UAE Equity Research - Talabat Holding PLC 3Q25 - First Look Note
GMV grew 25.6% YOY to USD 2.4 Bn (Talabat only), supported by strong growth across both GCC and non-GCC markets, and across Food and Grocery & Retail verticals.
Talabat’s Gross Merchandise Value (GMV) excluding Instashop grew strongly from USD 1,929 Mn in 3Q24 to USD 2,422 Mn in 3Q25. This increase was mainly driven by double-digit growth in the core GCC markets and food verticals, strong performance in non-GCC markets, increased customer acquisition, and higher order frequency.
UAE Equity Research - Talabat Holding PLC 2Q25 - First Look Note
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%.
Talabat’s Gross Merchandise Value (GMV) excluding Instamart grew strongly from USD 1,852 Mn in 2Q24 to USD 2,439 Mn in 2Q25. This increase was mainly driven by double-digit growth in the core GCC markets and food verticals, strong performance in non-GCC markets, increased customer acquisition, and higher order frequency.
UAE Equity Research - Talabat Holding PLC 1Q25 - First Look Note
The Company maintains debt-free balance sheet with healthy cash balance of USD 507 Mn as of 1Q25, providing financial support for future organic and inorganic growth.
Talabat’s Gross Merchandise Value (GMV) excluding Instamart rose from USD 1,603 Mn in 1Q24 to USD 2,084 Mn in 1Q25 driven by strong demand across all regions and verticals, driven by customer acquisitions, higher order frequency and expanded multi-verticality.
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