Full year resultsYear ended 31 December 2014

17 March 2015

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 Companys 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 advisorauthorised by the Financial Services and Markets Act 2000.

2

Todays agenda

Highlights David Buttress

Financials Mike Wroe

Strategy David Buttress

Q&A

3

Highlights

Orders up 52% to 61.2m (2013: 40.2m)

GMV1 up 53% to 1.04bn (2013: 0.68bn)

Revenue up 62% to 157.0m (2013: 96.8m)

Underlying EBITDA2 up 131% to 32.6m (2013:

14.1m)

Cash generated 38.1m (117% Underlying EBITDA)

Continued investment for long-term growth

Active users3 up 37% to 8.1m (2013: 5.9m)

13.9

25.3

40.2

61.2

FY 2011 FY 2012 FY 2013 FY 2014

How did we do?

4

Orders (millions)

1.0+bnGMV

Highlights

Investing in our brand

Mobile-led execution

Progress on our three strategic initiatives:

improving the consumer experience

bringing greater choice

driving channel shift

Seven M&A transactions completed, including Alloresto and iFood

three further transactions completed post year-end

How did we drive results?

5

Mike WroeCFO

Financials

Income statement

Strong revenue growth

up 65% on forex neutral basis

Significant on-going investment

Operational leverage continues

Underlying EBITDA margin

expansion

All segments performing

m 2014 2013 Growth

Revenue 157.0 96.8 62%

Cost of sales (16.1) (10.0) 61%

% of Revenue 10% 10%

Salaries (52.0) (38.0) 37%

% of Revenue 33% 39%

Marketing (36.7) (23.4) 57%

% of Revenue 23% 24%

Overhead costs (19.0) (11.7) 62%

% of Revenue 12% 12%

Total Admin Costs (107.7) (73.1) 47%

% of Revenue 69% 76%

Joint venture and associates (0.6) 0.4

Underlying EBITDA 32.6 14.1 131%

Underlying EBITDA margin 21% 15%

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Income statement

Underlying EBITDA up 131%

Operating profit up 179%

Other gains are non-cash,

non-taxable

Adjusted effective tax rate4

of 22.6%

Adjusted EPS up 200%

m 2014 2013 Growth

Underlying EBITDA 32.6 14.1 131%

Underlying EBITDA margin 21% 15%

Depreciation & amortisation (6.2) (4.0)

Long term employee incentive costs (4.9) (1.7)

Exceptional items (2.7) (1.0)

Foreign exchange gains and losses 0.2 (0.6)

Operating Profit 19.0 6.8 179%

Operating Margin 12% 7%

Other gains 38.2 3.4

Finance income 0.4 0.2

Finance costs (0.2) (0.2)

Profit before tax 57.4 10.2

Taxation (5.6) (3.4)

Profit after tax 51.8 6.8 662%

Basic EPS (p per share) 9.8 1.5

Adjusted EPS4 (p per share) 4.2 1.4

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Success-based revenue model

Commissions

Payment card/admin fee revenue

Small fee typically charged when consumers pay online

Same price for consumers as ordering directly from TRs

Rate charged varies by country

A

B

Order-driven (B2C Revenue)

Top-placement fee and other revenue

Promotional top-placement

Branded commodity products (bags, pizza boxes, menu cards, etc.)

D

Connection fees revenue

One-off cost paid by TRs to join the network5

Pricing depends on market maturity

C

89% of revenue driven by consumer orders

9

6%13%

76%

5%

13.9

25.3

40.2

61.2

FY 2011 FY 2012 FY 2013 FY 2014

Revenue drivers

+9%2.29

(2013: 2.11)

ARPO6

Orders (millions)

Active users (million)

2.4

4.1

5.9

8.1

FY 2011 FY 2012 FY 2013 FY 2014

17.0

29.9

36.4

45.7

FY 2011 FY 2012 FY 2013 FY 2014

+22% +26%

Takeaway Restaurants (000)

