Talabat raises 2026 guidance as second-quarter revenue climbs 16%
The delivery company reported lower quarterly profit and adjusted EBITDA as it invested in expanding its grocery, loyalty and retail businesses
12 August, 2026
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talabat Holding raised its full-year guidance on Wednesday after second-quarter revenue increased 16 per cent, supported by growth in its customer base, grocery operations and advertising business.
Revenue rose to $1.14bn in the three months ended June 30 from $981m a year earlier. At constant currency, revenue grew 17 per cent.
Gross merchandise value, or GMV, increased 11 per cent to $2.92bn on a reported basis and 12 per cent at constant currency.
talabat estimated underlying GMV growth at about 15 per cent after adjusting for the timing of Eid Al Fitr.
The company said the holiday fell 10 days earlier in 2026, supporting first-quarter growth while raising the comparative base for the second quarter.
Quarterly net income fell 18 per cent to $100m from $121m, while adjusted earnings before interest, taxes, depreciation and amortisation declined 13 per cent to $147m.
The adjusted EBITDA margin narrowed to 5 per cent of GMV from 6.4 per cent a year earlier. The company attributed the decline to investments in food delivery and its broader platform.
Free cash flow dropped 41 per cent to $162m, partly because the timing of working-capital items had lifted the figure in the same period last year.
Guidance raised
talabat now expects constant-currency GMV growth of 13 to 15 per cent in 2026, compared with its previous forecast of 11 to 14 per cent.
It raised its revenue growth forecast to 16 to 18 per cent from 14 to 17 per cent.
The company expects adjusted EBITDA of between $535m and $565m, up from its previous guidance of $510m to $540m. Its net income forecast was raised to between $325m and $355m from $300m to $330m.
Free cash flow is expected to reach between $400m and $430m, compared with an earlier forecast of $370m to $400m.
Talabat maintained its dividend policy of paying 90 per cent of net income. It expects to declare an interim dividend based on first-half earnings in September and pay it in October.
talabat’s first-half performance highlights
First-half GMV increased 15 per cent to $5.6bn, while revenue rose 19 per cent to $2.19bn.
Adjusted EBITDA declined 11 per cent to $277m, with the margin narrowing to 4.9 per cent from 6.4 per cent. Net income fell 18 per cent to $186m, while free cash flow declined 29 per cent to $266m.
The comparative first-half figures were prepared on a pro forma basis as though Talabat’s acquisition of Instashop, completed on February 25, 2025, had taken place at the start of that year.
GCC GMV reached $2.27bn during the second quarter, up 5 per cent and accounting for 78 per cent of the total. Non-GCC GMV rose 41 per cent to $642m and represented 22 per cent.
Investment programme
Talabat is implementing a $120m investment programme in 2026, comprising about $75m in operating expenditure and $45m in capital expenditure.
The programme is focused on expanding Talabat Mart’s dark-store and supply-chain network, extending benefits offered through the Talabat Pro subscription service and developing new retail and related services.
The company deployed close to $58m in operating, capital and lease expenditure under the programme during the first half.
Active partners increased 14 per cent to about 97,000 in the second quarter, while the active rider network grew 25 per cent to approximately 189,000.
Customers ordering across more than one category generated 75 per cent of GMV, up four percentage points from a year earlier. Talabat Pro subscribers accounted for 51 per cent of GMV on the Talabat platform.
Talabat had repurchased 108.1 million shares as of August 12 at an average price of Dhs1.182 per share.
The shares cost about $35m and represented 0.46 per cent of the company’s issued capital. Shareholders approved the buyback programme at Talabat’s annual general meeting in April.























