Just Eat Takeaway.com: Q4-2022 Trading Update

Amsterdam / NL. (tkwy) Just Eat Takeaway.com N.V., hereafter the «Company» or together with its subsidiaries «Just Eat Takeaway.com», one of the world’s largest online food delivery marketplaces, hereby issues a trading update for the fourth quarter of 2022.

Chief Executive Jitse Groen: «Our focus on profitability resulted in a material improvement in Adjusted Ebitda, from minus EUR 134 million in the first six months of 2022 to approximately EUR 150 million positive in the second half of the year. Our improved profitability and strong capital position strengthen our business for further growth and underpin our ability to both deliver on our Adjusted Ebitda targets and invest in food and non-food adjacencies.»

• Just Eat Takeaway.com generated Adjusted Ebitda amounting to approximately EUR 150 million (or 1.1 percent of GTV) in H2 2022, representing a material improvement from minus EUR 134 million in H1 2022, driven by improved Revenue per Order, Delivery costs per Order and Overheads + Opex. Full year Adjusted Ebitda improved to approximately EUR 16 million in 2022 from minus EUR 350 million in 2021. The largest absolute contributions to the second half improvement were driven by North America, Southern Europe and ANZ, and UK and Ireland.
• Full year 2022 GTV was stable compared with EUR 28.2 billion in the prior year, driven by a higher Average Transaction Value and positive FX movements, which offset lower Order volumes.
• Three out of the four operating segments returned to sequential Order growth from August 2022 onwards, while the pandemic continued to affect the year-on-year comparison. This reversal was less pronounced in Southern Europe and ANZ because of the inverse seasonality in ANZ. The Order decline in North America decelerated in Q4 2022.
• Management will maintain focus on profitability and expects to deliver a positive Adjusted Ebitda of approximately EUR 225 million in 2023. This guidance includes additional investments in food and non-food adjacencies and wage costs inflation, and takes into account an uncertain macro-economic environment. Growth in 2023 is expected to be skewed towards the end of the year, given the lower absolute Order level of H2 2022 versus H1 2022. The long-term objectives for Just Eat Takeaway.com remain unchanged.
• The disposal of the iFood stake for the initial consideration of EUR 1.5 billion completed in November 2022.
• Management, together with its advisers, continues to actively explore the partial or full sale of Grubhub. There can be no certainty that any such strategic actions will be agreed or what the timing of such agreements will be. Further announcements will be made as and when appropriate.

[1] Adjusted Ebitda is defined as operating income / loss for the period adjusted for depreciation, amortisation, impairments, share-based payments, acquisition and integration related expenses and other items not directly related to underlying operating performance. This also excludes the discontinued operations in Norway, Portugal and Romania.