Just Eat Takeaway com N : Just Eat Takeaway.com Half Year 2021 Results

Amsterdam, 17 August 2021

Half Year 2021 Results

Revenue up 52% (63% excluding Grubhub) to €2.6 billion

Just Eat Takeaway.com N.V. (LSE: JET, AMS: TKWY, NASDAQ: GRUB), hereinafter the "Company", or together with its group companies "Just Eat Takeaway.com", one of the world's largest online food delivery marketplaces, hereby reports its financial results for the first six months of 2021.

Statement of Jitse Groen, CEO of Just Eat Takeaway.com: "In the first six months of this year, Just Eat Takeaway.com continued to invest significantly, predominantly in the historically underinvested legacy Just Eat countries. Our consumer base, restaurant selection and order frequency have strongly increased, which will lead to improved profitability going forward."

• Revenue on a combined basis1 grew by 52% to €2.6 billion in the first six months of 2021, compared with €1.8 billion in the first half of 2020, on a constant currency basis. Adjusted EBITDA2 on a combined basis for Just Eat Takeaway.com was minus €190 million in the first six months of 2021, representing an adjusted EBITDA margin of minus 1.3% of GTV, reflecting the significant investment efforts of the Company.
• In the first six months of 2021, the Company invested predominantly in the historically underinvested legacy Just Eat markets, through its three strategic pillars: (i) supply expansion and roll-out of Delivery, (ii) brand awareness and share of voice and (iii) customer experience and value proposition, including price leadership. These investments have led to superior growth, and increased online share gains in many markets, including the UK and Australia.
• Given the widening of the price gap in consumer delivery fees versus its competitors, the Company has more flexibility to improve its adjusted EBITDA going forward. While the benefits from this development will already be visible in the second half of the year. Just Eat Takeaway.com will continue to invest significant amounts in providing the best and most affordable service to its consumers across the world.
• Just Eat Takeaway.com has reached the peak of its absolute losses in the first half of 2021. Improved profitability will be driven by the growth and increased scale of the business, flexibility from the widening price gap, product and technology improvements, operational efficiencies, as well as fee caps which are expected to partly fall away going forward.
• In the first six months of 2021, Covid-19 related commission fee caps and restaurant support initiatives amounted to €142 million. While some of the fee caps have fallen or will fall away in the second half of 2021, fee caps in some regions have been prolonged despite a previously announced timeframe linked to the end of the state of emergency or restaurants being able to operate at full capacity again. Fee caps are counterproductive and market disruptive as they will ultimately impact the revenue of partner restaurants caused by higher consumer prices, and slow-down further innovation and investment in the sector. Management believes that these fee caps are unlawful, and the Company will join the industry to oppose any extensions.
• In the first six months of 2021, Just Eat in the UK added a record number of 58 million orders to 135 million orders, representing the highest absolute order growth in the sector, about double the

1. The Grubhub business was consolidated from 15 June 2021, and the Just Eat business was consolidated from 15 April 2020. These figures are presented as if the combination was completed on 1 January 2020 to provide comparable information for the full six months period. These numbers are unaudited.
2. Adjusted EBITDA is defined as operating income / loss for the period adjusted for depreciation, amortisation, impairments, share-based payments, acquisition and integration related expenses and other items not directly related to underlying operating performance

1

absolute growth pace of its competitors. The average monthly order frequency in the UK reached

• 3.2 times, up from 2.5 times a year ago. In London, Just Eat gained approximately ten absolute percent points online share3 since the beginning of the investment programme in the third quarter of 2020.

• In the first six months of 2021, further investments were made into the roll-out of Delivery in Germany, while improving operational leverage. The German business generated €94 million of adjusted EBITDA, up 63% from €58 million in the same period of 2020. While overall orders were growing by 62%, Delivery orders in Germany grew by 110%.
• Canada, including fee caps and restaurant support initiatives of €32 million, generated €4 million of adjusted EBITDA in the first six months of 2021. SkipTheDishes opened the first SKIP Express Lane, which makes it the first large player in Canada with a convenience delivery hub ("dark store"). The Company believes it can run Express Lane profitably at scale, because of the underlying profitability of the whole Canadian business, which is almost fully a Delivery business.
• In the United States, Grubhub processed 134 million orders in the first six months of 2021, representing a growth rate of 27% compared with the same period in 2020. Orders grew throughout the country, and during the first half of 2021 Grubhub began to see a post-Covid-19 recovery in large city downtown areas, particularly Manhattan, as well as in its corporate business. Grubhub will refocus its investments to expand its strongholds. It has initiated a rebrand in the US to align with the global Company. Furthermore, the Seamless brand is planned to be integrated into Grubhub starting later this year to make more efficient use of its marketing resources in New York. The cohorts look very promising, even as benefits from Covid-19 related demand have started to dissipate. Grubhub added over 30,000 partnered restaurants during the first six months of 2021 and recently announced a partnership with Olo, which will enable Just Eat Takeaway.com to add tens of thousands more POS integrated restaurants to the marketplace.
• Management reiterates its guidance for the full year 2021:

