Just Eat Takeaway.com N.V.

Hello everyone and welcome to JustEatTakeaway.com fiscal year 2024 results call. Please note that this call is being recorded. After the speaker's prepared remarks, there will be a question and answer session. If you'd like to ask a question during that time, please press star followed by one on your telephone keypad. Thank you. I'd now like to hand the call over to Yitzhak Grunf, Chief Executive Officer. You may now begin.

Thank you, operator. Good morning, everybody, and welcome to this analyst and investor conference call. My name is Jitse Goen. I'm the founder and CEO of JustlyTakeaway.com, and I'm joined here by Juerg Gerbig, our COO, Maite Oosterveld, our CFO, and Andrew Kenney, our CCO. Today, along with our 2024 full year results, we are delighted to announce that we have reached an agreement on a recommended public offer by process for issued and outstanding shares in the capital of Justeetakeaway.com. On our corporate website, you can download our press release and the slides for this analyst and investor conference call. Before we get started, I want to thank you all for the time, investment and support over the years. Since launching in 2000, we have significantly grown the company, both organically and through M&A, to become a leading global on-demand food delivery platform. I am very proud of what we have created, and we are excited to be embarking on this next step of the journey through a combination with Process, a leading European technology company sharing many of our values and whose culture we respect. We will briefly walk you through several pages and then shift to answering your questions. Regarding the question and answer session, as a reminder, we would request that each analyst ask one question only. Please follow me to slide four. On the transaction, Justeetakeaway.com and Prozos have reached agreement on a recommended €20.30 per share or cash offer by Prozos for all issued and outstanding shares in the capital of Justeetakeaway.com. This represents an attractive cash premium of 63% to Just Eat Takeaway.com's closing share price on 21 February 2025. The offer values 1% of the shares at approximately €4.1 billion. JustEatTakeaway.com will be well positioned to strengthen its brands, enhance operations and drive future growth well beyond the standalone potential with processes, investment, technology and fast sector expertise. Justeetakeaway.com and Prozos have also agreed to a robust set of non-financial covenants. Our management board and supervisory board unanimously support the offer, and I and other board members holding a combined 8.1% of the shares have provided irrevocable undertakings in relation to the offer. As I mentioned, the offer of 20 euros and 30 cents in cash per share represent a premium of 63% to the company's closing share price on 21 February 2025 and a 49% premium to the three-month VWAP prior to announcements. Our boards believe that process has made a compelling offer, which represents an attractive cash premium to our shareholders, favorable non-financial covenants and commitments in respect of deal certainty. If a bona fide Third party makes an offer which, in the reasonable opinion of the board, is more beneficial than the current offer. And this exceeds the consideration by 10%. JustyTakeaway.com can terminate the current agreement unless process matches such superior offer. If the merger agreement is terminated in the event JustyTakeaway.com agrees to a superior offer or because of an adverse board recommendation change, JustyTakeaway.com shall pay process an amount of €41 million. If the merger agreement is terminated in the event regulatory clearances are not obtained, process shall pay the company an amount of up to €410 million. On slide 6, we have summarized the strategic rationale. Since our launch in 2000, we have significantly grown our business, both organically and through M&A, to become a leading global on-demand food delivery company. Our objective has been to build and extend large-scale and sustainably profitable positions in our countries, enhancing propositions to consumers in collaboration with our partners. After having recently streamlined our portfolio by divesting our U.S. assets to sharpen our focus on core positions, we are now transitioning from a period of portfolio optimization and a drive for efficiency to a new phase of growth acceleration and platform investments. As a leading global food delivery investor and operator with a proven track record in successfully scaling e-commerce platforms, Process is well positioned to invest in and accelerate growth at Just Eat Takeaway.com to unlock value well beyond its standalone potential. Transaction provides an opportunity to couple Process's investment expertise, tech and AI capabilities and innovation mindset with Just Eat Takeaway.com's brand strength and solid fundamentals. We will now move to the full year 2024 results. On slide eight, our key messages are that we have met our guidance for 2024 with constant currency GDP growth excluding North America of 2%, adjusted EBITDA of €460 million, and a free cash flow amounting to €104 million. That excluding Grubhub, our full year adjusted EBITDA was €313 million, and we generated a free cash flow of €101 million. following the sale of drop up 85 of gtv was from our growing and profitable europe and uk and ireland segments the end that we are increasing investment in europe and the uk and ireland to further accelerate growth and lastly that we issue guidance for 2025 for gtv growth and just a deeper down free cash flow please follow me to slide 10 where we summarize the 2024 guidance We've met our guidance for the year and on the following slides, I will quickly take you through the three items individually. Turning to slide 11. Our GTV grew 