Thank you, Suki. Good afternoon, everyone, and thank you for joining this call. You have seen from the material we have sent out this morning, we are going to cover quite a number of topics today. We're starting with a short review of the 2020 full year results, as we have published the annual report 2020 today, after having provided you with trading numbers in February. We are also presenting the Q1 2021 Trading Update today. As we know that many of you have eagerly awaited an update of the contribution margin charts for the OD business that we introduced in Q3, we have also updated those charts. Quite importantly, we have published, of course, as you have seen, our guidance for the current business year this morning that we would like to also discuss. Last but not least, we are showing a snapshot of some of the more important ESG initiatives that are underway at Delivery Hero. Niklas and Emmanuel will also mention it during the call, but let me point out already now, we are reporting the Q1 numbers as well as the guidance on a pro forma basis that includes Woowa from January this year and excludes Delivery Hero Korea also from the start of the year. We do so to give you the best possible picture of what the group will look like going forward, and we are also providing you with adjusted historical figures in the appendix. Now, without further ado, let me hand the call over to Niklas. Thank you, Daniel. Hey, everyone. Hope you're doing well. We are very excited that we can finally share the outlook for the year and also discuss the very good start we had in 2021. Before doing so, let me iterate our vision, which is to always deliver an amazing experience to our customers fast, easy, and through the door. We do this with traditional food delivery, of course also in the significant growing quick commerce space. As an example here, in April, we delivered more than 400,000 orders per day in our quick commerce, which likely makes us the largest global quick commerce player. That means now we are truly a super app for delivery. We're also working hard on delivering on our promises to our investors. You can see here some of the commitments done in chart three. Growth continues to be our number one priority. This is our ninth consecutive quarter with revenue growth over 100%, which shows that there is still so much potential in the markets where we operate in and that we can help to develop. We will continue to push for leadership in the countries we operate in. To be clear, leadership for us means a clear number one position and nothing else. We get there and by satisfying our customers, which is the heart of our vision and the basis for our success. We will therefore continue to invest in tech and product leadership. As a market leader, we need to ensure that we have the best product and service offering in every market, and we will take aggressive steps towards closing any temporary gaps in any market where we feel we don't provide this best experience. Finally, we're also absolutely determined to achieve our long-term adjusted EBITDA over GMV margin target of 5%-8%. I think many of the data points that we're providing you today with clearly shows that we are on a good track to reach this target. Before I come to the current trading and the outlook, let's take a quick look at the 2020 results. Before handing over to Emmanuel to go into details, I would first like to iterate our promises and how we delivered on other promises during the last year, or that we gave in our initial guidance for 2020. On the left hand of the chart, you can see that we have by far exceeded our revenue guidance, and we were well within our EBITDA guidance and the range we have given for the initial investments. In the segments, Europe basically reached break even with EUR -2 million adjusted EBITDA, which corresponds to an adjusted EBITDA to GMV margin of - 0.1%. The MENA segment adjusted EBITDA of EUR 99 million was significantly higher than in 2019, despite the very challenging COVID environment with extended curfews blocking us from delivering. We quite significantly exceeded the target for the Dmarts by year-end as well. At the same time, we drove the business forward in many aspects, realized significant growth on the top line, and also made very promising progress on increasing efficiencies. We increased and strengthened our footprint both through small acquisitions such as Glovo Latin America or InstaShop, and we also invested organically into our existing business. We feel there is a very solid fundament in place for significant further growth from here. Before we come to that, let me hand over to Emmanuel for the financials. Emmanuel? Yeah. Thanks, Niklas. Good afternoon also from my side. As Niklas has already mentioned, we are quite happy with the results we can share with you today, not only for 2020, but also for the first quarter 2021. Let me start on slide six with another view of the past year. You have seen most of these numbers in a preliminary basis already in February, and they haven't really changed since then. Stating the obvious, our reporting numbers for the fiscal year 2020 are including our Yogiyo operations and excluding Woowa. We have basically doubled our business in terms of orders and total segment revenues. On the profit side, we have improved efficiency further, and the adjusted EBITDA over GMV margin has improved by 1.2 percentage points to -4.6%. While in the past we have shown adjusted EBITDA to total segment revenue number, going forward, we are showing adjusted EBITDA margin over GMV, simply because this is becoming more and more the market standard. It also makes sense from the business point of view as the conversion of GMV to revenues differs significantly between the commission-based business in the food delivery space, where we act as an agent, and the new verticals or businesses where we are the principal, which is especially the case in our Dmart business. Looking at the segment results, while you already knew the MENA and the Europe numbers since February, you can see today that also in the Asia and emerging segments, we have improved the margin significantly, which is also in line with the improvement we have already presented to you in Q3 on the contribution margin slide. Given also the early stage of operations in the integrated vertical segment, the margin here is, of course, still more negative than in our other business. Now let me cover a couple of the items below EBITDA on slide seven, as well as new information we published today, and some of them probably need a bit of explanation. On this slide, we are comparing 2019 and 2020 and the progression from adjusted EBITDA to EBT. As you can see, the smaller part of the items between adjusted EBITDA and EBT are cash relevant. Those are EUR 135 million in 2020. The biggest part of this, EUR 92 million, is related to our management adjustment to EBITDA that mostly consists of costs related to corporate transactions and financing rounds. Of the EUR 92 million, this accounts for EUR 66 million. A couple of comments on the left bracket of non-cash relevant items. The share-based compensation expenses went up, mostly due to the higher numbers of employees, and therefore, logically, a higher number of eligible years for this. The depreciation and amortization increase compared to last year, both