Ladies and gentlemen, thank you for holding and welcome to the Just Eat Takeaway.com Q3 2021 trading update. At this moment, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. I would like to hand over the conference to Mr. Jitse Groen. Go ahead please, sir. Thank you, operator. Good morning, everybody, and welcome to this analyst and investor conference call to discuss the third quarter 2021 trading update for Just Eat Takeaway.com. On our corporate website, you can download our press release and the slides for this analyst and investor conference call. Given we will host our Capital Markets Day next week, today's presentation will be kept very brief. After our marathon session at the half year results, I am hopeful that we will be able to limit today's session to 60 minutes at the maximum. In this presentation, I will be taking you through our highlights for the third quarter and the first nine months of 2021, and I will end the presentation with an executive summary with the key items of our press release, after which we will open the call for your questions. My fellow board members, Brent Wissink and Jörg Gerbig, are also here to answer your questions. In the third quarter of 2021, Just Eat Takeaway.com processed 266 million orders, representing a 25% increase compared with the same period of 2020. GTV amounted to EUR 6.8 billion in the third quarter of 2021, up 23% compared with the same period of 2020. Our total delivery orders grew by 58% year-on-year to 120 million, reflecting our efforts to expand our delivery network and our significantly expanded restaurant offering. For the first nine months of 2021, our order growth was 41% compared with the same period last year and totals 813 million orders. Our year-to-date gross transaction value reached nearly EUR 21 billion. On slide three, you find the split of our orders and GTV for each of our segments for the third quarter. With most of the world returning to pre-pandemic life, including restaurant reopenings across market and traditional summer seasonality, our growth in the third quarter of 2021 remains strong. Just Eat Takeaway.com is well-positioned for autumn and winter, our traditional growth season. On slide four, we'd like to reiterate our guidance in terms of order growth, GTV, and adjusted EBITDA as a percentage of GTV for 2021. We guide for an order growth for the full year of 2021 of at least 45% excluding Grubhub, and for the full year of 2021, GTV for the combination is expected to be in a range of EUR 28 billion-EUR 30 billion, which clearly establishes us as one of the largest online food delivery companies in the world. 2021 is an investment year to restore and expand our market leadership, in particular in the legacy Just Eat markets. We believe that adjusted EBITDA will also peak in the first half of 2021, and we expect our adjusted EBITDA to improve going forward, driven by a few factors. Firstly, the partial removal of significant fee caps and voluntary partner support in the U.S. and Canada. You may be aware that certain fee caps in the U.S. have been recently extended, which we will actively oppose in court. Even including these extensions, we expect our adjusted EBITDA to improve going forward. Secondly, improved unit economics in our delivery network, and thirdly, increasing benefits from the investment program in the legacy Just Eat markets. As a result, for the full year 2021, we expect Just Eat Takeaway.com, including Grubhub, to generate an adjusted EBITDA margin in a range of -1% to -1.5% GTV. As stated previously, we will continue to invest in growth and prioritize market share over adjusted EBITDA. I will now continue with the conclusion of this presentation on slide five. With most of the world returning to pre-pandemic life, our growth in the third quarter of 2021 remains strong despite reopenings across markets and traditional summer seasonality. Our investment program in the U.K. continued to drive sustainable network effects. Just Eat in the U.K. reached more than 200 million orders in the first nine months of 2021, up 51% in the first quarter of 2021 compared with the same period last year. Just Eat surpassed the 1 billion orders milestone in the U.K. since its foundation, demonstrating our enormous scale and longevity in that market. Germany was our second fastest-growing segment, adding 10 million incremental orders in the quarter compared with the prior year, representing 35% order growth and demonstrating the strength of the Lieferando brand. In the U.S., our orders in the third quarter of 2021 increased 3% compared with the same period last year. We have now started to implement our improvement program in that country, refocusing on the strongholds, and we will share more details regarding our U.S. strategy at the Capital Markets Day. We also completed the acquisition of Bistro.sk in Slovakia on the 1st of October. We reiterate our guidance for the full year 2021, and last but not least, we look forward to updating the markets on the exciting opportunities for long-term growth across our business during our Capital Markets Day on the 21st of October. With that, operator, I would like to open the call for questions. Thank you. Ladies and gentlemen, we will start the question and answer queue now. To be registered for your question and answer, please press star one on your telephone. The first question is from William