2% year-on-year in constant currency for the group, excluding North America, in line with the 2024 guided range. GTV for the group amounted to €26.3 billion in 2024, which is down 2% compared with last year or minus 1% reported. Moving to the next slide, on the left-hand side, you can see that the adjusted EBITDA for the group was €460 million in 2024, which is a €121 million improvement compared with 2023. The adjusted EBITDA margin as percentage of GDP for the group further improved to 1.7%. On the right-hand side, our free cash flow before changes in working capital is provided. Maite will provide more details in her section of this presentation, but I would like to point out that, mainly driven by the increase in adjusted EBITDA, we significantly improved free cash flow and generated €104 million in 2024, up €156 million compared with last year. Moving to slide 13. We've completed the rollout of our single global app across all target markets. This new app substantially improves the user experience, accelerates innovation, and significantly improves speed to market of exciting new product features like the JetPlus free delivery proposition, group ordering functionality, an AI assistant, and those were all launched last year. We continue to make progress in the choice we offer to consumers, adding a huge variety of new partners to offer the widest possible selection for consumers anytime and anywhere. 2024 was a strong year for new partner acquisition, increasing the overall number of partners by 10%, including further expansion in new verticals such as grocery, electronics, and pharmacy, with online retailers up 48% compared with a year ago. On the next slide, we show that the combination of portfolio action and structural cost reductions have put the business on a stronger footing. In January, we completed the drop-up sale to Wonder Group, Following the sale of our US operations, justytakeaway.com has become a more focused business. Following comprehensive business reviews and in line with our disciplined portfolio management approach, we ceased operations in New Zealand and France in 2024. On the right-hand side, we have kicked off a transformation of the cost base with several major initiatives. We have made changes to a number of teams across multiple countries as part of our mission to fuel sustainable growth for the future. While decisions like these are never easy, it is a necessary step we have needed to make to ensure that we have the right resources and organizational structure in place to drive sustainable growth and enhance operational efficiencies. In addition, we made meaningful progress in our delivery efficiency to reduce delivery cost per order with the simplification of our delivery operation and further improvement in order pooling through new algorithms. Moving to our revised reporting on the operating segments. Following the completion of the sale of Grubhub in January, we have reassessed the operating segmentation to better align with how we intend to run operations internally. In fact, retrospectively from 1 January 2025, we will report in the following three regional segments. Europe, which is comprised of Austria, Belgium, Bulgaria, Denmark, Germany, Italy, Luxembourg, Poland, Slovakia, Spain, Switzerland, and the Netherlands. UK and Ireland, which is unchanged to our previous segmentation, and the rest of the world, which consists of Australia, Canada, and Israel. 85% of GTV comes from our Europe and UK and Ireland segments. If you follow me to slide 16, you'll see these two segments are both growing and profitable. In the appendix of this presentation, we have included the historical KPIs based on the new segmentation, which will help you in updating your financial models. Please turn to the next slide. After having significantly improved the profitability of the business in the past years, we are now focused on accelerating the growth pace of the business on the back of increased investments. Funded through cost efficiencies and retail media and pricing, we will invest an additional €150 million in Europe and the UK and Ireland in 2025 to drive growth in the coming years. We have four key opportunity areas to accelerate this investment. The first one is to expand logistics coverage. Our aim is to be able to deliver whatever, whenever, whenever, whatever, wherever, whenever enabled through our extensive logistics network with hundreds of thousands of couriers delivering on our behalf. We will further strengthen our logistics coverage by expanding delivery zones, entering new cities and extending opening hours. We will grow supply and new verticals by further enhancing our grocery proposition, and we will continue to expand our choice in adjacent retail categories, including pet care, pharmaceuticals, flowers, and entertainment. We will also accelerate marketing, pricing, and promotion, and our aim is to continue to provide the best value to our consumers and partners. We will focus on offering great value through targeted marketing, pricing, and promotional initiatives, whether that be through free delivery and stamp cards or partner-funded campaigns. We will develop and scale loyalty and subscription. We have successfully launched a new Just Eat Plus loyalty program in December to enhance our customer value proposition. It will deliver value to our consumers while it will also improve performance in terms of consumer retention and order frequency. Just Eat Plus is our new subscription offering, providing free delivery along with additional savings and exclusive deals, delivering more value than just free delivery. Our unified platform will enable each of the areas through accelerated underlying tech capabilities and enhanced product experience. And with that, I hand over to Maite for the financial results.

