Just Eat Takeaway free flow cash to break even in H2 2023

The company reported growth across Northern Europe, Britain and Ireland.

Just Eat Takeaway reported a return to gross transaction value (GTV) growth in Q3 2023 across all markets excluding North America.

GTV growth in Northern Europe and the UK and Ireland increased to 6% and 4% respectively. GTV guidance to constant currency growth of approximately -4% in 2023.

Just Eat also upgraded its Adjusted EBITDA guidance and now expects to deliver a positive Adjusted EBITDA of approximately €310m in 2023 compared to the previous estimate of €275m.

"The majority of our business has returned to GTV growth in the third quarter with particularly strong momentum in Northern Europe and the UK and Ireland segments. Within the UK and Ireland, we continue to invest significantly whilst at the same time increasing profitability. Although the recovery of North America is on a slower trajectory, we are satisfied that this segment too is rapidly becoming cash flow neutral. As a result, we are in a position to upgrade both our Adjusted EBITDA and cash flow guidance and now expect to be approximately cash flow break-even in the second half of 2023 and positive thereafter," Jitse Groen, CEO of Just Eat Takeaway.com said.