Analyst presentation FY 2020

1 | March 2021 | Analyst Presentation FY 2020

Analyst presentation FY 2020

March 2021


Today’s presenters

Jitse Groen

Founder & Chief Executive Officer

Founded Takeaway.com in 2000

Experience Experience Experience

Brent Wissink

Chief Financial Officer

Joined Takeaway.com in 2011

Jörg Gerbig

Chief Operating Officer

Founded Lieferando.de in 2009

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CEO UPDATE


Full year 2020 highlights

GMV

€12.9bn+51%

Adjusted EBITDA

€256m+18%

Gross profit1

per order

€2.29-€0.15

Marketing % of revenue

18%-2pp

Gross profit1

€1.3bn+33%

Orders

588m+42%

Marketing

€437m+38%

Revenue

€2.4bn+54%

Active Consumers

60m+23%

1. Gross profit is revenue less order fulfilment costs


Business highlights – Full year 2020

• Investment programme highly successful, order growth acceleration in three consecutive quarters

• Integration of Just Eat and Takeaway.com progressing well, further roll-out of Scoober and platform consolidation

• Acceleration in Delivery supply, Just Eat UK business performing strongly

• Wide range of measures to support restaurants, couriers, healthcare workers and charitable initiatives

• Acquisition of Grubhub approved by Just Eat Takeaway.com shareholders at EGM

• Received multiple offers for our stake in iFood, €2.3bn highest to date, no offer has yet reflected iFood's fair value

• Successfully raised €1.1bn through an offering of convertible bonds in February 2021


Just Eat Takeaway.com is a leading global online food delivery player

23Countries

244kRestaurants1

60mActive

Consumers1

>450mAddressable population1,2

13%Penetration1,3

Americas

Europe

Australia &New Zealand

Israel

Note: Light shaded orange colour indicates iFood partnership

Note: Numbers represent FY 2020, presented on the basis of the

combined results of Just Eat and Takeaway.com from 1 January 2020

1 Excluding Colombia and Brazil

2 Addressable population aged over 15 years

3 Represents the proportion of total active consumers over the total addressable population

>90% of GMV generated in markets

with a #1 position


Relative market share in the UK has remained stable during the pandemicWhich means absolute market share has dramatically increased

Jan-20 Jan-21

Based on Google Trends1

61%

22%

17%

Jan-20 Jan-21

Based on SimilarWeb visits2

58%

19%

23%

Indicative of total orders; #2 & #3 include grocerySkewed towards new user addition

Source:

1 Google Trends for the period January 2004 up to and including February 2021

2 Based on SimilarWeb site analysis data – Total visits for the stated websites for the period January 2020 to January 2021

#3#2

• 88% YoY order growth in first two months of 2021

• Delivery order growth >600% in the same period


We are widening the absolute gap with competition

Absolute credit card transactions1

#2 & #3 include grocery

Jan-20 Jan-21

7m DeliveryOrders

8m

12m

21m

+13m

+9m

total transaction gap with #2 total transaction gap with #3

Relative credit card transactions1


Jan-20 Jan-21

52%

28%

Jan-20 Jan-21

20%

#3#2

41m (+11% MoM)

(+17% MoM)

Source:

1 Market share and transaction volumes measured by Cardlytics credit card transactions supplemented with cash orders for the period January 2019 to 31 January 2021, with transaction volumes for all competitors scaled

Absolute gap between Just Eat and competitors1



Competition orders are significantly inflated by short-term voucher-based activity

Discounted vs non-discounted transactions #21

10%

15%

20%

25%

30%

35%

40%

45%

50%

0.0m

2.0m

4.0m

6.0m

8.0m

10.0m

12.0m

Jan-20 Jan-21

#2 discounted transactions % #2 non-discounted transactions #2 discounted transactions #3 discounted transactions % #3 non-discounted transactions #3 discounted transactions

