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Company Update Valuation & Risks Benjamin Black, CFAResearch Analyst We come away incrementally convicted in the fundamental tailwinds, the AVstrategy, and the durability of growth for Uber following our meetings with thecompany’s IR team in London / Paris this week.We contend that the core platformremains under-penetrated, with ongoing service improvements and productinnovation driving higher user frequency, while geo-expansion supports an ever-growing serviceable TAM. We are also of the view that each additional vertical/category that is layered on, increases cross-platform adoption, yielding structurallyhigher life-time value (LTV) cohorts. This LTV profile provides the capacity to fund Kunal Madhukar, CFAResearch Analyst Benjamin Hui, Esq.Research Associate Jeff Seiner, CFAResearch Associate Raymond WongResearch Associate With the upcoming commercial partnership launches of Zoox and Lucid/Nuro(both in 2H26) and then Nvidia in 2027, we contend that investors will have agrowing number of proof points that AV supply in the US will not become aconcentrated market dominated by only 1-2 players (TSLA and Waymo). We thinkthese launches (if successful) likely represent a meaningful catalyst supportinga gradual removal of the current AV overhang embedded in Uber shares.All in all, Core Mobility: Clear Growth Drivers US mobility growth is accelerating, supported by several distinct, compounding nBarbell Product Strategy: Value-oriented offerings, such as Wait & Saveand Shared Rides, are successfully acquiring more price elastic users, whoover time increasingly convert to higher margin products. At the same time,premium products, including Reserve and Uber for Business (U4B), arecapturing higher-margin demand, with U4B growing 45% year-over-year. nSparse Geographic Expansion: There is a clear and concerted push intothe ~7,800 sparse US suburbs outside the top 20 urban centers. Collectivelythese markets represent a significant greenfield opportunity and arecurrently growing twice as fast as the most dense cities. Insurance-Driven Elasticity: The combination of successful insurancereform in states like California, as well as lower general inflation in third-party auto insurance costs, are driving material savings, that are beingpassedthrough to consumers via lower pricing,which is yielding Delivery: Sustained Core Resilience It appears that the US delivery consumer remains resilient. Adjusting for thelocalized impact of Q1 weather events, the delivery segment grew 24% y/y nSuburban Penetration + Product Enhancements + Growing Supply:Expanding into sparse geographies where favorable demographics (largerhousehold sizes yielding larger basket sizes), lower trending defect rates, Emerging Verticals: Outsized expansion in Grocery and Retail, which arecurrentlycompounding at multiples faster than the core restaurant nInternational Consolidation: The company is gaining organic share in keyglobal markets while also leveraging strategic M&A (e.g. Getir, Trendyol Goin Turkey) to consolidate category leadership. Strategic Significance of Grocery & Retail In our view, the Grocery and Retail segment is a critical strategic pillar, which iscurrently operating at a $12bn gross bookings run rate and growing roughly 40%y/y. Uber has successfully integrated six of the top 10 US grocers. Importantly, ourtake is that the strategy relies on building selection down to the hyperlocal level—expanding beyond enterprise grocers to include local butchers, wine shops, and specialty retail.As the supply density improves, we contend that frequency also Uber One: Accelerating The LTV Flywheel With recent disclosure highlighting that Uber One members have hit 50mn(growing 50-60% y/y), investor focus is clearly pivoting to this scaling part of thebusiness. Our take is that the Uber One membership program serves as a key driverof platform retention, frequency, consumer “lock-in” wallet share, and ultimatelygrowth in customer LTV. The consumer benefit suite has been notably enriched toinclude 6% cash back on mobility, discounted delivery fees, no surge pricing, and Advertising: Path to Mature Marketplace Penetration We view Advertising as a durable, net-incremental revenue stream that structurallyelevates the corporate margin profile. The segment has surpassed 2% of DeliveryGMV, operating at a $2bn run rate and growing 50% y/y. To date, growth has beenpredominantly driven by SMB sponsored restaurant listings. Looking ahead, ourtake is that enterprise Consumer Packaged Goods (CPG) budgets represent a Autonomous Vehicles: A Deeper Look at the Fragmented Supply Strategy Uber’s strategic investments in the AV sector actively challenges the narrative of afuture dominated by one or two scaled suppliers. Our take is that Uber’s platformfunctions as a critical commercial interface for software developers and a backstop Uber is actively partnering across the AV ecosystem. We note active collaborationswith high-profile players inclu