Slides
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talabat Q2 2026 Results 12 August 2026 THE LEADING ON - DEMAND DELIVERY PLATFORM IN MENA طلبات talabat talabat ncen VOCO طلبات | طلبات | talabat
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2 Today’s presenters and agenda Agenda for today Key highlights & business update 1. Financial update 3. Q&A 5. Appendix 6. Outlook 4. TOON GYSSELS CEO KHALED ALFAKESH CFO SHADI SALMAN IR Investment update 2.
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3 /Admin/PPS ADMIN FOLDER/EMEA TMT BAR team (Keep)/TMT BAR - Templates/Project Golf ELP imagesIMAGES + FORMATTING GUIDELINES: Key highlights & business update
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4 /Admin/PPS ADMIN FOLDER/EMEA TMT BAR team (Keep)/TMT BAR - Templates/Project Golf ELP imagesIMAGES + FORMATTING GUIDELINES: Brand Color Palette Use: Only for highlighting small details Highlighter Green Poppins SemiBold for Titles Poppins for content Source: Company information as of June 2026, including instashop Note: (1) Year-on-year growth on a constant currency basis, whereby current period figures are restated using prior-period FX rates, to neutralise currency variations. In nominal currency, GMV and Revenue grew at 11% and 16%, respectively. (2) Adjusting for the differing timing of Eid al-Fitr between 2025 and 2026, normalized GMV growth for the quarter was 15% y/y, in line with H1 2026 actual GMV growth of 15% y/y. (3) SBB for up to 5% of share capital over two years was approved by shareholders on 13 April 2026 and commenced on 18 May 2026 with 108.1 million shares repurchased under the programme up to 12 August 2026, representing 0.46% of talabat’s share capital and with an average repurchase price of AED 1.182 per share. Q2 2026 key financial highlights GMV USD (cFX) 2.9bn 12% y/y (1) (2) Revenue USD (cFX) 1.1bn 17% y/y (1) Adj. EBITDA USD 147mn 5.0% of GMV Net Income USD 100mn 3.4% of GMV Dividends and share buybacks Shareholder-approved policy pays 90% of net income over two semi-annual dividend payments (made in April/May and October) Share buyback programme (“SBB”) commenced in Q2’26 with 108.1 million shares repurchased since (3) Free Cash Flow USD 162mn 5.6% of GMV
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5 /Admin/PPS ADMIN FOLDER/EMEA TMT BAR team (Keep)/TMT BAR - Templates/Project Golf ELP imagesIMAGES + FORMATTING GUIDELINES: Brand Color Palette Use: Only for highlighting small details Highlighter Green Poppins SemiBold for Titles Poppins for content Strong business performance across all pillars 25.3% Source: Company information as of June 2026, including instashop | Note: Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. (1) Total active partners as of June 2026 (2) Active riders as of June 2026 (3) Total partner funded savings include Food, Grocery & Retail (excluding tMart as not a partner), B2B and Banks (including talabat ADCB credit cards) and tPro (H1 ‘25 saving restated). (4) GMV from multi-vertical users (on talabat and instashop) divided by GMV from active users i.e. multi-vertical users + single vertical Food users + single vertical Grocery & Retail users. (5) talabat Pro GMV share is reported on a talabat-only basis (excluding instashop), reflecting the current value proposition which is applicable only on the talabat platform. The metric is calculated as the GMV generated by Pro subscribers divided by the GMV generated by talabat platform active users in the respective month. Experience(2) | # of Active Riders Our rider network has expanded to 189k, reinforcing delivery quality and strengthening the customer experience Value(3) | Partner Funded Savings Partners funded a record $404m (7.2% of GMV) in customer savings in H1 ‘26, underscoring the scale of value we unlock as partner base grows Active partners grew 14% y/y, with grocery & retail shops now accounting for nearly 1 in every 4 partners Selection(1) | Active Partners Multi-verticality(4) | GMV share Three in four dollars of GMV comes from multi-vertical customers, reflecting deeper cross-category engagement Loyalty(5) | talabat pro GMV Share More than a quarter of customers are now talabat pro subscribers driving more than 50% of the platform GMV (1.4x vs last year) Adtech | Adv revenue margin Advertising revenue margin reached 3.4% of GMV (+0.3pp y/y), continuing to scale broadly in line with platform GMV. talabat-only Jun ‘25 Jun ‘26 97k85k +14% y/y Jun ‘25 Jun ‘26 189k151k +25% y/y H1 ‘25 H1 ‘26 $404mn$311mn +30% y/y Jun ‘25 Jun ‘26 +4pp y/y growth 71% 75% Q2 ‘25 Q2 ‘26 +0.3pp y/y growth 3.1% 3.4% Jun ‘25 Jun ‘26 1.4x growth 37% 51%
