Amsterdam-based Just Eat Takeaway.com, an online food delivery marketplace, has published its H1 2025 report, revealing modest GTV growth, improved profitability, and a strengthened cash position, despite ongoing operational restructuring and a competitive market environment.
“We see good progress in the expansion of our delivery network and have ramped up our marketing efforts, which we believe are necessary investments to support future growth. Despite these additional investments, Just Eat Takeaway.com further improved its adjusted EBITDA to €147 million in the first six months of 2025,” declares Jitse Groen, CEO and founder of Just Eat Takeaway.com.
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Here are the key takeaways:
GTV increased by 2% and dipped in total revenue
In H1 2025, Just Eat Takeaway.com reported a 2 per cent rise in Gross Transaction Value (GTV) on a constant currency basis, excluding its Rest of World segment.
Total revenue came in at €1.75B, slightly below last year’s €1.776B, declares the report. According to the company, the decline was largely due to lower overall order volumes. However, this was partially offset by better order monetisation and an increase in advertising revenue.
Adjusted EBITDA rose 4% but declined in free cash flow
Adjusted EBITDA rose to €147M, a 4 per cent increase from the same period in 2024. This growth occurred despite rising logistics costs and a new marketing campaign.
Free cash flow before working capital alters fell to €16M, down from €41M last year. This decrease is due to one-time costs from mergers and acquisitions as well as internal restructuring, which management declares are mostly resolved now.
The net loss from continuing operations improved significantly to €90M in H1 2025, compared to a loss of €203M in H1 2024, driven by the lack of impairment losses and reduced staffing costs.
The Dutch company’s cash and cash equivalents amounted to €1,294M at 30 June 2025 in comparison with €1,177M at 31 December 2024.
The reported cash and cash equivalents at 31 December 2024, excluded an amount of €123M held by Grubhub, which was classified as a disposal group held for sale. Cash and cash equivalents for the group, including the disposal group held for sale, amounted to €1,301M at 31 December 2024, declares the report.
Europe: Modest GTV growth, but profitability dips
GTV in Europe rose slightly by 1 per cent to €4.6B, but adjusted EBITDA fell to €117M, down from €156M a year ago.
According to the report, the drop reflects intentional investments in logistics infrastructure and aggressive marketing, aimed at driving long-term growth even at the expense of short-term margins.
United Kingdom: Adjusted EBITDA jumped by 32%
In the United Kingdom & Ireland, GTV in constant currency increased by 3 per cent to €3.6B in H1 2025 compared with €3.4B in H1 2024.
Adjusted EBITDA significantly improved by 32 per cent year-on-year, reaching €121M in H1 2025 compared with €92M in H1 2024.
This was mainly driven by higher revenue and reduced order fulfilment costs, achieved through streamlining our delivery operations into a single model.
Adjusted EBITDA margin continued to improve to 3.4 per cent in H1 2025 compared with 2.7 per cent in H1 2024. Adjusted EBITDA in Rest of World improved to €10M in H1 2025 from breakeven in H1 2024, driven by a significant reduction in staff costs offsetting headwinds from the order decline.
Outview for 2025
The Management Board has shared its guidance for 2025, expecting GTV and adjusted EBITDA to be at the lower finish of the range:
- GTV growth (in constant currency, excluding the Rest of the World) is expected to be between 4 per cent and 8 per cent year-on-year.
- Adjusted EBITDA is projected to be between €360M and €380M.
- Free cash flow (before alters in working capital) is estimated to be around €100M.
The long-term goal is to achieve an adjusted EBITDA margin of more than 5 per cent of GTV.
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