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Talabat Holding, the on-demand online ordering and delivery platform in the MENA region, has reported robust pro forma financial results for the three-month and six-month period ended 30 June 2025, supported by double-digit growth across GCC and non-GCC markets.
Gross merchandise value (GMV) rose 32 per cent year-on-year to $2.4bn, or 33 per cent on a constant currency basis. Revenue increased 35 per cent to $982m (36 per cent constant currency), while adjusted EBITDA grew 31 per cent to $166m, representing 6.8 per cent of GMV. Net income climbed 33 per cent to $119 million, or 4.9 per cent of GMV. On a normalised basis, adjusting for non-recurring items, net income grew 25 per cent to $116m.
The performance was driven by strong demand in both the Food and Grocery & Retail (G&R) verticals, with growth reflecting accelerated customer acquisition and increased order frequency. Ramadan’s first-quarter impact, compared with the previous year, also contributed to the results.
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Given the momentum, talabat has revised its 2025 full-year guidance upwards. GMV growth is now forecast at 27–29 per cent on a constant currency basis (previously 17–18 per cent), revenue growth at 29–32 per cent (previously 18–20 per cent), adjusted EBITDA margin at 6.5 per cent (unchanged), net income margin at 5.0 per cent (unchanged), and adjusted free cash flow at 6.0 per cent (unchanged).
Other highlights included strong adoption of talabat pro, its subscription loyalty programme, and a shift in GMV product mix that, despite lower gross profit margins, was offset by improved cost margins. GCC markets accounted for 83 per cent of GMV, with non-GCC markets representing 17 per cent.
Tomaso Rodriguez, chief executive officer of Talabat, said: “We have achieved another strong quarter of financial and operational results, fueled 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.
“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.”
The full set of disclosures can be found within the Investor Relations section on talabat’s website.