due to the higher CapEx for our Dmarts, but also due to the growing business overall. The main increase stems from effects related to financial instruments and FX. Let me mention here two larger effects here. Firstly, we had to have a cash settlement option linked to the convertible bonds we issued in July last year. Due to the strong share price increase, this derivative led to effect of minus EUR 193 million. Also, we had negative FX in the amount of EUR 161 million related to intercompany loans and foreign currency balance. As you can see on the chart, a large part of the more than EUR 800 million gap between adjusted EBITDA and EBT is explained by these non-cash relevant effects. Up until now, we have discussed the 2020 results, and they were applicable in our so far relevant scope of operations. As Daniel already mentioned, going forward, we will present and discuss our results in the scope that is going to be the relevant one for the future. Let's turn to the next chart that lays out the basis of our future reporting to you. Basically here, we are adjusting for two things from January 1st onwards. Firstly, we are including the Woowa financials from the beginning of the year on the pro forma basis, while the actual consolidation, of course, only starts with the closing of transaction on March 4th, 2021. Secondly, as you know, we are required by the KFTC, the antitrust in Korea, to dispose of our Korean operations, which are mainly those under the Yogiyo brand. While this sale hasn't yet taken place, we are also excluding the financials of Yogiyo from the 1st of January 2021 onwards to give a better picture of the group as it will be operating in the future. On chart nine, let's translate the 2020 results into this pro forma setting in order to give you a true picture of what the group would have looked like on a 2020 full year basis. As you can see in 2020, and on a combined basis, we would have processed 1.9 billion orders. Given the today's quite small share of own delivery orders at Woowa, the overall share of own delivery orders would have been lower than at the 45%, instead of the 61% we generate in 2020. Together, we would have generate a combined GMV of almost EUR 22 billion, and a total segment revenues of EUR 3.5 billion. The adjusted EBITDA to GMV margin would have stood at -2.6% instead of the -4.6%. So again, the same pro forma logic will be the basis now when we go into the Q1 trending update numbers. We have also adjusted all the historic numbers accordingly, and I will keep my comments very brief, as most of the numbers will be very straightforward, and to save time for sure for the Q&A session. On chart 11, I really like this chart, as it does not only show the tremendous growth in the last three years, but also high stability of growth. The Q1 2021 GMV stand at EUR 7.8 billion, 83% higher than a year ago. We generate EUR 1.4 billion revenues, which is an increase of even 116% year-on-year on reported currency and 129% on constant currency. Let's move to the next slide. Here, I'll also keep my comments short on slide 12, which summarize some of the highlights of this quarter. The most important event was certainly the closing of the Woowa transaction on March 4th, and we have already given you many details about that business in our call on March 16th. Beyond this, the strong top-line growth I already mentioned, we have further increased the share of our own delivery orders year-on-year to 48%. That number is based on the pro forma scope and cannot be compared to the above 60% we have reported in the past without the addition of the Woowa transaction operations. As you know, we drive this expansion of own delivery orders in Korea as well. Another highlight was the progress we have made in the Quick Commerce space. As you know, Quick Commerce comprise both the Dmarts that we report for the integrated vertical segment, as well as the delivery we do for third-party vendors, and that is reported in the platform business. Regarding the Dmarts, we operate around 600 at the end of March, and overall, the Quick Commerce business grew by more than 400% year-on-year compared to the same quarter in 2020. It's probably fair to say that we are a clear leader in that business outside of China and continue to see very high growth rates. Let me now also comment on the last bullet. Having acquired Latin American operations from Glovo in September last year, we have completed the migration of both activities to the PedidosYa platform during the first quarter of this year. Generally, we are close to having migrate all our operations to eight platforms on a global basis and expect the migration of the last two countries during the next six months this year, 2021. Needless to say that this centralization process has been quite an effort in recent quarters, and we are now already more and more benefiting from this investment. As for example, the rollout of technology components or features can be executed much faster and more seamlessly than in the past. With this remark, let me jump over the group slide and go quickly into Asia on slide 14. In terms of segment contribution, it's worthwhile to mention that the Asia segment already has a share of 47% of total segment revenues, highlighting the growing importance of this segment, which again doubled its size year-on-year in Q1. Without wanting to take away too much of the later slide on the contribution margin, this is therefore even more exciting that also on a contribution margin basis, Asia is making significant improvements. I would like to highlight that we are several times larger than our closest delivery competitors in this region. We also grow faster. Worth mentioning that a company recently receiving a $40 billion valuation does that. Now moving to MENA. The MENA segment has a fantastic start to the year, with order growth of 65% year-on-year, and GMV and segment revenue grow only a few percentage points below this. As you remember, our MENA business was severely impacted by COVID-related restriction in 2020, and even suffered a 6% order decline year-on-year in Q2 last year. Now it's fair to say that also in March this year already had a relatively easy comp, January and February combined still grew by circa 50% year-on-year. Moving to chart 16, where in Europe, we also had a very strong start to the year, as you can see on this slide. Order increased by 85% year-on-year. GMV and revenues were even stronger with 113% and 137% respectively. Also here, March was a very particular stronger month with order growth of 111% year-on-year. 111% growth year-on-year for the month of March. Going to the last two remaining segments, and at the risk of being boring, very strong growth is the main topic here too. Americas on chart 17, you can see that this segment is proving us right in the investments we have made in 2019 and before. The top line year-on-year growth range from 141% for orders to 183% for segment revenues in reported currency. Already 83% of the orders are delivered by ourselves, which compared to our 62% in Q1 2020. Lastly, our integrated vertical business had explosive growth over 600% on GMV. Worth pointing out that an equally large part of our quick commerce business via local Stores and therefore not part of the integrated vertical. On the segment revenue basis, integrated verticals now