Talabat Holding’s GMV Reach $2.4 Billion in H1

Talabat Holding plc (talabat), the leading on-demand online ordering and delivery platform in the MENA region, on Tuesday said that its Gross Merchandise Value (GMV) grew 32% for the first six months compared with the corresponding period last year to $2.4 billion.

On a constant currency basis, GMV grew at a faster rate of 33%, talabat said in a regulatory disclosure with Dubai Financial Market (DFM) this morning.

The company’s revenue grew 35% to reach $982 million for the period and, at constant currency, grew 36% while adjusted EBITDA grew 31% to $166 million, or 6.8% of GMV, and net income grew 33% to $119 million or 4.9% of GMV.

On a normalised basis, adjusting for material non-recurring items to allow for a like-for-like comparison, net income grew 25% to $116 million or 4.8% of GMV, the company said.

This strong performance was driven by top line growth across both GCC markets (the UAE, Kuwait, Qatar, Bahrain and Oman) and non-GCC markets (Egypt, Jordan and Iraq) as well as across both the Food and Grocery & Retail (G&R) verticals.

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 Q1 2025 versus the prior-year comparison period.

Looking ahead, the company is confident of continued growth and has revised guidance upwards for the full year. GMV growth is now expected to be in the 27%-29% range on a constant currency basis (previously 17%-18%), revenue growth of 29%-32% on a constant currency basis (previously 18%-20%), Adjusted EBITDA margin of 6.5% (previously 6.5%-7%), net income margin at 5% (previously 5%-5.5%) and adjusted free cash flow at 6% (previously 6%-6.5%).

Strong Results

talabat CEO Tomaso Rodriguez said that they have achieved another strong quarter of financial and operational results, fuelled by significant customer acquisition and increased order frequency.

He said that the company’s ongoing commitment to enhancing the consumer value proposition, expanding their G&R vertical and fostering deeper customer loyalty is clearly yielding results.

“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% for both the quarter and the first half of the year. Likewise, our Food vertical grew more than 20% 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.

talabat was founded in Kuwait in 2004, and has expanded its operations to cover the UAE, Kuwait, Qatar, Egypt, Bahrain, Oman, Jordan and Iraq, serving over six and a half million active customers as of December 2024.

The company is headquartered in Dubai, the UAE and in December 2024, successfully completed its initial public offering on the DFM. As a subsidiary of Delivery Hero SE, talabat leverages global expertise to strengthen its market position and drive innovation in the on-demand delivery sector, focusing on expanding its product offerings and increasing market penetration across its operating regions. With a robust network of over thousands of partners and riders, talabat continues to solidify its leadership in the MENA region’s on-demand delivery market, connecting customers, partners, and riders through its advanced technology platform.