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Careem’s losses widened in the first half of 2026 even as revenue continued to grow, according to newly disclosed figures from majority shareholder e& that provide the first detailed public view of the economics of its non-ride-hailing businesses.
In interim financial statements for the six months to June 30, published on July 30, the Abu Dhabi telecoms group disclosed the first full standalone Careem profit and loss account to appear in public filings, after classifying Careem Technologies as a discontinued operation following an agreement to relinquish control to Uber.
Careem Technologies, which houses the company’s food delivery, grocery, payments and other consumer services, generated AED 884M ($241M) in revenue during the period, up 20% from a year earlier. Its operating loss widened 28% to AED 447M ($122M), equivalent to roughly $20M a month.
The figures provide the clearest picture yet of the business Uber agreed in June to take back under its control. On June 1, e& agreed to sell a 12.5% stake in Careem Technologies to Uber for $100M, reducing its holding from 50.03% to 37.53% and giving Uber a 62.47% majority. e& moved its remaining stake to equity-method accounting from July 31.
The price implies an equity valuation of about $800M, almost exactly the valuation at which e& acquired control of Careem Technologies in 2023, when it paid $400M for 50.03%.
The comparison is not like-for-like with Uber’s $3.1B acquisition of Careem in 2020, which included the ride-hailing operation that Uber retained when the business was subsequently carved up. But it means the non-rides business is returning to Uber control at essentially the same valuation at which e& entered almost three years ago.
The accounts show revenue rose 20% in the first half, but the additional growth came alongside an even faster widening of operating losses, which increased 28%.
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