Talabat Holding announced today its pro forma financial results for the second quarter and first half of 2025, revealing that its net income grew 33 percent to $119 million and its revenue grew 35 percent to reach $982 million.
“We have achieved another strong quarter of financial and operational results, fueled by significant customer acquisition and increased order frequency. Our ongoing commitment to enhancing the consumer value proposition, expanding our Groceries and Retail vertical and fostering deeper customer loyalty is clearly yielding results,” said Tomaso Rodriguez, CEO of Talabat.
Adjusted EBITDA hits $166 million
Talabat’s gross merchandise volume (GMV) grew 32 percent for the period versus the prior year to reach $2.4 billion. On a constant currency basis, GMV grew at a faster rate of 33 percent. Meanwhile, adjusted EBITDA grew 31 percent to $166 million, or 6.8 percent of GMV.
On a normalized basis, adjusting for material non-recurring items to allow for a like-for-like comparison, the company‘s net income grew 25 percent to $116 million or 4.8 percent of GMV.
Revenue to grow 29-32 percent
Talabat’s strong performance was driven by top-line growth across both GCC markets and non-GCC markets, as well as across both the Food and Grocery & Retail verticals. Demand growth reflected accelerated customer acquisition and increased average order frequency.
“This growth complements the continued strength of our core GCC markets and the strong performance of our Food vertical. The UAE, our largest market, maintained its robust growth trajectory in line with the overall pace of the Group. Kuwait, our most established market, delivered impressive growth of over 20 percent for both the quarter and the first half of the year,” added Rodriguez.
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The strong results were also supported by the unwind of Ramadan’s impact seen in the first quarter versus the prior-year comparison period. Looking ahead, Talabat is confident of continued growth and has revised guidance upwards for the full year.
“Likewise, our Food vertical grew more than 20 percent year-on-year, reinforcing its strong contribution to our overall growth. With this momentum, we are confident in our outlook and are pleased to raise our full-year guidance across all metrics,” he added.
GMV growth is now expected to be in the 27-29 percent range on a constant currency basis, revenue growth of 29-32 percent on a constant currency basis, adjusted EBITDA margin of 6.5 percent, net income margin at 5.0 percent and adjusted free cash flow at 6.0 percent.
