just eat group

Just Eat Group2018 Capital Markets DayJune 2018

The Just Eat Group

Just Eat Group 2018 Capital Markets Day2

• Exceptional revenue and margin

growth as marketplace scaled

Where we’ve come from Where we’re going

• Unwavering focus on revenue

and market share growth

• Organic growth powered by

improving the customer

proposition

• Stable, experienced management

team for next phase of growth

• Capitalise on profitable leadership

position in this exciting high

growth sector

• Robust business with significant

headroom

• Strong organic growth

and consolidation through

M&A

• Significant management

changes

Serving every customer’s takeaway moment

Building a hybrid marketplace



01Growth and headroom• Peter Plumb, Chief Executive Officer

02Building a world-class marketplace• Our customers and brands - Ben Carter, UK Marketing Director• Our restaurant partners - Andrew Kenny, UK Sales Director• International growth - Jerome Gavin, International Managing Director

03Building world-class technology solutions• Step changing our customer and restaurant partner experience - Fernando Fanton, Chief Product & Technology Officer• Harnessing data - Alex Rahin, Chief Data Officer

Coffee break (order lunch on Just Eat’s Beta app)

04Engineering delivery services to complement our marketplace• Branded restaurant groups - Graham Corfield, UK Managing Director• Delivery models and our partnerships - Gilles Raison, France Country Manager• SkipTheDishes: Pioneering courier-based food delivery - Chris Simair, Co-founder and Chief Executive Officer• Rolling out SkipTheDishes internationally - Alistair Venn, Australia Country Manager

05Building a world-class digital organisation supporting local customer experts• People and organisation plans - Lisa Hillier, Chief People Officer

06Serving every customer’s takeaway moment: Financial implications • Paul Harrison, Chief Financial Officer

07Wrap-up and Q&A• Peter Plumb, Chief Executive Officer

01 Growth and headroom

5 Just Eat Group 2018 Capital Markets Day

Just Eat Group’s roadmap for growth


6

Build our

marketplace to

be world-class

Engineer

delivery services

to complement our

marketplace

Lead a world-

class digital global

team, supporting

extraordinary local

customer experts

1

2 3

Just Eat Group 2018 Capital Markets Day

Just Eat has grown rapidly since its launch in 2001, driving

leadership through both organic growth and strategic M&A

7

0 0.2 0.4 0.7 1.2 2.5 3.8 5.6 9.318.8 33.8 59.8

96.8157.0

247.6

375.7

546.3

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Launch

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Break even

+500

restaurants

1 millionth

order

UK

launch

Netherlands

launch

5

millionth

order

10

millionth

order

Ireland

launch

Spain

launch

25

millionth

order

Mobile

app

launch

100

millionth

order (UK)

IPO

50

millionth

order

400

millionth

order (UK)

Organic

Milestones

M&A

Canada

launch

200

millionth

order (UK)

Revenue, £m


400

millionth

order

1

2

Building out the Group to 13 countries, four brands

and a diversified revenue base

8

Source: 2017 Annual Report

(12%)

(23%)

(9%)

(56%)

Canada Europe & Mexico

ANZ UK

SpainCanada Ireland UK Norway Denmark

Mexico Brazil France Switzerland Italy Australia &

New Zealand

4 power brands

Revenue, £m (%) International footprint Power Brands

304

64

128

50


Our market headroom makes investing for growth a

unique opportunity for the Group


3(5%)

7

16

57

83

9

41

26

Just Eat Non-Just Eat Online Offline Takeaway(Delivered)

Collection Total Takeawaymarket

Mexico/Brazil(EmergingMarkets)

Takeaway Market GMV vs Just Eat Share, £bn

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

75%*

Growth Forecast 2017-21

Independent takeaways

/delivery restaurants

High Street Brands/QSR/

seated only restaurants

Our 17-year history gives us strategic advantage from

which to build and engineer our future


22.8mCustomers

2,900Employees

87.5kRestaurant

partners

2,250Orders per

minute (peak)

97mPeople watched

our advertising

870Cities

(851 Tier 2/3/4)

£18.89Average order

value

No. 1Popular dish:

Margherita pizza

£3.3bnValue of food

purchased

Data as at 31 December 2017. Customer and restaurant partner as at 31 March 2018.

* Excluding LATAM & Canada

23.6Order history

per customer

65Restaurant

choices/search

8Average order

frequency per year

3

On premise

Delivery

1Phone

online

2Collection

delivery

4

29

41

35

4

112

12

Serving every UK customer’s takeaway moment starts

with understanding their needs and behaviours


1

29

3 46

213

2

35

3 95

2 14

4

362 10

5

15

People eat around 29 takeaways a year Similar trends and opportunities are

reflected across our territories

0

Source: Total takeaway occasions derived from Usage and Experience study conducted by Hall & Partners (approx. 2200 Nat Rep sample per market). Share of occasions derived using NPD Crest eat at home occasion

data full year 2017. Note that NPD data does not include Northern Ireland

Note: order in person and takeaway only includes fish chips, ethnic, pizza & burger/chicken take home occasions.

