Just Eat Takeaway.com N.V. (LSE: JET, AMS: TKWY), hereinafter the “Company”, or together with its group companies “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.
Our focus on profitability resulted in a material improvement in Adjusted EBITDA, from minus €134 million in the first six months of 2022 to approximately €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.Jitse Groen, CEO of Just Eat Takeaway.com
- Just Eat Takeaway.com generated Adjusted EBITDA amounting to approximately €150 million (or 1.1% of GTV) in H2 2022, representing a material improvement from minus €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 €16 million in 2022 from minus €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 €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 €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 €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.
 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.
Jitse Groen, Brent Wissink, Joerg Gerbig and Andrew Kenny will host an analyst and investor conference call to discuss the Q4 2022 trading update at 10:30 am CET on Wednesday 18 January 2023. Members of the investor community can follow the audio webcast on https://www.justeattakeaway.com/investors/results-and-reports/.
Jitse Groen will host a media and wires call to discuss the Q4 2022 trading update at 8:30 am CET on Wednesday 18 January 2023. Members of the press can join the conference call at +31 (0)20 708 5073 or +44 (0)33 0551 0200.
Additional information on https://justeattakeaway.com
This press release contains inside information (i) as meant in clause 7(1) of the Market Abuse Regulation and (ii) in terms of Article 7(1) of the Market Abuse Regulation as it forms part of UK law pursuant to the European Union (Withdrawal) Act 2018.
Statements included in this press release that are not historical facts are, or may be deemed to be, forward-looking statements, including "forward-looking statements" made within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "anticipates", "expects", "intends", "may" or "will" or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results, reflect the Company's current view with respect to future events and are subject to risks relating to future events, including risks from or uncertainties related to innovation; competition; brand & reputation; acquisitions; global strategic projects; technological reliability and availability; social change, legislation & regulation; data security and privacy; financial reporting, people, operational complexity of hybrid model and integration & transformation, as well as those contained in the Company's filings with the SEC, including the Company's registration statement on Form 20-F and Current Reports on Form 6-K, which may be obtained free of charge at the SEC's website, http://www.sec.gov, and the Company's Annual Reports, which may be obtained free of charge from the Company's corporate website, https://justeattakeaway.com. Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser. Forward-looking statements reflect knowledge and information available at, and speak only as of, the date they are made, and the Company expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement. Readers are cautioned not to place undue reliance on such forward-looking statements.