Forward-Looking Statements & Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact could be deemed forward-looking, including without limitation statements regarding our future performance, financial condition, operations and profitability, prospects, business strategy, management plans and objectives, and competitive position. In some cases, you can ...

Core Viewpoint - Maplebear Inc. (Instacart) faces increased competitive pressure from Amazon's expansion in grocery delivery, leading to a decline in its stock price despite new retail technology partnerships [1][2]. Group 1: Competitive Landscape - Amazon has expanded its grocery delivery service to over 5,000 U.S. cities and towns, with plans for further same-day delivery expansion in 2026 based on positive customer feedback [2]. - Instacart's stock fell by 7.22% to $37.43 following Amazon's announcement [5]. Group 2: Strategic Partnerships - Instacart announced an expanded omnichannel partnership with Allegiance Retail Services to enhance digital capabilities for independent grocers, including the implementation of Instacart's Storefront Pro platform [3]. - The partnership will also feature the rollout of Carrot Ads retail media offering across Allegiance stores to boost revenue growth [3]. Group 3: Technological Innovations - Instacart's AI-powered Caper Carts are currently deployed in select Foodtown supermarkets in New York, New Jersey, and Pennsylvania, with plans for additional deployments in 2026 [4]. Group 4: Loyalty Integration - Instacart is integrating with AppCard, Allegiance's loyalty platform, to create a unified loyalty strategy that aligns promotions, rewards, and coupons across both digital and physical shopping experiences [5].

Financial Data and Key Metrics Changes - In Q3 2025, orders reached 83.4 million, up 14% year-over-year, driving Gross Transaction Value (GTV) of $9.17 billion, up 10% year-over-year [22] - Average order value decreased by 4% year-over-year, primarily due to growth in restaurant orders and the introduction of a $10 basket minimum for Instacart+ members [22] - GAAP net income was $144 million, up 22% year-over-year, and adjusted EBITDA also grew 22% year-over-year to $278 million [23] - Operating cash flow increased by $102 million year-over-year to $287 million [23] - Q4 GTV is anticipated to range between $9.45 billion and $9.6 billion, representing year-over-year growth of 9%-11% [24] Business Line Data and Key Metrics Changes - The Marketplace continues to be the backbone of the business, with a growing and loyal customer base, increasing order frequency, and higher retention rates [7][8] - Advertising and other revenue grew 10% year-over-year, representing 2.9% of GTV, which was flat year-over-year [23] - The Enterprise Platform is a key growth driver, with over 350 retailer e-commerce storefronts powered by Instacart's technology [10][14] Market Data and Key Metrics Changes - The advertising ecosystem has expanded, with over 7,500 brand partners, and on average, brand partners see a 25% boost in sales when advertising on Instacart [16] - The company is seeing strong performance in October, indicating continued momentum despite macroeconomic challenges [24][52] Company Strategy and Development Direction - The company is focused on three key areas for strategic investment: affordability, accelerating the Enterprise Platform, and enhancing the advertising ecosystem [31][32][33] - International expansion is a priority, with plans to grow in Europe and Australia using existing products like Storefront, Caper, and FoodStorm [19][50] - The company emphasizes its role as a technology and enablement partner for the grocery industry, not just a marketplace [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's strength and growth potential, highlighting a disciplined approach to investing while driving profitability [20][26] - The company is not overly concerned about competition, as it continues to lead in areas like large basket activations and retailer-owned sites [81][82] - Management is optimistic about returning advertising revenue to double-digit growth in 2026 [25][42] Other Important Information - The company increased its share repurchase program by $1.5 billion, reflecting confidence in its long-term value creation [20][26] - Stock-based compensation in Q3 was $82 million, down $24 million quarter-over-quarter [23] Q&A Session Summary Question: What are the biggest strategic investments for growth? - Management highlighted three focus areas: affordability, accelerating the Enterprise Platform, and enhancing the advertising ecosystem [31][32][33] Question: How will AI solutions be monetized? - AI solutions will connect various parts of the shopping journey, enhancing operations and customer experiences, with monetization expected over time [40] Question: What is the impact of new partnerships and international growth? - New partnerships are seen as critical for growth, with ongoing efforts to expand internationally using existing products [49][50] Question: How does the competitive environment affect pricing strategies? - Retailers are aware of competitive dynamics, and Instacart is actively engaging with them on pricing strategies to remain competitive [72] Question: What is the contribution of the Enterprise solution to revenues? - The Enterprise solution increases order density and provides cost-to-serve advantages, reinforcing both Marketplace and Enterprise growth [78][80]

