Amsterdam’s Just Eat Takeaway’s revenue increased to €5.6B: 7 key takeaways from 2022 financial results

Amsterdam-based Just Eat Takeaway.com, an online food delivery marketplace, has published its Full Year 2022 report, outlining what happened in the company last year and its contribution to the European online food marketplace.

Jitse Groen, CEO of Just Eat Takeaway.com, says, “In 2022, our priority was to enhance profitability and strengthen our business. As a result, we materially improved our financial performance and generated Adjusted EBITDA of €19M in 2022 compared with minus €350M in 2021. We expect a further improvement to Adjusted EBITDA in 2023, and our ambition to create a highly profitable food delivery business is firmly on track.

Here are the key takeaways from the FY 2022 report. 

Just Eat Takeaway’ Orders and revenue

According to the report, Just Eat Takeaway.com processed 984M orders from 90M Active Consumers in 2022. 

“Consumers continue to show better Order behaviour than pre-pandemic, with significant upside potential from increasing penetration and frequency,” says the company in the report.

In the FY2022 report, Just Eat Takeaway.com reveals that its revenue increased to €5.6B in 2022, representing a growth rate of 4 per cent compared with 2021.

Just Eat Takeaway’ EBITDA and GTV

The adjusted EBITDA improved significantly to €19M positive in 2022 from minus €350M in 2021. 

All operating segments materially contributed to this improvement, with the largest gains in the UK and Ireland, Southern Europe and ANZ, and North America.

Gross Transaction Volume (GTV) in 2022 was €28.2B. which is stable compared with the prior year, driven by a higher Average Transaction Value and positive FX movements, which offset lower Order volumes.

Region-wise

North America

According to the report, GTV increased by 1 per cent to €11.6B in the North America segment, primarily driven by a higher ATV and favourable foreign exchange rates.

North America returned to positive Adjusted EBITDA of €65M in 2022, despite more than €130M negative impact from remaining fee caps. 

The Adjusted EBITDA Margin in H2 2022 was 1.2% of GTV.

Northern Europe

In the Northern Europe segment, GTV increased by 3 per cent to €7.4B driven by a higher ATV. 

Northern Europe continues to generate strong profits with an Adjusted EBITDA of €313M in 2022. 

The Adjusted EBITDA Margin in H2 2022 further improved to 5.1% of GTV.

UK and Ireland

In the UK and Ireland, GTV remained stable at €6.6B. 

Adjusted EBITDA improved significantly to €23M in 2022 from minus €107M in 2021, with a notable step-up in H2 2022. 

The Adjusted EBITDA Margin turned positive again in H2 2022 at 1.2 per cent of GTV.

Southern Europe and ANZ

In the Southern Europe and ANZ segment, the Adjusted EBITDA remains in the negative with a slight improvement of minus €161M in 2022 from minus €262M in 2021. 

The €100M Adjusted EBITDA improvement was driven by a higher ATV, optimised pricing strategy, reduced delivery expenses, and improved operating expenses. 

In H2 2022, Adjusted EBITDA loss halved compared with H1 2022.

Just Eat Takeaway’ Loss

According to the Dutch firm, the loss for the period on an IFRS basis was €5.7B, mainly due to impairment losses of €4.6B on past equity-funded acquisitions (Grubhub acquisition and Just Eat merger).

In addition, the Loss for the period also included a book loss of €275M on “the sale of the iFood stake based on the historical allocation to iFood as part of the equity value issued on the Just Eat merger, which is reflected in the line-item ‘Other gains and losses’.”

The loss for the period amounted to €792M compared with €990M in 2021.