Just Eat Takeaway: Announces FY-2023 Results

Amsterdam / NL. (tkwy) Just Eat Takeaway.com N.V., hereafter the «Company» or together with its subsidiaries «Just Eat Takeaway.com», one of the world’s leading online food delivery companies, hereby issues a financial statement for the full year 2023 results. Summary:

  • Group excluding North America returned to GTV growth in 2023
  • 2023 adjusted Ebitda ahead of guidance at EUR 324 million and growing quickly
  • Strong momentum in UK and Ireland with adjusted Ebitda margin rapidly approaching a similarly high level as Northern Europe
  • We reached the significant milestone of positive free cash flow in H2 2023
  • To date, we have repurchased 7.3 percent of our issued shares
  • We issue new guidance for 2024

CEO and founder Jitse Groen: «In 2023, we significantly improved our financial performance in all our segments and generated adjusted Ebitda of EUR 324 million compared with EUR 19 million in 2022. Our enhanced profitability resulted in reaching the critical milestone of returning to positive free cash flow in the second half of 2023. I am particularly pleased with the strong momentum in the UK and Ireland, with adjusted Ebitda margin rapidly approaching a similarly high level as Northern Europe. Overall, the business is in a strong position to capture further improvement to our topline performance, adjusted Ebitda and free cash flow in 2024.»

Group highlights

  • The Group excluding North America returned to GTV growth in 2023. The year-on-year GTV trajectory improved throughout 2023. GTV for the Group including North America was EUR 26.4 billion in 2023, down 4 percent on constant currency compared with 2022.
  • Revenue less adjusted order fulfilment costs per order improved by 12 percent in 2023 compared with prior year. Improved processes and automation led to reduced costs per order, whilst improving customer and restaurant experience.
  • Adjusted Ebitda improved significantly to EUR 324 million in 2023 from EUR 19 million in 2022. All segments materially contributed to this improvement. As a result of the increased adjusted Ebitda, the Group reached the significant milestone of being free cash flow positive in H2 2023.
  • With cash and cash equivalents as per 31 December 2023 of EUR 1,724 million and the Group having turned free cash flow positive in H2 2023, we are well-capitalised. We were able to use part of our strong liquidity to buy back shares and, under the share buyback programmes announced in April and October 2023, 7.3 percent of the issued shares were repurchased as per 23 February 2024.

Segment highlights

  • The Northern Europe and the UK and Ireland segments exited 2023 at the highest ever quarterly GTV level.
  • In the Northern Europe segment, GTV increased gradually throughout 2023 which resulted in an increase of 3 percent to EUR 7.7 billion. Northern Europe continued to demonstrate strong profit generation with an adjusted Ebitda of EUR 366 million in 2023. The adjusted Ebitda margin in Northern Europe remained one of the industry’s strongest and further improved to 4.8 percent of GTV in 2023 from 4.2 percent in 2022.
  • In the UK and Ireland segment, the improvement in year-on-year GTV performance was most pronounced, resulting in a GTV of EUR 6.6 billion in 2023. Adjusted Ebitda improved significantly to EUR 135 million in 2023 from EUR 23 million in 2022, mainly due to enhanced delivery efficiency and simplification of our delivery operation. With the adjusted Ebitda margin increasing further to 2.0 percent of GTV in 2023 from 0.4 percent of GTV in 2022, UK and Ireland is rapidly approaching a similarly high adjusted Ebitda margin as Northern Europe.
  • In the Southern Europe and ANZ segment, operational improvements in logistics and more efficient customer services resulted in an improved adjusted Ebitda of minus EUR 97 million in 2023 from minus EUR 161 million in 2022.
  • North America significantly increased its adjusted Ebitda to EUR 126 million in 2023 from EUR 65 million in 2022. Under the new management, we are improving our cost base and competitiveness of Grubhub, including a continued push in new verticals. Grubhub too continues to make strong progress towards free cash flow breakeven.


  • Loss for the period on an IFRS basis was EUR 1,846 million in 2023, driven by impairment losses of EUR 1,539 million, mainly related to goodwill and other intangible assets from past equity funded acquisitions, and amortisation of EUR 452 million, mainly related to the amortisation of consumer lists, technology platforms and development costs. Excluding the aforementioned impact of impairment losses and amortisation, profit for the period would have amounted to EUR 145 million in 2023 compared with a loss of EUR 652 million in 2022.
  • The EUR 250 million convertible bond issued on 25 January 2019 was fully repaid in cash upon maturity on 25 January 2024, thereby reducing interest payments going forward.


  • The Management Board issues the following guidance for 2024:
  • Constant currency GTV growth excluding North America in the range of 2 percent to 6 percent year-on-year
  • Free cash flow (before changes in working capital) to continue to be positive in 2024 and thereafter
  • Adjusted Ebitda of approximately EUR 450 million
  • Long-term target of group adjusted Ebitda margin in excess of 5 percent of GTV.
  • 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.