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6 /Admin/PPS ADMIN FOLDER/EMEA TMT BAR team (Keep)/TMT BAR - Templates/Project Golf ELP imagesIMAGES + FORMATTING GUIDELINES: Investment update
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7 /Admin/PPS ADMIN FOLDER/EMEA TMT BAR team (Keep)/TMT BAR - Templates/Project Golf ELP imagesIMAGES + FORMATTING GUIDELINES: Brand Color Palette Use: Only for highlighting small details Highlighter Green Poppins SemiBold for Titles Poppins for content Source: Company information as of June 2026 Notes: Graph has been indexed to Dec 2025 (1)Average delivery time for talabat Mart, indexed to Dec 2025, across markets that received investment to improve speed as part of the programme announced in Q4 '25. Darkstore density drives speed which accelerates growth… 18% H1 drop Other markets Investment focus markets (announced Q4 ‘25) (1) Jun ‘26Mar ‘26 5% H1 drop Dec ‘25 Average delivery times (ADT) dropped >18% in H1 across markets where we invested in speed.. ..with early insights indicating every 1 min drop in ADT uplifts growth by 1-2pp Avg. Delivery Time | tMarts Every 1 min reduction in delivery time… 1 min 1-2pp …drives upto 1-2pp GMV growth
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8 /Admin/PPS ADMIN FOLDER/EMEA TMT BAR team (Keep)/TMT BAR - Templates/Project Golf ELP imagesIMAGES + FORMATTING GUIDELINES: Brand Color Palette Use: Only for highlighting small details Highlighter Green Poppins SemiBold for Titles Poppins for content Source: Company information as of June 2026 Notes: (1) Fixed costs is calculated as % of UAE tMart GMV. Fixed cost includes cost of leasing, store managers, all other store overheads & utilities. (2) talabat Mart CPO June 2026 year-on-year improvement for areas in the UAE that have received significant speed investment under the Q4 '25 programme against those that did not. Figures reflect Q2 exit CPOs (3) Average delivery CPO improvement for talabat Mart across areas that received no speed investment in the UAE …and reduces cost for delivery, offsetting the increased fixed costs Darkstore model operates with low fixed costs, contributing 5.7% to GMV (up 18% y/y) Shorter delivery distances, as we expand the network, allow us to significantly improve delivery cost per order Over the first half of the year, fixed costs contribution to GMV has increased by ~18% (which can easily be offset by optimisations in delivery CPO) Delivery Cost Per OrderFixed Costs (as % of GMV) ~10pp Improvement in talabat mart CPO (June ‘26 y/y) (2) Areas with speed investment Areas with no speed investment (3) In areas where we invested in store density, tMart CPO has improved ~10pp more than non-investment areas 11.1% Q4 ‘25 Fixed Costs (1) (as a % of GMV) Q2 ‘26 Fixed Costs (1) (as a % of GMV) 4.9% 5.7% ~0.8pp Cost of delivery accounts for ~15% of GMV, holding ~3x the weight of the fixed costs… …and therefore the CPO gains more than offset the fixed cost increase. 1.3%
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9 /Admin/PPS ADMIN FOLDER/EMEA TMT BAR team (Keep)/TMT BAR - Templates/Project Golf ELP imagesIMAGES + FORMATTING GUIDELINES: Financial update
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10 /Admin/PPS ADMIN FOLDER/EMEA TMT BAR team (Keep)/TMT BAR - Templates/Project Golf ELP imagesIMAGES + FORMATTING GUIDELINES: Brand Color Palette Use: Only for highlighting small details Highlighter Green Poppins SemiBold for Titles Poppins for content 25.3% Source: Company information as of June 2026, including instashop Note: (1) Year-on-year growth at constant currency Continued top-line growth momentum talabat + instashop GMV (USD million) Continued GMV growth momentum Driven by a growing customer base and resilient order frequency across an expanding multi-vertical platform. Growth of 11% reflects an unwind of the favourable Eid calendar shift in Q1’26 versus the prior year; on a comparable basis, underlying GMV growth was approximately 15%. Revenue growth outpaced GMV Increasing GMV-to-revenue take rate reflects higher share of own-grocery (talabat mart) revenue and improved adtech margins, partially offset by lower commission rates (due to higher G&R share of GMV in the product-mix) and increased incentives to support customer acquisition and retention. % of GMV 37.5% 39.1% Q2 ‘25 Q2 ‘26 981 1,141 Q2 ‘25 Q2 ‘26 2,916 +11% y/y +12% y/y (1) +16% y/y +17% y/y (1) 2,617 Revenue (USD million)