DeliveryMarketplace

7

Serving Just Eat customers the biggest choice of

takeaway moment


Online platform

Features

• Connecting customers with

restaurants

• Orders delivered through

restaurants own drivers or

third party couriers

• Significant network effects

‘winner takes most’

Business model Marketplace: Two-sided

Drivers/economics

• High operating leverage

delivering high margins once

scale achieved

• Restaurants get effective

variable cost marketing

service

• Limited control of

food/delivery experienceCustomer

1-side

Restaurant

2-sided

Features

• Connects customers,

restaurants and delivery on

one platform

• Technology data and scale

key to cost effective service

• VC-backed logistics players

have entered the market

Delivery: Three-sided

Drivers/economics

• Requires significant long-term

investment

• Revenue growth enhancing but

generally lower margins

• Expands choice to include

chains, branded restaurants

and high value/quality

• More control over full user

experience

Delivery partner/

Logistics provider

3-sided

Building a hybrid marketplace



01Growth and headroom• Peter Plumb, Chief Executive Officer

02Building a world-class marketplace• Our customers and brands - Ben Carter, UK Marketing Director• Our restaurant partners - Andrew Kenny, UK Sales Director• International growth - Jerome Gavin, International Managing Director

03Building world-class technology solutions• Step changing our customer and restaurant partner experience - Fernando Fanton, Chief Product & Technology Officer• Harnessing data - Alex Rahin, Chief Data Officer

Coffee break (order lunch on Just Eat’s Beta app)

04Engineering delivery services to complement our marketplace• Branded restaurant groups - Graham Corfield, UK Managing Director• Delivery models and our partnerships - Gilles Raison, France Country Manager• SkipTheDishes: Pioneering courier-based food delivery - Chris Simair, Co-founder and Chief Executive Officer• Rolling out SkipTheDishes internationally - Alistair Venn, Australia Country Manager

05Building a world-class digital organisation supporting local customer experts• People and organisation plans - Lisa Hillier, Chief People Officer

06Serving every customer’s takeaway moment: Financial implications • Paul Harrison, Chief Financial Officer

07Wrap-up and Q&A• Peter Plumb, Chief Executive Officer

02 Building a world-class

marketplace


1

02 Our customers and brands


1

UK customer demographics

We are a mass market service…

...we serve the biggest segments with their family treat


41%

39%

36%

Spendingtime with my

family

Enjoying aweekend treat

Needing aquick meal tofit around my

day

Source: Just Eat ‘Usage & Attitudes’ survey, May 2018

Reasons for ordering takeaway

1

27%

17%

11%

10%

9%

8%

18%

20%

14%

4%

12%

9%

11%

30%

Families on a budget

Young professionals

Students & zerohours youth

Young succeedingfamilies

Affluent families

Settled suburbanfamilies

Retired & other

Just Eat customers UK households

Over-index

Source: Just Eat Segmentation study, 2018

Range is key to the success factor of our marketplace

and is rewarded by frequency of use by customer


# restaurants ordered from per year

(% frequent customers1, UK)

# cuisines ordered per year

(% frequent customers1, UK)

4

12

21

23

19

12

6

2

1

1

2

3

4

5

6

7

8

9

1. Customers that order 12 or more times a year

Average

number of

restaurants

used2

Orders by

cuisine type

11%

38%

14%

28%

9%

Burgers &

chicken

Chinese

& Indian

Fish &

Chips &

Kebab

Italian &

Pizza

Other

1.8

3.1

1.8

2.5

1.8

1

2

4

6

8

9

10

9

9

8

1

2

3

4

5

6

7

8

9

10+3510+

2. UK, year to April 2017

4 cuisines

6 restaurants

A clear opportunity to continue to take share

from the telephone


Source:

1. Management estimate of value of UK delivered food market.

2. Domino’s 2017 Annual Report, System sales for UK, estimate for Papa John’s and Pizza Hut. Assumed

80:20 online split

3. Management estimate of key third party delivery apps

42%

9%17%

3%

24%

5%

Market

£6.5bn size1

Telephone

£2,712m

Others3

£605m

Branded pizza

online2

£1,130m

Just Eat 2016

£1,514m

Hungryhouse

£192m

Just Eat 2017 growth

Up £347m to £1,861m

1

Our app experience has evolved to

address customer needs4

Offering a truly personalised app experience to take on

the phone

App feature Experience preference% of customers

UK Europe

Personalised

restaurant choice

Supporting local businesses 34% 26%

Quick and easy to

use

Habitually ordering direct 25% 37%

Easy to get help or

complain

Confidence in a correct order 24% 17%

Flexible menu

structure

Ease of explaining the order 22% 29%

Bespoke request

items

Making specific requests 22% 23%

Reordering direct

from past order

history

Personal interaction &

familiarity

19% 25%

Source: Just Eat ‘Usage & Attitudes’ survey, May 2018

Spontaneous

brand

awareness

Prompted

brand

awareness

Brand

consideration

May 2015 20% 62% 30%

May 2018 35% 80% 42%

Our winning formula is to be famous and loved


Fame

Local

Activation

Performance

10.5

7.3

4.7

15.3

6.7

7.1Do not order takeaway

Order takeaway but NOT

aware of Just Eat

Order takeaway, never online

but aware of Just Eat

Order online (not with Just Eat)

and aware of Just eat

Inactive customers (>12m)

Active customers (12m) Ad

ult

po

pu

lati

on

millio

ns

1

Source: Just Eat Brand Tracker survey September 2017 Source: Just Eat Brand Tracker Surveys, May 2015 and May 2018

Our famous brands attract new customers – soon

becoming loyal to our platform


Yearly orders by year of first order

(Excluding orders from customers in their first calendar year)