Financial Data and Key Metrics Changes - In Q3 2025, orders reached 83.4 million, up 14% year over year, driving Gross Transaction Value (GTV) of $9.17 billion, up 10% year over year [22] - Average order value decreased by 4% year over year, primarily due to growth in restaurant orders and the introduction of a $10 basket minimum for Instacart+ members [22] - GAAP net income was $144 million, up 22% year over year, and adjusted EBITDA also grew 22% year over year to $278 million [23] - Operating cash flow increased by $102 million year over year to $287 million [23] - The company repurchased $67 million worth of shares in Q3 and ended the quarter with approximately $1.9 billion in cash and similar assets [23] Business Line Data and Key Metrics Changes - The marketplace continues to be the backbone of the business, with a growing and loyal customer base, leading to increased order frequency and customer retention [7][8] - Advertising and other revenue grew 10% year over year, representing 2.9% of GTV, which was effectively flat year over year [23] - The enterprise platform is a key growth driver, with over 350 retailer e-commerce storefronts powered by the company’s technology [10][14] Market Data and Key Metrics Changes - The company is seeing strong demand in October, with continued momentum from enterprise partnerships [24][52] - The advertising ecosystem has diversified, with partnerships established with platforms like TikTok and Pinterest, enhancing the overall advertising capabilities [16][44] Company Strategy and Development Direction - The company aims to enhance affordability, accelerate enterprise growth, and innovate in the advertising space [31][32][33] - The enterprise platform is seen as a strategic growth lever, with opportunities for cross-selling additional solutions to existing partners [14] - The company is focused on international expansion, particularly in Europe and Australia, leveraging existing products [19][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's strength and the ability to drive sustainable growth in the short, medium, and long term [19][20] - The company is committed to disciplined execution and increasing profitability, with a guidance for Q4 adjusted EBITDA of $285-$295 million [25][26] - Management acknowledged the challenges in the macro environment but remains optimistic about returning advertising revenue to double-digit growth in 2026 [25][42] Other Important Information - The company launched a suite of AI products aimed at helping retailers gain a competitive advantage [12][13] - A $1.5 billion increase to the share repurchase program was authorized, reflecting confidence in long-term value creation [20][26] Q&A Session Summary Question: What are the biggest strategic investments for growth? - Management highlighted three focus areas: affordability, accelerating enterprise growth, and enhancing the advertising ecosystem [30][31][33] Question: How will AI solutions be monetized? - AI solutions will be offered as enterprise capabilities, enhancing operations and customer experiences for retail partners [40] Question: What is the impact of new partnerships and international growth plans? - New partnerships are expected to drive significant growth, with a disciplined approach to international expansion [49][50] Question: How does the competitive environment affect pricing strategies? - Management noted that retailers are aware of competitive dynamics and are testing price parity pilots to remain competitive [72] Question: What is the contribution of enterprise solutions to overall business? - Enterprise solutions are critical for order density and cost-to-serve advantages, reinforcing both marketplace and enterprise growth [78][80]

Financial Data and Key Metrics Changes - In Q3 2025, the company reported 83.4 million orders, a 14% increase year over year, leading to a Gross Transaction Value (GTV) of $9.17 billion, up 10% year over year [20] - Average order value decreased by 4% year over year, primarily due to growth in restaurant orders and the introduction of a $10 basket minimum for Instacart+ members [21] - GAAP net income was $144 million, up 22% year over year, and adjusted EBITDA also grew 22% year over year to $278 million [22] - Operating cash flow increased by $102 million year over year to $287 million [22] - The company repurchased $67 million worth of shares in Q3 and ended the quarter with approximately $1.9 billion in cash and similar assets [22] Business Line Data and Key Metrics Changes - The marketplace remains the backbone of the business, with a growing and loyal customer base, leading to increased order frequency and spending [5][6] - Advertising and other revenue grew 10% year over year, representing 2.9% of GTV, which was flat year over year [21] - The enterprise platform is a key growth driver, with over 350 retailer e-commerce storefronts powered by the company's technology [8][12] Market Data and Key Metrics Changes - The company is expanding its international presence, focusing on Europe and Australia, leveraging existing products like Storefront, Caper, and FoodStorm [18][39] - The advertising ecosystem has diversified, with partnerships established with platforms like TikTok and Pinterest, enhancing the company's reach [15][16] Company Strategy and Development Direction - The company aims to enhance affordability, accelerate enterprise growth, and innovate its advertising ecosystem [27][28][30] - The launch of AI solutions is expected to provide a competitive advantage and enhance the shopping experience for consumers [10][32] - The company emphasizes its role as a technology and enablement partner for the grocery industry, not just a marketplace [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive sustainable growth, citing strong fundamentals and multiple growth engines [18][24] - The company anticipates GTV for Q4 to range between $9.45 billion and $9.6 billion, reflecting year-over-year growth of 9%-11% [23] - Management acknowledged potential near-term pressures from large brand partners adjusting their spending due to macroeconomic uncertainties [24] Other Important Information - The company increased its share repurchase program by $1.5 billion, underscoring confidence in its future [19] - The enterprise platform is seen as a strategic growth lever, with opportunities to deepen relationships with retailers [12] Q&A Session Summary Question: What are the biggest strategic investments for growth? - Management highlighted three focus areas: affordability, accelerating enterprise growth, and enhancing the advertising ecosystem [26][27][30] Question: How will AI solutions be monetized? - AI solutions will provide smarter operations and personalized shopping experiences, creating monetization opportunities for the company [31][32] Question: What is the impact of new partnerships and international growth plans? - New partnerships are expected to drive significant growth, with a disciplined approach to international expansion [38][39] Question: How does the competitive environment affect pricing strategies? - The company is actively engaging with retailers on pricing strategies to remain competitive against players like Amazon [51] Question: What is the contribution of enterprise solutions to overall business? - Enterprise solutions enhance order density and provide cost-to-serve advantages, contributing positively to the bottom line [55][56]