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11 /Admin/PPS ADMIN FOLDER/EMEA TMT BAR team (Keep)/TMT BAR - Templates/Project Golf ELP imagesIMAGES + FORMATTING GUIDELINES: Brand Color Palette Use: Only for highlighting small details Highlighter Green Poppins SemiBold for Titles Poppins for content 25.3% Resilient profitability whilst driving strategic investments talabat + instashop Stable non-operating cost margins Lower net income margins reflected the impact of our investments on Adj. EBITDA, whilst non-operating costs (e.g. depreciation) increased but remained stable as a percentage of GMV Margin compression reflects investments Almost entirely at the Gross Profit level, margins reflected three planned drivers: product-mix shift to G&R, investment to defend food delivery leadership and strategic investment in the “everyday app” ecosystem, all in line with the Board-approved plan. 6.4% Strong underlying cash generation FCF conversion exceeded 100%, reflecting healthy operating cash generation. The year-on-year decline was due to base effects, with an exceptionally elevated Q2’25 due to favourable timing for net working capital. 5.0%% of GMV 4.6% 3.4% 10.5% 5.6% Q2 ‘25 Q2 ‘26 -13% y/y 147168 Q2 ‘25 Q2 ‘26 -18% y/y 121 100 Q2 ‘25 Q2 ‘26 -41% y/y 275 162 % of GMV % of GMV Adj. EBITDA (USD million) Net Income (USD million) Free Cash Flow (USD million) Source: Company information as of June 2026, including instashop
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12 /Admin/PPS ADMIN FOLDER/EMEA TMT BAR team (Keep)/TMT BAR - Templates/Project Golf ELP imagesIMAGES + FORMATTING GUIDELINES: Brand Color Palette Use: Only for highlighting small details Highlighter Green Poppins SemiBold for Titles Poppins for content 25.3% Investments on track to strengthen leadership and build the “everyday app” 6.0% Strengthen our Food leadership Invest in building “everyday app” Product-mix shift to G&R Adj. EBITDA margin (Q4’25) Adj. EBITDA margin (Q2 ‘26) (0.0%) (0.3%) (0.7%) 5.0% FY’26 total investments of USD 175mn(1) with -1.4pp Adj. EBITDA margin impact (on original GMV guide) 1. Strengthening Food leadership ○ Stronger demand and less aggressive competition driving outperformance without need to fully deploy planned margin investments in marketing and pricing 2. Building the everyday app ecosystem ○ Capex deployment for increased dark store network density saw a “catch-up” in Q2’26 following delays in Q1’26 due to Ramadan and the ME conflict. ○ Catch-up and tpro meant opex impact on margin matched plan despite higher GMV. Note that there were no mix-shift changes in Q2’26 vs. the exit quarter of Q4’25 (shift to G&R in Q1’26 was unwound in Q2’26). Mix-shift changes not considered explicit ‘investments’ FY ’26 planned margin investments (1) (0.2%) (0.5%) (0.7%) 4.6% Q2’26 actual margin investments Note: (1) Board-approved investment budget disclosed as part of Q4 & FY’25 results (13 February 2026). Overall incremental investments budgeted included USD 55mn in marketing/pricing spend for the Food vertical (or 0.5pp of original GMV guide) and strategic investments USD 120 million earmarked for 2026 to 1) scale grocery integrated vertical (talabat mart), 2) enhance the loyalty subscription programme (talabat pro) and 3) new ventures. Strategic investments budgeted include USD 75mn in opex (or 0.7pp of original GMV guide) and USD 45mn in capex and lease expenses. Key comments
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13 /Admin/PPS ADMIN FOLDER/EMEA TMT BAR team (Keep)/TMT BAR - Templates/Project Golf ELP imagesIMAGES + FORMATTING GUIDELINES: Outlook
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14 /Admin/PPS ADMIN FOLDER/EMEA TMT BAR team (Keep)/TMT BAR - Templates/Project Golf ELP imagesIMAGES + FORMATTING GUIDELINES: Brand Color Palette Use: Only for highlighting small details Highlighter Green Poppins SemiBold for Titles Poppins for content Full year 2026 guidance Source: Company information as of June 2026, including instashop Notes: (1) Growth rates based on pro-forma FY’25 results including talabat + 12 months of instashop (2) To enhance financial disclosure, talabat is aligning its external and internal reporting and as a result will only report IFRS revenue from 2026 onwards. In FY 2025, IFRS Revenue for talabat + 12m instashop amounted to USD 3,870 million. (5) Dividend payout ratio is unchanged but implied absolute amounts have been updated to reflect new net income guidance Performance measure Original (13 Feb’26) Actual H1’26 Revised at Q2 (12 Aug’26) GMV growth (1) (y/y at constant