Source: Just Eat Brand Tracker survey, May 2018

20000000

40000000

60000000

80000000

100000000

120000000

140000000

2016

2015

2014

2013

2012

2011

2010

pre-2010

Just Eat strengths

Expectancy scores

140

120

10

80

60

40

20

0

Ord

ers

, m

1

Source: Just Eat orders data

Customers

– Quick and easy to place an order

– Large range of choice

Non-customers (perception)

– Good value for money

– Brand available in my area

02 Our restaurant partners - UK


1

Our restaurant partners are hard-working entrepreneurs

and an important part of the local communities


Source: 1. Restaurant survey data 2. Based on 3 months to May 10th 3. +350k population (UK) 4. Based on orders for 12 months to 31 Dec 2017

Sole traders

predominate

77% are single outlet1

41% employ another

family member1

Average of 6 staff

members1

Core of delivery

and collection

Approx. 75% don’t have

tables & chairs1

Rely on delivery &

collection orders to

succeed

Our Partners are

everywhere

62% of UK orders come

from outside our Tier 1

cities2,3

Orders come from 95%

of all UK postcode

districts2

London represents 13%

of orders

Self-Delivery is

essential

Only 30-40% of their

orders come from Just

Eat1

Orders direct to

restaurant still a

meaningful component

Cash remains a

key feature

24% of all UK orders

are cash-on-delivery4

1

We engage closely and promote the restaurant community


In a difficult operating environment for restaurants we are a critical source of support

Drive

performance

Improve

partner trust &

engagement

Raise

standards

across the

sector

Outcomes

Recognising local heroes

Feet on the streets

Championing the takeaway sector

Consumer facing “badge”

Order uplift

Celebrating Excellence –

British Take-Away Awards

1

A voice for the industry

Partnerships with 18

industry bodies

Extensive network of local Territory

Managers across UK

40,000 face-to-face business

reviews each year

Deep local knowledge

Rising

ingredient

costs

Work visas

Employment

minimum wage

Operating challenges

Technology is step changing the way we can help

our partners


Putting our restaurants in

control…

Making life easier for

restaurants…Harnessing the power of data…

Orderpads process 86% of UK orders;

Aim for 100% by year end

Full control of live order experience

Foundations now in place … to layer

increased functionality

Informing decision-making for partners

Real-time recommendation engine

Restaurant accelerator programme

Premium access for top partners

c.70% of UK restaurants engage with

Partner Centre each month

Building full suite of self-serve

functionality

1

Partner centre … the restaurant

command centre

…with an Orderpad in every

restaurant

…by providing in-depth insight to

help drive growth

02 Our restaurant partners - Europe


1

In Europe we have considerable restaurant supply

headroom with some markets at early development stages


Continental Europe

Restaurant Estate Potential Online penetration of delivered takeaway, 2017

Europe Restaurant Split

Significant headroom for signing new restaurants Markets at different stages of development

Just Eat

0

10,000

20,000

30,000

40,000

50,00050%

42%39%

33%

20%

10%

1

Unpenetrated

Source: Just Eat GRID restaurant database Source: Euromonitor, NPD

Distribution of orders between city

tiers (2017)

Restaurant supply headroom by

city size

‘Blue Ocean’ has successfully

diversified our French business

Our European ‘Blue Ocean’ restaurant supply

programme will expand our presence into smaller cities


Supply headroom

in smaller cities

Increasing presence in

tier 3 & 4 cities over time

0

2,000

4,000

6,000

8,000

10,000

Tier 4Tier 3Tier 2Tier 1

Europe

29%

19%24%

28%

Tier 1 Tier 2

Tier 3 Tier 4

Europe

1

Orders concentrations,

France 2018 Q1

Source: Just Eat GRID restaurant database. Source: Just Eat orders data.Source: Just Eat orders data.

Investing in sales teams on the ground, and in

restaurant incentives, is a competitive advantage


Aggressively acquire & activate restaurant

partners

Investing more in our interactions with our

Restaurant Partners

Segmentation approach for top value partners

Recognise and incentivise partners

Local legends programme

Growth incentives

Takeaway awards

1

Roadmap: Just Eat Group’s strategic growth drivers



• Customers love ‘takeaway’ and

reward choice with frequency

• Tier 2/3/4 cities will fuel continued

growth across our markets

Building out our marketplace

to world-class

£3bn GMV

£16bn Addressable market

• Delivery opens a wider choice for

customers, particularly of famous

brands and high value restaurants

• Tier 1/2 cities suited to viable delivery

• Our skip model is both scalable and

world class

• Strategic partners are essential

catalysts of growth

(delivery & restaurants)

• Significant investment required

Engineering delivery to

complement marketplace

£0.3bn GMV


• Our brands attract high quality,

ambitious talent

• Our data and digital teams will

differentiate our hybrid service

• Developer talent will double to

engineer better solutions for

customers

• Our unique Just Eat culture blends

local and global

Leading a world class digital

organisation supporting local

teams of customer experts

2,900 employees

• We expect marketplace to continue healthy growth at current margins

• We will invest in a complementary delivery capacity that could become up to 1/3 of our business long-term

