FY18 Results

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Just Eat FY18 Results

FY18 HighlightsPeter Duffy, Interim CEO

Finance ReviewPaul Harrison, CFO

Strategic ReviewPeter Duffy, Interim CEO

Summary & OutlookPeter Duffy, Interim CEO

Q&A

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Just Eat FY18 Results

FY18 HighlightsPeter Duffy, Interim CEO

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FY18 Highlights

£779.5mRevenue

+43%

221m+Orders +28%

£173.9muEBITDA

+6%

26m+Customers

+22%

£51mStrategic

investments

8.4Frequency

+5%

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Strategic Highlights

● Leading player with £83bn+ market opportunity

● Consolidated #1 UK position with order growth up 17%

● Outstanding Canada growth reaching breakeven during Q4

● SkipTheDishes technology powering delivery in ANZ and UK

● Partnering with all key QSRs, enhanced by Flyt acquisition

● We will participate in funding iFood’s exciting growth

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Our strategy

Creating a leading hybrid marketplace

Unrivalled marketplace foundation

Targeted world-class

delivery

Highly experienced

team

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Finance ReviewPaul Harrison, CFO

Just Eat FY18 Results

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172.4 221.2 546.3 779.5 163.5 173.9 30 22

+28% +6% -800bps+43%

Orders (m) Revenue (£m) uEBITDA (£m) uEBITDAmargin (%)

20182017

Strong financial performance

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Delivery Initiatives

Brand Building

Total

Our transformational strategic investments in 2018

HY18 view FY18 actual

£25-30m £19m

£20m £21m

£10m £11m

£55-60m £51m

Strategic investments in delivery rollout in Canada, ANZ and UK

Lower net investment in Canada due to better than expected performance

Investment in Mexico to drive orders and market share

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We have expanded our delivery footprint

Total delivery restaurant

partners

Delivery coverageas % addressable

population

Gross profitbreakeven

zones %

16,000+ c.95% c.95%

2,700+ c.55% c.70%

2,000+ c.35% c.10%

Gross profit = revenue less driver costs% breakeven zones based on zones which have broken even in FY18

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Time from launch (years)

Gro

ss P

rofi

t %

CA

Delivery zones(illustrative sample)

AU

UK

Speed to scale

Market conditions

Investment levels

Factors that affect profitability

2 4 6

Gross profit = revenue less driver costs

Demonstrating a clear route to profitability

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Potential medium-term share of revenue from delivery

We are rolling out delivery in a targeted way

% of self-delivery restaurants

% of population in addressable cities

Strength of delivery economics

5-15% 10-20% 40-60% 90-100%

delivery

marketplace

Critical Factors

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Strong UK order growth & consolidated #1 position

Activecustomers (m)

Orders (m) Average Order Value (£)

Revenue (£m)

uEBITDA(£m)

10.5 12.2 105.0 122.8 17.73 18.79 303.8 385.6 155.4 189.5

20182017

● Successful integration of

Hungryhouse

● Strong order growth despite hot

summer

● First ever 1 million+ order

weekend

+16% +17% +6% +27% +22%

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Outstanding triple digit order growth in Canada

Activecustomers (m)

Orders (m) Average Order Value (£)

Revenue (£m)

uEBITDA(£m)

2.0 3.5

11.6

30.7 18.85 18.09

62.3

177.9

20182017

● Launched multi-language

capabilities

● Reached full coverage across

Canada

● Partnered with McDonald’s & Tim

Hortons

+72% +165% -4% +186% -4%

14Figures are shown on a constant currency basis 14

(11.1) (11.5)

Successful integration of SkipTheDishes technology into ANZ

Activecustomers (m)

Orders (m) Average Order Value (£)

Revenue (£m)

uEBITDA(£m)

3.0 2.6 15.2 13.0 23.6 24.2 46.8 46.7 16.2 6.5

20182017

Successful integration of

SkipTheDishes technology

Signed KFC & Hungry Jacks

Revenue returned to growth in Q4

-14% -15% +3% -60%0%

Figures are shown on a constant currency basis 15

Strong International order growth

Activecustomers (m)

