Just Eat Takeaway.com N.V. (LSE: JET, AMS: TKWY), hereinafter the “Company”, or together with its group companies “Just Eat Takeaway.com”, one of the world’s largest online food delivery marketplaces, hereby issues a trading update for the third quarter of 2022.

Jitse Groen, CEO of Just Eat Takeaway.com

• The Company’s focus on profitability delivered material improvements to Revenue per Order, Delivery costs per Order and Overheads & Opex. As a result, Just Eat Takeaway.com was Adjusted EBITDA positive in Q3 2022, materially ahead of prior guidance at the beginning of the year and is on track towards its long-term target margins.
• Adjusted EBITDA improved in all segments in Q3 2022, both year-on-year as well as on a sequential basis. Within Northern Europe, Germany remained the most important growth driver with year-to-date positive Order growth. While the market backdrop in the UK was less favourable against a strong comparative period, the UK and Ireland segment achieved further material improvements in profitability. In North America, Grubhub’s partnership with Amazonshowed encouraging early results. Finally, Order growth in the Southern Europe and ANZ segment was adversely impacted by market contraction due to lapping a period with significant Covid-19 restrictions in Australia in 2021.

• GTV was up 2% in Q3 2022 compared with the same period in 2021 driven by a higher Average Transaction Value and positive FX movements. Just Eat Takeaway.com processed 235 million Orders in Q3 2022, representing a 11% decrease compared with Q3 2021, predominantly caused by the end of Covid-19 restrictions and, to a lesser extent, by reducing the number of low contribution Orders.
• As a result of the significant progress made during the third quarter, management updated its guidance for the full year of 2022 on 27 September 2022:

- Positive Adjusted EBITDA in the second half of 2022 (previously FY 2022 Adjusted EBITDA margin in the range of minus 0.5% to minus 0.7% of GTV)

- GTV to grow by low-single digit year-on-year in 2022 (previously mid-single digit)

- Management expects the Company to maintain positive Adjusted EBITDA in FY 2023, and the long-term objectives for Just Eat Takeaway.com remain unchanged.

• Just Eat Takeaway.com announcedits Supervisory Board had decided to nominate Mr. Andrew Kenny and Mr. Jörg Gerbig for (re)appointment as members of its Management Board, and to nominate Mr. Dick Boer and Ms. Mieke De Schepper for appointment to the Supervisory Board.

• An Extraordinary General Meeting("EGM") relating to the sale of the Company’s equity stake of approximately 33% in the iFood joint venture to an affiliate of Prosus N.V., the proposed appointments to the Supervisory Board and Management Board and the proposed transfer of listing of the Company’s shares will be held in Amsterdam on 18 November 2022.

• Provided the resolution has been adopted at the EGM, completion of the iFood transactionis anticipated to occur shortly after the EGM. The Transaction consideration will comprise €1.5 billion in cash on closing and contingent consideration of up to €300 million. The transaction proceeds will be retained to strengthen the balance sheet and to service repayments of upcoming debt maturities.

• 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.