Just Eat Takeaway.com (TKWY) Q2 2025 earnings summary

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.