DoorDash Inc - Ordinary Shares - Class A

Strong profitability/units momentum; Q2 beat driven by unit economics + ads + new verticals - Management said Q2 Adjusted EBITDA materially beat guidance (largest contributor: unit economics improving faster than expected in a couple areas, specifically ads and subtotal). - Deliveroo (international) also contributed positively, with unit economics improving and ROO contribution profit turning positive; ROO beat internal volume expectations. - Company emphasized it is not “cutting growth”—they are finding efficiencies across many P&L levers and reinvesting while staying tightly managed.

Restaurant growth acceleration in the U.S.; main driver is DashPass + product/selection/quality - U.S. restaurant GOV growth accelerated from Q1 to Q2. - Key drivers: higher DashPass subscribers, highest paid-subscriber growth in a couple years, product improving (selection + quality + reliability), and strong new consumer engagement. - Also noted comp headwind dynamics: Q2 last year was unusually strong, yet they still delivered strong acceleration—seen as evidence of ongoing demand strength.

Grocery/new verticals are strong and improving economics; long runway - Grocery described as fast-growing with healthy partner relationships and improving unit economics across categories. - Longer-term view: grocery/new verticals are benefitting from bigger basket sizes and more use cases (MAU “outside restaurants” frequency growing). - Forecast: new verticals expected to be gross-profit positive in 2H 2026 and grocery contributes to the overall improving profit profile.