Interim Results for the Period ended 30 June 2018 1 Disclaimer - PowerPoint PPT Presentation

Interim Results for the Period ended 30 June 2018 1

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 Güvenç Dönmez - Chief Executive Officer of Russian Operations Financial Results Selim Kender - Chief Strategy Officer and Head of Investor Relations Conclusion Aslan Saranga Q&A 3

SECTION 1: Highlights

Macroeconomic headwinds • TRY has devalued by c. 75% year-to-date until 31 August 2018 against the USD o Local currency supplies, wages and rents o No hard currency net debt position • Turkish headline inflation at 17.9% as of August 2018 o Frequent price hikes to preserve margins o No observed decline in consumer demand • Turkish bank loan interest rates at 30%s in early September 2018 o Closer observation of and cooperation with franchisees Source: Company Information 5

2018 H1 highlights SYSTEM SALES REVENUE Adjusted EBITDA TRY 510.4m TRY 380.2m TRY 40.3m TRY 36.5m TRY 7.4m (2017 H1: 398.5m) (2017 H1: 287.7m) (2017 H1: (2017 H1: (2017 H1: 37.3m) 32.5m) 4.9m) 28.1% 32.2% 12.1% 49.2% 8.0% - - - LIKE-FOR-LIKE GROWTH STORE COUNT ONLINE DELIVERY 672 59.3% (2017 H1: 593) (2017 H1: 49.7%) 10.9% 18.0% (2017 H1: 6.9%) (2017 H1: 31.3%) 9.6% points 79 6

SECTION 2: Operational Review

Innovation is at the core of DP Eurasia Enhanced Websites GPS Tracker Products Loyalty Program • • • • Launched in Turkey Installed in 400+ Incremental sales Launched in in August 2018, stores in Turkey, to opportunity Turkey in November’17 Russia to follow be launched in • Oven baked early 2019 • Progressive and sandwich order mix • 790k participants Efficiency – • responsive at 13% in H1 2018 as of H1 2018 increased delivered without • • Centralize 4% increase in orders per driver cannibalisation development onliine frequency, • • process of digital Customer Product transfer 15% increase in engagement – real solutions in Turkey from Turkey to app frequency and deliver to other time order Russia, e.g. ultra- countries progression thin crust and concurrently mosaic cake Driver safety – • • Keep up with speeding and technology trends harsh brake and design trends reporting – focused on best customer experience 8 Source: Company Information

Like-for-like performance Lfl performance continues to be strong... ...with the revamped apps leading the charge System sales Lfl growth, % App System sales Lfl growth, % Turkey Turkey 43% 152% 33% 57% 11% 7% Online Total 2017 H1 2018 H1 2017 H1 2018 H1 Russia Russia 406% 85% 53% 31% 18% 26% Online Total 2017 H1 2018 H1 2017 H1 2018 H1 9

Digital growth Share of online ordering growing healthily Online system sales, % Turkey Russia 74% 63% 54% 52% 46% 42% 39% 30% Delivery Total Delivery Total 2017 H1 2018 H1 2017 H1 2018 H1 Group 59% 50% 42% 33% Delivery Total 2017 H1 2018 H1 Source: Company Information 10

Store count growth Continuous and significant store rollout # of stores at period end +79 +76 +58 +58 672 643 +68 593 567 509 +94 142 121 451 96 72 +70 43 383 +59 19 +30 289 +27 13 +23 219 160 522 530 495 497 466 130 432 370 103 80 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2017 H1 2018 H1 DP Turkey DP Russia Source: Company Information …with Russia heading to 200th store Turkey moving towards 550 stores... # of stores at period end (1) # of stores at period end +46 550 150 +33 +51 100 +28 142 530 50 96 497 45 469 450 0 2016 H1 2017 H1 2018 H1 2016 H1 2017 H1 2018 H1 Source: Company Information Source: Company Information Notes : 11 1. Includes Azerbaijan and Georgia

Russian expansion Expansion outside of Greater Moscow progressing well European part of Russia • Having successfully implemented the castle St. Petersburg - 4 Corporate Stores strategy in Moscow, we are continuing to Petersburg (4) expand, further building upon our growing Tver - 1 Franchise Store Tver’ (1) market presence Kazan - 1 Franchise Store Kazan (1) • Greater Moscow is the key region for Russia, that Moscow Nizhny Novgorod - 1 Franchise Store Nizhny Novgorod (1) shows very high demand and still has high Tula (1) Tula - 1 Franchise Store potential for further growth Voronezh (1) Voronezh - 1 Franchise Store • Key focus outside Moscow Rostov-on-Don (1) Rostov-on-Don - 1 Franchise Store ‒ 8 new cities: St. Petersburg, Krasnodar, Krasnodar (4) Krasnodar - 4 Franchise Stores Rostov-on-Don, Tver, Nizhny Novgorod, Tula, Voronezh, Kazan Progress in Greater Moscow has been rapid ‒ New cities have a population of more than 129 116 1 million people; reachable from Moscow, which provides convenient delivery from 84 74 72 70 commissary 61 52 43 42 ‒ 37 Continuing planned roll out to further cities 13 • Russia franchise store mix at 29%, up from 8% at H1 2017. 2015 2016 2017 2018 H1 DPEU Papa John's Dodo 12

SECTION 3: Financial Results

DP Eurasia: Financial snapshot Growth in system sales supported by store roll-out System Sales, TRY MM # of Outlets 672 28% 593 426 510 63% 370 62% 399 246 223 37% 38% 2017 H1 2018 H1 2017 H1 2018 H1 Corporate Franchise Year on year growth Adjusted EBITDA with margin a function of sales mix effect Capex and cash conversion (2) TRY MM TRY MM % 9.4% 7.9% 20% 17% 40 37 33 30 2017 H1 2018 H1 2017 H1 2018 H1 Adj. EBITDA Margin (1) Capex Cash Conversion Source: IFRS Combined and Consolidated Financial Information, Management Accounts Notes : 1. As % of System Sales 14 2. Cash conversion defined as (Adj. EBITDA – Capex ) / Adj. EBITDA

DP Turkey: Financial snapshot (1) Store count (2) System Sales System Sales, TRY MM # of Outlets 16% 521 490 376 355 72% 358 72% 308 145 135 28% 28% 2017 H1 2018 H1 2017 H1 2018 H1 Corporate Franchise Year on year growth Adjusted EBITDA and margin Capex and cash conversion (4) TRY MM TRY MM % 10.6% 10.2% 66% 36 33 43% 21 11 2017 H1 2018 H1 2017 H1 2018 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 15 4. Cash conversion defined as (Adj. EBITDA – Capex ) / Adj. EBITDA 2. Turkey only

DP Russia: Financial snapshot System Sales Store count System Sales, TRY MM # of Outlets 142 69% 41 29% 96 8 8% 153 91 101 71% 88 92% 2017 H1 2018 H1 2017 H1 2018 H1 Corporate Franchise Year on year growth Adjusted EBITDA and margin Capex TRY MM TRY MM 5.4% 4.8% 19 13 7 5 2017 H1 2018 H1 2017 H1 2018 H1 Adj. EBITDA Margin (1) Source: IFRS Combined and Consolidated Financial Information, Management Accounts Notes : 16 1. As % of System Sales