• Our organisation will grow considerably both with developers and the skills/teams to coordinate +100,000 partner drivers and

countries around the world

• We will invest for growth and be led by our customers

Hybrid ‘Just Eat’, giving customers even better choice and service

1 2 3

03


Building world-class technology

solutions

1

03


Step changing our Customer and

Restaurant Partner experience

1

Starting in 2016, we set out to rebuild our technology

platform around four strategic pillars


Modern

architecture

& strong

foundations

Microservices,

domain and

event-driven

architecture

with strong

processes

Data enabled

from the

ground up

Data from all

components

ingested by our

data lake

Customer

obsession

We obsess

about customer

needs, anchored

on best-in-class

user research

Modular &

interoperable

Connect

Just Eat

platforms

together with

3rd parties

quickly and

easily

1

By 2017, we had built strong foundations driving

competitive advantage


Modern architecture & strong foundations

So far in 20181

99.96% - 100% uptime

Data engine

processes events from

all components real-time

Improved architecture

drives faster innovation

Reduced risk

when creating

new features

Search Menu Basket PaymentsOrder

Rapid addition

of

global features

Features

decoupled into

‘verticals’

Small ‘blast

radius’ for

changes

1. System reliability to 31 May 2018.

1

By 2017, we delivered flexible and modular

cross-platform capabilities


Modular & interoperable

21.5 millioncustomers

Just Eat

apps

Website

Third

Party

apps

Orders

Orders

Orders

Orders

Data

Menu

Data

Orders

Orders

Orders

Data

DataOrders

Some use 3rd party

software to dispatch

Food Food

Restaurant

drivers

Delivery drivers

LogisticsOrders

Delivery

Restaurants

EPOS/Aggregators

Data

1

We obsess about customers and check with them

constantly to improve their experience


Source: Just Eat Ease Of Use Surveys, January to June 2018 .

Working on building

the greatest products

User research with

customers

Spoken with, in their

homes and ours

Attitudinal research User research

Developers Researchers Customers Restaurants Restaurants

Yay. I’m

going to

order

some food!

27,000

restaurant

s! Wow!

Wow! Lot’s of

choice!Umm. How

am I going to

decide?!

I picked a restaurant

that I thought had an

offer, but you have to

spend £30!

Never mind,

there’s lots of

others

This one

has a high

MOV

There’s not as

much choice as

I first thought.

These are all

the same type

of places

There’s not

many healthy

choices

I will pick this restaurant, it

isn’t my first choice, and not

one I would normally pick, but

it is the best given the

options. There’s not

not too much

information

to base my

decision on.

The menu looks

good. There’s lots

of choice.

How shall I

pick? What

is good?I don’t know

what a lot of

these menu

items are?

Yay! I’ve

picked my

food!

Yay! I’ve

ordered!

Umm. Can I trust

this website? Will

my food turn up?

Where’s my food?

How can I check?

Yay! I’ve

got my

food!

Customer obsession

1

Accelerating improvements to customer experience –

end of 2017

36

Customer obsession

Transactional content

Simple funnel with linear

steps, no engaging content

Static search

Long lists of static search

results

Conversion focused ease

of use

Easy to use product but very

focused on funnel

conversion, less on overall

quality of experience


1


today

37

Customer obsession

Personalised content

Bringing personalised

shortcuts to the customer

right from the home page

Richer content

Imagery used to aid

signposting

Dynamic search

Easier to use filters, dynamic

search results and improved

layout of listing

Post-order

Post order experience aimed

at reducing customer anxiety

and providing best in class

experience


1


2018 Q4

38

Personalised content

Tailored home for every

customer

Improved search

Search optimised for customer

need (such as time poor) and

giving restaurants the best reach

Better menu user experience

Dish imagery and descriptions;

improved functionality around

browsing

Better order-tracking

Easier to understand progress

(eg timeline) with clearer time

indicators

Access to automated help, to

fix things seamlessly vs phone

ordering


Customer obsession

1

Technology will make our restaurant partners better

businesses, helping them grow

39

Helping on the night – absent customers

Delivery details with maps

Manage demand real-time (e.g. suggest offers, bundles)

Menu editing

Orderpad

For restaurant staff on the nightOrderpad - owning the restaurant’s counter top

Planning for 100% deployment

Ease of use, self service

Fit for purpose

Evolution of services


Customer obsession

1

Our experience with voice innovation is bringing

valuable insight to a rapidly growing customer interface


Customer obsession

1

The power of our global data asset is a key

differentiator, not easy to replicate


Data enabled from the ground up

30

TB

Total size of

data

0

Total number

of events

844

sec

Query

execution

times

The N

ew

The O

ld 24

hrs +

Data latency

During peak times, we

are processing more

than 5k requests per

second

▼90%

99% of all queries

execute within this

amount of time

Real time ability to

process and display

information

>3.5

weeks

Decision

feedback

loop time

Entire feedback

loop between

tech and partners,

(e.g. forecasting

demand)

▲1000%

Increase in the total

amount of data stored

Includes personal

history

1

03


Harnessing data

1

Our Data Infrastructure enables scale and velocity in

responding to customer behaviour


Data informs customer segment targeting

and search personalisation

0.660.95

0.77

StartS

O

C2C3

M

-

H

(null)