Woods from Bernstein. Go ahead please, sir. Hi there. Thank you very much for taking my question. Just two from me. I think just to confirm, in maintaining your FY 2021 guidance, can you confirm that you still see Q2 as peak losses in terms of the investment program? Secondly, I suppose the U.S. showed relatively weak growth year-on-year, and in particular, the marketplace, I think showed a relatively strong decline. What was the main driver of that in the quarter? Thanks for the question. Yes, we confirm that Q2 was the peak of our losses. That's a simple answer for you. Regarding the U.S., we are analyzing that country very thoroughly. We'll talk about it also at the Capital Markets Day. I think we should not elaborate on it too much today because we have a section on it next week. I think what's important around what we see in the U.S. is that actually a lot of the things that we have done in the U.K. will also be applicable for the U.S. Now, the major difference between the U.K. and the U.S. is that logistics is actually quite profitable in the United States. We've said that we are agnostic in whether we have marketplace orders or delivery orders. That's in particular, of course, true in countries like Canada and the U.S., where actually the gross profit on both of these models is quite significant. Great, thank you. Thanks. The next question is from Adrien de Saint Hilaire from BofA. Go ahead, please, sir. Correctly, I think you're implying something like about 32% order growth in the fourth quarter, which is about in line with what you did in the third quarter. I'm excluding Grubhub here, as you do in your guidance. The comp base is a bit higher. Can you give us some evidence, or perhaps some indication that would support the view that indeed order growth can be similar in Q4 versus Q3 despite the higher comp base? Secondly, a very quick one. I think previously you mentioned that you would run the U.S. business at or near breakeven for 2021, 2022. Since then, we've seen the introduction of permanent fee caps, as you mentioned, Jitse. Can you confirm that this guidance still holds? Is that something that you might revisit at some point? Thank you. Yeah, thanks. Your first question, I think what's important to note, and I guess this is true for the whole e-commerce sector and for the food delivery sector, is that we went from lockdowns into a very long summer holiday for a lot of people. What we're seeing now is a typical seasonal pattern that we were used to before the pandemic. Also, if I look at other things happening around us, traffic jams and offices again, going to 1% occupancy, at least in a lot of our countries. You see that we are basically returning to the situation before the pandemic. I'm not a doctor. I cannot predict what else will happen, of course, in the end of the year. We assume that there's not going to be any more lockdowns, in which case, of course, we would grow faster than what we currently have in our budget. We always grow faster in Q4 than in Q3. That's just the seasonal pattern. It's days becoming shorter, and it's the weather turning. That's what we already see now. We usually would have seen that earlier. I think that's also important to note, but actually, September was quite warm in most of our countries, and therefore, we're seeing that now happen in October. It looks like a typical seasonal pattern that we were used to, let's say, until 2019, because the pandemic removed the seasonal pattern last year because everybody was locked up in their houses, and there were no holidays. The guidance in the U.S.? Yeah, the second question around the fee caps. Well, we said that we would run Grubhub close to breakeven, not exactly breakeven. Of course, the fee caps in the U.S. are a major setback for us. We're not going to sugarcoat that. If somebody takes that amount of money from your results on an otherwise quite profitable food delivery business such as Grubhub, then it has an impact for us. We were planning to invest that money into fly some cities across the U.S. We've limited that program to a couple of cities, and we call that refocusing our efforts, of course, in the U.S. Yes, that is then reconfirmed. Thank you so much. Thank you. The next question is from Andrew Gwynn, Exane BNP. Go ahead, please. Hi. Yeah, good morning, all. Two questions, if I can. Firstly, just on the EBITDA range. Obviously, most of the way through the year, but the range is still pretty big, given what it implies for Q4. Consensus, I think, is sitting around about 1.2% negative EBITDA. I'm just wondering, is that sort of reasonable? Or should we expect something a little bit different? The second question, obviously, back in July, August, you hiked fees in the U.K. I don't think there's much evidence of an impact on trading for the U.K. business, but just wondering if you could pull anything out there. Thank you very much. Thank you. We've said previously already that H2 is not going to be materially better than H1 in terms of EBITDA. It will be better, though. I'm not sure what that gets you to in percentage, but I think you were quite close. In terms of the U.K., we are doing a lot of things in the U.K. We're improving the profitability of our logistical orders. Now, that is a bigger program. It's efficiency gains of the network. It is replacing some models that we are using. You will remember that we have three