Just Eat Takeaway.com: Q3-2024 Trading Update

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 2024.

  • Further progress across our key strategic pillars
  • Constant currency GTV growth excluding North America of 2 percent in Q3 2024
  • Improved exit rate following a slower July
  • Guidance for 2024 reiterated
  • We have so far repurchased a combined EUR 340 million worth of shares

CEO and founder Jitse Groen: «We made good progress across our key strategic pillars, which we believe will drive growth. Northern Europe and the UK and Ireland continued their positive momentum, and these segments now represent circa 60 percent of the Group’s total orders. In line with our strategy to diversify, several new partnerships were launched across adjacencies in many other markets. Furthermore, cost and operational efficiencies allowed us to increase investments while maintaining our outlook. We are well on track to deliver our guidance for the full year.»

20241020-JETAKEAWAY-Q32024
(Table: Just Eat Takeaway.com)

  • In the first nine months of 2024, the constant currency GTV growth excluding North America was 3 percent year-on-year, within the guided range of 2 percent to 6 percent GTV growth. On reported basis, growth was 4 percent year-on-year for the period.
  • Continued momentum in Northern Europe and UK and Ireland segments, representing circa 60 percent of Group orders.
  • Combined under the three share buyback programmes launched in the past 18 months, we have so far repurchased EUR 340 million worth of shares. The cancellation of approximately 11 million shares previously held in treasury, representing 5 percent of total issued shares, was completed on 8 October 2024. The Company currently holds 6,137,585 shares in treasury.

Outlook

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