Conversion

B

0.72

0.71

0.41

0.440.25

0.150.17

0.16

0.15

0.3

Raw

data

Business

intelligence

KPI framework

Analytics &

visualisation

Personalisation

Logistics &

delivery

Growth

Segmentation CLV EconometricsPropensity

Acti

on

ab

le

data

Op

tim

ised

data

Co

nn

ecte

d

Data

Co

nn

ecte

d

data

Customer

purchase

behaviour

Customer

clickstream

Customer

demographics

Data 2.0 Platform

Single customer view

Business Intelligence Marketing & Tools Products & Features

1

Locality data helps us evolve cuisine mix and target

times of day

44

On average we deliver 6 cuisines per cityTop 7 cuisines cover 90%

of orders

Cuisine and time of day focus based on customer behaviour

• Diverse cuisine (100+ types)

• Chinese is the favourite

• High daytime and late night pizza orders

• Desserts might be the key to win late

orders

• Pizza-lovers are 70% of customers

• Orders placed earlier than rest of UK

• Sandwiches and burgers are key to

winning lunch time

0%

5%

10%

15%

20%

25%

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23

Chinese

Desserts

Indian

Italian Pizza

Ho

urly

Cu

isin

e T

ren

ds

0%

5%

10%

15%

20%

25%

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23

Breakfast

Burgers

Chinese

Desserts

Indian

Italian/Pizza

Sandwiches

% of total orders

% of total orders


Cuisine mix variations across different UK cities

1

City 1

City 2

Our data will enable more personalised search

experiences and personalised promotional offers –

which should drive order frequency


Source: Just Eat orders data.

Infrequent Super-loyal

1

Personalised choice based on customer insight and real

time restaurant performance data


Infer customer intent‘Single customer view’ enables multi-faceted

personalisation

Optimise supplyUse real-time tracking and feedback data to

manage demand

1

04


Engineering delivery services to

complement our marketplace

2

04 Branded restaurant groups


2

Just Eat works with major restaurant groups

around the world


National Latest additions

UK

Australia

Canada

Europe

Global

2

Partnerships with branded restaurants are about

growth for both parties


To service branded restaurants we will need to

provide drivers and point of sale integration

2

Delivery driversCo-marketing with brands Point of sale (‘POS’) Integration

KFC

Branded restaurants add good geographic coverage and with

independents offer full cuisine choice for customers Size of restaurant target populations - largest markets


Global brands Key national brands

Other local brands Independents

Target independents selectively

Addressable market 15,000 restaurants Addressable market 4,000 restaurants

Addressable market 15,000 restaurants

2

Just Eat estate 1,300 Just Eat estate 1,700

Just Eat estate 3,000

Opens up

Just Eat’s customer

base of 23m

More choice,

more occasions

Growth through

new customers

Over 90% of customers using branded restaurants

go on to order from our marketplace


2

Brands

WIN

Customers

WIN

Marketplace restaurants

WIN

04 Delivery models and our experience

with third party couriers


2

Across Europe, we have started to work with courier

partners such as Stuart, Citi Sprint and OTL


Increase catchment

orders to gain

efficiencies,

reduce costs &

achieve profitability

Superior restaurant &

customer experience

Scaling up

the delivery

support team

Automated dispatch and delivery ETA

Integration with brands’ point of sale systems

Dynamic delivery polygons which adapt to

demand

Expand in highly populated catchments from the

current 9 to 22 cities

Minimum cluster: 1 key anchor (McDonalds,

Burger King, O’Tacos, KFC & Subway) &

4 ‘local heroes’

Dedicated team of Sales, Account Managers,

Operations, Technology & Data

Improved driver availability during bad weather

and peak times

210

220

540

150

Addressable market of

branded restaurants in

France

2

0

50

100

150

200

250

-15.0 -10.0 -5.0 0.0 5.0 10.0 15.0

Third-party delivery partnerships achieve wide

coverage with cost efficiencies at scale quickly


KFC average delivery time 27 minutes

Performance of new pickup ETA from Stuart

94% ± 10

mins

Num

ber

of d

eliv

eries

Applicable

catchmentsJust Eat

Applicable

restaurants

Restaurants wanting a mix of self-delivery

and outsourced delivery

Advantages

• Flexible driver supply with ‘per order’

driver costs locked in

• Accurate ETA data enables fine tuning of

costs and customer notifications

• Courier firm’s fixed costs shared with other

verticals.

Disadvantages

• Limits on geographic coverage

• Courier firm’s focus shared with other

verticals

• Driver branding not available

Strategy Current partner in UK and France

74% ± 5 mins

2

0.0

Source: Just Eat deliveries data

European rollout plans for third-party delivery

partnerships, are focused on flexibility


• Delivery for the largest cities and the most dense city catchments

• Catchment by catchment scientific approach to where delivery is deployed

• Combined delivery and marketplace in high-density catchments

• In other catchments we will continue to be marketplace only

2

Countries

Catchments

Hybrid model

Current partners

04 SkipTheDishes: Pioneering

contractor-based food delivery


2

In the beginning…


2

SkipTheDishes early website


2

In the beginning…


2

Population density of Canada2

Source: Statistics Canada, 2006 (by dissemination area).

Graphic redesign by Just Eat.

Today, our 1,750+ team is distributed across Canada


* Number of employees as of June 2018.

2

Winnipeg – Skip’s HQ and Canada’s fastest growing

tech hub…


Win here…win anywhere!

