A Powerful Pitch for Price Parity; Reiterate Buy

Research evidence excerpt

A Powerful Pitch for Price Parity; Reiterate Buy

survey suggests CART is well-insulated despite significant user

overlap (~2/3 of Instacart+ members) & AMZN's low prices. We found that CART users skew

higher-earning, w/ 36%/37% making >$100k/<$50k vs. 22%/52% at peers. Further, selection was Lower Prices Were Most Frequently Cited as a

the #1 reason for preferring CART (~50% vs. ~25% for price), which aligns w/ CART's claim that Potential Driver of Increased Order Frequency

users order from 5 stores on avg & supports the idea that CART users are less price-sensitive. 80% 69%

AMZN's grocery delivery push also provides CART w/ a "rallying cry" to convince grocers to price 60%

at parity, which should improve affordability for lower-income households where CART is relatively 40% 38% 29% 28% 28% 27% 24%

20%underpenetrated.

0%

Lower Faster Preferred More Preferred Wider Better

Prices Delivery Stores Reliable Brands Selection InterfaceCART is also benefiting from expanded enterprise adoption: CART is leveraging its enterprise .

platform to power delivery for orders completed directly on retailer's sites/apps (ie Storefront),

which is helping generate incremental GTV by providing additional consumer touchpoints. Instacart+ Members Skew Higher-Earning

22%Storefront grew from 310 banners exiting 2024 to 380+ in 1Q26, w/ a skew toward some of CART's 100%80% 36% 29% 26%

60%larger partners. Storefront also provides a launchpad for deepening integration w/ grocers, as 27% 28% 23% 26%

the Enterprise platform creates incremental selling opp'ties across retail media, connected store 40%20% 37% 43% 51% 52%

0%products, & AI solutions. Instacart+ Amazon Prime Walmart+ Overall

. <$50k $50-100k >$100k