10%

15%

20%

25%

30%

35%

40%

45%

50%

0.0 mn

2.0 mn

4.0 mn

6.0 mn

8.0 mn

10.0 mn

12.0 mn

Jan-20 Jan-21

Discounted vs non-discounted transactions #31

46%

18%

30%

27%

9m

3m

3m

1m

16%

3m

1m 19%

2m

6m

18%

12%

#2 includes grocery #3 includes grocery

Source:

1 Transaction volumes and values measured by Cardlytics credit card transactions for the period January 2020 to January 2021, with transaction volumes for all competitors scaled. The proportion of discounted transactions is based on Fox Intelligence data


Significant scale compared to #3

2020 assumed GMV in billions of Euro

#3 states “GTV is the total value paid by consumers, excluding any discretionary tips”

Average Order Value of £23.18 assumed to derive orders

Delivery fee + service fee of £2.44 per order removed from GTV to get to assumed GMV

#3 assumed GMV converted at FX rate of 1 EUR = 0.8897 GBP sourced from European Central Bank

Average order value and delivery fee measured by Cardlytics credit card transactions

2.1

4.1 4.38.6

4.3

12.9

#3 Global#3 UK+IE Just Eat UK+IE Just Eat Takeaway.comGlobal

JET grew its GMV by 4.3bn in 2020


Clear market leader in Germany

Jan-20 Jan-21


24%

15%

97%

Jan-20 Jan-21


99%

3%

#2

Indicative of total ordersSkewed towards new user addition

1%

Source:




SkiptheDishes is the clear #1 in Canada

#3#2

Source:



Jan-20 Jan-21


Jan-20 Jan-21

54%

29%

17%

49%

27%

24%



• Total orders increased by 78% (+38m) in 2020

• Canada market share has been affected by Covid-19, because of restaurant visit substitution. We expect market share gains after the crisis.


The Netherlands continues to be a stronghold

Jan-20 Jan-21


24%

15%

14%

81%

5%

10%

84%

6%

Jan-20 Jan-21

89%

7%

4%

#3#2



Source:




We have expanded our Australian market share

#4#3#2

Source:



63%

34%

3%

Jan-20 Jan-21


43%

43%

6%

54%

35%

11%8%

Jan-20 Jan-21

55%

28%

10%

7%



• 104% order growth in FY 2020


Jan-20 Jan-21

Unrivaled competitive position in Poland

63%

34%

3%

Jan-20 Jan-21


66%

16%

15%

79%

13%

3%

6%

2%

#4#3#2



Source:




Multiple times the size of competitors in Italy

Jan-20 Jan-21


48%

19%

24%

9%

#4#3#2

Skewed towards new user addition

Source:



35%

11%

Jan-20 Jan-21

59%

22%

12%

7%


Indicative of total orders

• The Italian labour inspection has ordered all food delivery players in Italy to employ their staff within three months.

• As JET was already in the process of switching to the Scoober-employed model, it will comply with the order.

• Management believes this development will cause JET to gain market share in Italy in the course of 2021.


Our consumer base is highly stable

Cumulative orders per consumer by monthly cohort1 Order split by cohort1

0 12 24 36 48 60 72 84 96 2016

Months

Stable cohorts result in highly predictable revenues Majority of orders from existing cohorts

2016

2015

2014

2012

2013

2017

2018

2019

2020

2017 2018 2019 2020

2016

2015

2014

2012

2013

2017

2018

2019

2020

Pre 2012

588m

413m

310m

238m

183m

+55m

+72m

+103m

+175m

1. Cohort refers to consumers grouped by the calendar year in which they each first placed an order with Just Eat Takeaway.com

Source: Company information


COO UPDATE


Clear and defined strategy, positioning the company for future growth

Supply expansion and

rollout of Delivery

Brand awareness and

share of voice

Customer experience and

value proposition

• Build widest restaurant selection, including partnerships with key branded chains

• Roll out Scoober across Europe

• Develop and grow new channels, including rollout of Takeaway Pay (B2B)

• Build brand love and loyalty through our consumer interactions

• Drive new consumer acquisition through top-of-mind awareness

• Leverage our brand to make a difference in supporting our industry and wider society

