Talabat Holding reported pro forma results for the three- and six-month period ended 30 June 2025, with gross merchandise value rising 32% year on year to $2.4bn (33% constant currency) and revenue up 35% to $982m (36% constant currency). Adjusted EBITDA increased 31% to $166m, equal to 6.8% of GMV. Net income rose 33% to $119m, or 4.9% of GMV, and on a normalised basis adjusting for non-recurring items reached $116m (+25%).
Performance was driven by demand across both Food and Grocery & Retail, reflecting accelerated customer acquisition and higher order frequency. A Ramadan timing effect in Q1 versus last year also supported growth.
On the back of the momentum, Talabat raised full-year 2025 guidance. GMV growth is now forecast at 27–29% on a constant currency basis (previously 17–18%), revenue growth at 29–32% (previously 18–20%), with adjusted EBITDA margin 6.5%, net income margin 5.0%, and adjusted free cash flow 6.0% unchanged.
Other highlights included strong adoption of talabat pro, the subscription loyalty programme, and a GMV product-mix shift that reduced gross profit margins but was offset by improved cost margins. GCC markets accounted for 83% of GMV, with non-GCC at 17%.
“We have achieved another strong quarter of financial and operational results, fuelled by significant customer acquisition and increased order frequency. Our ongoing commitment to enhancing the consumer value proposition, expanding our Groceries and Retail vertical and fostering deeper customer loyalty is clearly yielding results. We are particularly pleased with the strong uptake of talabat pro, our premium subscription loyalty programme, across all markets, alongside strong growth in demand within our non-GCC markets,” said Tomaso Rodriguez, CEO of Talabat.
“This growth complements the continued strength of our core GCC markets and the strong performance of our Food vertical. The UAE, our largest market, maintained its robust growth trajectory in line with the overall pace of the Group. Kuwait, our most established market, delivered impressive growth of over 20 per cent for both the quarter and the first half of the year. Likewise, our Food vertical grew more than 20 per cent year-on-year, reinforcing its strong contribution to our overall growth. With this momentum, we are confident in our outlook and are pleased to raise our full-year guidance across all metrics,” Rodriguez added.
