• Robust margins[3] with Adjusted EBITDA at 6.3% and net income at 5.0%
  • Full year 2025 performance in line with guidance across GMV, Revenue and Adjusted EBITDA; net income and Adjusted FCF near guidance
  • Board recommends USD 421 million in total dividends for 2025, exceeding guidance
  • New 2026 guidance of 11-14% y/y GMV growth, Adjusted EBITDA of USD 510-540 million, net income of USD 280-310 million and Free Cash Flow of USD 370-400 million
  • More than USD 100 million of investments[4] earmarked for 2026 to scale grocery integrated vertical (talabat mart) and enhance the loyalty subscription programme (talabat pro)

Dubai, UAE: Talabat Holding plc (“talabat” or the “Company”), the leading on-demand online ordering and delivery platform in the MENA region, has announced its pro forma financial results for the three-month and full-year period ended 31 December 2025. The results demonstrate continued growth momentum despite a dynamic operating environment, with resilient profitability and cash generation. The Company is also setting out a clear investment plan for 2026, with the full support of the Board, to drive long-term growth. 

GMV grew 21% for the fourth quarter versus the prior year, and at the same rate on a constant currency basis, to reach USD 2.5 billion. Revenue grew 26% nominally and at constant currency, to reach USD 1.0 billion for the period. Adjusted EBITDA grew 13% to USD 156 million, or 6.3% of GMV, and net income was 11% lower at USD 123 million or 5.0% of GMV. On an adjusted basis, excluding non-operating items to allow for a more like-for-like comparison, net income was stable at USD 124 million or 5.0% of GMV.

For the full year, GMV grew 28% to USD 9.5 billion and revenue 33% to USD 3.9 billion, both at constant currency. Adjusted EBITDA reached USD 615 million or 6.5% of GMV. All three metrics achieved the Company’s guidance, which was previously revised upwards during the year following strong first-half performance. Net income reached USD 464 million, or 4.9% of GMV and the Company generated Adjusted Free Cash Flow of USD 559 million, or 5.9% of GMV, both figures landing near guidance.

Highlights for the period

  • GMV of USD 2.5 billion, up 21% year-on-year, reflecting robust order volume growth (customer acquisition and higher order frequency) across all markets, with a surge in talabat pro adoption.
    • GCC[5] GMV grew to USD 2.0 billion, up 15% and representing 80% of total (prior year: 84%)
    • Non-GCC[6] GMV grew faster to USD 501 million, up 57% and 20% of total (prior year: 16%)
    • Food GMV grew to USD 1.7 billion, up 12% and 68% of total (prior year: 73%)
    • G&R[7] GMV grew faster to USD 788 million, up 45% and 32% of total (prior year: 27%)
  • Management Revenue of USD 1.0 billion, up 26% year-on-year, representing a GMV-to-revenue conversion ratio of 42% (prior year: 40%).
    • The higher conversion ratio mainly reflected a higher share of talabat mart 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 156 million, up 13% year-on-year and equivalent to 6.3% of GMV (prior year: 6.8%).
    • This mainly reflected lower gross profit margins, driven by the ongoing shift in the GMV product mix, that were partly offset by improved operating cost margins.
  • Net income of USD 123 million, 11% lower than the prior year and equivalent to 5.0% of GMV (prior year: 6.7%). This reflected increased corporate income tax rates of 15% in the GCC markets and base effects, including deferred tax income in the prior year.
  • Adjusted Net Income of USD 124 million, up 1% year-on-year and equivalent to 5.0% of GMV (prior year: 6.0%), when excluding net finance income, deferred tax income and foreign currency impacts in the current and comparison periods.
  • Adjusted Free Cash Flow of USD 134 million, 14% higher year-on-year, and equivalent to 5.4% of GMV (prior year: 5.8%), reflecting higher capital expenditure partly offset by positive net working capital changes. This was equivalent to a Cash Conversion Ratio of 86% (prior year: 85%).

Dividends

Following the Company’s strong performance in 2025, the Board of Directors has recommended a final dividend of USD 219 million to bring total dividends for the year to USD 421 million. This represents a payout of 90% of reported net income and exceeds the Company’s previous guidance of USD 400 million. This recommendation reflects the Company's robust cash position and the Board's confidence in the outlook for the business. Both the interim dividend previously paid and the proposed final dividend remain subject to shareholder approval at the Annual General Meeting.