contribute with more than 10% of the total segment revenue of the group. Now I hand it back to Niklas for the next slide. Thank you, Emmanuel. I'd like to quickly comment on the profile of the group in the new scope and beyond the pure size we have now reached. If you look at the number of countries in which we are leading and the share of GMV we are generating for those countries, you can see that today more than 95% of GMV comes from countries in which we have leading position. No other global player is even close to have this level of leadership. I'd like to highlight that we do look at clear external data for this, that you can also go back and look at yourself. I think it's clearly visible that we are a leader where we say we are a leader. Strategically, this also puts us in a very good position where we can well respond to any change in the competitive situation in any of the countries we operate. Be sure we will respond. With our focus on cost and efficiency, we are in a position where we would never have to be accepting being more expensive or having a lower service level than any of our peers. Speaking of efficiencies, let me then quickly give you an update on the same case study of contribution margin as I showed in Q3 last year. What you can see, the picture looks quite nice. While there was and will always be some short-term volatility, the overall direction clearly points upwards, and all of the platform businesses are showing contribution margins that are positive. You can also see that the further strong improvement that Asia has achieved and that Emmanuel has already mentioned. While we continue to work on cost efficiency, we have more recently also seen the effect of the initiatives that have started a while ago on, for example, dynamic pricing of delivery fees, which is being rolled out in more and more regions, and that is also being implemented in smarter ways than what you're used to. Worth pointing out that these charts do not take non-commission revenue into account, such as premium listing or Joker. On a group basis, these revenue streams accounted for 1.4% of GMV in 2020, and this one has been increasing to approximately 1.7% in Q1 2021. You can essentially add that, or simplistically speaking, you can add that to our gross profit. The picture remains broadly the same if you adjust for voucher costs, which we have done in the graph of chart 22 here. Especially the Americas and the Asia segment have again achieved strong improvements in Q1 this year. We are aggressively rolling out logistics in Korea, there may be a temporary dip in progress for a couple of quarters, but the trend is clear. You can also see that the LatAm business is now almost on par with our European activities. These graphs won't always go up in a single line, and also on the share of vouchers as a potential segment revenues, you will always have variation from quarter to quarter. Overall, you should expect further improvements on the contribution margin and a gradual decline of the share of vouchers. Now let's finally turn to the guidance for the year, which of course is an important part of today's call. On chart 44 here, we have a summary of what we're aiming for in 2021. Let me emphasize again that this outlook is made on a pro forma basis and factors in the inclusion of Woowa for the whole year and the exclusion of Delivery Hero Korea also for the entire year. On that basis, we're expected to report a GMV of between EUR 31 billion and EUR 34 billion, and total segment revenue of between EUR 6.1 billion and EUR 6.6 billion. Regarding the adjusted EBITDA, we are expecting to achieve a margin over GMV of between -1.4% to -2.0%. Importantly, this margin guidance includes investments in the magnitude of around EUR 550 million negative EBITDA into new markets and verticals. One of these investments is into the expansion of Dmarts business, which is captured in the integrated vertical segment. The second bracket is the expansion of our footprint in the new markets we and Woowa have entered into recently. In terms of relevance, this mostly refers to the ongoing expansion in Japan and Vietnam, but also in the countries we have acquired last year from Glovo in Latin America. We are convinced about the potential of those investments, and we hope that the track record in terms of capital allocation we have built over the past helps you to also trust us with the investments we are planning in these areas. That means without our expansion into new verticals and new territories, we would be close to breakeven this year already. Before we go into Q&A part of this call, we want to briefly touch on the topic that for many good reason, gets more and more attention. This is the overall topic of ESG, with its many various aspects. One of the company values we have is, we are heroes because we care, and we do take this seriously. As such, we are working on a multitude of initiatives for many years already. While we are far from being perfect, we have a number of achievements that we also want to speak about more. The first is the question on how we work together with the riders. In my view, there are a few fundamental misunderstandings in the public discussion when it comes to riders and the relationship to delivery companies. One is that the belief that all riders want to be employed while the companies are forcing them to work as freelancers. Another one seems to be the belief that delivery companies do not care much about their riders and how they're being treated. Both of those views are completely wrong in our view. To start with, it's in our very own interest to make sure that riders are satisfied with their working conditions as they're essentially one of the two touch points we have with our brand. The first being on the app, and the second one being with the rider who delivers the food or other items. We are therefore, since long, doing a number of things to increase the satisfaction of our riders. Emmanuel will give an overview in a minute as he is the leader of the Global Rider Program that's in place since 2019. Secondly, as we have argued many times in the past, flexible working conditions are preferred choice by most riders themselves. Instead of looking at surveys, let's look at a simple case study for hard, empirical data in one of the countries that we have a very high level of labor protection, which is Norway, which possibly the world's strongest union, at least as far as I know. In Norway, we have struck a collective bargain agreement. It's a very good agreement for everyone being employed. The Norwegian Union has done a very good job here. On the back of this, when riders want to work for us, they can choose if they want to have the collective bargain agreement that they have been negotiating with the union or if they want to be freelance. We have this in almost all cities. What you will see is that most riders choose the freelance model. Actually, seven out of 10 riders go for the freelance model. It makes sense as it allows them to better adapt their work to their personal situation. For the great number of reasons, might mean that they can work a lot one week or month and nothing next week or month, or spontaneously go out and deliver during a boring evening, or stop and pick up their kids from school, or decide to take some orders from one of our competitors