currency) 11-14% USD 11.2-11.5bn 13-15% USD 11.4-11.6bn Revenue growth (1) (y/y at constant currency) 14-17% USD 4.4-4.5bn 16-18% USD 4.5-4.6bn Adj. EBITDA (margin, % of GMV) USD 510-540mn 4.4%-4.8% USD 535-565mn 4.6%-5.0% Net income (margin, % of GMV) USD 280-310mn 2.4%-2.8% USD 325-355mn 2.8%-3.1% Free Cash Flow (margin, % of GMV) USD 370-400mn 3.2%-3.6% USD 400-430mn 3.5%-3.8% Dividends 90% of net income USD 252-279mn 90% of net income USD 293-320mn(3) talabat + instashop 15% USD 5.6bn 19% USD 2.2bn USD 277mn 4.9% USD 186mn 3.3% USD 266mn 4.8% Revised at Q1 (12 May’26) 11-14% (reaffirmed) 14-17% (reaffirmed) USD 510-540mn (reaffirmed) USD 300-330mn 2.6%-2.9% USD 370-400mn (reaffirmed) 90% of net income USD 270-297mn(3) LINK
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15 /Admin/PPS ADMIN FOLDER/EMEA TMT BAR team (Keep)/TMT BAR - Templates/Project Golf ELP imagesIMAGES + FORMATTING GUIDELINES: Q&A
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16 /Admin/PPS ADMIN FOLDER/EMEA TMT BAR team (Keep)/TMT BAR - Templates/Project Golf ELP imagesIMAGES + FORMATTING GUIDELINES: Brand Color Palette Use: Only for highlighting small details Highlighter Green Poppins SemiBold for Titles Poppins for content Q3. Does the topline outperformance alter the 2026 strategic investments envelope? Topline outperformance is not being reinvested and we remain committed to our disciplined investment program. The outperformance instead flows entirely to margins and profitability. ● Capex (dark-stores network and associated supply chain expansion) remains on track with Q2’26 activity offsetting Q1’26 delays (due to Ramadan / ME conflict). That spend is independent of topline performance and remains matched with our ability to execute the expansion. ● Opex for strategic investments (dark store running costs and retail margins, talabat pro loyalty programme and new ventures) is also unchanged to reflect sustainable investment levels that will reap future benefits. ● Incremental Food vertical investments this year are running slightly behind plan due to lower-than-anticipated competition in our main market. Q4. Free cash flow appears to be declining despite consistently high conversion rates. What is driving this? Our cash generation is healthy. The year-on-year decline is entirely driven by last year's numbers, not a change in the business. In Q2’25, FCF was temporarily elevated significantly above its natural run-rate due an extended Eid holiday period that fell across our Q1’25 cut-off creating a one-time cash collection in Q2’25. That gave us an unusually high USD 275mn base to compare against. Stripping that out, our underlying cash conversion is strong and on track. We remain confident in our full-year FCF guidance of USD 400–430mn. [Q&As continue on the next page] Revised guidance Q1. What are the reasons for revising guidance upwards (topline, profitability, and free cash flow)? Continued positive structural trends allow us to confidently increase guidance: ● Topline (GMV and revenue): Order volumes and customer acquisition exceeded plans with higher multi-vertical penetration and talabat pro adoption leading to increased engagement across the platform and validating our “everyday app” strategy. ● Profitability (Adj. EBITDA / net income): Strategic investments to accelerate talabat's transition from a multi-vertical food-delivery platform to the region's everyday app remain on budget. These investments deepen our moat against competition in Grocery & Retail in the medium-term. We spent less on marketing and pricing than planned, while strengthening our food leadership position in key competitive markets. ● Cash flow (FCF): Reflects the Adj. EBITDA beat, with stable capex and lease payments versus plan. Q2. Q2'26 GMV grew 12% y/y, how much of that is seasonal/timing (Eid shift, conflict-driven eat-at-home demand)? The Eid calendar shift skewed growth between quarters, with Q1’26 at +18% cFX and Q2’26 at +12% cFX. Normalised growth, however, was consistent at ~15% for each quarters, consistent with H1’26 as a whole. 25.3%
