The Company’s gross margins declined from 23.1% in 2Q24 to 22.0% in 2Q25, driven by a change in product mix and increased direct costs. Free cash flow grew significantly from AED 2 Mn in 2Q24 to AED 19 Mn in 2Q25, mainly attributable to lower lease payments.

Net revenue grew substantially 53.5% YOY to AED 524 Mn in 2Q24, driven by strong execution on existing contracts, accelerated international growth and continued deployment of AIQ’s Energyai. AIQ contributed AED 158 Mn in revenue during 2Q25, equivalent to 30.1% of group revenue.

Revenue rose 39.8% YOY to USD 1,258 Mn in 2Q25, driven by the robust performance across all business segments. Secured a USD 531 Mn, 15-year contract in 2Q25 from Borouge to manage its logistics for c. 70% of the yearly production. Achieved USD 51 Mn out of the targeted USD 100 Mn savings in 1H25 and expects more than USD 50 Mn additional savings in 2H25.

Talabat’s GMV (excluding InstaMart) grew 31.7% YOY to USD 2,439 Mn in 2Q25 compared to USD 1,852 Mn in 2Q24. Talabat generated USD 190 Mn in adjusted free cash flow (pro forma Talabat only) in 2Q25, compared to USD 129 Mn in 2Q24. The Company revised its 2025 guidance, now expecting GMV growth of 27-29% and management revenue growth of 29-32%.

LuLu Retail’s revenue rose 4.6% YOY to USD 2,017 Mn in 2Q25, primarily supported by the growth in LFL sales and new store openings. The Company opened two new stores in the UAE during 2Q25, which include one Hypermarkets and one Express stores. Private label sales, the Company’s higher-margin segment, grew 3.5% YOY and contributed 29.7% to total retail revenue in 2Q25.

Profitability impacted due to one-time impact from the repositioning of the dates business. expanded its product offerings and revamped packaging to improve shelf visibility and space efficiency. Completed legacy cleanups in its water, food, and dates business, addressing overdue receivables and slow-moving inventory by 1H25.