when we are not able to give enough orders to keep them busy. On top of that, it gives them opportunity to earn way more money in the same time frame, and that's their number one priority. We have seen players proudly say they're employed, but usually close to minimum wage. That's at least not what our riders want, and we will fight hard for making sure that we deliver what they need and what they want. Irrespective of engagement model, we can and are supporting them with central measures to the extent possible. One example of how we support, especially the freelancers, is the COVID Rider Fund that we have initiated on our own and that we have funded with EUR 3 million. Out of that fund, we compensate those riders that are directly affected by COVID for a duration of up to two weeks. That means if you are, for example, affected and can't work, we are paying your lost compensation. While this is one example, we have, as mentioned, also structured program in place that Emmanuel will briefly introduce you to. Thanks. As Niklas has mentioned, the Global Rider Program is in place since June 2019 and is consolidating many initiatives that have partly already been active before. The purpose of this program is to improve the experience of the riders while also contributing to the business objectives of our companies or of Delivery Hero. We believe that the two actually go hand in hand. On the chart, you can find the eight different main work streams that we are pushing here. Let me give you two examples. Under the work stream six, you find the cash collection. What it means is that we have constructed solution for the riders to deposit the cash they collect as part of their work much more efficiently and frequently than in the past. The advantages for them are that they lose significantly less productive time than in the past when they had to drive longer distance just to deposit the cash collected. They can use this time more predictably to make another delivery and earn more money. Also their personal safety increase as they are less attractive targets for robbers. At the same time, as the cash deposit is linked to a code generated on the rider app, the cash reconciliation is much easier process for the finance departments of Delivery Hero. Another example, and a little bit more longer-term project, is the Rider Public Policy workstream, which tries to help shape a regulation that address the requirements of both the delivery industry as well as the riders, and that facilitates the flexible working conditions that many of our riders are looking for. We have started to engage with policymakers, and also together with other Delivery Hero companies, are going to continue with this. I would be happy to dive more into more topics, but for the sake of time, let me hand it back to Niklas now. Thanks, Emmanuel. The final two aspects that I want to mention are the initiatives we pursue regarding climate action and the diversity inclusion at Delivery Hero. Regarding our carbon footprint, we have communicated already in 2019, the objective to become carbon neutral by the end of 2021, and this including packaging and all deliveries. We have achieved this in 2020 for our European and Latin American operations, and are on track to do the same for MENA and Asia by the end of this year. As everyone else, at the moment, we're achieving this goal mostly through offsetting, and we are aware that we need to go beyond this, and we are launching many initiatives, of which one is a sustainable packaging program in 2021 that will help to reduce our carbon footprint, and we will also set our targets to actively reduce our CO2 emission going forward. In terms of diversity inclusion, I truly believe that Delivery Hero is already today on a quite good track. We are combining more than 100 nationalities in our workforce, and if you walk down the floors in our Berlin headquarter, you have people from all places with all kinds of preferences or beliefs present, and we see them working strongly together. We do a lot to foster and support an inclusive sentiment through our workforce. The most recent initiative in this regard was launched on a diversity inclusion advisory board that is tasked with further supporting our commitment in this area. This was it from our side at the moment. We are extremely confident that 2021 will be another very successful year for Delivery Hero, and we hope you continue to support us on the journey. Now, we are looking forward to your questions. Moderator, please kick off Q&A. The first question is from the line of Joe Barnet-Lamb from Credit Suisse. Your question please. Hi, team. Joe Barnet-Lamb from Credit Suisse. Thank you for taking my questions. I have three. Firstly, within your EUR 550 million, you flag a few areas of investment. The fact that you're not mentioning Korea in there, does that mean you expect Korea to be profitable in 2021? Some discussion around that would be great. Secondly, on Dmart openings, it looks like they slowed a little bit in 1 Q. I believe you were in the high tens per month at the back end of last year, and it looks like you're in the low tens per month in 1 Q. Firstly, do you agree with that, and if so, why is it? How many Dmarts do you expect to have at the end of 2021? Thirdly, on MENA and contribution margin. The MENA contribution margin seems to have flatlined over the last couple of quarters. Is that now capped, or where do you think it can get to over time? Do you see any reasons other divisions can't match MENA? Thank you. Thanks, Joe. On the first topic, we mainly wanted to kind of show the investment which were new initiatives such as the integrated vertical as well as new countries. We felt like you start adding a portion of our logistics and so on. Of course, we will invest a lot of money there, but it's so integrated to our core and what you're used to when you evaluate or assess Delivery Hero as a company. We didn't feel like that would be appropriate to kind of pick and choose a little bit there. That's why we didn't include Korea logistics as investment. You're absolutely right. There will be significant investments there. We do not give guidance if those investments will exceed the profitability. Yeah, I'm super excited about Korea. I think we are in a super strong position, and I'm very excited about our plans. When it comes to Dmarts, you are right. I think we opened 239 or so in Q4. We did 149 or so in Q1. There was a little bit of a slowdown. I think one is that we pushed really hard in Q4. Second is that we also were a little bit careful that we don't add more stores than we can serve, because there's a high cost of having stores with low utilization. I know many players that we've seen around there, they don't take into account that you have store managers, you have CapEx, you have pickers, you have a lot of things that if you don't have the store on full capacity, then you have very bad economics. We're a little bit more cautious maybe in Q1. I think what you should expect is that this will ramp back up and continue to grow very fast for the remaining of the year, as we have seen both an increase in competition, but also our ability to drive orders and business has been higher than probably expected in Q1. In terms of contribution margin for MENA, it's a little bit flat. It's probably not been the key