Just Eat Takeaway Soft 1H25, outlook now expected at the lower end of the range
1H25 results were softer than expected with group GTV remaining flat at € 9.4bn (css: € 9.5bn) driven by a 7% decline in orders to € 308m (css: € 314m). Excluding the RoW, GTV growth at CCY of 2% was broadly in line. Revenues decreased 1% at ccy to € 1747m (kbcse: € 1771m), with lower order volumes partially offset by improved monetization and higher advertising revenues. Adj. EBITDA growth of 4% to € 147m came in below expectations (css: € 167m), driven by logistics investments and marketing initiatives. FCF before WC stood at € 16m. Following the softer than expected 1H25, JET now expects GTV growth excluding the ROW and adj. EBITDA to come in at the lower end of the guided range (GTV excl. ROW of 4-8%, adj. EBITDA between € 360-380m). We reiterate our Rating and TP.Takeaway.com NV. Takeaway.com NV, formerly Takeaway Com Holding BV, is a company based in the Netherlands that operates an online food delivery marketplace. The Company focuses on connecting consumers and restaurants, and allows users to order food from nearby restaurants and have the food delivered to their homes. The Company transmits the order placed by customers and forwards it to restaurants, which prepare and deliver the meal. It is present in Portugal, France, Switzerland, Austria, Luxembourg, Belgium, the Netherlands, Germany, Poland, Bulgaria, Romania and Vietnam, and operates the Websites Lieferando.de, Lieferservice.at, Lieferservice.ch, Pizza.be, Pizza.fr, Pizza.lu, Pizza.pl, Pyszne.pl, BGmenu.com, Oliviera.ro, Takeaway.com, Thuisbezorgd.nl and Vietnammm.com. The platforms feature various kinds of restaurants.
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