Statement of Jitse Groen, CEO of Just Eat Takeaway.com: “2020 was an exceptional year for Just Eat Takeaway.com. Right before the completion of the merger between Just Eat and Takeaway.com, the world was hit by Covid-19. This brought unprecedented challenges to our restaurants, consumers as well as to our organisation and staff, but it also created tailwinds for our business. In the second half of the year, we increased our investments into the legacy Just Eat business significantly, building on our position as one of the largest food delivery companies in the world. Our revenue² grew 54% in 2020, and we expect a further acceleration of our order growth in 2021 compared with last year.”
• On the back of Just Eat Takeaway.com’s proven growth strategy, the Covid-19 tailwinds and the significant investment in the legacy Just Eat markets, the Company reported three consecutive quarters of order growth acceleration in 2020. As a result, Just Eat Takeaway.com processed 588 million orders2 in 2020, representing a 42% increase compared with 2019.
• Revenue on a combined basis² grew by 54% to €2.4 billion in 2020, compared with €1.6 billion in 2019.
• Adjusted EBITDA on a combined basis² for Just Eat Takeaway.com increased to €256 million in 2020, up 18% from €217 million in 2019. This strong improvement was mainly driven by a significant adjusted EBITDA growth in Germany, Canada and the Netherlands.
• The share of Delivery orders increased to 26% in 2020 from 18% in 2019, representing a year-onyear order growth of 107%. In the fourth quarter of 2020, the year-on-year growth rate of Delivery orders reached +163%. Despite competitively low delivery fees, our Delivery business generated positive revenue less fulfilment costs in 2020. Operational efficiency continuously improved and management deliberately implemented a price leadership strategy to win market share. The Company believes that only clear market leadership positions will lead to sufficient scale, high order density, and network effects which enable healthy Delivery margins in the long-run.
• To capitalise on the strong momentum from its investment programme, the Company will 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 of 2021 compared with 2020.
• Just Eat Takeaway.com is the clear market leader in the UK, in terms of orders. In addition to strong
growth in marketplace orders, the growth rate of its delivery business is multiple times the growth rate of its competitors. This has been further demonstrated in the first two months of 2021, with UK orders up 88% and Delivery orders up more than 600% compared with the first two months of 2020.
Given recent trading and the investment programme, management expects to increase market share in the UK in 2021.

The loss for the period on an IFRS basis was €151 million in 2020, compared with a loss of €115 million in 2019. The loss was driven by amortisation and non-recurring expenses, such as advisory and integration costs of which €102 million is connected to the combination of Just Eat and Takeaway.com and the proposed transaction with Grubhub.
• In Brazil, investments in iFood returned excellent revenue² growth of 222%3 for the full year. Order growth doubled year-on-year and reached 478 million orders in 2020. The strength of the fastgrowing asset is reflected in its improved adjusted EBITDA margin. Management has previously
expressed its willingness to monetise its 33% stake in iFood if an appropriate offer is made that reflects the size and superior growth of this asset. Management has turned down several bids, the highest of which amounted to €2.3 billion, to date.
• On 10 June 2020, the Company announced the proposed all-share transaction with Grubhub. Subject to satisfaction of conditions, including approval of the registration statement and prospectus by the relevant authorities, completion of the transaction is anticipated to occur in the first half of 2021.
• On 2 February 2021, Just Eat Takeaway.com successfully raised €1.1 billion through an offering of convertible bonds at attractive funding terms to retain the financial and strategic flexibility which comes from a strong balance sheet.

Just Eat Takeaway.com N.V. (AMS: TKWY, LSE: JET), 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 full year 2020.

