My reading of EU 261/2004 is that there is no compensation payable for delays other than (depending on flight destination and length of delay) 'refreshments' so a snack/ light meal plus 'communication' so a couple of phone calls or emails.
After a 5 hour delay you should be offered the chance to cancel the flight and get a refund
However no compensation is payable though there have been court appeals to challenge this but with no result yet. Even then it would be down to what caused the delay and if it was under the control of the airline.
Huzzah for International Jet-setting !