1. Order growth (excl. Grubhub) above 45% year-on-year;

• 1. GTV (incl. Grubhub on a combined basis1) expected to be in a range of €28 to €30 billion; o Adjusted EBITDA margin (incl. Grubhub on a combined basis1) in a range of minus 1% and
     minus 1.5% of GTV.
• The Company's cash position amounted to €1,519 million as per 30 June 2021.
• Management reiterates its intention to monetise its 33% stake in iFood if an appropriate offer is made that reflects the size and superior growth of this asset. The highest bid to date amounted to €2.3 billion and fell short of managements expectancies.

3 Source: Credit card transaction volumes measured by Cardlytics credit card transactions supplemented with cash orders for the period July 2020 to July 2021, whereby London is defined as all area within the M25

2

Performance highlights

On a Combined basis1

Millions unless stated otherwise	H1 2021	H1 2020	Change
Restaurants (# thousands)2	588	426	38%
Active Consumers2	98	81	21%
Returning Active Consumers as % of Active Consumers	67%	64%	3pp
Orders per Returning Active Consumer (#)	16.5	13.6	2.9
Orders
United Kingdom	135.0	76.8	76%
Germany	79.8	49.2	62%
Canada	57.0	37.0	54%
Netherlands	31.4	22.8	37%
Rest of the World3	109.3	71.1	54%
Orders (excluding US)	412.4	256.9	61%
United States	134.4	105.9	27%
Pro forma Orders	546.8	362.7	51%
Average Transaction Value (€)	25.83	26.70	(0.87)
GTV (in € millions)4	14,124	9,686	46%

1. The Grubhub business was consolidated from 15 June 2021, and the Just Eat business was consolidated from 15 April 2020. These figures are presented as if
   the combination was completed on 1 January 2020 to provide comparable information for the full six months period. These numbers are unaudited and may not add up due to rounding.
2. Number as at 30 June
3. Rest of the World comprises Australia, Austria, Belgium, Bulgaria, Denmark, France, Ireland, Israel, Italy, Luxembourg, New Zealand, Norway, Poland, Portugal, Romania, Spain and Switzerland
4. Change at constant currency level for GTV is 50%.

					On a Combined basis1
		H1 2021			H1 2020			Change		Constant
€ millions							currency
Revenue
United Kingdom		552			303		82%	81%
Germany		284			161		76%	76%
Canada		317			228		39%	38%
Netherlands		120			80		50%	50%
Rest of the World		423			259		63%	62%
Revenue (excluding US)		1,696			1,031		65%	63%
United States		909			747		22%	33%
Pro forma Revenue		2,605			1,778		47%	52%
Adjusted EBITDA
United Kingdom		(71)			127		-156%	-155%
Germany		94			58		63%	63%
Canada		4			29		-85%	-85%
Netherlands		40			38		6%	6%
Rest of the World		(136)			7			n.m.	n.m.
Head office		(96)			(84)	14%	15%
Adjusted EBITDA (excluding US)		(164)			175		-194%	-193%
United States		(25)			30		-183%	-307%
Pro forma Adjusted EBITDA		(190)			205		-192%	-200%

1 The Grubhub business was consolidated from 15 June 2021, and the Just Eat business was consolidated from 15 April 2020. These figures are presented as if

the combination was completed on 1 January 2020 to provide comparable information for the full six months period. These numbers are unaudited and may not add up due to rounding.

3

Segment information

In the first half of 2021, we built on the strong momentum generated in 2020, maintaining strong organic order growth and completing the combination with Grubhub. We observed strong consumer acquisition trends and online share gains from our investments in marketing and our Delivery offering (restaurant selection and consumer price leadership), giving us confidence to maintain this investment throughout the period. The below paragraphs of this section are presented on a combined basis only, as it most accurately reflects the performance for the periods under review.

Following the combination of Grubhub and Just Eat Takeaway.com, the Company has five reportable segments: United States, United Kingdom, Germany, Canada and the Netherlands. The other countries have been combined into an "all others" segment which is named "Rest of the World" (which comprises Australia, Austria, Belgium, Bulgaria, Denmark, France, Ireland, Israel, Italy, Luxembourg, New Zealand, Norway, Poland, Portugal, Romania, Spain, and Switzerland).

