All reported figures are unaudited

• We have met our guidance for 2024 with constant currency GTV growth excluding North America of 2%, adjusted EBITDA[1,3] of €460 million, and free cash flow[2] of €104 million

• Net cash generated by operating activities increased to €281 million in 2024 from €125 million in 2023

• Net loss improved to €1,645 million in 2024 from €1,846 million in 2023 and was mainly driven by non-cash impairment losses

• Following the sale of Grubhub, 85% of our GTV comes from our growing and profitable Europe and UK and Ireland segments

• We will step up investment in Europe and UK and Ireland in 2025 to further accelerate growth

• We issue guidance for 2025 on GTV growth, adjusted EBITDA and free cash flow

Group highlights[1]

●         Gross Transaction Value ('GTV') grew 2% in constant currency for the Group excluding North America, in-line with our 2024 guidance. GTV for the Group including North America was €26.3 billion in 2024, down 2% in constant currency compared with 2023.

●         Total revenue was €5,085 million in 2024, a decline of 1% from €5,148 million in 2023. This decrease was primarily due to lower order volumes, driven by weaker market conditions in North America and Southern Europe and Australia. The decline was partially offset by a higher Average Transaction Value ('ATV'), supported by food price inflation along with further optimisation of consumer fees and advertising revenues. Revenue less adjusted order fulfilment costs[2] per order improved by 7% in 2024 compared with the prior year.

●         Adjusted EBITDA improved significantly to €460 million in 2024 from €339 million in 2023, with the largest improvement in UK and Ireland, mainly due to improvement in fulfilment cost per order and efficiencies in marketing.

●         Free cash flow before changes in working capital for the Group improved to €104 million in 2024 from minus €52 million in 2023, mainly driven by the improvement in adjusted EBITDA.

●         Net loss for the period amounted to €1,645 million in 2024 versus €1,846 million in 2023 and was mainly driven by non-cash impairment losses of €1,002 million related to Grubhub, which was sold to Wonder for an enterprise value of $650 million. The transaction completed in January 2025.

Segment highlights[3]

●         In Northern Europe, GTV increased by 4% in constant currency to €8.0 billion in 2024 compared with €7.7 billion in 2023. Revenue grew by 7% year-on-year, fuelled by GTV growth and a higher contribution from advertising revenue. Adjusted EBITDA increased slightly by €5 million to €371 million in 2024 compared with €366 million in 2023, reflecting continued investment in expanding delivery coverage and wage increases for couriers, partly offset by efficiencies in marketing and overhead spend.

●         In UK and Ireland, GTV increased by 4% at constant currency in 2024 compared with 2023. The simplification of our delivery operations, enhanced algorithms and further optimisations in order pooling led to a lower delivery cost per order. Consequently, adjusted EBITDA improved by 62% to €219 million in 2024, up from €135 million in 2023. The adjusted EBITDA margin rose to 3.1% in 2024 from 2.0% in 2023.

●         Adjusted EBITDA losses in Southern Europe and Australia improved slightly to minus €80 million in 2024 from minus €82 million in 2023. The Company discontinued operations in New Zealand and France, demonstrating its commitment to enhancing efficiency and focusing on building strong and sustainably profitable positions.

●         In North America, adjusted EBITDA increased by 35% to €170 million in 2024 from €126 million in 2023, driven primarily by a disciplined approach to marketing spend and workforce reductions in Canada and the US. On 13 November 2024, the Company entered into a definitive agreement to sell Grubhub to Wonder for an enterprise value of $650 million.

●         Following the completion of the sale of Grubhub on 6 January 2025, the Company has reassessed its operating segmentation. Effective retrospectively from 1 January 2025, the Company will report in the following three regional segments:

o    Europe: Austria, Belgium, Bulgaria, Denmark, Germany, Italy, Luxembourg, Poland, Slovakia, Spain, Switzerland, and the Netherlands

o    UK & Ireland: UK and Ireland

o    Rest of World: Australia, Canada, Israel

Other Financials

●         Just Eat Takeaway.com’s cash and cash equivalents amounted to €1,177 million at 31 December 2024, plus an additional €123 million held at Grubhub, which is classified as a disposal group held for sale, for a total of €1,301 million. The decrease in cash and cash equivalents from €1,724 million at 31 December 2023 to €1,301 million at 31 December 2024, reflects the repayment of convertible bonds of €250 million in cash upon maturity in January 2024 and cash outflows in relation to share buyback programmes of €203 million.