• Build price leadership in all markets

• Market-leading product experience for consumers and restaurants

• Continue to optimise our logistics solutions to enhance experience and efficiency

• Deliver best-in-class customer service


Our Delivery business is of significant scale and growing rapidly

Dec 20Run Rate1

244

2018 2019 2020

155

38

75

+98%

+107%

Delivery orders (m) Delivery GMV (€bn)

1.5

20202018 2019 Dec 20Run Rate1

0.8

3.1

4.6

+99%

+103%

1. Annualised figure based on December 2020


Scoober is at the heart of our strategy

All Scoober couriersare properly

employed

Receive more than minimum wage, paid

on an hourly basis

Receivesick leave

Receivepaid holiday

Are provided witheco-friendly

e-bikes

Branding

• Increased visibility on the street throughout 139 cities in 12 markets1

• Our couriers are the ambassadors of Just Eat Takeaway.com

Great user experience

• Additional choice of restaurants thanks to delivery service

• In-app live tracking available for every Scoober order

• Improved in-house operations with best-in class routing algorithm leading to reduced delivery time and increased efficiency

Being a responsible employer

• Over 20,000 couriers employed and insured accordingly

• All drivers provided with clothing and gear to perform their job safely and professionally

1. As of 31 December 2020


We have built leading operational excellence within the Scoober business

+58%

Delivery orders1 – Berlin Delivery drops per Hour1 – Berlin

+20%

Average fulfilment time1,2 – Berlin

-6%

1. 3 month rolling average

2. Total time from initial order to delivery to consumer

Jan-20 Dec-20 Jan-20 Dec-20 Jan-20 Dec-20


Strong and stable long term margins despite expansion in Delivery

3.5

0.5

2.0

0.0

2.5

1.0

1.5

3.0

UK Germany The Netherlands

Gross profit per order1,2 (€) Delivery share of total orders1 (%)

25%

7%

9%

0

12

2

10

24

4

8

6

14

16

18

22

20

26

The NetherlandsUK Germany

Long-term margin

1. 3 month rolling average

2. Gross profit is revenue less order fulfilment costs

For total orders in a given country

Jan-19 Dec-20 Jan-19 Dec-20


Positive gross profit in Delivery with headroom to increase prices

Delivery gross profit – Total group (FY 2020, €m)1

Order-based revenue3

Deliveryfee

Totalrevenue

Deliveryexpenses Other COGS Gross profit

Potential to become positive on gross profit with a very modest increase in

delivery fees (<€0.50)

Delivery P&L per order – Top German cities2 (Dec 20, €)

Competitively low delivery fee

Average consumer delivery fee ~€1

1. Gross profit is revenue less order fulfilment costs; sensitivities assume consistent order volume and VAT of 20%

2. Average across German cities with >20,000 Delivery orders in December 2020

3. Includes commission revenue and payment service revenue

2020 Actual(€1.86 avg fee)

With illustrative €4 delivery fee

With illustrative €3 delivery fee

51

229

384


GROUP RESULTS


Data presentation: combined vs IFRS view

0.4

2.0

2.4

2019 IFRS 2020 Combined2020 IFRS

12

191

256

2020 Combined2020 IFRS2019 IFRS

159

523

588

2020 Combined2019 IFRS 2020 IFRS

Orders (m) Adjusted EBITDA (€m) Revenue (€bn)

• IFRS view presents data based on combination of Just Eat and Takeaway.com took place as from 15 April 2020

• Except otherwise and explicitly stated, financial and KPI data presented in the deck is based on combined view, assuming combination of Just Eat and Takeaway.com took place as from 1 January 2019


Strong improvement in growth drivers

Active Consumers (m)

40

48

60

20202018 2019

+22%

+23%

1. Orders made by Returning Active Consumers, divided by the average number of Returning Active Consumers

2. Active Consumers who have ordered more than once in the preceding 12 months

% of Returning Active Consumers2

15.213.213.1

70%68%66%

Order frequency of Returning Active Consumers1


Accelerating order growth1 in both Marketplace and Delivery

413

310

2018 2019 2020

588

1. Data not aggregated. Aggregated to include pre acquisition data from acquired brands growth on a like for like basis: FY 2019 orders: 422m and YoY growth 2019: 36% and YoY growth 2020: 39%