models still in the U.K. It's actually one of the few countries in which we operate, in which we have multiple models, but that's a historical fact in the U.K. We are raising the AOVs. We can get into how we are doing that next week if you want, but that's something that we're working on. Raising also prices, still well below the competition. There's quite a lot of things that we're doing, and yes, the impact that we are seeing actually on those orders is on the lower ticket orders, which is good because obviously we work on a commission basis. Other than that, we don't think it has a material influence on the market share in the U.K. We think actually, we're in a quite good spot. We accept that this is an investment, yes, in particular in these legacy Just Eat markets. Therefore, after those investments, the U.K. business is now twice the size. We've heard of our competitors last year that they would overtake us this year. This, of course, has been proven to be nonsense. Therefore, we have accomplished that goal, and now we're on our way back to getting that business to the high profitability that it was running at before we made the investment. Okay, great. Thanks very much. Look forward to next week. The next question is from Mr. Wim Gille, ABN AMRO. Go ahead, please, sir. Very good morning. Wim Gille, ABN AMRO. A few questions. First is, let's say on the marketplace in the U.S., it was down 13% or 14% year-over-year. Can you give us a bit more insight in what's happening here? Is it basically, let's say, the number of restaurant partners that is coming down, or is it actually consumers shifting from marketplace orders to own delivery orders, i.e., internal cannibalization? What are kind of the things that you can do to address that migration, if you will? The second question would be on, let's say, Canada. Obviously, the growth is slowing there. I don't have, let's say, the market development top of mind, but can you give us a bit of a feeling on where your growth in Canada is vis-à-vis the market, i.e., are you losing market share or is the market slowing down? A bit of a bookkeeping one, can you give us some sort of an indication where the acquisition of Bistro.sk is in terms of orders and GTV, and possibly the split between own delivery and marketplace, and then annual numbers are perfectly fine for me. Lastly, the delivery fees in the U.K. In the first half presentation, you basically alluded to the fact that you raised the delivery fees in August. That added about EUR 31 million in profitability on a like-to-like basis. You raised the fees another time in September. Can you give us a bit of a feeling on what the implications are for profitability on the back of that second increase in the delivery fees in the U.K.? Thank you. Thank you. Let me start with the last one. Just to be clear, our fees go up and down, right? They're not to say always go up, and they also don't to say go up for all the inventory that we have on our website. I think what's important to note here is that we use the lower delivery fees to address the churn in Just Eat. If you will remember, and we'll make this very insightful also next week. You will remember the foremost thing that we said about fixing the Just Eat story in the U.K. was around addressing the churn. The churn was people going to other websites because Just Eat didn't have certain inventory. Our low delivery fees were meant to get the customers back to Just Eat because Just Eat does have the superior network in the U.K. It has the most restaurants, it has the biggest stores, it is the most affordable option. That's why we introduced lower delivery fees. We have always intended those to go up when we saw the opportunity to do so without impacting the growth of that business. That's what we're doing with the delivery fee. As we said, we don't see material impact on the order growth in the U.K. because we are actually increasing the profitability of these orders. I don't think you should stare yourself blindly at the delivery fee because we're improving a lot of things. We're improving the efficiency of the network. We are increasing the AOV in the U.K., so we're doing a lot of things. The example for us in these places are places like Canada and places like Germany and Holland, where we have that high efficiency of the logistical network. We don't have it all across the U.K. yet. London is a particular example because we don't have the density yet that we would have, for instance, in Berlin, Vienna, Brussels, Amsterdam, or Winnipeg for all I care. We're not at the level that we need to be. That logistical business is still growing 300%+ in the U.K., so you can imagine that we are on our way to the density that we require for that network to be more profitable. Your first question around marketplace versus delivery in the U.S. It's very important to understand that logistics in the U.S. is highly profitable. This is also why our Canadian business is so profitable while it's also a logistical business. It doesn't really matter to us whether it's delivery or marketplace. It has actually quite a nice profit on both of these systems. We're actually agnostic to what it is. What you see in the U.S. is likely a mix effect. We see that also to a certain extent in the rest of our network because of the summer slowdown that we have seen. We're looking into what is exactly causing it. Because