Core Insights - Instacart is witnessing a growing trend among independent grocers in the U.S. adopting its enterprise technology solutions to enhance customer experience both in-store and online [1][2] Group 1: Adoption of Technology - Independent grocers are increasingly investing in technologies like Caper Carts, FoodStorm, and Storefront Pro to provide a seamless shopping experience [1][2] - The number of stores using Caper Carts has nearly tripled over the past year, now spanning nearly 100 cities across 15 states [4] - FoodStorm has seen adoption in over 3,000 stores in North America, more than doubling since the end of 2024 [7] Group 2: Customer Experience Enhancement - Caper Carts allow customers to track spending and check out directly on the cart, leading to improved customer engagement and coupon redemption [3][4] - Retailers using Caper Carts report that 40% of customers redeem discounts presented on the smart cart, with over half using at least one coupon during checkout [3] - Storefront Pro enables grocers to create a fully branded online shopping experience, integrating features like weekly ads and AI-powered personalization [8][9] Group 3: Operational Efficiency - FoodStorm enhances back-of-house efficiency for grocers like Luke's Local Grocery, allowing real-time handling of made-to-order food without sacrificing quality [5][6] - Instacart's enterprise solutions help retailers streamline workflows, drive sales, and offer personalized shopping experiences [10]

Core Insights - Instacart partners with Morrisons to introduce Caper Carts, AI-powered smart trolleys, in the UK, marking Instacart's first retail collaboration in the region [1][4] Group 1: Product Features - Caper Carts enhance the in-store shopping experience by allowing customers to scan items, track spending in real-time, and check out seamlessly [2] - The trolleys are equipped with interactive screens, built-in scales, and AI sensors to assist customers in scanning and weighing items directly [2] - Integration with the Morrisons More Card loyalty program provides additional savings and convenience for customers [3] Group 2: Strategic Importance - The introduction of Caper Carts represents a shift towards a hybrid shopping experience, combining online convenience with in-store discovery [4] - Morrisons aims to innovate the shopping experience by leveraging cutting-edge technology to enhance customer engagement and loyalty [4] - Caper Carts are part of Instacart's Connected Stores suite, which aims to bridge online and physical retail, enhancing customer experience and creating monetization opportunities for retailers [4] Group 3: Market Presence - Caper Carts are currently deployed in nearly 100 cities across 15 states in the US, indicating strong demand from both retailers and customers [4]

Core Insights - Instacart has announced the acquisition of Wynshop, enhancing its relationships with retail partners and expanding its enterprise solutions to help retailers grow their businesses [1][2] - The acquisition aims to strengthen Instacart's offerings in e-commerce, advertising, fulfillment, and in-store solutions, ultimately improving the online experiences of retailers [2] Company Overview - Instacart is the leading grocery technology company in North America, partnering with over 1,800 retail banners to facilitate online shopping, delivery, and pickup services from more than 100,000 stores [4][5] - The company provides a suite of enterprise-grade technology products and services, including e-commerce solutions, advertising services, and tools for digitizing brick-and-mortar stores [5] Wynshop Integration - Wynshop will operate as a wholly owned subsidiary of Instacart, with plans to integrate its capabilities into Instacart's existing solutions over time [2] - The acquisition is expected to enhance Instacart's flagship e-commerce solution, Storefront Pro, which currently powers approximately 600 retail banners' white-label sites [2]