Wider strategic interest shining light on Talabat‘s value: Expert Insights on potential implications

研报英文原文证据摘录

Wider strategic interest shining light on Talabat‘s value: Expert Insights on potential implications

on whilst market share stabilises... - Despite many aspects driving We note capturing share via WAU is

Talabat's defensibility, heightened competition has remained a key overhang on the not an exact science nor a direct

shares since Keeta's entry to Talabat's regions last year. At 1Q26 results, Talabat's read-across to market share by GMV

management confirmed on the earnings call that competitive intensity reduced in the

second half of 1Q; with Talabat's spend tracking below budget (at 0.4% (as % of GMV)

in 1Q vs. 0.5% as planned for FY26) leaving them "well positioned to invest if needed

later in the year". Talabat said it had strengthened its competitive positioning in "most

markets" except for Bahrain, considering Keeta recently launched in Jan '26. Into 2Q26,

it noted competition has "increased a little bit again" in April and May, driven primarily

by reinstated discounting activity. Below, leveraging UBS Evidence Lab App usage data,

we can see that in 2Q26 to date (data up to 21st June), Talabat's WAU share in UAE and

Kuwait remained largely stable on average vs 1Q26, increasing MoM from May into

June. In Qatar however, it has seen some share losses vs 1Q26, albeit losing to Snoonu

and Rafeeq rather than to Keeta (likely due to adjacency competition). To note, we can

see Keeta's WAU share in UAE/Qatar has remained largely stable on average, seeing a

slight increase in Kuwait at the expense of ROO/Jahez

Meituan prioritising domestic operations over int. expansion... UBS's

Meituan analyst, Kenneth Fong, highlighted in his most recent note post a 1Q26

NDR with Meituan IR that Meituan's management would prioritise domestic

operations over international expansion.