Rob Joyce

Rob Joyce of Goldman Sachs questioned the company's commitment to its Southern Europe division, highlighting its low order growth and significant contribution to operational losses, with a specific focus on Australia.

Answer

CEO Jitse Groen acknowledged that some markets saw pandemic-driven growth reverse, requiring investment levels to be re-evaluated. He stated that losses in Australia are being reduced at a 'very high pace' and that if a clear path to large-scale profitability does not emerge for a market, a sale would be considered.

Rob Joyce from Goldman Sachs International asked if the company expects to achieve positive adjusted EBITDA at a group level in 2023, given its stated visibility on the profitability trajectory.

Answer

CEO Jitse Groen stated that while the company fully controls its profitability, the outcome also depends on competitor rationality. He declined to give a specific timeline for group-level profitability, emphasizing that they will remain prudent and invest where necessary if competition remains intense, but will become more profitable if competitors act more rationally.