Delivery Hero / Talabat Holding Plc: Jahez results point to share gains for Hungerstation in KSA

研报英文原文证据摘录

Delivery Hero / Talabat Holding Plc: Jahez results point to share gains for Hungerstation in KSA

Equity Research

11 May 2026

Delivery Hero / Talabat Holding Plc

Jahez results point to share gains

for Hungerstation in KSA

Jahez Q1 results today suggests Delivery Hero is gaining TALABAT.DU/TALABAT DB OVERWEIGHT

share in KSA. EMEA Internet POSITIVE

Price Target AED 1.35

Price (08-May-26) AED 0.92The following listed companies are not under coverage by Barclays Research: Jahez International

Potential Upside/Downside +46.8%Company for Information Systems Technology (6017.SR). Information about these companies is Source: Bloomberg, Barclays Research

being provided for information purposes only and is not an investment recommendation by

Barclays Research.

DHER.DE/DHER GR OVERWEIGHT

•• Jahez Q1 results (here). Disclosed only at group level, Jahez GMV rose c.+40% YoY to SAR EMEA Internet POSITIVE

2.3bn in Q1, with growth driven largely by the Snoonu acquisition. GMV up +8% QoQ. Group Price Target EUR 35.50

net rev growth was +38% YoY. The company no longer discloses orders or GMV by region. KSA Price (08-May-26) EUR 19.99

net revenue declined -12% YoY vs. -8% FY25; we cannot back out Q4 implied YoY growth given Potential Upside/Downside +77.6%

Source: Bloomberg, Barclays Research

change in accounting in H1’25 but we know KSA GMV was -15% in Q4’25, so net rev growth

likely worse than that. Management calling out delivery fee pricing being still under pressure

in Q1'26 but mentioned some sequential market share gains (though we do not know on EMEA Internet

which basis). KSA margins are trending down for Jahez with adjusted EBITDA margin as % Andrew Ross, CFA

revs down to c.8% in Q1’26 (vs c.12% in Q4’25 and c.14% in Q3’25). The press release points to +44 (0)20 7773 3023