Thank you, Jits, and good morning to everyone. Before I share the financial results, I want to explain that you will have noticed that we published unaudited financials today because we brought our financial information up forward by two days. We expect to issue full audited financials and the full annual report this Wednesday, where you will receive more detail and IFRS reconciliation. In this next section, I will focus on the company excluding Grubhub. Please follow me to slide 20, where I take you through our financials, excluding Grubhub. Total revenue in 2024 was 3.5 billion, which was stable compared to 2023. But more importantly, we made further significant improvements in our revenue less order fulfillment cost per order, which increased by 10% in 2024 compared with last year, mainly driven by delivery model simplifications. This was a key driver of the improvements in adjusted EBITDA, which grew 28% year on year to €313 million. As a percentage of GTV, the adjusted EBITDA margin improved to 1.7%. Moving to slide 21. On the next slide, we bridge adjusted EBITDA to free cash flow, excluding Grubhub, with the largest drivers being our capital expenditure, leases and cash taxes. As you can see, excluding Grubhub, we had net interest income. Overall, we significantly improved our free cash flow before changes in working capital to 101 million euros. On slide 22, we bridge cash balance from year end 2023 to full year 2024. Cash and cash equivalents amounted to €1.3 billion at 31 December 2024 in comparison to €1.7 billion at 31 December 2023. As you can see, the decrease in cash position was the result of the repayment of borrowings and the share buyback programs. Before the repayment of convertible bonds of €250 million, and cash outflow in relation to the share buyback programs of €203 million. Cash flow was positive €30 million in 2024. On slide 23, some more information about the combined share buyback programs which were launched in the past two years. On this slide, we summarized the combined results of these three share buyback programs that have been launched in the prior two years. So far, we have repurchased 33.5 million shares at an average share price of €13.34, totalling €447 million. As part of today's announced offer, we will pause our current share buyback programme, where there was only €3 million left. Turning to slide 24, where we see our cash balance and debt maturity profile. We remain well financed, and this strength allows us to make balanced investments into the business, as well as decisions on our capital structure. Let me then finalize on page 25. before I get to the guidance. On this page, we provide a table to bridge from adjusted EBITDA to free cash flow. We expect free cash flow before working capital to be broadly stable in 2025 versus 2024 at approximately 100 million euros. The higher expected adjusted EBITDA is offset by higher cash taxes and an elevated level of non-recurring items. We remain disciplined in managing our spend and maximizing income on items which sit below adjusted EBITDA in the P&L. And then finally, moving to the slide where we issue our guidance for 2025. We expect content currency GTV growth, excluding rest of world segments, to be in the range of 4% to 8% year over year. We expect to deliver an adjusted EBITDA in the range of €360 to €380 million. We expect free cash flow before changes in working capital of approximately €100 million. And we confirm our long-term target of the group of adjusted EBITDA margin in excess of 5% GTV. And with that, I hand it back to Jitsen for the conclusion of this presentation.