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17 /Admin/PPS ADMIN FOLDER/EMEA TMT BAR team (Keep)/TMT BAR - Templates/Project Golf ELP imagesIMAGES + FORMATTING GUIDELINES: Brand Color Palette Use: Only for highlighting small details Highlighter Green Poppins SemiBold for Titles Poppins for content Investment programme Q1. Can you remind us of the investment programme announced? With the Q4 & FY'25 results, we announced on 13 February 2026 a USD 175 million programme approved by the Board. The programme is fully funded by internal cash and structured across two buckets: ● ~USD 55mn to strengthen Food leadership (~0.5pp of GMV): marketing and pricing to defend/rebuild share against discount-led competition. This excludes the effects of a product-mix shift toward Grocery & Retail (~USD 25mn or 0.2pp of GMV). ● ~USD 120mn for strategic investments to build the everyday app (~USD 75mn opex + ~USD 45mn capex): scaling talabat mart density and supply chain, expanding talabat pro's benefits, and new retail/adjacent services. With increasingly sophisticated customer behavior, it has become strategically necessary to execute investments that drive frequency, basket size, and retention through a further improved consumer value proposition (selection, experience, value), an expanded a multi-vertical ecosystem and greater economies of scale. Q2. Where do we stand on the everyday app investment programme, how much has been deployed through Q2? We are on target executing our everyday investments in Q2’26, with opex spend tracking 0.7% of GMV. Capex spending is also on track. Combined H1’26 opex and capex spend reached ~USD 58mn. Q3. Given the stronger GMV performance, is there any plan to increase the strategic investments envelope? See previous answer on slide 16. Our investment plans are sufficient to meet our 2026 objectives building the everyday app. Investment levels also balance execution capacity with sustainable margins. We may choose to increase capex investments if execution and free cash flow run ahead of plans. 25.3% Q4. Does revised guidance reflect recent regulatory changes? Our guidance conservatively accounts for recent regulatory shifts. We assume business as usual for Qatar and the UAE, with no benefits factored in. For Kuwait, the guidance reflects the anticipated negative impact of new regulations. There have been three distinct regulatory developments rather than a single regional trend: a transparency code in Qatar, the foundations for competition-law enforcement in the UAE and price controls in Kuwait. ● Qatar: The 27 April 2026 "Guideline for Delivery Activities and Services via Digital Platforms and Applications" issued by the MOCI(1) addresses conduct and transparency rather than pricing: platforms must disclose all fees and commissions in merchant agreements, prohibits hidden charges and promotional pricing must be genuine and honoured as advertised. ● Kuwait: Ministerial Decision No. 109 (effective 1 September 2026) issued by the MOCI imposes strict caps on platform fees (17% of order value when the platform handles delivery, 10% when the merchant self-delivers). Platform fees include commission, advertising, promotional placement and delivery fees combined. The delivery fee charged to consumers is separately capped at KD 1 per order. The scope of the regulation is widened from food delivery only to include every intermediary delivery platform. ● UAE: Cabinet Decision No. 59 (published 20 April 2026 and effective 20 July 2026, three months later), operationalises the 2023 Competition Law. It aims to promote fair and effective competition across UAE markets and prevent anti-competitive and monopolistic practices. On predatory pricing, the regulation introduces a cost-based test using average variable cost and total cost, under which pricing below average variable or marginal cost may be presumed predatory. A finding of dominance is now also delinked from market share alone. UAE merger control also becomes both mandatory and suspensory, and includes consultative third-party participation rights and a structured review cycle. (1) Qatari or Kuwaiti Ministry of Commerce and Industry, as applicable
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18 /Admin/PPS ADMIN FOLDER/EMEA TMT BAR team (Keep)/TMT BAR - Templates/Project Golf ELP imagesIMAGES + FORMATTING GUIDELINES: Brand Color Palette Use: Only for highlighting small details Highlighter Green Poppins SemiBold for Titles Poppins for content Share buybacks Q1. What's the progress on the SBB to date, and does the stronger cash position change pace or size? The programme, approved by shareholders on 13 April 2026, began 18 May 2026. As of 12 August 2026, we have repurchased 108.1 million shares (0.46% of the 5% ceiling authorized through 13 April 2028) at an average price of AED 1.182/share and total cost of ~USD 35mn. Given our H1'26 FCF of USD 266mn, this is a modest and sustainable pace. We expect to resume repurchases on 17 August 2026 after the results-related