# EDGAR Filing Document

**Accession Number:** 0001792627
**File Stem:** 0001193125-23-056276
**Filing Date:** 2023-3
**Character Count:** 370746
**Document Hash:** d031435d5329280bd2cc920e3c27653f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-056276.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001193125-23-056276

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230301

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Just Eat Takeaway.com N.V.
- **CENTRAL INDEX KEY:** 0001792627
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** P7
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40484
- **FILM NUMBER:** 23693333

**BUSINESS ADDRESS:**
- **STREET 1:** OOSTERDOKSSTRAAT 80
- **CITY:** AMSTERDAM
- **STATE:** P7
- **ZIP:** 1011 DK
- **BUSINESS PHONE:** 31202107007

**MAIL ADDRESS:**
- **STREET 1:** OOSTERDOKSSTRAAT 80
- **CITY:** AMSTERDAM
- **STATE:** P7
- **ZIP:** 1011 DK

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Takeaway.com N.V./FI
- **DATE OF NAME CHANGE:** 20191029

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549**

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**FORM 6-K**

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**REPORT OF FOREIGN PRIVATE ISSUER** 

**PURSUANT TO RULE 13a-16 OR 15d-16** 

**UNDER THE SECURITIES EXCHANGE ACT OF 1934** 

**March 1, 2023** 

**Commission File Number: 001-40484** 

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## Just Eat Takeaway.com N.V.
**(Registrant's name)**

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**Piet Heinkade 61** 

**1019 GM Amsterdam** 

**The Netherlands** 

**(Address of principal executive office)** 

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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

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The following exhibit is furnished herewith:

**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 99.1 | [Just Eat Takeaway.com Annual Report 2022](d472177dex991.pdf) |

---

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**SIGNATURES** 

**Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.** 

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| | | |
|:---|:---|:---|
|  | Just Eat Takeaway.com N.V. | Just Eat Takeaway.com N.V. |
| Date: March 1, 2023 | By: | /s/ BRENT WISSINK |
|  |  | Brent Wissink |
|  |  | Chief Financial Officer |

---

### Attached PDF Documents

**Attachment 1:** `d472177dex991.pdf`

[LOGO]

Just Eat Takeaway.com Annual Report 2022  
Company Profile

# Company Profile

Just Eat Takeaway.com is a leading global online food delivery company, connecting 90 million Active Consumers with their local Partners, and benefits from an attractive business model with powerful network effects.

## Who we are

Just Eat Takeaway.com is a leading global online food delivery company, connecting 90 million Active Consumers$^{2}$ with 692 thousand local Partners$^{3}$ through our apps and websites, and with leading positions in attractive countries. As of 31 December 2022, Just Eat Takeaway.com operates in 20 countries, divided into four segments: North America (Canada and the United States), Northern Europe (Austria, Belgium, Denmark, Germany, Luxembourg, Poland, Slovakia, Switzerland, and the Netherlands), United Kingdom and Ireland; and Southern Europe and ANZ (Australia, Bulgaria, France, Israel, Italy, New Zealand and Spain). Our platform and Delivery$^{4}$ operations in Norway, Portugal and Romania were discontinued in the first half of 2022. With the sale of our minority stake in iFood Holdings B.V. and IF-JE Holdings B.V. on 22 November 2022 to an affiliate of Prosus N.V. ('iFood Transaction'), we are also no longer active in Brazil and Colombia.

Just Eat Takeaway.com began operating in 2000 in the Netherlands when founder and CEO, Jitse Groen, launched the online food delivery platform under the brand Thuisbezorgd.nl. The business expanded rapidly, both in the Netherlands and internationally, building European and then global scale through a blend of acquisitive and organic growth.

Our proposition benefits both consumers and Partners. We offer consumers the ability to order from a large selection of local restaurants, grocers and specialty retailers, enabled through our apps and websites and delivered rapidly by our network of couriers or by our Partners themselves. For Partners, we provide access to our large pool of Active Consumers, our strong brand awareness, and our Delivery capabilities - allowing them to increase Orders$^{5}$ and grow their businesses.

$^{2}$ Reference is made to the Glossary for an overview of defined terms

10

Just Eat Takeaway.com Annual Report 2022  
Company Profile

In 2022, Just Eat Takeaway.com processed 984 million Orders for our Partners, facilitating €28.2 billion in Gross Transaction Value ('GTV'). On average we had approximately 24 thousand full-time equivalent employees ('FTE') in 2022, of which approximately 8 thousand were employed couriers.

The shares in the Company are listed and traded on Euronext Amsterdam (AMS: 'TKWY'), its CREST depository interests ('CDIs') are listed and traded on the London Stock Exchange (LSE: 'JET') and, following the voluntary delisting from the Nasdaq Stock Market ('Nasdaq'), its American Depositary Shares ('ADSs') are quoted and traded on the over-the-counter ('OTC') Markets via a sponsored Level I Programme (ticker: 'JTKWY'). Five ADSs represent one share of the Company.

## Our business model

Just Eat Takeaway.com's core business model connects consumers with Partners, enabling the consumers to order and pay through our apps or websites, and Orders to be delivered to the consumers or collected by them in person (Fig. 1). Partners are primarily restaurants and other food producers, but also include convenience stores, specialty retailers, and other high street stores.

For consumers, our proposition provides a simple way to order and pay for food and other items, and Just Eat Takeaway.com aims to offer the best user experience by providing a large and varied selection of cuisines, broad restaurant and convenience grocery choice, an easy-to-use and engaging product interface, seamless payment processes, and transparent order-tracking features.

For Partners, Just Eat Takeaway.com offers access to a wide consumer base and provides enhanced visibility at a low cost. This allows Partners to broaden their reach beyond local marketing and generate incremental Orders. In addition, we provide Partners with Delivery services, primarily through our own Delivery solutions.

We offer two primary models of fulfilment - our marketplace model where Partners deliver the Orders to the consumers themselves, and our Delivery model where we use our courier network to deliver Orders. Our Delivery solutions leverage employed couriers, independently contracted couriers and third-party provided couriers. Our employed model provides couriers with valuable benefits, such as training, social security, holiday pay and sick leave. Our independent contractor courier model provides couriers with flexibility on how and when they want to work.

We derive our revenue principally from the commissions we charge Partners, based on the value of the goods ordered through our platforms and, to a lesser extent, from other services such as payment services, sales of merchandise and packaging, and Promoted Placement$^{2}$. In addition, we derive revenue from fees charged directly to consumers, including Delivery fees for Orders where Just Eat Takeaway.com is responsible for the Delivery.

Our business model benefits from powerful network effects, reinforcing growth in Orders, consumers and Partners. As the number of consumers increases, more Orders and higher GTV are generated, attracting more Partners to our platforms. This further enhances and diversifies the offering, in turn attracting more consumers. Network effects typically provide a strong tailwind to growth for market leaders, as well as driving operating leverage, leading to improved operating margins in the long-term.

$^{2}$ Reference is made to the Glossary for an overview of defined terms

11

Just Eat Takeaway.com Annual Report 2022
Company Profile

## Just Eat Takeaway.com connects consumers and Partners

![img-0.jpeg](img-0.jpeg)

Fig. 1. Just Eat Takeaway.com core business model

12

Just Eat Takeaway.com Annual Report 2022
Company Profile

## History

Creation of a leading global online food delivery platform with a proven track record of integration and growth.

![img-1.jpeg](img-1.jpeg)

Fig. 2. History of Just Eat Takeaway.com

13

Just Eat Takeaway.com Annual Report 2022
Company Profile

## Our segments

Our operations span four segments. These segments are: North America, Northern Europe, United Kingdom and Ireland, and Southern Europe and ANZ (Fig. 3).

![img-2.jpeg](img-2.jpeg)

Fig. 3. Our segments

14

Just Eat Takeaway.com Annual Report 2022
Company Profile

Across the four segments, Just Eat Takeaway.com operates in 20 countries, representing an Addressable Population2 of over 700 million people. In 2022, we served a total of 90 million Active Consumers across our segments. Our significant investments in Partner acquisition enabled us to increase the number of Partners by 9% to 692 thousand by the end of 2022, further increasing the diversity of our offerings.

![img-3.jpeg](img-3.jpeg)

Note: Population estimates from Michael Bauer Research GmbH for the year 2022

Fig. 4. Just Eat Takeaway.com penetration

We believe there is significant upside potential from both increasing penetration and Order frequency. Our overall consumer penetration is relatively low (Fig. 4), and we believe there continues to be a big opportunity in the shift from phone to online ordering, as well as continued expansion of our Partner supply base through Delivery services. Our Average Monthly Order Frequency2 also has significant upside potential (Fig. 5), with consumers ordering on average only a few times a month in 2022. Average Monthly Order Frequency declined to 2.8 times in 2022 from 2.9 times in 2021 and was still significantly higher than pre-pandemic.

![img-4.jpeg](img-4.jpeg)

Fig. 5. Just Eat Takeaway.com Average Monthly Order Frequency

2 Reference is made to the Glossary for an overview of defined terms

15

Just Eat Takeaway.com Annual Report 2022  
Company Profile

# North America

Orders

GTV  
**€11.6bn**

Active Consumers

Partners

Adjusted EBITDA

The North America segment comprises our US and Canadian businesses. North America is the largest segment in terms of Orders and GTV, representing 33% of the total Just Eat Takeaway.com Orders and 41% of the total GTV in 2022. North American Orders declined 13% year-on-year while the pandemic continued to affect year-on-year comparison. Despite the decline in Orders, our GTV increased by 1% to €11.6 billion, driven by a higher Average Transaction Value ('ATV'), which is defined as GTV divided by the number of Orders in a particular period, and favourable foreign exchange rates.

Active Consumers in the North America segment decreased to 30 million in 2022 from 37 million in 2021. North America's Partner supply base grew 12% to 418 thousand Partners, with significant expansion in both the number of independent and branded Partners. On top of that, the segment continued to increase its on-demand grocery Delivery proposition in 2022, with Skip Express Lanes in Canada and adding Partners such as Gopuff to the platform in the US. When combined with strong third-party convenience and grocery partnerships, this builds an effective foundation and clear path to accelerating growth of other adjacent categories.

In both the US and Canada, various states, provinces, and local governments imposed temporary fee caps on the online food delivery marketplace in 2020 in response to the pandemic. In July 2022, the San Francisco Board of Supervisors amended its legislation on fee caps, which is the latest in a growing trend among cities that have rolled back pandemic-era price controls. However, we experienced an impact amounting to more than €130 million of fee caps on our North America segment in 2022 compared with more than €190 million in 2021. We continue to pursue legal and legislative remedies to eliminate or significantly reduce the financial impact of price controls and/or fee caps in the US (mainly in New York), as we believe fee caps are contrary to the law.

16

Just Eat Takeaway.com Annual Report 2022  
Company Profile

North America improved its Adjusted EBITDA as a percentage of GTV ('Adjusted EBITDA Margin') to 0.6% in 2022 from minus 0.2% in 2021. The improved Adjusted EBITDA Margin was largely attributed to the increased efficiency of our Delivery network, optimised pricing, strategic marketing efforts, and the reduced impact of fee caps on our business.

#### Specific market highlights

In July 2022, Just Eat Takeaway.com and Amazon.com Services LLC ('Amazon') entered into a commercial agreement in the US, offering Amazon Prime members a free, one-year Grubhub+ (Grubhub's loyalty program) membership, further strengthening Grubhub's competitiveness in the US market and representing a significant opportunity for growth.

SkipTheDishes ('Skip') continued to expand its non-restaurant offerings and now works with all major convenience store chains in Canada. Skip has also extended its Delivery service into rapid grocery delivery through their Skip Express Lane fulfilment centres with 21 locations nationally. Further strengthening our position as the preferred Delivery partner, Skip has rolled out its delivery-as-a-service offering 'SkipGo', enabling us to provide Delivery to empower local commerce for a wide variety of retailers.

![img-5.jpeg](img-5.jpeg)

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Just Eat Takeaway.com Annual Report 2022  
Company Profile

# Northern Europe

Orders **288m**

GTV **€7.4bn**

Active Consumers **31m**

Partners **79k**

Adjusted EBITDA

The Northern Europe segment comprises Austria, Belgium, Denmark, Germany, Luxembourg, Poland, Slovakia, Switzerland, and the Netherlands. In 2022, the Northern Europe markets together made up 29% of the total Just Eat Takeaway.com's Orders and 26% of the total GTV, with Germany being the largest market in terms of Orders and GTV. We discontinued our operations in Norway in the first half of 2022.

Despite the post-pandemic headwind in the form of an Order decline of minus 3% to 288 million Orders in 2022 from 296 million Orders in 2021, we increased our GTV by 3% to €7.4 billion due to higher ATV. Active Consumers remained stable at 31 million in Northern Europe, while at the same time expanding our supply base by 2% to 79 thousand Partners.

Northern Europe demonstrated strong positive Adjusted EBITDA generation in 2022, with the highest Adjusted EBITDA Margin across all segments. The segment's Adjusted EBITDA grew 22% to €313 million in 2022 from €256 million in 2021, resulting in overall Adjusted EBITDA Margin of 4%.

18

Just Eat Takeaway.com Annual Report 2022  
Company Profile

### Specific market highlights

Our Lieferando.de brand is the largest and most recognised online food delivery marketplace in Germany, with consumer top-of-mind awareness ('TOMA') well over 60%, and extensive Partner coverage reaching over 99% of the German population. In 2022, Germany made up just over half of the Orders in our Northern Europe segment.

In the Netherlands, new partnerships were launched with large supermarket chains. In 2022, the Netherlands made up 20% of the Orders in our Northern Europe segment.

![img-0.jpeg](img-0.jpeg)

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Just Eat Takeaway.com Annual Report 2022  
Company Profile

## United Kingdom and Ireland

Orders **260m**

GTV **€6.6bn**

Active Consumers **19m**

Partners **76k**

Adjusted EBITDA

Our UK and Ireland segment continued to perform strongly under the Just Eat brand. The segment processed 260 million Orders in 2022, representing 26% of the total Just Eat Takeaway.com Orders and 23% of the total GTV in 2022. ATV trended favorably due to food price inflation and GTV remained stable at €6.6 billion.

We saw a stabilisation of the acquisition of new consumers, after having added a lot of consumers during the pandemic. This has caused our Active Consumer base to remain relatively stable at 19 million. Our current Active Consumer base is 33% larger compared with pre-pandemic levels.

Our supply base grew with 17% to 76 thousand Partners. In the UK, we added several new international and national restaurant chains, including Domino's Pizza, PizzaExpress and Five Guys to widen selection for our consumers. Significant progress was made in building and growing our grocery and convenience offering, with over 2,100 locations now on the platform and further momentum to be gained through our recently announced partnerships with the Co-op and Sainsbury's.

20

Just Eat Takeaway.com Annual Report 2022  
Company Profile

Our TOMA was boosted by significant investments in marketing and partnerships. This also further enhanced our brand recognition, with Just Eat being the preferred brand in both the UK and Ireland.

In 2022, we saw a strong improvement of the Adjusted EBITDA for the segment to €23 million in 2022 from minus €107 million in 2021. This improvement in Adjusted EBITDA mainly materialised in the second half of 2022, driven by the overall focus on profitability in all aspects of the business. We optimised our consumer fees, reduced our Delivery cost per Order, and further improved our operating expenses. The Adjusted EBITDA Margin reached 0.4% in 2022, which is a two percentage point improvement compared with 2021.

![img-1.jpeg](img-1.jpeg)

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Just Eat Takeaway.com Annual Report 2022  
Company Profile

## Southern Europe and ANZ

Orders **109m**

GTV **€2.6bn**

Active Consumers **11m**

Partners **121k**

Adjusted EBITDA **Minus €161m**

The Southern Europe and ANZ segment comprises Australia, Bulgaria, France, Israel, Italy, New Zealand and Spain. These markets together made up 11% of the total Just Eat Takeaway.com Orders and 9% of the total GTV in 2022, with Australia being the largest market in this segment. Following two years of strong Order growth, Orders for the Southern Europe and ANZ segment decreased by 15% to 109 million in 2022 from 128 million in 2021. The Order decline was partly offset by an increase in ATV, leading to a decrease in GTV of 8% to €2.6 billion in 2022 from €2.8 billion in 2021.

The segment includes diverse markets with significant potential to increase consumer penetration and expansion of operational scale and will require ongoing investment. We continue to focus capital and management attention towards our highest potential markets for generating scale, leadership positions and profit pools. As a result, we discontinued our operations in Portugal and Romania in the first half of 2022.

Active Consumers in the Southern Europe and ANZ segment decreased to 11 million in 2022 from 13 million in 2021, mainly caused by stabilisation of new consumer acquisition and relatively higher post-pandemic churn. Despite this recent decrease, our current Active Consumer base is 22% larger compared with pre-pandemic level.

Our Partner supply base remained stable at 121 thousand Partners. We continued to focus on strengthening our network effects and increasing our offering to consumers by adding several new big brand partnerships across the segment.

22

Just Eat Takeaway.com Annual Report 2022  
Company Profile

A notable achievement in our path to profitability was realised, with an Adjusted EBITDA improvement of just over €100 million in 2022 compared with 2021. The segment improved its Adjusted EBITDA Margin to minus 6% in 2022 from minus 9% in 2021 driven by our enhanced focus on profitability and a higher ATV, optimised pricing strategy, reduced Delivery expenses and improved operating expenses.

#### Specific market highlights

Our Australian brand, Menulog, which was founded in 2006, has a long track record in online food ordering. We have been focusing on optimising efficiencies in our Delivery business and marketing.

Our Israeli brand 10bis was founded in 2000 and has grown to become a leading online food Delivery platform in Israel. While Just Eat Takeaway.com is predominantly a Business to (Active) Consumers ('B2C') brand, the majority of 10bis Orders are Business to Business ('B2B') Orders, and 10bis serves thousands of corporations, representing hundreds of thousands of employees. The pandemic negatively impacted these corporate Orders, as offices closed, but this adverse effect was partly mitigated by the expansion into the B2C ordering. Now that employees have returned to the office, we have processed a record number of Orders in 2022 in Israel.

In Spain we increased our offerings by signing partnerships with new chain restaurants, increasing the number of non-chain Partners and expanding into other non-food adjacencies.

Due to the challenging market dynamics in France, and our ambition for sustainable profitable growth, we reorganised both our office staff and our Delivery network in 2022.

![img-2.jpeg](img-2.jpeg)

23

≡

“We made significant progress by adding new Partners to offer the widest choice, from local legends to best-loved brands, and from food to grocery and other adjacent categories”

- Andrew Kenny, CCO

24

≡

![img-3.jpeg](img-3.jpeg)

# 02

## Report of the Management Board

26

Just Eat Takeaway.com Annual Report 2022  
Our Strategy

# Our Strategy

Our vision is to empower every food moment for our consumers, Partners and couriers - from a mid-week lunch to a Friday-night family takeaway, a last-minute bag of groceries from your local convenience store and everything in between.

This means empowering our consumers to get the food they love whenever they want it, by providing the best choice of Partners and making the end-to-end experience as quick and easy as possible. It also means empowering our Partners to grow and to thrive, not only by giving them access to a large pool of consumers through our platforms, but also by giving them access to our Delivery network and supporting them with new tech-enabled tools and services that help them run their businesses every day.

We are a strong advocate for the power of network effects, where a large-scale player will continue to generate increasing value for all participants in the network. To harness these network effects, our overall strategic objective is to build and extend large scale and sustainably profitable positions in every market in which we operate.

To achieve this, we have a clear strategy:

| Expansion of supply and extension into non-food and other adjacencies | Enhanced experience and value proposition for consumers, Partners and couriers | Disciplined portfolio management approach and rigorous cost focus |
| --- | --- | --- |
| Build broadest Partner offering, including partnerships with key branded chains | Build a best-in-class product and tech experience | Continually assess market positions and focus resource towards highest potential markets |
| Extend Delivery operations and drive increased Order density | Increase TOMA through share of voice, partnerships, and last-mile visibility | Drive operational excellence through automation, smart technology, and efficient processes |
| Scale our convenience grocery offering and express store network | Offer great value-for-money through our pricing | Optimise our cost base to create a lean and efficient organisation |
| Expand into non-food categories and other adjacencies | Deliver a seamless, fast and reliable fulfilment experience |  |
|  | Achieve best-in-class customer care and problem resolution |  |

We believe these initiatives will drive more consumers and Orders to our platforms, improve our profitability and cash position, and allow us to take advantage of new and adjacent market opportunities.

27

Just Eat Takeaway.com Annual Report 2022
Our Strategy

## Just Eat Takeaway.com leverages powerful network effects

![img-4.jpeg](img-4.jpeg)

Fig. 6. Network effects of online food delivery platforms

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Just Eat Takeaway.com Annual Report 2022  
Our Strategy

We have made significant progress against these strategic objectives in 2022:

# - • **Expansion of supply and extension into non-food and other adjacencies**

We increased the number of Partners on our platforms to 692 thousand by 31 December 2022, of which 32 thousand are non-restaurants, further enhancing our Delivery proposition through strategic global partnerships with major branded groups. We also expanded our network of grocery and convenience stores in Canada, now serving 70% of the Canadian population, launched trial express stores in Europe, and initiated successful trials with several non-food Partners.

# - • **Enhanced experience and value proposition for consumers, Partners and couriers**

Over the course of 2022, we step-changed logistics efficiency and experience through sophisticated tech solutions, improved processes, and enhanced pricing capabilities. We also launched a new creative campaign featuring Katy Perry and continued our successful partnership with UEFA, driving increased global awareness of our brand. Additionally, we entered into a commercial agreement with Amazon in the United States, enabling US Amazon Prime members to sign up for a free one-year Grubhub+ membership. We continued to enhance our product and develop new features throughout the year, as well as rolling out a new consumer app with common visual language across multiple platforms.

# - • **Disciplined portfolio management approach and rigorous cost focus**

On 22 November 2022, Just Eat Takeaway.com completed the iFood Transaction for a total consideration of up to €1.8 billion, consisting of €1.5 billion in cash on 22 November 2022 and a deferred consideration, contingent on the performance of the online food delivery sector over the next 12 months, of up to €300 million. The transaction proceeds were used to repay our bank loan and will be further used to repay debt maturities and strengthen the balance sheet. We also discontinued unprofitable operations in Norway, Portugal and Romania in the first half of 2022. The Management Board, together with its advisers, actively explored the partial or full sale of Grubhub over the course of 2022. We transformed our operational efficiency through greater automation, strict controls over recruitment and FTEs, and proactive reduction of overheads through a variety of projects.

We expect to continue to progress against our strategic objectives in 2023.

29

Just Eat Takeaway.com Annual Report 2022  
Our Products and Technology

# Our Products and Technology

Just Eat Takeaway.com is powered by innovative products and technology. These enable us to reliably deliver millions of Orders in our markets, in a way that is intuitive and compelling for our consumers, Partners, and couriers. Crucially, our products and technology continue to evolve and unlock further growth and margin improvements for our business.

## Consumers

We help empower the everyday lives of our consumers. Through our products, we are their daily way of ordering food and finding new favourites. Our search, menu and checkout functionalities provide the foundation for consumer Orders. These functionalities are constantly augmented by our research and development where we are evolving capabilities that make it easy to navigate, discover, get inspired, order and track the Order (such as our dynamic search functionality, personalised recommendations, re-ordering features, intelligent Order tracking and ‘your favourites’). Furthermore, we understand and respect that Order data is entrusted to us. Where possible, we explore if data supports us in deepening relationships with consumers, through enhanced offers, upselling, cross-selling, bundles, and personalisation. Where permitted and/or supported by applicable law, we use data-driven insights to ensure that consumers get reliable, fast Delivery and effective customer services from us.

The year 2022 has been significant in terms of optimising the user experience on our platforms. We rolled out a refreshed visual language on our platforms, unified across several countries and consumer touchpoints, ensuring a consistent look and feel across markets. In addition, we introduced a compelling, personal design that is more accessible and easier to use. Our unified visual language speeds up our time-to-market and drives a reduction in product costs and effort.

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Just Eat Takeaway.com Annual Report 2022  
Our Products and Technology

Furthermore, we have been empowering every food moment by progressively transitioning towards a cashless economy in which digital payments are fast, efficient and trustworthy for consumers. We introduced an enhanced checkout flow, which globalises crucial payment methods and we are investing in leading payment methods of local countries to strengthen our local leadership and further improve the consumer experience. In addition, we have advanced our corporate ordering ecosystem with innovative product enhancements to JET Pay.

In 2022, we continued to make strong progress with our customer services by implementing a global and unified support experience across our products. This allows us to resolve issues in an efficient and effective manner, utilising advanced technologies that provide a faster solution with fewer customer service agents.

## Partners

For Partners, we do more than just transmitting the Orders. Our advanced technology gives our Partners access to millions of consumers and helps power their businesses by sharing insight between us in real-time. Our platforms and specific apps, such as 'Partner Centre', provide leading tools and recommendations to help our Partners manage, innovate and get the most from their businesses. We do more than just provide technology to our Partners that empower their operations. We also allow them to integrate their own technologies by connecting to our systems using the 'JET Connect' platform, where they can enrich their existing solutions with machine-to-machine communication.

![img-0.jpeg](img-0.jpeg)

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Just Eat Takeaway.com Annual Report 2022  
Our Products and Technology

In 2022, we continued to assist our Partners in digitalising their operations. We have made their lives easier by enabling greater self-service, using solutions such as the Menu Self-Service, which provides greater autonomy to our Partners when it comes to managing their menus and making changes, along with bringing other efficiencies. We have also been evolving our data products to improve the experience for our Partners by empowering them to make data-informed decisions that maximise their businesses on our platforms. Partners gain insights into consumer preferences that help them get the most from Delivery, such as food preparation time accuracy. Furthermore, where possible, we helped Partners increase their brand value via products and features that support their marketing and promotion efforts.

Over the course of 2022, we have further scaled our technology to support our expanding grocery offering. We worked closely with grocery Partners throughout the year to get feedback and understand their evolving requirements. For example, they can easily upload their product catalogue and can effortlessly handle out-of-stock items and refunds. We have enriched our existing capabilities and have been building a compelling grocery ordering and Delivery experience for consumers and Partners.

![img-1.jpeg](img-1.jpeg)

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Just Eat Takeaway.com Annual Report 2022  
Our Products and Technology

## Delivery

Just Eat Takeaway.com offers Partners the choice to deliver the food themselves or to use our Delivery network to deliver Orders, using the available Just Eat Takeaway.com courier model - either our employed couriers, independent contractors and/or third-party provided couriers. With our innovative Delivery technology, our Partners can leave the delivery task to us and expand their business to the next level. With the launch of the Courier App, all of our Partners, regardless of using our Delivery network or not, can use our Partner tooling to optimise their delivery efficiency, whilst providing real-time tracking to consumers.

The year 2022 has been a strong year for Delivery as we have made further progress in product innovation and data-driven efficiencies. Through innovative use of pooling, allowing a courier to combine multiple Orders into one delivery round, we have improved Delivery cost per Order by creating more opportunities for pooled Orders thus driving better utilisation of couriers and considerable efficiencies in our Delivery network. Through real-time predictive technology and our machine-learning algorithmic settings, we are able to improve our Order flow and provide intelligent routing for our network. We have also improved the cost per Order by enabling dynamic incentives for couriers and by enhancing the user and overall courier app experience.

Ensuring it is easy to sign-up and use, we are making continuous improvements to our Delivery network and facilitating the Delivery needs of specific neighbourhoods. By leveraging data and machine-learning we can reduce waiting times, optimise Partner handover times and ultimately provide a faster, 'warmer' and more seamless Delivery.

![img-2.jpeg](img-2.jpeg)

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Just Eat Takeaway.com Annual Report 2022  
Our Products and Technology

## Our product and technology organisation

Despite the economic downturn and cooling down in various tech companies, we continue to invest in our product and technology organisations and talent management. This ensures we have diverse, global, and excited teams who are building pioneering solutions that are transforming and accelerating our organisation.

### Unifying technology to boost innovation

As a global player in 20 countries, innovating at scale is a goal we strive for and a principle we live by. Simplifying and consolidating our technology platforms is part of our continuous improvement efforts. It allows us to unlock the global synergies of our products and impact all our consumers to empower their every food moment. In addition, we levelled up legacy technologies, evolving and connecting them, to ensure we have consistent and enriched global capabilities, including further online payment options, digital self-service solutions, automation and improved UX. With investments in our connected technology ecosystem, we reduced complexity, which helps us innovate and deliver new features to the market faster. In turn, this brings joy to the ordering experience and provides Partners with the latest tools they need to operate with excellence and scale.

### Security and scalability

We have made significant efforts to make our platforms more secure and scalable. Cyberthreats are constantly evolving and have become more sophisticated. To keep up with the pace, we are constantly iterating our defenses based on what we learn from external sources such as threat intelligence, our bug bounty programs, red team assessments, as well as internal risk assessments leveraging our three lines of defense organisational structure. This ensures we have resilient platforms aimed at constantly strengthening how we protect our consumers and Partners.

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Just Eat Takeaway.com Annual Report 2022  
Our Brand

# Our Brand

We run a single-brand identity in each country in which we operate, as we believe this is the most effective and efficient way to reach our consumers and Partners.

## One Brand

We offer a wide range of cuisines, value offerings, and national Delivery coverage so that we can empower every food moment and deliver joy to our consumers, every single day. We want to supply the technology that brings everything together - our consumers, our Partners and of course, our Delivery network. We want to be part of every food occasion, whether it is breakfast, lunch, dinner or anything in between.

We combine central expertise to deliver on a global scale with local market relevance. In 2022, we successfully launched our global brand platform, *Did Somebody Say*, as part of an integrated campaign in most of our markets and in 16 languages, using world-famous celebrity Katy Perry. This creative campaign fully supports our JET brand promise of delivering moments of joy every day to everyone. In the US market, Grubhub's 2022 campaign delivered on our brand promise by showcasing the moments of joy when Grubhub makes life better with takeout.

## Connecting consumers to Partners

We are focused on connecting as many consumers to as many Partners as possible. Whilst our platforms are the enablers, marketing is key for making these connections a reality.

We continue to focus on our strategy of scalable marketing to drive growth and accelerate efficiencies. Through hiring and retaining industry-leading talent, centralising our marketing operations, and consolidating our agency partners, we continually strengthen our marketing function, enabling us to build a solid foundation for ongoing future growth.

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Our Brand

## Brand preference

Our overall marketing objective is 'to be the most preferred and loved food order brand in the world', so we continuously track consumer opinion in every market in which we operate. Our key marketing metric, linked to long-term brand and commercial health, is TOMA. In 2022, we remained the most preferred and loved food delivery brand with market-leading TOMA in most of the countries in which we operate.

Ongoing and continued investment in our brand remained paramount in 2022. Using creative production and media, we contributed to driving Order growth, increased TOMA and sustained positive consumer sentiment. We also launched our first season with UEFA, building our association as a lead sponsor with

successful promotions, followed by the UEFA Women's EURO where we were able to tap into key food ordering moments whilst securing impressive reach with press coverage and promotions.

Additional activation with our enhanced *Order & Win* promotional campaign in September 2022 also drove strong engagement with consumers able to win tickets and other prizes, meal deals with key Partners and product giveaways from fast-moving consumer goods partners with every Order.

## Performance marketing, retention and Order frequency

During the pandemic, our business saw an increase in both new consumers and Order frequency. After pandemic restrictions were lifted, Order volumes continued to remain above pre-pandemic levels, despite a 9% decrease in Orders in 2022 compared with 2021. With consumer churn returning to normalised levels, but higher in absolute terms, and a lower influx of new consumers, we introduced new consumer voucher technology. In addition, we introduced an asset creation tool, which support key business messaging and increased flexibility in market messaging, as well as testing capabilities.

Whilst Order frequency declined slightly coming out of the pandemic, it is still higher than pre-pandemic. In 2022, we further drove adoption of our loyalty programmes with both our Partners and consumers, and increased the reach and impact from our customer relationship management channels. This resulted in successful global engagement campaigns, such as the UEFA Champions League finals free delivery campaign, as well as personalised automated campaigns.

![img-3.jpeg](img-3.jpeg)

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Our Brand

![img-4.jpeg](img-4.jpeg)

We experienced a different pattern of new consumer growth and in response, adjusted our investment strategy. We were able to successfully increase efficiencies while growing the business, with the help of a privacy-safe application of first-party data in our campaigns. We executed our plan of in-house digital media buying, delivering savings and aligned our strategic approach.

Our performance marketing campaigns encountered several challenges related to performance measurement in 2022. We built custom models to steer and report results from performance marketing channels to measure the effectiveness of our campaigns. Furthermore, we focused even more on the efficiency of our campaigns and continued to align our marketing technology stack across all markets.

### Partner marketing

Developing and maintaining strong relationships with our Partners while driving brand connection is imperative to our success. As such, Partner marketing creates an ecosystem for fuelling Partner growth and enabling cost-savings. This cultivates impactful ways to maximise results for Partners, and drives visibility of their own brand.

Empowering Partners’ growth is empowering our growth. We tackled the challenges of the rapidly changing competitive landscape in which we operate by adopting a Partner-centric approach to our work and culture. By supporting Partners with relevant and actionable insights and propelling brand awareness with innovative campaigns and promotional materials, we strive to develop an ecosystem in which all parties benefit.

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Our Brand

We have built impactful relationships with Partners and promote their long-term success with the improvement of the end-to-end Partner journey and expansion of Partner benefits. This includes performance insights and tools to maximise top-line growth, and various ways to drive significant financial savings, such as growing range of quality, sustainable merchandise and disposables, offering distinct value at highly competitive price points.

By recognising and appreciating our Partners at every stage of the Partner lifecycle, we build loyal partnerships - programmes such as Local Heroes and the Best Restaurant Awards are testament to this. Each programme celebrates a significant collaboration between our Partners and us, and has seen great engagement success over the years. By driving constant value to our Partners, Partner marketing contributes to securing both Order and Partner growth for us.

In addition, the further roll-out of our JET e-commerce platforms enables Partners to streamline their operations and attain savings on their restaurant essentials. Strengthened by our data-driven performance reporting and insights, we have built a strong foundation to deliver on our key objective to be the most loved and preferred partner to them.

![img-5.jpeg](img-5.jpeg)

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Just Eat Takeaway.com Annual Report 2022  
Our Operations

# Our Operations

We continued to deliver a great experience for the vast majority of consumers and Partners, most of whom never need to contact us. However, for the small proportion that do need to get in touch, we have a well-resourced Customer Services team to assist.

## Customer service

Our overall Customer Services vision did not change in 2022; we aimed for simple, high-volume queries to be handled primarily through efficient, digital self-serve tools with highly skilled customer service agents on hand for complex issues. By focusing our resources on executing against this vision, we improved the overall experience of both our consumers and our Partners. In 2022, we continued to focus on the five core areas mentioned below.

### Vendor relationships

In 2022, we signed a significant new deal with the Sitel Group for outsourced customer service support. This provides us with lower costs, control and quality for our UK and Australian operations where we still need support with several low involvement processes.

### Organisational design

In the last quarter of 2022, we brought together the majority of our global customer service teams into one organisational structure with a single senior leadership in order to accelerate the pace of integration and best practice sharing across our markets.

### Sourcing strategy

In early 2022, we continued to create local employment opportunities and we completed our insourcing programme, allowing us to handle the more complex, value-adding work in-house. Insourcing more of the work has allowed us to get closer to the operational detail, which in turn has driven greater process improvements and internal efficiencies, as well as boosting stakeholder satisfaction. For example, in the UK we saw a large improvement in Customer Services satisfaction survey scores for Partners since we moved their calls to our

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Our Operations

new insourced agents. At the end of 2022, around 50% of our global Customer Service workforce was in-house, in line with 2021, which is less than we predicted a year ago. This is mainly due to reduced headcount requirements for certain tasks during the year and the absence of security measures to achieve the envisioned result. We are always assessing what the best country-specific solution is for Customer Services.

