Half Year 2025 Results

• Constant currency GTV growth Group excluding Rest of World of 2%

• Half year adjusted EBITDA[1] improved to €147 million[2]; Free cash flow before changes in working capital[3] at €16 million due to M&A and organisational restructuring

• Net cash generated by operating activities increased to €160 million in H1 2025 from €96 million in H1 2024

• Net result from continuing operations improved to a loss of €90 million in H1 2025 from a loss of €203 million in H1 2024

• Guidance for 2025 reiterated with GTV and adjusted EBITDA at the lower end of the range

• Prosus extended acceptance period for Just Eat Takeaway.com offer until 1 October 2025

Group highlights

• Gross Transaction Value ('GTV') grew 2% in constant currency for the Group excluding Rest of World.

• Total revenue was €1,747 million in H1 2025 compared with €1,776 million for H1 2024. Lower order volumes were partially offset by improved order monetisation and higher advertising revenue.

• Adjusted EBITDA for H1 2025 reached €147 million, reflecting a 4% increase from H1 2024, despite significant investments in logistics expansion and marketing initiatives.

• Free cash flow before changes in working capital decreased to €16 million in H1 2025 from €41 million in H1 2024, primarily due to higher exceptional costs related to mergers and acquisitions and organisational restructuring.

• Net result from continuing operations amounted to a loss of €90 million in H1 2025 compared with a loss of €203 million in H1 2024. This was mainly driven by the absence of impairment losses and a reduction in staff costs.

Segment highlights

• In Europe, GTV in constant currency increased by 1% to €4.6 billion in H1 2025 compared with €4.5 billion in H1 2024. Adjusted EBITDA decreased to €117 million in H1 2025 from €156 million in H1 2024 reflecting strategic investments in logistics expansion and higher marketing spend.

• In the United Kingdom & Ireland, GTV in constant currency increased by 3% to €3.6 billion in H1 2025 compared with €3.4 billion in H1 2024. Adjusted EBITDA significantly improved by 32% year-on-year reaching €121 million in H1 2025 compared with €92 million in H1 2024. This was mainly driven by higher revenue and reduced order fulfilment costs, achieved through streamlining our delivery operations into a single model. Adjusted EBITDA margin continued to improve to 3.4% in H1 2025 compared with 2.7% in H1 2024.

• Adjusted EBITDA in Rest of World improved to €10 million in H1 2025 from breakeven in H1 2024, driven by a significant reduction in staff costs offsetting headwinds from the order decline.

Other Financials

• Just Eat Takeaway.com’s cash and cash equivalents amounted to €1,294 million at 30 June 2025 in comparison with €1,177 million at 31 December 2024. The reported cash and cash equivalents at 31 December 2024, excluded an amount of €123 million held by Grubhub which was classified as a disposal group held for sale. Cash and cash equivalents for the group, including the disposal group held for sale, amounted to €1,301 million at 31 December 2024.

• On 8 July 2025, the Extraordinary General Meeting ('EGM') of Just Eat Takeaway.com N.V. adopted all proposals on the agenda in connection with the recommended all-cash public offer by Prosus N.V. (‘Prosus’)[4] for all issued and outstanding shares in the capital of the Company. The transaction is subject to customary closing conditions, including regulatory approvals.

• On 29 July 2025, Prosus announced an extension of the acceptance period for its public offer to acquire all outstanding shares of Just Eat Takeaway.com until 1 October 2025. This extension accommodates the ongoing regulatory review by the European Commission and provides Just Eat Takeaway.com shareholders with sufficient time to tender their shares.

• The €600 million convertible bond issued on 9 February 2021 will be fully repaid in cash upon maturity on 9 August 2025.

Outlook

• The Management Board reiterates the following guidance for 2025, adding the expectation that GTV and adjusted EBITDA will be at the lower end of the guided range:

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 download the full press release 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.

[2] Pro forma and IFRS measures are reconciled in Appendix 1 and Appendix 2.

[3] Free cash flow is defined as net cash generated by / (used in) operating activities less capital expenditure, lease payments and taxes paid on net settlement of share-based payment awards. Free cash flow before changes in working capital excludes other changes in working capital, other non-current assets and provisions.

[4] The offer was made by MIH Bidco Holding B.V. ('the Offeror'), an indirectly wholly-owned subsidiary of Prosus N.V.

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Financial calendar

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

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

• Just Eat Takeaway.com Analyst Presentation H1 2025

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

Market Abuse Regulation

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

Auditor's involvement

The content of this document has not been audited or reviewed.

Accounting Principles

Just Eat Takeaway.com’s half year 2025 results have been prepared in accordance with IAS 34 Interim Financial Reporting and should be read in conjunction with the Company’s last annual consolidated financial statements as at and for the year ended 31 December 2024 and any public announcements made by the Company during the interim reporting period. The accounting policies applied in these condensed consolidated interim financial statements are the same as those applied in the Company’s consolidated financial statements as at and for the year ended 31 December 2024, except for the estimation of the income tax expense which is recognised based on management’s estimate of the weighted average effective annual income tax rate expected for the full year.

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 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. These should be read in conjunction with Just Eat Takeaway.com's financial statements prepared in accordance with IFRS.