Announcing a disciplined investment cycle to drive long-term growth

Building on its strong foundation, the Company is launching a disciplined, Board-approved investment plan for 2026, allocating more than USD 100 million to two key areas:

  • First, scaling grocery integrated vertical (talabat mart) by improving affordability to accelerate customer adoption, increasing store density to reinforce the speed-led value proposition and build capacity for future growth, and expanding supply chain infrastructure to enhance assortment and availability. These investments are expected to be offset over the long-term through higher adtech or non-merchandising revenue, with strong early traction already demonstrated in the best performing talabat mart markets.
  • Second, strengthening talabat pro as a multi-vertical engagement engine. Building on its core free delivery offering, the subscription programme already delivers exclusive benefits such as booster discounts on best sellers within the Food vertical, discounts on hundreds of key value items within talabat mart, on-time guarantee and priority customer support, dine-out discounts and partner services such as streaming and ride-hailing. The programme is now also available in all eight markets following successful launches in Egypt and Iraq in 2025. Incremental investments will focus on enhancing value for both customers and participating vendors.

While these investments are expected to weigh on near-term margins, the Board and management are aligned that this disciplined approach will strengthen competitive positioning, build capacity for future growth and maximise long-term shareholder value.

For 2026, the Company expects GMV growth of 11-14% at constant currency, Adjusted EBITDA of USD 510-540 million, net income of 280-310 million and Free Cash Flow of 370-400 million. This guidance now incorporates instashop’s expected performance. The dividend policy remains unchanged, with a payout ratio of 90% of net income[8].

Toon Gyssels, talabat’s newly-appointed Chief Executive Officer, commented: “I am very pleased to report that in 2025, we demonstrated the strength and scalability of our business model by delivering robust growth and profitability despite a dynamic operating environment. We achieved GMV growth of 28% at constant currency with an Adjusted EBITDA margin of 6.5% and an net income margin of 4.9%, amongst the highest in the industry. In dollar terms, our performance met most of our targets and exceeded or hit the top-end of original guidance for the year.

“As we enter 2026, we are now taking a deliberate step to invest more in our business with the full support of our Board. We have earmarked more than USD 100 million in ecosystem investments for 2026 as we aim to expand our multi-vertical subscriber base by enhancing the value proposition of our talabat pro loyalty subscription programme and scaling talabat mart, our grocery integrated vertical. While this will weigh on near-term margins, we are confident this is the right strategy to maximize shareholder value in the medium and longer term.”

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talabat Q4 and FY 2025 pro forma financial information[9]

USD millions

Q4 2025

Q4 2024

%Δ y/y

FY 2025

FY 2024

%Δ y/y

GMV[10]

2,476

2,044

21%

9,421

7,428

27%

o/w GCC

1,974

1,724

15%

7,702

6,332

22%

o/w non-GCC

501

320

57%

1,719

1,096

57%

       

o/w Food

1,687

1,500

12%

6,652

5,542

20%

o/w G&R

788

544

45%

2,768

1,886

47%

       

GMV (cFX)

2,475

2,044

21%

9,512

7,428

28%

Management Revenue[11]

1,039

824

26%

3,876

2,956

31%

margin (% of GMV)

42%

40%

1.7pp

41%

40%

1.3pp

       

o/w Commission fees

329

290

13%

1,297

1,062

22%

o/w Subscription fee & Other Income

402

276

46%

1,397

952

47%

o/w Delivery & Service Fees

221

191

16%

859

696

24%

o/w Advertising and listing fees

87

67

30%

323

246

32%

       

Management Revenue (cFX)

1,038

824

26%

3,917

2,956

33%

Gross profit

288

255

13%

1,124

915

23%

margin (% of GMV)

11.6%

12.5%

-0.8pp

11.9%

12.3%

-0.4pp

Adjusted EBITDA[12]

156

139

13%

615

497

24%

margin (% of GMV)

6.3%

6.8%

-0.5pp

6.5%

6.7%

-0.2pp

Net income

123

138

-11%

464

346

34%

margin (% of GMV)

5.0%

6.7%

-1.8pp

4.9%

4.7%

0.3pp

Adjusted Net Income[13]

124

122

1%

451

393

15%

margin (% of GMV)

5.0%

6.0%

-1.0pp

4.8%

5.3%

-0.5pp

Adjusted Free Cash Flow[14]

134

118

14%

559

462

21%

margin (% of GMV)

5.4%

5.8%

-0.3pp

5.9%

6.2%

-0.3pp

Cash Conversion Ratio[15]

86%

85%

1.1pp

91%

93%

-2.3pp

talabat financial guidance (including instashop)

 

FY 2026E

GMV growth (cFX)

11-14%

Revenue[16] growth (cFX)

14-17%

Adjusted EBITDA

USD 510-540 million

Net income

USD 280-310 million

Free Cash Flow[17]

USD 370-400 million

Dividends

90% of net income

The full set of disclosures today can be found within the Investor Relations section on talabat’s website.

