TIDMJET
RNS Number : 7214W
Just Eat Takeaway.com N.V.
19 April 2023
Amsterdam, 19 April 2023
Just Eat Takeaway.com Q1 2023 Trading Update
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 first quarter
of 2023.
Jitse Groen, CEO of Just Eat Takeaway.com said: "Just Eat
Takeaway.com continues to recover from last year's deceleration,
with the Northern Europe and the UK and Ireland segments leading
the trend. While the year-on-year GTV decline in Q1 2023 is
significant, the comparison is with the quarter with the second
highest GTV of the pandemic. Our efforts to improve profitability
are running ahead of plan, allowing us to upgrade the 2023 Adjusted
EBITDA target to approximately EUR275 million. We now also expect
to turn free cash flow positive by mid-2024."
-- The delta to the prior year GTV narrowed throughout Q1 2023,
with March declining -5% year-on-year, ahead of the Q1 2023
year-on-year decline of -8%. The Northern Europe and UK and Ireland
segments are leading the GTV recovery. However, Q1 2023 continued
to be affected by a difficult pandemic comparison.
-- The Company continues to make good progress on Delivery-led
operational improvements and is now ahead of plan.
Outlook
-- GTV growth to be in a range of -4% to +2% year-on-year in
2023[1], with a return to growth skewed towards the end of the
year, given the lower absolute Order level of H2 2022 versus H1
2022.
-- Management expects to deliver a positive Adjusted EBITDA of
approximately EUR275 million in 2023 (previously approximately
EUR225 million in 2023). This guidance includes additional
investments in food and non-food adjacencies, wage costs inflation
and reflects an uncertain macro-economic environment.
-- Management expects free cash flow (before changes in working
capital) to turn positive in mid-2024.
-- As a result of the strong balance sheet and the increased
visibility on free cash flow generation, the Company initiates a
share buyback programme of up to EUR150 million to improve future
earnings per share. The repurchased shares will be used to cover
the Company's obligations under share-based compensation
arrangements or will be cancelled to reduce issued share capital.
The programme will commence on 19 April 2023 and is expected to
complete no later than December 2023.
-- The long-term objectives for Just Eat Takeaway.com remain unchanged.
-- 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.
Just Eat Takeaway.com
Jitse Groen, CEO
Brent Wissink, CFO
Joerg Gerbig, COO
Andrew Kenny, CCO
Investors:
Joris Wilton
E: IR@justeattakeaway.com
Media:
E: press@justeattakeaway.com
For more information, please visit our corporate website:
https://www.justeattakeaway.com/
About Just Eat Takeaway.com
Just Eat Takeaway.com (LSE: JET, AMS: TKWY) is one of the
world's leading global online food delivery marketplaces.
Headquartered in Amsterdam, the Company is focused on connecting
consumers and partners through its platforms. With 692,000
connected partners, Just Eat Takeaway.com offers consumers a wide
variety of food choice.
Just Eat Takeaway.com has rapidly grown to become a leading
online food delivery marketplace with operations in the United
States, the United Kingdom, Germany, the Netherlands, Canada,
Australia, Austria, Belgium, Bulgaria, Denmark, France, Ireland,
Israel, Italy, Luxembourg, New Zealand, Poland, Slovakia, Spain and
Switzerland.
Analyst and investor conference call and audio webcast
Jitse Groen, Brent Wissink, Joerg Gerbig and Andrew Kenny will
host an analyst and investor conference call to discuss the Q1 2023
trading update at 10:30 am CET on Wednesday 19 April 2023. Members
of the investor community can follow the audio webcast on
https://www.justeattakeaway.com/investors/results-and-reports/
.
Media and wires call
Jitse Groen will host a media and wires call to discuss the Q1
2023 trading update at 8:30 am CET on Wednesday 19 April 2023.
Members of the press can join the conference call at +31 (0)20 708
5073 or +44 (0)33 0551 0200.
Additional information on https://justeattakeaway.com
-- Just Eat Takeaway.com Analyst Presentation Q1 2023
Market Abuse Regulation
This press release contains inside information (i) as meant in
clause 7(1) of the Market Abuse Regulation and (ii) in terms of
Article 7(1) of the Market Abuse Regulation as it forms part of UK
law pursuant to the European Union (Withdrawal) Act 2018.
Unaudited figures
All figures in this document are unaudited.
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.
[1] Guidance includes expected FX headwind based on current spot
rates
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END
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