I think it is important to understand it, might shed some light on it next week as well. You'd notice that it doesn't matter. It would matter, of course, in Europe, it doesn't matter in the U.S. If you look at Canada, the whole market is slowing down in Canada. I don't believe that we're losing market share. I think we're pretty stable there. I can actually give some more comment on that. If you look at basically all the metrics, it seems like we're very much doing well on the market share side, Similarweb sees us stably around the 50%, Google Trends above 50%, and also daily average users on the app side sees us very stable. It's a very general market trend there as well. The Bistro.sk question, I don't think we've disclosed any numbers there. Slovakia is a small country. You should not expect a large difference in our story because of Slovakia. The reason that we acquired it is because it's actually quite profitable. It's a nice business. The market structure is that it's not very QSR heavy, so the logistics is limited. It looks a lot like a country like Germany, where you don't have a lot of these QSRs, because obviously a lot of the volume in logistics is with the QSRs. The market structure is pleasant for us, and we'll try to improve that business just like we always try to improve businesses that we acquire. I think that covers your questions. Thank you. The next question is from Mr. Sreedhar Mahamkali from UBS. Go ahead, please, sir. Hi. Good morning. Thanks for taking my questions. Three questions, please. Firstly, on the U.K., how do you see growth of delivery versus marketplace businesses going into Q4 and perhaps into next year with all the reopening? Your thoughts previously about marketplace being more resilient into this slowdown potentially. Secondly, can you share some data points on the improved unit economics point that you made on the slides? Any data you can share, that'll be very helpful. Last one, Germany. It'll be great if you can share some insights into how you're improving the logistics offer. Clearly that's where you're seeing potentially new competition. Anything you're doing there to really defend the position and grow the logistics side, that'll be helpful. Thank you. Yeah, thanks. Regarding that question on Germany, that always makes us laugh a little bit. Guys, we have all these restaurants already on Lieferando. We have nothing to improve there. We have the restaurants. The logistical network in Germany actually operates at a higher utilization than our Canadian business. It is a fantastic logistical business. It is just not very QSR heavy in Germany, and therefore, the amount of logistical orders is limited because there's just not so much inventory as what you would have in other countries. Just to point out what the strength in Germany is, we added about 3 million orders on a monthly basis in last year, and we estimate the total competition at 100,000, maybe 200,000 orders in Germany on the whole. We're growing 30x, 15x faster than the whole size of the competition in Germany. I realize that's the current situation. Maybe it will change, I don't know, but we should not exaggerate how big the competition is in Germany because it's tiny at this point. On your expansion of logistics in Germany, where are we? Is there any update there, how you're seeing expansion to other cities? Yeah, we're expanding to have close to 80 cities in which we have logistics in Germany. I think our competitors are at five or something like that. We are at 8 0. It's a big operation. You need to be conscious that most of the logistical business will be in Berlin, in Germany. The rest of Germany is far less. That was the case also for Deliveroo when they left the country. It was the case for foodora when we bought it. It's very much skewed to Berlin and not to the rest of the country. Germany is a very peculiar country in that sense is that Berlin is 3 million out of the 85 million inhabitants of that country. It's not the same thing as London in the U.K. It's actually quite small compared to the rest of the country. It's a big country, Germany, so I think it's important to point that out. Regarding your question around the U.K. growth delivery versus marketplace, we're adding tremendous amounts of restaurants, and a lot of those restaurants obviously are logistical restaurants because that's what Just Eat forgot to do before we came in. That also means that by definition, the growth of logistics is going to be higher than the growth of marketplace. We're just adding more of these restaurants, and these restaurants don't have any orders from us, so they go from zero to a lot. If we add marketplace restaurants, we also cannibalize a little bit of their phone orders. They will not grow as fast as logistics. There will be a time at which they will grow at exactly at the same speed, but we're far removed from that because we're doing this big catch-up in the U.K. The way you need to look at marketplace, it will still grow in the U.K. It is super profitable. Nobody else has it. We have 95% of the marketplace business in the U.K. It's super valuable to us because it provides us with a lot of EBITDA that we can then use to expand our logistical network and invest in the logistical network. Our task is to have the logistical network run operationally the same way it runs in Holland, the same way it runs in Germany, and