●         Under the combined share buyback programmes launched in the past two years, we have repurchased €447 million worth of shares. On 8 October 2024, 5% of total issued shares, representing approximately 11 million ordinary shares previously held in treasury, were cancelled to reduce the number of issued shares. On 21 February 2025, Just Eat Takeaway.com N.V. held a total of 11,288,240 shares in treasury, from a total of 208,967,756 issued shares.

Outlook

●         The Management Board issues the following guidance for 2025:

o    Constant currency GTV growth excluding Rest of World in the range of +4% to +8% year-on-year

o    Adjusted EBITDA In the range of €360 to €380 million

o    Free cash flow (before changes in working capital) of approximately €100 million

●         Long-term target of group adjusted EBITDA margin in excess of 5% of GTV

Please find the full press release in PDF here:

Footnotes

[1] Adjusted EBITDA is defined as operating income / loss for the period adjusted for depreciation, amortisation, impairments, share-based payments, acquisition and integration related costs and other items not directly related to underlying operating performance (‘Other items’). Other items include, amongst others, restructuring costs, certain legal, tax, and regulatory matters, and certain insurance income and costs. Reference is made to ‘Appendix 2’ for an explanation of any pro forma basis and for reconciliations to the closest IFRS-based equivalent where applicable.

[2] Free cash flow before changes in working capital, reconciliation provided in Appendix 2

[3] On a Pro-forma basis, reconciliation provided in Appendix 2

[4] Revenue less order fulfilment costs, adjusted for other items as reconciled in Appendix 2

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Analyst and investor conference call and audio webcast

Jitse Groen, Mayte Oosterveld, Joerg Gerbig and Andrew Kenny will host an analyst and investor conference call to discuss the full year 2024 results at 9:30 am CET on Monday 24 February 2025. Members of the investor community can follow the audio webcast via the website.

Financial calendar

For more information, please visit https://www.justeattakeaway.com/investors/events-calendar/default.aspx

Additional information on https://www.justeattakeaway.com/

·       Just Eat Takeaway.com Analyst Presentation FY 2024

·       Our media kit including photos of the Management Board and industry-related photos for download

Media and wires call

Jitse Groen will host a media and wires call to discuss the full year 2024 results at 8:00 am CET on Monday 24 February 2025. Members of the press can join the conference call via Teams.

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Market Abuse Regulation

This press release contains inside information as meant in clause 7(1) of the Market Abuse Regulation.

Auditor's involvement

The full year 2024 and 2024 information in the condensed financial statements is based on Just Eat Takeaway.com’s 2024 Consolidated financial statements, as included in the 2024 Annual Report (the ‘Financial Statements’), which have 13 been published on 26 February 2025. In accordance with article 2:395 of the Netherlands Civil Code, we state that our auditor, EY Accountants B.V. , has issued an unqualified opinion on the Financial Statements, dated 26 February 2025. For a better understanding of the company’s financial position and results and of the scope of the audit of EY Accountants B.V. , this report should be read in conjunction with the Financial Statements. The general meeting has not yet adopted the Financial Statements.

Accounting Principles

The Financial Statements of the Company have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union ('IFRS') and comply with the financial reporting requirements included in Part 9 of Book 2 of the Dutch Civil Code.

Disclaimer

Statements included in this press release that are not historical facts (including any statements concerning investment objectives, other plans and objectives of management for future operations or economic performance, or assumptions or forecasts related thereto) are, or may be deemed to be, forward-looking statements, including "forward-looking statements". These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "anticipates", "expects", "intends", "may", or "will" or, in each case, their negative or other variations 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. Any forward-looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company’s business, results of operations, financial position, liquidity, prospects, growth or strategies. 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 press release. Readers are cautioned not to place undue reliance on such forward-looking statements.

No Offer or Solicitation

This document shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Alternative Performance Measures This document includes certain alternative performance measures. Just Eat Takeaway.com uses these alternative performance measures as key performance measures because it believes they facilitate operating performance comparisons from period to period by excluding potential differences primarily caused by variations in capital structures, tax positions, the impact of acquisitions and restructuring, the impact of depreciation and amortisation expense on its fixed assets and the impact of share-based payment expenses. These alternative performance measures are not measurements of Just Eat Takeaway's financial performance under IFRS and should not be considered as an alternative to performance measures derived in accordance with IFRS. They should be read in conjunction with Just Eat Takeaway.com's financial statements prepared in accordance with IFRS.