GMV grew 17%[1] year-on-year (versus 15% in the first half) driven by more customers, more frequent ordering and larger baskets.
Adjusted EBITDA was 5.0% and net income 3.4% of GMV[2], reflecting planned investments in Food and the build-out of the Everyday App.
Full-year guidance raised for the second time across all metrics: GMV growth (c.16%2), revenue growth (c.19%2), Adjusted EBITDA (USD 560-570 million), net income (USD 360-370 million) and Free Cash Flow (USD 440-450 million).
Dubai, UAE, November 2026: Talabat Holding plc (“talabat” or the “Company”), the leading everyday app in the MENA region, today reported results for the third quarter and nine-month period ended 30 September 2026. Sustaining the strong momentum of the first half of the year, the Company’s performance exceeded expectations for top line growth, whilst better than expected profitability prompted a further upgrade to guidance across all metrics.
talabat’s performance was driven by robust demand during the summer and back-to-school periods, alongside disciplined execution of its strategic investment plan[3]. This Board-approved USD 120 million programme focuses on building out the Everyday App, remains on track and is already accelerating adoption in Grocery & Retail[4]. Results also benefited from approximately USD 9 million of customer incentives in Food that did not need to be spent as competition was less intense than budgeted. By offering an extensive vendor selection, fast and reliable delivery, and strong value, talabat continues to effectively retain, reward and grow its core customer base.
Highlights for the third quarter period:
- GMV of USD 3.0 billion, up 16% year-on-year and (+17% at cFX), supported by a growing customer base, increased order frequency and larger baskets.
— GCC[5] GMV grew to USD 2.3 billion, up 9% year-on-year, representing 75% of total (prior year: 80%)
— Non-GCC[6] GMV grew to USD 736 million, up 43% year-on-year, 25% of total (prior year: 20%)
- Revenue of USD 1.2 billion, up 18% year-on-year (+19% at cFX), representing a GMV-to-revenue conversion ratio of 40% (prior year: 39%).
— Revenue growth outpaced GMV, led by higher share of own-grocery (talabat mart) revenue, partially offset by lower commission rates (due to higher G&R share of GMV), increased incentives in support of customer acquisition and retention, and lower fees (due to higher talabat pro adoption).
- Adjusted EBITDA of USD 150 million, 3% lower year-on-year and equivalent to 5.0% of GMV (prior year: 6.0%).
— The margin compression reflected lower Gross Profit margins, driven by deliberate investments in Food (to strengthen market leadership) and G&R (to continue developing the Everyday App). These impacts were partially offset by lower opex margins as a result of the faster GMV growth.
- Net income of USD 102 million, 15% lower than the prior year and equivalent to 3.4% of GMV (prior year: 4.7%). The decline reflects the impacts of this year’s investments on Adjusted EBITDA whilst non-operating cost margins were largely stable.
- Free Cash Flow of USD 141 million, up 41% year-on-year, and equivalent to 4.7% of GMV with a Cash Conversion Ratio of 94% (prior year: 3.9% and 65%).
- Strong balance sheet with a net cash position of USD 711 million and gross debt standing at USD 209 million (consisting entirely of lease liabilities).
— This allows the Company to balance between investments for growth, dividend distributions, share buybacks and continuing to accumulate cash that could fund further investments or acquisitions.
- Share buyback programme continues with 225 million shares or 0.97% of issued capital repurchased since launch for USD 69 million at an average price of AED 1.125 per share
Toon Gyssels, talabat’s Chief Executive Officer, said: “Building on the strong momentum in the first half of the year, growth accelerated in the third quarter, in both our Food and Grocery & Retail verticals and across our markets. We expect it to accelerate further in the fourth quarter, and this sustained performance gives us the confidence to raise our full-year guidance for the second time this year.
“Navigating dynamic market conditions, including ongoing regional developments, the resilience of our consumer value proposition remains clear. By always offering the broadest selection of vendors, fast and reliable delivery coupled with great value, we have continued growing our customer and vendor bases, solidifying our leadership position across all the markets we serve.”