Orders (m) Average Order Value (£)

Revenue (£m)

uEBITDA(£m)

6.0 8.0 40.6 54.7 19.42 18.95 129.0 169.3 19.8 14.2

20182017

● New partner sign-ups in tier

2, 3 & 4 cities

● 1+ million orders month in

Spain & Italy

● Continued diversification in France

+33% +35% -2% +31% -28%

Figures are shown on a constant currency basis 16

Excellent iFood growth across Brazil

Activecustomers (m)

Orders (m) Average Order Value (£)

Revenue (£m)

uEBITDA(£m)

5.7 10.1 54.3 110.2 10.23 9.53 64.5 123.8

(0.6)

(17.2)

20182017

Triple digit order growth over FY18

14+ million orders per month at

start of FY19

We will continue to participate in

funding iFood’s exciting growth

+77% +103% -7% +92%

Figures are shown on a constant currency and 100% ownership basis 17

Continued high levels of cash generation

Net cash1 Jan 18

(£m)

Net cashgenerated

from operating

activities (£m)

HH purchase (£m)

Skip(£m)

iFood (£m)

Flyt (£m)

Capex (£m)

Other (£m)

Net cash31 Dec 18

(£m)

9.53212.9

157.3 -202.1

-28.6

-21.8

-53.7

-43.0

-17.53.5

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-21.8-21.8

FY19 outlook

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FY19 Guidance (ex-LATAM)

We expect FY19 revenue in range of £1 to £1.1 billionwith FY19 uEBITDA between £185 to £205 million

LATAM investment (Brazil & Mexico)We expect FY19 LATAM uEBITDA loss in the range of £80 million to £100 million

Driving marketplacegrowth & leverage

Accelerated targeted roll-out of delivery

Step-change customer, restaurant & courier experience

Strategic reviewPeter Duffy, Interim CEO

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Just Eat FY18 Results 20

Our strategy

Creating a leading hybrid marketplace

Unrivalled marketplace foundation

Targeted world-class

delivery

Highly experienced

team

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£83bn£57bn

£16bnMarketplaceExcluding LATAM

HybridIncluding LATAM

HybridExcluding LATAM

Hybrid unlocks huge incremental market opportunity

Source: OC&C, Euromonitor*, UBS research (2017). (Just Eat Group Markets) 22

We are confident of long-term success

Hybrid marketplace is the winning model

We are creating a leading hybrid marketplace

We are accelerating our pace in FY19

Best experience

Superior economics

Highly defensible

Unrivalled marketplace

World-class delivery

Experienced team

Marketplace growth & leverage

Accelerated delivery roll-out

Step-change experience

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Hybrid offers the broadest, curated rangeto our customers

Best choice●● Combines the broad reach from our marketplace

with the enhanced range from delivery

Curated, personalised experience

● Seamless navigation between marketplace and delivery restaurants, tailored to the customer

Dynamic, real-time proposition & CRM●● Provides a dynamic customer experience based

on real-time data analytics, AI and smart CRM

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Hybrid generates superior economics and best experience

Promote delivery Promote marketplace

Optimised courier utilisation

Lowest cost per courier Short wait times

Couriers underutilised(high cost per courier)

Couriers overcapacity(longer wait times)

Operational & Cost BenefitsRevenue Benefits

MORE RESTAURANTS

BETTER EXPERIENCE

INCREMENTAL ORDERS

BEST CHOICE

HIGHER FREQUENCY

MORE DATA & SMARTER PRODUCTS

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We have an unrivalled marketplace foundation

Clear Market Leader●● # 1 marketplace in all markets ● over 26m active customers● ordering 8.4 times per annum

Superior Customer Value Proposition●● biggest selection of restaurants ● majority of orders in UK with <£1 delivery fee ● price parity guaranteed

Highly Defensible Position●● >10x more marketplace restaurants than nearest competitor in UK ● we drive 30-40% of our partners revenues ● biggest account management team on the street

