Talabat (TALABAT) Q3 2025 earnings summary

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.