Talabat Holding Plc · DFM:TALABAT
Talabat — Q4 2025 Earnings Presentation
29 slides from Talabat's earnings presentation, Feb 13, 2026
Slide 1: Q4 & FY 2025 Results
Q4 & FY 2025 Results 13 February 2026 THE LEADING ON-DEMAND DELIVERY PLATFORM IN MENA 1
Slide 2: Today's presenters and agenda
Today’s presenters and agenda Agenda for today 1. Key highlights TOON GYSSELS CEO 2. Business update 3. Financial update KHALED ALFAKESH CFO 4. Outlook 5. Q&A SHADI SALMAN IR 6. Appendix 2
Slide 3: Key highlights
Key highlights 4
Slide 4: Q4 2025 key financial highlights
Q4 2025 key financial highlights USD (cFX) USD (cFX) USD USD 2.5bn 1.0bn 156mn 123mn +21% y/y (1) +26% y/y (1) 6.3% of GMV 5.0% of GMV Management Adjusted Net GMV Growth (1) Revenue EBITDA Income (2) Final dividend of USD 219mn, bringing total FY 2025 dividends to USD 421mn(3) or 90% of reported Div
Slide 5: Full year performance achieved guidance across GMV, Mgmt. Revenue, Adj. EBITDA and dividends
Full year performance achieved guidance across GMV, Mgmt. Revenue, Adj. EBITDA and dividends Pro-forma including talabat-only instashop(3) Performance Original 2025 Revised 2025 2025 Performance 2025 measure guidance(1) guidance(2) actual vs. guidance GMV growth 17-18% 27-29% 28% ✔ In line 27% (y/y
Slide 6: Business update
Business update 7
Slide 7: Business momentum continues, driven by our core pillars
Business momentum continues, driven by our core pillars Selection (1) Experience (2) Value (4) # of active partners # of active riders Growth of rider base even in Partner funded savings (USD) All-time high partner- highly competitive markets funded savings in any like UAE(3); with 5 key players qua
Slide 8: In 2025, we expanded our customer base by 1.2mn and deepened engagement
In 2025, we expanded our customer base by 1.2mn and deepened engagement across customer tiers Growing customer base with rising engagement across tiers Platform MAUs and order frequency trends for platform & top 5% customers (1) 37.9 36.1 Order frequency continues to increased across cohorts, Top 5%
Slide 9: High value customers remain sticky and continue to increase their frequency
High value customers remain sticky and continue to increase their frequency, despite competitive pressure Q4 ’25 customer & GMV mix by customer tier (1) in competitive markets y/y M1 Retention y/y Frequency (Q4‘25 vs Q4‘24) (Q4‘25 vs Q4‘24) New 3% -3% ~0% Customers 9% 16% Non-High Value Customers 52
Slide 10: Loyalty and multi-verticality as key retention drivers
Loyalty and multi-verticality as key retention drivers Increased retention as customers adopt talabat pro & additional verticals Average M1 retention(1) for Q4 2025 by customer segment pp +16 wth Gro ion ent Ret pp +20 wth Gro ention Ret Mono-vertical non-subscriber Mono-vertical subscriber Multi-ve
Slide 11: Doubling down on building talabat as the everyday app
Doubling down on building talabat as the everyday app with more than $100mn of investment(1) in 2026 mart ..and more Further build out the t-mart infrastructure to cope with Deepening the value customers receive from our future demand and deliver even faster subscription proposition ~47% <1.5% +26%
Slide 12: Financial update
Financial update 13
Slide 13: GMV momentum translating into strong revenue growth
GMV momentum translating into strong revenue growth talabat-only GMV (USD million) Management Revenue (USD million) % of GMV 40% 41% 40% 42% 27% 31% Commission Fees y/y growth y/y growth Subscription Fees & Other Income Delivery & Service Fees Advertising & Listing Fees +28% y/y (1) +33% y/y (1) % o
Slide 14: GMV growth across verticals and regions
GMV growth across verticals and regions talabat-only GMV by vertical (USD million) GMV by geography (USD million) G&R YoY 47% 45% Non-GCC YoY 57% 57% Food YoY 20% 12% GCC YoY 22% 15% G&R % 25% 29% 27% 32% Non-GCC% 15% 18% 16% 20% 20% 9,421 9,421 1,719 7,428 2,768 7,428 1,096 1,886 7,702 6,652 2,476
Slide 15: Adj. EBITDA in line with guidance; Adj. FCF near guidance