United Kingdom

		On a Combined basis1
		Six-month period ended 30 June
Millions unless stated otherwise	2021	2020	Change
Orders	135.0	76.8	76%
•	Delivery %	39.0%	8.2%	30.8pp
Gross Transaction Value (€)2	3,052	1,870	63%
Revenue (€)3	552	303	82%
Adjusted EBITDA (€)	(71)	127	-156%
•	Adjusted EBITDA margin (%)4	-2.3%	6.8%	(9.1)pp

1. The Just Eat business was consolidated from 15 April 2020. These figures are presented as if the combination was completed on 1 January 2020 to provide comparable information for the full six months period. These numbers are unaudited.
2. Change at constant currency level for GTV is 62%.
3. Change at constant currency level for Revenue is 81%.
4. As percentage of GTV full six months period. GTV value is unaudited.

In the United Kingdom, Just Eat processed 135 million orders in the first six months of 2021, representing a growth rate of 76% compared with the same period last year. Delivery orders for the first six months of 2021 grew more than 700% compared with the same period last year. The Just Eat brand gained online share in the UK, including a significant inflection in London with triple-digit order growth in the first half of 2021 compared with the first six months of 2020. This significant growth was driven by our investment programme in marketing and Delivery, increasing brand visibility and targeting a period of aggressive price leadership and the expansion of restaurant supply, including our partnership with household brands such as McDonald's, Greggs, Pret A Manger, Itsu and Chipotle. We added further choice to our platform in the first half of 2021, where we were proud to welcome more than 90 new brands including Leon and Le Pain Quotidien, as well as successful roll-out and activation of national coffee brands Costa Coffee and Starbucks®. At the end of June 2021, the number of restaurants in the UK increased to more than 58,000 from 50,000 at the beginning of the year. Also in the first half of 2021, we further increased brand coverage both nationally and in London by leveraging our Global campaign, local activations of new restaurant supply, and sponsorship of UEFA EURO 2020.

In the first six months of 2021, GTV increased by 63% year-on-year, 13 percentage points below order growth mainly driven by the step change in quick service restaurant (QSR) supply, whose orders typically carry a lower basket value. Revenue grew by 82% to €552 million in the first half year 2021 from €303 million in the same period last year. The revenue growth rate was higher than both the order and GTV growth rates, following the rapid increase in Delivery orders.

4

Adjusted EBITDA was minus €71 million in the first six months of 2021 compared with €127 million in the first half of 2020. The lower adjusted EBITDA reflected our continued investments to win online share, including increased restaurant selection, marketing, and our price leadership strategy.

Germany

Six-month period ended 30 June

Millions unless stated otherwise	2021	2020	Change
Orders	79.8	49.2	62%
•	Delivery %	8.1%	6.3%	1.8pp
Gross Transaction Value (€)	1,955	1,103	77%
Revenue (€)	284	161	76%
Adjusted EBITDA (€)	94	58	63%
•	Adjusted EBITDA margin (%)1	4.8%	5.3%	(0.5)pp

1 As percentage of GTV full six months period. GTV value is unaudited.

In Germany, our brand Lieferando processed nearly 80 million orders in the first six months of 2021, representing an order growth of 62% compared with the same period in 2020, driven by our continued investments in expanding our restaurant network, marketing, and Delivery selection.

GTV reached nearly €2.0 billion, an increase of 77% compared with the same period last year. GTV growth outpaced order growth driven by higher average transaction values.

Revenue in Germany grew to €284 million in the first six months of 2021 from €161 million in the first half year of 2020, representing a 76% increase. This was predominantly driven by an expansion of the Delivery business, which has higher revenue per order because of higher commission rates and delivery charges.

Adjusted EBITDA increased significantly to €94 million in the first half of 2021, up 63% from €58 million in the same period last year driven by continued strong operational leverage and despite significant investments in Delivery. Investments made over more than a decade have secured clear leadership in Germany, which positions us to capture the continued, highly profitable growth in this market.

Canada

		On a Combined basis1
		Six-month period ended 30 June
Millions unless stated otherwise	2021	2020	Change
Orders	57.0	37.0	54%
•	Delivery %	95.8%	96.6%	(0.8)pp
Gross Transaction Value (€)2	1,433	927	55%
Revenue (€)3	317	228	39%
Adjusted EBITDA (€)	4	29	-85%
•	Adjusted EBITDA margin (%)4	0.3%	3.1%	(2.8)pp

1. The Just Eat business was consolidated from 15 April 2020. These figures are presented as if the combination was completed on 1 January 2020 to provide comparable information for the full six months period. These numbers are unaudited.
2. Change at constant currency level for GTV is 54%.
3. Change at constant currency level for Revenue is 38%.
4. As percentage of GTV full six months period. GTV value is unaudited.

In Canada, the SkipTheDishes brand continued to perform strongly, and orders grew by 54% and reached 57 million in the first half of 2021 compared with 37 million orders in the same period last year.

Revenue grew to €317 million in the first six months of 2021 from €228 million in the first half year of 2020. Revenue growth was 15 percentage points behind order growth, mainly caused by €32 million of restaurant

5