Talabat’s adjusted net income inches up 1% to $124 m in Q4 2025

Adjusted EBITDA came in at $156 m, a 13% YoY increase.

Talabat Holding reported an adjusted net income of $124 m in Q4 2025, up 1% year-on-year (YoY), representing 5% of gross merchandise value (GMV), down from 6%.

This figure excludes net finance income, deferred tax income, and foreign currency effects.

Reported net income was $123 m, down 11% YoY and also 5% of GMV, compared with 6.7% in Q4 2024.

The decline was driven by higher corporate tax rates of 15% in GCC markets and the absence of prior-year deferred tax income.

GMV reached $2.5 b, up 21%, fuelled by growth in order volume, increased customer acquisition, higher order frequency, and stronger adoption of Talabat Pro.

Revenue rose 26% to $1b, with a GMV-to-revenue conversion ratio of 42%.

Adjusted EBITDA came in at $156 m, a 13% increase YoY, equivalent to 6.3% of GMV.

The growth was partly offset by lower gross profit margins from changes in the GMV product mix, although improvements in operating cost efficiency helped.