Talabat (TALABAT) HSBC MENAT Future Forum 2025 Presentation summary

Market leadership and business model

• Operates as the leading on-demand delivery platform in MENA, covering eight countries with a multi-vertical ecosystem spanning food, grocery, and retail delivery.

• Achieved 2024 GMV of approximately $7.4bn, maintaining double-digit growth and high profitability.

• Benefits from strong network effects, with over 68,000 active partners, 6.5 million active customers, and 123,000+ active riders.

• Platform loyalty is driven by a refined customer value proposition, rapid delivery, and a wide selection of partners and products.

• Expansion supported by acquisitions and integration of new verticals, including the upcoming InstaShop acquisition.

Financial performance and growth

• 2024 GMV grew 23% year-over-year to $7.4bn, with management revenue up 32% to $3.0bn.

• Adjusted EBITDA increased 55% to $497mn (6.7% of GMV), and adjusted net income rose 53% to $393mn (5.3% of GMV).

• Free cash flow margin reached 6.2% of GMV, reflecting improved operational efficiency and profitability.

• Dividend of $110mn proposed for Q4 2024, with a minimum $400mn targeted for FY 2025.

• Multi-vertical platform fueled top-line growth, with grocery and retail now contributing ~25% of total GMV.

Strategic initiatives and future outlook

• Focused on deeper category penetration, multi-vertical adoption, and turbo-charging customer loyalty through initiatives like talabat pro.

• New app experience and personalization features led to a 24% uplift in tPro acquisitions and 2% in grocery acquisitions.

• Talabat pro subscription saw 2.1x growth in adoption and a 28% uplift in order frequency among subscribers.

• 2025 guidance reiterates 17-20% GMV growth, 6.5-7.0% EBITDA margin, and at least $400mn in dividends.

• Growth underpinned by favorable demographics, high urbanization, and increasing online penetration in the region.