A culture of creating value


Relentless, entrepreneurial drive

to prevent corporate complacency and

mediocrity from setting in

2

The Skip experience: a better way to get your food


2

The food you

want, delivered

Browse hundreds

of local restaurants

Choose from

menus with

customisable options

Order now or later

at home or on the go

A virtuous cycle created by a fully integrated

approach


2

Transparency of the delivery journey leads to a

better experience for all parties


2

Performance-based tools designed to help our

partners succeed


2

Contractors are empowered and managed through

our courier platform


2

Get directions

and help

provide food to

hungry customers.

Set availability

that works with

your schedule.

Get paid for

each delivery and

watch your

earnings add up.

View customer

feedback on your

delivery service.

Skip has grown rapidly, proving out its world-class

operations and delivery model


Source: Google Trends, Search term results by competitor name.

Numbers represent search interest relative to the peak: peak is at 100.

2

SKIP Orders Google search interest relative to the highest point

+352%

+207%

+267%

0

1

2

3

4

5

6

7

8

9

2014 2015 2016 2017

Num

be

r o

f o

rde

rs (

mill

ion

s)

Jan 2016 Jan 2017 Jan 2018

100

75

50

25

0

SkipTheDishes Just Eat Ubereats Foodora

Source: Skip The Dishes management accounts.

Working with top branded restaurants in Canada


2

Partnered with more than 35

National Brands

c. 3,800 franchisee locations

Immediate scale was

key to driving national

expansion

51% of orders from branded

restaurants

A flexible, balanced approach to rolling out

new markets


2

Delivery ‘experience’ is a trade-off between the levers of speed, cost and accessible coverage

Delivery

‘experience’

Cost

04 Rolling out SkipTheDishes

internationally – first stop Australia


2

Menulog group evolution post acquisition


2

11k Self-Delivery

Restaurants

Australian market dynamics prime for

third party delivery


Source: World Population Review.

80%

70%

60%

50%

40%

30%

20%

10%

0%

Top

10

cities

Next 40

citiesAustralia

Ireland

Canada

Spain

UK

Italy

France

Total:

86k Restaurants

High concentration in big cities

Low concentration

2

55%

QSR

Independents

Dine-in Propensity QSR Strength

Unlocking supply to feed customer tastes

and occasions


Source: Just Eat orders data.

Occasions Mix

Lunch has grown 68%

Restaurant Cuisine Mix

Late night

Lunch

Breakfast

Menulog

marketplace

today

81% of all

orders are for

dinner

• Only 11% of

restaurants

added are Thai,

Pizza, Indian or

Chinese.

• Cuisine types

in first launch

zone increased

by 46%.

• Chicken,

burgers,

seafood and

desert up

750%.

67% of all

restaurants

are

Pizza

Thai

Indian

Chinese

Menulog Australia

These are

only

18% of all

restaurants

All other

restaurants

All other

restaurants

Zone 1 since launch

Zone 1 since

launch

2

Combining the strengths of three companies


Operations

• Orderpad

• Global customer

technology

• Restaurant app

• Courier app

• Strong local brand

• Marketing capability

• High volume sales

• Courier on-boarding

• Logistics

• Live supportWinnipegSydney

PROJECT

Kangamoose

Technology

2

Rapid implementation and rapid rollout to

learn quickly


Sydney

Zone 1

Launch

1st Melbourne

zone launches• 7 Live delivery

zones

• 2m Addressable

population

• 1,360 of 9,000

restaurants live

1,000thOrder

Delivered

Fastest

Delivery:

8 Min 33 sec

Inception W1 W5W3 W9 W12W7

(5 weeks)

OR

DE

R G

RO

WT

H

2

650 couriers

on-boarded

20

deliveries

in a

minute

Summary


new hybrid marketplace in the Group

Pulled together the best of

three companies

Engineered and launched in five weeks,

rolling out at pace

Cuisine choice increased by 46%,

lunch grown by 68% in first launch zone

33 minutes purchase to delivery times

1st

33mins

2


Serving every Customer’s takeaway moment






• Our customer service and user

experience are on track to be

world-class

• Our data insights will deliver a

revolutionary personalised service


to world-class

£3bn GMV







world-class, rolling out to UK/ES/ANZ

• Strategic partners are valuable

catalysts of growth e.g. Stuart

delivering improving economics




£0.3bn GMV



ambitious talent





customers


local and global

Leading a world class digital



2,900 employees







1 2 3

05


Building a world-class digital


Customer experts

3

A winning organisational culture


Where we’ve come from Where we’re going to

Creating the world’s greatest food community

3

Sharper culture with a relentless desire to win

Customer-obsessed, putting the customer at the heart of what we do

Data-led culture driving greater accountability and clarity

Overly optimistic culture

Internally focused

A culture based on instincts

An organisation structure built for success


Supported through world-class central teams and experts in Data, Technology and Product.

