Just Eat Takeaway.com NV (LSE:JET, NASDAQ:GRUB) confirmed it was adjusted EBITDA positive in the third quarter, materially ahead of previous expectations, and that it is on track towards its long-term target margins.
Gross transaction value (GTV) for one of the world's largest online food delivery companies rose 2% in Q3 compared with 2021, driven by a higher average transaction value and positive forex movements.
Just Eat, which had anticipated an adjusted EBITDA loss in the second half, last month revised its forecast to positive and confirmed it also expects to make a profit in full-year 2023.
Jitse Groen, chief executive, commented: "After two years of significant investment following the merger and the pandemic, I am pleased that Just Eat Takeaway.com has returned to profitability earlier than anticipated.
“Driven by a wide range of initiatives, we continue to improve our operational efficiency whilst simultaneously enhancing the user experience and consumer proposition.”
Completion of the sale of its stake of approximately 33% in the iFood joint venture is anticipated to occur soon after the EGM on 18 November.
The transaction consideration will comprise €1.5bn in cash on closing and contingent consideration of up to €300mln.
Proceeds will be retained to strengthen the balance sheet and to service repayments of upcoming debt maturities, the company said in a statement Wednesday.
Management and advisers have been continuing to explore the partial or full sale of Grubhub.