Note

The financial information referenced in this press release has been prepared on a pro forma basis, as if the corporate restructuring that was carried out at the end of September 2024, ahead of talabat’s Initial Public Offering (“IPO”), took place on 1 January 2024. This enables like-for-like comparability of the combined Company with prior year periods. Note that this excludes instashop which is consolidated in talabat's reported financials as of 25 February 2025. These financials are prepared on the same basis as the financials in the International Offering Memorandum used for the IPO.

For investor enquiries, please contact ir@talabat.com, and for media enquiries, press@talabat.com.

 

About talabat

talabat is the leading on-demand delivery platform in the Middle East and North Africa (MENA) region, offering customers a convenient and personalized way to order food, groceries, and other convenience products from a wide selection of restaurants and retailers. Founded in Kuwait in 2004, talabat has expanded its operations to cover the United Arab Emirates, Kuwait, Qatar, Egypt, Bahrain, Oman, Jordan and Iraq, serving over six and a half million active customers as of December 2024. talabat is headquartered in Dubai, the United Arab Emirates and in December 2024, successfully completed its initial public offering on the Dubai Financial Market (DFM). As a subsidiary of Delivery Hero SE, talabat leverages global expertise to strengthen its market position and drive innovation in the on-demand delivery sector, focusing on expanding its product offerings and increasing market penetration across its operating regions. With a robust network of over thousands of partners and riders, talabat continues to solidify its leadership in the MENA region's on-demand delivery market, connecting customers, partners, and riders through its advanced technology platform.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This announcement contains certain forward-looking statements with respect to the Company. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts.

Forward-looking statements often use words such as "anticipate", "target", "expect", "estimate", "intend", "plan", "will", "goal", "believe", "aim", "may", "would", "could" or "should" or other words of similar meaning or the negative thereof. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. The Company does not accept any responsibility for the accuracy or fairness of forward-looking statements and expressly disclaims any obligation to update any such forward looking statement, except as required pursuant to applicable law and regulation.

Neither this announcement nor anything contained herein constitutes a financial promotion, or an invitation or inducement to acquire or sell securities in any jurisdiction.

[1] Financial and operational performance referenced in this press release excludes instashop, which is consolidated in talabat’s reported financial results as of 25 February 2025. See also Editors’ Note below. Capitalised terms used in this press release are defined in the footnotes on page 4.

[2] On a “constant currency basis” or ”cFX” whereby current period figures are restated using prior-period foreign exchange rates, to neutralise currency variations.

[3] Margins calculated as a percentage of GMV unless otherwise specified.

[4] Encompasses margin investments (operating expenses to be incurred) and capital and lease expenditures.

[5] GCC segment includes UAE, Kuwait, Qatar, Bahrain and Oman

[6] Non-GCC segment includes Egypt, Jordan and Iraq

[7] Grocery & Retail (“G&R”) vertical comprises our first party vendor model (“talabat mart” dark stores) and our third party vendors (“Local Shops”).

[8] As per current shareholder-approved dividend policy.

[9] Numbers have been rounded off to the nearest whole figures, while percentages are calculated on the actual numbers

[10] Gross Merchandise Value, the total value (including VAT) paid by end customers for goods and services sold through the platform (excluding rider tips and subscription fees paid by customers).

[11] Management reporting revenue, defined as IFRS revenue before deducting vouchers/discounts issued by talabat to customers.

[12] Adjusted EBITDA is defined as net income before current income tax expenses, net finance costs, net foreign exchange loss, depreciation of property and equipment, other non-income tax and non-operating earnings effects. Non-operating earnings effects include, in particular: (i) expenses from share-based compensation, and (ii) other adjustments.

[13] Adjusted Net Income is defined as net income excluding (i) foreign exchange income (loss) (mainly related to non-cash unrealised foreign exchange loss from shareholder loan liability in Delivery Hero Egypt SAE); and (ii) and interest expense on loans and interest income (mainly related to shareholder loans and deposits that were capitalised prior to the IPO).

[14] Adjusted Free Cash Flow is defined as Adjusted EBITDA minus change in working capital (change in working capital excludes receivables from payment service providers and restaurant liabilities and other non trade related balances) minus capex minus IFRS 16 lease payments minus tax.

[15] Cash Conversion Ratio is defined as Adjusted Free Cash Flow divided by Adjusted EBITDA.

[16] To enhance financial disclosure, talabat is aligning its external and internal reporting and as a result will only report IFRS revenue from 2026 onwards. In FY 2025, IFRS Revenue amounted to USD 3,756 million.

[17] Free Cash Flow is calculated as cash flow from operating activities as stated in the IFRS Cash Flow statement less net capital expenditures, and payment of lease liabilities. Free Cash Flow excludes interest income and expense