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

Executive summary

• Announced agreement for Prosus to acquire all shares 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.

• Rolled out a unified global app, enhancing innovation, consumer experience, and operational efficiency.

Financial highlights

• 2024 constant currency GTV growth (excluding North America) was 2%; group GTV reached EUR 26.3 billion, down 2% year-over-year.

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

• Free cash flow before changes in working capital was EUR 104 million, an improvement of EUR 156 million year-over-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 1.3 billion, down from EUR 1.7 billion due to debt 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.