Just Eat Takeaway.com shares fell more than 3% in early Amsterdam trading on Thursday after the company released strategy information and targets ahead of an investor meeting.
Takeaway, the largest transatlantic food ordering and delivery service, has seen its shares drop 25% this year after New York City imposed a permanent cap on commissions that online companies may charge restaurants for orders - a decision Takeaway and others are challenging.
In Takeaway's presentation on Thursday, it said it would target Gross Transaction Value growth - a common measure in e-commerce - in the "mid teens" for 2022.
The company repeated its full-year 2021 forecast for an earnings before interest, tax, depreciation and amortisation (EBITDA) margin of -1%-1.5% on a gross transaction value of €28 billion - €30 billion ($32 billion-$35 billion).
That translates to an EBITDA loss of €280 million - €380 million.
For 2022, the company told investors to expect the negative margin to improve to -0.6% to -0.8%, and that it expects a positive margin in "long term" as GTV doubles over the next five years.
Bernstein analysts, who rate Takeaway shares "Outperform", said in a note that the 2022 guidance was lower than expected but "we remain positive about the position of Takeaway in its core markets."
The shares were down 3.2% at €69.49 at 0851 GMT.
Investors have called on the company to address the competitive situation of its U.S. GrubHub operation, which it acquired for $7.3 billion in June, including potential disposals. And they want Takeaway to outline its strategy on grocery delivery, as new players have quickly entered the European market this year.
CEO Jitse Groen was due to speak on Thursday afternoon.
A slide deck published ahead of the presentation said the company is planning to build its grocery operation via a mix of partnerships and self-owned "dark stores" - outlets where orders are prepared and couriers pick them up but no customers are allowed - the construction of which it said is already included in its forecasts.
It said that the company would "continually evaluate" its position in various markets.
Markets where Takeaway does not have a number one position include France, Portugal, Bulgaria, Norway, Colombia and the United States, although it is the largest player in New York City.