• Build deeper relationships with our

restaurant partners

• Continue to invest in territory

managers

• Learn from each market

• Continue to build deep knowledge of

markets and communities

• Data-led conversations

Building out our

marketplace to world-class1

• Leverage internal knowledge

• Local market considerations &

requirements

• Thoughtful approach to ‘gig’ economy

• Identification and relationships with

delivery partners

• Build and hire logistics capability

Engineering delivery

to complement marketplace2

• Drive a frictionless customer

experience through investment

in product

• Local teams and customer experts

who know their markets inside out

• Centralised Customer teams

• Alignment through a shared

customer NPS objective

Leading a world-class digital


teams of customer experts3

3

• Build an organisation which is aligned to the three year strategy

• Utilise our key talent in roles which create most value to Just Eat

• Grow headcount through focused hiring aligned to our values and plugging key gaps

• Deep local knowledge in our markets, focused on execution and moving fast

• Laser focus on building delivery capability which both culturally and operationally complements our marketplace

Principles

Growing a digital organisation


1,001Applicants for

12 roles for the

Tech Graduate

Scheme

5Technology

hubs globally

80%Direct hires

2.2 yearsAverage tenure

16.8%Turnover

499Technology team

21Data scientists

hired

68Women in

technology

181Engineers and

developers hired

3

1:5Promotions

Executed by an engaged workforce


Source: Just Eat Employee Engagement Survey, March 2018.

Participation

70%

Comments

2,228

I know what our company values are.

91%

I know how my work contributes to the goals of Just Eat.

87%

I feel like I am part of a team.

82%

1,200

Just Eat’ers from across the

globe united by one vision,

strategy and set of values.

An opportunity to recognise and

celebrate our shared successes.

A platform to dive deeper into

our strategy and ambitions.

With the aim of creating real

excitement and engagement with

Just Eat’s future.

3


Serving every Customer’s takeaway moment







experience are on track to be

world-class




to world-class

£3bn GMV




£0.3bn GMV



ambitious talent





customers


local and global




2,900 employees







1 2 3











06


Serving every customer’s

takeaway moment:

Financial implications

This year’s new investments have advanced our

understanding of our opportunity


Initiative

Projected

2018

investment

Progress after 5 months Successes & Learnings

Skip

The

Dishes

Scaling in Canada

Australia launch£20m

Consolidated in

large Canadian cities

Entered smaller

Canadian cities

Skip delivery logistics

launched in Sydney

& Melbourne

Driver recruitment at scale

Incorporating delivery

in search

UK

Scaling delivery

for branded

restaurants

£20m

Courier firms in

new catchments

New restaurant supply

Reduced courier firm costs

Delivery cluster efficiencies

Optimal mix of brands &

independents

Mexico Building our brand £10m

New promotional campaigns

Added restaurant supply

Launched new cities

Growing demand for online

ordering

£50m

Hybrid business – a compelling financial proposition


Marketplace remains our bedrock – increasingly fueled by delivery

Invest to make it

world class

Increase order

frequency

Principal contributor

to EBITDA

Marketplace

Widest share of

takeaway occasions

Broadest range

of restaurants

Maximises profitable

long-term revenue

growth

Hybrid

Key to accessing new

market segments

Invest to bring branded

restaurants to our

customers

Incremental orders

to the marketplace

Delivery

Evolve towards

positive economics

Marketplace order growth driven by greater retention

and frequency


New customer acquisition

New customer activation

Existing customer retention

Reactivation of lost

customers

Customer

experience

Customer

retargeting

Personalisation

Marketplace orders

from new delivery

customers

Order source…. …driven principally by

frequency initiatives….

Marketplace revenue growth will be order-driven

not price-driven


Orders and revenue, % annual growth

Commissio

n

rate

• No planned increases -

typically 13-14%

Ancillary

revenues

• ‘Top Placement’ will grow in

line with revenue (2017:

£31m)

Average

Order

Value

• Modest increases in line

with food inflation (2017:

£18.80)

Future revenue growth likely to correlate

more closely with order growth

57%

42%

19%

64%

46%

25%

2015 2016 2017

Revenue growth historically

in excess of order growth

Orders Revenue

Enablers Objectives

MarketingIncreased brand awareness

More ‘Above The Line’ marketing

Technology

Improved customer and

restaurant experience

Personalised search

Restaurant technology integration

People

Leverage restaurant

relationships

Expanded field sales force

Improved customer support

Investing to create a world-class marketplace

business


Increased marketplace order frequency...

….in addition to marketplace orders

driven by delivery

New customers

Costs as a % of revenue (marketplace only)Cost of sales

Technology

Marketing

People

Overheads

EBITDA

7%12%

21%

17%

5%

39%

8%11%

25%

19%

7%

32%

9%10%

27%

23%

8%

24%

2015 20172016

Delivery - the why and the how


Why?