the same way it runs in Canada. That's what we're after. That's what we're doing in the U.K. The unit economics, and the improvements to the logistics in the U.K., as a follow-up to that question that you had, we'll talk about next week. Thank you. Thanks. The next question is from Mr. Marc Hesselink from the ING. Go ahead, please, sir. Yes, thank you. Maybe what can you say about the impact of the opening up? How do you see metrics like client additions, order frequency, AOV? How do you see that being impacted in the short term and also maybe going into the fourth quarter? There also a little bit discussed the U.K., but more in general, the difference that you see and what you expected in marketplace versus delivery. A second question is on the U.S. If I'm correct, you have a relatively large B2B or to the office market in the U.S. How do you see that with the opening up? Thank you. Thanks. I would refer the first question to Europe around the order frequency and those changes. Let me comment on the U.S. The U.S. is not back to a normal situation such as most other countries. Offices are mostly still quite empty. We also see that, of course, in our conversations with investors. That's very different from situation here, right? You see that especially the places in which Grubhub is strong are actually the places that lack quite some people, and especially because Grubhub has this big B2B component to it. That is not helping Grubhub forward in the U.S. We assume, of course, that this will change and that also in the U.S., there will be a return to the offices at some point in time. Regarding the KPI, actually, we saw, especially at the beginning of the lockdown easing, the AOVs coming down, and then after that, stabilizing at a little bit of lower level, albeit higher than pre-COVID. That was something we anticipated right when the lockdowns came into play because with the lockdowns, actually the AOVs shoot up quite significantly. Albeit we have to say that even on a quarter-over-quarter, especially the U.K., for example, remains strong on the AOV level because, as Jitse was indicating earlier, we are having put some measures into place to actually have higher AOVs or driving higher AOVs because that actually also drives the efficiency to some extent. In terms of new customers, obviously, going back into seasonalities, like Jitse was also indicating, it also means you had a bit more seasonality also on the new customer side, with usually summer being a bit of a slower period and coming into winter, new customer addition usually goes up, and that's also what we are at the moment at least seeing. Likewise on the reorder values, which were also a bit slower in the summer period, but we're also expecting them to go up with the seasonality kicking in again. Okay, thanks. The difference there marketplace delivery, you said about the U.K., but in other regions, is it still the case that you expect that the marketplace will be less impacted by the going back to normal? I think you need to separate two things there. Yes, because obviously if the restaurants are open, people will go to the restaurants. No, in the case of the U.K., because we're expanding the logistical network. There's a lot of things happening on the line in the U.K., right? We're expanding the logistical network. Yes, there's going to be less interest in logistics in the U.K. overall. If you don't have logistics, you add it, and of course, you're going to grow that quite significantly. This is also why the growth for us is actually still quite high in logistics. I don't think that the market per se, after reopenings, is good for logistical operators because, yeah, you can also go to these restaurants. We would expect that in other countries in which we have a lot of these marketplace orders, that marketplace by itself and actually the growth difference between the two will be less than, for instance, in the U.K. Hope that makes sense. Okay. Thank you. The next question is from Mr. Georgios Pilakoutas from Numis. Go ahead, please, sir. Thanks very much. Two from me, please. First one, I just wondered if you could talk a little bit more around reopening seasonality across the different regions, kind of with Europe in a kind of harsher lockdown in 2Q and seasonality, the bigger impacts there, hence Germany, Netherlands, rest of world perhaps faced a bit of a bigger headwind in the third quarter. How that reopening, we're seeing that play out across logistics and marketplace, if there's any trends you're seeing as we start to reopen across different markets. The second question was just on restaurant signups in the U.K. You mentioned you're adding still lots of logistics orders. I guess I was just wondering if you could talk a little bit more around how those negotiations are going, how kind of the rollout of your logistics network is perhaps making it easier to sign up more restaurants, how kind of perhaps exclusivities need to roll off, if there's anything to kind of think of on kind of tracking that progress. Yeah. Thanks. Let me first address the second question. We'll talk a lot about this next week. We actually have a significant increase of restaurant signups in the U.K. It's quite extraordinary. We'll talk about that next week. I can't go into that too much because then we have to scratch the Capital Markets Day, which won't make anybody happy with that.