Just Eat Takeaway.com (TKWY) Q1 2025 TU earnings summary

Executive summary

• Group GTV flat year-on-year at €4.7 billion on a constant currency basis, with 2% growth excluding Rest of World, impacted by the leap year effect in Q1 2024.

• Prosus has made a recommended offer of €20.30 per share, expected to launch in Q2 2025, with settlement anticipated by year-end pending regulatory approvals.

• Additional €150 million investment planned in 2025 to accelerate growth.

• Orders declined 6% year-on-year to 156.1 million, with Rest of World orders down 15%.

Financial highlights

• Group GTV remained at €4.7bn in Q1 2025, unchanged from Q1 2024 on a constant currency basis.

• GTV excluding Rest of World grew 2% year-on-year; Rest of World GTV declined 13–15%.

• Europe GTV increased 2–5% and UK & Ireland GTV rose 3–5% year-on-year.

• Total orders in Europe and UK/Ireland fell 4% and 5% respectively year-on-year.

Outlook and guidance

• 2025 guidance reiterated: constant currency GTV growth excluding Rest of World expected at 4–8% year-on-year.

• Adjusted EBITDA guidance set at €360–€380 million for 2025.

• Free cash flow (before working capital changes) targeted at approximately €100 million.

• Long-term target for group adjusted EBITDA margin above 5% of GTV.