Half Year 2023 Results

  • Northern Europe and UK and Ireland returned to GTV growth in Q2 2023
  • Half-year Adjusted EBITDA[1] improved to €143 million
  • UK and Ireland on track to reach a similarly high AEBITDA Margin as Northern Europe
  • Fast approaching our positive free cash flow[2] target

Since our IPO, our objective has been to build and extend large scale and sustainably profitable positions in our markets. With the majority of our Orders coming from Northern Europe and UK and Ireland, these two segments returning to growth in the second quarter of 2023 is a key milestone. Encouragingly, UK and Ireland is on its way to a similarly high profit margin as Northern Europe. The remainder of the business is also showing improving GTV growth and profitability trends, leading to the Company fast approaching its positive free cash flow target. Jitse Groen, CEO and founder of Just Eat Takeaway.com 

Group highlights[3]

●         Northern Europe and UK and Ireland returned to year-on-year Gross Transaction Value ('GTV') growth of 4% and 1% (3% at constant currency) respectively in Q2 2023. As a consequence, the H1 2023 GTV growth for both segments was also positive. North America and Southern Europe and ANZ are following the same improving trend. GTV for the entire business declined by 4% on a constant currency basis in Q2 2023.  

●         Adjusted EBITDA amounted to €143 million in H1 2023, reflecting a material improvement of €277 million compared with H1 2022. Ongoing focus on efficiency in Delivery operations as well as general costs saving initiatives were the main reasons for this increase. All operating segments materially contributed to this improvement.

●         In Northern Europe, the Adjusted EBITDA Margin as a percentage of GTV ('Adjusted EBITDA Margin') reached our 5.0% long-term target in H1 2023. The UK and Ireland segment, with a 1.8% margin, is on track to reach a similarly high Adjusted EBITDA Margin.

●         We are fast approaching our positive free cash flow target. Free cash flow before changes in working capital significantly improved to minus €78 million in H1 2023 from minus €407 million in H1 2022. Excluding exceptionals and a one-off 2012/2013 tax settlement with the Danish tax authority, free cash flow before changes in working capital was minus €16 million.

●         Grubhub, with a free cash flow of minus €56 million in H1 2023, is also on a path to cash flow breakeven. We have initiated a number of measures which we believe will lead to further improvements going forward.

●         Our global grocery proposition continues to progress well with approx. 40,000 grocery Partners on the platform by 30 June 2023, a growth of 36% compared with the end of June 2022, with particularly strong progress in the UK and Ireland.

●         Advertising[4] revenue was €99 million in H1 2023 excluding Grubhub, a 33% increase compared with the same period last year, with significant opportunities ahead to expand offerings within this vertical. Grubhub's advertising revenue is excluded as this is part of a tiered commission structure.

●         Brent Wissink informed the Company that he wishes to pursue other opportunities and will be stepping down as Chief Financial Officer and resign from the Management Board of the Company as per the Company’s annual general meeting in May 2024. The Supervisory Board will initiate the process of finding a successor for Mr. Brent Wissink.

Segment highlights[3]

● In the North America segment, GTV decreased by 12% to €5.1 billion in H1 2023, mainly caused by lower Order volumes, which were partly offset by a higher ATV. Adjusted EBITDA turned positive and amounted to €51 million in H1 2023, from minus €4 million in H1 2022, despite the ongoing headwind to segment profitability from fee caps in New York City. In parallel to actively exploring a partial or full sale of Grubhub, we have appointed a new CEO, are realising US$30 million+ run-rate savings from 2024 onwards through a restructuring and have established a path to cash flow breakeven at Grubhub, excluding any positive impact of a potential New York City fee cap amendment.

●         In the Northern Europe segment, GTV increased by 2% to €3.8 billion in H1 2023 compared with H1 2022, driven by a higher ATV. Major markets such as Germany and the Netherlands saw sequential improvement in year-on-year Order growth. Northern Europe continued to demonstrate strong improvements in profitability with an Adjusted EBITDA of €191 million in H1 2023, up from €124 million in H1 2022. The Adjusted EBITDA Margin was at our 5.0% long-term target in H1 2023, with potential for further improvement.

●         In the UK and Ireland segment, GTV increased by 1% at constant currency in H1 2023 compared with H1 2022. Both Orders and GTV sequentially grew in Q2 2023 compared with Q1 2023. Adjusted EBITDA improved significantly to €56 million in H1 2023 from minus €18 million in H1 2022, showing strong margin improvement with Adjusted EBITDA Margin reaching 1.8%.

●         In the Southern Europe and ANZ segment, Adjusted EBITDA losses halved to minus €55 million in H1 2023 from minus €110 million in H1 2022 on the back of improved unit economics.

Other Financials 

●         Just Eat Takeaway.com’s cash and cash equivalents amounted to €1,799 million as per 30 June 2023. We are well-capitalised to meet all our future debt obligations.

●         We were able to use part our strong liquidity position to buy back shares. Under the €150 million share buyback programme announced on 19 April 2023, 2.73% of issued shares were repurchased as per 21 July 2023.

●        Net loss for the period of €258 million in H1 2023 was mainly driven by the non-cash amortisation of intangibles acquired through business combinations.