closed period and we do not plan to increase the pace of these buybacks. Q2. Does the recent share price increase change your appetite to keep buying, or is the programme independent of near-term price moves? We continue to view our current share price as not reflecting the Company's long term value. Of course, we have a greater appetite to buy at lower prices but the mandate is a two-year envelope precisely so it isn't tied to a single price point. We continue to benchmark our execution of our share buyback programme against a self-imposed cap of 25% of average daily volume, in line with global market practices and with daily repurchase disclosures. Q3. Can you explain again your dividend policy and timeline? We distribute 90% of reported net income via two semi-annual installments: 1) interim (H1 performance) dividends paid in October based on Board authority and 2) final (H2) dividends approved at the AGM (March/April) and paid shortly thereafter (April/May). Dividend payment track record: Q4'24 following the IPO: USD 110mn (paid May 2025). FY'25: USD 421mn total (H1: USD 202mn, paid Oct 2025; H2: USD 219mn, paid May 2026). FY'26: Interim dividend (based on ~USD 186mn H1'26 net income) is scheduled for October 2026. 25.3% Uber acquisition offer for Delivery Hero Q1. What does Uber’s proposed acquisition of Delivery Hero mean for talabat? Delivery Hero is talabat's majority shareholder. If the transaction completes, Uber will increase its indirect shareholding in talabat and likely become our new majority shareholder. Until then, talabat’s Board, governance, operations, strategy and leadership are expected to remain materially unchanged. All future corporate actions will continue to follow established regulatory and governance processes. Q2. When is the transaction expected to close? Based on disclosures by both Uber and Delivery Hero, the expected timeline for the transaction’s closure is the second half of 2027, subject to regulatory approvals and the minimum tender threshold(1). Q3. Would Uber’s acquisition of Delivery Hero trigger a mandatory tender offer (“MTO”) for the minority shareholders of talabat? Uber does not currently hold any direct interest in talabat. Through its stake in Delivery Hero, its indirect interest in talabat would increase materially following a successful acquisition, to at least 40% and potentially well beyond that. Whether that triggers a mandatory offer for talabat's minority shareholders is a question to be decided by the relevant regulators. talabat is a publicly listed entity incorporated in the UAE’s ADGM (a common-law free zone) and subject to the ADGM Rules. This includes the ADGM Takeover Regulations, which are modelled on but not identical to the UK Takeover Code. Following the UAE’s capital markets reform of 1 January 2026, we are also assessing the extent to which the federal regime would also apply. Both frameworks, as they currently stand, are reasonably clear that a direct acquisition crossing 30%, or further increases while already holding a stake in the 30-50% range, can trigger a mandatory offer. Neither is as clear on an indirect, upstream acquisition of a parent company, as is the structure here. (1) 50%+1 share acceptance condition. Uber has previously disclosed that following Prosus’s irrevocably commitment to tender their shares in Delivery Hero, Uber’s total economic interest is ~53%
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19 /Admin/PPS ADMIN FOLDER/EMEA TMT BAR team (Keep)/TMT BAR - Templates/Project Golf ELP imagesIMAGES + FORMATTING GUIDELINES: Appendix
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20 /Admin/PPS ADMIN FOLDER/EMEA TMT BAR team (Keep)/TMT BAR - Templates/Project Golf ELP imagesIMAGES + FORMATTING GUIDELINES: Brand Color Palette Use: Only for highlighting small details Highlighter Green Poppins SemiBold for Titles Poppins for content 25.3% H1’26 vs Q4’25 base: Investments on track to strengthen leadership and build the “everyday app” 6.0% Strengthen our Food leadership Invest in building “everyday app” Product-mix shift to G&R Adj. EBITDA margin (Q4’25) Adj. EBITDA margin (Q2 ‘26) (0.1%) (0.4%) (0.6%) 4.9% FY ’26 planned margin investments (1) (0.2%) (0.5%) (0.7%) 4.6% H1’26 actual margin investments Note: (1) Board-approved investment budget disclosed as part of Q4 & FY’25 results (13 February 2026) Key comments FY’26 budget of USD 175mn(1) or -1.4pp Adj. EBITDA margin compression (on original GMV guidance) 1. Strengthening Food leadership ○ Stronger demand and less aggressive competition driving outperformance without need to fully deploy planned margin investments in marketing and pricing 2. Building the everyday app ecosystem ○ Capex deployment for increased dark store network density tracking behind plan due to increased GMV growth Note that mix-shift changes are not considered explicit ‘investments’ within the programme
