Talabat (TALABAT) Q2 2025 earnings summary

Executive summary

• Q2 2025 delivered strong results with GMV up 33% and revenue up 36% year-over-year, reflecting successful execution of the growth strategy and operational efficiency, excluding InstaShop for comparability.

• Monthly active users increased 25% year-over-year, with growth accelerating due to strategic focus on selection, experience, and value.

• Significant progress in expanding the vendor base, rider fleet, and partner-funded savings.

• Launched new talabat pro Family Plan, enhancing retention and cost savings for multi-member households.

• Operations commenced on 3 September 2024, with financials covering up to 30 June 2025, following a major restructuring and IPO listing on the Dubai Financial Market.

Financial highlights

• Q2 2025 GMV reached USD 2.5bn, up 33% year-over-year; management revenue at USD 986mn, up 36%.

• Adjusted EBITDA was USD 266 million (6.8% of GMV), with adjusted net income at USD 116 million (4.8% of GMV), and adjusted free cash flow at USD 190 million (7.8% of GMV).

• Revenue since inception reached $2.62 billion; gross profit totaled $825.2 million.

• Net profit for the period was $362.5 million; basic and diluted EPS at 1.69 cents.

• Dividends of $110 million were paid in respect of Q4 2024 results; minimum $400 million dividend for 2025 expected.

Outlook and guidance

• Full-year GMV growth projected at 27%-29% at constant currency (USD 9.4-9.6bn), with revenue expected to grow 29%-32% (USD 3.81-3.90bn).

• Adjusted EBITDA margin guided at 6.5%, net income at 5%, and adjusted free cash flow at 6%.

• Restructuring and acquisitions position the group for continued growth in the MENA region.

• Implementation of new tax regimes (DMTT) in 2025 may impact future effective tax rates.

• Dividend payments depend on future profits, cash requirements, and board discretion.