Just Eat Takeaway posted revised EBITDA, it is surprisingly positive

Just Eat Takeaway posted positive Adjusted EBITDA in the third quarter earlier than expected. This was revealed on Wednesday by figures from the meal delivery service.

“After two years of significant investment, I am pleased to report that Just Eat Takeaway has turned profitable sooner than expected,” said CEO Jitse Groen. However, the CEO expects the necessary challenges due to the macroeconomic climate. “But Just Eat Takeaway now has a leading position of significant size and is well capitalized after the sale of the stake in iFood. We are therefore well positioned to achieve profitable growth in the future.”

The meal delivery company was able to achieve” significant improvements ” in revenue per order, delivery costs per order and operational costs. As a result, positive Adjusted EBITDA was recorded, without this being further specified.

This is sooner than expected, as the meal delivery company was still aiming for a positive result in 2023 at the beginning of the year. In September, Just Eat Takeaway announced that it would reach this level in the second half of the year. “This puts us on track to meet our long-term margin targets.”Just Eat expects to remain profitable in 2023.

Earnings improved in all segments, both on an annual and quarterly basis. In Northern Europe, Germany remained a driver of growth with positive order growth so far this year. In all regions, however, there was an order decline of 11 percent to 235 million units in the third quarter. In the first nine months of this year, it is a contraction of 8 percent. Orders are falling, especially in southern Europe.

The gross transaction value rose by 2 percent to 6.9 billion euros in the third quarter. At constant exchange rates, there was a decrease of 5 percent.

For this year, the meal delivery company expects gross transaction value growth of 0 to 5 percent. Just Eat is still actively looking for a way to sell all or part of Grubhub. The first results from the cooperation with Amazon called Just Eat Wednesday “encouraging”.