Talabat Holding plc, the premier on-demand delivery platform in the Middle East and North Africa, announced impressive third-quarter 2025 financial results, fueled by significant growth in its food and grocery sectors and expansion in non-GCC regions.
The gross merchandise value (GMV) soared 26% year-on-year to $2.4 billion (Dh8.8 billion), with growth reaching 27% on a constant currency basis. Revenue surged 31% to $1 billion (Dh3.67 billion), while adjusted Ebitda rose 21% to $154 million (Dh565 million), making up 6.4% of GMV. Net income jumped 31% to $119 million (Dh437 million), or 4.9% of GMV.
Excluding non-operational items, adjusted net income was $112 million (Dh411 million), up 15% year-on-year, with a 4.6% margin. The adjusted free cash flow for the quarter was $99 million (Dh363 million), down 16% from last year due to new tax payments and a reversal of strong working capital flows from Q2.
Talabat’s robust performance was evident in both GCC markets, including the UAE, Kuwait, Qatar, Bahrain, and Oman, and non-GCC markets like Egypt, Jordan, and Iraq. The company saw exceptional growth in its Grocery and Retail division, which expanded over 40% year-on-year, compared to nearly 20% growth in its core Food segment.
Customer engagement hit new peaks, with over one-third of users ordering from multiple categories. More than a quarter of monthly active users are now talabat pro subscribers, contributing almost half of the total GMV. The top customers are making over 30 orders monthly, with usage on the rise.
CEO Tomaso Rodriguez attributed the success to the company’s ecosystem expansion. “With over 80,000 vendors and a fleet of more than 160,000 riders, talabat sets the benchmark for customer experience in the region,” he stated. “Customers saved over $560 million through partner-funded offers last year.”
Talabat CEO Tomaso Rodriguez.
Rodriguez also emphasized the impact of the company’s advertising technology, which now accounts for over half of adjusted Ebitda. The UAE, talabat’s largest market, is growing steadily with the group average, while Kuwait, its most mature market, continues to achieve double-digit growth.
Talabat confirmed its full-year guidance, revised upwards earlier in 2025. The company anticipates GMV growth of 27 to 29% and revenue increase of 29 to 32% on a constant currency basis. The adjusted Ebitda margin is expected at 6.5%, with a net income margin at 5% and adjusted free cash flow at 6%. A minimum dividend payout of $400 million (Dh1.47 billion) is also projected.
The financials were prepared on a pro forma basis to reflect its post-IPO structure, excluding Instashop, which was consolidated from February 2025. Talabat completed its IPO on the Dubai Financial Market in December 2024.
With solid financials and enhanced customer engagement, talabat is well-poised to continue scaling operations and achieving profitable growth across the region.