Thank you, Maite. I will continue with the wrap-up of this presentation on slide 28. To summarize, our key messages were that we have met our guidance for 2024 with constant currency GTV growth, excluding North America of 2%. Adjusted EBITDA of €460 million and a free cash flow amounting to €104 million. Excluding Grubhub, our full year adjusted EBITDA was €313 million and we generated a free cash flow of €101 million. Following the sale of DropUp, 85% of our GTV comes from our growing and profitable Europe and the UK and Ireland segments. We are also investing an additional €150 million in Europe and the UK and Ireland to further accelerate growth. Lastly, we have guided for 2025. And with that, operator, I would like to open the call for questions.

I'm now opening the floor for question and answer session. If you'd like to ask a question, please press star, followed by one on your telephone keypad. Your first question comes from Andrew Ross from Barclays. Your line is now open.

Great. Good morning, everyone. Thank you for taking my question. I wanted to ask about the market share, both in the UK and Ireland and also in Germany. I guess it's the biggest country within Northern Europe. during Q4. Can you just help us to understand kind of what's happening with market share in those regions and then how that kind of plays into your decision to invest more in 2025? Because it certainly looks as though versus your listed competitor, you've lost a little bit of share in Q4. We obviously have in the UK, we also have less data in Germany and the rest of Northern Europe. We'd be curious on your take in terms of what's happening with share.

Thank you. Yeah, it's a very good question. Thank you. I think overall in continental Europe, despite the economical back to Brexit, quite satisfied with our share development and the competitive levels and the way we react to it. We have quite extensive programs specifically focused on the cities that are a bit more competitive for us in terms of investment in supply, in terms of investment in in in marketing and that sort of business and we've seen a significant step up in investments this this year based on cost reductions that we've we've made that we also just um shown to you in the in the in the presentation uh the situation in the uk is that it is more competitive we've seen a lot of vouchering in that market um we're not particular fans of vouchering we believe it drives short-term market market share growth not long-term But it's very clear that the UK is more competitive than continental Europe, and we need to step up our investments, which we will do this year, as you've seen.

Your next question comes from Mark Hessling from ING. Your line is now open.

Yes. Thank you. Firstly, on the question combined with process, I think one of the strategies or rationales behind it is that you can move faster if you're together. So can you please explain that? What are the things that really will step up when you move together? And the second thing is, maybe I've missed it in all the documents, quite a lot to digest, Will the management stay on post the closure of the deal? Are there any commitments on that?

Yeah, thank you. To the last question, yeah, absolutely. The management will stay on. There will not be any changes, also not in the top management of the business, including the EXCO. And the process is actually fully aligned with the strategy. Now, to your first question, What can we do together that we can't currently do? I think we need to take a step back to what we've done last year. We have tremendously increased our offering. We have invested in our proposition, in our technology. We've invested significant amounts of marketing. We specifically stepped up marketing in the more competitive regions. But against the backdrop of Europe and the economies in Europe stagnating, the restaurant sector actually being down in most countries, we only got a couple of percent of growth out of that in most European countries, which we don't believe is enough. We want to be a fast-growing business, and therefore we're also stepping up investments on the standard loan basis this year. That's the 150 million euros that we have made available to ourselves to invest specifically and most of all in the UK and in Germany. I think apart from that, obviously, we can accelerate our growth further. There's quite some opportunity in our business still. 35% of the UK orders with us, but we believe that that should be a higher chunk of the population. The order frequency in Europe is still quite low. This is also, of course, where process sees the benefits from an acquisition. in Europe are much lower than the Middle East, but also Brazil, other parts of the world. And actually, by investing in more supply, by investing in a better user proposition, you can actually increase that. Now, in the public markets, that's, of course, a limit to what we can do. We need to grow our EBITDA. We need to grow the business fast. And I think in a private setting, you'll be able to make more significant investments in markets in which are already very strong. I guess that's the appeal also to process. We're a very strong business in most of the European markets. Therefore, if you invest more money into that, that should, of course, increase the growth base.

