16/02/2026 03:14 AST
Talabat Holding, a major online food and grocery delivery company in Middle East and North Africa, has reported solid growth for FY 2025 with a 28% rise in gross merchandise value (GMV) and a 33% jump in its revenue hitting $3.9 billion, both at constant currency.
For the full year ended December 31, 2025, the adjusted ebitda reached $615 million, or 6.5% of GMV, in line with upgraded guidance issued earlier in the year. Net income totalled $464 million, or 4.9% of GMV, while adjusted free cash flow was $559 million.
The results demonstrate continued growth momentum despite a dynamic operating environment, with resilient profitability and cash generation. The company is also setting out a clear investment plan for 2026, with the full support of the Board, to drive long-term growth.
On the Q4 results, Talabat said GMV grew 21% for the fourth quarter versus the prior year, and at the same rate on a constant currency basis, to reach $ 2.5 billion. Revenue grew 26% nominally and at constant currency, to reach $1 billion for the period.
Adjusted ebitda grew 13% to $156 million, or 6.3% of GMV, and 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 5.0% of GMV.
Fourth-quarter GMV growth was driven by higher order volumes and increased adoption of its subscription service, talabat pro. Grocery and retail GMV rose 45% to $788 million, outpacing food delivery growth of 12%, and lifting the non-food segment's share of total GMV to 32%, it stated.
Impressed by the company's strong performance in 2025, the board has recommended a final dividend of $219 million, thus bringing total 2025 dividends to $421 million, equivalent to 90% of reported net income and above previous guidance of $400 million. The payout remains subject to shareholder approval at the Annual General Meeting.
On its future plans, Talabat said it would allocate more than $100 million in 2026 to expand its grocery vertical, talabat mart, and strengthen its subscription programme across its eight markets. The investments are expected to weigh on near-term margins.
For 2026, the company forecast GMV growth of 11% to 14% at constant currency, adjusted ebitda of $510 million to $540 million, net income of $280 million to $310 million and free cash flow of $370 million to $400 million. It maintained its dividend policy of paying out 90% of net income.
On the solid results, Talabat's newly-appointed CEO Toon Gyssels said: "I am very pleased to report that in 2025, we demonstrated the strength and scalability of our business model by delivering robust growth and profitability despite a dynamic operating environment. We achieved GMV growth of 28% at constant currency with an Adjusted EBITDA margin of 6.5% and an net income margin of 4.9%, amongst the highest in the industry. In dollar terms, our performance met most of our targets and exceeded or hit the top-end of original guidance for the year."
"As we enter 2026, we are now taking a deliberate step to invest more in our business with the full support of our board," he stated.
"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 programme and scaling talabat mart, our grocery integrated vertical. 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," he added.
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