## Self-service and automation

With our Product and Technology team, we were able to roll out more efficient digital customer journeys in most of our major markets ensuring better internal alignment. We were able to reduce reliance on live channels, such as phone and chat, in favour of more efficient channels such as webforms and online self-service.

## Policy and process alignment

Over the course of 2022, we further focused on aligning the various processes and policies throughout the organisation. Although some progress was made in this area there is still much more to do. The complexity of aligning all markets to a single policy framework was higher than anticipated and required more technology resourcing than was planned. One of the areas in which we made significant progress in 2022 was the creation of a single Zendesk$^{3}$ instance for Australia, the UK and Ireland. When this work is completed in early 2023, it is expected to allow for quicker and more efficient policy and process changes in these markets.

We will continue to focus on ensuring our consumers and Partners have a great digital service experience by reviewing all our user flows and processes and working more closely with our Product UX specialists to optimise end-to-end consumer and Partner journeys.

$^{3}$ Zendesk is our contact workflow tool used by our in-house customer service agents.

![img-0.jpeg](img-0.jpeg)

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Our Operations

## Delivery is key to our business

Our Delivery business fuels the positive impact of network effects of our platforms. We achieve this by providing Delivery services to Partners who do not have their own delivery capabilities or to Partners who want to augment their delivery capabilities or range. This also allows consumers to enjoy a broader selection. It enhances our ability to acquire new consumers and encourages existing consumers to order more frequently. Order density plays a large role in network optimisation, creating opportunities for key initiatives such as pooling (one courier combining multiple Orders in one delivery round) to improve financial performance.

![img-1.jpeg](img-1.jpeg)

## Deploying the appropriate courier model

We operate a global Delivery network and offer Partners the choice to deliver food themselves or to use our couriers to deliver Orders, using the available courier model(s) for that particular market in line with local legislation. We invested heavily in our platforms to improve the experience, cost, and flexibility to operate such an extensive network and models.

Our employed courier model, generally in use in mainland Europe and Israel, provides couriers with valuable benefits, such as training, holiday pay, social security, insurance, pension, and sick leave. Equipped with branded merchandise, our couriers aid TOMA and help with new consumer acquisition.

Our independent contractor courier model is quickly scalable and provides couriers with flexibility on how and when they want to work. This model is currently operating in Australia, Canada, Ireland, New Zealand, Slovakia, United Kingdom, and the United States. In addition to our proprietary Delivery models, we also use third-party delivery companies or agencies in certain locations or markets, such as the Netherlands, the United Kingdom and France.

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Our Operations

## We are building towards one of the world's largest profitable Delivery networks

Leveraging technological strengths from different models, nurturing cities towards maturity in Order density, and making the Delivery process more efficient, aims to ensure Delivery will be a strong added-value pillar for us in the future.

We aim to improve profitability through a number of levers:

Revenue per Order:

- Increasing ATV: through upsell and brand partnerships
- Optimising consumer fees through dynamic pricing and marketing optimisation
- Improving yield though commission, Partner mix and value-added services

Courier cost per Order:

- Higher density leads to an optimised network
- Better utilisation through demand and capacity management and technological solutions. Our work on increasing pooled Orders is just one example of significant cost benefits
- Reduced Delivery times through technology and operational improvements

Overheads and operating expenditure:

- More automations with technology-enabled self-service for couriers, consumers and Partners
- Marketing efficiency: leveraging last-mile visibility to reduce marketing cost per Order
- Reduced overheads through back-end technology integration

## We continue to develop a safe work environment that is leading in the industry

In 2022, we continued the implementation of our hub fire prevention and response program for our employed couriers, with state-of-the-art fire cabinets and other safety measures. We provided protective equipment to all our employed couriers and further rolled out our principle of making helmets mandatory to wear for those on (e-)bikes, mopeds and motorcycles.

We implemented a severe weather framework, anticipating and responding to severe weather so that protective measures can be taken, or parts of the business can be closed. During periods of high temperatures, we supported our employed couriers by taking additional measures, such as distributing water bottles and additional breaks if they felt they needed hydrating or recovery. Moreover, several new trainings were introduced contributing to employed couriers' safety.

While we believe our measures are effective in supporting employment and working conditions, we currently cannot report on the results achieved by these measures. For more information on how we treat our employed couriers, reference is made to the 'Our People' chapter.

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“In 2022, we achieved significant operational improvements, leading to enhanced user experience and significant reductions in costs per Order”

- Jörg Gerbig, COO

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Just Eat Takeaway.com Annual Report 2022
Our Stakeholders

# Our Stakeholders

We have many stakeholders, directly and indirectly. Whatever we work on, we always have our consumers, our Partners, our people and our shareholders at heart.

Orders by consumer cohort, excluding the US (m)

![img-2.jpeg](img-2.jpeg)

Fig. 7. Orders by consumer cohort, excluding the US (m)

## Our consumers

Our consumers are at the heart of our business and we strive to give them an outstanding ordering experience every time.

We served 90 million Active Consumers in 2022 compared with 99 million Active Consumers in 2021. This decrease is the result of us coming out of two years of significant growth during the pandemic. Our goal is to give consumers a seamless ordering experience, from search to payment to fulfilment to post-order issue resolution. In doing so, we believe we will drive increased loyalty and Order frequency, as well as acquire new consumers to our platforms.

Our consumers are fundamentally loyal to our proposition, which combines famous brand names with their favourite local restaurants. Our Returning Active Consumer rate was 68% in 2022, from 67% in 2021, and the significant majority of our 984 million Orders was generated by existing consumers who placed their first order with us prior to 2022 (Fig.7).

Our strong brand awareness and large supply base continually attracts new consumers to our platforms. Our major partnership with UEFA, famous brand campaigns with celebrities such as Katy Perry, and our increased last-mile visibility from Delivery have supported new consumer acquisition.

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Our Stakeholders

## Our Partners

**In 2022, we aimed to attract more Partners to our platforms and to support them in running their businesses despite the challenging economic outlook.**

Since the start of 2022, we added more than 58 thousand net new Partners to our platforms, ending the year with 692 thousand Partners across our segments. In 2022, we have seen growth acceleration in our grocery and convenience vertical and sizeable growth in Delivery. For many of our new and existing Partners, our platforms and Delivery services have played a vital role in supporting them through another challenging year.

During 2022, we completed the implementation of our improved sales structure with focus on local execution and global sales excellence. We expanded our dedicated account management support to our strategic Partners and improved our ancillary revenue capabilities to support our Partners and improve the consumer experience. We further extended the dedicated sales excellence team to support the fast-growing sales force on executing against their goals. The convenience grocery partner team launched multiple key partnerships, providing continued unrivaled choice for our consumers.

We made significant progress in attracting popular branded restaurants to our platforms and entered a long-term global partnership with McDonald's. We are also proud to partner with 427 thousand local independent restaurants and convenience stores, who strive to build their businesses and realise their potential.

![img-3.jpeg](img-3.jpeg)

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Our Stakeholders

## Convenience groceries

We are rapidly scaling up our convenience grocery proposition, leveraging our market presence and our existing Delivery network to ensure this growth is sustainable. For us it is important to help our Partners in the right way and deploy the appropriate model for each market, using both owned express stores and Partner models with last-mile logistics.

In 2022, we expanded our dedicated convenience grocery team and signed thousands of Partners, including traditional grocers, convenience stores, bakeries and other specialists. In parallel, we entered into multiple pilot projects with grocery chains and started post-pilot roll-outs with several chains. We expanded our express store footprint in Canada and opened the first express pilot store in Berlin. We also piloted new verticals, such as non-food adjacencies in the Netherlands, to understand the potential, and we are dedicated to continuously create incremental value for our Partners.

## Our people

Over the course of 2022, we started to pivot towards profitability with people at the heart of the transition. As part of our goal of promoting employee engagement and wellbeing, our overall aim has been to build a strong competitive advantage by unleashing our people's potential and remaining an employer of choice. We focused on building a compelling employee experience and investing in leadership, training and development for our talent. We have also made strides towards optimising our operating model and improving our processes as part of the road to profitability in the coming years.

![img-4.jpeg](img-4.jpeg)

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Our Stakeholders

## Unleashing our people's potential

Developing and educating people is vital to stay at the cutting edge of innovation and maintaining our competitive advantage. Our goal is to create a continuous learning organisation with engaged people who develop themselves, resulting in more efficiency, agility, and winning business performance. We invested in a wide variety of talent initiatives, such as talent identification programmes, succession planning, a JET leadership development curriculum, performance-based bonus plans, share-based retention plans and learning.

Talent acquisition undeniably changed as we exited the period of the pandemic, which was characterised by accelerated hiring trends across Just Eat Takeaway.com. Our ongoing transition from growth to profitability has resulted in a substantial slow-down in hiring numbers and a shift towards achieving efficiency gains. In order to minimise the impact on our people, we implemented a temporary hiring pause, which allowed for natural attrition in our workforce.

In order to find the right critical talent, we invested in new tools to gain insights in our global talent and labour market, a process started in 2021.

## Investing in leadership, training and development

Leadership is key to unleashing our potential. Our new Just Eat Takeaway.com leadership profile was developed through close collaboration with our Management Board, senior management and the Inclusion, Diversity and Belonging ('ID&B') team. See the image below for a visual representation of our leadership profile.

By focusing on setting direction, self-awareness, taking initiative, empowering others and building connections, our leaders at all levels are equipped to continue building a fast-paced, inclusive, collaborative environment at Just Eat Takeaway.com. All our interventions are linked to our ID&B ambitions and cover, amongst others, inclusive hiring practices and dealing with unconscious bias. Reference is made to the 'Our Inclusion, Diversity and Belonging' chapter for more details.

![img-5.jpeg](img-5.jpeg)

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Our Stakeholders

## Becoming an employer of choice

We aim to provide a work environment that attracts, engages and retains the kind of great talent that matches our vision and values. To become an employer of choice, we defined our ‘Employer Value Proposition’, a framework that describes what makes Just Eat Takeaway.com unique as an employer and what we offer talent. We have brought this to life by telling authentic people stories and sharing their experiences within our employer brand strategy. Our #WeAreJET leadership podcast, blogs, office tours and diverse people videos all showcase Just Eat Takeaway.com’s culture and values.

This resulted in a significant increase in our followers on our social media and digital channels and in high online engagement by employees and followers alike. After surveying candidates who have applied to our jobs, more than half of the respondents say they are more positive about us as an employer after they researched us online.

## Building a compelling employee experience

From leadership skills to the day-to-day employee experience, we know that engaged employees are absorbed in - and enthusiastic about - their work. They find a greater sense of meaning in what they do, see a stronger connection between their strengths and their role, and put more energy into their performance. These positive behaviours make a great difference to Just Eat Takeaway.com.

To track our employee engagement, we send out engagement surveys twice a year. In 2022, our engagement score declined slightly compared with our score in 2021, but was still on par with the industry benchmark. We see this as a logical consequence of the overall macroeconomic circumstances, the hiring

pause and measures taken as part of our journey towards profitability. Feedback from the survey is analysed at both a local and global level, and managers create action plans at a team level to address opportunities for further engagement. Our people identified three key areas that are most important to them; wellbeing, hybrid working and our culture. We took the following additional measures, because we believe addressing these key areas is important for our policy to promote employee engagement and wellbeing.

### Wellbeing

If we help our people to take care of themselves, each other and the organisation, then everyone benefits. We launched a global, ‘one-stop’, digital wellbeing solution focused on empowering our people to create positive lifestyle changes through healthy habits, benefits navigation and care guidance with an external partner. In addition, we recruited and trained global wellbeing champions in all our offices and extended our ‘Employee Assistance Programme’ to cover all office-based employees. This gives our people a confidential hotline to wellbeing specialists.

### Hybrid working

In 2021 we started working on an impactful, long-term strategy for our future way of working. 2022 is our transitional year, in which we used a test-learn-adapt approach around hybrid working. Although we believe face-to-face interaction and collaboration are key to building a strong organisation and company culture, we support hybrid working. By offering hybrid working, combined with investing in great collaborative office spaces, we aim to make our people feel energised and cared for wherever they are working. Upon starting at Just Eat Takeaway.com, we offer new employees a one-time allowance so they can create a safe remote workstation. Employees are required to acknowledge this explicitly in our global HR system in order to work remotely.

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## Culture

Our culture is built on a set of core values: Lead, Deliver, Care. To safeguard that these values are embedded in our organisation, the following competencies associated with these values guide the kind of behaviour and attitude we expect from everyone at Just Eat Takeaway.com.

| Our values |  |  |
| --- | --- | --- |
| Lead | Deliver | Care |
| We lead in our markets, in our product and our service | We want to deliver more than we promise | We care for our consumers and Partners by understanding their needs |
| We lead the way in our technology solutions | We deliver the best food ordering experience for our consumers and Partners | We care for each other by listening and showing respect |
| We lead by example, create innovative and sustainable solutions, and act with integrity | We get things done by working hard and being hands-on | We care for society and our environment by striving to make a positive impact |

## Our road to profitability

Scalability is intrinsic to our business model and gives us a competitive advantage. By simplifying our operating model, we leverage our scale to ensure optimal resource allocation to our segments and countries. We continuously work on our organisation's effectiveness, standardisation of the organisational matrix structure, automation and on driving optimal sizing of local and central activities.

Making data-driven people decisions is a key aspect in improving our performance. In 2022 we increased our HR data quality and data accuracy by consolidating the HR analytics and reporting capabilities into one team, investing in advanced analytics tooling and by increasing the data literacy of the HR community so they can better support the organisation with data-driven people decision-making.

Our strategic shift and the challenging market dynamics in 2022 have included some difficult decisions about our organisation. In France, we reorganised both our office staff and our Delivery network and, in Norway, Portugal and Romania we discontinued our operations. Our top priority has been to support our employees and couriers through this transition. We have done the best we can to consider employees for other positions in the organisation or provided fair packages to transition them to careers outside Just Eat Takeaway.com. We believe this is a reflection of empowering our people, supporting employment and supporting working conditions.

## Our employed couriers

Throughout 2022, we continuously optimised our employed courier fleet. This resulted in a lower number of total employed couriers compared with our expectations as stated in our Annual Report 2021. With our employed courier model, we offer our employed couriers employment contracts with a base salary, social security, pension and insurances. In 2022, we continued to invest in our courier's employment conditions and safety standards, similar to previous years.

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Despite our ambition and efforts, parts of our courier workforce may be dissatisfied with the requirements of employment and we may not be able to avoid labour disputes, strikes or similar actions. Labour unions also give more attention to the food delivery industry. This may lead to the risk of conflicts and labour-related disputes with our employed couriers from time to time.

As described in our Code of Conduct, Just Eat Takeaway.com recognises and respects the value of legitimate employee representation and respects the right of our employees to join a union or establish a workers’ organisation in accordance with the applicable laws in each market. In 2022, we saw our couriers participating in demonstrations around working conditions. In some markets they followed the labour unions’ call to strike.

To continuously improve and safeguard our policy to support employment and working conditions, we launched an engagement survey amongst our employed couriers in 12 markets at the end of 2021. In addition, we set up channels to directly receive couriers’ feedback and suggestions for improvement and took the time to interview couriers that left the organisation to understand how we can improve. As a result, the survey showed most of our employed couriers to be very satisfied with their role, to enjoy aspects like flexible working while having job security, and to have a love for cycling. Virtually all of our couriers said they felt close to our brand and the majority felt satisfied with our health and safety advice.

For an overview of the average number of FTEs per department and per segment, reference is made to the notes ‘Order fulfilment costs’ and ‘Staff costs’ in the Consolidated financial statements.

## Our Shareholders

**We aim to maintain and further strengthen our reputation as a transparent, proactive and industry-leading organisation.**

### Engagement with shareholders

The shares of the Company are listed and traded on Euronext Amsterdam, its CDIs are listed and traded on the London Stock Exchange and, following the voluntary delisting from Nasdaq, its ADSs are quoted and traded on the OTC Markets via a sponsored Level I Programme.

The Management Board engages with shareholders at regular roadshows and conferences, and there are frequent meetings held with major shareholders, managed by the Investor Relations department. During the pandemic, our roadshows and meetings were mainly conducted virtually, so we were delighted that we could meet our shareholders and other stakeholders face-to-face again in 2022.

### Investor relations policy

We are committed to complying with applicable rules and regulations on fair disclosure to shareholders. The Company has a detailed communication programme in place to maintain proper communications with investors, shareholders and analysts. Communication events are available under the section ‘Investors’ on the corporate website https://www.justeattakeaway.com at the same time they are made available to analysts and investors.

Bilateral meetings with (potential) shareholders will not be held during the period from the first day of a quarter until the day of the results announcement of the preceding quarter. These periods generally cover approximately 10 weeks immediately prior to the first publication of Just Eat Takeaway.com’s annual

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results, approximately six weeks immediately prior to the first publication of Just Eat Takeaway.com's semi-annual results, and approximately three weeks immediately prior to the first publication of Just Eat Takeaway.com's quarterly trading updates, if applicable.

During these periods, the Company will also refrain from presenting at financial conferences, to retail investor audiences or in one-on-one meetings with shareholders. Exceptions may apply, for example if communication relates to factual clarifications of previously disclosed information.

The Company does not assess, comment upon, or correct, other than factually, any analyst report or valuation prior to publication. The Company is committed to helping investors and analysts become better acquainted with Just Eat Takeaway.com and its management, as well as maintaining a long-term relationship of trust with the investment community at large.

The policy regarding bilateral contacts with shareholders provides the principles upon which Investor Relations engages with shareholders and other market participants to provide this information. This policy can be found on the corporate website.

## Listing venues & indices

On 8 February 2022, the Company announced that it had progressed its review to determine optimal listing venues and decided to delist its ADSs from the Nasdaq Global Select Market. The last trading day of our ADSs on Nasdaq was 11 March 2022. Trading of its ADSs on the OTC Markets via a sponsored Level 1 began on 14 March 2022. The Company intends to deregister its ordinary shares under the US Securities Exchange Act in the first quarter of 2023.

On 7 October 2022, the Company completed its review and the Management Board and Supervisory Board considered that it is in the best interests of the Company, its shareholders and its other stakeholders as a whole, to transfer the listing of the Company's shares from the category of a 'Premium Listing (commercial company)' on the Official List of the Financial Conduct Authority ('Official List') to the category of a 'Standard Listing (shares)' on the Official List (the 'Proposed Transfer of Listing'). The Proposed Transfer of Listing was approved by the Extraordinary General Meeting ('EGM') on 18 November 2022 and the Transfer of Listing took effect on 19 December 2022.

The Company believed that its Euronext Amsterdam listing should remain the main listing venue for its investors, whilst a Premium Listing creates administrative burdens, increased complexity, and additional costs for both the Company and its shareholders. In addition, the Company is no longer assigned UK nationality by FTSE Russell and therefore does not benefit from inclusion in the FTSE UK Index Series, which is typically considered one of the key benefits of a Premium Listing compared with a Standard Listing.

The Company has been included in the AEX-Index on Euronext Amsterdam until 19 December 2022. Since then, the Company has been included in the AMX-Index.

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## Just Eat Takeaway.com N.V. share price performance

Since its listing in September 2016, the development of the share price of the Company on Euronext Amsterdam has been as follows:

On the basis of the total number of 215,966,059 issued ordinary shares, the market capitalisation as of 31 December 2022 was €4.3 billion.

### Data per share

Volume: x 1,000 shares

![img-0.jpeg](img-0.jpeg)

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Just Eat Takeaway.com Annual Report 2022
Our Stakeholders

## Shareholders with 3% or more interest

The Applicable Laws contain requirements regarding the disclosure of capital interests and voting rights in companies listed on Euronext Amsterdam and the London Stock Exchange and registered in the United States.

In accordance with the filing requirements, the percentages shown include both direct and indirect capital interests and voting rights, and both real and potential capital interest and voting rights. According to the register of the Netherlands Authority for the Financial Markets ('AFM') as of 16 February 2023, shareholders who have disclosed holdings exceeding the 3% threshold are as follows:

| Name | Date of Notification Obligation | Capital Interest | Voting Interest |
| --- | --- | --- | --- |
| J. Groen | 15 June 2021 | 7.24% | 7.24% |
| Caledonia (Private) Investments Pty Limited | 22 February 2022 | 6.25% | 6.25% |
| UBS Group AG | 30 December 2022 | 5.88% | 5.88% |
| S.A. Klarman | 13 October 2021 | 5.13% | 5.13% |
| Cat Rock Capital Management LP | 15 December 2022 | 4.94% | 4.94% |
| BlackRock Inc. | 16 January 2023 | 4.09% | 4.89% |
| Tempelton Global Advisors Limited | 11 October 2021 | 3.13% | 3.13% |
| JP Morgan Chase & Co | 03 February 2023 | 3.09% | 3.09% |
| Eminence Capital, LP | 09 February 2023 | 3.06% | 3.06% |

It is possible that the stated interests differ from the current interests of the relevant shareholder.

## Declaration of no objection from DNB

Takeaway.com Payments B.V. is a 100% indirect subsidiary of Just Eat Takeaway.com N.V. and is a payment service provider under supervision by the Dutch Central Bank ('DNB'). As a result, it is required to comply with rules applicable to payment service providers. One of these rules require each person to obtain a declaration of no objection from the DNB before it can hold, acquire or increase a holding of 10% or more of the shares and/or voting rights in the Company, and certain changes to such an interest may also require such a regulatory approval.

## Financial calendar 2023

Our financial calendar can be viewed on:

https://www.justeattakeaway.com/financial-calendar

## Contact

Shareholders, investors and analysts are invited to contact Investor Relations with any information requests they have:

Joris Wilton, Vice President Corporate Communications & Investor Relations
ir@justeattakeaway.com

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![img-1.jpeg](img-1.jpeg)

Just Eat Takeaway.com Annual Report 2022  
Our Inclusion, Diversity and Belonging

# Our Inclusion, Diversity and Belonging

With a global presence in 20 markets and employees from approximately 100 nationalities, ID&B is a key part of everything we do at Just Eat Takeaway.com. We have dedicated ourselves to creating and driving a global strategy and approach to ID&B to realise our core values of Lead, Deliver and Care for our people, Partners, consumers and shareholders. Our efforts are unified by our mission:

We are committed to living our values to create an inclusive culture, encouraging diversity of people and thinking, in which all employees and stakeholders feel they truly belong. We want to encourage one another to step into each other's world and to embrace new perspectives, continue to inspire innovation and to ultimately gain valuable insights that drive business results.

For ID&B to become a reality, everyone must play their part. That is why, at Just Eat Takeaway.com, we aim to embed ID&B in everything we do - from our product to our internal processes, to our external campaigns and sponsorships. Our strategy is grounded in three strategic pillars.

![img-2.jpeg](img-2.jpeg)

![img-3.jpeg](img-3.jpeg)

![img-4.jpeg](img-4.jpeg)

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## Lead by example to achieve our ID&B mission

We aim to share a clear narrative for everyone within Just Eat Takeaway.com - a mutual understanding of why we do it, where we stand, and our ambition of where we want to be. To achieve our mission of creating an inclusive culture together, we aim to lead by example and hold each other accountable.

### Supporting our leaders to commit to ID&B

A key area of focus in our ID&B strategy in 2022 was, and will remain, equipping our leaders and managers with the tools and information to play a key role in committing to and driving our mission. To achieve this, sessions were organised with our Management Board and senior leadership across our global functions, to support our leaders in becoming more aware of ID&B and its connection to leading our global organisation. We also embedded ID&B in our leadership profile and subsequent leadership learning programmes, such as our global 'Leadership in Fluctuating Times' programme for senior leaders. Early examples of what the leadership sessions lead to can be seen in the Product and Technology functions, where a "Product Inclusion Team" was set up. The team has, for example, added accessibility features in our consumer-facing apps.

### Gaining insights and monitoring progress

To gain clear insights into where we currently stand, we monitor the gender diversity of our workforce. As per 31 December 2022, 45.9% of our employees identify as female, 53.8% as male, and 0.3% as non-binary/other.

We strive to be a place that attracts diverse talent, with 44.5% of our new hires in 2022 identifying as female, 55.2% identifying as male and 0.3% identifying as non-binary/other. In terms of people-manager representation, 38.8% identify as

female, 61.1% as male, and 0.1% as non-binary/other. We recognise that gender diversity decreases as we go up the leadership chain. Amongst senior leadership, currently 34.7% identify as female.

To ensure all our employees can be their authentic selves at work, we have included ID&B themes in our bi-annual people survey for all non-courier employees. A total of 73.0% of our employees indicated that they feel they can express themselves openly at work, and 79.0% are favourable towards our global commitment to diversity. We will continue to use the survey for monitoring the results of our policy to embed ID&B in everything we do.

![img-5.jpeg](img-5.jpeg)

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![img-6.jpeg](img-6.jpeg)

We have also initiated the monitoring of the fairness of our processes, starting with compensation. This is to ensure that our employees are compensated fairly for doing the same job, regardless of gender. This is also known as the Equal Pay Gap, which is defined as the average pay gap between the genders for doing the same job in the same location. The Equal Pay Gap at Just Eat Takeaway.com is less than 2%, meaning male and female employees are paid, on average, equally in similar positions. Some difference in average pay is always expected due to differences in experience or performance.

We recognise that gaining insights is only the beginning of our journey and therefore we have not been able to implement safeguards or to report on the results of our ID&B strategy. Having these insights as our foundation will support the creation of and commitment to long-term ambitions for diversity at Just Eat Takeaway.com, and will help identify opportunities to drive ID&B initiatives in the future. We initially had the aim to set diversity ambitions and targets in 2022. However, our organisation focused on gaining insights on where we are, where we want to go, and building further internal alignment on this topic this year. We also recognise that diversity goes beyond gender and we are looking at how we can expand our diversity data collection.

## Deliver an inclusive environment

It is our ambition that the processes, policies and procedures at Just Eat Takeaway.com support all of our people, all of the time - both inside and outside our organisation. ID&B provides the capacity to innovate and better understand our consumers’ needs and it empowers our ability to retain and attract the best talent worldwide.

### Incorporating ID&B into our HR processes and policies

We launched several policies and guidelines to support our diverse workforce. For example, we provide support for teams across Just Eat Takeaway.com to collaborate in an inclusive way, such as shared guidelines for our HR teams and managers to support our people during Ramadan and other religious fasting periods (e.g. providing support for employees who work on shifts). To safeguard such policies, we implemented the Speak Up Hotline (refer to ‘Our Responsible Business and Sustainability Approach’) so that employees worldwide can report incidents, such as exclusion or discrimination.

### ID&B as core Just Eat Takeaway.com competencies

An essential part of creating an inclusive environment at Just Eat Takeaway.com is empowering our people to be part of our mission to grow and retain diverse talent across our organisation. To achieve this, embedding ID&B into our organisation is part of our defined core competencies frameworks, so that inclusive skills are part of the way we view performance at Just Eat Takeaway.com going forward.

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## Care for everyone’s story and belonging

We believe it is important that we are transparent about where we stand and what we can improve, and that we share these views both internally and externally. Sharing our ID&B story is an important part of what we are trying to achieve and ensures that our internal and external stakeholders join us on our journey.

### Keeping ID&B front of mind

We launched our Global Belonging Calendar, which is a calendar of significant events for different faiths, cultures and identities. The calendar helps us be mindful of these events, and we actively encourage our employees to wish each other well on these days and to avoid scheduling large meetings on these days. From remembering when it is PRIDE, to wishing people a “Eid Mubarak” as often as you wish them a “Merry Christmas”, it all helps our people to become more aware and create a more inclusive culture globally.

### Representation and dialogue through our employee resource groups

Our employee resource groups are safe spaces for our employees with similar identities and interests to connect with each other, share their experiences and make themselves heard. Also known as ‘Communities’, employees are open to join our Global Women in Tech, JET and Proud (LGBTQ+), Neurodiversity, and JET in Colour (Multicultural Diversity) Communities. We also launched our Parents & Carers and JETsetters (for relocators) communities in the past year. We meet with these communities regularly to hear their feedback. Moreover, we have connected our employee resource groups with sponsors from our senior leadership to drive leadership support and visibility, and, as an example, we now facilitate our employees with time outside of work to run and grow our employee resource groups globally.

### ID&B sponsorships and partnerships

We have been a proud partner of numerous events and organisations worldwide, using our distinguished brand to advocate openly for inclusion and diversity, and encouraging others to do the same. Through sponsorships of the UEFA Women’s EURO, the European Women in Tech summit, Black TechFest, and the British LGBT+ Awards, we want the world to know that our platforms are for everyone, and that we support awareness and celebration of diversity across the globe.

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# Our Responsible Business and Sustainability Approach

At Just Eat Takeaway.com, we believe that *being* a good business matters just as much as *doing* good business.

## Our framework to deliver

We have grouped our impact areas into three key pillars; planet, food, and people and society, and developed a clear framework of policies for measurable action under each. Our Responsible Business and Sustainability Framework addresses both the impact of our direct operations, as well as our ambition to influence the wider value chain towards positive change.

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# Three pillars for positive action

# Planet

![img-0.jpeg](img-0.jpeg)

# Food

![img-1.jpeg](img-1.jpeg)

# People and society

![img-2.jpeg](img-2.jpeg)

# Our control

![img-3.jpeg](img-3.jpeg)

Reducing our carbon footprint
Reducing impact of operational waste and travel

![img-4.jpeg](img-4.jpeg)

Responding to changing diets
Enabling choice and transparency

![img-5.jpeg](img-5.jpeg)

Empowering our people
Supporting employment and working conditions
Embedding Inclusion, diversity and belonging
Promoting employee engagement and wellness

# Our influence

Reducing the impact of packaging and market place delivery

Fighting food waste and food poverty

Supporting local communities

7 AFFORDABLE AND CLEAN ENERGY

12 RESPONSIBLE CONSUMPTION AND PRODUCTION

13 CLIMATE ACTION

2 ZERO HUNGER

3 GOOD HEALTH AND WELL-BEING

9 INDUSTRY, INNOVATION AND INFRASTRUCTURE

12 RESPONSIBLE CONSUMPTION AND PRODUCTION

13 CLIMATE ACTION

17 PARTNERSHIPS FOR THE GOALS

2 ZERO HUNGER

4 QUALITY EDUCATION

5 GENDER EQUALITY

8 DECENT WORK AND ECONOMIC GROWTH

10 REDUCED INEQUALITIES

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The various initiatives we have undertaken under this framework in 2022 are described in the section 'Driving meaningful change through the value chain'.

Below is a non-exhaustive overview of key areas of progress in 2022:

- We achieved a first-time Carbon Disclosure Project ('CDP') score of C, which indicates awareness-level engagement.
- We received an AA rating from MSCI, one of the most respected environmental, social and governance ('ESG') indices in the industry (an improvement from our previous score of A).
- We covered almost 51,000 m2 of floor area by renewable electricity contracts, which is 23% of our office and hub spaces, supporting our scope 1 and 2 net zero target.
- Through our employed Delivery model, which uses a more sustainable vehicle mode mix, we avoided 49 thousand tonnes of CO2 emissions, exceeding our projected goal of 43 thousand tonnes for 2022. Reference is made to the section on 'scope 3: Reducing Delivery emissions'.
- We leveraged our scale to influence the wider value chain via initiatives linked to our strategy framework, including launching the restaurant sustainability guide, expansion of our branded packaging range and continued support of our communities.

We recognise the growing concern around climate change and the expectation of our stakeholders to assess and disclose climate-related risks and opportunities. We are in the process of conducting a qualitative and quantitative risk assessment over a long-term horizon as well as a qualitative and quantitative scenario analysis to understand the impact of climate-related risks and opportunities on the business, strategy and financial planning. The potential financial impact on our Consolidated financial statements will also be assessed in more detail as part of the scenario analysis. Lastly, we are developing a more detailed transition plan for our road to net zero by 2030 with intermediary targets. As part of this process, we continue to review, revise and (further) develop our environmental policies, safeguards and KPIs.

We will update our stakeholders on our progress in the next Annual Report.

## Measuring the carbon footprint of our marketplace

Last year, we calculated our carbon footprint for the first time. As accuracy and transparency of our impact are vital to setting the right direction, we have reassessed our carbon footprint calculation and verified the calculations using an external partner4. We made our carbon footprint calculations more robust by including updated emission factors and following best practice guidelines of the Greenhouse Gas ('GHG') Protocol, increasing the scope to capture emissions associated with marketing spend and upstream emissions5.

Our revised carbon footprint in 2020 came to 6 thousand tonnes scope 1 and 2 carbon equivalent ('CO2e')6 and 540 thousand tonnes scope 3 CO2e, compared with 11 thousand tonnes scope 1 and 2 CO2e and 788 thousand tonnes scope 3 CO2e in 2021. To ensure that our carbon footprint is accurate and in line with the Greenhouse Gas Protocol, an external partner7 conducted a verification following the requirements of ISO 14064-3: 2019, covering scope 1-3 emissions for all categories that were material for us. The full breakdown of our carbon emissions can be found in our CDP report on the corporate website.

As per 31 December 2022, the latest data available for scope 1, 2 and 3 GHG emissions relates to the year ended 31 December 2021. We aim to align our data collation, reporting and verification processes with our Annual Report timetable.

4 3Keel

5 The total 2020 baseline as reported in the Annual Report 2021 amounts to 5,915 CO2e for scope 1-2 and 366,232 CO2e for scope 3. This excludes emissions resulting from Food.

6 Carbon equivalent (CO2e) is used as a standard unit to measure greenhouse gases in line with the Greenhouse Gas Protocol.

7 SGS UK Ltd

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## Our 2021 carbon footprint

Our direct emissions (GHG scopes 1 and 2), as shown in the chart below, were 6,622 and 4,264 tonnes of CO2e respectively, comprising emissions from all of our facilities, travel from our corporate car fleet as well as fuel and electricity used for Delivery via our employed courier model.

Our indirect emissions (GHG scope 3), comprising goods, services, business travel and Delivery, were 788,132 tonnes of CO2e. Looking at all of our emissions, including our supply chain, our scope 1-3 footprint was 799,018 tonnes of CO2e.

![img-6.jpeg](img-6.jpeg)

Fig. 8. Scope 1-2 emissions

| Scope 1 | 2020 footprint 2 | 2021 footprint | Increase / (decrease) |
| --- | --- | --- | --- |
| Scope 1 | 3,876 | 6,622 |  |
| Scope 2 | 2,197 | 4,264 |  |
| Subtotal tonnes of CO2e scope 1-2 | 6,073 | 10,886 | 79% |
| Scope 3 3 | 539,638 | 788,132 |  |
| Total tonnes of CO2e scope 1-3 | 545,711 | 799,018 | 46% |
| Total tonnes of CO2e per 100 thousand Orders | 66.88 | 73.57 | 10% |
| Total tonnes of CO2e per sqm floor area | 4.63 | 3.60 | (22)% |

$^{1}$ Scopes 1-3 as defined by the Greenhouse Gas Protocol

$^{2}$ Represents our adjusted baseline, which includes emissions from iFood and the updated calculation methods mentioned above

$^{3}$ In relation to our scope 3 emissions, categories 1-7, 11 and 15 were included because they are considered material to the business

Against this revised 2020 baseline, our 2021 carbon footprint came to 799 thousand tonnes of CO2e, representing a 46% increase year-on-year. This increase was largely driven by an increase in total Orders and, more specifically, an increase in Delivery Orders in 2021, which was partially caused by tailwinds in consumer demand due to lockdowns in some countries.

For the purposes of baselining and ongoing comparison, we expressed emissions using a carbon intensity metric of Orders and floor area. The increase in our carbon footprint was forecasted in line with expected Order growth of 2021. Since Delivery emissions make up the largest proportion of our carbon footprint, it is positive to see that Delivery emissions in 2021 grew slower than Delivery Orders. This was only possible because the Orders delivered with our employed courier model, which uses a more sustainable vehicle mode mix, more than doubled in 2021.

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## Driving meaningful change through the value chain

To drive meaningful change throughout the value chain, we are more actively engaging our Partners, consumers and suppliers on our journey. Some examples include:

- To support our Partners, we have rolled out a sustainability guide, first in the UK, to help them transition to a lower carbon future. It contains recommendations ranging from incorporating plant-based dishes on menus, to sustainable sourcing and optimising energy consumption.
- To engage our consumers, we have launched consumer-facing websites in 11 markets, which contain up-to-date information on our framework and various initiatives across our three pillars. The landing pages give us the opportunity to inform but also inspire our consumers across topics such as packaging, food waste and dietary choices.

