First Read: Talabat "1Q26 ahead, better trading partly aided by temporary..."

研报英文原文证据摘录

First Read: Talabat "1Q26 ahead, better trading partly aided by temporary..."

rs included 12/26E 0.01 0.01

improved Ramadan operations and favourable Eid seasonality which contributed 12/27E 0.02 0.02

2-3pp, and conflict tailwinds (eat at home consumption). To note, GCC GMV grew

Jo Barnet-Lamb

+12% with non-GCC growing +52% YoY, as almost all markets grew at double- Analyst

digit rates including the UAE (largest) and Kuwait (oldest). joseph.barnet-lamb@ubs.com

+44-20-7567 4599

Revenue growth continues to outpace GMV - Revenue continued to grow

faster than GMV (revs +22% cc vs GMV +18% cc) with take-rates +1ppt YoY to Casey McEntee

39% with higher share of Tmart revs and adtech margins offsetting lower Associate Analyst

casey.mcentee@ubs.com

commission rates (due to higher Grocery & Retail share of GMV) and increased

+44-20-7568 3964

customer incentives.

Yulia Kazakovtseva

-1.5ppt margin compression in aEBITDA… - The Group posted -9% YoY Analyst

growth in aEBITDA to $130m in 1Q26. Talabat notes -1.5ppt margin compression yulia.kazakovtseva@ubs.com

in 1Q26 reflected lower gross profit margins driven by an ongoing shift in GMV +44-20-7901 5507

product mix and deliberate/planned margin investments to strengthen

competitive positioning and build the everyday app; partly offset by improved

opex margins (marketing, IT, group costs; stable G&A cost margins). On FCF, the

release notes FCF +7% YoY growth to $104m in 1Q reflects lower operating cash

flow offset by favourable NWC changes & largely stable capex/leases/tax

payments.

Highlights (US$m) 12/22 12/23 12/24 12/25E 12/26E 12/27E 12/28E 12/29E

Revenues 1,718 2,175 2,872 3,756 4,369 4,921 5,490 6,097

EBIT (UBS) 176 277 441 558 435 524 635 757

Net earnings (UBS) 153 257 393 451 311 374 454 542