Just Eat Takeaway.com NV (LSE:JET, NASDAQ:GRUB) has returned to core profitability for the first time since the pandemic-era boom in home deliveries, the company today reported.
After posting crushing losses of €350mln (£310mln) in 2021, the Dutch Deliveroo rival closed 2022 €19mln in the black per adjusted EBITDA figures.
Gross transaction volumes (GTV) of €28.2bn were equal to 2021 levels, while top-line revenues improved 4% to €5.6bn.
Multibillion-euro impairment costs incurred from prior equity-funded acquisitions brought comprehensive losses before tax up to €5.7bn compared to losses of €1bn in 2021.
In the UK and Ireland, GTV remained stable at €6.6bn while adjusted EBITDA improved to €23mln from negative €107mln in 2021.
Cash in the bank as of December 31 was €2bn, with “limited expected cash outflow” expected in 2023.
Just Eat expects to remain profitable going forward, with full-year adjusted EBITDA guidance of €225mln pinned for 2023.
Management reiterated €30bn of GTV to be added over the next five years with long-term adjusted EBITDA margins in excess of 5% of GTV.