REG - Just Eat Takeaway - Q4 2022 Trading Update

Just Eat Takeaway.com NVAnnouncement

18/01/2023 07:01

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RNS Number : 0978N  Just Eat Takeaway.com N.V.  18 January 2023

Amsterdam, 18 January 2023

Just Eat Takeaway.com Q4 2022 Trading Update

Adjusted EBITDA 1  accelerates to approximately €150 million in H2 2022

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.

Jitse Groen, CEO of Just Eat Takeaway.com said: "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."

·      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.

 

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 680,000 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 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/
(https://www.justeattakeaway.com/investors/results-and-reports/) .

Media and wires call

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
(https://justeattakeaway.com)

●      Just Eat Takeaway.com Analyst Presentation Q4 2022

 

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 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.

 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.

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