focus. We have some areas where we have been doubling down a little bit harder, such as Egypt. We also want to drive more of own delivery share in these markets. We will probably prioritize one or two other things ahead of this. We also launched a quick commerce, not the Dmart side, but also even further into the other angle, which may have countered a marginal impact as well. In terms of long term, we believe that we will be within where we have guided to. I think we have said that we expect that we're setting our targets on gross profitability between 11% and 13%. We believe that MENA will also be in that range, but probably slightly higher priorities in some other markets as we are already fairly close to these levels, if I include non-commission revenue initiatives as well. All on plan when it comes to MENA and gross profit. Tremendous. Thank you, Niklas. Thanks. Thanks, you. The next question is from the line of Andrew Gwynn from Exane BNP Paribas. Your question, please. Hi there. Good afternoon. Exane BNP Paribas. Two questions. I should make it three. First question, just if you could, again, flesh out a little bit more on the investment. Approximate weighting, obviously, I don't want you to be too precise, but approximate weighting between the integrated logistics and the new markets. Second question, actually going back to the slides, obviously you talk about those non-cash costs, just having in mind how much of those may eventually in time become cash, and maybe if there's any sort of further risks there around some of the derivatives on the convertibles. The final question, just thinking about CapEx, obviously not normally a question we would ask a food delivery company, but given the growth of the Dmart business, should we start to think about CapEx as becoming quite material in the context of the group? It's obviously picked up in the last 12 months. Thank you very much. Thank you. I'm happy to cover the first one, then Emmanuel on the other two questions. We do not give a breakdown on how much to integrated verticals and how much goes to the new market. It's partially to keep a little bit of flexibility, but also not to signal too much information to our competitors, how much we will be investing. To help you a little bit there, what we see normally is that when you launch a market, the cost in the first year is usually less than in the second year, as you first need to build good coverage before you can start spending on a significant marketing and so on. Therefore, you would expect that the new market will increase in investments. When it comes to integrated vertical, we are ramping up. A big part of the ramp-up happened also end of last year. We will keep on ramping up very quickly this year. Similar methodology there that you will expect that we will increase our investment there versus this year. Exactly how much in each of these buckets, I like to keep still a little bit for ourselves for the time being. Emmanuel? Just before Emmanuel jumps in, but just on Japan, it's clearly a market which could be huge, but starting from a very low base. Is that a market where we should expect very significant investment? Is that a big opportunity and therefore area to focus on? Yeah, we think it's a very big opportunity, but we are not the first one to enter, we need to find ways how we clearly differentiate ourselves and that we clearly offer a better service. We don't want to win by spending more money. That is rarely a good strategy for coming as a number two, because you advertise for the industry and therefore the beneficiary is actually the market leader as often also better service due to the size advantage that is there. Therefore we will have to be very smart. And it's not only about spending money, but it's doing the right things and improve our service to the point that we are clearly better than our peers in that market. It's still early stage. We are super happy with the development of Japan. As we said when we launched it, this is a little bit of a test. Can we enter several years behind a strong competitor like Uber Eats and even more years behind someone like Demae-can and still catch up? I know we think so. We hope so, but it's going to be a little bit of an experiment. It's going to be very hard. So far, we are very happy, but still busy. Okay. Thank you. Andrew, I come back to your two questions. The one is the risk, if I remember, what is the risk to see the non-cash position. Sorry, Emmanuel. You hear me? Sorry, you were cut off at the beginning there. Sorry, I couldn't hear. Yeah. No, I wanted to cover the two questions. The first one, if I remember, was what is the risk to see some non-cash relevant position becoming cash relevant, right? The main part of this EUR 686 million non-cash relevant matters were basically financial impacts. The first one is corresponding, or was the valuation effect related to a cash settlement option that we had in our convertible bonds, in connection with the Uber transaction. That was like a valuation. We don't expect any cash implication in future. The Uber transaction is closed. The second big portion, and it was about EUR 160 million, and I mentioned also in the slide before, were basically linked to the valuation of our intercompany loans that we have within the company. The FX impacts or the movements U.S. dollar to euro. Also non-cash. We have to evaluate this impact in our results, in our balance sheet. I don't think that these two major positions, I don't see any risk to become cash relevant. The same will apply obviously for share-based compensation program. Your question on capital expenditure. I completely hear you. We are obviously monitoring our CapEx, as we develop our Dmart business, because this is our CapEx relevant topic for the business. We are watching that closely, and we expect this CapEx, and we see this CapEx decreasing over time as we get more experience and we know how to open a Dmart even more efficiently from the CapEx point of view. Emmanuel, I'm really sorry. I'm not sure if there's a problem with your line or my line, but you keep sort of fading in and out. I don't know if it's my end or your end. Sorry. You hear me, Niklas, or? Yes, I hear well. Okay. I can maybe repeat. On the CapEx. Just on the CapEx. Sorry. I think I've got the other part. Sure. On the CapEx, yes, we are monitoring this closely because we are obviously for every single store that we open, we do have some CapEx expenditure. We do watch it closely. We see also that the CapEx are reducing over time. We see a decrease as we open more and more Dmarts because we do have a better experience. We know to optimize the investments that we're doing. Going forward, we also will open maybe some distribution center, that also we should expect some CapEx. Having said that, our investments last year in terms of CapEx were about 6% of the revenue. A little bit higher than what you might expect for a food delivery company, but still low. You're absolutely right. We are monitoring this CapEx posture. Okay, great. Thank you very much. Thanks. The next question is from the line of Andrew Porteous from HSBC. Your question, please. Yeah. Hi, Niklas and Emmanuel. Could you just talk about the Dmart business and just sort of how you view the opportunity by region? Are there some areas that are sort of structurally more attractive, thinking maybe Asia versus Europe here, and sort of what you look for when you're opening a Dmart, to judge the opportunity there? A second question around the shape of profits this year. You've obviously helpfully given the guidance. Should we expect an improving trajectory of margins in H2 over H1 as we've seen in previous years? Are there other things to consider this year, like the rollout of own delivery and Korea or the timing of Dmart rollouts, for example? Perfect. When it comes to the Dmart opportunity, I think it's a little bit the same as for food. This is something that works. All humans wants to simplify in their life and get things delivered in 10 minutes. That's an amazing service, regardless if it's in Asia or if it's in Europe or in U.S. Now is the question, where is it more economical? The problem here is that in markets where you have higher labor cost, there's also usually a higher willingness to pay and pay for services and so on. I can't really say where this will be more or less attractive. I can only say that for us, we will focus the most in markets where we are very strong with our food business, because that's where we can have a clear differentiation to our competitors, but also any new entrants only doing the Dmart business. Here we will double down and do whatever it takes to make sure that we emerge as a clear leader, not only in food but also in quick commerce. When it comes to the margin, we do not give any guidance here. I think in general, what one would expect is that we'll continue to gradually improve margins as we improve our gross profitability and as we grow our GMV. You are correct that there will be more investments in Korea when it comes to logistics, and that will take down potentially the second half a little bit there in terms of profitability. I would probably still expect that overall the business will rather improve the margin over time despite that. That was the two questions. Yeah. Thanks for the detail. Just as a quick follow-up, could you just give us an idea on what the geographic profile of your Dmart locations is at the moment? What's the split of the 600 by region? We do not give that. We started in Middle East, so you can expect that Middle East is still the largest there and where we have been pushing the hardest. Asia has been the second region to expand on this, while Latin America was very early on, but they were more on the quick commerce side. They started more as a quick commerce player and then moved to have both the local store as well as the Dmarts. For Middle East it's the reverse. They started with the Dmart and then afterwards added the local stores. Europe is probably the one where we are a little bit behind. It's also a much smaller region for Delivery Hero in total. Thank you. The next question is from the line of Andrew Ross, Barclays. Your question please. Great. Thank you and good afternoon, everyone. My first one is on Grab, which Emmanuel mentioned in the opening remarks. They reported pretty decent delivery GMV of $5.5 billion, and they're talking about making money in delivery this year. I get it's not like-for-like, they're into markets you aren't in. Can you update us on how you see the competitive position with them in Philippines, Thailand, Singapore, Malaysia, both in terms of orders and GMV as opposed to Google Trends? Is there any difference as you see it between their unit economics and yours? Would be helpful to get an update on both countries. The second question is on vouchers and how you think about them across food delivery and integrated verticals. I guess in some of these countries there are the same consumer using the same app to get both restaurants and dark store inventory delivered. How do you think about allocating that subsidy in both countries? The third question is on quick commerce. You mentioned, I think, Niklas, 400,000 orders a day in April. Clearly that's coming both from a dark store model and the platform model with local merchants. If you think five years out, how do you see the split between those two things? Any kind of comments you have on 1P versus 3P in a quick commerce world would be interesting. Thank you. Thank you. Starting with the Grab. You correctly said $5.5 billion in GMV during last year. In dollars, I think in dollars, we did in our Asia segment, we did something like $20 point something billion in GMV. That means we were approximately four times larger than Grab on GMV basis there. Of course we have Korea, but they have Indonesia. We both have markets where we don't compete, but most of the markets we do compete. Exact how we trade on comparative environment in the specific markets, I'll leave up to you by looking at, I don't know, App Annie or Google or other places you can find, but I would strongly disagree with the message that Grab is sending. I do not see what they see, put it this way. Also given their size of relatively small $5.5 billion with moderate growth. We did grow faster, quite significantly. Both if you look at food as well as if you look at all of their business, including rides and everything, which I think totally including payment, was something like EUR 12 billion versus our EUR 20 billion. Again, I'll leave it up to you to make your assessment. When it comes to unit economics, I can't give so much there. I think they said that they want to be break even in the second half of the year, as far as I understood from media and other things I've seen in food. Of course they put most of their cost into some central overhead. It's very hard to know what is the true economic and true profitability there. At least they indicate that it'll be profitable there on a unit economic basis. The question there on the subsidies. Did I understand it correctly that subsidizing more for the Verticals? Could you help me a little bit on the third question before I go to the fourth? Yeah. I guess if you were subsidizing or if you were issuing a voucher to a consumer and restaurant delivery and then you launch integrated verticals into that market, are vouchers really coming down if you're just pivoting those towards dark stores? Yeah. When we launch new businesses in new areas, for us, we do it sometimes with a free delivery trial or something like that. We do not do GBP 15 free like some other players do. We do maybe EUR 1 or EUR 2 free, so that they don't come because of the vouchers. There is a small incentive to try out, at least. Maybe free delivery or such. We do a little bit more of that when we try to get customers to try our services or early stage in certain markets, where we do some initiatives. That means as we grow our integrated verticals, there is a degree of vouchers there. The same as we go for markets like Japan, new markets we want people to try out. There will be a fair amount of voucher as first-time customers, and the proportion of first-time customers, of course, are very large when you launch a new market. Sustainably, we are also not big believers in vouchers. We don't see this working as a tool to increase frequency or to retain customers. We generally agree with the takeaway on that point. It's usually a lost money. As soon as we pull it back, the customers are gone. We try to avoid that as much as possible. On the quick commerce right now on a 400,000 orders per day, how would that look long