Peter, thank you. Thanks.

Your next question comes from Monique Pollard from Citigroup. Your line is now up.

Hi, good morning. Thank you for taking my questions. Two from me, please. Firstly, on Spain, I just wondered if you had any comments. I know it's very early days, but any early signs you're seeing in Spain of changes in the competitive dynamic from a major competitor moving over to the employed model, which you've obviously had there the whole time. And then secondly, I'm just interested in your comments about the potential for increased order frequency in Europe and processing that as part of the rationale for the deal. I would assume that to get materially higher order frequencies in Europe, you need to be able to lower basket sizes to the point where you massively expand the TAM. So is that part of the long-term investment strategy there? Thank you.

Yeah, thank you. So first on Spain, there's very little change in Spain. We think that our competitor has employed zero people thus far. So I don't think there's actually a change in local dynamics yet. So we're still waiting for them to make those changes. Then the question around the order growth in Europe. Well, no, it's not about lower basket sizes. It's about more supply. and a better service. You could see obviously that if we invest more money into our subscription program, that also that will increase growth. So certainly not about lower basket sizes, but our ambition is to deliver everything that people need. And that could include lower basket sizes, but typically we see that the basket sizes, whether it's grocery, or food delivery, that's roughly the same basket. If you look at electronics, obviously it's higher. If you look at perfume, it's higher. So I don't think it's per se lower basket sizes.

Understood. Thank you.

Thank you.

Your next question comes from Giles Thorne from Jefferies. Your line is now open.

Thank you. I just wanted to pick up on the non-financial covenants that have been signed. I'm assuming they exist because there were points of difference between yourselves and Prozis on certain aspects of the business. So specifically on strategy, it'd be interesting to hear what the points of difference with Prozis were. That was it. Thank you.

I don't think there's differences with Process. Process has agreed to run the company as is. That's also in the non-financial covenants. You can look them up. So I don't think there's differences there. I think that certainly they have different insights. They operate more food delivery businesses across the globe. But, you know, that goes two ways. We have certain assets that... that are actually going to be quite helpful to process in Brazil and the other way around. So it's going to be an interesting dynamic. I don't believe there's much light between what process believes, how process believes the business should be run and how we believe the business should be run. And I need to point out that Fabricio obviously comes from iFood. So Fabricio understands our type of business very well. And even the composition of iFoods, which is also a very large marketplace business and a very large logistics business, just like our businesses, is actually quite similar. So I think actually the strategy will be very much aligned.

Great, thank you. Thank you. Next question comes from Chris Jonen from HSBC. Your line is now open.

Yes, hi, thanks for taking my questions. First on Spain, is it possible to get a bit of color on the lawsuit you filed against Delivery Hero? Just trying to understand the angle, level of conviction. And then a second question, short one, I guess, on Austria, Australia and Canada. If there is anything, are there any active talks at the moment? Thank you.

Yeah, regarding Spain, Spain, we have indeed filed a lawsuit that was before the obviously they they announced that they would change their model, which I haven't done this far. But they've announced that actually a couple of days after we we we filed the court case. Our claim in Spain is that because of the unlawful competition, they have been able to invest more money into that market than normally would have been possible. And that has damaged our business in Spain. So that is the claim. We obviously filed the claim because that behavior needs to stop. You know, the law is the law. So everybody in the country should adhere to the law, including our competitors. Regarding Australia and Canada, there's no change in our opinion about those markets. Now, obviously, most of our investments in the past year have been going into Europe. This is also, of course, a constraint of the public markets. If you don't grow in a market, it's difficult to invest behind it. And we'll see what's possible with process, but there will be no short-term change there.

Very clear. Thank you.

Next question comes from Wim Geil from ABN Auto. Your line is now open.

Thank you very much. I have a first question, which is about the non-financial covenants. In the non-financial covenants, it also clearly states that there is an agreement on the minority shareholders in association with this particular sentence. Can you confirm if the current management board of Just Eat Takeaway will own any shares, assuming that the bid will be successful in MIH Bidco Holdings BV after the close of the deal? And the second question I have is based on what your, let's say, lawyers are telling you, are there any regulatory hurdles or regions where there might be some scrutiny from regulators on a potential offer from process. Thank you.

