2025年三季度食品技术公共报表和估值指南（英）2025

EMERGING TECH RESEARCH Foodtech PublicComp Sheet andValuation Guide Key takeaways PitchBook Data, Inc. Nizar TarhuniExecutive Vice President of Researchand Market IntelligencePaul CondraGlobal Head of Private Markets ResearchJames UlanDirector of EmergingTechnology Research •Foodtech equities underperform amid persistent macroeconomic headwinds:The foodtech sector faced significant challengesin Q3 2025, with most equities lagging major market indexes as persistent inflationary pressures and ongoing tariff uncertaintycontinued to weigh on valuations. The online grocer segment experienced the most severe contraction, with the median share Institutional Research GroupAnalysis Alex FrederickLead Research Analyst,Agri-foodtech Ben RiccioAssociate Research Analyst •Two take-private transactions close amid sector-wide valuation compression:Against the backdrop of declining valuations across the foodtech landscape, two significant take-private transactions were completed in Q3 2025. Prosus acquired Just EatTakeaway.com for $4.2 billion at an implied enterprise value (EV)/revenue multiple of 0.9x and an EV/EBITDA multiple of 2.4x,while private equity firm Thoma Bravo acquired Olo for approximately $2 billion in equity value at an implied EV/revenue multipleof 4.4x and an EV/EBITDA multiple of -1,006.9x. However, these transactions reflect fundamentally different investment theses pbinstitutionalresearch@pitchbook.com Published on November 7, 2025 Contents Key takeaways PitchBook clients can accessthefull Excel data packfor thisreport via the Details tab in the •Incumbent delivery platforms offer relative outperformance:Large-cap delivery platforms DoorDash and Grab Holdings have materially outperformed the broader downturn in the foodtech sector, with shares appreciating 59% and 26% YTD, respectively,as of October 2025. DoorDash’s acquisition of UK-based Deliveroo for approximately $3.9 billion, which closed in October2025, has substantially enhanced its international footprint, extending its reach to over 45 markets globally and positioning The PitchBook foodtech comp sheet was constructed with the PitchBook Excel plugin using both PitchBook and Morningstar data. The toolallows subscribers to pull financial data and company information into Excel for more than 111,000 public companies across the US and Stock returns PitchBook clients can access thefull Excel data packfor this report via the Details tab in the document viewer. Revenue PitchBook clients can access thefull Excel data packfor this report via the Details tab in the document viewer. PitchBook clients can access thefull Excel data packfor this report via the Details tab in the document viewer. EBITDA PitchBook clients can access thefull Excel data packfor this report via the Details tab in the document viewer. PitchBook clients can access thefull Excel data packfor this report via the Details tab in the document viewer. PitchBook, a Morningstar company ©2025 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or by any means—graphic, electronic, ormechanical, including photocopying, recording, taping, and information storage and retrieval systems—without the express written permission of PitchBookData, Inc. Contents are based on information from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. Nothing herein