Performance highlights
On a Combined basis1 Millions unless stated otherwise 2020 2019 Change
Restaurants (# thousands)2 244 173 42%
Active Consumers2 60 48 23%
Returning Active Consumers as % of Active Consumers2 70% 68% 2pp
Orders per Returning Active Consumer (#) 15.2 13.2 2.0
Orders 588 413 42%
United Kingdom 179 133 35%
Germany3 112 69 62%
Canada 86 48 78%
Netherlands 49 38 30%
Rest of the World4 162 125 29%
Average Order Value (€) 22.00 20.69 1.31
GMV (in € billions) 12.9 8.6 51%

1 The Just Eat business was consolidated from 15 April 2020. These figures are presented as if the combination was completed on 1 January 2019 to provide
comparable information for the year 2020. These combined numbers are unaudited
2 Number as at 31 December
3 The aggregated German orders, including Q1 2019 orders for the acquired brands, would be 78 million for 2019, resulting in 43% order growth
4 Rest of the World comprises Australia, Austria, Belgium, Bulgaria, Denmark, France, Ireland, Israel, Italy, Luxembourg, New Zealand, Norway, Poland, Portugal, Romania, Spain and Switzerland

On a Combined basis1 On an IFRS basis
€ millions
2020 2019 % change 2020 2019 % change
Revenue 2,398 1,557 54% 2,042 416 391%
United Kingdom 725 509 42% 576 - -
Germany 374 205 82% 374 205 82%
Canada 515 325 59% 404 - -
Netherlands 174 119 47% 174 119 47%
Rest of the World 610 399 53% 514 92 460%
Adjusted EBITDA 256 217 18% 191 12 >500%
United Kingdom 216 213 2% 143 - -
Germany 125 19 >500% 128 19 >500%
Canada 59 24 145% 42 - -
Netherlands 75 64 17% 76 64 20%
Rest of the World (54) 17 (405%) (58) (25) 138%
Head office (165) (120) 37% (140) (46) 205%
Loss before income tax n.a. n.a. n.a. (147) (88) 67%
Loss for the period n.a. n.a. n.a. (151) (115) 31%

1 The Just Eat business was consolidated from 15 April 2020. These figures are presented as if the combination was completed on 1 January 2019 to provide
comparable information for the year 2020. These combined numbers are unaudited

Segment information
In 2020, we achieved a step change in our scale and performance through excellent organic growth and the
combination with Just Eat. The revenue and adjusted EBITDA 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 Just Eat and Takeaway.com, the Company has four reportable segments: 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. It 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
Millions unless stated otherwise 2020 2019 (% change, except
where indicated)
Orders 179 133 35%
• Delivery % 15.2% 7.6% 7.6pp
Gross Merchandise Value (€ billions) 4.0 2.8 41%
Revenue 725 509 42%
Adjusted EBITDA 216 213 2%
• Adjusted EBITDA margin (%)2 30% 42% (12)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 2019 to provide
comparable information for the year 2020. These combined numbers are unaudited 2 As percentage of revenu

In the United Kingdom, Just Eat Takeaway.com processed 179 million orders in 2020, representing a growth rate of 35% compared with 2019, with strong growth in both marketplace and Delivery. Delivery orders more than doubled year-on-year. The growth was supported by our partnership with McDonald’s, as well as an exclusive partnership with Greggs, the UK’s leading bakery. In the second half of 2020, Delivery order growth reached 260% and the growth of marketplace business was 31% compared with the second half of 2019.
GMV increased by 41% year-on-year, outperforming order growth by 6 percentage-points. This was driven by higher average order values during coronavirus lockdowns.
Revenue grew by 42% year-on-year to €725 million in 2020 from €509 million in 2019. The revenue growth rate was higher than both orders and GMV growth rates, aided by the increase in the percentage of Delivery orders to 15.2% in 2020 from 7.6% in 2019, with Delivery Orders generating more revenue per order than Marketplace Orders. In 2020, we provided various coronavirus support initiatives to our restaurant partners
and NHS workers representing a total value of €25 million in the form of temporary commission relief and food vouchers.

Adjusted EBITDA was €216 million in 2020 compared with €213 million in 2019, with the adjusted EBITDA margin falling to 30% in 2020 from 42% in 2019. The lower adjusted EBITDA margin reflects our commitment
to invest in gaining market share while maintaining price leadership. We achieved this by expanding our Delivery business, increased marketing investment, and sales-team expansion to drive future market share growth.

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Loss for the period
As a result of the factors described above, Just Eat Takeaway.com realised a net loss after tax of €151 million in 2020.

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