Hi, thanks Wim, let me take that. I think as Jitsa already mentioned and is in the press release, there are irrevocables of all the management board members in relation to this transaction. So we will be tendering our shares. The non-financial covenant that you found on the minority shareholders, As you've seen, we have a backend structure and we also have some other elements in the transaction by which it could be possible that we at least temporarily would have some minority shareholders. And then on the regulatory clearance, I think we are comfortable and confident about that process. We think this is a pro-competitive transaction in the interest of the broader European technology space. And we're confident about that process and we'll see whether the regulator agrees with us on that.

Thank you very much. Next question comes from Anik Maj from Bernstein. Your line is now open.

My first question is on the 150 million investments that you plan to do in Europe and the UK. Can you just give us an idea of the split or is it a 50-50 split for the coming year? And my second one is on the 12.5 times EBITDA milestone that you quoted. Can I confirm that this is including the graph cash? Thank you.

I think on the latter, no, I think if you're referring to the multiple that the process has put out, that is based on EBITDA excluding rub help.

Thank you. Your next question comes from Mark DeBille from JP Morgan. Your line is now open.

Hi, everyone. Yitzhen, congratulations on this deal. Fantastic. I have one question in regards to M&A. Does it actually mean that kind of like hopes for further disposal? Is there any difference in thinking? I mean, clearly now you have a very strong partner in the business. Does it change anything in terms of M&A? And the second question, I have to say it, we had a debate about the name of all this M&A. I think you won in the end, but I'm very happy to. I'm really excited.

Just the food hero it was, right, Markus? Correct, yeah. Yeah, well, I think we can compromise on this. Thank you. We can probably compromise and just call it Just Eat instead of JustEatTakeaway.com. But I don't like this Just Eat food hero thingy. But no, regarding M&A, well, certainly the transaction needs to close first. And it would be for process to determine also this M&A strategy. Prozis is of course a very large player in the industry. They fully own iFoods, which I've always had quite some respect for. We sold the stake, not because we did not appreciate the business, but because we were a minority shareholder and we basically had no influence over that business, which was a bit unfortunate, but if that happens, then You are a financial shareholder, which is why we sold that stake. But that's an excellent business. So, you know, I can imagine that in the future they might consider actually folding those businesses together. But that's up to them. In terms of other M&A, I think it's safe to say that we have no targets at this point in time. So, you know, it would be strange for me to speculate on something.

Not sure. Perfect. What's the space? Thank you.

Your next question comes from Robert Zink from Kepler Chauveau. Your line is now.

Yeah, thank you. I have a question. It's kind of like bigger picture. Are there certain things that you feel like, you know, as being part of a larger company and so no longer being a publicly listed company yourself that you feel like you can, yeah, that you are enabled more to do? Are there certain parts of your strategy you know, like a long-term type of strategy, you know, decisions like investing in the UK that you feel like it's easier to do, you know, when you're a part of process than what you can actually do if you're a public company and, you know, you maybe have, you know, more things to kind of, yeah, show in terms of financials in the short term. And maybe also quickly just on your guidance, yeah, what is kind of the head office component of your adjusted EBDA guidance? There's quite a significant investment, I think, that you're guiding for, but I'm just trying to understand what is the head office component of your group guidance.

I think I'll pass the last question to Maite if she understood. Regarding being able to run the business, there's advantages to being private and there's advantages to being public. Those advantages differ through time. It's not a secret that the European market for anything e-commerce is not great at the moment. A lot of the European e-commerce businesses are actually looking at quite a depressed value compared to the US businesses that are at all-time highs. That is not a good situation for Europe, but that's a broader picture. I think that's going on. In any event, we've IPO'd actually three times. We IPO'd Amsterdam, London, and New York. That was very helpful to the growth of our business. I think we've been able to do a lot of things being listed. And at that time, that was clearly an advantage. Being private now would give us a little bit more space in terms of being able to invest in the business. I'm quite confident of that. But again, it depends very much on what happens to the public markets if you're listed. and what happens also in an individual relationship with a private player. If everybody's aligned, there's no issue. If you get differences of horizon, then obviously that's a problem whether that's the public market or the private market.