A further description of the status of our framework is described below.

### Planet

We are committed to reducing the carbon footprint of our direct operations, as well as collaborating to reduce the impact of operational waste and travel, including reducing Delivery emissions, single-use packaging and waste across our broader marketplace.

#### Scope 1 and 2: our road to net zero

To further reduce our scope 1 and 2 emissions, we have focused on upgrading our facilities across the world. We continue to focus on sourcing green energy and optimising heating and cooling systems. We rolled out a set of sustainability guidelines for our facilities to ensure that they are aligned to our 2030 net zero target. In 2021, we had almost 51,000 m2 of floor area covered by renewable electricity contracts, which is 23% of our office and hub spaces, and we

estimated that 63% of our office waste was recycled or composed. Separately, we are continuing to explore opportunities for transitioning 100% of our corporate and sales car fleet to electric vehicles by 2030.

We are developing a more detailed transition plan for our road to net zero by 2030 with intermediary targets, which will allow us to report on progress made. In our 2022 Annual Report we are therefore not yet able to report on progress made.

#### Scope 3: reducing Delivery emissions

Reducing scope 3 emissions is a major focus as there is the opportunity to use our scale and share our learnings beyond our own Delivery network. Therefore, we are exploring how we can set an achievable pledge to reduce our scope 3 emissions. Setting a target for our scope 3 emissions is, however, far more complex than scopes 1 and 2 as we have limited control over our suppliers.

Most of our Delivery emissions come from markets where we use independent contractors for Delivery. Due to weather conditions and longer distances travelled, independent contractors use predominantly petrol-powered cars. These cars are owned by the contractors and are often used for a variety of other purposes in addition to food Delivery, making it more difficult to influence the transition to lower emissions alternatives.

Where we use our employed courier model, it gives us greater control over our impact on the environment, as we use a sustainable vehicle mode mix, consisting of bicycles, e-bicycles and some e-scooters. Compared with a typical petrol-powered delivery model, our own Delivery model has an emission intensity up to nine times lower, depending on the market. In 2021, as a result of this lower emission intensity, we achieved 49 thousand tonnes of CO2e avoided emissions via our employed courier model. As such, we exceeded our goal of 43 thousand tonnes of CO2e avoided emissions, as 76% of Orders delivered by our employed courier model were delivered by bicycle or e-bicycle.

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Besides the vehicle mix, we are also exploring other ways to reduce impact, such as Order pooling and improving route efficiencies.

### Developing sustainable packaging solutions

When it comes to our branded packaging, we apply the highest sustainability standards. We are proud to report that our branded packaging is free from plastic or bioplastic$^{9}$ and screened against a list of 64 harmful chemicals. Only packaging that meet these requirements are included in our range. The branded packaging range is available for Partners to purchase on our Partner web shops in 16 of our markets.

After a successful trial in the UK last year, we rolled out the seaweed-coated packaging ‘Notpla’ across our Partner shops in six of our markets, and introduced Notpla packaging in our partnership with UEFA to reach football fans during the UEFA Women’s EURO 2022 final. In 2022, we sold more than 670 thousand packaging containers. Notpla won the prestigious 2022 Earthshot Prize in the ‘Building a Waste Free World’ category, receiving a grant of £1 million. The Earthshot Prize is designed to find and grow the solutions that will repair our planet this decade. Our collaboration with Notpla to test, learn and scale their packaging innovation was a key part of the submission for the award.

We have also extended our reusable trials in Switzerland and Austria, and from these trials have been able to gather several valuable insights. These include the role that legislation will play in encouraging the adoption of more reusable packaging options. One example of this is in Germany where, considering upcoming legislation in 2023, we have expanded our partnerships with three reusable providers. There are now more than 900 Partners on our platforms that offer reusable packaging.

## Food

With food production and consumption representing 80% of the wider value chain, we know that we have a vital role to play in reducing food waste, tackling food poverty, responding to changing diets and enabling choices and transparency.

### Responding to changing diets and enabling choice and transparency

Consumers are now looking for healthier and more sustainable options. For example, 40% of global consumers deliberately consume meat less frequently. To respond to these changing preferences, we are committed to enhancing the visibility of sustainable alternatives on our platforms and enable Partners and consumers to make more informed choices. In January 2022, we ran our second Veganuary campaign across 15 countries, where we promoted Partners that offer plant-based alternatives. Through our email campaign and influencer activity, we reached 22 million consumers globally.

### Reducing Food Waste

Following the success of the Food Waste Race in the UK, we extended the study to three other markets. Based on the results of the study, consumers are looking for tips and tricks on how to safely store and reheat leftovers and for inspiration on how to reuse leftovers the next day. To build on these insights, we launched a global food waste banner in our app, leading to a landing page with tips and inspiration. This banner was sent to 35 million consumers across 11 markets.

In Canada, we launched a Do-Good Deal trial program to repurpose and redistribute excess food and help our Partners reduce costs associated with excess inventory. Partners were able to offer an end-of-night Do-Good Deal to consumers as an add-on to the existing Order. The trial started in December and will run over a period of 12 weeks with around 50 Partners.

$^{9}$ in line with EU Single Use Plastics definition

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## Tackling Food Poverty

We have been running several initiatives across our markets to act against food poverty. Some of the key initiatives are listed below:

- In Canada, our annual Winter Charity campaign saw us donate $1 to Food Banks Canada for every Order placed on Giving Tuesday, in addition to a matching donation. Through our Food for Thought campaign, we also partner with Mealshare, an award-winning social enterprise working to end youth hunger in our lifetime. In 2022, this resulted in over $446 thousand in donations, more than 1 million meals donated to local food banks and over 46 thousand meals provided to youth in need.
- In the US, the Grubhub Community Fund, with the support of consumers through the Donate the Change program, has provided more than 525 thousand meals and 2.5 million pounds of food to individuals and families experiencing food insecurity.
- In the UK, the Just Eat Winter Meal Appeal raised enough funds to provide at least 700 thousand hot meals to those facing the threat of homelessness and hunger. We committed to a donation of £250 thousand and encouraged consumers and employees to either donate, fundraise, or volunteer. All funds were donated to charities Social Bite and FoodCycle.

## People and society

For us, acting ethically is critical to building trust with society, and supporting an organisational culture that fosters ethical behaviour is a critical element of our governance and strategy. In every market in which we operate, we follow high ethical behaviour standards. This year, we solidified our commitment to empowering and supporting our people and their working conditions, as well as the local communities in which we operate.

## Ethics and business conduct

To ensure that we meet our commitment, we have our Code of Conduct, Speak-Up Policy and Anti Bribery and Corruption Policy in place. For more information on promoting employee engagement and wellbeing, reference is made to the chapter 'Our People'. For more information on ID&B, reference is made to the chapter 'Our Inclusion, Diversity and Belonging'.

### Code of Conduct

Our Code of Conduct sets out our commitment to being an ethical and responsible business, and the key principles that individuals acting for us or on behalf of us need to observe. Any breach could have consequences, which is clearly stated in our Code of Conduct. Our Code of Conduct covers social and employee areas such as socially unacceptable behaviour, safe working conditions, ethical working practices, respect for human rights, bribery, fraud, modern slavery and sustainability. Additionally, our Code of Conduct also emphasises our position on bribery and corruption and that, unless gifts or favours to employees are legitimate and contribute to our business (within approved guidelines), all other direct or indirect offers, solicitation or acceptance of payments in order to obtain a commercial advantage are prohibited. To ensure all of our employees know how our Code of Conduct applies, training was rolled out last year to all employees (with an 80.9% completion rate) and was included in every new joiner's onboarding pack. Our Code of Conduct is publicly accessible through our corporate website.

### Our Speak-Up Policy

We support and encourage people to speak up and report any concerns about misconduct, conduct that may be illegal or inappropriate, or that which is in any way in breach of our Code of Conduct. All reports of business conduct concerns are treated confidentially, and any kind of retaliation against people who speak up, raise a concern, or co-operate with an investigation is not acceptable. All forms of retaliation are considered misconduct and grounds for disciplinary

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action. Our Speak-Up Policy is publicly accessible through our corporate website.

# Anti Bribery and Corruption Policy

We continue our commitment to fighting against bribery and corruption. This is embodied in our Code of Conduct and our Anti Bribery and Corruption Policy ('ABC Policy') and related procedures. As part of this commitment, we prohibit authorising, offering, giving or promising anything of value directly or indirectly to anyone to influence them in their role, or to encourage them to perform their work disloyally or otherwise improperly. We also prohibit payments or facilitation payments to government officials, and require our employees to preclear any gifts or hospitality given or received in excess of predefined thresholds. Disciplinary action may follow from a breach of these requirements. All activities that potentially involve higher exposure to corruption risk have been identified through risk assessments led by the Ethics and Compliance department. We performed face-to-face (virtual) anti bribery and corruption and gifts and hospitality training to key roles.

Although we are occasionally confronted with less desirable behaviour, such as fraud, we consider the above-mentioned safeguards to be effective. We aim to address such behaviour effectively, appropriately and securely, for instance by ensuring new or revised policies, procedures or safeguards are put into place to mitigate such occurrences in the future.

# Supporting local communities

We take any situation that affects our people, Partners and/or communities very seriously. In response to the Russian invasion of Ukraine, we launched a JET-wide initiative to support those in need of humanitarian aid in Ukraine and neighbouring countries. Together with our consumers and employees, we donated €2 million globally to charities including The United Nations High Commissioner for Refugees, the United Nations Refugee Agency, and World Central Kitchen, to provide critical aid to those affected.

We ran multiple initiatives to support our local communities in 2022. Below are some examples from our markets that are part of the more than €20 million donated during the year:

- In the US, the Grubhub Community Fund with the support of consumers through the Donate the Change program, awarded $21.4 million in grants to nonprofits. From this fund, $9 million was donated to independent Partners and $200 thousand to couriers working to create meaningful change in their communities. Reference is also made to the section 'Tackling food poverty'.
- In Ireland, we launched a Winter Charity Campaign, at the end of November in aid of our long-standing charity partner Peter McVerry Trust. The campaign has been set up to fight homelessness across Ireland. We committed to a €50 thousand donation and encouraged our consumers nationwide to donate €1, €3 or €5 at checkout on our platform. While the campaign continues in January, we already raised over €90 thousand consumer donations in November and December enabling us to donate more than €140 thousand to our charity partner.
- In the Netherlands we supported a multi-day fundraising initiative hosted by Radio 538, a Dutch radio network. This year, 'Mission 538' supported the Princess Maxima Center for children's oncology. On Wednesday 21 December, we donated €1 for every Order made. In total we raised €150 thousand for this cause.

We currently do not have a safeguard in place on supporting local communities in a structured way on a global level. However, we are exploring the manner in which we can set this up to ensure our commitment to responding to ongoing and ad hoc crises. We will update our stakeholders on our progress in the next Annual Report.

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## Responsible tax strategy

We manage our tax position in line with our business operations, and our position reflects our corporate strategy, taking into account relevant international guidelines, such as the OECD Guidelines for Multinational Enterprises. Being a responsible tax payer also means that our tax planning takes long-term considerations into account and weighs up all stakeholders' interests. We are aware that our business, including our approach to tax, has an impact on society. Therefore, we have a set of principles we apply to our business in dealing with our tax affairs. Our tax strategy and principles are publicly accessible through our corporate website.

## Reporting and benchmarking

We reported our environmental impacts via CDP - a not-for-profit charity that runs the global disclosure system. We achieved a first-time score of C, which indicates having knowledge of the Company's impact on climate issues. CDP's processes ensure that our calculations are independently checked and disclosed in a way that is useful for our business, and for investors and other stakeholders to track our progress.

This year, Just Eat Takeaway.com received an AA rating from MSCI, an assessment designed to measure a company's resilience to long-term ESG risks.

## EU Taxonomy

In accordance with Applicable Laws, the Company is subject to the obligation to disclose the proportion of its turnover, its capital expenditures, and operating expenditure that is eligible under the EU Taxonomy. The EU Taxonomy stipulates which activities can be labelled as 'green' or 'sustainable', that substantially

contribute to one or more of six environmental objectives. As of 31 December 2022, only two of the six environmental objectives, being climate change mitigation and climate change adaption, are adopted and have been assessed for this Annual Report.

The Company needs to identify if its activities are eligible under the EU Taxonomy. As of 1 January 2022, we are also required to determine which eligible activities, in relation to the two objectives, climate change mitigation and climate change adaption, are Taxonomy-aligned. The EU Taxonomy also sets out three conditions that an eligible economic activity must meet to be recognised as Taxonomy-aligned:

- making a substantial contribution to at least one environmental objective;
- doing no significant harm to any other environmental objective;
- complying with minimum safeguards.

Our main activity is NACE I56.10 - Restaurants and mobile food service activities. As this activity is currently not described in the EU Taxonomy, turnover, capital expenditure and operating expenditure related to this activity can be classified as EU Taxonomy-non-eligible. The next paragraphs shortly describe our eligibility assessment.

## Turnover eligibility and alignment assessment

The turnover Key Performance Indicator ('KPI') is calculated by the proportion of the revenue derived from products or services that are EU Taxonomy-eligible. Just Eat Takeaway.com's total revenue is classified as either Order-driven or ancillary revenue, as described in Note 4 of the Consolidated financial statements. Order-driven revenue is earned from Partners and consumers, and primarily includes commission fees and consumer Delivery fees which are charged on a per-Order basis. Ancillary revenue consists of any other revenue, including sale of merchandise, Promoted Placement fees which are not earned on a per-Order basis, and subscription fees.

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We have assessed the eligibility of these revenue streams and concluded that none of the revenue streams are eligible under the EU Taxonomy environmental objectives, climate change mitigation and climate change adaption. Although part of the revenues arising from Delivery services are generated using bicycles, e-bicycles and e-scooters, there is not an explicit reference in the EU Taxonomy to Delivery services, nor does it meet the specific description of other activities listed therein. Hence, it is considered that consumer Delivery fees are not eligible under the EU Taxonomy and the proportion for EU Taxonomy-eligible turnover amounts to nil. Since none of our activities are considered eligible, no alignment assessment has been carried out and EU Taxonomy-aligned turnover amounts to nil.

### Capital and operating expenditure eligibility and alignment assessment

To assess the proportion of EU Taxonomy-eligible capital and operating expenditure, we have identified the line items in the Consolidated financial statements that correspond to the definition of capital and operating expenditure under the EU Taxonomy. The line items have been assessed against the EU Taxonomy-eligible economic activities under the environmental objectives, climate change mitigation and climate change adaption.

Total capital expenditure, the denominator as defined in the EU Taxonomy, amounts to €201 million for 2022. Based on our capital expenditure assessment, the EU Taxonomy-eligible activities are less than 1% of total capital expenditure and are not related to our main assets, mainly intangible assets. They are regarded as not material for 2022 and the percentage for EU Taxonomy-eligible capital expenditure is reported as nil.

Total operating expenditure, the denominator as defined in the EU Taxonomy, amounts to €57 million for 2022. Since this represents less than 1% of our total expenses, we do not consider total operating expenditure (the denominator) material for our business model. We did not include expenditure related to low

value leases in the assessment, in line with prior year, as low value leases are not explicitly part of the definition of operating expenditure in the EU Taxonomy.

Since none of our activities are considered eligible, no alignment assessment has been carried out and EU Taxonomy-aligned capital and operating expenditure is reported as nil. We elected to not use the tabular format included in Annex II of the regulation as our eligible and aligned activities are nil. Should eligible turnover, operating expenditure or capital expenditure become material, we will disclose this in the specified table.

### Task Force on Climate-Related Financial Disclosures

We recognise the growing concern around climate change and the expectation of our stakeholders to assess and disclose climate-related risks and opportunities. This section explains our approach to climate change, along the structure of the Task Force on Climate-Related Financial Disclosures ('TCFD') recommendations.

By including climate-related financial disclosures partially consistent with the TCFD recommendations, we comply with the requirements of Listing Rule 14 of the Financial Conduct Authority, except for the following matters:

- Disclosure "strategy a": we are in the process of conducting a qualitative and quantitative risk assessment over a long-term horizon.
- Disclosure "strategy b and c": we will be conducting a qualitative scenario analysis in relation to our long-term risk assessment, followed by a quantitative scenario analysis, in the next 12 months in order to understand the impact of climate-related risks and opportunities on the business, strategy and financial planning. The potential financial impact on our Consolidated financial statements will also be assessed in more detail as part of the scenario analysis.
- Disclosure "metrics and targets a": we will consider which other cross-industry climate related metrics are relevant.

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- Disclosure “metrics and targets b”: as per 31 December 2022, the latest data available for scope 1, 2 and 3 GHG emissions relates to the year ended 31 December 2021. We aim to align our data collation, reporting and verification processes with our Annual Report timetable.
- Disclosure “metrics and targets c”: we are developing a more detailed transition plan for our road to net zero by 2030 with intermediary targets.

We aim to update our stakeholders in relation to the above mentioned recommended disclosures in the next Annual Report. Full consistency with the 11 recommended disclosures is expected in the 2024 Annual Report.

## Governance

The Management Board plays a central role in governing the Company’s approach to climate-related issues. The Management Board guides, reviews and prioritises risks and opportunities, including those related to climate change. Furthermore, they have the responsibility to review and approve climate-related targets and initiatives, including measuring our carbon footprint and setting emission reduction targets, and review progress on plans as required. As part of the annual risk assessment process, climate-related risks and opportunities were discussed with members of senior management and the Management Board. For more information on our overall governance, reference is made to ‘Our Governance Report’.

Our Chief Marketing Officer is the sponsor for sustainability and receives monthly updates on the Responsible Business and Sustainability Framework from the Senior Director of Global Partnerships, Sponsorships and Sustainability. Our Chief Marketing Officer reports directly into our Management Board. The Senior Director of Global Partnerships, Sponsorships and Sustainability leads the global Responsible Business and Sustainability team, which has the day-to-day responsibility to monitor climate-related issues and ensure progress is being made on the priority areas, as outlined in the Responsible Business and Sustainability Framework.

![img-0.jpeg](img-0.jpeg)

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## Strategy

We have conducted our annual internal climate-specific qualitative risk assessment with involvement from the Responsible Business and Sustainability team, and subsequent review from the Management Board. We considered

various types of risks and opportunities related to climate change, including regulatory, technological, legal, market, reputation and physical risks, taking a short (< one year) and medium (one to five years) time horizon into account.

The key risks and opportunities identified in this assessment include:

| Risk or opportunity | Description | Type | Time horizon |
| --- | --- | --- | --- |
| Carbon Tax | The introduction of carbon tax legislation could financially impact our business. | Transitional risk | Medium-term |
| No Car Zones | The introduction of 'no car zone' regulations that would limit the delivery by certain vehicle types could negatively impact our couriers. | Transitional risk | Medium-term |
| Circular Economy | The introduction of circular economy and plastic regulation could financially impact our Partners and hence our overall business. | Transitional risk | Medium-term |
| Changing customer behaviour | Changing customer behaviour such as trends towards veganism and/or the preference against ordering takeaway food for sustainability reasons (waste, emissions). | Transitional risk | Medium-term |
| Extreme weather events | Increased frequency and severity of extreme weather events (e.g. wildfires, cyclones, hurricanes, floods) may have a negative impact on (i) our couriers' ability to deliver Orders safely and (ii) disruption to food supply chains (crops and delivery channels). | Physical risk | Medium-term |
| Supply Chain | Affiliation with any third-party, entity or individual (i.e. business partners, agents, vendors) that does not comply with ESG regulations or standards defined by us exposes our organisation to reputational, continuity and legal risk. | Transitional risk | Medium-term |
| Sustainable delivery | Use of new (lower emission) technologies such as e-bicycles and e-scooters for our logistics operations will reduce our carbon footprint, have a positive impact on our reputation and positively navigate potential 'no car zone' legislation and low emission zones. | Opportunity | Medium-term |
| Circular Packaging | We have an opportunity to promote circular packaging solutions to our Partners to support them in managing emerging circular economy legislation obligations. | Opportunity | Medium-term |
| Sustainable facilities | Use of more efficient energy in buildings and relocation to more efficient buildings will reduce our carbon footprint and have a positive impact on our reputation, as well as a reduction in energy costs / (future) financial obligations of a carbon tax. | Opportunity | Medium-term |

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We will continue to review the impact of climate-related risks on a regular basis. Should the priorities shift towards high to critical strategic risks to the Company in the future, this will be reported to the Management Board for further discussion and approval. We will continue updating the assessment on an annual basis, or more regularly if we identify new risks and opportunities that need to be prioritised in the future. Please find more detailed information on these risks and opportunities within the previous section ‘Our framework to deliver’.

We are currently in the process of conducting a qualitative risk assessment over a long-term time horizon, a climate-related scenario analysis and a quantitative risk analysis to guide us in our strategic decision-making. We will update our stakeholders on the analysis in the next Annual Report.

Understanding the importance of taking greater action to tackle climate change, we have adopted a target for our direct operations to be net zero in scope 1 and 2 emissions by 2030 and we are in the process of developing a detailed transition plan to meet this target.

## Risk Management

Our process for identifying and assessing climate-related risks and opportunities follows our organisation-wide Enterprise Risk Management (‘ERM’) process, with an internal climate-specific qualitative risk assessment covering our direct operations (scope 1 and 2), as well as upstream and downstream activities (scope 3). Please find more detailed information on how we manage risks in the ‘Risk Management’ section.

The internal climate-specific qualitative risk assessment was carried out in line with our global ERM methodology (including discussions with the Management Board about climate risk). We concluded that these risks and opportunities did not present high to critical strategic risks to the Company in the short or medium term. In line with this conclusion, we determined that climate-related risks and uncertainties do not have a material impact on our significant judgments and estimates and the amounts recognised in the Consolidated financial statements. Reference is made to Note 2 of the Consolidated financial statements.

As we undergo the climate scenario analysis and better understand the impacts on our business, we will review climate risk as a topic and consider how to further integrate it into our global ERM process.

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## Metrics and Targets

Our target of net zero by 2030, set in October 2021, covers our scope 1 and 2 emissions which are the metrics we use to assess our climate-related risks and opportunities, as identified in the strategy section above. The variable remuneration of the Management Board under the LTIP 2021-2024 and LTIP 2022-2025 partially depends on the achievement of this strategic target.

The business growth we saw in 2021 (33% Order growth) meant that our scope 1 and 2 emissions continued to grow. We leased 89% more office and hub floor spaces compared with 2020 and at the same time, made progress towards our net zero target. We also rolled out a set of sustainability guidelines for our facilities to ensure that all facilities align themselves to the net zero target. Furthermore, we focused our efforts on switching electricity contracts for our facilities to renewable, either directly or by collaborating with the landlords. A total of 23% of the floor areas of our facilities were powered by 100% renewable electricity in 2021 (including hubs and offices). We had 50 additional hubs connected in 2021 but the electricity emissions from hub electricity use decreased by 10%. In our transition plan we intend to describe in more detail how we plan to progress further to meet our net zero target.

For the purposes of baselining and ongoing comparison, we expressed emissions using a carbon intensity metric. The comparison intensity metrics used are Orders and floor area. We have chosen to report against these two metrics to reflect the changing nature of the business and to allow comparison with others. Our baseline intensity factor is 66.88 tCO2/100 thousand Orders and 4.63 tCO2/sqm in 2020. In 2021 the emission intensity factor for Orders was 73.57 tCO2/100 thousand Orders, a 10% increase compared with 2020. The emission intensity factor for floor area was 3.60 tCO2/sqm in 2021, a 22% decrease compared with 2020.

We will continue to work on identifying opportunities to reduce our scope 3 emissions and how we could set a credible and achievable target.

Please find more information on our scope 1, 2 and 3 emissions and our net zero target respectively in the paragraphs ‘Measuring the carbon footprint of our marketplace’ and ‘Planet’.

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![img-1.jpeg](img-1.jpeg)

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# Our Performance in 2022

In 2022, we continued to focus on executing our strategy to build and operate a highly profitable food delivery business. Driven by a wide range of initiatives, our road to profitability accelerated significantly, resulting in us delivering positive Adjusted EBITDA in 2022.

After a period of significant investment following the merger and the pandemic, our business is now twice as large as it was pre-pandemic in terms of GTV. We processed 984 million Orders in 2022, a decrease of 102 million compared with 2021. In 2022, we generated €28.2 billion in GTV, which is in line with 2021 with the pandemic continuing to affect the year-on-year comparison. Our revenue increased to €5.6 billion in 2022, representing a growth rate of 4% compared with 2021, driven by a higher ATV and optimised pricing. Additionally, we increased our adjusted revenue less Order fulfillment costs by 24% to €2.4 billion in 2022, through the improved Delivery efficiency and the revenue growth, as mentioned earlier.

As a result of the accelerated road to profitability, we delivered Adjusted EBITDA of €19 million in 2022 compared with minus €350 million in 2021.

We continued expanding our Partner supply base and strengthened our on-demand grocery delivery proposition, with many partnerships announced in 2022 and a footprint that now stretches to over 32 thousand grocery locations across our markets.

Below we explain how the developments in our KPIs contributed to our results in 2022. Due to rounding, amounts in the tables may not add up precisely to the totals provided. Percentages used are based on unrounded figures.

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## Group performance review

### Key performance indicators

After a period of significant growth, we saw a normalisation of our consumer post-pandemic KPIs. Our core operational KPIs, being Partners, Active Consumers, Returning Active Consumers as % of Active Consumers, Average Monthly Order Frequency, Orders, GTV and ATV, are summarised below.

The Grubhub business was consolidated from 15 June 2021, and the Just Eat business was consolidated from 15 April 2020. The KPIs are presented as if the combinations were completed on 1 January 2020 to provide comparable information for the periods presented. Operations in Norway and Portugal were discontinued from 1 April 2022 and Romania from 1 June 2022. The KPIs presented exclude these operations as from 1 January 2022. These numbers are unaudited and may not add up due to rounding.

### Partners

Partners are the total number of restaurants, grocery stores, and other offerings listed on our platforms as of a particular date. We believe the total number of Partners is a useful measure for our stakeholders, as growth in Partners enhances and diversifies the offering to consumers, in turn attracting more consumers, promoting network effects, and positively impacting performance. Our Management Board uses the total number of Partners listed on our platforms to evaluate market position and penetration, and to assess the value proposition to consumers. For that reason, we continuously invest in attracting new Partners in all our markets.

| Partners (in thousands) | As at 31 December |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | 2022 | 2021 | 2020 | 2022 to 2021 (% change) | 2021 to 2020 (% change) |
| North America | 418 | 371 | 299 | 12% | 24% |
| Northern Europe | 79 | 77 | 65 | 2% | 20% |
| UK and Ireland | 76 | 64 | 53 | 17% | 21% |
| Southern Europe and ANZ | 121 | 121 | 89 | (0%) | 36% |
| Total Partners | 692 | 634 | 506 | 9% | 25% |

In 2022, we continued to build on the strong Partner growth of 2021, adding an additional 58 thousand Partners. Additional investments in the Sales department have largely contributed to this growth. Many Partners also self-registered, due to our strong brand presence.

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## Active Consumers

Active Consumers are unique consumer accounts (identified by a unique email address) from which at least one Order has been placed on our platforms in the last 12 months. We believe the metric Active Consumers is a useful measure for our stakeholders, as it indicates our market position and level of penetration in a particular market and allows an assessment of the level of engagement with our platforms. Our Management Board uses Active Consumers as a key revenue driver, to evaluate operating performance, and as a valuable measure of the size of our engaged base of consumers.

After two years of significant consumer growth and higher than normal reactivations of inactive consumers, we saw a normalisation of consumer acquisition in 2022. Despite the significant size of our Active Consumer base, our penetration remains low, demonstrating significant market headroom and future growth potential.

| Active Consumers (in millions) | As at 31 December |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | 2022 | 2021 | 2020 | 2022 to 2021 (% change) | 2021 to 2020 (% change) |
| North America | 30 | 37 | 37 | (19%) | (1%) |
| Northern Europe | 31 | 31 | 26 | 0% | 20% |
| UK and Ireland | 19 | 19 | 17 | (4%) | 16% |
| Southern Europe and ANZ | 11 | 13 | 12 | (11%) | 8% |
| Total Active Consumers | 90 | 99 | 91 | (9%) | 9% |

## Returning Active Consumers as % of Active Consumers

Returning Active Consumers are consumers who order more than once in a 12-month period. We believe the metric Returning Active Consumers as % of Active Consumers is a useful measure for our stakeholders, as it indicates the loyalty of our consumer base. On top of our solid consumer base, the Returning Active Consumers as a percentage of Active Consumers improved slightly year-on-year by 0.1 percentage point to 67.5% in 2022 from 67.4% in 2021, reflecting slightly improved loyalty in our consumer base.

|  | As at 31 December |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | 2022 | 2021 | 2020 | 2022 to 2021 (change) | 2021 to 2020 (change) |
| Total Returning Active Consumers as % of Active Consumers | 67.5% | 67.4% | 65.5% | 0.1p.p. | 1.9p.p. |

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## Average Monthly Order Frequency

Average Monthly Order Frequency is monthly Orders divided by the number of consumers who have placed at least one Order in that month, based on a 12-month average for the respective period ('Average Monthly Order Frequency'). We believe that this metric improves comparability with industry peers and is a useful measure for our stakeholders, as growth of such Orders reflects continued user activation and engagement. Using this metric, our Management Board can assess consumer engagement and implement supply- or demand-based initiatives in response. Average Monthly Order Frequency slightly decreased to 2.8 times in 2022 compared with 2.9 times in 2021.

|  | Year ended 31 December |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | 2022 | 2021 | 2020 | 2022 to 2021 (change) | 2021 to 2020 (change) |
| Total Average Monthly Order Frequency | 2.8 | 2.9 | 2.6 | (0.05) | 0.28 |

## Orders

This is the number of Orders by consumers that were processed through our mobile applications, websites and in-store JET Pay. We believe the number of Orders is a useful measure for our stakeholders, as revenue from commissions, our primary source of revenue, is generated from Orders. Our Management Board uses Orders to assess performance across all segments and periods.

The year 2021 was a record period in Order growth due to Covid-19 restrictions and our significant investment in Delivery. We processed 984 million Orders in 2022, demonstrating a 9% decrease compared with 2021, while the pandemic continued to affect the year-on-year comparison. This was partly offset by the slightly improved percentage of Returning Active Consumers and relatively stable Average Monthly Order Frequency.

|  | Year ended 31 December |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | 2022 | 2021 | 2020 | 2022 to 2021 (% change) | 2021 to 2020 (% change) |
| Orders (in millions) |  |  |  |  |  |
| North America | 327 | 374 | 314 | (13%) | 19% |
| Northern Europe | 288 | 296 | 219 | (3%) | 35% |
| UK and Ireland | 260 | 289 | 190 | (10%) | 52% |
| Southern Europe and ANZ | 109 | 128 | 93 | (15%) | 38% |
| Total Orders | 984 | 1,086 | 816 | (9%) | 33% |

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## GTV

GTV represents the total value that the consumers have paid on all Orders. We believe GTV is a useful measure for stakeholders, as it represents a transparent and comparable indication of our share of the food Delivery industry and improves comparability with industry peers.

Despite the decline in Orders, total GTV remained stable at €28.2 billion in 2022 compared with 2021, driven by a higher ATV and favourable changes in foreign exchange rates, which offset the lower Order volumes.

| Gross Transaction Value (€ billions) | Year ended 31 December |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | 2022 | 2021 | 2020 | 2022 to 2021 (% change) | 2021 to 2020 (% change) |
| North America | 11.6 | 11.5 | 9.8 | 1% | 17% |
| Northern Europe | 7.4 | 7.2 | 5.0 | 3% | 42% |
| UK and Ireland | 6.6 | 6.6 | 4.5 | (1%) | 47% |
| Southern Europe and ANZ | 2.6 | 2.8 | 2.1 | (8%) | 38% |
| Total GTV | 28.2 | 28.2 | 21.4 | 0% | 31% |

## ATV

ATV represents GTV divided by the number of Orders in a particular period. We believe ATV is a useful measure for our stakeholders, as it gives insight into structural differences in the value paid by consumers across different segments, which impacts revenue from commissions, the primary source of our revenue.

ATV increased in all our segments, mainly driven by higher food prices due to inflation, higher delivery fees and optimised pricing. North America's ATV increased by 16%, mostly driven by the favourable changes in foreign exchange rates. ATV increased in other segments, ranging from 6% in Northern Europe to 9% in the UK and Ireland.

| Average Transaction Value (in €) | Year ended 31 December |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | 2022 | 2021 | 2020 | 2022 to 2021 (change) | 2021 to 2020 (change) |
| North America | 35.54 | 30.76 | 31.29 | 4.78 | (0.53) |
| Northern Europe | 25.80 | 24.30 | 23.03 | 1.51 | 1.26 |
| UK and Ireland | 25.18 | 23.01 | 23.75 | 2.16 | (0.74) |
| Southern Europe and ANZ | 23.91 | 22.24 | 22.20 | 1.67 | 0.04 |
| Total ATV | 28.66 | 25.94 | 26.28 | 2.73 | (0.35) |

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## Reportable segment performance

The segment information presented below has been prepared on a combined basis, with the Grubhub and Just Eat businesses included as if the combinations were completed on 1 January 2020 to provide comparable information for the periods presented. Norway, Portugal and Romania figures are excluded as of 1 January 2022, given the insignificance thereof.

### Revenue

We generate revenue primarily through the Orders placed on our platforms. This revenue is derived principally from commissions charged to Partners based on a percentage of the food value of a particular Order. It also comes, to a lesser extent, from consumer delivery fees charged for Delivery services provided by us to Partners that do not deliver themselves, as well as payment service fees charged for processing online payments and other revenue streams, such as Partner Promoted Placement, subscription, and merchandise revenue.

We believe adjusted revenue less Order fulfilment costs is a useful measure to assess financial performance since it allows the Management Board to assess the operational performance of our segments in terms of Orders and the directly attributable costs thereof. This metric excludes costs that are not directly related to underlying operating performance, such as restructuring costs, certain legal, tax, and regulatory matters, and certain insurance income and costs.

In 2022, we generated total revenue of €5,559 million, representing a 4% increase from €5,331 million in 2021. This increase was driven by increased commission and delivery fees, reduced fee caps in North America and growth in Promoted Placement revenue.

| (€ millions) | Year ended 31 December |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | 2022 | 2021 | 2020 | 2022 to 2021 (% change) | 2021 to 2020 (% change) |
| North America | 2,552 | 2,470 | 2,111 | 3% | 17% |
| Northern Europe | 1,155 | 1,064 | 745 | 9% | 43% |
| UK and Ireland | 1,319 | 1,249 | 768 | 6% | 63% |
| Southern Europe and ANZ | 532 | 548 | 370 | (3%) | 48% |
| Total revenue | 5,559 | 5,331 | 3,994 | 4% | 33% |
| Adjusted revenue less |  |  |  |  |  |
| Order fulfilment costs | 2,360 | 1,898 | 2,089 | 24% | (9%) |

### North America

North America revenue grew by 3% year-on-year reaching €2,552 million. This growth was largely driven by the lifting of several government-imposed fee caps, with the fee cap impact for 2022 reducing to minus €132 million from minus €192 million in 2021$^{9}$. Positive foreign exchange movements also impacted North America's revenue.

### Northern Europe

Northern Europe revenue grew by 9% to €1,155 million in 2022 from €1,064 million in 2021. Revenue growth exceeded GTV growth, driven by optimising our Partner and consumer pricing. With more demand from our Partners, our Promoted Placement revenue also increased significantly, further driving

$^{9}$ The fee cap impact is the difference between the commission rate agreed with the restaurants and the reduced commission rate due to government-imposed fee caps.

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revenue growth. The continued trend of our consumers moving from cash to online payments resulted in increased online payment service revenue.