term? Here I have my views and I have my thoughts, but it's too early to speculate. I think in general, it can be a very large space, but I also think that many players and investors will burn their money, and then burn their fingers on the temptation to invest in some of these players. I do think that the economics will be very challenging for many of them. Thanks, Niklas. If I could just follow up on the first question. Are you saying that in each of Philippines, Thailand, Singapore, and Malaysia, in food delivery specifically, you think you're bigger than Grab in terms of GMV and orders? I didn't say that. I think if you would look at most data points, I think it's fair to come to that conclusion. Yes. Thank you. The next question is from the line of Giles Thorne, Jefferies. Your question, please. Mr. Giles Thorne? Let's take the next question and maybe Giles comes back later. The next question is from the line of Sreedhar Mahamkali from UBS. Your question, please. Yes. Hi, good afternoon. Thank you for taking my questions. Can I just follow up on Andrew's question on Grab, please, and then a couple of other ones? First one, while we can see the profitability targets that they've put out are after or before certain region costs and some cost allocations and things like that, the exact numbers are what they are. I was more interested in exploring if you're actually seeing anything different on the ground in terms of either moderation, competitive intensity, vouchering, which is some of the things I think they're signaling. Do you see anything at all on the ground? Clearly, you two are leading players in the markets that Andrew just referred to, Philippines, Thailand, Malaysia, and Singapore. It would be helpful to know if one of you is signaling a fairly dramatic profile in a margin trajectory, how that is coming across on the ground, please. Any comment would be super helpful. Secondly, just going to Korea for a second. Can you talk about your share there, Baemin share, how that's evolved in Q1? Are you holding or are you regaining share as you start to expand logistics? Again, maybe anything more you can share there, Niklas, will be super helpful in terms of how that logistics model is evolving in terms of commission rates, restaurant choice, speed to market. Finally, just in terms of that EUR 550 million, I appreciate you're not willing to give us the sort of breakdown between IV, excuse me, and new markets. Are there any puts and takes here as you sort of go through the year? You've signaled your willingness to invest as much to your competitors as to us. Are there markets where you could see potentially if things go your way, that EUR 550 million additional investment could be smaller than that? What are those puts and takes then? That'd That'd be super helpful. Thank you so much. Perfect. I think in general, it's more of a constructive market. I think we both or most players in our industry starts to try to win on the product experience. Do we. We try to make sure that we have a better product and experience, and investments and money starts to play a less of a role when you have that size. It's way more effective to actually offering a better service, and you can invest significantly less than other players and still win a market share if you have that product. I think in general, it remains fairly constructive, and I think we are fairly focused as well, and rather, as I said, focusing on our product experience than throwing money out there. Yeah, throwing money out there. When it comes to Korea and Baemin, I think in general, our market share has been fairly stable for quite some time. Of course, when you come from such a high market share of aggregators, if someone puts an enormous amount of money into pricing discounts, they will get some customers. The market is still evolving. This market is still early. Even if we grow in an accelerated basis, and if we grow from no orders to 10 orders even, that would be a market share gain. That's why I think I indicated in the last call that one should expect that we will continue to grow very fast, but not necessarily that we're going to win market shares at this point in time, as long as someone is investing at that level. I think in general, we have already done some initiatives to making sure that we have a very competitive product, good restaurant coverage, improve our logistics, but we are still a little bit too early to really have put the metal to the ground. You will probably see that rather in a couple of months, that we will significantly accelerate when we feel like we have that product ready. Already now, I think market dynamic is pretty good. In terms of the EUR 550 million investment, I think we should count on the fact that it will be EUR 550 million investment. I don't expect it to be less. I don't want to give that split. I think the investment into new markets are probably more predictable. We know here more granular how much that amount will be. We might want to allocate more money into the quick commerce space if we see that the comparative dynamic is heating up, or that there is more market entrants and so on. As I said, initial lead that we will not accept being more expensive. We will not accept having a worse offering. We will not accept if someone is delivering in nine minutes, we will not accept to deliver in 10 minutes. We will deliver in eight or less. Whatever time the delivery will do it faster, whatever price to offer will do it better, whatever store they have will do it more. Therefore, it's a little bit less predictability on the investment into the new verticals than into the market itself, into the near markets. Expect EUR 550 million. Thank you. One quick follow-up. Where do you see logistics with Baemin by the end of the year in terms of percentage penetration of OD? Perhaps just in terms of constraints, are there any? Clearly, there's third-party distribution networks out there. Are there any constraints for you to really accelerate it as fast as you want to, or is that not entirely possible? No, we don't see any big constraints more than rolling it out and all the work and execution work that needs to happen to get that done. No particular constraint there. I don't want to give any exact number on how big the OD part will be by the end of the year, but we will for sure be the largest logistic company in Korea. There is no question there. I leave it at that. Thank you, Niklas. Appreciate it. Sorry, Suki, to interrupt. Maybe let me just jump in here quickly and say we have a couple of minutes left only and four people in the queue. If the next people could maybe limit their questions to one or two max, hopefully we can cover everyone. If not already, sorry, and reach out to us later. Suki, back to you to take the next question. The next question is from the line of Adrien de Saint Hilaire from Bank of America. Your question, please. Thank you. Yes, Daniel, I'll limit myself to two questions, which are maybe perhaps a bit more for Emmanuel. There is a guidance at the midpoint of 49%, I think, if I'm not mistaken, on GMV. You just did 83% in the first quarter, and of course, comparatives are getting a little bit stronger throughout the year. Could you just tell us why would things slow down? That's the first one. Second one, your EBITDA guidance is pegged as a percentage