Just Eat Takeaway.com N.V.

For 2024, Just Eat Takeaway reported group GTV of €26.3 billion, down 2% year over year, and constant-currency GTV growth excluding North America of 2%. Adjusted EBITDA was €460 million, up €121 million versus 2023, and adjusted EBITDA margin improved to 1.7% of GTV. Free cash flow was €104 million, up €156 million year over year. Excluding Grubhub, revenue was €3.5 billion, stable versus 2023; adjusted EBITDA was €313 million, up 28% year over year; adjusted EBITDA margin was 1.7%; and free cash flow was €101 million. Cash and cash equivalents were €1.3 billion at 31 December 2024 versus €1.7 billion a year earlier, and before the repayment of €250 million of convertible bonds and €203 million of buyback cash outflows, cash flow was positive €30 million in 2024. For 2025, the company expects constant-currency GTV growth excluding Rest of World of 4% to 8%, adjusted EBITDA of €360 million to €380 million, and free cash flow before working capital of approximately €100 million. Management also confirmed the long-term target of adjusted EBITDA margin above 5% of GTV.

Jitse Groen framed the year as a transition from portfolio optimization and efficiency toward growth acceleration, supported by the sale of Grubhub and the restructuring of the business into three regional segments. He emphasized the rollout of the single global app, new features like Jet+ and AI assistant, stronger partner acquisition, and a 2025 plan to invest more aggressively in logistics coverage, grocery and adjacent retail, marketing, and loyalty. On the deal, he said Prosus brings investment expertise, tech and AI capabilities, and that management remains aligned and will stay on after closing.

Mayte Oosterveld highlighted that 2024 financials were published unaudited and that full audited results would follow. She pointed to €3.5 billion of revenue excluding Grubhub, stable year over year, with revenue less order fulfillment cost per order up 10% and adjusted EBITDA up 28% to €313 million, helping free cash flow before working capital reach €101 million. She also said cash fell to €1.3 billion from €1.7 billion mainly because of the €250 million convertible bond repayment and €203 million of share buybacks, while 2025 free cash flow is expected to be broadly stable at about €100 million and the company plans to pause the buyback with only €3 million remaining.

Analysts focused on market share in the UK, Germany and Spain, the rationale for the €150 million investment increase, and whether private ownership under Prosus would change strategy or management. Groen said the UK is more competitive and involves heavy vouchering, while continental Europe is more stable, and that the company is already stepping up investment, especially in the UK and Germany. On Spain, he said there has been little change in competition and that a lawsuit against Delivery Hero is based on alleged unlawful competition; on strategy under Prosus, he said there were no major differences and management would stay in place.