Just Eat Takeaway.com (TKWY) Q4 2024 earnings summary

Executive summary

• Announced agreement on a recommended public offer by Prosus at EUR 20.30 per share, a 63% premium to the closing price on 21 February 2025, valuing the company at approximately EUR 4.1 billion.

• Achieved 2024 guidance with 2% constant currency GTV growth (excluding North America), adjusted EBITDA of EUR 460 million, and free cash flow of EUR 104 million.

• Sale of Grubhub completed in January 2025, shifting focus to Europe and UK & Ireland, now 85% of GTV.

• Management and Supervisory Boards unanimously support the Prosus offer, with board members holding 8.1% of shares providing irrevocable undertakings.

• Strategic exits from France and New Zealand; increased investment planned for Europe and UK & Ireland in 2025.

Financial highlights

• Group GTV reached EUR 26.3 billion, down 2% year-on-year; excluding North America, GTV grew 2% to EUR 17.0 billion.

• Adjusted EBITDA for 2024 was EUR 460 million (1.7% of GTV), up 36% from 2023; margin improved from 1.3% to 1.7%.

• Free cash flow before working capital was EUR 104 million, an increase of EUR 156 million year-on-year.

• Excluding Grubhub, adjusted EBITDA was EUR 313 million and free cash flow EUR 101 million.

• Cash and cash equivalents at year-end 2024 were EUR 1,177 million, down from EUR 1,724 million, reflecting bond repayment and share buybacks.

Outlook and guidance

• 2025 guidance: constant currency GTV growth (excluding Rest of World) of 4%-8% year-over-year.

• Adjusted EBITDA expected between EUR 360 million and EUR 380 million; free cash flow before working capital of approximately EUR 100 million.

• Long-term target of adjusted EBITDA margin in excess of 5% of GTV confirmed.

• Additional EUR 150 million investment planned for Europe and UK & Ireland in 2025 to drive growth.