• Giving our customers the widest possible choice for every takeaway moment

• Unlocking incremental order frequency

• Acquiring new customers

Revenue

characteristics

• Average Order Value comparable with marketplace

• Commission rates vary in early market

• Delivery fees of £2.50 to £5.00 are the current norm

Delivery - the why and the how


Learnings

so far

• SkipTheDishes is a world-class delivery business with the best delivery

economics we have seen - a service highly rated by both restaurant partners

and customers

• Selected, high-quality 3rd-party courier firms can offer competitive delivery

economics, given cross-vertical driver utilisation, particularly in Europe

• Employed driver model limited to Denmark, where it can continue to succeed

Rollout strategy

• Over time, SkipTheDishes can be utilised in more of our delivery markets

• However, 3rd-party Courier firms are increasing their effectiveness and

competitiveness by moving to ‘pay-per-drop’ – a significant development

• In all cases we are mindful of the regulatory landscape including potentially

higher ‘living wage’ levels

We believe that delivery can be profitable in

the long-term

96

Source: SkipTheDishes management accounts

After launch, profitability can be reached

in 18-36 months with critical mass

EB

ITD

A Time from launch, months

Mid market path

to profitability

Factors that affect profitability

1. Speed to scale

2. Market conditions

3. Brand maturity

4. Investment levels

Large market path

to profitability

Market size20 40 60


SkipTheDishes illustrates the potential profit model

-30%

+20%

The contribution of delivery to our revenues will vary

by market


Australia

Canada

UK

Europe

Delivery potential as a % of Just Eat revenue

40% 60%

90% 100%

5% 15%

10% 20%

Augmenting the marketplace business

Targeting delivery customers, branded restaurant and

catchments for incremental marketplace orders

Equilibrium delivery fees

Sustainable for Just Eat as service provider…

...yet not too punitive for branded restaurants

Delivery could be one-third of Group revenue

In line with market split between branded restaurants

and independents

Australia and Canada are more advanced delivery

markets

Significant potential in all markets

A relevant and refreshed disclosure set


* Continental Europe and Mexico

Year to 31 December 2017 Total UK ANZ Canada International*

Orders (m) 172 105 15 12 40

Revenue (£m) 546 304 50 64 128

EBITDA (£m) 164 155 17 -10 18

Active customers (m) 22 11 3 2 6

Average Order Value (£) 18.89 17.73 25.10 19.49 19.34

Marketing investment

(% of revenue)20%

Technology spend

(% of revenue)11%

Se

gm

en

tsG

roup

Deploying our cash: prioritising investments with

options for using excess cash


Before exceptional items and movement in restaurant payables

Consistently high conversion of profit to cash

Underlying EBITDA :

Cash Conversion

£54m

£95m

£121m£11m

£21m

£39m

2015 2016 2017

Delivery

infrastructure

Selective

disciplined

approach to

potential M&A

Technology

and data

infrastructure

Investment in organic growth

Strong balance sheet brings investment flexibility

£160m

£116m

£65m

Excess cash

Capital

expenditure

Operating

cash flow

98% 101% 108%

07


Wrap-up and Q&A









experience are on track to world-class




to world-class

£3bn GMV




£0.3bn GMV



ambitious talent





customers


local and global




2,900 employees


• We will invest in a complementary delivery capacity that could become up to one-third of our business long-term

• Our organisation will grow considerably both with developers and the skills/teams to coordinate delivery partners around the world



1 2 3











07


Appendix

Disclaimer


This presentation, which has been prepared by Just

Eat plc (the "Company"), includes statements that are,

or may be deemed to be, “forward-looking

statements”. These forward-looking statements can

be identified by the use of forward-looking

terminology, including the terms “believes”,

“estimates”, “plans”, “projects”, “anticipates”,

“expects”, “intends”, “may”, “will”, or "should" or, in

each case, their negative or other variations or

comparable terminology. These forward-looking

statements include matters that are not historical facts

and include statements regarding the Company's

intentions, beliefs or current expectations. Any

forward-looking statements in this presentation reflect

the Company’s current expectations and projections

about future events.

By their nature, forward-looking statements involve a

number of risks, uncertainties and assumptions that

could cause actual results or events to differ

materially from those expressed or implied by the

forward-looking statements. These risks, uncertainties

and assumptions could adversely affect the outcome

and financial effects of the plans and events

described herein.

Forward-looking statements contained in this

presentation regarding past trends or activities should

not be taken as a representation that such trends or

activities will continue in the future. You should not

place undue reliance on forward-looking statements,

which speak only as of the date of this presentation.

No representations or warranties are made as to the

accuracy of such statements, estimates or

projections.

Other than in accordance with its legal or regulatory

obligations, the Company does not undertake any

obligation to update or revise publicly any forward-

looking statement, whether as a result of new

information, future events or otherwise.

In making this presentation, the Company is not

seeking to encourage any investor to either buy or sell

shares in the Company. Any investor in any doubt

about what action to take is recommended to seek

financial advice from an independent financial advisor

authorised by the Financial Services and Markets Act

2000.

FY17 1H17 FY16 1H16 FY15 1H15

Orders Revenue UEBITDA Orders Revenue UEBITDA Orders Revenue UEBITDA Orders Revenue UEBITDA Orders Revenue UEBITDA Orders Revenue UEBITDA

UK 105.0 303.8 155.4 49.5 140.1 73.4 88.1 237.1 121.8 42.0 110.5 57.7 67.3 169.6 77.6 30.7 76.9 34.2

Australia 15.2 49.8 17.3 7.4 23.6 6.5 13.8 36.8 7.6 6.4 14.7 2.3 5.9 12.4 1.0 0.4 0.9 0.1

Canada 11.6 64.4 (10.4) 4.4 23.4 (2.9) 3.4 11.4 (2.6) 1.6 4.8 (1.8) 2.6 9.9 (3.3) 1.2 4.5 (1.0)

International 40.6 128.3 18.4 19.1 59.5 4.0 31.1 90.3 2.2 14.9 41.5 0.5 20.4 55.4 (4.2) 9.6 25.4 (2.5)

Other 0.0 0.0 (17.2) 0.0 0.0 (7.4) 0.0 0.1 (13.7) 0.0 0.1 (5.3) 0.0 0.3 (11.4) 0.0 0.1 (5.0)

Total 172.4 546.3 163.5 80.4 246.6 73.6 136.4 375.7 115.3 64.9 171.6 53.4 96.2 247.6 59.7 41.9 107.8 25.8

Historical segmental data


just eat group

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