talabat Reports Strong Q3 2025 Results, Reaffirms Full-Year Guidance

Talabat Holding plc (“talabat” or the “Company”), the leading on-demand online ordering and delivery platform in the MENA region, today announces its pro forma financial results for the three-month and nine-month period ended 30 September 2025.

GMV grew 26% for the third quarter versus the prior year to reach USD 2.4 billion. On a constant currency basis, GMV grew at a faster rate of 27%. Revenue grew 31% to reach USD 1.0 billion for the period and, at constant currency, grew 32%. Adjusted EBITDA grew 21% to USD 154 million, or 6.4% of GMV, and net income grew 31% to USD 119 million or 4.9% of GMV. On an adjusted basis, excluding non-operating items to allow for a more like-for-like comparison, net income grew 15% to USD 112 million or 4.6% of GMV.

This strong performance continued to be driven by top line growth across both GCC markets (UAE, Kuwait, Qatar, Bahrain and Oman) and non-GCC markets (Egypt, Jordan and Iraq) as well as across both the Food and Grocery & Retail (“G&R”) verticals. Demand growth reflected accelerated customer acquisition and increased average order frequency.

Looking ahead, the Company is confident of continued growth and has reiterated guidance for the full year, which was revised upwards earlier this year. GMV growth is expected to be in the 27-29% range on a constant currency basis, revenue growth of 29-32% on a constant currency basis, Adjusted EBITDA margin of 6.5%, net income margin at 5.0%, Adjusted Free Cash Flow at 6.0% and a minimum dividend payout of USD 400 million.

Highlights for the period include:

● GMV of USD 2.4 billion, up 26% year-on-year and 27% at constant currency.

— Strong double digit growth in the core GCC segment and Food vertical, and even faster growth in non-GCC markets and the G&R vertical, albeit from a lower base.

— Driven by customer acquisition and higher order frequency with a surge in talabat pro adoption.

— GMV geographical mix was 81% GCC and 19% non-GCC (prior year: 84% and 16%).

● Management Revenue of USD 1.0 billion, up 31% year-on-year and 32% at constant currency, representing a GMV-to-revenue conversion ratio of 42% (prior year: 40%).

— The higher conversion ratio mainly reflected a higher share of tMart and subscription revenues that more than offset lower commission rates (which were lower due to the higher G&R share of GMV).

● Adjusted EBITDA of USD 154 million, up 21% year-on-year and equivalent to 6.4% of GMV (prior year: 6.6%).

— This mainly reflected lower gross profit margins, driven by the ongoing shift in the GMV product mix, that were partly offset by improved cost margins.

● Net income of USD 119 million, 31% higher than the prior year and equivalent to 4.9% of GMV (prior year: 4.7%), benefitting from higher net finance income and absorbing the impact of increased corporate income tax rates of 15% in the GCC markets.

● Adjusted Net Income of USD 112 million, up 15% year-on-year and equivalent to 4.6% of GMV (prior year: 5.1%), when excluding the benefits of net finance income this year and foreign currency impacts in the comparison period.

● Adjusted Free Cash Flow of USD 99 million, 16% lower year-on-year, and equivalent to 4.1% of GMV (prior year: 6.1%), reversing bumper net working capital cash flows from the second quarter and reflecting new tax payments. This was equivalent to a Cash Conversion Ratio of 65% (prior year: 93%).

Tomaso Rodriguez, Chief Executive Officer of talabat, commented: “Over the past year, we have worked relentlessly to strengthen our ecosystem and deliver greater value to customers, partners and riders. I couldn’t be prouder of our work. With over 80,000 vendors now on our platform, a fleet of more than 160,000 riders, and more than USD 560 million in partner-funded savings availed by customers in the last twelve months, talabat continues to set the standard for customer experience in the region."

“Engagement levels have never been higher, with more than one in three customers now using multiple verticals, ordering both food and groceries through our app. Over a quarter of our monthly active users are talabat pro subscribers, driving nearly half of total gross merchandise value. Our highest value customers, already ordering more than 30 times per month, also continue to increase their engagement as they discover new occasions to use our platform."

“Importantly, this strong momentum has been matched by robust financial performance. Our margins remain among the best in the industry, with Adjusted EBITDA of 6.4% of GMV for the third quarter, more than half driven by adtech solutions for our restaurant partners and CPGs. The UAE, our largest market, continues to grow in line with the Group average, while Kuwait, our most established market, maintains strong double-digit growth. Our core Food vertical grew nearly 20% year-on-year this quarter, and our Grocery and Retail vertical by over 40%. We have reaffirmed our full-year guidance and remain confident in the significant opportunities ahead as we continue to scale sustainably and drive profitable growth.”