of GMV. I'm just wondering if ever we have better than expected GMV, would we still have the same formula, i.e., would we have potentially bigger losses if the GMV is bigger? In that case, would we have an upside to the EBITDA figure? Thank you. Yeah, I'm sure happy to start with the progression during the year. It's fair to say that at this stage, we've been, let's say, prudent concerning the outlook. I think looking at the world at today, the COVID pandemic is not completely over. We see that in Europe, we see that in other part of the world. We are looking at the next months in a conservative way, that's probably the way that what we did last year, I think it was a very good advice, we will continue during this year, 2021. We see some regions like Asia coming out of the COVID. Still, we don't know exactly what will be first the reaction of the customers once the COVID is over. We have some scenarios in mind, we've been here prudent in our estimates for the rest of 2021. Secondly, how long the current pandemic or the COVID pandemic is going to last. Hopefully, this will end soon, but it doesn't seem that way in Europe. Looking at South America, that we're basically the coming out of the summer. We see the same kind of development that we've seen in Europe in terms of coming out of the summer time and the number of cases rising. That's the reason why we've been prudent. Things are moving extremely fast in terms of restrictions sometimes from governments. That's the reason why we took this conservative and prudent view. Having said that, this is still a nice growth compared to last year. May I cover quickly the second question, because here it's more around how much we can invest at a good return as well. I think it's actually the opposite. If we see a lot of good investment opportunities, that will mean that our EBITDA would rather be slightly higher than the midpoint. It will also probably mean that the GMV will be higher. Therefore, in that scenario, we'll have both high GMV as well as potentially even high NG as proportion of EBITDA. Again, the EBITDA and GMV is very much driven also by the investment opportunities, the returns that we're seeing, the opportunities that are at hand, and hopefully there are a lot of opportunities at hand, and we can grow faster, and then it might also mean that they have been invested harder. Great. I probably have 10 other questions, but as promised, I will pass off to Suki. Thank you very much. Merci, Adrien. The next question is from the line of Giles Thorne, Jefferies. Your question, please. Mr. Giles Thorne, your line is muted. There we go. I'm off mute. Thank you. Our first question is on Turkey. We've now seen the launch of GetirYemek, which I think is the first example of a dark store online grocer anywhere in the world actually pushing into online food delivery. I wanted to get your thoughts on that, Niklas, how do you deal with a problem like that? Forgive me, both these questions, I jumped off the call earlier, maybe they've been answered, my second question was back on the question of Grab and noting all of your comments, Niklas. It doesn't refute the fact that they are going to have $5 billion of liquidity that they're going to be pouring into the region to compete with yourselves. I just wanted to get your thoughts on how you think they will be spending that money and how you'll be responding. Thanks. Yes. On the first question, it's absolutely right. We consider ourselves as the innovator on the quick commerce space. There is actually a company who was before us when it came to dark store, and that is Getir. They started 2015. They had four years head start when it came to the dark store model. We have in the last one and a half years managed to almost catch up with them in Turkey. We are still a little bit smaller than them on the dark store. We are definitely gaining market shares and we are maybe 60-40 or something like that. We have managed to go from 0% market share to 40% market share in a matter of one and a half years. I think that shows the strength of our business. It's correct that they've moved also into food and that they're doing an enormous amount of vouchers and discounts and promotions and so on. If you see their orders will be very small in basket and highly incentivized. I doubt there's any possible profitability coming out of that business, and we are pretty relaxed about it. Of course, if you do vouchers and promotions, you will get a 10% market share, maybe even a 15% market share. What happens then? At some point you have to stop with the vouchering and you have to make some economics, and in the end, I think we will stand very strong. The question is, can they sustain a, whatever, 10%, 15%, 20% market share? For how long can they sustain that market share until it falls back? That is still to be seen. We obviously take them very seriously, and as I said before, any product gap that we potentially would have in any particular market, we'll make sure that those are being closed. No one should be able to offer any better service than we do in any market, anywhere. When it comes to Grab, yeah, they will have a lot of capital on the balance sheet. But while we will have a lot of gross profit coming in every year from different regions, different places, we will also have a balance sheet that has enough money to fight. I don't think that is the differentiating factor, how big your balance sheet is. It's how good your product is. And of course, technically, theoretically, they can spend $5 billion if they have a $5 billion balance sheet. Technically, we can also spend $5 billion in that market if we would want to. I don't think any one of us want to do that. I don't think that would be sensible, I don't think it would be good return for investors, and I think all investors would be very critical to both us and them if we would burn money and waste money in that way. Even if they have a big balance sheet, I think they're also bound by the fact that they have to make sensible stuff. I think the same we could say with Meituan and Alibaba. They sit on even more money and more access to capital, but they're still making profit because at some point it doesn't make sense to do more vouchering. What really makes sense is to build a good customer experience. That's my view. Thank you very much. Thanks, Giles. Again, sorry, I need to jump in now. We already run over and we try to make more time, but we have to end the call now. I see that Ioannis from Morningstar, Sarah from Berenberg, Silvia from Deutsche Bank, and Julie from Allianz is still in the queue. We will get back to you separately. Huge apologies for this. Obviously more questions than we could take today. I'll hand it back to Niklas, if you want to, any last remarks. Then we have, I guess, to end the call. Yeah. Thank you. Thank you very much for your support and for listening in to our update today. This goes to all our shareholders. I'm extremely proud of what we have achieved so far or what the team has achieved so far. While also recognizing we are in a very early in our ambition. I would also like to give a big shout-out to all our heroes around the world working extremely hard every day. You're doing an absolutely fantastic job, so a big thank you to you as well. Thank you, everyone. Have a good day. Thank you. Have a good one.