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21 /Admin/PPS ADMIN FOLDER/EMEA TMT BAR team (Keep)/TMT BAR - Templates/Project Golf ELP imagesIMAGES + FORMATTING GUIDELINES: Brand Color Palette Use: Only for highlighting small details Highlighter Green Poppins SemiBold for Titles Poppins for content 25.3% GMV by quarter (USD bn) | Eid shifted growth from Q2 into Q1 Source: Company information as of June 2026, including instashop Notes: GMV growth shown y/y at constant currency (cFX). (1)Adjusting for the differing timing of Eid al-Fitr, normalized Q1 2026 GMV growth was approximately 2-3pp lower at 15-16% y/y and Q2 2026 GMV growth was 2-3pp higher at 14-15% , in line with H1 2026 growth of 15% y/y. H1 2026 GMV growth, y/y at constant currency 15% 15% 21 Consistent H1 growth of 15% y/y, despite an Eid-driven swing between quarters Normalized Q2 2026 GMV growth, once adjusted for the Eid al-Fitr calendar shift between 2025 and 2026. Q1 ‘25 Q1 ‘26(1) Q2 ’25 Q2 ‘26(1) H1 ‘25 H1 ‘26 2.3 2.7 2.6 2.9 4.9 5.6 +18% y/y +12% y/y +15% y/y Eid al-Fitr period
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22 /Admin/PPS ADMIN FOLDER/EMEA TMT BAR team (Keep)/TMT BAR - Templates/Project Golf ELP imagesIMAGES + FORMATTING GUIDELINES: Brand Color Palette Use: Only for highlighting small details Highlighter Green Poppins SemiBold for Titles Poppins for content H1’26 vs H1’25 view 25.3% GMV Adj. EBITDA Adj. Net Income FCF talabat + instashop Note: (1) Comparative financials include fully-loaded instashop performance. (2) Year-on-year growth at constant currency H1 ‘25 H1 ‘26 +15% y/y 5,6014,874 H1 ‘25 H1 ‘26 277311 H1 ‘25 H1 ‘26 179219 H1 ‘25 H1 ‘26 266373 -18% y/y -29% y/y -11% y/y 6.4% 4.9%% of GMV 7.6% 4.8%% of GMV4.5% 3.2%% of GMV
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23 /Admin/PPS ADMIN FOLDER/EMEA TMT BAR team (Keep)/TMT BAR - Templates/Project Golf ELP imagesIMAGES + FORMATTING GUIDELINES: Brand Color Palette Use: Only for highlighting small details Highlighter Green Poppins SemiBold for Titles Poppins for content Alternative Performance Measure Definition Gross Merchandise Value (“GMV”) The total value paid by customers for goods sold through the platform (including VAT, delivery fees, other fees and subsidies but excluding subscription fees, tips to the riders and delivery-as-a-service fees). Revenue Revenue in accordance with IFRS 15, excluding the effect of vouchers, discounts and other reconciliation effects. Adjusted EBITDA (“AEBITDA”) Earnings from continuing operations before income taxes, financial result, depreciation and amortisation according to management reporting, and non-operating earnings effects. Non-operating earnings effects comprise, in particular (i) expenses for share-based compensation, (ii) expenses for services related to corporate transactions, financing measures and certain legal matters, (iii) expenses for reorganisation measures and (iv) other non-operating expenses, and income, especially the result from disposal of tangible and intangible assets, the result from sale and abandonment of subsidiaries, impairments of goodwill, allowances for other receivables, and non-income taxes. Constant currency Constant currency provides an indication of the business performance by removing the impact of foreign exchange rate movements. Monthly Active Customers Individuals who have placed at least one successful order through the talabat platform within the full calendar month specified Average Order Frequency The average number of orders placed per Monthly Active Customer within the specified calendar month. AdTech or advertising Refers to non-commission based revenues (NCR). Free Cash Flow (“FCF”) Cash flow from operating activities as stated in the IFRS Cash Flow statement less net capital expenditures, and payment of lease liabilities. Free Cash Flow excludes interest paid or received. Average Order Value (“AOV”) Revenue (net of discounts) divided by the number of orders talabat regularly uses alternative performance measures which are relevant to enhance the understanding of the financial performance and financial position of the Company. These measures may not be comparable to similar measures used by other companies; they are neither measurements under IFRS nor any other body of generally accepted accounting principles and thus should not be considered as substitutes for the information contained in the Company’s financial statements. Alternative Performance Measures (“APMs”)
