REG - Just Eat Takeaway - Q3 2023 Trading Update

Just Eat Takeaway.com NVAnnouncement

18/10/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231018:nRSR5068Qa&default-theme=true

RNS Number : 5068Q  Just Eat Takeaway.com N.V.  18 October 2023

Amsterdam, 18 October 2023

Just Eat Takeaway.com Q3 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 third quarter of 2023.

·      Company excluding North America returned to GTV growth in Q3 2023

·      GTV growth in Northern Europe and UK and Ireland increased to +6%
and +4% respectively

·      We upgrade 2023 Adjusted EBITDA guidance to approximately €310
million

·      We revise GTV guidance to constant currency growth of
approximately -4% in 2023

·      We upgrade free cash flow 1  guidance to approx. break-even in H2
2023 and positive thereafter

·      We are launching a new share buyback programme of up to €150
million

Jitse Groen, CEO of Just Eat Takeaway.com said: "The majority of our business
has returned to GTV growth in the third quarter with particular strong
momentum in Northern Europe and the UK and Ireland segments. Within the UK and
Ireland we continue to invest significantly whilst at the same time increasing
profitability. Although the recovery of North America is on a slower
trajectory, we are satisfied that this segment too is rapidly becoming cash
flow neutral. As a result, we are in a position to upgrade both our Adjusted
EBITDA and cash flow guidance and now expect to be approximately cash flow
break-even in the second half of 2023 and positive thereafter."

Outlook

·      Constant currency GTV growth to be approximately -4% year-on-year
in 2023 (previously reported GTV growth to be in a range of -4% to +2%
year-on-year in 2023).

·      Management upgraded the Adjusted EBITDA guidance and now expects
to deliver a positive Adjusted EBITDA of approximately €310 million in 2023
(previously approximately €275 million in 2023).

·      Free cash flow (before changes in working capital) expected to be
approximately break-even in H2 2023 and positive thereafter (previously free
cash flow (before changes in 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.

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 companies.

Headquartered in Amsterdam, the Company is focused on connecting consumers and
Partners through its platforms. With 679,000 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, New
Zealand, 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
(https://www.linkedin.com/company/just-eat-takeaway-com/mycompany/verification/)
and X (https://twitter.com/justeattakeaway) .

 

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 Q3 2023 trading update at 10:30 am
CET on Wednesday 18 October 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 Q3 2023 trading
update at 8:30 am CET on Wednesday 18 October 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 Q3 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  Free cash flow before changes in working capital

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTEASEPFEFDFEA