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 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 percent and +4 percent respectively
- We upgrade 2023 Adjusted Ebitda guidance to approximately EUR 310 million
- We revise GTV guidance to constant currency growth of approximately -4 percent in 2023
- We upgrade free cash flow guidance to approx. break-even in H2 2023 and positive thereafter
- We are launching a new share buyback programme of up to EUR 150 million
«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.»
Jitse Groen, CEO and founder of Just Eat Takeaway.com
Q3-2023 at a glance
- Constant currency GTV growth to be approximately -4 percent year-on-year in 2023 (previously reported GTV growth to be in a range of -4 percent to +2 percent year-on-year in 2023).
- Management upgraded the Adjusted Ebitda guidance and now expects to deliver a positive Adjusted Ebitda of approximately EUR 310 million in 2023 (previously approximately EUR 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.