Just Eat Takeaway meets guidance for 2024; plans to step up investment in Europe, UK and Ireland in 2025

Amsterdam-based Just Eat Takeaway.com, an online food delivery marketplace, has published its Full Year 2024 report.

The report follows as Prosus, a global consumer internet group, proceeds to acquire Amsterdam-based Just Eat Takeaway, creating the world’s fourth-largest food delivery group.

“In 2024, we achieved significant milestones. We advanced our products, further expanded our partner base, particularly in verticals like grocery, electronics, and pharmacy, and made strategic portfolio decisions that positioned the company well for long-term success. Following the sale of our US operations, Just Eat Takeaway.com has become a more focused, faster-growing, and more profitable business. Our ambition for 2025 is to further accelerate our topline growth through a step up in investments in Europe and UK and Ireland,” says Jitse Groen, CEO of Just Eat Takeaway.com.

From growth in Gross Transaction Value (GTV) to share buyback programme, here are eleven key takeaways that investors and stakeholders need to know:

Just Eat Takeaway 2024 financial performance

GTV Performance: Gross Transaction Value (GTV) grew 2 per cent in constant currency for the Group excluding North America, in line with our 2024 guidance. 

GTV for the Group including North America was €26.3B in 2024, down 2 per cent in constant currency compared with 2023.

Revenue: Total revenue for 2024 was €5,085M, a slight 1 per cent decrease from €5,148M in 2023.

Lower order volumes in North America, Southern Europe, and Australia contributed to this 

decline, though a higher Average Transaction Value (ATV) and optimised consumer fees partially offset the impact.

EBITDA Growth: Adjusted EBITDA rose significantly to €460M from €339M in 2023, with the largest gains seen in the UK & Ireland due to cost efficiencies.

Free Cash Flow: Before changes in working capital, free cash flow improved to €104M from minus €52M in 2023, driven by improved adjusted EBITDA.

Net Loss: The net loss for 2024 was €1,645M, improving from €1,846M in 2023. This was largely attributed to non-cash impairment losses of €1,002M related to Grubhub, which was sold to Wonder for an enterprise value of $650M. The transaction was completed in January 2025.

Northern Europe

In Northern Europe, GTV increased by 4 per cent in constant currency to €8B in 2024 compared with €7.7B in 2023.

Revenue grew by 7 per cent YoY, fuelled by GTV growth and a higher contribution from advertising revenue.

Adjusted EBITDA increased slightly by €5M to €371M in 2024 compared with €366M in 2023, reflecting continued investment in expanding delivery coverage and wage increases for couriers.

The UK and Ireland

In the UK and Ireland, GTV increased by 4 per cent at constant currency in 2024 compared with 2023.

The simplification of delivery operations, enhanced algorithms, and further optimisations in order pooling led to a lower delivery cost per order.

Consequently, adjusted EBITDA improved by 62 per cent to €219M in 2024, up from €135M in 2023. The adjusted EBITDA margin rose to 3.1 per cent in 2024 from 2.0 per cent in 2023.

Southern Europe and Australia

Adjusted EBITDA losses in Southern Europe and Australia improved slightly to minus €80M in 2024 from minus €82M in 2023.

The Company discontinued operations in New Zealand and France, demonstrating its commitment to enhancing efficiency and focusing on building strong and sustainably profitable positions.

North America

In North America, adjusted EBITDA increased by 35 per cent to €170M in 2024 from €126M in 2023, driven primarily by a disciplined approach to marketing spend and workforce reductions in Canada and the US.

On 13 November 2024, the Company entered into a definitive agreement to sell Grubhub to Wonder for an enterprise value of $650M.

Cash and cash equivalents

The company’s cash and cash equivalents amounted to €1,177M on 31 December 2024, plus an additional €123M held at Grubhub, which is classified as a disposal group held for sale, for a total of €1,301M.

The decrease in cash and cash equivalents from €1,724M on 31 December 2023 to €1,301M on 31 December 2024, reflects the repayment of convertible bonds of €250M in cash upon maturity in January 2024 and cash outflows in relation to share buyback programmes of €203M.

Share buyback programmes

Under the combined share buyback programmes launched in the past two years, the Amsterdam company has repurchased €447M worth of shares.

On 8 October 2024, 5 per cent of total issued shares, representing approximately 11M ordinary shares previously held in treasury, were cancelled to reduce the number of issued shares.

On 21 February 2025, Just Eat Takeaway.com held a total of 11,288,240 shares in treasury, from a total of 208,967,756 issued shares.