Talabat Holding plc, the leading on-demand online ordering and delivery platform in the Middle East and North Africa, has announced robust financial and operational results for Q2 2025, driven by increased demand, strong customer acquisition, higher order frequency, and a surge in adoption of its premium subscription program “talabat pro”.
Gross Merchandise Value (GMV) grew 32% year-on-year to $2.4 billion, or 33% on a constant currency basis, with growth across all markets, including GCC countries (UAE, Kuwait, Qatar, Bahrain, Oman) and non-GCC markets (Egypt, Jordan, Iraq). The GCC accounted for 83% of total GMV, while non-GCC markets contributed 17%.
Revenue rose 35% to $982 million (36% at constant currency), with the GMV-to-revenue conversion ratio improving to 40% due to higher contributions from tMart and subscription revenues, offsetting lower commission rates linked to a greater share of the Grocery & Retail vertical.
Adjusted EBITDA reached $166 million, up 31% year-on-year, equivalent to 6.8% of GMV. Net income grew 33% to $119 million (4.9% of GMV), despite the corporate income tax rate in GCC markets rising to 15%. On a normalized basis, adjusted net income rose 25% to $116 million.
The company also delivered strong cash generation, with Adjusted Free Cash Flow of $190 million, up 47% year-on-year, equivalent to 7.8% of GMV, and a Cash Conversion Ratio of 115%.
Tomaso Rodriguez, CEO of Talabat, commented:
“We delivered 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 verticals, and driving customer loyalty is clearly paying off. We are particularly pleased with the strong adoption of talabat pro across all markets, alongside robust growth in our non-GCC markets. The UAE maintained its solid growth trajectory, Kuwait delivered over 20% growth, and our Food vertical grew by more than 20% year-on-year. With this momentum, we are confident in our outlook and pleased to raise our full-year guidance across all metrics.”