10

+82% +59% +52%

+71% +44% +37% +76%

13.9

25.3

40.2

61.2

FY 2011 FY 2012 FY 2013 FY 2014

Revenue drivers

Orders (millions)

Active users (million)

2.4

4.1

5.9

8.1

FY 2011 FY 2012 FY 2013 FY 2014

17.0

29.9

36.4

45.7

FY 2011 FY 2012 FY 2013 FY 2014

+22% +26%

Takeaway Restaurants (000)

11

+82% +59% +52%

+71% +44% +37% +76%

Frequency of orders increased

Orders per restaurant growing

Revenue growthFY 2014 Revenue growth by segment (m)

66% 10% 83%7

96.8

43.9 1.4 1.2

13.5 0.2 157.0

Revenue FY2013

UK -B2C UK - B2B DK Other Head Office Revenue FY2014

Forex neutral: 16% 96% 65%

12

62%

Revenue grew 62% to 157.0m

Gross margin remains steady

Strong operational leverage

52.0m(+37%)

Employee costs

36.7m(+57%)

19.0m(+62%)

Marketing Overhead costs

Continue to invest for growth

Continued to benefit from operational leverage

33% of revenue(2013: 39%)

23% of revenue(2013: 24%)

12% of revenue(2013: 12%)

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Underlying EBITDA by Segment

131% increase in underlying EBITDA

UK Underlying EBITDA margin up to 40%

Other segment revenues up 83%

(up 97% forex neutral); losses flat

Continued investment in growth

tech and product

marketing

centre

m 2014 2013

UK 45.9 25.5

Margin % 40% 37%

DK 5.1 4.6

Margin % 40% 40%

Established geographies

UK + DK 51.0 30.1

Margin % 40% 37%

Other (11.8) (11.7)

Margin % (40)% (72)%

JV and associates (0.6) 0.4

Head Office (6.0) (4.7)

Underlying EBITDA 32.6 14.1

Margin % 21% 15%

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Net incomeFY 2014 net income to Underlying EBITDA (m)

4.2p9.8p

Adjusted EPS9

Basic EPS

15

52.0

20.622.4

32.6

2.7

4.92.1

6.5 0.8

3.3

(0.6) (0.2) (38.2)

(0.3) (0.4)

Netincome8

Taxes Forex Other gains Exceptionalitems

Long termemployeeincentive

costs

Adjustednet income

Acquiredamortisation

Taxadjustment

Adjustednet income

Net financeincome and

NCI

Taxes Internallygenerated

amortisation

Depreciation UnderlyingEBITDA

Net income8

117% cash conversionFY 2014 Underlying EBITDA to operating cash flow bridge (m)

16

133% 117%

43.3

38.1

32.6

11.5

6.0

(4.4)(2.3) (0.1) (5.2)

UnderlyingEBITDA

Increase incash due torestaurants

Net changein otherworkingcapital

Tax IPO costs Others10 Normalisedoperatingcash flow

Loanrelated to

LTIP

Statutoryoperatingcash flow

Others10

Cash flow

A

B

C

Net cash from operating activities 38.1m 117% conversion to operating cash flow Impacted by JSOP loans

Net cash from financing activities 78.9m Net proceeds from the IPO 95.7m less 18.1m dividend

paid in April 2014

Net cash used in investing activities 19.3m 7 M&A transactions, including Alloresto and iFood

A

B

C

m 2014 2013

Underlying EBITDA 32.6 14.1

IPO costs (2.3) (1.4)

Other (0.1) (0.9)

Operating cash flow 30.2 11.8

Change in working capital 17.5 11.6

JSOP receivable* (5.2) -

Taxes paid (4.4) (4.2)

Net cash from operating activities 38.1 19.2

Net cash used in investing activities (19.3) (7.7)

JSOP subscription proceeds* 5.3 -

Net cash from financing activities 78.9 -

Net increase in cash and cash equivalents 103.0 11.5

Cash and cash equivalents at the beginning

of the year 61.6 50.0

FX movement (0.5) 0.1

Net cash and cash equivalents at the

end of the year11

164.1 61.6D Since year-end, c. 35m invested in M&A

D

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Balance sheet

Goodwill and other non-current assets

increased due to M&A activity

Cash includes IPO proceeds

Cash balance includes 27.7m of cash

due to restaurants (2013: 16.2m)