Adj. EBITDA in line with guidance; Adj. FCF near guidance talabat-only Adj. EBITDA (USD million) Adj. Free Cash Flow (USD million) % of GMV 6.7% 6.5% 6.8% 6.3% % of GMV 6.2% 5.9% 5.8% 5.4% 24% 21% y/y growth y/y growth 615 559 497 13% y/y growth 462 14% y/y growth 139 156 118 134 2024 2025 Q4 ’24 Q4
Slide 16: Net income near guidance, dividends in excess of guidance
Net income near guidance, dividends in excess of guidance talabat-only Net income (USD million) Dividend policy % of GMV 4.7% 4.9% 6.7% 5.0% Dividends (USD Million) 34% y/y growth 202 219 DPS (fils/share) 464 3.450 -11% 3.188 346 y/y 138 123 2024 2025 Q4 ’24 Q4 ’25 H1 2025 H2 2025 Net income was 11%
Slide 17: Outlook
Outlook 18
Slide 18: FY 2026 guidance
FY 2026 guidance shop a t + insta talab Performance FY 2026E Guidance drivers measure ● Growing from a larger base following accelerated FY’25 growth GMV growth (1) 11-14% ● More competitive environment (new entrants and incumbents) (y/y at constant currency) USD 11.2-11.5bn ● Macro-economic (consum
Slide 19: Focused investment in 2026 to strengthen food and build the everyday future
Focused investment in 2026 to strengthen food and build the everyday future Adj. EBITDA 2026 margin bridge (disciplined investments) Adj. EBITDA 2026 (at constant Q4’25 margin) 6.0% ~USD 680mn (0.2%) Product mix shift to G&R ~USD 25mn (0.5%) Strengthen our food leadership ~USD 55mn Adj. EBITDA 2026E
Slide 20: Q&A
Q&A 21
Slide 21: Appendix
Appendix 22
Slide 22: Gross profit to Adjusted EBITDA bridge
Gross profit to Adjusted EBITDA bridge Q4’25 Q4’24 FY25 FY24 ● (A) Marketing expenses mainly (USD million) Q4 ‘25 Q4 ‘24 FY25 FY24 % of GMV % of GMV % of GMV % of GMV include restaurants acquisition Gross profit 288 255 11.6% 12.5% 1,124 915 11.9% 12.3% and customer acquisition & retention costs Mar
Slide 23: Adjusted EBITDA to Adjusted Free Cash Flow bridge
Adjusted EBITDA to Adjusted Free Cash Flow bridge (USD million) Q4 ‘25 Q4 ‘24 FY25 FY24 ● (A) Asset-light business model with low capex requirements of Adj. EBITDA 156 139 615 497 0.6% in FY’25 (-) Capex (A) (28) (2) (58) (34) ● (B) Cash inflow from active Working Capital management (-) IFRS 16 leas
Slide 24: Net income to Adjusted Net Income bridge
Net income to Adjusted Net Income bridge Q4’25 Q4’24 FY25 FY24 (USD million) Q4 ‘25 Q4 ‘24 FY25 FY24 % of GMV % of GMV % of GMV % of GMV ● (A) During the year ended 2024, Net Income 123 138 5.0% 6.7% 464 346 4.9% 4.7% the Group recognised a deferred tax asset in relation to temporary Interest Income
Slide 25: Q4'25 financial results (including instashop)
Q4’25 financial results (including instashop) talabat-only talabat + instashop Q4’25 Q4’25 (USD million) Q4 ‘25 Q4 ‘25 % of GMV % of GMV Management Revenue 1,039 42% 1,070 40% Adj. EBITDA 156 6.3% 159 6.0% Net income 123 5.0% 122 4.6% Adj. Free Cash Flows 134 5.4% 137 5.1% Source: Company informatio
Slide 26: IFRS-aligned FCF definition effective from FY 2026
IFRS-aligned FCF definition effective from FY 2026 Old Adjusted Free Cash Flow definition New Free Cash Flow definition Adj. EBITDA Net result (-) Other Taxes Paid (+) Non-Cash Items (-Income Taxes Paid) (-) Income Taxes Paid (+/-) Change in Working Capital [Excl. PSP, restaurant liabilities, and ot
Slide 27: Alternative Performance Measures ("APMs")
Alternative Performance Measures (“APMs”) talabat regularly uses alternative performance measures which are relevant to enhance the understanding of the financial performance and financial position of the Company. These measures may not be comparable to similar measures used by other companies; they
Slide 28: Disclaimer
Disclaimer The information contained in this presentation (the “Presentation”) represents a summary of the pro forma financial statements for the three-month period ended 30 September 2025 (the “Q3 2025 Financial Statements”) of Talabat Holding plc (“talabat” or the “Company”). This presentation doe
Slide 29: Thank you!
Thank you! ir@talabat.com 30