Let me take your question on the guidance. We guide for the whole company, obviously. As you've seen on slide 17, we expect to generate over 200 million of additional fuel for that investment of 150. And of that 200, approximately 100 will come from cost efficiencies. And that will be across the organization, both on the delivery side, but also on the staff and OPEC side. So that should give you some idea about how we go about that.

Okay. Thank you very much.

Thank you. Your next question comes from Sean Keeley from Penn Muir Liberum. Your line is now open.

Thank you and morning, everybody. In the non-financial covenants, there's a statement saying the process doesn't intend to implement a breakup strategy. But my question, given the recent disposals made, are you happy with the portfolio as it is? Are there more markets that you'd like to dispose of going forward? And yeah, just interested in how you intend to run the business going forward.

Yeah, thanks for the question. Well, look, we are about creating profitable, growing food delivery businesses. That is the intent of the exercise. If we can't do that, then we would reevaluate our portfolio always. That's what we've done in the past. That's what we're doing now. I think that's independent of who owns a business, whether it's public or private. You still would look at the same situation. Now, obviously, your investment appetite might differ in these environments. You might take different decisions based on that, but we'll still look at portfolio also when we're private.

Your next question comes from Sylvia Cuneo from Deutsche Bank. Your line is now open.

Thanks. Good morning, everyone, and congratulations on the deal. My question is on the announced investments. Part of this is to expand the logistics coverage, as you mentioned. Can you give us a sense about how this could change the mix of delivery versus marketplace business during the year? And then an additional quick question still around investments is if you could tell us about whether you have any initial ambitions in terms of how many subscribers you would like to reach this year or in the medium term, perhaps, you could comment about percentage of orders coming from subscriptions. Thank you.

Ciao, Silvia. Grazie per l'augurio. First of all, your question around the delivery marketplace mix. Well, we recognize that the growth from adjacencies will fully come from logistics, wherever we have that on the globe. So it's actually quite important for us to drive the cost of logistics down And we've been able, I think we're looking at already one and a half years of decreasing the cost per order. And you see that predominantly in the UK, but we have that same dynamic in most markets. So we're trying to reduce the cost so that we can actually increase the delivery share, even in countries in which it's tougher. And we've spoken about this in the past that delivery in places such as Germany is very expensive because of all the regulation involved. in that country versus, for instance, the UK, where it's easier for us to reduce the cost. So we assume that that mix will change. We still think that there's quite some growth also in marketplace, but clearly if you add more logistics restaurants or logistics inventory, including grocery, that will grow quicker. Regarding the subscription, we have launched this now in Spain, Austria and Germany in combination with Amazon. That's doing pretty well, but we haven't launched the paid version yet. That will also come this year. We've launched Plus in the UK in December. That's looking pretty good actually. We have good frequency from those customers. If you ask me conceptually, where should it go? Well, I would say a vast majority of our customers needs to be a subscriber at some point. We'll take our time to get there. It's obviously an investment case for us. But this is conceptually how we think about it, because obviously. it's easiest for us to grow based on the consumers that we already have. It's much easier to increase the frequency than to get new customers in, especially in these markets in which we're already so large. So frequency is very important to us, and we believe that Plus increases the frequency and it increases the AOV. So I think that's a good combination. And we're rolling it out now. It's a bit of a technological challenge to us. So the UK is there.

believe that spain will be next all right we don't have any questions as of the moment i'd now like to hand back over to each for five for final remarks

Thanks, everybody. I would like to round off this analyst and investor call by thanking you for participating and for all your questions. Should you have any additional questions or remarks, please reach out to our investor relations team. Thank you and goodbye.

Thank you for attending today's conference call. You may now disconnect.

Goodbye.