Non-current liabilities includes amounts

due to get 100% ownership of all

subsidiaries

Post year-end signed 90m RCF;

undrawn to date

31 Dec 31 Dec

m 2014 2013

Goodwill 51.2 10.2

Property, plant and equipment 7.2 5.5

Other non-current assets 28.4 12.1

Non-current assets 86.8 27.8

Cash and cash equivalents 164.4 61.6

Other current assets 12.4 4.9

Current assets 176.8 66.5

Trade and other payables (59.1) (33.4)

Other current liabilities (6.5) (5.1)

Current liabilities (65.6) (38.5)

Net current assets 111.2 28.0

Non-current liabilities (14.2) (2.2)

Net assets 183.8 53.6

Share capital and premium 126.2 55.8

All other reserves and Non-controlling Interests 57.6 (2.2)

Total equity 183.8 53.6

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Key takeaways

Revenue

+62%157.0m

(2013: 96.8m)

EBITDA

+131%32.6m

(2013: 14.1m)

CashConversion

117%38.1m

(2013: 19.2m)

All segments continue to perform

19

David ButtressCEO

Strategy

Selecting global markets with real long-term opportunity

Clear leadership in each market (at least 3-5x size of

competitors)

Excellent local execution many small details

21

What delivers success in Online Takeaway?

A scalable, proven, innovative mobile and web platform

A world-class, industry-experienced team

Deliver sustainable and profitable long-term order growth

Takes time to build a strong local market position

22

How JUST EAT delivers

Europe

UK 100% Mar-06 #1

Denmark 100% Aug-01 #1

France 80% Dec-11 #1

Spain 100% Nov-10 #1

Ireland 100% Apr-08 #1

Switzerland12 100% Mar-11 #1

Italy 100% May-11 #2

Norway13 100% Dec-09 #1

Benelux 100% Jul-07 #2

Americas

Canada13 100% Aug-09 #1

Brazil12 30% Aug-11 #1

Mexico 100% Feb-15 #1

Clear market leaderRegion Country Launch Market position

Source: Google Analytics, JUST EAT management estimates

Note: Countries in bold font indicate JUST EATs key markets

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Ownership

5.5 0.2

2.0

2.6

2.2

8.8

Significant runway for growthTotal annual delivery takeaway market (bn)

UK CanadaFrance Spain Brazil, Norway, Switzerland, Italy, Ireland, Mexico, Benelux

Denmark

24

21.3bn

Source: Market size as per Callcredit Report and/or JUST EAT.

Significant potential at scale

France, Ireland and SpainUK Denmark

25Source: Market size as per Callcredit Report and JUST EAT.

Overall Takeaway Delivery Market size (bn)

5.5 0.2 4.4 11.2 21.3bn

Potential JUST EAT % share at scale14

45% 60% 45% 30% n/m

Commission rate (2014)

12% 10% 10-12% c.10% n/m

Implied JUST EAT commission revenue at scale (m)15

297 12 213 344 866m

Implied other revenue (m)

75 6 67 95 243m

Total implied potential revenue (m)

372 18 280 439 1,109m

Current revenue as % of potential

30% 74% 7% c. 4% c.15%

IT, BR, MX, BE, NL,

NO, CA, CH Total

Strategic initiatives

Improving the consumer experience

Bringinggreater

choice

Drivingchannel

shift

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12

3

Improving the consumer experience

Product improvements

Continued innovation

Better apps and web platform, 50 UK updates

Order Tracking

Restaurant technology

Web refresh

Saved cards rolled out internationally

Drive distance/geo-location/maps for iPad

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Bringing greater choice

Over 45,700 restaurants

over 9k net additional restaurants contracted

Collection market significantly grows opportunity

adds 2.6bn16 addressable potential to UK

collection orders growing dramatically, now

representing c.2% of orders

dedicated collection focussed app acquired July 2014

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Driving channel shift

Mobile-led strategy

Building the brand

TV advertising in 11 markets

#Minifistpump campaign

Top-of-mind awareness at 44%17

Use of trains, taxis, trams and Rams (sponsor Derby County FC)

