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Talabat (TALABAT) investor relations material
Talabat Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Q3 2025 delivered strong year-over-year growth, with GMV up 27% and revenue up 32% at constant currency, driven by increased customer acquisition, engagement, and multi-vertical adoption.
Average monthly active users reached 7.5 million, up 23% year-over-year, with order frequency rising, especially among top customer cohorts.
CEO transition announced: Toon Gyssels to become CEO, effective 21 November 2025, with Tomaso Rodriguez remaining on the board.
Operations commenced on 3 September 2024, focusing on online food and grocery delivery across the MENA region, supported by major restructuring and acquisitions aligned with the IPO.
Multi-vertical customers now represent over 70% of GMV, and Talabat Pro subscribers account for nearly half of GMV.
Financial highlights
Q3 2025 GMV was $2.4 billion (+27% y/y); management revenue was $1 billion (+32% y/y); adjusted EBITDA reached $154 million (6.4% of GMV); adjusted net income was $112 million (4.6% of GMV).
Revenue since inception reached $3.62 billion, with net profit for the period at $483.4 million and gross profit at $1.12 billion.
Adjusted free cash flow margin was 4.1% of GMV for Q3, and 6.1% for the nine-month period; adjusted free cash flow declined 16% y/y to $99 million, impacted by annual tax payment and working capital flows.
Interim dividends of $202 million for H1 2025 were paid, with a minimum $400 million full-year dividend target.
Cash and cash equivalents at period end totaled $775.6 million; total assets stood at $1.59 billion.
Outlook and guidance
Full-year 2025 guidance reiterated: GMV growth of 17-18%, management revenue growth of 18-20%, adjusted EBITDA margin of 6.5-7.0%, net income margin of 5.0-5.5%, and minimum $400 million dividends.
IPO completed with 20% of shares listed on DFM; restructuring positions the group for regional growth.
Implementation of Domestic Minimum Top-up Tax (DMTT) in 2025 increases effective tax rates to 15% in key markets.
Guidance reflects new competition, market dynamics, and continued investments in growth and multi-vertical expansion.
Minimum $400 million dividend payout for 2025, with a recommended payout ratio of 90% of reported net income, subject to board and shareholder approval.
Keeta impact on high-value customer retention
Regulatory impact on predatory pricing
Toon's AI strategy for growth
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