Just Eat Takeaway.com: Q4-2021 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 largest online food delivery marketplaces, hereby issues a trading update for the fourth quarter of 2021.

Chief Executive Jitse Groen: «Following the merger of Just Eat and Takeaway.com nearly two years ago, we made significant investments to grow our leadership positions and the Company is now six times bigger in terms of orders. On the back of this success, we have markedly improved our profitability throughout the second half of 2021, and we will continue to improve adjusted Ebitda this year. Meanwhile, we expect our market positions to further strengthen driven by our superior network effects.»

  • In the full year 2021, Just Eat Takeaway.com processed 1.1 billion Orders¹, representing a 33 percent increase compared with 2020. The Company processed 274 million orders in the fourth quarter of 2021, representing a 14 percent increase compared with the same period of 2020.
  • Gross Transaction Value (GTV¹) was EUR 28.2 billion for the full year of 2021, representing an increase of 31 percent compared with 2020. GTV¹ amounted to EUR 7.3 billion in the fourth quarter of 2021, up 17 percent compared with the same period of 2020.
  • The adjusted Ebitda margin¹ improved substantially in the fourth quarter of 2021, and as a result the adjusted Ebitda margin¹ for the full year of 2021 is expected to be at the midpoint of the guided range of minus 1 percent and minus 1.5 percent of GTV.
  • The Company announced several on-demand grocery delivery partnerships, building on its extensive Delivery network, amongst others with Asda and One Stop in the UK. In Canada, a dark store model through Skip Express Lane is rolled out nationally, reaching 70 percent of Skip’s consumer base by year-end.
  • The UK +amp; Ireland was the fastest growing segment for both the quarter and the year, while significantly improving adjusted Ebitda. The Company will continue to invest heavily, especially in its London network, while it expects to further improve profitability in 2022.
  • In North America, Grubhub continued to make good progress increasing restaurant selection for diners, most notably in New York, and drove meaningful expansion of GH+ users. A recently launched partnership with Instacart and a Grubhub branded convenience pilot (Grubhub Goods) with 7-Eleven further extends Grubhub’s proposition to drive growth. The Company remains in discussion with several potential strategic partners to strengthen its US position.
  • In Northern Europe, Lieferando added 6.9 million incremental orders in Germany in the fourth quarter of 2021, and 47.5 million incremental orders in 2021, compared with the same period last year. This increased scale led to ongoing profitability improvements.
  • Just Eat Takeaway.com welcomes the EU Commission’s proposals to improve conditions for workers and help them access social protections. Since the Company already employs tens of thousands of couriers across the EU, management believes the Company will benefit from this legislation.
  • Management reiterates the following financial targets:
    • GTV¹ to grow by mid-teens percentage points year-on-year in 2022
    • 2021 has been the peak year of losses, with 2022 adjusted Ebitda margin improving to the range of minus 0.6 percent to minus 0.8 percent of GTV
    • In excess of EUR 30 billion of GTV to be added over the next five years
    • Long term group adjusted Ebitda margin in excess of 5 percent of GTV
  • As announced at the Capital Markets Day on 21 October 2021, the Company changed its reporting structure to better reflect the Company’s existing organisational and management structure and provide investors with greater clarity on Just Eat Takeaway.com’s underlying business performance across its regions.
[1] The Grubhub business was consolidated from 15 June 2021, and the Just Eat business was consolidated from 15 April 2020. These figures are presented as if the combination was completed on 1 January 2020 to provide comparable information for the full year period. These numbers are unaudited.

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