优步：与首席财务官炉边谈话及会议纪要

Nikhil Devnani, CFA+1 917 344 8425nikhil.devnani@bernsteinsg.com Nathan Gee+1 917 344 8573nathan.gee@bernsteinsg.com RatingOutperform Ajeya Patil, CFA+1 917 344 8467ajeya.patil@bernsteinsg.com Price Target 110.00 USD UBER UBER: Takeaways from our fireside and meetings with the CFO We hosted UBER’s CFO, Balaji Krishnamurthy, for a fireside chat at our Strategic DecisionsConference in NYC. The conversation centered on business momentum, UBER’s longer-termstrategy around AVs (and how the Mobility value chain could evolve in an AV future), and capitalallocation priorities, in light of the reported M&A news around Delivery Hero, which we duginto in more detail here. Overall, management struck a positive tone. Product innovation (UberOne, barbell strategy and regional diversification) has supported healthy Gross Bookings andOI growth in recent years and UBER remains optimistic on the opportunity still ahead. Close Date29 May 2026UBER Close Price (USD)70.40Price Target (USD)110.00Upside/(Downside)56%52-Week Range101.99/68.46SPX7,580.06FYEDecDiv YieldNAMarket Cap (USD) (M)143,306EV (USD) (M)150,695 Capital allocation priorities.Organic reinvestment (increasingly AVs) remains the priority,followed by strategic M&A, and capital return. The company framed its general approachas an ‘and’ strategy across these buckets given FCF generation and balance sheet strength(including equity stakes that can be monetized). UBER’s framework for deals is that they needto enhance the core strategy and platform, while also driving EPS accretion. Our initial mathon the possible DHER acquisition was more punitive (i.e., modest dilution on the 2-year view).We suspect the swing factor will come down to cost + cross-platform potential. The AV ramp.Autonomy is viewed as a TAM expanding opportunity that will shape the futureof UBER long-term, but the ramp is expected to take years given various bottlenecks. UBERis investing to be an enabler for AVs globally. Existing distribution and an advantageous coststructure on running the network translate to better commercialization of AV fleets. Softwarecommoditization is key to determining where value eventually resides on the AV stack. Healthy momentum.40M new customers added in Q1, US Mobility to accelerate in 2026,and growing cross-platform usage. UBER’s tone on business momentum was positive.Moderating margin expansion, but OI is compounding and AI is tempering hiring plans. Investment Implications DETAILS TAKEAWAYS FROM OUR FIRESIDE CHAT AND MEETINGS WITH UBER’S CFO, BALAJI KRISHNAMURTHY •More of the same expected.We’re currently in the final year of the 3-year framework management provided at 2024Investor Day and the business remains on track. Looking forward, investors should continue to expect more of the same.Having been actively involved in shaping UBER’s strategy and running the Moblity and Delivery P&Ls for some time now,Balaji is not looking to make big changes, but rather continue investing and innovating to drive healthy Gross Bookings andOI growth. While UBER doesn’t guide beyond the quarter, the ambition appears to be sustained mid-to-high teens GrossBookings growth for as long as possible, alongside ongoing margin expansion. Expect a more tempered pace on the marginramp than prior years given the higher jumping off point today and self-directed investment against Mobility and Deliverygrowth opportunities. Our view is that there is room for positive OI revisions on the back of strong growth. •Capital allocation and M&A framework...Management’s overarching capital allocation strategy is as follows: (1) organicreinvestment (which includes AV investment at this point); (2) strategic M&A; and (3) capital return. Within this, the frameworkfor M&A is that assets must, firstly, enhance UBER’s organic efforts, expand the TAM, and complement the company’s corestrategy. Furthermore, any deal needs to have clear line of sight from regulatory and shareholder approval to integration,as well as being accretive to adjusted EPS and available at a reasonable price. While there is much discussion of trade-offs(rightfully so, we have raised the same questions ourselves), Balaji described UBER’s capital allocation approach as an ‘and’strategy where it can stick to all three of its core tenants. We feel that any potential acquisition of DHER is likely to be largelydebt funded. Monetizing a portion of the $8-9B equity stakes also a possibility (i.e., protecting buybacks). •...and Delivery Hero.UBER now has exposure to ~37% of Delivery Hero1, which gives it a seat at the table for any strategicdecisions the company takes from here. In terms of the attractiveness of the asset, management pointed to complementarygeographies like the Middle East and Argentina (strong Mobility, no substantial Delivery), as well as Korea (nascent market forUBER where Delivery could be the initial foothold). We offered a comprehensive overview of market overlap in ourUBER xDHER Deep Dive (with pro forma P&L).S