talabat revises GMV and revenue guidance by double-digit points after strong Q2
For Q2 2025, Gross Merchandising Value (GMV) grew 32 per cent versus the prior year to reach US$2.44 billion. On a constant currency basis, GMV grew at a faster rate of 33 per cent. Revenue grew 35 per cent, and 36 per cent on a constant currency basis, to reach US$982 million. Adjusted EBITDA grew 31 per cent to US$166 million, or 6.8 per cent of GMV, while net income grew 33 per cent to US$119 million or 4.9 per cent of GMV.
Talabat raises full-year growth forecast
For H1 2025, GMV grew 31 per cent to reach US$4.52 billion, while revenue grew 34 per cent to US$1.83 billion. Adjusted EBITDA was up 32 per cent to US$305 million (6.8 per cent of GMV), and net income increased 90 per cent to US$222 million (4.8 per cent of GMV).
In a statement, talabat said that demand growth reflected accelerated customer acquisition and increased average order frequency. The strong results were supported by the unwind of Ramadan's impact seen in the first quarter versus the prior-year comparison period.
talabat said it was confident of continued growth and has revised guidance upwards for the full year.
GMV growth is now expected to be in the 27-29 per cent range on a constant currency basis (previously 17-18 per cent), revenue growth of 29-32 per cent on a constant currency basis (previously 18-20 per cent), adjusted EBITDA margin will be 6.5 per cent (previously 6.5-7.0 per cent), while net income margin will be 5.0 per cent (previously 5.0-5.5 per cent).
Tomaso Rodriguez, Chief Executive Officer of talabat, commented: 'We have achieved another strong quarter of financial and operational results, fuelled 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.
'We are particularly pleased with the strong uptake of talabat pro, our premium subscription loyalty programme, across all markets, alongside strong growth in demand within our non-GCC markets.
'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 per cent for both the quarter and the first half of the year. Likewise, our Food vertical grew more than 20 per cent 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.'
On a normalised basis, adjusting for material non-recurring items to allow for a like-for-like comparison, net income grew 25 per cent to US$116 million, led by strong performances across both GCC markets (UAE, Kuwait, Qatar, Bahrain and Oman) and non-GCC markets (Egypt, Jordan and Iraq), as well as across both the Food and Grocery & Retail verticals.
talabat's Adjusted Free Cash Flow reached US$190 million, up 47 per cent YoY, and equivalent to 7.8 per cent of GMV, up from US$129 million from Q1 2024.
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