talabat delivers strong results for Q2 2026 and raises full-year guidance across all key metrics

• GMV grew 12%2 y/y driven by a growing customer base with underlying growth of approximately 15% y/y once adjusted for the Eid-al-Fitr calendar shift
• Robust margins3 with Adjusted EBITDA at 5.0% and net income at 3.4% of GMV, in line with the planned investment phase
• Full year guidance raised across all key metrics: GMV growth of 13-15%, revenue growth of 16-18%, Adjusted EBITDA of USD 535-565 million, net income of USD 325-355 million and Free Cash Flow of USD 400-430 million
• Share buyback programme active with 0.46% of issued capital repurchased thus far for USD 35 million at an average price of AED 1.182 per share

Dubai, UAE, 12 August 2026: Talabat Holding plc (“talabat” or the “Company”), the leading everyday app in the MENA region, today reported results for the second quarter and first half of 2026, ended 30 June 2026. Performance for the first half came in ahead of the Company’s full-year guidance, with consistent underlying growth momentum, healthy margins and robust free cash flow generation. The Company has raised full-year guidance across all five key metrics.

Performance in the quarter was shaped by the calendar shift of Eid al-Fitr, which fell ten days earlier this year and supported higher top line growth in Q1’26 whilst elevating the Q2’25 comparator. On a reported basis, Q2’26 GMV grew 11% year-on-year (12% at constant currency). Adjusting for this calendar effect, underlying Q2 growth was approximately 15% year-on-year, consistent with H1’26 performance as a whole.

talabat’s 2026 strategic investment programme4, which entails a Board-approved USD 120 million plan to build out the everyday app, is tracking on target and already achieving accelerated Grocery & Retail5 adoption. The Company also recorded resilient growth in Food delivery, maintaining its leading position across all markets whilst underspending its full marketing budget. The resulting outperformance is flowing through to improved margins allowing for upgraded guidance.

The Company’s financial position remains strong, underpinned by robust free cash flow generation of USD 162 million for the quarter and USD 266 million for the first half of the year. During the quarter, talabat commenced its share buyback programme, approved by shareholders at the April 2026 AGM. As of 12 August 2026, 108.1 million shares have been repurchased at an average price of AED 1.182 per share, at a total cost of approximately USD 35 million and representing 0.46% of issued capital. The Company’s 90% dividend payout policy remains unchanged with interim dividends on H1’26 earnings expected to be declared in September 2026 and paid in October 2026.

Highlights for the second quarter period

• GMV of USD 2.9 billion, up 11% year-on-year (+12% at constant currency), supported by a growing customer base. Underlying growth reached approximately 15% once adjusted for the differing timing of Eid al-Fitr. H1’26 GMV of USD 5.6 billion grew 15% year-on-year at constant currency, ahead of the Company’s original full-year guidance of 11-14%.

—   GCC6 GMV grew to USD 2.3 billion, up 5% year-on-year, representing 78% of total (prior year: 83%)

—   Non-GCC7 GMV grew to USD 642 million, up 41% year-on-year, 22% of total (prior year: 17%)

• Revenue of USD 1.1 billion, up 16% year-on-year (+17% at constant currency), representing a GMV-to-revenue conversion ratio of 39% (prior year: 38%).
• Revenue growth outpaced GMV, driven primarily by a higher share of own-grocery (talabat mart) revenue and adtech margin expansion, partially offset by lower commission rates (due to the higher G&R share of GMV) and increased incentives to support customer acquisition and retention.
• Adjusted EBITDA of USD 147 million, 13% lower year-on-year and equivalent to 5.0% of GMV (prior year: 6.4%).
• The year-on-year compression for the quarter reflects lower Gross Profit margins through two main drivers: investment to cement food delivery leadership and strategic investment in the everyday app ecosystem, in line with the Board-approved plan.
• Net income of USD 100 million, 18% lower than the prior year and equivalent to 3.4% of GMV (prior year: 4.6%). The decline reflects the impact of the investment programme on Adjusted EBITDA whilst non-operating cost margins were largely stable.
• Free Cash Flow of USD 162 million, 41% lower year-on-year, and equivalent to 5.6% of GMV with a Cash Conversion Ratio of 110% (prior year: 10.5% and 164%). This was primarily due to the exceptional timing of working capital items recorded in Q2’25 that elevated that period’s FCF above the underlying run-rate.