### United Kingdom and Ireland

United Kingdom and Ireland revenue grew by 6% to €1,319 million in 2022 from €1,249 million in 2021. Despite GTV remaining stable, the revenue growth rate was positively aided by optimised Partner and consumer pricing.

### Southern Europe and ANZ

Southern Europe and ANZ revenue declined with 3% to €532 million in 2022 from €548 million in 2021. This was primarily driven by a decline in GTV, which was partially offset by optimised Partner and consumer pricing. This segment continues to focus on improving its performance, mainly by more targeted investments and operational efficiencies in our Delivery network. In addition, we continue to focus capital and management attention towards our highest potential markets for generating scale, leadership positions and profit pools as our industry rationalises.

## Adjusted EBITDA

Adjusted EBITDA consists of our operating income/loss for the period, adjusted for depreciation, amortisation, impairments, share-based payments, acquisition- and integration-related costs and other items not directly related to underlying operating performance. Other items not directly related to underlying operating performance include, amongst others, restructuring costs, certain legal, tax, and regulatory matters and certain insurance income and costs.

After a period of significant investment, the business is back to positive Adjusted EBITDA with €19 million in 2022 compared with minus €350 million in 2021.

We evolved the structure of our organisation in the second half of 2022 to a matrix organisation to place more responsibility at the regional level. This necessitated segment Adjusted EBITDA allocations to change in the second half of 2022. The change mainly resulted in a shift between Head Office costs and individual segments, as well as changes in cost recharges and allocations between segments.

| (€ millions) | Year ended 31 December |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | 2022 | 2021 | 2020 | 2022 (% of GTV) | 2021 (% of GTV) |
| North America | 65 | (28) | 166 | 1% | 0% |
| Northern Europe | 313 | 256 | 217 | 4% | 4% |
| UK and Ireland | 23 | (107) | 237 | 0% | (2%) |
| Southern Europe and ANZ | (161) | (262) | (92) | (6%) | (9%) |
| Head Office | (221) | (208) | (165) | n/a | n/a |
| Adjusted EBITDA | 19 | (350) | 363 | 0% | (1%) |

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### **North America**

North America returned to positive Adjusted EBITDA in 2022 despite the remaining fee caps being in place throughout the year. Adjusted EBITDA increased to €65 million in 2022 from minus €28 million in 2021, with Adjusted EBITDA as a percentage of GTV ('Adjusted EBITDA Margin') improving to 0.6% in 2022 from minus 0.2% in 2021. The €93 million year-on-year improvement can be largely attributed to the increased efficiency of our Delivery network, pricing strategy, strategic marketing efforts, and the reduced impact of fee caps on our business.

### **Northern Europe**

Northern Europe Adjusted EBITDA increased by 22% to €313 million in 2022 from €256 million in 2021. The Adjusted EBITDA Margin improved to 4.2% in 2022 from 3.6% in 2021, resulting in the highest Adjusted EBITDA Margin within Just Eat Takeaway.com.

### **United Kingdom and Ireland**

The United Kingdom and Ireland achieved positive Adjusted EBITDA in 2022. Adjusted EBITDA was €23 million in 2022 from minus €107 million in 2021, with the Adjusted EBITDA Margin improving to 0.4% in 2022 from minus 1.6% in 2021. The positive Adjusted EBITDA development was driven by the overall focus on profitability in all aspects of the business. We optimised our consumer fees, reduced our Delivery cost per Order, and further improved our operating expenses.

### **Southern Europe and ANZ**

Southern Europe and ANZ had an Adjusted EBITDA of minus €161 million in 2022 compared with minus €262 million in 2021, with the Adjusted EBITDA Margin improving to minus 6.2% in 2022 from minus 9.2% in 2021. This improvement in Adjusted EBITDA can be particularly attributed to our enhanced focus on profitability, driven by higher ATV, optimising our pricing strategy, reducing Delivery expenses and streamlining operating expenses. This was partly achieved by continuing to focus capital and management attention towards our highest potential markets.

### **Head office**

Head office costs relate mostly to non-allocated expenses and include all central operating expenses such as staff costs and expenses for global support teams such as Legal and Compliance, InfoSec Risk and Control, Group Finance, Internal Audit, Data Analytics, Human Resources and the Management Board.

Head office expenses were €221 million in 2022 compared with €208 million in 2021. In 2021, we made significant investments in our head office workforce to support growth, predominantly in Marketing, HR and Delivery. As such, our year-on-year headquarter costs increase was primarily driven by the impact of new hires in 2021. During the first half of 2022, our head office FTEs remained approximately stable compared with the exit-rate in December 2021, and during the second half of 2022, FTEs were reduced due to a hiring pause.

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“Our focus remains on becoming profitable, strengthening our balance sheet and maintaining a disciplined capital allocation policy”

- Brent Wissink, CFO

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## Financial review

The commentary in the following paragraphs is based on the 2022 Consolidated financial statements, which have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union ('IFRS'). For clarity, we highlight the following changes to the consolidation scope in 2021:

- On 15 June 2021, Just Eat Takeaway.com completed the acquisition of 100% of the shares in Grubhub ('Grubhub Acquisition').
- On 30 September 2021, Just Eat Takeaway.com completed the acquisition of 100% of the shares in Bistro.sk. ('Bistro Acquisition').

## Statement of profit or loss

| € millions | Year ended 31 December |  |
| --- | --- | --- |
|  | 2022 | 2021 |
| Revenue | 5,561 | 4,495 |
| Courier costs | (2,599) | (2,531) |
| Order processing costs | (571) | (406) |
| Staff costs | (1,259) | (890) |
| Other operating expenses | (1,377) | (1,164) |
| Depreciation, amortisation and impairments | (5,168) | (443) |
| Operating loss | (5,413) | (939) |
| Share of results of associates | (35) | (62) |
| Finance income and expense, net | (47) | (53) |
| Other gains and losses | (273) | 2 |
| Loss before income tax | (5,768) | (1,052) |
| Income tax benefit | 101 | 8 |
| Loss for the period | (5,667) | (1,044) |

## Revenue

| € millions | Year ended 31 December |  |
| --- | --- | --- |
|  | 2022 | 2021 |
| Order-driven revenue | 5,315 | 4,314 |
| Ancillary revenue | 246 | 181 |
| Revenue | 5,561 | 4,495 |

Order-driven revenue increased by 23% to €5,315 million in 2022, mainly driven by the full 12 months of Grubhub revenue being included in 2022 compared with 6.5 months in 2021. In addition, Order-driven revenue also increased due to the increases in our Partner and consumer pricing. This was negatively impacted by €132 million of government-imposed commission caps in the North America segment.

The growth in ancillary revenue was predominantly driven by the full 12 months of Grubhub revenue included (compared with 6.5 months last year).

## Order fulfilment costs

| € millions | Year ended 31 December |  |
| --- | --- | --- |
|  | 2022 | 2021 |
| Courier costs | 2,599 | 2,531 |
| Order processing costs | 571 | 406 |
| Order fulfilment costs | 3,170 | 2,937 |

Order fulfilment costs increased by €233 million, or 8%, to €3,170 million in 2022 compared with €2,937 million in 2021. This increase was a result of the full 12 months of Grubhub Order fulfilment costs being included in 2022 (compared with 6.5 months in 2021).

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## Revenue less Order fulfilment costs

| € millions | Year ended 31 December |  |
| --- | --- | --- |
|  | 2022 | 2021 |
| Revenue | 5,561 | 4,495 |
| Order fulfilment costs | (3,170) | (2,937) |
| Revenue less Order fulfilment costs | 2,391 | 1,558 |

Revenue less Order fulfilment costs increased by €833 million, or 53%, to €2,391 million in 2022 compared with €1,558 million in 2021. This significant improvement was mainly driven by the overall increase in revenue and lower delivery costs per Order. Order fulfilment costs as a percentage of revenue decreased to 57% from 65% in 2021.

## Staff costs

| € millions | Year ended 31 December |  |
| --- | --- | --- |
|  | 2022 | 2021 |
| Wages and salaries | 900 | 655 |
| Social security charges | 125 | 85 |
| Pension premium contributions | 47 | 33 |
| Share-based payments | 166 | 81 |
| Temporary staff expenses | 22 | 36 |
| Staff costs | 1,259 | 890 |

Staff costs increased by 41% to €1,259 million in 2022 compared with €890 million in 2021. Our staff, excluding couriers directly employed by Just Eat Takeaway.com as this group is included in order fulfilment costs, increased to an average of approximately 15,900 FTEs in 2022 from an average of approximately 13,200 FTEs in 2021. In the second half of 2021, we made significant investments in our workforce to support growth and drive long-term success. This, along

with the Grubhub Acquisition, contributed to an increase in staff costs. A hiring pause was implemented in June 2022, bringing FTEs back in line with Order development and reducing staff costs over the course of 2022.

Share-based payments include the Long-Term Incentive Plan ('LTIP') and the Short-Term Incentive Plan ('STIP') for the Management Board, as well as the various long-term and short-term share (option) plans for employees (as described in Note 7 to the Consolidated financial statements for the period ended 31 December 2022). Share-based payments increased to €166 million in 2022 compared with €81 million in 2021, mainly driven by Grubhub, an increase in average FTEs, exceptional additional retention awards, and the cumulative effect of the annually recurring awards granted under the long-term plans. The share-based payment expense of €48 million resulting from the commercial agreement with Amazon is included in other operating expenses.

## Other operating expenses

| € millions | Year ended 31 December |  |
| --- | --- | --- |
|  | 2022 | 2021 |
| Marketing expenses | 735 | 684 |
| Other operating expenses | 642 | 480 |
| Other operating expenses | 1,377 | 1,164 |

### Marketing expenses

Marketing expenditure can primarily be distinguished as relating to (i) performance marketing (or pay-per-click/pay-per-Order) which directly generates traffic and Orders, such as search engine marketing, app marketing and affiliate marketing (rewarding third parties for referrals to our platforms) and (ii) brand marketing, such as television, online media, and outdoor advertising (billboards).

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Marketing expenses increased by 7% to €735 million in 2022 compared with €684 million in 2021, following marketing investments, such as the Katy Perry campaign and the UEFA sponsorship in 2022.

### Other operating expenses

Other operating expenses increased by 34% to €642 million in 2022 compared with €480 million in 2021, mainly driven by 12 months of Grubhub expenditures included and the share-based payment expense of €48 million resulting from the commercial agreement with Amazon.

### Depreciation, amortisation and impairments

Depreciation and amortisation expenses were €567 million in 2022, up from €389 million in 2021. This increase related to the full 12 months of amortisation of other intangibles recognised in relation to the Grubhub Acquisition as compared with 6.5 months in 2021, as well as additional depreciation from capitalised ordering devices.

Following the identification of impairment indicators in the interim period and the annual impairment test, total impairment losses of €4,521 million for goodwill (2021: €18 million) and €61 million for intangible assets (2021: €36 million) were recognised in 2022. Of the goodwill impairment losses, €2,977 million is related to cash-generating unit ('CGU') United States, €893 million to CGU United Kingdom, €267 million to CGU Canada, and €445 million to seven CGUs to which a non-significant amount of goodwill is allocated.

The impairment in the United Kingdom and Canada was mainly driven by the impact of macro-economic circumstances on the Weighted Average Cost of Capital ('WACC') as used in the value in use calculation, including increased interest rates and increased equity volatility.

The impairment in United States and the seven other CGUs, was mainly driven by the impact of macro-economic circumstances on the WACC as used in the value in use calculation, including increased interest rates and increased equity volatility. In addition, higher levels of inflation and further lifting of Covid-19 measures affected consumer behaviour in some CGUs, resulting in lower expectations of Order growth in the short to medium term. See also Note 12 to the Consolidated financial statements for more details.

### Share of results and loss on disposal of associates

A total loss of €310 million was recognised in relation to iFood, consisting of our annual share of losses of €35 million recognised as part of share of results of associates (2021: annual share of losses of €62 million) and a net loss on disposal of €275 million recognised as part of other gains and losses. Prior to the iFood Transaction, we invested €88 million in iFood in 2022 (2021: €83 million).

### Income tax expense

In 2022, the net income tax benefit was €101 million, compared with €8 million in 2021. The taxable results of profitable entities, the movement in provisions for uncertain tax positions and the outcome of the Danish Tax Authority dispute, resulted in a current tax expense of €53 million compared with €38 million in 2021. In 2022, the deferred tax benefit was €154 million compared with €46 million in 2021, mainly relating to temporary differences arising from the amortisation of other intangible assets and the recognition of available tax losses carried forward.

### Loss for the period

As a result of the factors described above, Just Eat Takeaway.com realised a net loss after tax of €5,667 million in 2022 (2021: €1,044 million). The loss excluding the impact of impairments amounted to €1,065 million compared with €990 million in 2021.

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## Financial position

| € millions | 31 December 2022 | 31 December 2021 (restated*) |
| --- | --- | --- |
| Non-current assets | 9,742 | 15,963 |
| Current assets excluding cash and cash equivalents | 626 | 543 |
| Cash and cash equivalents | 2,020 | 1,320 |
| Total assets | 12,389 | 17,826 |
| Total shareholders' equity attributable to equity holders | 7,903 | 13,050 |
| Non-controlling interests | (8) | (8) |
| Total equity | 7,895 | 13,042 |
| Non-current liabilities | 3,085 | 3,543 |
| Current liabilities | 1,408 | 1,241 |
| Total liabilities | 4,494 | 4,784 |
| Total shareholders' equity and liabilities | 12,389 | 17,826 |

\* The comparative information is restated in line with IFRS 3 on account of Grubhub's acquisition measurement period adjustments and due to the reclassification of amounts previously presented as the current portion of the convertible bonds and senior notes to non-current liabilities. Reference is made to Note 31 and Note 21 respectively in the Consolidated financial statements.

Non-current assets, mainly consisting of goodwill and other intangible assets decreased to €9,742 million as of 31 December 2022 from €15,963 million as of 31 December 2021. This was primarily driven by the impairment losses and the iFood Transaction.

Cash and cash equivalents increased to €2,020 million as of 31 December 2022, from €1,320 million as of 31 December 2021. This increase was primarily driven by the consideration received from the iFood Transaction, partly offset by the repayment of the bank loan and capital and financing expenditure.

Shareholders' equity decreased to €7,903 million as of 31 December 2022, from €13,050 million as of 31 December 2021, mainly due to accumulated losses over the period, offset partially by gains on foreign currency translation.

The solvency ratio, defined as total equity divided by total assets, was 64% as of 31 December 2022 compared with 73% at of 31 December 2021, mainly caused by accumulated losses over the period.

## Cash flows

| € millions | Year ended 31 December |  |
| --- | --- | --- |
|  | 2022 | 2021 |
| Net cash used in operating activities | (166) | (423) |
| Net cash generated by / (used in) investing activities | 1,214 | (106) |
| Net cash generated by / (used in) financing activities | (365) | 1,312 |
| Net cash and cash equivalents generated (used) | 683 | 783 |
| Effects of exchange rate changes of cash held in foreign currencies | 17 | 8 |
| Net increase / (decrease) in cash and cash equivalents | 700 | 791 |

### Net cash used in operating activities

Net cash used in operating activities amounted to €166 million in 2022 compared with €423 million in 2021. The decrease was mainly driven by operational performance and our focus on becoming profitable.

### Net cash generated by investing activities

Net cash generated by investing activities amounted to €1,214 million in 2022 compared with net cash used of €106 million in 2021, driven by the proceeds from the iFood Transaction.

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### Net cash used in financing activities

Net cash used in financing activities amounted to €365 million in 2022 compared with net cash generated of €1,312 million in 2021, which included the issuance of convertible bonds of €1,100 million. In 2022, the net cash used largely represented the repayment of the €300 million bank loan and net interest costs.

### Outlook

The Management Board reiterates the following guidance for 2023:

- 2023 Adjusted EBITDA of approximately €225 million

This guidance includes additional investments in food and non-food adjacencies as well as wage costs inflation and takes into account an uncertain macro-economic environment.

The Management Board reiterates the following long-term targets:

- In excess of €30 billion of GTV to be added over the next 5 years
- Long-term group Adjusted EBITDA Margin in excess of 5% of GTV

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# Statements by the Managing Directors

## Management report

The following sections of this Annual Report form the management report under Dutch law:

- Company Profile;
- Report of the Management Board;
- Composition of the Management Board and Supervisory Board;
- Report of the Supervisory Board;
- Report of the Remuneration and Nomination Committee;
- Remuneration in 2022;
- Governance and Compliance;
- Report of the Audit Committee;
- Risk Management.

## Financial statements & risk management

The Management Board is responsible for the preparation of the financial statements in accordance with Applicable Laws. The responsibility of the Management Board includes selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances.

The Management Board is also responsible for the preparation of the management report (as included in the Annual Report), in accordance with Applicable Laws. In the Annual Report, the Management Board endeavours to present a fair review of the situation of the business at the balance sheet date, and of the state of affairs in the year under review. Such an overview contains a selection of some of the main developments in the financial year and can never be exhaustive.

The Management Board is responsible for Just Eat Takeaway.com's risk management and internal control systems. The Management Board believes that Just Eat Takeaway.com maintains an adequate and effective system of risk management and internal control that complies with the requirements of the Governance Rules.

The internal control systems of Just Eat Takeaway.com are designed to manage, rather than eliminate, the risk that we fail to achieve our business objectives and can provide reasonable, but not absolute, assurance against financial loss or material misstatements in the financial statements. The Management Board reviews the effectiveness of Just Eat Takeaway.com's systems of internal control relative to strategic, information technology, financial, operational and legal and regulatory risks and discusses risk management and internal controls with the Supervisory Board on a periodic basis. The Management Board is not aware of any critical failings in these systems during the financial year 2022.

Just Eat Takeaway.com aligns risk management to its strategic business planning. A top-down approach is followed, in which management identifies the major risks that could affect Just Eat Takeaway.com's business objectives, and assesses the effectiveness of actions, processes and controls in place to manage and mitigate these risks. For an overview of our most important business risks, please see the section 'Risk Management'. Assurance on the effectiveness of controls is obtained through management reviews and testing of certain aspects of our internal financial control systems by our InfoSec Risk and Control function, Internal Audit function, and Compliance functions. This, however, does not imply that certainty as to the realisation of our business and financial objectives can be provided, nor can the approach of Just Eat Takeaway.com to control its financial reporting be expected to prevent or detect all misstatements, errors, fraud or violation of law or regulations.

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The key controls over financial reporting policies and procedures include controls to ensure that:

- Commitments and expenditures are appropriately authorised by the Management Board;
- Records are maintained which accurately and fairly reflect transactions;
- Any unauthorised acquisition, use or disposal of Just Eat Takeaway.com's assets that could have a material effect on the financial statements is detected on a timely basis;
- Transactions are recorded as required to permit the preparation of financial statements;
- Reporting of the financial statements is done in compliance with IFRS and Part 9 of Book 2 of the Dutch Civil Code.

## In control statement

As recommended by Governance Rules and on the basis of the foregoing and the explanations contained in the section 'Risk Management', the Management Board confirms, to its knowledge, that:

- Just Eat Takeaway.com's financial reporting over 2022 provides sufficient insights into any failings in the effectiveness of the internal risk management and control systems;
- Just Eat Takeaway.com's internal risk management and control systems with regard to financial reporting risks provide a reasonable assurance that Just Eat Takeaway.com's financial reporting over 2022 does not contain any material errors;
- Based on the current state of affairs, it is justified that the financial reporting over 2022 is prepared on a going concern basis; and
- The report states those material risks and uncertainties that are relevant to the expectation of Just Eat Takeaway.com's continuity for the period of 12 months after the preparation of the report.

## Responsibility statement

With reference to the so-called 'responsibility statement' required under Applicable Laws, the Management Board states, to the best of its knowledge, that:

- The financial statements give a true and fair view of the assets, liabilities, financial position, and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; and
- The management report includes a true and fair review of the situation at the balance sheet date, the development and performance of the business during the financial year, and undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that Just Eat Takeaway.com faces.

## Non-financial information

The non-financial information required to be included in the management report, as described in the Applicable Laws, can be found in the sections of the management report:

- a brief description of the Company's business model can be found in the paragraph 'Our business model' in the section 'Company Profile';
- a description of the Company's policy, including applied security measures and results of this policy, regarding environmental, social and employee matters and respect for human rights can be found in the three pillars for positive action mentioned in 'Our Responsible Business and Sustainability Approach'. These policies can be allocated as follows and, unless additional chapters are mentioned below, all relevant disclosures can be found in 'Our Responsible Business and Sustainability Approach':
  - environmental policies: reducing our carbon footprint; reducing impact of operational waste and travel; and reducing impact of packaging and marketplace delivery;

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- ○ social policies: responding to changing diets; enabling choice and transparency; fighting food waste and food poverty;
- ○ employee policies: empowering our people; supporting employment and working conditions; embedding ID&B; and promoting employee engagement and wellbeing (see also the chapters 'Our Operations', 'Our people' and 'Our Inclusion, Diversity and Belonging');
- ○ human rights policies: supporting employment and working conditions and supporting local communities (see also the chapters 'Our Operations' and 'Our people');
- • a description of the Company's policy, including applied security measures and results of this policy regarding anti-corruption and anti-bribery can be found in the chapter 'Our Responsible Business and Sustainability Approach' under 'People and society'.
- • a description of the main risks relating to these matters relating to the Company's activities that likely have an adverse effect on these matters and how the Company manages these risks can be found in the section 'Risk Management';
- • a description of the Company's non-financial KPIs relevant to its activities (such as the number of Partners, Orders and Active Consumers) can be found in the paragraph 'Key performance indicators' in the section 'Group performance review'. Currently, the Company does not have any KPIs with regard to environmental, social and employee matters, respect for human rights, anti-corruption and anti-bribery.

The results of our policies are generally described in terms of progress made to the extent possible and have not always resulted in specific metrics that can be monitored or disclosed. We are in a continuous transition and consequently we continue to review, revise and (further) develop our policies, safeguards and KPIs on the non-financial information as described above.

## Corporate Governance statement

This is a statement concerning corporate governance as referred to in the Governance Rules and Applicable Laws.

The information required to be included in this Corporate Governance Statement is included in this section and the section 'Governance and compliance', provided that the main characteristics of Just Eat Takeaway.com's internal risk management measures and control systems relating to its financial reporting process are described in the section 'Risk management'.

### Management Board

| Jitse Groen | Brent Wissink |
| --- | --- |
| CEO | CFO |
| Jörg Gerbig | Andrew Kenny |
| COO | CCO |

90

Figure 1

# 03

## Our Governance Report

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# Composition of the Management Board and Supervisory Board

## Management Board

Our strong track-record has been achieved through our highly dedicated, founder-led Management Board with substantial experience and complementary skill sets. Our Management Board has a combined experience of 50 years in the online food delivery industry and, as of 31 December 2022, consisted of the following individuals:

![img-0.jpeg](img-0.jpeg)

### Jitse Groen

Dutch national, 1978, Founder, Chief Executive Officer and Chair of the Management Board since 2011

Jitse studied Business & IT at the University of Twente in the Netherlands. He started his career during his studies when he launched a business in web development. In 2000, Jitse founded and launched Just Eat Takeaway.com (at that time named Thuisbezorgd.nl). Jitse is also a member of the Advisory Board of Suit Supply B.V.

As Chief Executive Officer and Chair of the Management Board, Jitse has responsibility for Corporate Strategy, Corporate Solutions, Grubhub, Marketing, and Product and Technology.

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![img-1.jpeg](img-1.jpeg)

# Brent Wissink

Dutch national, 1967, Chief Financial Officer and member of the Management Board since 2016

Brent joined Just Eat Takeaway.com as COO in 2011. He led the integration of Lieferando.de and Pyszne.pl before becoming CFO of Just Eat Takeaway.com (at that time named Takeaway.com) in 2014. Prior to this, he was CFO of a fast-growing technology business (NedStat) and worked in venture capital (ABN AMRO, Mees Pierson). Brent graduated from the Erasmus University of Rotterdam in Econometrics in 1992. Brent is also a member of the Supervisory Board of the Faber Group B.V. as of 1 December 2021.

As Chief Financial Officer and member of the Management Board, Brent has responsibility for Finance, Human Resources, Legal and Compliance, InfoSec Risk and Control, and other corporate teams.

![img-2.jpeg](img-2.jpeg)

# Jörg Gerbig

German national, 1981, Chief Operating Officer and member of the Management Board since 201610

Jörg founded Lieferando.de in 2009 and has since driven its rapid growth. He joined Just Eat Takeaway.com (at that time named Takeaway.com) as COO following, and as a result of, the acquisition of Lieferando.de in 2014. Jörg graduated in 2005 from the European Business School Oestrich-Winkel and has gained significant experience in mergers and acquisitions, as well as equity capital markets at UBS Investment Bank in London and New York. Jörg is also the Vice-Chair of the Supervisory Board of N26.

As Chief Operating Officer and member of the Management Board, Jörg has responsibility for Logistics and Customer Services.

10 Jörg Gerbig was not a member of the Management Board from 4 May 2022 until 18 November 2022. More information can be found in the chapter Report of the Supervisory Board.

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![img-3.jpeg](img-3.jpeg)

# Andrew Kenny

Irish national, 1983, Chief Commercial Officer and member of the Management Board since 1 December 2022

Andrew initially joined Just Eat in 2017 as a Sales Director, subsequently becoming Commercial Director, before being appointed as Managing Director of the company's UK business in May 2019. Prior to joining Just Eat, Andrew spent over a decade working in London and New York in equities and capital markets at global investment bank, Jefferies. Andrew graduated from the University College Dublin in 2006 and holds a Bachelor of Business & Law.

As Chief Commercial Officer and member of the Management Board, Andrew has responsibility for our global markets (United Kingdom and Ireland, Northern Europe, Southern Europe and ANZ, and Canada) and global Sales.

# Supervisory Board

As of 31 December 2022, the Supervisory Board consisted of the following Supervisory Directors:

![img-4.jpeg](img-4.jpeg)

# Dick Boer

Dutch national, 1957, Chair of the Supervisory Board since 18 November 2022; member of the Audit Committee and the Remuneration and Nomination Committee

Independent of the Company.

Dick Boer serves as a Non-Executive Director of Nestlé and Shell plc and as a Supervisory Director of SHV Holdings. He also serves as Chairman of the Supervisory Board of the Royal Concertgebouw. From 2016 until 2018, Dick served as President and CEO of Ahold Delhaize. Prior to the merger between Ahold and Delhaize, he served as President and CEO of Ahold from 2011 to 2016. Dick was appointed President and CEO of Albert Heijn in 2000, prior to accepting the position of CEO of Ahold. From 2006 to 2011, he also served as Chief Operating Officer of Ahold Europe.

Dick Boer holds a degree in Business Economics and an executive postgraduate degree from the IBO Business School.

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![img-5.jpeg](img-5.jpeg)

### Corinne Vigreux

French national, 1964, Vice-Chair of the Supervisory Board since 4 October 2016; Chair of the Remuneration and Nomination Committee

Independent of the Company.

Corinne is co-founder and the current Chief Marketing Officer of TomTom, having previously held the roles of Chief Commercial Officer and Head of the Consumer Division with that company. Corinne founded Codam, a not-for-profit coding college, which is a member of the Ecole 42 network. She is also Chair of the Supervisory Board of TechLeap, board member of Dutch National Opera & Ballet, and Chair of the board of the philanthropic foundation, Sofronie.

Corinne was voted as one of the world's top fifty women in Tech 2018 (Forbes) and was made Chevalier de la Legion d'Honneur in 2012 and Officer in the Royal Order of Orange-Nassau in 2016. Corinne holds a BBA in International Business from ESSEC Business School.

From 4 May 2022 to 15 December, Corinne acted as the Chair of the Remuneration and Nomination Committee. As per 15 December 2022, Corinne was appointed as the Chair of the Remuneration and Nomination Committee.

![img-6.jpeg](img-6.jpeg)

### Ron Teerlink

Dutch national, 1961, member of the Supervisory Board since 4 October 2016; Chair of the Audit Committee

Independent of the Company.

Until 2013, Ron acted as Chief Administrative Officer and member of the executive committee of the RBS Group. Prior to this, he was a member of the Management Board and Chief Operational Officer of ABN AMRO from 2006 until 2010. Between 1990 and 2006, Ron held various other positions within ABN AMRO and its subsidiaries. Ron was a member of the Supervisory Board of Equens SE from 2015 until 2016. He also joined the Supervisory Board of Coöperatieve Rabobank U.A. in 2013 and was appointed as Chair in 2016, a role he held until September 2021.

Ron holds an MSc in Economics from the Vrije Universiteit Amsterdam and a banking diploma from NIBE. Ron is Chair of the Supervisory Board (Raad van Toezicht) of Stichting Vrije Universiteit Amsterdam.

As per 1 January 2023, Ron is the chair of the Audit Committee.

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![img-7.jpeg](img-7.jpeg)

### **Mieke De Schepper**

Dutch national, 1975, member of the Supervisory Board since 18 November 2022; member of the Audit Committee

Independent of the Company.

Mieke De Schepper is the Chief Commercial Officer of Trustpilot and member of the Supervisory Board of trivago N.V. Prior to her position at Trustpilot, Mieke served as the Executive Vice President and Managing Director Asia Pacific at Amadeus. Mieke has also worked at Expedia Group. Earlier, she worked ten years at Philips Electronics, having held various global, regional and local leadership roles in product, marketing and sales. Mieke started her professional career at McKinsey & Company.

Mieke holds an MBA from INSEAD and a MSc in Industrial Design Engineering from the Delft University of Technology

![img-8.jpeg](img-8.jpeg)

### **Jambu Palaniappan**

American national, 1987, member of the Supervisory Board since 31 January 2020; member of the Remuneration and Nomination Committee

Independent of the Company.

Until 2018, Jambu held several senior roles at Uber and Uber Eats, leading Uber Eats in Europe, the Middle East and Africa, and Uber's ridesharing business in Eastern Europe, Russia, the Middle East and Africa. Jambu has been a Non-Executive Director of Just Eat Takeaway.com since 24 June 2019. He is also a Director of Palaniappan Consulting Limited, appointed in January 2019, and Alltaster Limited, appointed in April 2019.

Jambu holds a BA in Public Policy and Economics from the Vanderbilt University.

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![img-9.jpeg](img-9.jpeg)

### **Lloyd Frink**

American national, 1965, member of the Supervisory Board since 15 June 2021

Independent of the Company.

Lloyd has served on the board of Grubhub since 2013. He is co-founder of Zillow Group and served as President and a member of the Board of Directors since 2005. In addition, he has served as Executive Chair of the Board of Directors since 2019, and before that, served as Vice-Chair from 2011 to 2019. From 1999 to 2004, Lloyd worked at Expedia, and from 1989 to 1999 at Microsoft.

Lloyd holds an A.B. in Economics from Stanford University.

![img-10.jpeg](img-10.jpeg)

### **David Fisher**

American national, 1969, member of the Supervisory Board since 15 June 2021; Chair of the Audit Committee from 16 August 2021 until 1 January 2023

Independent of the Company.

David is the Chief Executive Officer, President and Chair of the Board of Directors of Enova International, and currently serves on the Board of Directors of FRISS, the Board of Trustees of the Museum of Science and Industry in Chicago, and joined the Board of Fathom Manufacturing in December 2021. Prior to this, David served as Chief Executive Officer of optionsXpress and served on the Board of Directors of Innerworkings through its sale in 2020. David also served on the Board of Grubhub since 2012.

David holds a B.S. in Finance from the University of Illinois at Urbana Champaign and a J.D. from the Northwestern University School of Law.

In accordance with his previous announcement, David resigned as a member of the Supervisory Board effective as per 1 January 2023.

98

≡

![img-0.jpeg](img-0.jpeg)

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# Report of the Supervisory Board

Through its supervision of various substantial projects during 2022, the Supervisory Board has been in a position to contribute to Just Eat Takeaway.com’s road to profitability.

## Introduction

The Supervisory Board was pleased to see that many projects were successfully completed during 2022. At the beginning of 2022, the Supervisory Board advised on the Company’s voluntary delisting from Nasdaq. Subsequently, the Supervisory Board was confronted with three vacancies for a large part of the year, which impacted the Supervisory Board’s workload and required the Supervisory Board to focus on the search for nominees. During the second half of 2022, the Supervisory Board supervised the search by the Management Board for a strategic or commercial partner for Grubhub, the iFood Transaction and the Company’s voluntary transfer of its listing on the London Stock Exchange from a premium listed company to a standard listed company. In addition to the aforementioned matters, the Supervisory Board continued to be involved in annually recurring topics.

Notwithstanding any specific focus the Supervisory Board might have during a financial year, it remains responsible for the supervision of the Management Board by, and advising of the Management Board in, setting and achieving the Company’s strategy, objectives, charters and policies, as well as for the supervision of the general course of affairs of the Company and its business.

In performing our duties, the Supervisory Board is guided by the interests of the Company and its business enterprise, taking into consideration the interests of stakeholders, which include but are not limited to Partners, consumers, employees, creditors, authorities and shareholders. The Supervisory Board also supervises relevant corporate social responsibility issues.

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## Composition of the Supervisory Board

The composition of the Supervisory Board as per 31 December 2022 is shown on page 95. During 2022, changes in the Supervisory Board composition occurred.

At the end of the Annual General Meeting ('AGM') 2022, two members of the Supervisory Board stepped down: Adriaan Nühn regrettably decided, prior to the AGM, that he would not seek re-election as chair to allow the Supervisory Board to fully focus on the challenges and opportunities ahead in the interests of all stakeholders. Gwyn Burr had regrettably decided earlier not to seek re-election at the AGM 2022. The remaining five Supervisory Directors, Corinne Vigreux, David Fisher, Lloyd Frink, Jambu Palaniappan and Ron Teerlink, were reappointed as Supervisory Directors at the AGM 2022. As of the AGM 2022, the Vice-Chair, Corinne Vigreux, acted as Supervisory Board Chair.

Following the decision of Adriaan Nühn and Gwyn Burr to step down from the Company's Supervisory Board, and in view of the Supervisory Board's resolution to expand from seven to eight Supervisory Board members, three positions were vacant after the AGM 2022. This also included the position of Chair. On 8 November 2022, David Fisher regrettably informed the Company that he would resign as member of the Supervisory Board effective as per 1 January 2023. The Supervisory Board was pleased to see that, after the EGM 2022, two of the three positions were filled. Dick Boer and Mieke De Schepper were appointed as members of the Supervisory Board effective as of 18 November 2022. Dick Boer was appointed Chair of the Supervisory Board.

After the aforementioned changes, the composition of the Supervisory Board in 2022 was in line with its profile, as published on the Company's corporate website, in terms of experience, expertise, nationality, and age. In terms of gender diversity, as per 31 December 2022, the Company had two female

Supervisory Directors, equating to 28.5% of the entire Supervisory Board. Due to David Fisher's regrettable decision to resign as per 1 January 2023, the current composition is in conformity with the desired gender balance (i.e. at least 33% should consist of persons who identify as female). Considering the intention to nominate two female Supervisory Directors for appointment, the Supervisory Board expects to meet the desired gender balance as of the AGM 2023.

In the opinion of the Supervisory Board, the independence requirements referred to in the Governance Rules have been fulfilled in 2022 and all members of the Supervisory Board are independent within the meaning of such Governance Rules.

## Meetings

The Supervisory Board met 18 times in 2022. Seven of these meetings were regular meetings that were scheduled well in advance and seven meetings related to specific projects, such as the iFood Transaction, the partnership with Amazon, the preparation of the general meetings, the assessment of the Company's listing venues and the composition of the Management Board and the Supervisory Board. The four other meetings were in connection with specific events, such as the publication of the quarterly trading updates.

As shown in the tables below, none of the Supervisory Directors was frequently absent from meetings, and at all meetings there was sufficient presence to constitute a valid quorum. For meetings where a Supervisory Director was unable to attend, the respective member shared his or her view on the topics to be discussed with the (Vice-)Chair, as appropriate, prior to the meeting and/or granted a power of attorney to one of the other members.

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### Supervisory Board - regular meetings

|  | Attendance rate |
| --- | --- |
| Dick Boer (Chair) | 1 of 1 |
| Corinne Vigreux | 7 of 7 |
| Lloyd Frink | 7 of 7 |
| Jambu Palaniappan | 7 of 7 |
| Mieke De Schepper | 1 of 1 |
| Ron Teerlink | 7 of 7 |
| Adriaan Nühn (former Chair) | 2 of 2 |
| Gwyn Burr (former member) | 2 of 2 |
| David Fisher (former member) | 7 of 7 |

### Supervisory Board - additional meetings

|  | Attendance rate |
| --- | --- |
| Dick Boer (Chair) | n/a |
| Corinne Vigreux | 11 of 11 |
| Lloyd Frink | 11 of 11 |
| Jambu Palaniappan | 11 of 11 |
| Mieke De Schepper | n/a |
| Ron Teerlink | 11 of 11 |
| Adriaan Nühn (former Chair) | 8 of 8 |
| Gwyn Burr (former member) | 7 of 8 |
| David Fisher (former member) | 9 of 11 |

Except for the closed sessions, the members of the Management Board were present at meetings of the Supervisory Board. The Supervisory Board took time to discuss certain items without the presence of the Management Board when appropriate.

The agenda for each meeting was prepared in consultation with the (Vice-)Chair, the Management Board and the company secretary, ensuring that, during the year, the Supervisory Board was updated on topical issues during its formal meetings.

When necessary or useful, individual Supervisory Directors had contact with each other, the CEO, CFO or other members of the Management Board and/or the company secretary. In these meetings, specific matters, as well as the general affairs of Just Eat Takeaway.com, were discussed. On behalf of the Supervisory Board, Ron Teerlink attended one of the semi-annual consultation meetings of the Dutch works council, where the general operation of Just Eat Takeaway.com was discussed and the works council was informed about decisions that the Management Board expected to obtain advice or approval on, prior to implementation.

In most Supervisory Board meetings, the Management Board updated the Supervisory Board on financial aspects of the Company, as well as other topics that could be important from a strategic or risk management perspective, such as the competitive landscape, compliance matters, risks and controls, and Human Resources and talent-related matters. In addition to these matters and the specific subjects set out below, presentations were carried out by members of Just Eat Takeaway.com’s senior management team. The topics of these presentations were, among others, Human Resources and Marketing, Sustainability and Responsible Business, shareholder engagement, Diversity, Inclusion and Belonging, Product and Technology, Customer Services, Sales and Logistics.

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In 2022, the Supervisory Board discussed and approved several items, such as the financial results of the Company and related press releases and disclosures, including the Company’s 2021 Annual Report, the 2022 semi-annual report and quarterly trading updates. In view of the iFood Transaction, the Supervisory Board reviewed and approved relevant documentation, including but not limited to, the shareholder circular.

During the year, the Supervisory Board discussed and approved several items that were proposed by the Audit Committee and the Remuneration and Nomination Committee. The reports of the Audit Committee and the Remuneration and Nomination Committee can be found on page 143 and page 109, respectively.

## Portfolio Review

During the financial year, the iFood Transaction was completed. The Supervisory Board closely supervised the process. As a consequence, additional meetings were convened.

From time to time, the Management Board updated the Supervisory Board on portfolio developments including, but not limited to, the discontinuation of operations in Norway, Portugal and Romania.

The Management Board, together with its advisers, continued to actively explore the partial or full sale of Grubhub. The Supervisory Board was updated on the process if and when appropriate.

## Financial statements and the annual audit

This Annual Report includes the Consolidated financial statements and the Company financial statements (together referred to as ‘Financial Statements’), which are accompanied by an unqualified independent auditor’s report of Deloitte (see the independent auditor’s report starting on page 254). The Consolidated financial statements were prepared in accordance with IFRS and the Applicable Laws and the Company financial statements were prepared in accordance with the provisions of the Dutch Civil Code.

On 14 December 2022, the Audit Committee discussed the interim management letter with the auditor.

In February 2023, the Audit Committee discussed the auditor’s report with the auditor, as well as the draft Financial Statements. The Audit Committee discussed, among other topics, the audit approach, key audit matters, communications, timing, audit fees, composition of the audit team, materiality, expertise of the individual audit team members, as well as the Annual Report (including the Financial Statements) and related documents. Particular attention was paid to key audit matters. The Audit Committee also discussed the quality of internal risk management and control systems and had a discussion with the auditor without the Management Board being present. The Audit Committee reported to the full Supervisory Board and reflected on the discussions with the auditor in Supervisory Board meetings.

The Audit Committee also discussed the mandatory audit firm rotation as of financial year 2024 and provided positive advice to engage EY as the new audit firm. This advice was subsequently taken over by the Supervisory Board. The selection of EY will be subject to appointment at the AGM 2023.

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On 28 February 2023 and 1 March 2023, the Supervisory Board discussed this Annual Report, including the 2022 Financial Statements. The Managing Directors have issued the so-called ‘responsibility’ statement required under the Applicable Laws. All Managing Directors and the Supervisory Directors signed the Annual Report in accordance with Dutch law. The Supervisory Board is of the opinion that the Financial Statements meet all requirements for correctness, completeness, and transparency. The Supervisory Board has approved these Financial Statements.

The Supervisory Board recommends that the AGM 2023 adopts the 2022 Financial Statements. In addition, the Supervisory Board requests that the AGM grants discharge to the members of the Management Board in office during the 2022 financial year, for their management of the Company and its affairs during 2022, and to the members of the Supervisory Board in office for their supervision over said management.

The Supervisory Board concurs with the decision of the Management Board that, due to the negative net result, no proposal will be submitted to pay a dividend for 2022.

## Internal audit

The duty of the internal auditor, as set out in the internal audit charter is to assess the design, implementation and the operation or effectiveness of the internal risk management and control systems.

The internal auditor regularly reports to the Management Board and the Audit Committee and once a year to the Audit Committee without the CFO being present. In addition, the sizing and resources of the Internal Audit function will be evaluated by the Audit Committee in the first quarter of 2023, who will recommend, if required, any changes to the Supervisory Board.

## Finance

The Supervisory Board reviewed and discussed the periodic (non-) financial reports of Just Eat Takeaway.com, profit or loss and other comprehensive loss, changes in equity and cash flows including monitoring of the development of the KPIs.

At the start of 2022, the Supervisory Board discussed and approved the internal budget for 2022 and focused on the preparation of the Annual Report 2021, as well as the supervision of the audit of such report. During another meeting, the Supervisory Board was updated on Just Eat Takeaway.com’s business and ongoing projects and discussed the external auditor’s audit plan for 2022 as presented by Deloitte. Also, the Supervisory Board discussed and approved the internal budget for 2023 in December 2022.

## Risk management and internal control

The Management Board provided updates to the Audit Committee on the implementation of Just Eat Takeaway.com’s risk management and internal controls, including the US Sarbanes-Oxley Act of 2002 (‘SOx’) which continues to apply to the Company, as long as its shares are registered under the US Securities Exchange Act. It is expected that the Company will file for deregistration in March 2023 and that the Company, if the deregistration is completed, no longer has to comply with the Securities and Exchange Commission (‘SEC’) reporting obligations. As such, an Annual Report on Form 20-F for financial year 2022 will no longer be required.

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The Audit Committee and the Management Board discussed risk management and the general and financial risks of the business in Audit Committee meetings. The Chair of the Audit Committee updated the full Supervisory Board accordingly. The Audit Committee discussed the continuing actions Just Eat Takeaway.com took to further improve the internal risk management and control systems. Just Eat Takeaway.com's Enterprise Risk Management ('ERM') framework is described in the section 'Risk Management'.

## Compliance

In the second quarter of 2022, the Supervisory Board was informed of a formal complaint regarding Jörg Gerbig relating to possible personal misconduct at a company event. The Supervisory Board engaged an external expert to conduct an investigation in observance of the Company's Speak Up Policy procedures. On 3 August 2022, following the completion of the external expert investigation, the Supervisory Board determined that Jörg Gerbig could resume in his position as Chief Operating Officer of the Company. He was reappointed as COO at the EGM 2022 on 18 November 2022.

## Strategy and long-term value creation

Over the course of 2022, the Supervisory Board focused on Just Eat Takeaway.com's strategy and long-term vision. To ensure long-term profitability, Just Eat Takeaway.com believes it is important to invest in innovations, such as expanding Just Eat Takeaway.com's footprint through non-food and other adjacencies, enhancing the experience for consumers and Partners through technology, as well as increasing the efficiency of the customer service centre, and leading the food delivery sector in initiatives on responsible business and sustainability. The Supervisory Board continued to challenge the Management Board on implementing Just Eat Takeaway.com's strategy.

In addition, the Supervisory Board considered the strategic objectives when reviewing the budget for 2023 and continued to challenge the Management Board in formulating and pursuing its ambitions.

## Culture

Culture and governance are important elements for a rapidly growing business such as Just Eat Takeaway.com, in particular the alignment of Just Eat Takeaway.com's strategy, values and culture. Consequently, the Supervisory Board frequently addressed these items in its meetings and an employee survey has been issued assessing the culture.

## Investor relations

The Investor Relations department kept the Supervisory Board well informed about, among other things, share price developments, analyst research, communications with stakeholders, Euronext Amsterdam, London Stock Exchange and, until March 2022, Nasdaq developments. In view of concerns raised by certain shareholders, the Vice-Chair was in direct contact with some of the substantial shareholders. In addition, the Supervisory Board carefully reviewed and approved the press releases regarding the full- and half-year results, quarterly trading updates, the announcements of the delisting of the Company's ADSs from Nasdaq, the commercial agreement with Amazon, and the iFood Transaction.

In addition, the Supervisory Board was periodically briefed on the Company's assessment of the listing venues. In this context, the Supervisory Board also supervised the Company in the voluntarily transfer of its listing on the London Stock Exchange from a premium listing company to a standard listing company as per 19 December 2022.

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## Stakeholder engagement

The Supervisory Board recognized the importance of engagement with the Company's various stakeholders. Through meetings, reports and ongoing support, the Supervisory Board received guidance and reminders on stakeholder engagement and decision-making. The Supervisory Board monitored the extent of the Management Board's engagement with the Company's stakeholders, with material matters shared with the Supervisory Directors for their views.

## General meetings

During the financial year 2022, two general meetings were held:

- an EGM, held on 18 November 2022. This general meeting was held in connection with the proposed iFood Transaction, the proposed transfer of listing and the proposed appointments to the Management Board and Supervisory Board.

The Supervisory Board was involved in the preparation of both meetings. In preparation of the AGM 2022, the Supervisory Board evaluated the external auditor and the audit process and adopted the AGM 2022 agenda.

## Corporate governance

Just Eat Takeaway.com is subject to Governance Rules. The Company's corporate governance structure is described in the section 'Governance and Compliance', where it also reports on its compliance with such Governance Rules.

The Supervisory Board was kept well informed about developments with respect to corporate governance during its periodic meetings as well as informal meetings with the Management Board and the company secretary.

## Self-assessment and assessment of the Management Board

Annually, the Supervisory Board assesses its functioning, including the functioning of its committees in order to evaluate its performance and identify opportunities for individual and shared growth, along with any specific training or educational needs for each member.

The Supervisory Board discussed the evaluation process of the Supervisory Board and Management Board considering the changes in its composition during 2022. It was decided in December 2022 to conduct an internal evaluation via questionnaires. Following the internal evaluation, input received was discussed in a closed session of the Supervisory Board.

All members had sufficient time available for their duties as Supervisory Director, as evidenced by prompt responses to e-mails, availability for unexpected calls and/or meetings and their well-preparedness for and active participation in meetings. The Supervisory Board has no reason to believe its functioning causes reason for concern.

The assessment of the Management Board and its individual members in respect of the previous year was conducted in a similar way. Following the evaluation, the Chair of the Supervisory Board met with each member of the Management Board individually to provide direct feedback. This feedback was based on the input received from the Supervisory Directors. The conclusions from the self-assessment of the Management Board were also taken into account.

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## Final remarks

Adriaan Nühn regrettably decided not to seek reappointment at the AGM 2022. Adriaan has served Just Eat Takeaway.com’s shareholders, employees, Partners, consumers and other stakeholders with great distinction over the last six years. His efforts for Just Eat Takeaway.com, and also as Chairman of the Supervisory Board, are tremendously appreciated.

We also wish to thank Gwyn Burr and David Fisher for their valuable membership of the Supervisory Board.

We are grateful for the invaluable contributions of the Management Board, senior management, and all employees of Just Eat Takeaway.com worldwide to expand the Just Eat Takeaway.com brand and organisation.

## The Supervisory Board

| Dick Boer | Corinne Vigreux | Ron Teerlink |
| --- | --- | --- |
| Chair | Vice-Chair |  |
| Mieke De Schepper | Jambu Palaniappan | Lloyd Frink |

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![img-1.jpeg](img-1.jpeg)

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# Report of the Remuneration and Nomination Committee

In 2022, the Remuneration and Nomination Committee focused on the search for nominees to fill the vacancies in the Supervisory Board. During the last quarter of 2022, the committee also concentrated on the assessment of the remuneration policy of the Management Board.

## Introduction

The Remuneration and Nomination Committee is pleased to present the report of the Remuneration and Nomination Committee, which provides a summary of the Remuneration and Nomination Committee's role and activities during the 2022 financial year, and key priorities for 2023.

## Membership

As per 31 December 2022, the committee comprises three independent Supervisory Directors, being Corinne Vigreux (Chair), Jambu Palaniappan and Dick Boer.

Until 4 May 2022, the committee comprised three independent Supervisory Directors, being Adriaan Nühn, Corinne Vigreux and Gwyn Burr, who acted as Chair. As a result of Adriaan Nühn and Gwyn Burr stepping down as Supervisory Directors after the AGM 2022, the committee comprised two independent Supervisory Directors from 4 May 2022 until 15 December 2022, being Corinne Vigreux (Chair of the committee) and Jambu Palaniappan (member of the committee). The Remuneration and Nomination Committee believes that the effectiveness and proper performance of the committee was still safeguarded during this period, despite the vacancies in the Supervisory Board, and consequentially in the Remuneration and Nomination Committee.

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## Role and activities

The committee, in its various compositions, met four times during the year. The CEO was invited to attend these meetings for discussions on specific agenda items. The key matters addressed during the year are summarised as follows:

- The 2021 Remuneration Report;
- Feedback from the AGM 2022;
- The Management Board's long-term incentive and short-term incentive awards, including performance measures. In particular, the incorporation of measures on the organisational design of the Just Eat Takeaway.com leadership team, and a performance condition based on CO2 reductions in line with our strategic plan;
- The Supervisory Board tenure and rotation schedule;
- The composition of the Management Board;
- The Supervisory Board's profile, as well as the current composition of the Supervisory Board;
- The search for new Supervisory Board members;
- A review of the Management Board remuneration policy.

Representatives of the remuneration advisor, Korn Ferry, appointed in 2021, attended some committee meetings and assisted in the preparation of the meetings it attended, reviewing the remuneration of the Management Board and assisting in formulating and reviewing the short-term and long-term incentive awards and performance measures.

In its search for Supervisory Board nominees, the Remuneration and Nomination Committee was assisted by True Search. The committee members had numerous meetings with representatives of True Search.

The attendance rate of committee members for its meetings was as follows:

|  | Attendance rate |
| --- | --- |
| Corinne Vigreux (Chair) | 4 of 4 |
| Jambu Palaniappan | 2 of 2 |
| Dick Boer | 0 of 0 |
| Adriaan Nühn (former member) | 2 of 2 |
| Gwyn Burr (former Chair) | 2 of 2 |

The Remuneration and Nomination Committee not only prepared the decision-making in respect of the remuneration policies and remuneration structure of Managing Directors, but also prepares - inter alia - the Supervisory Board's decision-making regarding the selection criteria and appointment procedures for Managing Directors and Supervisory Directors and the assessment of the size and composition of the Management Board and the Supervisory Board.

## Profile of the Supervisory Board

In view of the announcement that Gwyn Burr would not be available for reappointment following her resignation as per the AGM 2022, the committee reviewed and confirmed the profile of the Supervisory Board in several of its meetings, and further discussed succession in these meetings. During the period from 4 May 2022 until 18 November 2022, Corinne Vigreux acted as interim Chair and Jambu Palaniappan as interim member of the Remuneration and Nomination Committee. As of 15 December 2022, Corinne Vigreux (Chair), Jambu Palaniappan and Dick Boer officially became members of the Remuneration and Nomination Committee.

Further, Adriaan Nühn decided not to seek re-election at the AGM 2022. Reference is made to the Supervisory Board report.

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## Tenure

The Remuneration and Nomination Committee reviewed the tenure of the Supervisory Directors and determined that no Supervisory Director has tenure beyond that which is set out in the Governance Rules. The Remuneration and Nomination Committee concluded that all members of the Remuneration and Nomination Committee are independent.

## Remuneration policies

In 2022, the Remuneration and Nomination Committee reviewed the remuneration policies. The Supervisory Board remuneration policy was adopted in 2020 with due observance of, to the extent practicable, Applicable Laws and the Governance Rules. No amendments were proposed to the remuneration policy of the Supervisory Board. In 2022, the Remuneration and Nomination Committee proposed to amend the remuneration policy of the Management Board, limited to an update of the metrics applied in the STIP, to incorporate strategic business priorities and longer-term targets. This allows for a greater focus on direct financial performance and alignment between the metrics of the STIP, with the plans applicable for Just Eat Takeaway.com employees. This proposed change was supported and adopted by the investors at our AGM 2022 with 96.2%.

## Long-Term and Short-Term Incentives

Having reviewed and discussed the Management Board's KPIs, the Remuneration and Nomination Committee proposed to the Supervisory Board to base a non-financial element of the STIP 2022 on the following criteria: (i) prepare a product roadmap, (ii) maintain or increase the rating on the Glint engagement score relative with the Glint benchmark, provided that an insignificant decrease of more than five points compared with the Glint benchmark shall not adversely affect the target, (iii) improve profitability, (iv) strengthen the Company's balance sheet, (v) conclude the Company's listing review and (vi) align the country management organisation. The strategic target that forms part of the LTIP for 2021-2024 and 2022-2025 was advised to be partially based on the successful implementation of the Company's ambition to reduce CO2 emissions by 2030.

Pursuant to the Management Board's remuneration policy, the performance indicators for the long- and short-term incentives for the Managing Directors are set out in further detail in the section Remuneration in 2022. With support from its external advisor, the Remuneration and Nomination Committee considered what performance levels were deemed appropriate for both the long and short-term incentives to ensure that threshold, target and stretch payouts are sufficiently challenging.

## Advisory vote

In accordance with the Applicable Laws, the remuneration report of financial year 2021 was put to an advisory vote in the AGM 2022. The Remuneration and Nomination Committee was pleased to see the high level of support it received from investors at our 2022 AGM with 91.1% voting in favor.

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## Self-assessment

Annually, the Remuneration and Nomination Committee assesses its functioning in order to evaluate its performance and identify opportunities for individual and shared growth, along with any specific training or educational needs for each member. The Remuneration and Nomination Committee reviewed its functioning as part of the annual evaluation of the Supervisory Board. Having completed an evaluation form, the feedback was discussed in a Supervisory Board meeting without the presence of the Management Board. The meeting concluded that the individual members are well aware of their responsibility in fulfilling its duties. The Remuneration and Nomination Committee is operating effectively.

### The Remuneration and Nomination Committee

Corinne Vigreux

Jambu Palaniappan

Dick Boer

Chair

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# Remuneration in 2022

## Remuneration packages 2022

### Compensation package Management Board

The remuneration policy, which has been amended with regard to the targets of the STIP as per 1 January 2022, is aimed at attracting, motivating and retaining highly qualified Managing Directors and rewarding them with a balanced and competitive remuneration package. The policy has been developed mindful of the external environment in which the Company operates, the requirements of the Dutch Corporate Governance Code ('DCGC'), as well as the implementation of the Shareholder Rights Directive II in the Netherlands. It considers scenario analyses, internal pay differentials and the (non-)financial performance indicators relevant to the long-term objectives of the Company, hereby focusing on sustainable results and alignment with the Company's strategy. To the extent practicable, the requirements of the UK Corporate Governance Code ('UKCGC') are reflected. The remuneration policy supports both short- and long-term objectives, with the emphasis on long-term value creation for the Company and its stakeholders. The remuneration policy is felt to be appropriate to support the long-term success of the Company, while ensuring that it does not promote inappropriate risk taking. The Supervisory Board proposed to keep the design of the policy as simple and transparent as possible.

The remuneration of the Managing Directors consists of the following elements: (i) fixed annual base fee (or 'base fee'); (ii) benefits; (iii) pension; (iv) STIP; (v) LTIP consisting of conditional performance shares; and (vi) shareholding guidelines.

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Remuneration in 2022

The fixed remuneration (on an annual basis) of the individual Managing Directors, as included in the remuneration policy, is set out in the following table:

| €'000 | J. Green CEO | B. Wissink CFO | J. Gerbig 1 COO | A. Kenny 1 CCO | 2022 |
| --- | --- | --- | --- | --- | --- |
| Fixed remuneration |  |  |  |  |  |
| Base fee | 488 | 462 | 462 | 39 | 1,450 |
| Benefits | 32 | 28 | 29 | 2 | 91 |
| Pension allowance | 50 | 50 | 50 | 4 | 154 |
| Total fixed remuneration | 570 | 540 | 541 | 45 | 1,696 |

$^{1}$ Andrew Kenny's remuneration expense is disclosed starting from 1 December 2022, the date of his appointment as member of the Management Board.
$^{2}$ Jörg Gerbig's remuneration expense is disclosed for the full year.

The compensation package for the Management Board during 2022 consisted of the following fixed and variable components, which are discussed in more detail below:

- Fixed annual base fee;
- Benefits;
- Pension;
- STIP; and
- LTIP consisting of conditional performance share options

### Base fee

The base fee of the Managing Directors is a fixed-cash compensation paid monthly. In accordance with the remuneration policy, the base fee was increased by 2.7 (rounded) % as per 1 January 2022. This increase was guided by an increase for the broader employee population of Just Eat Takeaway.com due to inflation but was capped to the Dutch retail price index inflation.

### Benefits

The Managing Directors are entitled to customary fringe benefits, such as expense allowances, reimbursement of costs incurred and a company car. In 2022, the Managing Directors received a company car or allowance, a working-from-home allowance (from January 2022 until 30 April 2022), and JET Pay. In accordance with local practice, Andrew Kenny was also granted a family health insurance.

### Pension

The Managing Directors receive an annual cash allowance to participate in a pension scheme or obtain pension insurance and to obtain insurance for disability to work. The allowance amounts to €50,000 per year per Managing Director. No Managing Director participates in a collective pension scheme.

### Short-term incentive plan

To motivate Managing Directors and incentivise delivery of performance over a one-year operating cycle, focusing on the short- or medium-term elements of the Company's strategic aims, the remuneration includes variable remuneration in the form of an STI, which will be delivered partly in cash and, if applicable, partly as a deferred award of shares.

Any STIP outcome achieved above the target pay-out level of 75% of base fee will be delivered as a deferred award of shares, with the period of deferral being three years with one-third of the amounts deferred vesting and being capable of release at each anniversary of the making of the deferred award. The vested awards will be subject to a further holding period of two years during which time awards may not normally be sold, except to pay tax on vesting. Deferred shares are no longer contingent on performance conditions nor future engagement.

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Performance for the STIP is measured over each financial year against stretching targets set by the Supervisory Board at the beginning of the year, based on the budget and taking into account the strategic aspirations. The maximum level of the STIP outcome for a Managing Director is 150% of base fee per year.

### **Long-term incentive plan**

To motivate and incentivise delivery of sustained performance over the long-term, and to promote alignment with shareholders' interests, the remuneration includes variable remuneration in the form of an LTIP. Awards under the LTIP may be granted in the form of conditional nil-cost options, awards or forfeitable shares which vest to the extent that performance conditions are satisfied over a period of at least three years.

Under the LTIP rules, vested awards may also be settled in cash (although this will typically be the case only if required to comply with non-Dutch and non-UK legal constraints). Vested awards for Managing Directors will be subject to a further holding period of two years during which time awards may not normally be exercised or sold, except to pay tax on vesting, but are no longer contingent on performance conditions nor future engagement.

Performance is measured over a period of three financial years against stretching targets set at the beginning of the performance period. After three years, vesting is determined by the Supervisory Board.

The target award level is 100% of base fee for the CEO and other Managing Directors, with a maximum of 200% of the target award payable for achieving stretch performance goals. The number of conditionally granted shares is 100% of the base fee divided by the share price average of the five-day period after the AGM. The formal limit under the LTIP allows vesting of 200% of the target level.

The Supervisory Board, at its sole discretion, will decide if and to what extent grants are made to individual Managing Directors. Grants shall be determined on the basis of a consistent granting policy and set as a percentage of the base fee of the relevant Managing Director.

In order to mitigate dilution, the Company may repurchase shares to cover the awards granted, effectively with the result that no new shares have to be issued when vested options are exercised or awards vest.

### **Compensation package Supervisory Board**

The Company's remuneration policy for the Supervisory Board was adopted at the AGM 2020 and remained unchanged since then.

The main objective of the Supervisory Board remuneration policy is to attract and retain Supervisory Directors, taking into account the nature of the Company's business, the Supervisory Board's activities and the desired expertise, experience and independence of the Supervisory Directors, as set out in the profile of the Supervisory Board. The remuneration policy for the Supervisory Board aims to reward Supervisory Directors to utilise their expertise and experience to the maximum extent possible, to execute the responsibilities assigned to them including but not limited to the responsibilities imposed by the Dutch Civil Code, the Articles of Association and the DCGC and, to the extent practicable, the UKCGC. The fees payable to the Supervisory Directors are determined by the Supervisory Board. The fees payable to the Chair of the Supervisory Board are determined by the Remuneration and Nomination Committee. All fees are subject to periodic review. Pursuant to the remuneration policy for the Supervisory Board, the remuneration of the Supervisory Directors consists of the following elements: (i) fixed fee and

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committee fee; (ii) a market supplement and (iii) travel fee. There are no amounts reserved or accrued by the Company to provide pension, benefit, retirement or similar benefits for current Supervisory Directors.

In addition, actual incurred costs are reimbursed. The remuneration for Supervisory Directors is not dependent on the results of the Company. The Company did not provide any loans, advances, guarantees, shares or options to its Supervisory Directors.

#### **Fixed fee and committee fee**

The fixed fee for the Chair of the Supervisory Board has been set at €95,000, for the Vice-Chair of the Supervisory Board at €70,000 and for each other Supervisory Director at €60,000. The committee fee for the Chair of a committee has been set at €15,000 and for other committee members at €7,500.

#### **Market supplement**

In order to take into account fee level differences between the UK and the Netherlands, to accommodate onboarding from legacy Just Eat and legacy Takeaway.com within the Company and to reflect the additional complexity and time spent as a result of the context of being a Dutch incorporated company with a two-tier board structure, listed in the Netherlands and the United Kingdom, a market supplement for the Chair of the Supervisory Board has been set at €25,000, for the Vice-Chair of the Supervisory Board at €20,000 and for other Supervisory Directors at €15,000.

#### **Travel fee**

Supervisory Board members living outside of the Netherlands also receive a travel fee to compensate for the additional time commitment due to travelling (when meetings are held outside their country of residence). The travel fee has been set at €2,000 for continental travel (per meeting) and at €4,000 for intercontinental travel (per meeting).

### **Total remuneration 2022**

The total remuneration due to the individual Managing Directors, as well as the individual Supervisory Directors for the financial year 2022, is set out below, compared with 2021. With regard to each Managing Director the table provides for the different components of their remuneration.

The following table gives an overview of the expenses incurred by the Company in 2022 and 2021 in relation to the remuneration of the Management Board. These expenses are recognised by the Company over a number of years and are measured in accordance with the requirements set forth under IFRS. Therefore, the costs for share (option) awards do not reflect the market value of these awards at grant date or at the vesting date.

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|  | Reporting period | Fixed remuneration |  |  | Variable remuneration |  | Total remuneration | Proportion of fixed and variable remuneration |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Base-fee | Pension allowance | Benefits | One-year variable | Multi-year variable |  |  |
| J. Groen - CEO | 2022 | 488 | 50 | 32 | 366 | 392 | 1,327 | 43% / 57% |
|  | 2021 | 475 | 50 | 32 | 327 | 298 | 1,182 | 47% / 53% |
| B. Wissink - CFO | 2022 | 462 | 50 | 28 | 347 | 371 | 1,258 | 43% / 57% |
|  | 2021 | 450 | 50 | 28 | 310 | 274 | 1,112 | 47% / 53% |
| J. Gerbig 1 - COO | 2022 | 462 | 50 | 29 | 347 | 371 | 1,259 | 43% / 57% |
|  | 2021 | 450 | 50 | 29 | 310 | 267 | 1,106 | 48% / 52% |
| A. Kenny 1 - CCO | 2022 | 39 | 4 | 2 | 41 | 29 | 115 | 39% / 61% |
|  | 2021 | n/a | n/a | n/a | n/a | n/a | n/a | n/a |

$^{1}$ Andrew Kenny's remuneration expense is disclosed starting from 1 December 2022, the date of his appointment as member of the Management Board. The expenses include benefits and share-based payments that were awarded to him as Managing Director of the UK business and are not part of the Management Board remuneration policy. Mr. Kenny received a total cash payment of €498 thousand in December 2022 and January 2023 in relation to a bonus granted prior to his appointment.

$^{2}$ Jörg Gerbig's remuneration expense is disclosed for the full year.

In 2022, €4 million was charged to the Company for remuneration of the current Managing Directors, including pension allowance and long-term incentive costs. The total costs for the deferred shares issued under the STIP 2020 and the costs for the LTIP are recognised by the Company over a number of years and are measured in accordance with the requirements set forth under IFRS. No deferred shares were granted under the STIP 2021. No loans, advances or guarantees were granted to the Managing Directors in 2022.

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The following table gives an overview of the fees and expenses incurred by the Company in 2022 and 2021 in relation to the remuneration of the Supervisory Board.

| Name of Director, position | Reporting period | Fixed fee | Market supplement | Committee fees | Travel fee | Expenses | Total remuneration |
| --- | --- | --- | --- | --- | --- | --- | --- |
| D. Boer - Chair Supervisory Board | 2022 | 11 | 3 | 1 | - | - | 15 |
|  | 2021 | n/a | n/a | n/a | n/a | n/a | n/a |
| C. Vigreux - Vice-Chair Supervisory Board | 2022 | 84 | 23 | 12 | - | - | 119 |
|  | 2021 | 70 | 20 | 8 | - | - | 98 |
| R. Teerlink - Supervisory Board member | 2022 | 60 | 15 | 7 | - | - | 82 |
|  | 2021 | 60 | 15 | 12 | - | - | 87 |
| J. Palaniappan - Supervisory Board member | 2022 | 60 | 15 | 5 | 6 | - | 86 |
|  | 2021 | 60 | 15 | - | 2 | - | 77 |
| L. Frink - Supervisory Board member | 2022 | 60 | 15 | - | 16 | - | 91 |
|  | 2021 | 33 | 8 | - | 4 | - | 45 |
| M. De Schepper - Supervisory Board member | 2022 | 7 | 2 | 0 | - | - | 9 |
|  | 2021 | n/a | n/a | n/a | n/a | n/a | n/a |
| A. Nühn - (Former) Chair Supervisory Board | 2022 | 48 | 13 | 8 | - | - | 68 |
|  | 2021 | 95 | 25 | 15 | - | - | 135 |
| G. Burr - (Former) Supervisory Board member | 2022 | 20 | 5 | 7 | 2 | - | 35 |
|  | 2021 | 60 | 15 | 23 | - | - | 98 |
| D. Fisher - (Former) Supervisory Board member | 2022 | 60 | 15 | 15 | 8 | - | 98 |
|  | 2021 | 33 | 8 | 6 | 4 | 9 | 60 |

For any committee memberships of Supervisory Directors and their roles, please see ‘Report of the Audit Committee’ and ‘Report of the Remuneration and Nomination Committee’. In the period from 4 May 2022 up to and including 18 November 2022, Ms. Corinne Vigreux acted as interim Chair of the Supervisory Board and therefore received the base fee for the Chair during this period.

In 2022, €603 thousand was charged to the Company for remuneration of the current Supervisory Directors, including the yearly fixed and other fees.

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## General overview of STIP

The remuneration of the Managing Directors consists of a variable remuneration in the form of STI, which will be delivered partly in cash and partly as a deferred award of shares in the Company to the extent the STIP outcome achieved is above the target pay-out level of 75% of the base salary. The targets for the STIP 2022 are as follows:

| Target | Relative weight |
| --- | --- |
| Gross Transaction Value growth vs previous year to reach 14% | 30% |
| Number of Active Consumers to reach 103 million | 15% |
| Adjusted EBITDA as % of GTV to reach -0.47% | 30% |
| Certain personal / non-financial measures | 25% |

Based on the STIP outcome for 2022, the Supervisory Board - following the recommendation of the Remuneration and Nomination Committee - has resolved that a cash amount will be awarded in the value of 75% of base fee to the CEO, CFO and COO. In addition, it was resolved that a deferred award of a number of shares in the value of €37 thousand for Jitse Groen and €35 thousand for Brent Wissink and Jörg Gerbig, respectively, will be made. The CCO, Andrew Kenny, is not eligible under the STIP 2022 as he only joined the Management Board as per 1 December 2022.

The exact number of the deferred awards will be determined based on the five-day average closing price after the AGM 2023. The grant will subject to a period of deferral of three years with one-third of the amounts deferred vesting and being capable of release at each anniversary of the making of the deferred award. The vested awards will be subject to a further two-year holding period. As per the grant of the deferred awards, no further performance conditions nor future service conditions will apply.

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## General overview of LTIPs

The remuneration of the Managing Directors consists of a variable remuneration in the form of LTIPs, which includes the annual grant of conditional performance options. The table below contains information on the number of conditional share options granted to each Managing Director under the LTIP 2020-2023, LTIP 2021-2024 and LTIP 2022-2025. In addition, we provide further information about the applicable performance conditions per LTIP.

The conditional performance options granted as per 31 December 2016 ('LTIP 2017-2019') vested on 31 December 2019, the conditional performance options granted as per 31 December 2017 ('LTIP 2018-2020') vested on 31 December 2020 and the conditional performance options granted as per 31 December 2018 ('LTIP 2019-2021') vested on 31 December 2021. As per 31 December 2022, 10,477 vested options under the LTIP 2017-2019 have been exercised.

| Name of Managing Director, Position | Specification | Performance period | Award date | Vesting date | End of holding period | Exercise period | Strike price of the share (€) | Opening balance |  | During the period |  |  |  | Closing balance |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  | Share options awarded at the beginning of the year | Share options awarded | Market value of share options awarded (€) | Share options vested | Market value of share options vested (€) | Share options subject to a performance condition | Share options awarded and invested | Share options subject to a holding period |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | J. Groen CEO | LTIP 2020-2023 | 2020-2022 | 21-5-2020 | 21-5-2023 | 21-5-2025 | 22-5-2023 to 21-5-2033 | - | 4,917 | 615 | 12,139 | - | - | 5,532 | 5,532 | - |
| LTIP 2021-2024 | 2021-2023 | 19-5-2021 | 19-5-2024 | 19-5-2026 | 20-5-2024 to 19-5-2034 | - | 6,589 |  | - | - | - | - | 6,589 | 6,589 | - |  |  |  |  |  |  |  |  |
| LTIP 2022-2025 | 2022-2024 | 12-5-2022 | 12-5-2025 | 12-5-2027 | 13-5-2025 to 12-5-2035 | - | - |  | 24,839 | 475,001 | - | - | 24,839 | 24,839 | - |  |  |  |  |  |  |  |  |
| B. Wissink CFO | LTIP 2020-2023 | 2020-2022 | 21-5-2020 | 21-5-2023 | 21-5-2025 | 22-5-2023 to 21-5-2033 | - | 4,658 | 582 | 11,499 | - | - | 5,240 | 5,240 | - |  |  |  |  |  |  |  |  |
|  | LTIP 2021-2024 | 2021-2023 | 19-5-2021 | 19-5-2024 | 19-5-2026 | 20-5-2024 to 19-5-2034 | - | 6,243 | - | - | - | - | 6,243 | 6,243 | - |  |  |  |  |  |  |  |  |
|  | LTIP 2022-2025 | 2022-2024 | 12-5-2022 | 12-5-2025 | 12-5-2027 | 13-5-2025 to 12-5-2035 | - | - | 23,532 | 450,007 | - | - | 23,532 | 23,532 | - |  |  |  |  |  |  |  |  |
| J. Gerbig COO | LTIP 2020-2023 | 2020-2022 | 21-5-2020 | 21-5-2023 | 21-5-2025 | 22-5-2023 to 21-5-2033 | - | 4,658 | 582 | 11,499 | - | - | 5,240 | 5,240 | - |  |  |  |  |  |  |  |  |
|  | LTIP 2021-2024 | 2021-2023 | 19-5-2021 | 19-5-2024 | 19-5-2026 | 20-5-2024 to 19-5-2034 | - | 6,243 | - | - | - | - | 6,243 | 6,243 | - |  |  |  |  |  |  |  |  |
|  | LTIP 2022-2025 | 2022-2024 | 12-5-2022 | 12-5-2025 | 12-5-2027 | 13-5-2025 to 12-5-2035 | - | - | 23,532 | 450,007 | - | - | 23,532 | 23,532 | - |  |  |  |  |  |  |  |  |

$^{1}$ The market value as included in this column represents the market value of the underlying shares based on the share price at the date of the award / at the date of vesting.

As per 31 December 2022, no grants under the LTIP have been made to Andrew Kenny. Any grants made and awards obtained under employee share plans will - in accordance with the relevant plan rules - continue to vest or be exercisable while Andrew Kenny serves as a Managing Director.

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## LTIP 2020-2023

Conditional performance awards granted as per 21 May 2020 and expected to vest on 21 May 2023 are referred to as the LTIP 2020-2023. The performance period for the LTIP 2020-2023 ended on 31 December 2022.

The targets for the vesting of the conditional performance options granted under the LTIP 2020-2023 and their relative weight were as follows:

| Targets | Relative weight |
| --- | --- |
| Full-year revenue growth (2020: 35%; 2021: 20%; 2022: 20%) | 37.5% |
| Relative Total Shareholder Return (TSR) 1 | 37.5% |
| Strategic Target 2 | 25% |

$^{1}$ The TSR condition compares the TSR performance of the Company to the TSR performance of each of the constituents of the relevant index (AEX, FTSE 100 and NASDAQ 100) over a period of three years from the beginning of the performance period. The percentile ranking within the index constituents determines the vesting level.

$^{2}$ Successful integration: the successful integration will have occurred if by the end of the performance period the number of platforms for the combined Just Eat Takeaway.com group does not exceed three, not taking into account any platforms that were acquired after completion of the Just Eat Takeaway.com combination.

Application of the LTIP 2020-2023 as per 21 May 2020 resulted in the granting to the Managing Directors of a total of 14,233 conditional nil-cost performance awards. The number of awards is 100% of the base fee divided by the share price average of the five-day period after the 2020 AGM. Minimum vesting is 0% of the target award level and the formal limit under the LTIP 2020-2023 allows vesting of 200% of the target award level.

These conditional performance options are, subject to the adoption of the Annual Report 2022 by the AGM, expected to vest at 112.5% as per 21 May 2023, based on the continued employment and the achievement of the targets set by the Supervisory Board, resulting in the vesting of 5,532 options to Jitse Groen and 5,240 options to Brent Wissink and Jörg Gerbig, respectively.

## LTIP 2021-2024

Conditional performance awards granted as per 19 May 2021 and expected to vest on 19 May 2024 are referred to as the LTIP 2021-2024.

The targets set by the Supervisory Board are determined based on full-year revenue growth (37.5%), relative TSR (37.5%) and a strategic target (25%). The awards have been granted in the form of nil-cost conditional performance options, which will vest if Just Eat Takeaway.com's business develops in accordance with and in the direction of the medium-term targets as determined by the Supervisory Board.

The targets to be used for the vesting of the awards granted under the LTIP 2021-2024, as well as the achieved performance respectively, are generally considered competitively sensitive and will therefore be published in the Annual Report after the relevant performance period. However, the vesting of the LTIP 2021-2024 partially depends on the achievement of a strategic target on the reduction of Just Eat Takeaway.com's carbon emissions in scope 1 and 2 in accordance with the goals set out in the section 'Our Responsible Business and Sustainability Approach'.

Application of the LTIP 2021-2024 as per 19 May 2021 resulted in the granting to the Managing Directors of a total of 19,075 conditional performance nil-cost awards. The number of awards is 100% of base fee divided by the share price average of the five-day period after the 2021 AGM. Minimum vesting is 0% of the target award level and the formal limit under the LTIP 2021-2024 allows vesting of 200% of the target award level.

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## LTIP 2022-2025

Conditional performance awards granted as per 12 May 2022 and expected to vest on 12 May 2025 are referred to as the LTIP 2022-2025.

The targets set by the Supervisory Board are determined based on full-year revenue growth (37.5%), relative TSR (37.5%) and a strategic target (25%). The awards have been granted in the form of nil-cost conditional performance options, which will vest if Just Eat Takeaway.com's business develops in accordance with and in the direction of the medium-term targets as determined by the Supervisory Board.

The targets to be used for the vesting of the awards granted under the LTIP 2022-2025 as well as the achieved performance respectively are generally considered competitively sensitive and will therefore be published in the Annual Report after the relevant performance period. However, the vesting of the LTIP 2022-2025 partially depends on the achievement of a strategic target on the reduction of Just Eat Takeaway.com's carbon emissions in scope 1 and 2 in accordance with the goals set out in the section 'Our Responsible Business and Sustainability Approach'.

Application of the LTIP 2022-2025 as per 12 May 2022 resulted in the granting to the Managing Directors of a total of 71,903 conditional performance nil-cost awards. The number of awards is 100% of base fee divided by the share price average of the five-day period after the AGM 2022. Minimum vesting is 0% of the target award level and the formal limit under the LTIP 2022-2025 allows vesting of 200% of the target award level.

## Clawback

In line with Dutch law and the DCGC, the variable remuneration of a Managing Director may be reduced or (partly) recovered if certain circumstances apply.

In 2022, no variable remuneration was reclaimed from any Managing Director.

## Compensation packages' compliance with remuneration policy

The remuneration granted to the individual Managing Directors in 2022 is compliant with the remuneration policy.

In 2022, no deviations from the procedure for the implementation of the remuneration policy for any Managing Director were made and no derogations itself have been applied.

The remuneration granted to the individual Supervisory Directors in 2022 is compliant with the remuneration policy, with one exception. Adriaan Nühn received his remuneration in accordance with the remuneration policy up to and including 4 May 2022. Due to the substantial work in the first months of the year, including eight additional Supervisory Board meetings, the Company agreed with Adriaan Nühn that he would retain the fees previously charged for his expected services in the first half of 2022.

## Pay ratios within Just Eat Takeaway.com and annual change

The pay ratio from our CEO relative to the average pay of all employees, employed by Just Eat Takeaway.com, was twenty-two to one in 2022 (2021: nineteen to one). As a comparison, the pay ratio from our CFO and COO relative to the average pay of all our employees was twenty to one in 2022 (2021: eighteen to one). These ratios are based upon total staff cost per average FTE in the year. This calculation includes the full total compensation and benefits, such as pension schemes and share-based payments, payable to the CEO - respectively the CFO and COO - and our employees.

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The pay ratio was calculated between the total annual remuneration of the CEO, CFO and COO as applicable, and the average annual remuneration of the employees in which (a) the total annual remuneration of the CEO, CFO and COO includes all remuneration components listed under 'Compensation Package Management Board' above; (b) the average annual remuneration of employees is the total wage costs divided by the average number of FTEs during the year; and (c) the value of the share-based remuneration is determined in accordance with IFRS.

As expected, the pay ratio increases over time, driven by the growth of the number of couriers and customer service agents employed. However, it is important for us to continuously monitor the ratio between the highest and the average paid persons within Just Eat Takeaway.com.

| Annual change | 2018 vs 2017 | 2019 vs 2018 | 2020 vs 2019 | 2021 vs 2020 | 2022 vs 2021 |
| --- | --- | --- | --- | --- | --- |
| Information regarding the reported financial year |  |  |  |  |  |
| J. Groen - CEO | 17% | 23% | 87% | (12%) | 12% |
| B. Wissink - CFO | 17% | 28% | 89% | (11%) | 13% |
| J. Gerbig - COO | 18% | 35% | 84% | (9%) | 14% |
| A. Kenny - CCO | n/a | n/a | n/a | n/a | n/a |
| Company performance |  |  |  |  |  |
| Revenue | 42% | 79% | 391% | 120% | 24% |
| Adjusted EBITDA | 59% | 216% | 1454% | (267%) | 103% |
| Orders | 38% | 70% | 228% | 33% | (9%) |
| Average remuneration on a full-time equivalent basis of employees |  |  |  |  |  |
| Employees of Just Eat Takeaway.com | (19%) | 23% | 41% | (33%) | 11% |

The table above contains an overview over the past five years.

## Share ownership

### Share ownership members of the Management Board

As of 31 December 2022, the Managing Directors held shares in the Company as set out below.

| Numbers of shares held | J. Groen CEO 1 | B. Wissink CFO | J. Gerbig COO 2 | A. Kenny CCO 2 |
| --- | --- | --- | --- | --- |
| Numbers of shares held as at 31 December 2022 | 15,326,107 | 117,060 | 311,479 | 7,118 |

$^{1}$ Shares are held indirectly

$^{2}$ Depository receipts on shares with no voting rights

In addition to the shareholdings described above, on 1 January 2023, the second tranche of the STIP 2020 awards vested. As a consequence of the vesting 1,561 shares were delivered to Jitse Groen and - after the relevant sell-to-cover transaction - 746 shares were delivered to Brent Wissink and Jörg Gerbig, respectively.

### Share ownership members of the Supervisory Board

David Fisher and Lloyd Frink held securities in Grubhub prior to the Grubhub Acquisition, which were rolled over into securities in the Company. As of 31 December 2022, David Fisher held 20,330 ADSs and 31,530 vested options, which upon exercise can be settled in 31,530 ordinary shares or 157,650 ADSs. As per the same date, Lloyd Frink held 282,354 ADSs and 37,168 vested options, which upon exercise can be settled in 37,168 ordinary shares or 185,840 ADSs.

As per 31 December 2022, no other Supervisory Board members held securities in the Company.

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## Payments by participating interests

Other than set out below, during 2022, no remuneration for members of the Management Board has been made at the account of any participating interest of the Company.

## Severance arrangements

Contractual severance arrangements of the Managing Directors provide for compensation for the loss of income resulting from a non-voluntary termination of employment. In that situation, the severance package is equal to the sum of the six-month gross fixed base fee of the respective Managing Director. The contractual severance arrangements are compliant with the DCGC. There are no contractual arrangements in place for compensation for Managing Directors for non-voluntary termination of service in case of a take-over bid of the Company.

During 2022, no severance payments were made by the Company to members of the Management Board and the Supervisory Board.

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# Governance and Compliance

## General

This section of the management report sets out the governance structure of Just Eat Takeaway.com N.V., a company organised under Dutch law, as embedded in the Company’s Articles of Association, Charter of the Management Board and Charter of the Supervisory Board, each as per 31 December 2022. As a result of the changes in the Company’s listing venues set out in ‘Our Shareholders’, as of 31 December 2022, its shares are traded on Euronext Amsterdam, its CDIs are traded on the London Stock Exchange and its ADSs are traded on the OTC Markets via a sponsored Level I Program.

Information about our current Articles of Association, Charter of the Management Board, and Charter of the Supervisory Board can be found on the Company’s corporate website.

The Company has a two-tier board structure, consisting of a Management Board and a Supervisory Board, who are collectively responsible for the corporate governance structure of Just Eat Takeaway.com. The Company complied with the Applicable Laws and Governance Rules, subject to the deviations as described in this section under ‘Compliance with the Governance Rules’.

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# Management Board

## Powers, responsibilities and functioning

The Management Board's responsibilities include, among other things, defining and attaining Just Eat Takeaway.com's objectives, determining our strategy and risk management policy, and day-to-day management of Just Eat Takeaway.com's operations, subject to the supervision of the Supervisory Board. In performing its duties, the Management Board is guided by the interests of the Company, Just Eat Takeaway.com and its business. The Management Board must establish a position on the relevance of long-term value creation for the Company and its business and take into account relevant stakeholder interests (including our shareholders). The Management Board conducts an annual performance review to identify any specific training or educational needs for each member.

The Management Board shall provide the Supervisory Board in good time with all information necessary for the exercise of the duties of the Supervisory Board. The Management Board is required to inform the Supervisory Board in writing of the main features of the strategic policy, the general and financial risks, and the management and control systems of the Company, at least once per year. The Management Board must submit certain important decisions to the Supervisory Board and/or the General Meeting for their approval, as described in more detail below.

## Composition, appointment and removal

The Articles of Association and the Charter of the Management Board provide that the Management Board shall have two or more members and that the Supervisory Board will determine the exact number of Managing Directors. One of the Managing Directors shall be appointed as CEO and one as CFO. The Supervisory Board may grant other titles to other Managing Directors, if appointed.

As of 31 December 2022, the Management Board consisted of four Managing Directors: the CEO, the CFO, the COO, and the CCO.

Managing Directors are appointed by the General Meeting. If a Managing Director is to be appointed, the Supervisory Board will make a binding nomination. The nomination must be included in the notice of the General Meeting at which the appointment will be considered. If no nomination has been made by the Supervisory Board within 60 days after a request by the Management Board, this must be stated in the notice and the Management Board will make a non-binding nomination. If no such nomination has been made by the Management Board, this must also be stated in the notice and the General Meeting may appoint a Managing Director at its discretion.

The General Meeting can vote to disregard the binding nomination of the Supervisory Board, provided that such vote is passed by an absolute majority that represents at least one-third (1/3) of the issued share capital of the Company. If the General Meeting votes to disregard the binding nomination of the Supervisory Board, a new General Meeting will be convened, and the Supervisory Board will make a new binding nomination. For the avoidance of doubt, a second General Meeting as referred to in Dutch law cannot be convened in respect hereof.

The Supervisory Board may propose the suspension or dismissal of a Managing Director to the General Meeting. If this is the case, the resolution is adopted by an absolute majority without a quorum required. In all other cases, the General Meeting may only suspend or dismiss a Managing Director with an absolute majority of the votes cast, representing more than one third (1/3) of the issued share capital.

The Supervisory Board may also at any time suspend (but not dismiss) a Managing Director. A General Meeting must be held within three months after the suspension of a Managing Director has taken effect, during which a

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resolution must be adopted to either terminate or extend the suspension for a maximum period of another three months, taking into account the majority and quorum requirements described above. The suspended Managing Director must be given the opportunity to account for his or her actions at that meeting. If no such resolution is adopted, or the General Meeting has not resolved to dismiss the Managing Director, the suspension will cease after the period of suspension has expired.

## Term of appointment

A Managing Director shall be appointed for a term up to, at the latest, the end of the AGM held in the year following the year of appointment. However, the term of appointment of a Managing Director shall not end for as long as such resignation would result in no Managing Director being in office.

Jitse Groen and Brent Wissink were reappointed as the CEO and CFO, respectively, at the AGM on 4 May 2022.

On 4 May 2022, the Company announced the withdrawal of the voting item to reappoint Jörg Gerbig as Management Board member from the agenda of the AGM 2022. At the time, the Company initiated an investigation into a formal complaint under the Company’s Speak-Up Policy. The external expert investigation was concluded in August 2022 and based on the outcome, the Supervisory Board determined that Jörg Gerbig could continue in his position as COO of the Company. Jörg Gerbig was reappointed as COO at the EGM 2022 on 18 November 2022. In the same EGM, Andrew Kenny was appointed as CCO, which appointment became effective as per 1 December 2022.

The re-election of the current Managing Directors will be proposed at the AGM 2023.

## Employment, Service and Severance Agreements

The four Managing Directors each are bound by a management service agreement with the Company. The terms and conditions of these service agreements are governed by Dutch law. The contractual severance arrangements of the Managing Directors provide for compensation for the loss of income resulting from a non-voluntary termination of service. In that situation, the gross severance payment is equal to the sum of the six-month gross fixed base fee of the respective Managing Director.

## Meetings and decisions

The Management Board shall meet whenever requested by a Managing Director. Pursuant to the Charter of the Management Board, the Managing Directors shall endeavour to achieve that Management Board resolutions are adopted unanimously as much as possible. Where unanimity cannot be reached and Dutch law, the Articles of Association or the Charter of the Management Board do not prescribe a larger majority, resolutions of the Management Board are adopted by an absolute majority of the votes cast. In case of a tie in votes, the resolution will be adopted by the Supervisory Board, unless there are more than two Managing Directors entitled to vote, in which case the CEO shall have a casting vote.

Management Board decisions can also be adopted without holding a meeting, provided those resolutions are adopted in writing or in a reproducible manner by electronic means of communication and all Managing Directors entitled to vote have consented to adopting the resolutions outside a meeting.

Resolutions of the Management Board regarding a significant change in the identity or nature of the Company or its business require the approval of the Supervisory Board and of shareholders in a General Meeting.

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Pursuant to the Articles of Association and the Charter of the Management Board, the Management Board shall obtain the approval of the Supervisory Board for a number of resolutions which concern, among others:

- the operational and financial objectives of Just Eat Takeaway.com;
- the strategy designed to achieve those objectives;
- the parameters to be applied in relation to the strategy, for example in respect of the financial ratios;
- the aspects of corporate social responsibility relevant to the activities of Just Eat Takeaway.com;
- the issue or grant of rights to subscribe for and acquisition of shares in the capital of the Company;
- entering into credit facilities and/or loan agreements or obligations of any kind or nature, in each case if the relevant principal amount exceeds €100 million;
- a proposal to amend the Articles of Association or the Charter of the Management Board;
- a proposal to dissolve the Company;
- an application for bankruptcy or for suspension of payments;
- the termination of the employment of a substantial number of employees of Just Eat Takeaway.com at the same time or within a short period of time.

## Conflict of interest

Managing Directors must report any (potential) conflict of interest to the Chair of the Supervisory Board and the other members of the Management Board immediately. The Supervisory Board shall decide whether a conflict of interest exists.

The Managing Director who has a (potential) conflict of interest shall not participate in discussions and decision-making on a subject or transaction in relation to which he has a conflict of interest with the Company.

When the conflict relates to the CEO, the relevant resolution can be adopted without the CEO's vote. Decisions to enter into transactions in which there are conflicts of interest with one or more Managing Directors require the approval of the Supervisory Board if they are of material significance to the Company or to the relevant Managing Directors.

During 2022, no such conflicts of interest were reported.

## Maximum number of supervisory positions of Managing Directors

In accordance with Dutch law, restrictions apply to the overall number of supervisory positions that a Managing Director or Supervisory Director of certain listed companies may hold.

A person cannot be appointed as a managing or executive director of a 'large Dutch company' if he/she already holds a supervisory position at more than two other 'large Dutch companies' or if he/she is the Chair of the supervisory board or one-tier board of another 'large Dutch company'. Also, a person cannot be appointed as a supervisory director or non-executive director of a 'large Dutch company' if he/she already holds a supervisory position at five or more other 'large Dutch companies', whereby the position of Chair of the supervisory board or one-tier board of another 'large Dutch company' is counted twice.

As per 31 December 2022, the Company met the criteria of a large Dutch company and all Managing Directors complied with these rules under Dutch law.

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# Supervisory Board

## Powers, responsibilities and functioning

The Supervisory Board supervises the policies created and rolled out by the Management Board and the general affairs of the Company and its business enterprise. In so doing, the Supervisory Board also focuses on the effectiveness of Just Eat Takeaway.com's internal risk management and control systems and the integrity and quality of the financial reporting. The Supervisory Board also provides advice to the Management Board. In performing its duties, the Supervisory Directors are required to be guided by the interests of the Company and its business enterprise, taking into consideration the interests of Just Eat Takeaway.com's stakeholders. The Supervisory Board must also observe the responsible business issues that are relevant to the Company.

## Composition, appointment and removal

The Articles of Association provide that the Supervisory Board shall consist of at least three Supervisory Directors, with the exact number of Supervisory Directors to be determined by the Supervisory Board. Only natural persons (not legal entities) may be appointed. The General Meeting appoints the Supervisory Directors upon a binding nomination by the Supervisory Board.

The Articles of Association also stipulate that one Supervisory Director shall be appointed upon a binding nomination by Gribhold until the date it becomes public information by means of the AFM Register that Gribhold holds less than 10% of the Company's issued share capital. As per 15 June 2021, Gribhold no longer has the right to provide the binding nomination for the appointment of a Supervisory Director.

The General Meeting may at any time overrule the binding nomination by an absolute majority of the votes cast, representing more than one third (1/3) of the issued share capital. Should the General Meeting overrule the binding nomination, a new meeting shall be convened and the party who made the initial binding nomination shall make a new binding nomination. A second General Meeting as referred to under Dutch law cannot be convened in respect hereof.

The nomination must be included in the notice of the General Meeting at which the appointment will be considered. If a nomination has not been made, this must be stated in the notice of the General Meeting and the General Meeting may appoint a Supervisory Director at its discretion.

The Supervisory Board has drawn up a profile for its size and composition, taking into account the nature of Just Eat Takeaway.com's business activities and addressing:

i. the desired expertise and background of the Supervisory Directors;
ii. the desired diverse composition of the Supervisory Board;
iii. the size of the Supervisory Board; and
iv. the independence of the Supervisory Directors.

The profile of the Supervisory Board can be found on the Company's corporate website.

The Supervisory Board may propose to the General Meeting to suspend or dismiss a Supervisory Director. If this is the case, the resolution is adopted by an absolute majority without a quorum required. In all other cases, the General Meeting may only suspend or dismiss a Supervisory Director with an absolute majority of the votes cast, representing more than one third (1/3) of the issued ordinary share capital.

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A General Meeting must be held within three months after suspension of a Supervisory Director has taken effect, in which meeting a resolution must be adopted to either terminate or extend the suspension for a maximum period of another two months. The suspended Supervisory Director must be given the opportunity to account for his or her actions at that meeting. If neither such resolution is adopted nor the General Meeting has resolved to dismiss the Supervisory Director, the suspension will cease after the period of suspension has expired.

## Term of appointment

A Supervisory Director shall be appointed for a term up to at the latest the end of the AGM held in the year following the year of (re-)appointment at the latest. However, the term of appointment of a Supervisory Director shall not end for as long as such resignation would result in no Supervisory Directors being in office.

Corinne Vigreux, David Fisher, Lloyd Frink, Jambu Palaniappan and Ron Teerlink were reappointed as Supervisory Directors at the AGM on 4 May 2022. To ensure that the Supervisory Board could fully focus on the challenges and opportunities ahead, Adriaan Nühn decided prior to the AGM 2022 that he would not seek re-election as Chair which he believed to best serve the interests of the Company and its stakeholders, including its shareholders. As a result, Adriaan Nühn’s term ended at the closing of the AGM 2022. After the AGM, the Vice-Chair of the Supervisory Board, Corinne Vigreux, assumed the duties of Chair of the Supervisory Board.

Following the decision of each of Adriaan Nühn and Gwyn Burr not to seek re-election at the AGM 2022, the Supervisory Board conducted a search to fill the vacancies within the Supervisory Board. In view of the Supervisory Board’s resolution to expand the Supervisory Board from seven to eight members, three positions were vacant between May and November 2022, including the position of Chair.

In due observance of the Company’s Supervisory Board profile, the search was aimed at finding candidates that would strengthen the Supervisory Board as a whole. The desired profile would combine experience in managing a dynamic business (within the platform or another sector that represents high growth and innovation in a fast-moving environment) in an international business environment with an understanding of corporate governance and organisation structures relevant for a listed company of Just Eat Takeaway.com’s size and global presence. For the position of Chair, the proposed nominee would be expected to have a track record within the leadership of a publicly listed company. In view of the Company’s diversity policy, at least two of the three nominees would be female.

In October 2022, the Supervisory Board concluded its search in respect of two of the three vacancies. Although the search for the third (female) nominee continued, the Supervisory Board deemed it in the best interests of the Company to proceed with the first two nominations in the EGM 2022, to allow them to start their contribution to the Supervisory Board. On 18 November 2022, the General Meeting resolved to appoint Mieke De Schepper with immediate effect as a member of the Supervisory Board. At the same General Meeting, Dick Boer was appointed as member and Chair of the Supervisory Board as per immediate effect.

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On 8 November 2022, David Fisher informed the Company that he had decided to step down as member of the Supervisory Board for personal reasons, aiming to focus on his position as Chief Executive Officer and Chairman of the Board of Directors of Enova International, Inc. and his family. His resignation became effective as per 1 January 2023.

The Supervisory Board currently has two remaining vacancies, which the Supervisory Board, in accordance with Dutch law and the Company’s diversity policy, intends to fill both vacancies with female Supervisory Director.

The Supervisory Board has a rotation plan with the different anticipated dates of retirement for each of the Supervisory Directors. This rotation plan is available at the Company’s corporate website.

The re-election of all current Supervisory Directors will be proposed at the AGM 2023.

## Employment, Service and Severance Agreements

The relationship between the Company and each of the Supervisory Directors is governed by a letter of appointment, which is governed by Dutch law. These letters do not contain any severance provisions.

## Meetings and decisions

The Supervisory Board shall meet at least four times a year and whenever one or more Supervisory Directors or Managing Directors request a meeting. Unless the Supervisory Board decides otherwise, Managing Directors will attend Supervisory Board meetings, except where meetings concern matters including board evaluations, the profile of the Supervisory Board, and conflicts of interest. Meetings of the Supervisory Board are generally held at the Company’s offices but may also be held elsewhere.

According to the Charter of the Supervisory Board, resolutions of the Supervisory Board can only be adopted in a meeting at which at least half of the Supervisory Directors entitled to vote are present or represented. The Supervisory Directors shall endeavour to achieve that resolutions are adopted unanimously as much as possible. Where unanimity cannot be reached and the Dutch law, the Articles of Association or the Charter of the Supervisory Board do not prescribe a larger majority, resolutions of the Supervisory Board are adopted by a majority vote. In the event of a tie vote, the proposal shall be rejected.

The Supervisory Board may also adopt resolutions outside a meeting with due observance of the Charter of the Supervisory Board.

## Conflict of interest

Supervisory Directors (other than the Chair) must report any (potential) conflict of interest to the Chair of the Supervisory Board immediately. If the (potential) conflict of interest involves the Chair of the Supervisory Board, it must be reported to the Vice-Chair of the Supervisory Board. The Supervisory Board shall decide whether a conflict of interest exists.

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The Supervisory Director who has a (potential) conflict of interest shall not participate in discussions and decision-making on a subject or transaction in relation to which the Supervisory Director has a conflict of interest with the Company. Decisions to enter into transactions under which members of the Supervisory Board have conflicts of interest that are of material significance to the Company and/or to the relevant member(s) of the Supervisory Board, require the approval of the Supervisory Board.

During 2022, no such conflicts of interest were reported.

## Maximum number of supervisory positions of Supervisory Directors

In accordance with Dutch law, restrictions apply to the overall number of supervisory positions that a supervisory director of certain listed companies may hold.

A person cannot be appointed as a supervisory director of a 'large Dutch company' if he/she already holds a supervisory position at more than two other 'large Dutch companies' or if he/she is the Chair of the supervisory board or one-tier board of another 'large Dutch company'. Also, a person cannot be appointed as a supervisory director or non-executive director of a 'large Dutch company' if he/she already holds a supervisory position at five or more other 'large Dutch companies', whereby the position of Chair of the supervisory board or one-tier board of another 'large Dutch company' is counted twice.

As per 31 December 2022, the Company met the criteria of a large Dutch company and all Supervisory Directors complied with these rules under Dutch law.

## Supervisory Board Committees

Establishing committees does not diminish the responsibility of the Supervisory Board and the Supervisory Directors for obtaining information and forming an independent opinion. The committees cannot adopt resolutions on behalf of the Supervisory Board. Their meetings are subject to the same requirements as for Supervisory Board meetings and each committee informs the Supervisory Board of its deliberations and findings, and on matters including their duties and composition and items discussed during committee meetings. Additionally, the Audit Committee informs the Supervisory Board of the results of the annual statutory audit.

As per 31 December 2022, the Supervisory Board had two committees in place: an Audit Committee and a Remuneration and Nomination Committee. Each committee consisted of at least three members, who are appointed by the Supervisory Board. A member of each committee shall be appointed as its Chair, provided they are not the Chair of the Supervisory Board or a former Managing Director.

The reports of the Audit Committee and the Remuneration and Nomination Committee are set out on pages 143 and 109, respectively.

### Audit Committee

The Audit Committee prepares the Supervisory Board's decision-making regarding the supervision of the integrity and quality of Just Eat Takeaway.com's financial reporting and the effectiveness of the Company's internal risk management and control systems. The Audit Committee monitors the Management Board in matters relating to relations with auditors, finance, funding, information technology, cybersecurity and tax. The Audit Committee's responsibilities also include oversight of the internal audit function, monitoring the financial reporting process and internal control systems, and determining the selection process for the external auditor and its independence.

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As per 31 December 2022, the Audit Committee had the following members: David Fisher (Chair), Ron Teerlink, Mieke De Schepper and Dick Boer. Since 1 January 2023, after David Fisher stepped down, the Audit Committee's members are Ron Teerlink (Chair), Mieke De Schepper and Dick Boer.

The Governance Rules and Applicable Laws require all members of the Audit Committee to be independent, and at least one member of the Audit Committee must have recent and relevant financial experience. The Audit Committee as a whole shall have competence relevant to the sector in which the Company operates. Each of the members of the Audit Committee qualifies as being independent and the Audit Committee has sufficient competence in accordance with the Governance Rules.

The internal auditor, the external auditor and, unless the Audit Committee decides otherwise, the CEO may attend meetings at the invitation of the Audit Committee.

### Remuneration and Nomination Committee

The Remuneration and Nomination Committee prepares the Supervisory Board's decision-making regarding, among others, the remuneration of the Managing Directors, selection criteria and appointment procedures for Managing Directors and Supervisory Directors, assessment of the composition and performance of the Supervisory Board and Management Board, and drafting the Company's diversity policy for the composition of the Management Board and the Supervisory Board.

As per 31 December 2022, the Remuneration and Nomination Committee had the following members: Corinne Vigreux (Chair), Jambu Palaniappan and Dick Boer. All members of the Remuneration and Nomination Committee are independent.

## Indemnification

The terms of the Management Board's and Supervisory Board's indemnification are provided in the Articles of Association, which are to be found on the Company's corporate website. Third-party directors' and officers' liability insurance was in place for all Managing Directors and Supervisory Directors throughout 2022.

## Diversity

As set out in the diversity policy, the Supervisory Board aims for a diverse composition in respect of, and shall therefore strive for a fair balance between, nationality, experience, expertise, education, culture, gender, age and work background of its members. This is also reflected in the Company's Supervisory Board profile.

When nominating a candidate for appointment, the qualifications (such as expertise and experience) of the candidate and the specific requirements for the position to be filled shall prevail; nevertheless, the Supervisory Board strives to have at least 30% female and 30% male membership.

As of 31 December 2022, the Supervisory Board consisted of seven members, five persons who identify as male and two persons who identify as female. Since 1 January 2023, the Supervisory Board has consisted of six members, four persons who identify as male and two persons who identify as female. While the Supervisory Board's composition as of 31 December 2022 was not in conformity with the desired gender balance, its current composition is. The Supervisory Board expects to nominate two female candidates for appointment to the Supervisory Board in the AGM 2023.

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As also set out in its diversity policy, the Supervisory Board pays great value to diversity in the composition of the Management Board. In particular, it strives to have members with a background (nationality, work experience, skills or otherwise) that is diverse and relevant for the sector and the principal countries where Just Eat Takeaway.com has a presence. In addition, and although challenging in the Company's business, the Company strives to have a Management Board consisting of at least 30% male and at least 30% female members. Nevertheless, other factors such as experience, age and education should also be taken into account. Similarly, Just Eat Takeaway.com strives for a diverse composition of its senior management to ultimately reach a better balanced composition of the Management Board through succession.

As of 31 December 2022, the Management Board consists of four members who all identify as male. The Supervisory Board will take the balanced composition requirements into account when nominating and selecting new candidates for the Supervisory Board and the Management Board. However, the Supervisory Board is of the opinion that gender is only one element of diversity, and that experience, background, knowledge, skills and insight are equally important and relevant criteria in selecting new members. The Supervisory Board made a binding nomination for Andrew Kenny to join the Management Board in 2022, as it believes Andrew Kenny's skills and experience not only complement the Management Board, but also his membership represents the UK, a principal market for Just Eat Takeaway.com, and the legacy Just Eat business more prominently in the Management Board.

The Company believes that this section of its Annual Report contains the information around gender diversity required by the UK Listing Rules 14.3.33 - 14.3.37 and Annex 1 of Listing Rule 14 about gender and ethnic diversity, taking the following into account:

- The UK Listing Rules assess corporate governance from the angle of a company incorporated under UK law with a unitary board. Therefore, the Company - being incorporated in the Netherlands and having a dual board structure - may as a matter of Dutch law not be able to comply with all elements of the UK Listing Rule.
- In particular, the Company does not collect numerical data on ratios of ethnicity, disability and sexual orientation of its Supervisory Directors and Managing Directors nor of any employees as it believes that data protection laws in the Netherlands prevent it from processing such data for IDGB reporting purposes.
- The Company aims for a gender diverse composition of the Management Board and Supervisory Board respectively, in which at least 30% of the members identify as female rather than the 40% as set out in UK Listing Rule 14.3.33(1).
- The Company does not have separate diversity policies in place for the composition of the committees of the Supervisory Board. The Company believes that a diverse composition of the Supervisory Board in itself will result in a balanced composition of its committees. On 31 December 2022 the Audit Committee consisted of at least 30% members that identify as male and 25% members that identify as female. On that date, the Remuneration and Nomination Committee consisted of at least 30% members that identify as male and at least 30% that identify as female. As of 1 January 2023, the Audit Committee and the Remuneration and Nomination Committee each consisted of at least 30% members that identify as male and at least 30% that identify as female.
- The following table sets out the diversity information of the Management Board and Supervisory Board as required under UK Listing Rule 14.3.33 (2). Footnotes have been added to the prescribed format to account for the Company's corporate structure.

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Gender Diversity of the Management Board and Supervisory Board on 31 December 2022

|  | Number of board members | Percentage of the board 1 | Number of senior positions on the board (CEO, CFO, SID and Chair) 2 | Number in executive management | Percentage of executive management |
| --- | --- | --- | --- | --- | --- |
| Men | 9 | 81.82% | 9 | 4 | 100% |
| Women | 2 | 18.18% | 2 | n/a | 0% |
| Not specified/ prefer not to say | n/a | n/a | n/a | n/a | n/a |

$^{1}$ The Company has a two-tier board structure with a Management Board and a Supervisory Board. As per 1 January 2023, David Fisher will resign as a member of the Supervisory Board. As a result, the diversity information in the table will shift.

$^{2}$ Dutch law does not distinguish between senior and other board positions: all Managing Directors are jointly, and to the same degree, responsible for the management of the Company. Similarly, all Supervisory Directors are jointly responsible for the supervision of the Company's management.

More information about the diversity ratios within Just Eat Takeaway.com's senior management is set out in the section 'Gaining insights and monitoring progress' in 'Our Inclusion, Diversity and Belonging'.

