Dubai – Mubasher: Talabat Holding has announced its pro forma financial results for the three-month and full-year period ended 31 December 2025, which reflected continued growth momentum despite a dynamic operating environment, with resilient profitability and cash generation.
In addition, the MENA-focused online ordering platform Talabat unveiled the income statement for the period since its inception on 3 September 2024 till 31 December 2025, during which the revenue totaled $4.65 billion.
Net profits after tax stood at $605.59 million, with the basic and diluted earnings per share (EPS) hitting 2.73 cents.
Moreover, total assets amounted to $1.62 billion as of 31 December 2025.
Fourth Quarter Results
In the fourth quarter (Q4) of 2025, Talabat’s gross merchandise value (GMV) grew 21%, at the same rate on a constant currency basis, to reach $2.50 billion.
Revenue grew 26% nominally and at constant currency to $1 billion during the October-December 2025 period.
Adjusted EBITDA grew 13% to $156 million, accounting for 6.30% of GMV, while the net income was 11% lower at $123 million or 5% of GMV.
On an adjusted basis, excluding non-operating items to allow for a more like-for-like comparison, net income was stable at $124 million or 5% of GMV.
Full-Year Results
Talabat noted that for the full year, GMV grew 28% to $9.50 billion and the revenue increased by 33% to $3.90 billion, both at constant currency. Adjusted EBITDA reached $615 million or 6.5% of GMV.
All three metrics achieved the company’s guidance, which was previously revised upwards during the year following strong first-half (H1) performance.
Moreover, net income reached $464 million, or 4.9% of GMV and the company generated Adjusted Free Cash Flow of $559 million, or 5.9% of GMV, both figures landing near guidance.
Cash Dividends
The board of Talabat recommended cash dividends totaling $219 million for H2-25.
The company would pay out $0.009 per share, subject to the shareholders’ approval at the annual general meeting.
The H2-25 dividend proposal brings the total dividends for 2025 to $421 million. This represents a payout of 90% of reported net income and exceeds the company’s previous guidance of $400 million.
Investment Plan
Talabat is also setting out a clear investment plan for 2026, with the full support of the board, to drive long-term growth and building on the company’s strong foundation.
The platform is launching an investment plan that allocates more than $100 million to two key areas.
First, scaling grocery integrated vertical (talabat mart) by improving affordability to accelerate customer adoption, increasing store density to reinforce the speed-led value proposition and build capacity for future growth, and expanding supply chain infrastructure to enhance assortment and availability.
These investments are expected to be offset over the long-term through higher adtech or non-merchandising revenue, with strong early traction already demonstrated in the best performing talabat mart markets.
Second, strengthening talabat pro as a multi-vertical engagement engine. Building on its core free delivery offering, the subscription program already delivers exclusive benefits such as booster discounts on best sellers within the food vertical, discounts on hundreds of key value items within talabat mart, on-time guarantee and priority customer support, dine-out discounts and partner services such as streaming and ride-hailing.
The program is now also available in all eight markets following successful launches in Egypt and Iraq in 2025. Incremental investments will focus on enhancing value for both customers and participating vendors.
CEO Commentary
The newly-appointed CEO of Talabat, Toon Gyssels, said: “We demonstrated the strength and scalability of our business model by delivering robust growth and profitability despite a dynamic operating environment.”
Gyssels added: “We achieved GMV growth of 28% at constant currency with an Adjusted EBITDA margin of 6.5% and a net income margin of 4.9%, amongst the highest in the industry.”
He noted: “In dollar terms, our performance met most of our targets and exceeded or hit the top-end of original guidance for the year.”
The CEO further said: “As we enter 2026, we are now taking a deliberate step to invest more in our business with the full support of our board. We have earmarked more than $100 million in ecosystem investments for 2026 as we aim to expand our multi-vertical subscriber base by enhancing the value proposition of our talabat pro loyalty subscription program and scaling talabat mart, our grocery integrated vertical.”
He concluded: “While this will weigh on near-term margins, we are confident this is the right strategy to maximize shareholder value in the medium and longer term.”
Outlook
For 2026, Talabat expects GMV growth ranging between 11% and 14% at constant currency as well as Adjusted EBITDA of between $510 million and $540 million.
The company further expects a net income of $280 million to $310 million and Free Cash Flow of $370 to $400 million.
This guidance now incorporates instashop’s expected performance, while the dividend policy remains unchanged, with a payout ratio of 90% of net income.
It is worth noting that in the first nine months (9M) of 2025, Talabat posted net income of $341 million with management revenue hitting $2.83 billion.
