Talabat has reported full-year 2025 GMV of $9.5 billion, up 28% year-on-year at constant currency, with revenue of $3.9 billion (up 33%) and net income of $464 million, representing a 4.9% net income margin. Adjusted EBITDA reached $615 million, or 6.5% of GMV, in line with upgraded guidance issued earlier in the year. The board has recommended total dividends of $421 million for 2025, representing a 90% payout of reported net income and exceeding prior guidance of $400 million.
The operating metrics are strong across the board. Active users grew 19% to 7.6 million, the partner network expanded 22% to 84,000 vendors, and active drivers increased 27% to 157,000. Talabat Pro subscribers tripled, now representing 25% of the customer base. Advertising revenue climbed to 3.5% of GMV. The company's "high value customers" make up 39% of the user base but account for 81% of GMV. Grocery and retail GMV rose 45% in Q4 to $788 million, lifting the non-food segment's share of total GMV to 32%.
None of which has been reflected in the share price. Talabat's stock has fallen approximately 54% from its all-time high of AED 1.72, reached on the day of its December 2024 Dubai Financial Market debut, to around AED 0.84 today. The company raised $2 billion in what was the largest global technology IPO of 2024, with parent Delivery Hero selling a 20% stake at the top of its price range. Delivery Hero retains an 80% holding.
The disconnect between operating performance and market valuation has been persistent. Shares declined steadily through 2025 despite consecutive quarters of double-digit revenue growth and rising profitability.
For 2026, Talabat is guiding for 11-14% GMV growth at constant currency, 14-17% revenue growth, adjusted EBITDA of $510-540 million, net income of $280-310 million, and free cash flow of $370-400 million. The lower net income guidance reflects a deliberate investment cycle: the company has earmarked more than $100 million to scale its grocery integrated vertical (Talabat Mart) and strengthen its loyalty subscription programme (Talabat Pro), which is now live across all eight markets following launches in Egypt and Iraq in 2025.
The board has acknowledged that these investments are expected to weigh on near-term margins but views the spending as necessary to strengthen competitive positioning and drive long-term growth.
CEO Toon Gyssels, who replaced Tomaso Rodriguez in late 2025, is overseeing the investment cycle. Rodriguez remains on the board.