## Insider Dealing Policy

The Company has an insider dealing policy, which was applied throughout Just Eat Takeaway.com. Everyone involved with Just Eat Takeaway.com is responsible for keeping inside information confidential. If a person is in possession of inside information, they should not deal in Just Eat Takeaway.com's securities (shares, CDIs, ADSs, options or convertible bonds).

Under the Company's insider dealing policy and in accordance with Applicable Laws, the Supervisory Board and Management Board may not deal in the Company's securities during a closed period, regardless of whether they possess inside information. The Company's closed periods are:

- The periods of at least two months immediately prior to the publication of Just Eat Takeaway.com's annual results and at least 30 calendar days prior to the publication of Just Eat Takeaway.com's half-yearly financial report; and
- The period of approximately three weeks prior to the publication of Just Eat Takeaway.com's interim trading updates.

Just Eat Takeaway.com employees and third-party consultants may generally also not deal in the Company's securities if and as long as they are included on the Company's insider list.

The Management Board established a disclosure committee to establish and maintain disclosure controls and procedures in respect of inside information. In 2022, this committee consisted of Jitse Groen, Brent Wissink, Jörg Gerbig, the Vice President Corporate Communication and Investor Relations and the Company Secretary as well as Andrew Kenny as per 1 December 2022.

## Dividend policy

The Company intends to retain any future distributable profits to expand the growth and development of Just Eat Takeaway.com's business and, therefore, does not anticipate paying any dividends to shareholders in the foreseeable future.

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In case of a potential dividend distribution, dividends will be payable no later than 30 days after the date when they were declared, unless the Management Board determines a different date. Dividends which have not been claimed upon the expiry of five years and one day after the date when they became payable will be forfeited to the Company and be carried to the Company's reserves.

## Compliance with the Governance Rules

In its Annual Report 2021, the Company reported on its compliance with the DCGC, the UK Corporate Governance Code and the Nasdaq Listing Rules as its securities were listed on Euronext Amsterdam, the premium segment of the London Stock Exchange and Nasdaq.

Due to its voluntary delisting from Nasdaq as per 14 March 2022, the Nasdaq Listing Rules no longer apply to the Company. Also, as a company with a standard listing on the London Stock Exchange as per 19 December 2022, the Company is no longer required to comply (or explain non-compliance) with the UK Corporate Governance Code. Consequently, the disclosures in this section are limited to compliance or explanation of non-compliance with the DCGC. The Company's corporate governance statement under paragraph 7.2 of the Disclosure Guidance and Transparency Rules can be found in the section 'Statements by the Managing Directors' on page 88.

The Company acknowledges the importance of good governance. The Company agrees with the general approach and is committed to adhering to the best practices of the DCGC.

The Company fully complies with the DCGC, with the exception of Provisions 3.4.2 and 4.3.3. Provision 3.4.2 relates to publication of the main elements of the agreement of a Managing Director on the Company's corporate website no later

than the date of the notice calling the general meeting where the appointment of the management board member will be proposed. The Company published the main elements of Andrew Kenny's management agreement only after a positive decision from the DNB relating to Andrew Kenny's appointment, as this was a condition for his appointment to become effective. Provision 4.3.3 relates to the binding nature of a nomination for the appointment or dismissal of Managing Directors and Supervisory Directors. To keep a balanced composition and profile of our Management Board and Supervisory Board, our Articles of Association stipulate that, if our General Meeting overrules a binding nomination, the party who made the initial binding nomination can make a new binding nomination for the appointment or dismissal of Managing Directors or Supervisory Directors.

The Company has several regulations in place governing the performance of its various corporate bodies. These regulations can be found in the section 'Corporate Governance' of the Company's corporate website.

These regulations concern:

- The Articles of Association;
- The Charter of the Management Board;
- The Charter of the Supervisory Board.

The following items also appear on the Company's corporate website:

- The profile of the Supervisory Board;
- The rotation plan for the Supervisory Board members;
- The remuneration policy of the Supervisory Board;
- The remuneration policy of the Management Board;
- The Speak-Up Policy;
- The Code of Conduct;
- The tax strategy of Just Eat Takeaway.com;
- The policy regarding bilateral contacts with shareholders;
- The dividend policy.

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## General Meeting

General Meetings must be held at least once a year and generally take place in Amsterdam. General Meetings are convened by the Management Board or Supervisory Board by convocation placed on the Company's corporate website.

The agenda for the AGM will at least include the discussion of substantial change in the corporate governance structure of the Company (if any), the adoption of the Annual Report, and, if applicable, the allocation of the result. In addition, the agenda shall include such items as have been included therein by the Management Board, the Supervisory Board or shareholders (with due observance of Dutch law).

In addition to the Annual General Meeting, extraordinary General Meetings may be held as often as the Management Board or the Supervisory Board deem desirable. Also, one or more shareholders, who solely or jointly represent at least one-tenth of the issued capital, may request that a General Meeting be convened, the request setting out in detail matters to be considered.

Each shareholder may normally attend the General Meeting, address the General Meeting and exercise voting rights pro rata to his or her shareholding, either in person or by proxy. Shareholders may exercise these rights, if they are the holders of shares on the record date as required by Dutch law, which is currently the 28th day before the day of the General Meeting, and they or their proxy have notified the Company of their intention to attend the General Meeting in writing or by any other electronic means that can be reproduced on paper at the address and by the date specified in the notice of the General Meeting.

## Capital structure

As of 31 December 2022, the authorised capital of the Company amounted to €16 million and is divided into 400,000,000 shares, with a nominal value of €0.04 each.

On 31 December 2022, the issued capital amounted to €8,638,642 divided into 215,966,059 ordinary shares, of which 893,522 shares were held by Stichting Administratiekantoor Takeaway.com ('STAK') to fulfill potential future obligations under various share-based payment plans. All the ordinary shares have equal voting rights (one share, one vote) and equal rights to profits, surplus assets after the liquidation of the Company and dividend rights.

## Voting rights

Each share confers the right to cast one vote in the General Meeting. Subject to certain exceptions provided by Dutch law or the Articles of Association, resolutions of the General Meeting are passed by an absolute majority of votes cast. Pursuant to Dutch law, no votes may be cast at a General Meeting in respect of shares that are held by the Company or any of its subsidiaries. As of 31 December 2022, the Company nor any of its subsidiaries held any own shares.

## Restrictions on transfer of shares

As of 31 December 2022, the Company was not aware of the existence of any agreement pursuant to which the transfer of ordinary shares in the share capital of the Company was restricted. As of 31 December 2022, the Company has no anti-takeover measures in place.

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## Share option and share plans

In 2022, the Company maintained 13 share and option plans for employees:

- the Employee Long Term Incentive Plan;
- the Employee Short Term Incentive Plan;
- the Employee Share Option Plan;
- the Just Eat Takeaway.com Performance Share Plan and Just Eat Takeaway.com Restricted Share Plan;
- three Just Eat Sharesave Plans and the Just Eat Deferred Share Bonus Plan 2018 (which have fully vested and were fully exercised by the end of 2022); and
- the rolled-over Grubhub share plans, including: the Grubhub Inc. 2015 Long-Term Incentive Plan, the 2013 Omnibus Incentive Plan (the SCVNGR), Inc. 2013 Stock Incentive Plan, and the Tapingo Ltd. 2011 Option Plan.

Pursuant to the employee share plans and subject to their respective terms and conditions, participants are entitled to receive a number of STAK depository receipts and/or a number of rights to subscribe for STAK depository receipts. Generally, upon vesting of a grant and, where relevant, exercise of options under any of the employee share plans, STAK receives the relevant number of shares or CDIs to hold for the benefit of the relevant participants. STAK, in due observance of its articles of association and in accordance with its terms and conditions of administration, issues one depository receipt to the relevant eligible participant for each share or CDI transferred to it for the benefit of such eligible participant. Based on the STAK's terms and conditions, STAK exercises the voting rights attributable to the shares and CDIs it holds and administers at its own discretion.

## Issuance of shares

The General Meeting, or the Management Board subject to approval by the Supervisory Board to the extent so authorised by the General Meeting for a specific period, may resolve to issue shares. The General Meeting is only authorised to resolve to issue shares upon the proposal of the Management Board and subject to the approval of the Supervisory Board. This also applies to the granting of rights to subscribe for shares, such as options, but is not required for an issue of shares pursuant to the exercise of a previously granted right to subscribe for shares. An authorisation as referred to above will be irrevocable unless otherwise stipulated and will each time only be valid for a fixed term of no more than five years and may each time only be renewed for a maximum period of five years. The Company may not subscribe for its own shares on issue.

On 4 May 2022, the General Meeting resolved to irrevocably authorise the Management Board to, subject to approval by the Supervisory Board, resolve to issue ordinary shares and to grant rights to subscribe for ordinary shares in the capital of the Company. This authorisation of the Management Board with respect to the issue of ordinary shares and/or granting of rights to acquire ordinary shares is limited to: (i) 21,496,605 (rights to acquire) shares representing 10% of the total ordinary share capital in issue (excluding treasury shares) as of 22 March 2022, for general corporate purposes, and (ii) 5,374,151 (rights to acquire) shares representing 2.5% of the total ordinary share capital in issue (excluding treasury shares) as of 22 March 2022 in connection with one or more incentive plans for the Managing Directors, senior management and/or other employees, including the issue of shares directly to STAK for the sole purpose of STAK settling the Company's obligations under any of its incentive plans; all to be valid for 15 months as of 4 May 2022, ending on 4 August 2023.

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## Pre-emptive rights

Upon issue of shares in the capital of the Company or grant of rights to subscribe for shares, each shareholder shall have a pre-emptive right in proportion to the aggregate nominal amount of his or her ordinary shares in the capital of the Company. Shareholders do not have pre-emptive rights in respect of shares issued against contribution in kind, shares issued to the Company's employees or shares issued to persons exercising a previously granted right to subscribe for shares.

Pre-emptive rights may be limited or excluded by a resolution of the General Meeting upon the proposal of the Management Board and subject to the approval of the Supervisory Board. The Management Board, subject to approval by the Supervisory Board, is authorised to resolve on the limitation or exclusion of the pre-emptive right if and to the extent the Management Board has been designated by the General Meeting to do so. The designation will only be valid for a specific period, in each case not exceeding five years. Unless provided otherwise in the designation, the designation cannot be cancelled. A resolution of the General Meeting to limit or exclude the pre-emptive rights or a resolution to designate the Management Board as described above requires a two-thirds majority of the votes cast if less than half of the issued share capital is represented at a General Meeting.

Pursuant to a resolution of the General Meeting adopted on 4 May 2022, the Management Board has been, subject to the approval of the Supervisory Board, irrevocably authorised by the General Meeting to resolve to restrict and/or exclude statutory pre-emptive rights in relation to the issuances of shares in the capital of the Company or the granting of rights to subscribe for ordinary shares. The aforementioned authorisation of the Management Board is limited to 21,496,605 (rights to acquire) ordinary shares (representing 10%) for general corporate purposes and on the occasion of mergers, acquisitions and/or strategic alliances; to be valid for 15 months as of 4 May 2022, ending on 4 August 2023.

## Remuneration policies

In accordance with Dutch law, amendments to the remuneration policies for the Management Board and Supervisory Board, along with supplements to these remuneration policies in respect of certain Managing Directors or Supervisory Directors, are presented to the General Meeting for approval.

## Acquisition of own shares

The Company may acquire fully paid-up shares in its own share capital at any time for no consideration (om niet) or, subject to Dutch law and the Company's Articles of Association, if: (i) the distributable part of the shareholders' equity is at least equal to the total purchase price of the repurchased shares; (ii) the aggregate nominal value of the shares that the Company acquires, holds or holds as pledge or that are held by a subsidiary does not exceed 50% of the issued share capital; and (iii) the Management Board has been authorised by the General Meeting to repurchase shares. As part of the authorisation, the General Meeting must specify the number of shares that may be acquired, the manner in which the shares may be acquired and the price range within which the shares may be acquired. No authorisation from the General Meeting is required for the acquisition of fully paid-up shares for the purpose of transferring these shares to the employees of the Company pursuant to any share option plan, provided that such shares are quoted on the official list of any stock exchange.

Pursuant to a resolution by the General Meeting adopted on 4 May 2022, the Management Board, subject to approval by the Supervisory Board, has been authorised to resolve to acquire fully paid-up shares. Such authorisation of the Management Board is limited to 10% of the issued ordinary shares and is valid for 18 months from 4 May 2022, therefore ending on 4 November 2023.

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Shares may be acquired at the stock exchange or otherwise, at a price between the nominal value and the higher of (i) an amount equal to 5% above the average market value for the Company’s shares for the five business days immediately preceding the day on which the share is contracted to be purchased and (ii) the higher of the price of the last independent trade and the highest current independent purchase bid at the time on the trading venue on which the purchase is carried out.

No voting rights may be exercised in the General Meeting with respect to any share or depositary receipt for such share held by the Company or by a subsidiary, and no payments will be made on shares the Company holds in its own share capital.

The Management Board is authorised to dispose of the Company’s own shares held by it.

## Amendment of the Articles of Association

The General Meeting may resolve to amend the Articles of Association upon the proposal of the Management Board which is subject to the approval of the Supervisory Board. A proposal to amend the Articles of Association must be included in the agenda for the relevant General Meeting. A copy of the proposal, containing the verbatim text of the proposed amendment, must be lodged with the Company for the inspection of every shareholder until the end of the General Meeting.

## External auditor

At the AGM held on 12 May 2021, Deloitte was re-appointed as the external auditor of the Company for the financial years 2021 through 2023.

The Management Board shall report their dealings with the external auditor to the Supervisory Board on an annual basis. The external auditor may be questioned by the General Meeting in relation to the auditor’s opinion on the financial statements. The external auditor shall attend and be entitled to address the General Meeting for this purpose.

After a thorough request for proposal process involving the Management Board, Audit Committee, and other senior leadership, the Audit Committee provided a positive advice to engage EY as the new audit firm as of the financial year 2024. This advice was subsequently taken over by the Supervisory Board. The selection of EY is subject to shareholder appointment at the AGM 2023.

## Related party transactions

The Company reports that Just Eat Takeaway.com did not enter into transactions in 2022 with legal or natural persons who hold at least 10% of the shares in the Company.

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Report of the Audit Committee

# Report of the Audit Committee

In 2022, the Audit Committee supervised the Company’s financial reporting, and the effectiveness of the internal risk management and control systems. Other focus areas of the Audit Committee were the performance of the external auditor, ESG reporting, and the advice regarding the new audit firm from financial year 2024 onwards.

## Introduction

The Audit Committee is pleased to present this report, which provides a summary of the Audit Committee’s role and activities during the 2022 financial year.

The Audit Committee reviewed the areas under its remit with the Management Board and internal and external auditors, as appropriate. The activities help to ensure that the interests of shareholders are protected, and the financial reporting and internal risk management and control systems are effective and operate with integrity.

## Membership

Up to the AGM 2022, the Audit Committee comprised four independent Supervisory Directors: David Fisher (Chair of the Audit Committee), Adriaan Nühn, Gwyn Bur and Ron Teerlink. As a result of Adriaan Nühn and Gwyn Burr stepping down as Supervisory Directors after the AGM 2022, the Audit Committee comprised two independent Supervisory Directors from 4 May 2022 until 15 December 2022: David Fisher (Chair of the Audit Committee) and Ron Teerlink. Despite the vacancies in the Supervisory Board and consequentially in the Audit Committee, the effectiveness and proper performance of the Audit Committee was safeguarded during this period.

As per 31 December 2022, the Audit Committee comprises four independent Supervisory Directors: David Fisher (Chair of the Audit Committee), Ron Teerlink, Mieke De Schepper and Dick Boer. As of 1 January 2023, David Fisher will step down as Supervisory Director. As of that date, the Audit Committee comprises three independent Supervisory Directors: Ron Teerlink (taking over David’s position as Chair of the Audit Committee), Mieke De Schepper and Dick Boer.

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All committee members have relevant sector and financial competence to fulfil their roles, as set out in their biographies in the chapter 'Composition of the Management Board and Supervisory Board'.

## Role and activities

The Audit Committee met six times during the year. Several senior representatives attended part of the meetings, amongst which representatives of the Finance, Tax, InfoSec Risk and Control and Internal Auditor function, and the external auditor. The Audit Committee or one or more of its delegates also meets privately with the external auditor at least once per year.

Key matters handled by the Audit Committee include:

- Supervision of the integrity and quality of the Company's financial reporting, in particular the integrity of the process;
- Supervision of the effectiveness of the internal risk management and control systems, including SOx, which continues to apply to the Company as long as its shares are registered under the US Securities Exchange Act;
- Monitoring the statutory audit of the Annual Report;
- Monitoring the Management Board with regard to:
  - Relations with the internal and external auditors;
  - Compliance with recommendations and following up of comments by the internal and external auditors;
  - The funding of Just Eat Takeaway.com;
  - The application of information and communication technology, including cybersecurity risks;
  - The ERM program of Just Eat Takeaway.com;
  - Speak-up cases regarding accounting, internal accounting controls, or auditing matters.

At the beginning of 2022, the Audit Committee discussed the internal budget for 2022 and focused on the preparation of the Annual Report 2021 as well as the audit of such report. During the first half of 2022, the Audit Committee monitored the performance of audit procedures on the held-for-sale analysis and goodwill impairment discussion. Further, the Audit Committee focused on the rotation process for the external auditor for the financial year 2024 onwards. In addition, the Audit Committee discussed the implementation of new ESG reporting regulations that result in more extensive disclosure on climate-related risks that have (potential) impact on the Company and certain financial metrics (if applicable).

Other areas of attention were the delisting from Nasdaq (completed on 14 March 2022) and the planned deregistration under the SEC Exchange Act during the first half of 2023 and their impact on US reporting requirements, market cap and share price developments.

The attendance rate of committee members for the Audit Committee meetings was as follows:

|  | Attendance rate |
| --- | --- |
| Ron Teerlink (Chair) | 6 of 6 |
| Mieke De Schepper | 0 of 0 |
| Dick Boer | 0 of 0 |
| David Fisher (former Chair) | 6 of 6 |
| Adriaan Nuhn (former member) | 3 of 3 |
| Gwyn Burr (former member) | 3 of 3 |

## Financial reporting

Over the course of 2022, the Audit Committee reviewed, prior to publication, the quarterly trading results, the 2022 semi-annual report and the draft Annual Report.

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In relation to the Financial Statements, the Audit Committee discussed the interim management letter with the auditor on 14 December 2022.

In February 2023, the Audit Committee discussed the auditor’s report with the auditor as well as the draft financial statements. The Audit Committee discussed, among other topics, the audit approach, key audit matters, communications, timing, audit fees, composition of the audit team, materiality, expertise of the individual audit team members as well as the Annual Report and related documents. Particular attention was paid to key audit matters, which related to the referral instructions to Deloitte components and other specialists, the audit approach to revenue testing and segments, impairment testing, and purchase price allocation.

The Audit Committee discussed with the external auditor as to how management’s judgement and assertions were challenged and how professional skepticism was demonstrated during their audit of these areas. This included, where relevant, challenging the analysis performed by the external auditor.

In addition to the matters noted above, our external auditor, as required by auditing standards, also considered the risk of management override of controls. Nothing has come to either our attention or their attention to suggest any material misstatement related to suspected or actual fraud relating to management override of controls.

The Audit Committee also discussed the auditor’s report, the quality of internal risk management and control systems and had a discussion with the auditor without the Management Board being present.

Group tax updated the Audit Committee on the material tax risks and mitigation actions taken. In 2022, topics such as the Mutual Agreement Procedure between the Danish Competent Authority and the UK Competent Authority

(reference is made to Note 10 of the Consolidated financial statements), the state aid case (reference is made to Note 10 of the Consolidated financial statements), the now finalised tax matter with the Australian Tax Office (‘ATO’), the OECD Pillar Two (minimum taxation rules) and the DAC 7 rules that are applicable for Just Eat Takeaway.com were presented and discussed with the Audit Committee.

## Non-audit services

Following the approved ‘auditor independence policy’ and the Charter of the Audit Committee, audit services may be performed by the external auditor, subject to pre-approval by the Supervisory Board based on the annual audit services engagement agreed with the external auditor. All audit-related services up to and including €100,000 may be approved by the Chair of the Audit Committee. The Audit Committee may determine the appropriate funding for payment of compensation to any engaged audit firm preparing or issuing an audit report or other audit, review or attest services, and to any engaged independent counsel or other advisor necessary for the Audit Committee to carry out its duties. The Audit Committee confirms that the external auditor does not provide any services which are prohibited by the Governance Rules.

## Risk management and control

The work of the Audit Committee in 2022 also included oversight of Just Eat Takeaway.com’s various internal ERM and control systems. To facilitate this, the Audit Committee reviewed the 2022 audit plan during the year with the external auditor, considered updates from management regarding enterprise risk, SOx, and internal audit, received and reviewed regular reports from the external auditor, the CFO, the Vice President of Internal Audit, and the Director of InfoSec Risk and Control, and conducted a review of the Company’s internal audit charter.

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## Significant issues

Prior to each meeting of the Audit Committee at which it is to be considered, the Management Board produces a paper providing details of any significant accounting, tax, compliance and legal matters. The Audit Committee also invited members of the Management Board to attend these meetings where further guidance is required. Critical accounting judgements in applying Just Eat Takeaway.com's accounting policies and key sources of estimation uncertainty are included within Note 2 to the Consolidated financial statements. The issues and risks the Company considers to be significant for the 2022 Annual Report and how these are addressed are disclosed in the 'Risk Management' section.

## Internal Audit function

The Audit Committee reviewed the internal audit's plan as well as its effectiveness for the year and agreed its resource requirements to make sure that the quality, experience and expertise of the Internal Audit function is appropriate for the Company's business. It reviewed multiple summary reports and management's response thereto together with the completion status of agreed actions.

## External auditor

Deloitte has been the Company's auditor since 2014 and the General Meeting re-appointed Deloitte as the Company's external auditor for the financial years 2021 through 2023 at the General Meeting held in May 2021. The evaluation of the 2021 audit process took place during a meeting of the Audit Committee in May 2022. During this evaluation, the Audit Committee discussed and assessed, inter alia, the quality of delivery and service, the independence, and effectiveness of the external audit process.

Under the Governance Rules, the Company must change its external auditor before the 2024 financial year ends. The auditor rotation process started in May 2022 with a request for proposal process with three of the Big four audit firms. This resulted in the Audit Committee providing a positive advice to engage EY as the new audit firm as of financial year 2024.

## Self-assessment

Annually, the Audit Committee assesses its functioning to evaluate its performance and identify opportunities for individual and shared growth, along with any specific training or educational needs for each member. The evaluation forms had been circulated and completed in January 2023. The Audit Committee looked at the functioning of the Audit Committee as part of the annual evaluation of the Supervisory Board. Having completed an evaluation form, the feedback was discussed in a Supervisory Board meeting without the presence of the Management Board. In this meeting it was concluded that that the committee functions well and is sufficiently knowledgeable, provided that it would prefer to receive training on corporate sustainability reporting and governance.

## The Audit Committee

Ron Teerlink

Chair

Mieke De Schepper

Dick Boer

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Privacy of our Stakeholders

# Privacy of our Stakeholders

In 2022, we further enhanced our internal privacy structure, our data protection programme, and related processes.

## Introduction

A Data Subject is any identifiable individual who can, directly or indirectly, be identified via a piece of information that is held or processed by our organisation, such as a name, delivery address, email address, an online identifier, and/or day of birth ('Data Subject'). We take the privacy and data protection of all Data Subjects of whom we process data very seriously. Where in 2021 we progressed on the integration of the privacy structures, in 2022 we enhanced our internal privacy structure to centrally support compliance with applicable data protection and privacy regulations. In 2022, we centralised our privacy programme procedures, continued our privacy awareness and training activities for new and existing employees as well as continuing our investments in our Privacy Ambassador Network. Our privacy compliance is overseen by a cross functional Privacy Council and supported by the Data Protection Office ('DPO').

## Risk & Control

The privacy control framework has been adjusted to support the management of risks following from regulatory developments. These adjustments have been reviewed by our InfoSec Risk and Control function prior to implementing a control revision.

The DPO performed a self-assessment in 2022 and the findings of this self-assessment have been incorporated in the privacy programme activities and controls for 2023. An example of this is an increased frequency of certain preventive controls by the responsible business stakeholders on privacy activities such as privacy assessments, privacy by design activities and collaboration with DPO on privacy rights requests management.

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## Transparency

It is important to us that our Data Subjects have the opportunity to see how we deal with their personal data, so that they can make informed decisions. Where relevant, we have updated and will continue to update our privacy statements and the various possibilities to consent on our mobile applications and websites.

## Processes

We believe that automation is proven to be key in reliability and scalability of the internal data protection processes. The introduction of automation, such as privacy risk registry and information, to privacy action plans have improved the manageability of assessment outcomes. Further steps to enhance these features and to support monitoring of privacy risk mitigations will be taken in 2023.

## Objectives

In 2023, Just Eat Takeaway.com will focus on maturing its privacy procedures supporting our privacy programme via assessments and weighting the criterion for the maturity score by principle, improving awareness on the impact of regulatory developments on data and privacy compliance as well as progress with activities to ensure timely compliance with developments in privacy laws. Although some regulatory frameworks are still under consideration in parliament, other regulations will take effect on a future date. Our activities are aimed to timely integrate these new regulations into our privacy programme.

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# 04

## Risk Management

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# Risk Management

In 2022, we continued to have greater collaboration across the business, aimed at sharing principal risk insights with the right people, at the right time. We actively engaged with the Management Board and senior leadership across different markets, functions and projects to identify new or emerging risks, and to (re-)validate our principal risks.

## Introduction

The dynamics in the online food ordering industry present both opportunities and risks. The Management Board manages these through an ERM framework that integrates risk management into our daily business activities and strategic planning.

We take a structured approach to ERM which starts with our Management Board and is applied thereafter throughout the organisation. The ERM programme is built upon the ERM policy, as approved by our Management Board and Supervisory Board. The practical components of the ERM policy are outlined in a detailed risk management methodology, which guides the business to implementing risk management on a day-to-day basis. This methodology provides for various risk assessments to be conducted across the organisation. The InfoSec Risk and Control function presents on the development of principal and emerging risks, and the effectiveness of mitigating actions and controls to our Managing Directors and Audit Committee on a regular basis. The function also assists in identifying opportunities that allow us to achieve our strategic objectives and enable continuous sustainable growth. Just Eat Takeaway.com has adopted the ISO 31000:2018 standard as the foundation of its ERM framework. In addition, the Director InfoSec Risk and Control, reporting directly to our CFO, is responsible for leading the second line of defence information security, ERM and internal control function.

During 2022, we continued our approach to risk management through greater collaboration between departments and functions. A risk committee was established during the second half of 2022, which was a positive step in formalising our approach to risk management and ensuring key stakeholders are consulted and informed on a regular basis.

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## InfoSec Risk and Control function

The InfoSec Risk and Control function oversees the ERM programme in a second line of defence capacity. They support our Management Board and senior management by bringing expertise, process excellence, and management monitoring alongside the first line of defence (owners of specific risks, mitigating actions and controls) to help ensure that risks, actions, and controls are effectively managed within the risk appetite levels as expressed by our Management Board.

![img-1.jpeg](img-1.jpeg)

### Governance, Risk and Compliance software tool

To assist the InfoSec Risk and Control function, we have a fit-for-purpose governance, risk and compliance software tool that supports the flow of risks, controls and Internal Audit information throughout the organisation. This tool fosters greater collaboration between the three lines of defence in aligning risks, controls, issues and tasks arising from risk assessments, control effectiveness testing, project assessments, and audits. Furthermore, our management benefits from tailored reporting to easily digest risk information related to the organisation at a central level, by function and by market, including specialised reporting to the Management Board and Supervisory Board of our regulated subsidiary Takeaway.com Payments B.V.

## ERM approach

A summary of our ERM approach and key elements within it (based on the ISO 31000 ERM model) is outlined below.

![img-2.jpeg](img-2.jpeg)

### Strategic objectives

We manage our business based on markets. Each market demonstrates different competitive intensity, maturity and potential. We pursue a significant growth strategy as a path to long-term value creation, which requires us to invest heavily in the markets in which we operate. Apart from competition, we are influenced by other internal and external factors such as, but not limited to, IT security, innovative developments, consumer preferences, brand and reputation, social change, people, and laws and regulations. We consider all of these factors, and our internal strengths and weaknesses, when developing our strategic objectives. These strategic objectives form the basis of our risk management programme.

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## Risk identification

The risk identification phase involves identifying risks that could endanger the achievement of our strategic objectives. Risks are identified using: 1) external sources, 2) internal risk documents, and 3) risk workshops/interviews/surveys with our Management Board, senior management and other stakeholders within our organisation. On a continuous basis, emerging and newly identified risks that may threaten the achievement of our strategic objectives are considered. In addition to the principal risks, we also identify and assess risks for various other purposes, such as strategic projects, regulatory requirements, fraud discovery, product launches, and climate risk analysis.

To facilitate the risk identification phase, we use five broad risk categories to classify risks. These categories are not mutually exclusive, as any service or product may expose us to multiple categories of risks. In addition, risks may also be interdependent meaning that an increase in one category of risk may cause an increase in others. It is the responsibility of our Management Board to be aware of this interdependence and assess the effect in a consistent and inclusive manner. The five categories are as follows:

| CATEGORY | EXPLANATION |
| --- | --- |
| Strategic | Risks arising from the fundamental decisions that the Management Board takes concerning the Company's objectives. Essentially, strategic risks are the risks of failing to achieve strategic objectives. |
| Information technology | Risks arising from all aspects of the IT environments across the organisation, be it in-house or outsourced environments. |
| Legal and regulatory | Risks arising from legal and regulatory requirements. This category covers aspects such as GDPR, AML/CFT, guidelines issued by the European Banking Authority, regulatory good practices, contractual agreements, and supervision by authorities in the countries in which the Company operates. |
| Financial | Financial risks can arise from four broad categories as follows: 1. Market risk - what happens when there is a substantial change in a particular market in which our Company operates including foreign exchange exposures; 2. Credit risk - lines of credit to corporate customers and Partners; 3. Liquidity risk - how easily the Company can convert assets into cash if it needs funds; 4. Financial reporting risk - what happens when the Company files financial reports with regulators or makes financial reports public with incorrect information due to error or fraud. |
| Operational | Risks arising from inadequate or failed internal processes, people and systems, irrespective whether this was triggered internally or by external factors. |

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## Risk assessment

Once risks have been identified through risk workshops, interviews, and surveys, risks are assessed for: 1) likelihood of occurrence (the chance that the risk will materialise), and 2) financial or non-financial impact if the risk was to materialise. As part of this, we identify and assess specific actions to address identified risks insofar as the net risk level deviates from the desired risk appetite level. Where risks are directly linked to key controls, we assess the design and operating effectiveness of these controls, either performed in-house or independently by third-parties. Actions to address deviations from the desired risk appetite are documented and regularly discussed with risk- and control owners to ensure timely and proper follow-ups.

Key controls have been identified and tested in a number of processes:

| PROCESS | COVERING |
| --- | --- |
| Procurement-to-Pay | Internal and external requisition processes |
| Record-to-Report | Accounting, financial control, financial planning and analysis, reporting and treasury |
| Order-to-Cash | Sales, order management, Partner invoicing and pay-out processes |
| Hire-to-Retire | Recruitment, Human Resources, and payroll processes |
| Data-to-Insights | Transforming data (numbers and text) to insights (knowledge gained through analysing data) |
| Acquire-to-Retire | Asset purchase and disposal, depreciation and amortisation |
| Information technology | Consumer facing, and internal IT processes, be in platform related or applications in processes |
| Tax | Adherence to various tax laws and regulations |
| Privacy | Adherence to applicable privacy regulations |
| Entity-level controls | Processes related to the control environment, risk assessment, control activities, information and communication, and monitoring activities |

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## Risk evaluation

For senior management to manage their respective parts of their operations, it is important to provide them with sufficient guidance on the levels of risk that our Management Board considers optimal to take (risk appetite).

Our Management Board has defined risk appetite as follows: “the amount and type of risk that the Management Board is willing to accept in pursuit of our strategic business objectives”.

The risk appetite guidance is set by our Management Board for each principal risk area. It is against this that net (residual) risks are compared to decide whether further action is required. What is acceptable may be affected by the value of assets lost or wasted in the event of an adverse impact; stakeholder perception of such an impact; the cost of implementing actions to further manage the risk; the likelihood of the risk occurring; and the balance of potential benefit to be gained.

Gaps between the current net (residual) risk levels and the risk appetite levels expressed by our Management Board are addressed by four possible responses: Accept, Mitigate, Transfer or Avoid. The response depends on the expressed risk appetite level vis-à-vis the net risk level. Our risk management activities are primarily focused on those risks we decide/need to mitigate. Through this process, the key risks are prioritised according to our risk appetite, and we highlight the risks requiring the most attention by our Management Board.

Our risk appetite levels are:

| APPETITE | EXPLANATION |
| --- | --- |
| Averse | Avoidance of risk and uncertainty is a key objective of the Company |
| Minimal | Preference for ultra-safe options that are low risk and only have a potential for limited reward |
| Cautious | Preference for safe options that have a low degree of risk and may only have limited potential for reward |
| Open | Willing to consider all potential options and choose the one most likely to result in successful delivery, while also providing an acceptable level of reward and value for money |
| Hungry | Eager to be innovative and to choose options offering potentially higher business rewards, despite greater inherent risk |

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## Risk monitoring

Identified actions are regularly followed up with the business and the progress is reported to the members of our Management Board. Further, selected actions and controls are tested from time to time by our first, second, and/or third lines of defence. Attention has been given to observed weaknesses, identified instances of misconduct and irregularities, lessons learned and findings from our Internal Audit function and the external auditor. Where necessary, improvements have been or are in the process of being made to risk management and control systems.

As long as the Company's securities are registered under the US Securities Exchange Act, we are bound by, among others, SOx and specifically control-related sections 302 and 404. Section 302 mandates a set of internal procedures designed to ensure accurate financial disclosure. Section 404 requires our Management Board and the external auditor to report on the adequacy of internal controls on financial reporting. The InfoSec Risk and Control function started with the SOx control implementation in September 2020 and reported frequently on the progress to our SOx/Controls steering committee, chaired by our CFO.

The Company aims to deregister its securities under the US Securities Exchange Act in the first half of 2023 and consequently the SOx requirements will no longer be applicable. This Annual Report is not prepared with the intention to cover any of the SEC reporting requirements.

Takeaway.com Group B.V. also has an ISAE 3000 report in place. The report contains the description of our online payment processing system of legacy Takeaway.com for processing transactions on behalf of Partners, the relevant key controls, and the opinion of Internal Audit on the operating effectiveness of

each key control addressing the control objectives stated in the description. The description in the ISAE 3000 report reflects the period of 1 May 2022 to 31 December 2022 and relates solely to online payments executed by consumers in the European Union ('EU') insofar as related Partners have successfully complied with our onboarding procedures (e.g., AML/CFT procedures). Testing by Internal Audit was conducted in accordance with the International Standard on Assurance Engagements 3000 'Assurance Report on Controls at a Service Organisation', issued by the International Auditing and Assurance Standards Board.

| TYPE | DEMAINS |
| --- | --- |
| Business controls | Partner account management, Order placement and transmittal, Payment processing by PSPs, Invoicing, Transaction monitoring, Partner payout, Refunds. |
| General IT controls | Access to programs and data, Programme changes, Computer operations, Service level management. |

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Several other business processes (i.e. privacy, JET Pay - previously: Takeaway Pay) were also assessed by our InfoSec Risk and Control function and the Compliance functions of Takeaway.com Payments B.V. and Just Eat Takeaway.com and/or were internally audited by our Internal Audit function. The InfoSec team also assessed our current IT risk and control mitigation environments of the Just Eat Takeaway.com platforms and related applications against the Good Practice Information Security 2019/2020 as issued by the DNB. This Good Practice, in our view, also covers ISO 27002 requirements, the leading international standard for an information security management system.

