITDA (excl. IFRS 16) TRY 645.4m TRY 462.5m TRY 46.4m TRY 41.3m TRY 8.6m (2018 H1: 510.4m) (2018 H1: (2018 H1: 380.2m) (2018 H1: (2018 H1 40.3m) 36.5m) 7.4m) 26.4% 21.6% 13.3% 16.6% 15.1% - - - LIKE-FOR-LIKE GROWTH STORE COUNT ONLINE DELIVERY 736 67.5% (2018 H1: 672) (2018 H1: 59.3%) 7.7% 4.7% (2018 H1: 10.9%) (2018 H1: 18.0%) 8.2% points 64 5

SECTION 2: Operational Review

Innovation: The strategic driver of our strong performance Dürümos Dessert Pizza - Pineapple GPS Tracker Tested in Turkey Launched in Rolled out in early • • • and to be launched Russia 2019 across all Turkish • Alternative dessert • Delivery order per stores in to the chocolate driver increased September souffle Tangible tool to • Three flavors, • Positive initial follow real delivery • including a veggie uptake times for service option improvement Test product mix • 15% Minimal • cannibalisation 7 Source: Company Information

Like-for-Like performance Online: the key driver of like-for-like LfL performance continues to be strong... ...with the apps leading the category System sales LfL growth, % App System sales LfL growth, % Turkey Turkey 43% 152% 24% 11% 33% 8% Online Total 2018 H1 2019 H1 2018 H1 2019 H1 Russia Russia 406% 53% 18% 17% 5% 14% Online Total 2018 H1 2019 H1 2018 H1 2019 H1 8

Digital growth Online as a % of delivery: up by 8.2% points Share of online ordering growing healthily Online system sales, % Turkey Russia 79% 74% 62% 55% 54% 52% 44% 39% Delivery Total Delivery Total 2018 H1 2019 H1 2018 H1 2019 H1 Group 68% 59% 47% 42% Delivery Total 2018 H1 2019 H1 Source: Company Information 9

Store count growth 800th store within sight Continuous and significant store rollout +64 # of stores at period end +81 +76 736 724 +58 +58 672 643 +68 567 +94 187 179 +70 509 142 121 451 +59 72 +30 383 43 19 +27 289 13 +23 219 160 545 549 522 530 495 130 466 432 370 103 80 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2018 H1 2019 H1 DP Turkey DP Russia Source: Company Information Turkey approaching 600 stores... …with Russia moving towards 200th store # of stores at period end (1) # of stores at period end +19 +45 550 200 +33 +46 150 100 549 187 530 142 50 497 96 450 0 2017 H1 2018 H1 2019 H1 2017 H1 2018 H1 2019 H1 Source: Company Information Source: Company Information Notes : 10 1. Includes Azerbaijan and Georgia

Russia Update • Targeting 40 – 60 store openings in Russia in 2019, with 45 stores over the last twelve months • Franchise stores reached 86, representing 46% of the store portfolio • Second dough production facility opened in Rostov to serve Voronezh, Rostov and Krasnodar • Took us 2 – 3 years to develop the highly effective strategy we have in Greater Moscow • Review of aggregator strategy • Beverage agreement renewal • CEO search on-going • Changes to the regional store expansion strategy • Acquisition of approximately 15 regional franchise stores, corporate stores to be added in the regions • Awarding new franchisees only one store at the start • Incentivising succesful Greater Moscow franchisees to open stores in the regions • Supply chain revamp to reduce transportation costs • Tailored local store marketing • Better franchise expectation management 11

SECTION 3: Financial Results

DP Eurasia: Financial snapshot Higher cash conversion with controlled capex Growth in system sales supported by store roll-out System Sales, TRY MM # of Outlets 26% 736 672 645 499 68% 510 426 63% 32% 246 237 37% 2018 H1 2019 H1 2018 H1 2019 H1 Corporate Franchise Year on year growth Capex and cash conversion (2) Adjusted EBITDA (excl. IFRS 16) and margin TRY MM TRY MM % 7.9% 7.2% 36% 46 40 33 30 17% 2018 H1 2019 H1 2018 H1 2019 H1 Adj. EBITDA Margin (1) Capex Cash Conversion Source: IFRS Combined and Consolidated Financial Information, Management Accounts Notes : 1. As % of System Sales 13 2. Cash conversion defined as (Adj. EBITDA (excl. IFRS 16)– Capex ) / Adj. EBITDA (excl. IFRS 16)

DP Turkey: Financial snapshot (1) Margin preserved despite challenging macro Store count (2) System Sales System Sales, TRY MM # of Outlets 11% 538 521 402 396 376 75% 358 72% 145 136 25% 28% 2018 H1 2019 H1 2018 H1 2019 H1 Corporate Franchise Year on year growth Capex and cash conversion (4) Adjusted EBITDA (excl. IFRS 16) and margin TRY MM TRY MM % 10.2% 10.4% 54% 43% 41 21 37 19 2018 H1 2019 H1 2018 H1 2019 H1 Adj. EBITDA Margin (3) Capex Cash Conversion Source: IFRS Combined and Consolidated Financial Information, Management Accounts Notes : 1. Including contributions from Azerbaijan and Georgia 3. As % of System Sales 14 2. Turkey only 4. Cash conversion defined as (Adj. EBITDA (excl. IFRS 16) – Capex ) / Adj. EBITDA (excl. IFRS 16)

DP Russia: Financial snapshot Solid top-line growth and increased franchise mix System Sales Store count System Sales, TRY MM # of Outlets 187 63% 142 46% 86 29% 41 249 153 71% 54% 101 101 2018 H1 2019 H1 2018 H1 2019 H1 Corporate Franchise Year on year growth Adjusted EBITDA (excl. IFRS 16) and margin Capex TRY MM TRY MM 4.8% 3.4% 13 10 9 7 2018 H1 2019 H1 2018 H1 2019 H1 Adj. EBITDA Margin (1) Source: IFRS Combined and Consolidated Financial Information, Management Accounts Notes : 15 1. As % of System Sales

Cash flow generation and debt profile Conservative leverage ratio and no currency exposure Cash flow generation Debt profile of DP Eurasia TRY MM TRY MM 17% 36% 302 77 46 40 216 17 7 61 1.9x 1.4x (30) (33) 225 155 2018 H1 2019 H1 2018 2019 H1 Adj. Net Debt (2) / Adj. EBITDA (1) (1) (2) Adj. EBITDA Capex Adj. EBITDA - Capex Cash Conversion Adj. Net Debt Gross Debt 2018 H1 gross bank borrowings by currency 2019 H1 gross bank borrowings by currency 5% 31% 33% No hard currency bank debt exposure 67% 64% TRY EUR RUB TRY RUB Source: IFRS Combined and Consolidated Financial Information Notes : 1. Adjusted for activities that are not part of the normal course of business and are non-recurring including share-based incentives, IPO costs and severance costs for Turkey and Russia 2. Adjusted net debt is calculated as sum of short-term borrowings and long-term borrowings, less cash and cash equivalents and adjusted for non-recurring items including long term deposit for loan guarantee and delay in 16 collection/payment day coinciding on a weekend

SECTION 4 Management guidance