DASH – BUY – Structural or Cyclical? Waiting Game Persists, Long-Term Opportunities Remain

Research evidence excerpt

DASH – BUY – Structural or Cyclical? Waiting Game Persists, Long-Term Opportunities Remain

June 23, 2026

Taylor Manley taylor.manley@guggenheimpartners.com DASH – BUY – Structural or Cyclical? Waiting Game

804 253 1336 Persists, Long-Term Opportunities Remain

Michael Morris, CFA

michael.morris@guggenheimpartners.com

804 253 8025 Key Message: Our BUY thesis is underpinned by the view that the Street

underappreciates 1) margin expansion runway, 2) top-line growth durability, and 3) Charles Wilber

charles.wilber@guggenheimpartners.com proprietary platform value. We believe each of these items have been pressured in 2026

804 335 3977 YTD noting 1) underwhelming 2026 Adjusted EBITDA margin guidance reaffirmed, 2)

1Q Order growth slowdown, and 3) heightened focus on AI-related disintermediation Grayson Glenn risk. More specifically, 2027 Adjusted EBITDA margin (1/29 - Looming Hundreds of grayson.glenn@guggenheimpartners.com

804 253 8053 Million-Dollar Questions) remains the primary investor topic, though we do not expect a

meaningful management update until the 3Q call (October). We forecast 2027 Adjusted

EBITDA margin of 3.1% (+36bps annually vs. +68bps avg. from 2022-2025). Additionally,

we expect the company to showcase top-line growth durability in quarters/years ahead

DASH BUY with1) Grocerymodest& U.S.RetailRestaurant(‘G&R’), 2)slowdownInternational,partiallyand 3)offsetAdvertising.by increasedLastly,contributionwe believefromthat

DoorDash, Inc. AI narrative to date has primarily focused on risks (e.g., disintermediation) rather than

Sector: Media & Internet opportunities (e.g., first-party agentic offerings, third-party referral traffic). Ultimately, we

do not believe 2026 Adjusted EBITDA margin, and/or 1Q Order growth slowdown are