Figures based on total group unless stated 26

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We offer world-class delivery to all leading branded chains

We deliver what branded restaurants want:

● National footprint & marketing

● Seamless POS integration through Flyt

We work with all leading QSRs:

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With multiple levers to enhance delivery profitability

Improve density &reduce drivetime

15 mins

12 mins

c.2x margin

c.1x margin

7 minsc.3x margin

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Drive revenue

Increase basket size

and order value

Improve average

commission mix

Optimise delivery fees

Optimise cost

Courier utilisation &

scheduling efficiency

Increase automation &

lower unit costs

Reduce acquisition costs

New customers are attracted to marketplace via hybrid

16% increase in new customers in both UK and ANZ...

...who go on to make both delivery and marketplace orders

+16%116100

5 6.5

4 2

1

+16%

Post-launchPre-launch

+16%

Post-launch

Delivery Marketplace

11.5

6.0Pre-launch

2

Indicative based on FY18 data from selected cities1. Monthly new customers in hybrid zones. Indexed to 100 = pre-launch 2. Annualised frequency of new customers from delivery

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And existing customers order more frequently

0.5

Pre-launch

10 10.5

Post-launch

Marketplace

Delivery

Pre-launch

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1.5

Post-launch

Marketplace

Delivery

4.5

10

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5

6

Frequency of existing marketplace customers in delivery zones

Indicative based on FY18 data from selected citiesANZ figures annualised (12 month data not available)

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We have a highly experienced team

6+ years

Country leaders’ averageexperience in online

food delivery

450+ Developers in

hubs in London, Bristol and Canada

1Global delivery

fulfillment centre of excellence

1Customer

marketing and data analytics team

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Summary & OutlookPeter Duffy, Interim CEO

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Just Eat FY18 Results

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● CRM ● Marketing efficiency● Restaurant services

● First FY profit in Canada● Targeted rollout in ANZ & UK● Automation & efficiency

● Personalisation & AI● Restaurant integration● Hybrid v2.0

Creating a leading hybrid marketplace

Driving marketplacegrowth & leverage

Accelerated targeted roll-out of delivery

Step-change customer, restaurant & courier experience

We are accelerating our pace of execution in FY19

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QA&5

Just Eat FY18 Results

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Appendix: Updated segmental disclosure for FY19To reflect the evolution of the business, our operations in Mexico and Brazil, which are managed by our associate iFood, will be excluded from our reported uEBITDA from full year 2019 onwards. Full KPIs under the updated methodology for including pro forma comparators for last year can be found at the end of this release.

2018Active customers

mOrders

mAverage Order

Value £ Revenue

£muEBITDA

£mUnited Kingdom 12.2 122.8 18.79 385.6 189.5Canada 3.5 30.7 18.09 177.9 (11.5)Australia & New Zealand 2.6 13.0 24.22 46.7 6.5Europe 7.2 49.7 20.18 171.0 25.0Total segment 25.5 216.2 19.34 781.2 209.5Head office - - - - (19.1)Total excluding LATAM 25.5 216.2 19.34 781.2 190.4Mexico 0.8 5.0 6.48 (1.7) (10.8)Brazil (5.7)Total including LATAM 26.3 221.2 19.05 779.5 173.9

2017 constant currency basisActive customers

mOrders

mAverage Order

Value £ Revenue

£muEBITDA

£mUnited Kingdom 10.5 105.0 17.73 303.8 155.4Canada 2.0 11.6 18.85 62.3 (11.1)Australia & New Zealand 3.0 15.2 23.63 46.8 16.2Europe 5.6 38.1 20.17 128.1 23.3Total segment 21.1 169.9 18.89 541.0 183.8Head office - - - - (17.1)Total excluding LATAM 21.1 169.9 18.89 541.0 166.7Mexico 0.4 2.5 8.10 0.9 (3.5)

Brazil (0.2)Total including LATAM 21.5 172.4 18.73 541.9 163.0

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