### Reporting

The InfoSec Risk and Control function reports to the risk committee on a regular basis to discuss key risk matters on a qualitative and quantitative basis. This is attended by members of our Management Board and other key stakeholders related to risk management. Additionally, the function meets frequently with our CFO as well as our CEO to discuss InfoSec risk and control observations noted in the preceding period. Actions that need additional escalation or support from the (members of our) Management Board are raised with the relevant Managing Director as required. The InfoSec Risk and Control function is also engaged in regular communication with senior country leadership in the markets we operate in to identify new or emerging risks and issues requiring attention as well as common risk themes arising across different markets. InfoSec Risk and Control periodically reports to the Audit Committee, which is independent and oversees Just Eat Takeaway.com's approach to risk management.

An additional layer of risk reporting is through the monitoring of key risk indicators. These key risk indicators are quantitative metrics that serve as early warning signals regarding the status of our principal risks. By complementing existing qualitative updates with such quantitative reporting, the InfoSec Risk and Control function can provide more insightful and actionable insights on risks to assist informed decision-making. This is supported by our strong business intelligence and analytics capability which supports the InfoSec Risk and Control function to quickly detect unusual trends and follow up on these if necessary.

Process and control owners in the first line of defence are responsible for the design, implementation and operating effectiveness of assigned controls and actions to address principal and other risks. Senior management and other personnel discuss (indirectly or directly) controls with the respective Managing Director on a periodic basis. These meetings, other discussions, and relevant supporting evidence serve partially as substantiation for our in-control statement. The design and operating effectiveness of selected controls is periodically assessed by our second lines of defence (i.e., InfoSec Risk and Control, and Compliance functions) as well as the third line of defence (Internal Audit).

We also updated our annual fraud risk assessment in the second half of 2022. Our stance with regard to integrity is clearly outlined in our Code of Conduct. Any incidents of fraud and theft within Just Eat Takeaway.com will be promptly investigated, reported and, where appropriate, lead to disciplinary actions (from warnings to immediate dismissals). In addition, we carried out in-depth investigations of (possible) fraud cases, which led to an intermediate update of the fraud risk assessment.

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## Improvements to the risk management system

In 2022, we made a number of improvements to our ERM system as follows:

- Refreshed the ERM policy and risk management methodology,
- Invested in resources in the InfoSec Risk and Control function,
- Enhanced our monitoring of key risk indicators to drive more meaningful risk insights in a timely manner,
- Established a risk committee with more engagement from senior stakeholders,
- Enhanced the risk reporting to the CFO and the Management Board,
- Updated the principal risks for Just Eat Takeaway.com and key markets and the global fraud risk assessment.

## Non-exhaustive list of principal risks

Based on the process described, we have revalidated our 12 principal risks.

The principal risks published in the Company's 2021 Annual Report were reviewed by senior management and the Management Board through a series of one-on-one interviews and it was determined that the principal risks continued to apply throughout 2022, with only minor wording changes made to this list. Below we have described the development of these risks during 2022 and the mitigating actions we have taken.

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## Risk at a glance

| RISK AREA | RISK | RISK DESCRIPTION | RISK APPETITE |
| --- | --- | --- | --- |
| Strategic | Innovation | Our creativity and/or pace may be lacking, in the way that we transform our service, relative to competition/market demands. Also, platform migrations and too many/changing priorities may prevent us from truly innovating our products. |  |
|  | Competition | Competitive forces may prevent us from achieving our goals, leading to declining revenues or margins. |  |
|  | Brand and reputation | Failure to maintain our reputation and TOMA in each market we operate in.. |  |
|  | Acquisitions | We have grown significantly through acquisitions. We may fail to conduct adequate due diligence or fail to achieve the expected synergy effects. |  |
|  | Global strategic projects | Given our growth, significant investments occur in programmes for improving efficiency, expanding choice and consumer and Partner satisfaction and other strategic objectives. There is a risk that the outcomes do not meet our intended objectives. |  |
| Information Technology | Technology reliability and availability | The reliability and/or availability of our platforms and wider technology supplier ecosystem may be compromised, including the inability to (timely) recover from disruptions. |  |
| Legal and regulatory | Legal and regulatory | Non-compliance resulting in financial penalties, litigation or negative public relations, and effects on our margins due to restrictive(or changing) laws and regulations. Examples of current and emerging legislative and regulatory requirements include: • Food legislation/tax (HFSS) • Payment Service Directives • New tax legislations • Climate change, environmental impacts and opportunities • Gig economy (independent contractor courier model vs. employed courier model) • Competition regulations |  |
|  | Data security and privacy | Sensitive commercial and privacy data may be used and/or retained without authorisation/against the law, or is stolen. |  |

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| RISK AREA | RISK | RISK DESCRIPTION | RISK APPETITE |
| --- | --- | --- | --- |
| Financial | Financial management | Challenging conditions or a downturn in the global economy could detrimentally impact our ability to meet our financial obligations or raise required capital. Additionally, the scale and global nature of our business increases the complexity of sound financial management and consequently increases the risk of material errors in our financial reports. | ☑ |
| Operational | People | Critical skills shortage, no market-leading workforce to deliver on our strategy, lack of succession planning, and inability to foster a diverse and inclusive culture. | ☑ |
|  | Operational excellence | Expansion and/or change to our Delivery business model represents a significant cost investment to us and there is a risk to long-term margins and profitability expectations. It has a significant upside potential, but we may fail on the opportunities presented. | ☑ |
|  | Integration and transformation | Combining of our technologies, processes, information, people and/or departments raises the risk of inadequate integration or transformation. This could relate to e.g. inadequate enterprise governance and operational design, and insufficient ownership and managing change. | ☑ |

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STRATEGIC

Innovation

Our creativity and/or pace may be lacking, in the way that we transform our service, relative to competition/market demands. Also, platform migrations and too many/changing priorities may prevent us from truly innovating our products.

Main actions and controls

- Investing in innovative Product teams and strong focus on innovative solutions and offerings,
- Entering new verticals such as groceries and convenience,
- Restructuring Product and Technology teams to maximise capacity for innovative developments and proper management of rolling out innovative solutions,
- Maintaining organisational agility, setting the right priorities and aligning processed to enable swift response to new market developments,
- Investing in our B2B opportunities,
- Investing in our marketplace and logistical solutions,
- Maintain leadership in most markets we are active in

Potential impact

Disruptive innovation or lacking creativity or innovation pace could affect our ability to retain consumers which can lead to a material adverse impact on our business, results of operations, financial condition and prospects.

Risk severity trend compared to prior year:

STRATEGIC

Competition

Competitive forces may prevent us from achieving our goals, leading to declining revenues or margins.

Main actions and controls

- Continue creating, maintaining or expanding our leading (in terms of GTV) position in our markets through investments in our brands and our service, through strategic partner growth, and ongoing business intelligence/advanced analytics,
- Continued focus on portfolio management and potential mergers and acquisitions,
- Ongoing focus on top-of-mind brand awareness,
- Regular working capital assessments and looking into opportunities to constantly improve our cash position to meet or exceed the cash resources of our competitors.

Potential impact

We view market leadership as key to long-term success in our industry. We also believe that sustainable profitability is more achievable from a position of market leadership so to increasingly be able to benefit from network effects. Failure to achieve a leadership position could lead to a loss of, or failure to increase, market share or otherwise materially adversely affect our business, results of operations, financial condition and prospects.

Risk severity trend compared to prior year:

STRATEGIC

Brand and reputation

Failure to maintain our reputation and top-of-mind brand awareness in each market we operate in.

Main actions and controls

- High top-of-mind brand awareness is critical to market leadership which in turn drives long-term profitability and sustainability of our operations. As such, improving our top-of-mind brand awareness in each market by continuing our significant marketing efforts is key to our success,
- Press coverage in relation to our business is constantly monitored and, where appropriate, media response actions are swiftly taken,
- Entered into a successful UEFA marketing campaign.

Potential impact

Failure to improve or maintain our top-of-mind brand awareness could result in a material adverse impact on our results of operations, and financial condition.

Failure to maintain brand appeal is a potential business threat and negative publicity could have a material adverse effect on our reputation and the reputation of our brands, and that may adversely affect our results of operations, and financial condition.

Risk severity trend compared to prior year:

Severity of risk, considering mitigation actions, is lower

No change to severity of risk

Severity of risk, considering mitigating actions, is higher

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Risk Management

STRATEGIC

Acquisitions

We have grown significantly through acquisitions. We may fail to conduct adequate due diligence or fail to achieve the expected synergy effects.

Main actions and controls

- Proven Legal, BI & Analytics, FP&A and Corporate Development experts as well as reputable third-party experts in place,
- Ongoing monitoring of KPIs by our Management Board on synergy effects, opportunities, and alignment activities,
- Project management office working closely together with our Management Board to integrate acquired businesses.

Potential impact

Failing to conduct a proper due diligence or failing to achieve synergy effects could lead to a material adverse impact on our results of operations, financial condition, and prospects.

Risk severity trend compared to prior year:

STRATEGIC

Global strategic projects

Given our growth, significant investments occur in programmes for improving efficiency, expanding choice and consumer and partner satisfaction and other strategic objectives. There is a risk that the outcomes do not meet our intended objectives.

Main actions and controls

- Clarity on our strategy and business case actions, ensuring that we take actions with credible benefits,
- Significant strategic focus of the Management Board and oversight by the Supervisory Board,
- Increased engagement with local management teams to understand project impacts in different geographies,
- Executing controls within programme management, hiring experienced delivery teams, and monitoring progress.

Potential impact

Failing to properly execute on global strategic projects could lead to a material adverse impact on our results of operations, financial condition, and prospects.

Risk severity trend compared to prior year:

INFORMATION TECHNOLOGY

Technology reliability and availability

The reliability and/or availability of our platforms and wider technology supplier ecosystem may be compromised, including the inability to (timely) recover from disruptions.

Main actions and controls

- Continuous investments in our IT (security) environments, both in human resources and software solutions,
- Regular testing of selected IT application and general IT controls for operating effectiveness to reduce the risk of IT-related failures,
- Strong 24/7 monitoring tools to measure reliability and availability of our IT infrastructures and processes,
- Scenario-based testing of maturity of business continuity measures,
- Monitoring by our second line function Information Security (e.g. vulnerability assessments, bug bounty programs, threat assessments).

Potential impact

Any sustained failure of our IT systems would have a significant adverse impact on our reputation, our business, our results of operations, financial condition, and prospects.

Risk severity trend compared to prior year:

Severity of risk, considering mitigation actions, is lower

No change to severity of risk

Severity of risk, considering mitigating actions, is higher

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Risk Management

LEGAL AND REGULATORY

Legal and regulatory

Non-compliance resulting in financial penalties, litigation or negative public relations, and effects on our margins due to restrictive (or changing) laws and regulations. Examples of current and emerging legislative and regulatory requirements include:

- Food legislation/tax (HFSS)
- Payment Service Directives
- New tax legislations
- Climate change, environmental impacts and opportunities
- Gig economy (independent contractor courier model vs. employed courier model)
- Competition regulations

Main actions and controls

- Second-line and third-line functions monitor emerging, new and evolving risks,
- Engaging external specialists to assist in adherence to laws and regulations,
- Establishing project teams to address significant legislative changes,
- Taking proactive 'gig economy' measures,
- Development of climate risk framework (refer to Our Responsible Business and Sustainability Approach section for more information).

Potential impact

Non-compliance could lead to fines, litigation, reputational damage, regulatory intervention, revocation of the license of Takeaway.com Payments, all could cause a material adverse impact on our reputation, business, results of operations, financial condition, and reputation.

Risk severity trend compared to prior year:

LEGAL AND REGULATORY

Data security and privacy

Sensitive commercial and privacy data may be used and/or retained without authorisation/against the law, or is stolen.

Main actions and controls

- Periodic reassessment of privacy related risks and controls,
- Growing second line teams and systems to address risks,
- Recurring privacy, data protection, and information security awareness trainings,
- Privacy council in place to address privacy-related concerns, controls, events, etc.,
- New governance, risk and control software tool which will ensure more effective monitoring and reporting on information security risks,
- Information Security addressing privacy data risks and following up on security threats.

Potential impact

Non-compliance could lead to regulatory fines, claims or litigation which may lead to a material adverse impact on our reputation, business, results of operations, financial condition, and prospects.

The leakage of sensitive commercial data could lead to a material adverse impact on our results of operations, financial condition, and reputation.

Risk severity trend compared to prior year:

FINANCIAL

Financial management

Challenging conditions or a downturn in the global economy could detrimentally impact our ability to meet our financial obligations or raise required capital. Additionally, the scale and global nature of our business increases the complexity of sound financial management and consequently increases the risk of material errors in our financial reports.

Main actions and controls

- Various monitoring layers to review (non-)financial reports are in place,
- Senior management review material balances, complex judgements and financial controls giving ongoing improvement input to the Finance teams,
- Finance transformation project is ongoing to improve quality and timeliness of financial reporting processes.
- Harmonisation of finance systems
- Successful sale of our stake in iFood in 2022.
- Consistent monitoring of cash flow position and valuation.

Potential impact

Financial mismanagement or unintentional misstatements or manipulation could adversely affect our relationships with various stakeholders and therefore materially adversely impact our reputation, business, results of operations, financial condition, and prospects.

Risk severity trend compared to prior year:

Severity of risk, considering mitigation actions, is lower

No change to severity of risk

Severity of risk, considering mitigating actions, is higher

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Risk Management

OPERATIONAL

People

Critical skills shortage, no market-leading workforce to deliver on our strategy, lack of succession planning, and inability to foster a diverse and inclusive culture.

Main actions and controls

- HR talent programme implemented,
- Employee voice - we listen to our employees, and regularly measure their engagement to ensure we have a clear employee value proposition that motivates and retains talent,
- Competitive benefit plans in place to align employee and shareholder incentives,
- Regular assessments of attrition across the organisation and adapting to new trends,
- Implementation of updated Code of Conduct and Speak Up Policy.

Potential impact

The loss of their services would result in a loss of knowledge and experience which could adversely affect our ability to effectively determine and execute our strategic objectives.

Risk severity trend compared to prior year:

OPERATIONAL

Operational excellence

Expansion and/or change to our Delivery business model represents a significant cost investment to us and there is a risk to long-term margins and profitability expectations. It has a significant upside potential, but we may fail on the opportunities presented.

Main actions and controls

- Operational improvements to increase the efficiency of our logistics business
- Constant focus of the Management Board and senior management on the success of the Delivery business model,
- Significant investments in our logistical service expansion worldwide to increase supply,
- Constantly considering improvements in unit economics and assessing network effects.

Potential impact

Failing to achieve longer-term business margins could lead to a material adverse impact on our results of operations, financial condition, and prospects.

Risk severity trend compared to prior year:

OPERATIONAL

Integration and transformation

Combining of our technologies, processes, information, people and/or departments raises the risk of inadequate integration or transformation. This could relate to e.g. inadequate enterprise governance and operational design, and insufficient ownership and managing change.

Main actions and controls

- Established an integration management office to assist with significant integrations and transformations,
- Extensive experience with integration programs,
- Proven internal and external resources,
- Assurance on integration programme by Internal Audit,
- Ongoing monitoring of KPIs.

Potential impact

Integration and transformation may prove to be more costly than anticipated, may lead to failure to discover material liabilities for which we may be responsible, and/or we may not be able to retain acquired key staff members, Partners, and consumers.

Risk severity trend compared to prior year:

Severity of risk, considering mitigation actions, is lower

No change to severity of risk

Severity of risk, considering mitigating actions, is higher

164

1

# 05

## Financial Statements

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Financial Statements

168 Consolidated statement of profit or loss and other comprehensive income

169 Consolidated statement of financial position

171 Consolidated statement of changes in equity

172 Consolidated statement of cash flows

174 Notes to the Consolidated financial statements

174 1 General
174 2 Basis of preparation
180 3 Operating segments
183 4 Revenue
186 5 Order fulfilment costs
187 6 Staff costs
188 7 Share-based payments
197 8 Other operating expenses
197 9 Finance income and expense
198 10 Income taxes
205 11 Business combinations
207 12 Goodwill
213 13 Other intangible assets
216 14 Property and equipment
218 15 Investments in associates
220 16 Trade and other receivables
222 17 Other current assets
222 18 Cash and cash equivalents
223 19 Equity
225 20 Basic and diluted loss per share
225 21 Borrowings

228 22 Provisions
229 23 Trade and other liabilities
229 24 Financial instruments
234 25 Leases
236 26 Related party transactions
237 27 Off-balance sheet commitments
238 28 Contingent liabilities
240 29 List of subsidiaries
243 30 Events after the reporting period
243 31 Restatement of prior year comparatives

245 Company statement of profit or loss

246 Company statement of financial position

247 Notes to the Company financial statements

247 32 Summary of significant accounting policies
247 33 Other operating expenses
248 34 Participating interests
248 35 Borrowings
249 36 Trade and other liabilities
249 37 Employees
249 38 Fees and services by the external auditor
250 39 Remuneration Management and Supervisory Boards
251 40 Loans, prepayments and guarantees by participating interests
251 41 Off-balance sheet commitments
251 42 Loss allocation
251 43 Events after the reporting period

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# Consolidated statement of profit or loss and other comprehensive income

for the year ended 31 December

| € millions | Note | 2022 | 2021 |
| --- | --- | --- | --- |
| Revenue | 4 | 5,561 | 4,495 |
| Courier costs | 5 | (2,599) | (2,531) |
| Order processing costs | 5 | (571) | (406) |
| Staff costs | 6 | (1,259) | (890) |
| Other operating expenses | 8 | (1,377) | (1,164) |
| Depreciation, amortisation and impairments | 12, 13, 14, 25 | (5,168) | (443) |
| Operating loss |  | (5,413) | (939) |
| Share of results of associates | 15 | (35) | (62) |
| Finance income | 9 | 38 | 23 |
| Finance expense | 9 | (85) | (76) |
| Other gains and losses | 15 | (273) | 2 |
| Loss before income tax |  | (5,768) | (1,052) |
| Income tax benefit | 10 | 101 | 8 |
| Loss for the period |  | (5,667) | (1,044) |
| Other comprehensive income |  |  |  |
| Items that may be reclassified subsequently to profit or loss: |  |  |  |
| Foreign currency translation gain related to foreign operations, net of tax |  | 153 | 718 |
| Equity-accounted investees - share of other comprehensive income | 15 | 276 | - |
| Reclassification of foreign currency translation on loss of significant influence to profit or loss | 15 | (84) | - |
| Other comprehensive income for the period |  | 345 | 718 |
| Total comprehensive loss for the period |  | (5,322) | (326) |
| Loss attributable to: |  |  |  |
| Owners of the Company |  | (5,667) | (1,031) |
| Non-controlling interests |  | (0) | (13) |
| Total comprehensive loss attributable to: |  |  |  |
| Owners of the Company |  | (5,322) | (313) |
| Non-controlling interests |  | (0) | (13) |
| Loss per share (expressed in € per share) |  |  |  |
| Basic loss per share | 20 | (26.51) | (5.61) |
| Diluted loss per share | 20 | (26.51) | (5.61) |

The accompanying Notes are an integral part of these Consolidated financial statements. Amounts may not add up due to rounding.

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# Consolidated statement of financial position

as at 31 December

| € millions | Note | 2022 | 2021 (restated*) |
| --- | --- | --- | --- |
| Assets |  |  |  |
| Goodwill | 12 | 3,926 | 8,294 |
| Other intangible assets | 13 | 5,217 | 5,531 |
| Property and equipment | 14 | 200 | 185 |
| Right-of-use assets | 25 | 333 | 354 |
| Investments in associates | 15 | - | 1,517 |
| Deferred tax assets | 10 | 2 | 6 |
| Other non-current assets | 4 | 64 | 76 |
| Total non-current assets |  | 9,742 | 15,963 |
| Trade and other receivables | 16 | 433 | 307 |
| Other current assets | 17 | 136 | 159 |
| Current tax assets | 10 | 20 | 44 |
| Inventories |  | 37 | 33 |
| Cash and cash equivalents | 18 | 2,020 | 1,320 |
| Total current assets |  | 2,646 | 1,863 |
| Total assets |  | 12,389 | 17,826 |

\* The comparative information is restated in line with IFRS 3 on account of Grubhub's acquisition measurement period adjustments. Reference is made to Note 31.

The accompanying Notes are an integral part of these Consolidated financial statements. Amounts may not add up due to rounding.

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## Consolidated statement of financial position (continued)

as at 31 December

| € millions | Note | 2022 | 2021 (restated*) |
| --- | --- | --- | --- |
| Equity and Liabilities |  |  |  |
| Total shareholders' equity | 19 | 7,903 | 13,050 |
| Non-controlling interests |  | (8) | (8) |
| Total equity |  | 7,895 | 13,042 |
| Borrowings | 21 | 2,001 | 2,236 |
| Deferred tax liabilities | 10 | 750 | 910 |
| Lease liabilities | 25 | 311 | 316 |
| Provisions | 22 | 24 | 81 |
| Total non-current liabilities |  | 3,085 | 3,543 |
| Borrowings | 21 | 4 | 5 |
| Lease liabilities | 25 | 64 | 59 |
| Provisions | 22 | 91 | 59 |
| Trade and other liabilities | 23 | 1,183 | 1,082 |
| Current tax liabilities | 10 | 66 | 36 |
| Total current liabilities |  | 1,408 | 1,241 |
| Total liabilities |  | 4,494 | 4,784 |
| Total equity and liabilities |  | 12,389 | 17,826 |

\* The comparative information is restated in line with IFRS 3 on account of Grubhub's acquisition measurement period adjustments and due to the reclassification of amounts previously presented as the current portion of the convertible bonds and senior notes to non-current liabilities. Reference is made to Note 31 and Note 21 respectively.

The accompanying Notes are an integral part of these Consolidated financial statements. Amounts may not add up due to rounding.

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## Consolidated statement of changes in equity

|  | Note | Share capital | Share premium | Foreign currency translation | Fair value through DCI reserve | Equity-settled share-based payments reserve | Equity component of convertible bonds | Accumulated deficits | Total share-holders' equity | Non-controlling interest | Total equity |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| € millions |  |  |  | Legal reserve |  |  |  | Other reserves |  |  |  |
| Balance as at 31 December 2020 |  | 6 | 8,801 | (345) | 323 | 24 | 74 | (384) | 8,499 | 5 | 8,504 |
| Total comprehensive income / (loss) |  | - | - | 718 | - | - | - | (1,031) | (313) | (13) | (326) |
| Issuance of shares related to business combination | 11 | 3 | 4,637 | - | - | 140 | - | - | 4,780 | - | 4,780 |
| Transaction costs | 11 | - | (33) | - | - | - | - | - | (33) | - | (33) |
| Issuance of convertible bonds | 21 | - | - | - | - | - | 139 | - | 139 | - | 139 |
| Deferred tax on convertible bonds | 10 | - | - | - | - | - | (15) | - | (15) | - | (15) |
| Share-based payments | 7 | 0 | 45 | - | - | 24 | - | 3 | 72 | - | 72 |
| Transfer to accumulated deficits | 19 | - | - | - | (323) | - | - | 323 | - | - | - |
| Direct equity movements from associates | 15 | - | - | - | - | - | - | (79) | (79) | - | (79) |
| Balance as at 31 December 2021 |  | 9 | 13,450 | 373 | - | 188 | 198 | (1,168) | 13,050 | (8) | 13,042 |
| Total comprehensive income / (loss) |  | - | - | 345 | - | - | - | (5,667) | (5,322) | (0) | (5,322) |
| Deferred tax on convertible bonds | 10 | - | - | - | - | - | (3) | - | (3) | - | (3) |
| Share-based payments | 7 | 0 | 158 | - | - | (2) | - | 23 | 179 | - | 179 |
| Balance as at 31 December 2022 |  | 9 | 13,607 | 718 | - | 187 | 195 | (6,813) | 7,903 | (8) | 7,895 |

The accompanying Notes are an integral part of these Consolidated financial statements. Amounts may not add up due to rounding.

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# Consolidated statement of cash flows

for the year ended 31 December

| € millions | Note | 2022 | 2021 (amended 1 ) |
| --- | --- | --- | --- |
| Loss for the period |  | (5,667) | (1,044) |
| Adjustments: |  |  |  |
| Depreciation, amortisation and impairments | 12, 13, 14, 25 | 5,168 | 443 |
| Share of results of associates | 15 | 35 | 62 |
| Loss on disposal of investment in associates | 15 | 275 | - |
| Equity-settled share-based payments | 7 | 166 | 76 |
| Finance income and expense recognised in profit or loss | 9 | 47 | 53 |
| Other non-cash adjustments |  | (1) | (5) |
| Income tax benefit recognised in profit or loss | 10 | (101) | (8) |
|  |  | (78) | (423) |
| Changes in: |  |  |  |
| Inventories |  | (4) | (17) |
| Trade and other receivables | 16 | (126) | 5 |
| Other current assets |  | 27 | 7 |
| Other non-current assets |  | 11 | (32) |
| Trade and other liabilities |  | 85 | 85 |
| Provisions |  | (28) | 52 |
| Net cash used in operations |  | (113) | (323) |
| Interest paid | 21, 25 | (48) | (47) |
| Income taxes paid | 10 | (5) | (53) |
| Net cash used in operating activities |  | (166) | (423) |
| Cash flows from investing activities |  |  |  |
| Investment in other intangible assets | 13 | (93) | (53) |
| Investment in property and equipment |  | (108) | (98) |
| Acquisition of subsidiaries, net of cash acquired |  | 3 | 128 |
| Proceeds from sale of investment in associates | 15 | 1,500 | - |
| Funding provided to associates | 15 | (88) | (83) |
| Net cash generated by / (used in) investing activities |  | 1,214 | (106) |

The accompanying Notes are an integral part of these Consolidated financial statements. Amounts may not add up due to rounding.

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## Consolidated statement of cash flows (continued)

for the year ended 31 December

| € millions | Note | 2022 | 2021 (amended*) |
| --- | --- | --- | --- |
| Cash flows from financing activities |  |  |  |
| Proceeds from issuance of ordinary shares | 7 | 5 | 4 |
| Transaction costs related to issuance of ordinary shares accounted through equity | 11 | - | (33) |
| Principal element of lease payments | 25 | (54) | (37) |
| Proceeds from borrowings | 21 | - | 1,409 |
| Transaction costs related to borrowings | 21 | - | (15) |
| Repayments of borrowings | 21 | (300) | - |
| Taxes paid related to net settlement of share-based payment awards | 7 | (15) | (16) |
| Net cash generated by / (used in) financing activities |  | (365) | 1,312 |
| Net increase in cash and cash equivalents |  | 683 | 783 |
| Cash and cash equivalents at beginning of year | 18 | 1,320 | 529 |
| Effects of exchange rate changes of cash held in foreign currencies |  | 17 | 8 |
| Cash and cash equivalents at end of year |  | 2,020 | 1,320 |

\* The comparative information is amended to separately show the movements in Other non-current assets and Provisions. Reference is made to Note 2 Amendments to 2021 presentation paragraph.

The accompanying Notes are an integral part of these Consolidated financial statements. Amounts may not add up due to rounding.

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# Notes to the Consolidated financial statements

## 1 General

Just Eat Takeaway.com is a leading global online food delivery company focused on connecting consumers and Partners through its platforms.

Just Eat Takeaway.com N.V. (the 'Company') is a public limited liability company incorporated under the laws of the Netherlands and domiciled in Amsterdam, the Netherlands. The Company and the entities controlled by the Company (its subsidiaries) are referred to herein as 'Just Eat Takeaway.com', with the Company being the ultimate parent. The Company's shares are traded on Euronext Amsterdam (ticker symbol: 'TKWY'), its CREST Depositary Interests ('CDIs') are traded on the London Stock Exchange (ticker symbol: JET), and, following the voluntary delisting from Nasdaq, its American Depositary Shares ('ADSs') are quoted and traded on the OTC Markets via a sponsored Level I Programme (ticker symbol: JTKWY). Five ADSs represent one share. The Company is registered at the Commercial Register of the Chamber of Commerce in Amsterdam, the Netherlands under number 08142836.

Amounts in these notes to the Consolidated financial statements (the 'Notes') are in € millions unless stated otherwise. Due to rounding, amounts in the Notes may not add up precisely to the totals provided in the statements. Percentages used in the Notes are based on unrounded figures.

## 2 Basis of preparation

### Statement of compliance

The Consolidated financial statements of the Company ('Consolidated financial statements') have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union ('IFRS') and comply with the financial reporting requirements included in Part 9 of Book 2 of the Dutch Civil Code.

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The Consolidated financial statements were authorised for issue by the Management Board of the Company (the 'Management Board', and members of the Management Board, 'Managing Directors') and the Supervisory Board of the Company (the 'Supervisory Board', and members of the Supervisory Board, 'Supervisory Directors') on 1 March 2023. The adoption of these Consolidated financial statements is reserved for the shareholders in the Annual General Meeting ('AGM') scheduled for 17 May 2023.

### Amendments to 2021 presentation

During 2022, Just Eat Takeaway.com amended the presentation of its Statement of cash flows to separately show the movements in other non-current assets and provisions. Comparative amounts in the Consolidated statement of cash flows were reclassified for consistency as presented below.

| € millions | 2021 | Reclassification | 2021 (amended) |
| --- | --- | --- | --- |
| Other non-cash adjustments | 15 | (20) | (5) |
| Changes in: |  |  |  |
| Other non-current assets | - | (32) | (32) |
| Provisions | - | 52 | 52 |

### Basis of measurement

The Consolidated financial statements have been prepared on the historical cost basis unless stated otherwise. Income and expenses are accounted for on an accrual basis.

Reference is made to the significant accounting policies as included in the relevant Notes for more detailed information on the measurement basis. These policies have consistently been applied by Just Eat Takeaway.com.

### Fair value

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, Just Eat Takeaway.com considers the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these Consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2, leasing transactions that are within the scope of IFRS 16, and measurements that have some similarities to fair value but are not fair value, such as net realisable value in IAS 2 or value in use in IAS 36.

All assets and liabilities for which fair value is measured or disclosed in the Consolidated financial statements are categorised within the fair value hierarchy, described as follows:

- Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
- Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.
- Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

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## Going concern

The Management Board has assessed the going concern assumptions of Just Eat Takeaway.com during the preparation of the Consolidated financial statements. The assessment includes knowledge of Just Eat Takeaway.com, the estimated economic outlook and identified risks and uncertainties in relation thereto. Furthermore, the review of the strategic plan and budget, including expected developments in current liquidity, short- and long-term cash flow projections, debt and capital were considered.

The global economic uncertainty has also impacted Just Eat Takeaway.com's business, operations and financial results. Just Eat Takeaway.com experienced accelerated Order growth rates during the pandemic. In 2022, the pandemic showed considerable signs of easing as many countries lifted travel bans, ended lockdowns, and eased other quarantine measures, causing Order rates to decline.

In addition, the heightened risk of an economic downturn or a recession caused Just Eat Takeaway.com to shift its focus from growth to profitability. Remaining pandemic-related effects, rising inflation, rising energy costs and rising interest rates are the main elements of the economic environment impacting Just Eat Takeaway.com. These elements were all considered in our cash flow projections and sensitivity analyses.

The extent to which this economic uncertainty will continue to impact Just Eat Takeaway.com's businesses, operations and financial results, including the duration and magnitude of such effects, will depend on numerous unpredictable factors. The Management Board will continue to monitor these factors and the impact thereof on its business and results of operations.

Taking into consideration the factors mentioned above, the Management Board believes that there are no events or conditions that give rise to doubt the ability of Just Eat Takeaway.com to continue as a going concern for a period of at least twelve months from the date the Consolidated financial statements are authorised for issue. Consequently, it has been concluded that it is reasonable to apply the going concern concept as the underlying assumption for the Consolidated financial statements.

## Basis of consolidation

The Consolidated financial statements include the accounts of the Company and its subsidiaries.

### Control

The Company controls an entity when it has power over the entity, is exposed to, or has rights to, variable returns from its involvement with the entity, and has the ability to use its power to affect its returns. The Company reassesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. All relevant facts and circumstances are considered in assessing whether the Company's voting and share rights in an investee are sufficient to give it power.

### Non-controlling interest

Non-controlling interests in subsidiaries are identified separately from the Company's equity therein. Those interests of non-controlling shareholders that are present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests' proportionate share of the fair value of the acquiree's identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value. Subsequent to acquisitions, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests' share of subsequent changes in equity.

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### Consolidation process

Consolidation of a subsidiary begins when control over the subsidiary is obtained and ceases when control over the subsidiary is lost. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss and other comprehensive income or loss ('OCI') from the date the Company gains control until the date when the Company ceases to control the subsidiary.

When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the accounting policies of Just Eat Takeaway.com. All intra-group assets and liabilities, equity, income and expenses, including any unrealised income and expenses, relating to transactions between members of Just Eat Takeaway.com are eliminated in full upon consolidation.

Profit or loss and each component of OCI are attributed to the shareholders of the Company and to the non-controlling interests. Total comprehensive income or loss of the subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

### Foreign currencies

#### Functional and presentation currency

These Consolidated financial statements are presented in euros, which is the Company's functional currency and the presentation currency for the Consolidated financial statements.

#### Foreign currency transactions

In preparing the financial statements of each individual Just Eat Takeaway.com entity, transactions in currencies other than the entity's functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary assets

and liabilities that are denominated in foreign currencies are translated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Exchange differences on monetary items are recognised in profit or loss in the period in which they arise except for exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised initially in OCI and reclassified from equity to profit or loss on repayment of the monetary items.

#### Foreign operations

The assets and liabilities of Just Eat Takeaway.com's foreign operations, including goodwill and fair value adjustments arising on acquisitions, are translated into euros using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognised in OCI and accumulated in a foreign currency translation reserve as part of shareholders' equity.

### Impairment of non-financial assets

At each reporting date, the carrying amounts of non-financial assets of Just Eat Takeaway.com are reviewed to determine whether there is any indication that those assets may be impaired. If any indication of impairment exists, the recoverable amount of the asset is estimated to determine if there is any impairment loss. Goodwill is tested annually for impairment and whenever an impairment trigger is identified.

Where the asset does not generate cash flows that are independent from other assets, they are grouped together into the smallest group of assets that

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Financial Statements

generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or cash-generating unit ('CGU'). Goodwill arising from a business combination is allocated to a CGU or to groups of CGUs that are expected to benefit from the synergies of the business combination.

The recoverable amount is the greater of the fair value less costs of disposal and value in use. In assessing the value in use, the estimated future cash flows are discounted to their present values using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

An impairment loss is recognised whenever the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised regarding CGUs are allocated first to reduce the carrying amount of any goodwill allocated to CGUs and then to reduce the carrying amount of the other assets in the CGU on a pro-rata basis. An impairment loss can be reversed if there has been a change in the circumstances leading to a change in estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. An impairment loss of goodwill is not subsequently reversed.

#### **Offsetting of financial assets and financial liabilities**

Financial assets and liabilities are offset and reported as a net amount in the consolidated statement of financial position when there is a legally enforceable right to offset the amounts recognised and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Just Eat Takeaway.com entity or the counterparty.

#### **Consolidated statement of cash flows**

The Consolidated statement of cash flows has been prepared using the indirect method. The indirect method implies that the consolidated result for the year is adjusted for income and expenses that are not cash flows and for autonomous movements in operating working capital (excluding impact from business acquisitions) as well as other non-current assets and provisions.

Cash payments to employees and suppliers are recognised as cash flows from operating activities. Cash flows from operating activities also include costs of business acquisition and divestment-related costs, spending on provisions, and income taxes paid on operating activities.

Cash flows from investing activities are those arising from capital expenditure and disposal, additions and disposals of loans carried at amortised cost, additions and disposals of joint ventures and equity investments and from business combinations. Cash and cash equivalents available at the time of acquisition or sale are deducted from the related payments or proceeds.

Cash flows from financing activities comprise the cash receipts of the exercise of share options, payments for issued shares, debt instruments, and short-term financing.

#### **New and amended standards**

In the current period, Just Eat Takeaway.com has mandatorily adopted several amendments to IFRS issued by the IASB that are effective for the current accounting period.

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