Just Eat Takeaway Q1 2025 slides: flat GTV growth as Prosus acquisition advances

Introduction & Market Context

Just Eat Takeaway.com ( AMS (VIE:AMS2):TKWY) presented its Q1 2025 results on April 23, showing flat gross transaction value (GTV) growth amid ongoing acquisition proceedings with Prosus (OTC:PROSF). The food delivery giant maintained its full-year guidance despite modest first-quarter performance, signaling confidence in accelerating growth throughout the remainder of the year.

The company’s stock is currently trading at €19.30, up 0.26% and near its 52-week high of €19.62, as investors position themselves ahead of Prosus’s €20.30 per share offer expected to launch in the second quarter.

As shown in the company’s opening presentation slide:

Quarterly Performance Highlights

Just Eat Takeaway reported constant currency GTV growth of 2% excluding the Rest of World segment, while overall group GTV remained flat year-on-year at €4.7 billion. The company noted that Q1 2024’s leap year negatively affected year-on-year comparisons by approximately one percentage point.

CEO Jitse Groen emphasized the company’s strategic direction, stating: "Our vision is to empower everyday convenience. We continue to make good progress in adding new partners to our marketplace and plan to invest an additional €150 million to accelerate growth in 2025, while confirming our existing guidance."

The key performance metrics for the quarter are summarized in the following slide:

Regional Performance Analysis

Just Eat Takeaway’s performance varied significantly across regions, with the UK and Ireland showing the strongest growth at 3% (adjusted for leap year), while the Rest of World segment continued its decline.

In Europe, GTV reached €2.3 billion, representing a modest 1% growth after leap year adjustment. The UK and Ireland generated €1.8 billion in GTV, growing at 3% adjusted. Combined, these core markets delivered 2% growth, reaching €4.1 billion in GTV.

The regional breakdown of GTV growth excluding the Rest of World segment is illustrated in this chart:

Meanwhile, the Rest of World segment continued to decline, with GTV falling 13% (adjusted) to €0.6 billion. This decline follows the company’s strategic exits from underperforming markets, including New Zealand and France, as reported in previous earnings.

The following chart shows the overall Group GTV performance, highlighting the impact of the Rest of World segment:

2025 Guidance and Strategic Initiatives

Despite the modest start to the year, Just Eat Takeaway reiterated its full-year 2025 guidance, projecting constant currency GTV growth of 4-8% excluding the Rest of World segment. The company expects adjusted EBITDA to reach €360-380 million and forecasts free cash flow (before changes in working capital) of approximately €100 million.

This guidance suggests an acceleration in growth throughout the remainder of 2025, supported by the planned €150 million additional investment mentioned in both the presentation and previous earnings calls. The company maintains its long-term target of achieving a group adjusted EBITDA margin exceeding 5% of GTV.

The guidance details are presented in the following slide:

This outlook aligns with the company’s Q4 2024 performance, which saw adjusted EBITDA grow by 28% year-over-year to €313 million. The projected €360-380 million for 2025 represents continued improvement in profitability despite the additional growth investments.

Prosus Acquisition Progress

A significant focus of the presentation was the recommended offer by Prosus of €20.30 per share, announced on February 24, 2025. The acquisition process is progressing as expected, with the offer anticipated to launch in Q2 2025 following regulatory approvals.

The timeline indicates approximately 16 weeks for preparations and approval of the offer memorandum, dependent on the review period by the Dutch Authority for the Financial Markets (AFM). Settlement is currently expected by the end of 2025, subject to competition approvals and regulatory clearance.

The acquisition timeline is detailed in the following slide:

Forward-Looking Statements

Just Eat Takeaway faces both opportunities and challenges as it navigates 2025. The planned €150 million investment signals the company’s commitment to accelerating growth, particularly in its core European and UK/Ireland markets. However, the continued decline in the Rest of World segment remains a drag on overall performance.

The Prosus acquisition represents a significant premium to where the stock was trading earlier in the year, with the €20.30 offer price representing more than double the 52-week low of €10.01. The transaction, if completed as expected by year-end, would mark a significant consolidation in the global food delivery market.

For the remainder of 2025, investors will be watching closely to see if Just Eat Takeaway can deliver on its promised growth acceleration to meet the 4-8% guidance, particularly as the company balances growth investments with profitability targets while navigating the acquisition process.

Full presentation:

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