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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Just Eat Takeaway.com
Just Eat Takeaway.com (TKWY) investor relations material
Just Eat Takeaway.com has been acquired by Prosus N.V.
Just Eat Takeaway.com Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary30 Jul, 2025
Executive summary
Adjusted EBITDA rose 4% year-over-year to €147 million in H1 2025, despite increased investments in logistics, delivery network, and marketing.
Net result from continuing operations improved to a loss of €90 million from a €203 million loss in H1 2024, mainly due to lower staff costs and absence of impairment losses.
Free cash flow before changes in working capital decreased to €16 million, impacted by M&A and restructuring costs.
Prosus extended its public offer acceptance period until 1 October 2025, pending regulatory review.
The sale of Grubhub was completed in January 2025, resulting in a €669 million gain from recycling the foreign currency translation reserve.
Financial highlights
Revenue was €1,747 million, down 1–2% year-over-year on a constant currency basis, with lower order volumes offset by higher average transaction value and advertising revenue.
Adjusted EBITDA margin improved to 1.6% of GTV, up from 1.5% in H1 2024.
Free cash flow before changes in working capital dropped to €16 million from €41 million, mainly due to M&A and restructuring costs.
Cash and cash equivalents increased to €1,294 million as of 30 June 2025, broadly stable despite share buybacks.
Ancillary revenue (mainly advertising and subscriptions) grew 12% to €66 million.
Outlook and guidance
Guidance for 2025 reiterated, with GTV and adjusted EBITDA expected at the lower end of the guided range.
Constant currency GTV growth excluding Rest of World expected at 4–8% year-over-year.
Adjusted EBITDA guidance set at €360–380 million; free cash flow before working capital expected at approximately €100 million.
Long-term target for group adjusted EBITDA margin remains above 5% of GTV.
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Latest events from Just Eat Takeaway.com
- FY17 revenue rose 49% as orders grew to 68.3m amid a €27.6m Adjusted EBITDA loss.TKWY
Q4 2017 - Orders rose 38% as the adjusted EBITDA loss narrowed to €11.3m; no 2019 outlook was issued.TKWYQ4 2018
- Q3 GTV ex-North America up 2%, €340M buybacks, 2024 guidance reaffirmed.TKWYQ3 2024 TU
- Adjusted EBITDA up 40%+ to €203m, free cash flow positive, but net loss widened; €150m buyback launched.TKWYQ2 2024
- Flat GTV, reaffirmed guidance, and Prosus offer mark Q1 2025 developments.TKWYQ1 2025 TU
- EUR 4.1B Prosus offer, 2024 guidance met, Grubhub exit, 2025 targets higher GTV and EBITDA.TKWYQ4 2024
Just Eat Takeaway.com
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Frequently asked questions
Food Delivery Duo
Just Eat Takeaway.com is a global online food ordering and delivery company, commonly referred to as either Just Eat or Takeaway.com. Just Eat was founded in Denmark in 2001 by, the platform originally aimed to connect consumers with local restaurants. Takeaway.com has Dutch origins, and the paths of the two companies converged in 2020. The merger between the two parties created one of the world's largest platforms for online food delivery Today, Just Eat operates in numerous countries across Europe, North America, and other parts of the world, offering millions of customers a wide array of dining options from local eateries to well-known restaurant chains.
Combining Forces
Both Just Eat and Takeaway.com started with the idea to simplify the process of ordering takeaway food. The pair quickly became prominent players in the online food ordering sector, providing a bridge between customers and their local restaurants. As both companies grew, Just Eat expanded beyond Danish borders, entering the UK market in 2006 and subsequently spreading its footprint to several other countries. Takeaway.com had a similar journey with expansion and the two companies came together led to its merger with its current parent company Takeaway.com in 2020. The company is one of the leading market participants in online food delivery, together with other notable companies such as DeliveryHero and Deliveroo.
Food Delivery Made Simple
Acting as an intermediary between consumers and local restaurants, the platform provides an efficient, digital method for users to browse local food menus, order dishes, and opt for delivery or pickup. With its user-friendly interface, Just Eat Takeaway.com offers an array of choices from various partnered restaurants in the customers’ local area. This approach is something that makes it simple for restaurants to offer convenient takeaway options for their customers, as they can simply utilize the infrastructure that Just Eat Takeaway.com offers.
The Drivers
Just like companies like Uber and their rivals, Just Eat Takeaway.com sources their drivers through a variety of different methods, and different branches in different countries have different ways of employing their workers. In some countries, the company utilizes independent contractors, while other branches utilize full-time employees.