42%33%30%

26%18%12%

Growth

Delivery share %

YoY +98%

YoY +24%

YoY +107%

YoY +28%

Delivery orders, m

Marketplace orders, m

Orders (m)


413

588

20202019

+42%12.9

8.6

2019 2020

+53%2

+51%

1,557

2,398

2019 2020

+56%2

+54%

Revenue growing ahead of GMV and orders1

1. Data not aggregated. Aggregated to include pre acquisition data from acquired German brands. On a like for like basis order growth is 39%, GMV growth is 48%, Revenue growth is 51%

2. Constant currency growth visible in orange for GMV and Revenue

Orders (m) Revenue (€m)GMV (€bn)


Growth share %

Increased orders have driven sustainable revenue gains

8% 1%8%

595

12645

124 9

1,557

Revenue 2019 Orders AOV Commission rate Delivery fee revenue

Other Covid-19 rebates1

Revenue 2020

-59

2,398

3%38% -4% 54% YoY growth

1. Covid-19 rebates represent support packages provided to restaurant partners as well as donations to hospital staff


Continued industry-leading gross profit1 generation

Gross margin2

472

538

631

716

H1 2020H2 2019H1 2019 H2 2020

52%61%64%66%

1. Gross profit is revenue less order fulfilment costs2. Gross margin is revenue less order fulfilment costs divided by the revenue

Gross profit (€m)


Increased investment in Delivery and marketing is accelerating growth

H1 2020H1 2019 H2 2019

842

1,031

715

H2 2020

1,367

Investment areas (€m)

2019 2020

256

217

H1 H2

Adjusted EBITDA3 (€m)

Revenue (€m)

Order fulfilment costs1 Marketing Other expenses2 Adj. EBITDA3

1. Order fulfilment costs include courier costs and order processing costs

2. Other expenses include staff costs (excluding couriers), temporary staff costs and other operating expenses

3. Adjusted EBITDA for the period without depreciation and amortisation, share-based payments, finance income and costs, income tax expenses, share of results of associates and joint ventures, other gains and losses and other expenditures arising from acquisitions and integrations


Costs driven by combination transaction resulted in IFRS-based loss after tax of €151m

Share based payments

Share of loss of associates and joint ventures

Adjusted EBITDA2020

Depreciation, amortisation and

impairments

-102

Acquisition related transaction and integration cost

Net finance expense

-23

Tax Other

-151

Loss after tax2020

-4

191

-16

-172

-26 2


Strong operational cash generation and recent convertible issue provide robust liquidity

50

529

177

307

Cash as per 31 Dec 2019

Operating activities Financing and Investing activities

FX impact Cash as per 31 Dec 2020

-5

€1.1bn in convertible bonds raised on attractive terms in February 2021

Tranche A Tranche B

Size (€m) 600 500

Coupon n.a. 0.6%

Maturity Date Aug-25 Feb-28

Premium 45% 55%

Conversion price (€) 135.575 144.925


SEGMENT PERFORMANCE


United Kingdom: reinvesting profits to gain market share

27

123

152

133

10

2019 2020

179+35%

2019

2.8

2020

4.0

+43%1

+41%

2019 2020

725

509

+44%1

+42%

213 216

2019 2020

+2%


GM2: 76%

H1: 127

H2: 89

GM2: 63%


2. Gross margin is revenue less order fulfilment costs divided by the revenue

Adj. EBITDA (€m)

Marketplace

Delivery


Germany: excellent order growth delivering sustainable EBITDA and margin improvements1

66

105

4

69

2020

7

2019

112+62%

1.5

2019

2.5

2020

+75%

2019 2020

374

205

+82%

19

125

2019 2020

+544%

Revenue (€m)GMV (€bn)

