REG - Just Eat Takeaway - Q1 2023 Trading Update

Just Eat Takeaway.com NVAnnouncement

19/04/2023 07:00

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RNS Number : 7214W  Just Eat Takeaway.com N.V.  19 April 2023

Amsterdam, 19 April 2023

Just Eat Takeaway.com Q1 2023 Trading Update

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 first quarter of 2023.

Jitse Groen, CEO of Just Eat Takeaway.com said: "Just Eat Takeaway.com
continues to recover from last year's deceleration, with the Northern Europe
and the UK and Ireland segments leading the trend. While the year-on-year GTV
decline in Q1 2023 is significant, the comparison is with the quarter with the
second highest GTV of the pandemic. Our efforts to improve profitability are
running ahead of plan, allowing us to upgrade the 2023 Adjusted EBITDA target
to approximately €275 million. We now also expect to turn free cash flow
positive by mid-2024."

·      The delta to the prior year GTV narrowed throughout Q1 2023, with
March declining -5% year-on-year, ahead of the Q1 2023 year-on-year decline of
-8%. The Northern Europe and UK and Ireland segments are leading the GTV
recovery. However, Q1 2023 continued to be affected by a difficult pandemic
comparison.

·      The Company continues to make good progress on Delivery-led
operational improvements and is now ahead of plan.

 

 

Outlook

·      GTV growth to be in a range of -4% to +2% year-on-year in
2023 1 , 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 (previously approximately €225 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 changes in working
capital) to turn positive in mid-2024.

·      As a result of the strong balance sheet and the increased
visibility on free cash flow generation, the Company initiates a share buyback
programme of up to €150 million to improve future earnings per share. The
repurchased shares will be used to cover the Company's obligations under
share-based compensation arrangements or will be cancelled to reduce issued
share capital. The programme will commence on 19 April 2023 and is expected to
complete no later than December 2023.

·      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.

Just Eat Takeaway.com

Jitse Groen, CEO

Brent Wissink, CFO

Joerg Gerbig, COO

Andrew Kenny, CCO

Investors:

Joris Wilton
E: IR@justeattakeaway.com (mailto:IR@justeattakeaway.com)

Media:

E: press@justeattakeaway.com (mailto:press@justeattakeaway.com)

 

For more information, please visit our corporate website:
https://www.justeattakeaway.com/ (https://www.justeattakeaway.com/)

About Just Eat Takeaway.com

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

Headquartered in Amsterdam, the Company is focused on connecting consumers and
partners through its platforms. With 692,000 connected partners, Just Eat
Takeaway.com offers consumers a wide variety of food choice.

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

Analyst and investor conference call and audio webcast

Jitse Groen, Brent Wissink, Joerg Gerbig and Andrew Kenny will host an analyst
and investor conference call to discuss the Q1 2023 trading update at 10:30 am
CET on Wednesday 19 April 2023. Members of the investor community can follow
the audio webcast on
https://www.justeattakeaway.com/investors/results-and-reports/
(https://www.justeattakeaway.com/investors/results-and-reports/) .

Media and wires call

Jitse Groen will host a media and wires call to discuss the Q1 2023 trading
update at 8:30 am CET on Wednesday 19 April 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
(https://justeattakeaway.com)

●      Just Eat Takeaway.com Analyst Presentation Q1 2023

 

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.

Unaudited figures

All figures in this document are unaudited.

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.

 

 1  Guidance includes expected FX headwind based on current spot rates

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