●         GTV growth to be in a range of -4% to +2% year-on-year in 2023[5], with a return to growth skewed towards the end of the year, given the lower absolute Order level of H2 2022 versus H1 2022.

●         Management expects to deliver a positive Adjusted EBITDA of approximately €275 million in 2023. This guidance includes additional investments in food and non-food adjacencies, wage costs inflation and reflects an uncertain macro-economic environment.

●         Management expects free cash flow before working capital to turn positive in mid-2024.

●         The long-term objectives for Just Eat Takeaway.com remain unchanged.

●         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.

Please download the full press release in PDF:


[1] Adjusted EBITDA is defined as operating income / loss for the period adjusted for depreciation, amortisation, impairments, share-based payments, acquisition and integration related costs and other items not directly related to underlying operating performance (‘Other items’). Other items include, amongst others, restructuring costs, certain legal, tax, and regulatory matters, and certain insurance income and costs

[2] Free cash flow is defined as net cash used in operating activities less capital expenditure, lease payments and taxes paid on net settlement of sharebased payment awards. Free cash flow before working capital excludes other changes in working capital, other non-current assets and provisions

[3] On a combined basis: Operations in Norway and Portugal were discontinued from 1 April 2022 and Romania from 1 June 2022. The Key Performance Indicators (‘KPIs’) and Key Financial Indicators (KFIs) presented for the comparative period in 2022 exclude these operations as from 1 January 2022

[4] Advertising revenue consists of Promoted Placement revenue which is reported partly in ancillary revenue (fixed fees) and partly in Order-driven revenue (per-Order fees)

[5] Guidance includes expected FX headwind based on spot rates on 19 April 2023


Analyst and investor conference call and audio webcast

Jitse Groen, Brent Wissink, Jörg Gerbig and Andrew Kenny will host an analyst and investor conference call to discuss the results of the first six months of 2023 at 10:30 am CET on Wednesday 26 July 2023. Members of the investor community can follow the audio webcast on: https://www.justeattakeaway.com/investors/results-and-reports/

Media and wires call

Jitse Groen will host a media and wires call to discuss the half year 2023 results at 8:30 am CET on Wednesday 26 July 2023. Members of the press can join the conference call at +31 20 708 5073 or +44 (0)33 0551 0200.

Financial calendar

For more information, please visit our corporate website.

Additional information on https://www.justeattakeaway.com/

• Just Eat Takeaway.com Analyst Presentation H1 2023

• Our media kit including photos of the Management Board and industry-related photos for download

Market Abuse Regulation

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. Auditor's involvement All figures in this document are unaudited. Accounting Principles Just Eat Takeaway.com’s half year 2023 results have been prepared in accordance with IAS 34 'Interim Financial Reporting' and should be read in conjunction with the Company’s last annual consolidated financial statements as at and for the year ended 31 December 2022 and any public announcements made by the Company during the interim reporting period. The accounting policies applied in these condensed consolidated interim financial statements are the same as those applied in the Company’s consolidated financial statements as at and for the year ended 31 December 2022, except for the estimation of the income tax expense which is recognised based on management’s estimate of the weighted average effective annual income tax rate expected for the full year. 14 Disclaimer Statements included in this press release that are not historical facts (including any statements concerning investment objectives, other plans and objectives of management for future operations or economic performance, or assumptions or forecasts related thereto) are, or may be deemed to be, forward-looking statements, including "forward-looking statements". These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "anticipates", "expects", "intends", "may", or "will" or, in each case, their negative or other variations 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. Any forward-looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company’s business, results of operations, financial position, liquidity, prospects, growth or strategies. 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 press release. Readers are cautioned not to place undue reliance on such forward-looking statements.

No Offer or Solicitation

This document shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Alternative Performance Measures

This document includes certain alternative performance measures. Just Eat Takeaway.com uses these measures as key performance measures because it believes they facilitate operating performance comparisons from period to period by excluding potential differences primarily caused by variations in capital structures, tax positions, the impact of acquisitions and restructuring, the impact of depreciation and amortisation expense on its fixed assets and the impact of share-based payment expenses. These alternative performance measures are not measurements of Just Eat Takeaway's financial performance under IFRS and should not be considered as an alternative to performance measures derived in accordance with IFRS. These should be read in conjunction with Just Eat Takeaway.com's financial statements prepared in accordance with IFRS.

About Just Eat Takeaway.com

Just Eat Takeaway.com (LSE: JET, AMS: TKWY) is one of the world’s leading global online food delivery companies.

Headquartered in Amsterdam, the Company is focused on connecting consumers and Partners through its platforms. With 699,000 connected Partners, Just Eat Takeaway.com offers consumers a wide variety of choices from restaurants to retail.

Just Eat Takeaway.com has rapidly grown to become a leading online food delivery marketplace with operations in Australia, Austria, Belgium, Bulgaria, Canada, Denmark, France, Germany, Ireland, Israel, Italy, Luxembourg, Poland, Slovakia, Spain, Switzerland, the Netherlands, the United Kingdom and the United States.

Most recent information is available on our corporate website and follow us on LinkedIn and X.

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