GM2: 74%

GM2: 72%H1: 58

H2: 67

Orders (m)

1. Data not aggregated. Aggregated to include pre acquisition data from acquired German brands. On a like for like basis: order growth is 43%, GMV growth is 56%, revenue growth is 60% and adjusted EBITDA growth is 800%


Adj. EBITDA (€m)

Marketplace

Delivery


Canada: continued strong growth of EBITDA positive Delivery

48

86

2019 2020

+78%

2019 2020

1.0

1.7

+85%1

+79%

2019 2020

515

325

+63%1

+59%

24

59

2019 2020

+145%


GM2: 35%

GM2: 37%

H1: 29

H2: 30



Adj. EBITDA (€m)


The Netherlands: leading EBITDA margin, investing in Delivery

4

36

46

49

2020

2

2019

38

+30%1.2

2019 2020

0.8

+43%

2019 2020

119

174+47%

64

75

2019 2020

+17%


GM1: 75%

GM1: 81%

H1: 38

H2: 37

Adj. EBITDA (€m)Orders (m)


Marketplace

Delivery


Rest of World: accelerated investment in strategic initiatives to gain market share

1232

113

130

162

2019

125

2020

+29%3.5

2020

2.5

2019

+41%1

+41%

2019

610

2020

399

+54%1

+53%17

-54

2019 2020


-405%

GM2: 50%GM2: 65%

H1: 7

H2: -61

Orders (m)



Adj. EBITDA (€m)

Marketplace

Delivery


239

478

2019 2020

+100%

2019 2020

3.6

1.5

+134%

161

519

2019 2020

+222%

-127

-44

2019 2020


1. Data in constant currency, FX BRL/EUR 0.159566

iFood: investments returning excellent growth and impressive improvement in financials1

Adj. EBITDA (€m)

+65%


CONCLUSION


Conclusion and looking ahead

• Highly successful investment program driving turn-around of legacy Just Eat businesses

• Continue to invest to drive further growth and market share gain, in line with the fourth quarter of 2020

• Management expects further order growth acceleration for the full year 2021 compared with 2020

• February 2021 YTD order growth in UK of 88% with Delivery Orders in UK growing more than 600%

• In 2021, management expects to increase market share across the group, including in the UK

• Completion of the acquisition of Grubhub on track and anticipated in the first half of 2021

• Continue to evaluate opportunities to realise value from our stake in iFood, but only for a fair price


Q&A


Disclaimer

Statements included in this presentation that are not historical facts (including any statements concerning investment objectives, other plans and objectives ofmanagement for future operations or economic performance, or assumptions or forecasts related thereto) are, or may be deemed to be, “forward-lookingstatements”. Some of the forward-looking statements may be identified by words like “expects”, "anticipates", "plans", "intends", "projects", "indicates" and similarexpressions. We have based these forward-looking statements on our current expectations and projections about future events, including numerous assumptionsregarding our present and future business strategies, operations and the environment in which we will operate in the future. Forward-looking statements are notguarantees of future performance and involve a number of risks, uncertainties and assumptions. Although we believe that the expectations reflected in suchforward looking statements are based on reasonable assumptions, our actual results and performance could differ materially from those set forth in the forwardlooking statements.

No statement in this presentation is intended to be a profit forecast.

Statements regarding market share, including Just Eat Takeaway.com's competitive position, contained in this document are based on outside sources such asspecialised research institutes, industry and dealer panels in combination with management estimates.

The forward-looking statements contained herein speak only as of the date they are made. We do not assume any obligation to update any public information orforward-looking statement in this document to reflect events or circumstances after the date of this document, except as may be required by applicable laws.

You will be solely responsible for your own assessment of the market and the market position of Just Eat Takeaway.com and you will conduct your own analysisand be solely responsible for forming your own view of the potential future performance of Just Eat Takeaway.com’s business.

This document does not constitute or form part of, and should not be constructed as, an offer or invitation to subscribe for or purchase any Just EatTakeaway.com securities.

Documents

Analyst presentation FY 2020