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 2024.
- Further progress across our key strategic pillars
- Constant currency GTV growth excluding North America of 2% in Q3 2024
- Improved exit rate following a slower July
- Guidance for 2024 reiterated
- We have so far repurchased a combined €340 million worth of shares
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% of the Group’s total orders. In line with our strategy to diversify, several new partnerships were launched across adjacencies like grocery, pharmacy and wellness in many of our markets. Furthermore, cost and operational efficiencies have allowed us to increase investments while maintaining our outlook. We are well on track to deliver our guidance for the full year.Jitse Groen, CEO of Just Eat Takeaway.com
- In the first nine months of 2024, the constant currency GTV growth excluding North America was 3% year-on-year, within the guided range of 2% to 6% GTV growth. On reported basis, growth was 4% year-on-year for the period.
- Continued momentum in Northern Europe and UK and Ireland segments, representing circa 60% of Group orders.
- Combined under the three share buyback programmes launched in the past 18 months, we have so far repurchased €340 million worth of shares. The cancellation of approximately 11 million shares previously held in treasury, representing 5% 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:
o Constant currency GTV growth excluding North America in the range of 2% to 6% year-on-year
o Adjusted EBITDA of approximately €450 million
o Free cash flow (before changes in working capital1) to continue to be positive in 2024 and thereafter
- Long-term target of group adjusted EBITDA margin in excess of 5% 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.