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Talabat Holding PLC (“Talabat” or the “Company”), the leading on-demand online ordering and delivery platform in the Middle East and North Africa, announced its preliminary (pro forma) financial results for the three months ended 31 December 2025 and the full year 2025.

Key Highlights

Gross Merchandise Value (GMV) increased by 21% year-on-year in Q4 2025, driven by continued strong order growth across all markets.

Robust profitability, with Adjusted EBITDA margin reaching 6.3% and adjusted net income margin at 5.0%.

Full-year 2025 performance was in line with guidance for GMV, revenue, and Adjusted EBITDA, while adjusted net income and free cash flow came in close to guidance.

The Board of Directors recommended total dividends of USD 421 million for FY 2025, exceeding previous guidance.

New guidance for FY 2026 includes GMV growth of 11–14% year-on-year, 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 has been allocated for investments in 2026 to expand Talabat Mart (cloud stores and retail) and enhance the Talabat Pro loyalty program.

Q4 2025 Performance
GMV reached USD 2.5 billion, up 21% year-on-year on a constant currency basis. Revenue grew by 26% to USD 1.0 billion. Adjusted EBITDA increased by 13% to USD 156 million, representing 6.3% of GMV. Reported net income declined by 11% to USD 123 million, primarily due to higher corporate tax rates in GCC markets, while adjusted net income remained broadly stable at USD 124 million.

Full-Year 2025 Performance
For the full year, GMV grew by 28% to USD 9.5 billion and revenue increased by 33% to USD 3.9 billion on a constant currency basis. Adjusted EBITDA reached USD 615 million, equivalent to a 6.5% margin. Net income amounted to USD 464 million, while adjusted free cash flow reached USD 559 million, both broadly in line with guidance.

Dividends
In light of the strong performance, the Board recommended a final dividend of USD 219 million, bringing total dividends for the year to USD 421 million, representing a payout ratio of 90% of reported net income, subject to shareholder approval.

Disciplined Investment Cycle for Long-Term Growth
For 2026, the Company approved a disciplined investment plan exceeding USD 100 million, focused on:

Expanding Talabat Mart through improved price competitiveness, increased store density, and supply chain enhancements.

Strengthening the Talabat Pro subscription program to drive customer engagement across food, grocery, and retail, offering free delivery, exclusive discounts, guaranteed delivery times, and partner benefits.

Despite near-term margin pressure, management and the Board believe these investments will enhance competitiveness, support scalable growth, and maximize long-term shareholder value.

2026 Outlook
Talabat expects GMV growth of 11–14% (constant currency), Adjusted EBITDA of USD 510–540 million, net income of USD 280–310 million, and free cash flow of USD 370–400 million, while maintaining its dividend payout policy at 90% of net income.