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24 /Admin/PPS ADMIN FOLDER/EMEA TMT BAR team (Keep)/TMT BAR - Templates/Project Golf ELP imagesIMAGES + FORMATTING GUIDELINES: Brand Color Palette Use: Only for highlighting small details Highlighter Green Poppins SemiBold for Titles Poppins for content Disclaimer The information contained in this presentation (the “Presentation”) represents a summary of the financial statements for the three-month period ended 30 June 2026 (the “Q2 2026 Financial Statements”) of Talabat Holding plc (“talabat” or the “Company”). This presentation does not purport to contain all of the information that you may wish to consider in making any investment decision and should not be relied upon in substitution for a review of the auditor-reviewed financial statements for the same period (the “Reviewed Q2 2025 Financial Statements”) or the exercise of independent judgment. talabat uses alternative performance measures (“APM”s) which are relevant to enhance the understanding of the financial performance and financial position of the Company, which are neither measurements under IFRS nor any other body of generally accepted accounting principles and thus should not be considered as substitutes for the information contained in the Company’s financial statements. These APMs may not be comparable to similarly titled measures presented by other companies and are subject to change without notice. A summary of these APMs can be found at the end of this presentation. Any statements in this Presentation attributable to third party industry experts represent talabat’s interpretation of data, research opinion or viewpoints published by such industry experts, and have not been reviewed by them. Each publication of such industry experts speaks as of its original publication date and not as of the date of this document. Neither this presentation nor anything contained herein constitutes a financial promotion of securities for sale in any jurisdiction. This presentation is also not intended to constitute investment, legal, tax or other professional advice. Recipients should consult their own professional advisers before making any investment decisions. Cautionary statement regarding forward-looking statements This presentation contains certain forward-looking statements with respect to the Company. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as "anticipate", "target", "expect", "estimate", "intend", "plan", "will", "goal", "believe", "aim", "may", "would", "could" or "should" or other words of similar meaning or the negative thereof. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. The Company does not accept any responsibility for the accuracy or fairness of forward-looking statements and expressly disclaims any obligation to update any such forward looking statement, except as required pursuant to applicable law and regulation. Many of the risks and uncertainties relating to forward-looking statements are beyond the Company’s ability to control or estimate precisely, such as future market conditions and the behaviours of other market participants, and therefore undue reliance should not be placed on such statements. For further information regarding the Company's risk factors, please refer to the International Offering Memorandum used as part of the Company’s initial public offering in 2024, available on its corporate website or using the link. The amount and payment of dividends by the Company is subject to consideration by the Board of Directors of the cash management requirements of the Company for operating expenses, interest expense, any anticipated capital expenditures, market conditions, the then current operating environment in its markets, and the Board of Directors’ outlook for the business of the Company. In addition, any level or payment of dividends will depend on, among other things, future profits and the business plan of the Company, as determined at the discretion of the Board of Directors. Rounding Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
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25 /Admin/PPS ADMIN FOLDER/EMEA TMT BAR team (Keep)/TMT BAR - Templates/Project Golf ELP imagesIMAGES + FORMATTING GUIDELINES: ir@talabat.com Thank you!