c. 61% of UK orders are now made through mobile devices18

Launched iPad, Android tablet and Windows app in UK

29

Disciplined approach to M&A

In-market M&A

Out-of-market M&A

Transactions completed

Focus on leaders in markets of significant scale

Consolidate in-market position by acquiring complementary businesses

Proven track record of acquiring, integrating and operating

Cash on balance sheet plus new 90m RCF

Seven acquisitions completed in 2014

Post year-end19: eat.ch (Jan 2015); Sindelantal Mexico (Feb 2015);

increase stake in Brazil JV

30

Long-term strategic leadership in LatAm

Brazil and Mexico: two largest markets20 in LatAm for online takeaway

JE now clear leader in this thriving region

Mexico

Recently acquired Sindelantal Mexico (Feb 2015)

Clear market leader

Early stage business growing rapidly with significant potential

Brazil

One of the worlds most exciting markets for online takeaway

Joint venture with iFood completed in November

JE stake 30% (increased from 25% post year-end)

IF-JE has clear leadership with 80% market share21

JEs 2nd largest market on an order basis21; growing rapidly

31

JUST EAT proven, global executor

Another year of excellent growth

investing for long-term

further margin improvement

Continued momentum into 2015

revenue expected to marginally exceed 200m at

current exchange rates

All segments delivering

Delivering sustainable, profitable, long-term growth

32

Thank you

Any questions?

Appendix

Footnotes

1. Gross Merchandise Value.2. Underlying EBITDA (defined as earnings before finance income and costs, taxation, depreciation and amortisation) excludes the Groups share of

depreciation and amortisation of joint ventures and associates, long term employee incentive costs, exceptional items, foreign exchange gains and losses and other gains and losses (being profits/losses arising on the disposal of operations). At a segmental level, Underlying EBITDA also excludes intra-group franchise fee arrangements and incorporates an allocation of Group technology and centre costs (all of which net out on a consolidated level).

3. An Active User represents an account that has placed at least one order within the last 12 months.4. Adjusted to remove amortisation of acquired intangibles, long term employee incentive costs, exceptional items, other gains, foreign exchange

gains and losses and the tax impact of these adjusting items.5. With the exception of Denmark and France, where Takeaway Restaurants (TRs) also pay a small annual subscription fee.6. Average revenue per order (ARPO) is calculated by dividing total commission revenue and payment card admin fees by the number of orders.7. LFL growth of 55%; LFL at constant currency 64%.8. Attributable to owners of the company after adjusting for (0.2)m due to Non-Controlling Interests.9. Adjusted to remove amortisation of acquired intangibles new measure of Adjusted EPS (2013: 1.4p).10. Others includes acquisition costs, foreign exchange gains and losses, results of joint venture and associates, losses on the disposal of fixed asses

and cash long term incentive costs.11. Cash and cash equivalents are shown net of borrowings of 0.3m (2013: nil). 12. Post year-end ownership of Switzerland increased to 100% from 64%; that of Brazil to 30% from 25% post year-end.13. Canada and Norway exclude restaurant chains. 14. Managements strategy is to target a 45% market penetration in the UK and 30% in other key countries as per its mature Danish market. There is

no certainty that this penetration target will be achieved or in what timeframe.15. Calculated by multiplying market size by target market share and commission rate. This revenue figure is illustrative only and is based on a target

market share which may not be achieved.

35

Footnotes

16. Phone and collect market. 17. Based on a UK survey conducted by YouGov of adult takeaway users.18. Including those orders placed using tablet devices. 19. Increased stakes in Alloresto.fr to 80% from 50%; and in eat.ch to 100% from 64%. 20. Management estimate.21. On 100% basis.

36