We successfully navigated one of the most challenging operating environments in Jahez’s history, particularly within our core Saudi market. Elevated promotional intensity and delivery pricing pressure across the industry continued to weigh on volumes; however, we remained firmly focused on disciplined execution, unit economics and capital efficiency. While competitors increased spending at the expense of profitability, we successfully maintained profitability and defended our core customer base, reinforcing the resilience of our business model and the strength of our integrated ecosystem.
The year also marked continued progress in executing our multivertical and regional expansion strategy. Through targeted partnerships, organic growth across non-KSA platforms and the acquisition of Snoonu, we expanded our addressable market and strengthened Jahez Group’s position as a leading on-demand services ecosystem in the region.
We also strengthened our governance and operational resilience, becoming the first company in Saudi Arabia to receive ISO 27001 certification, reinforcing our commitment to data security, risk management and operational excellence.
Delivering resilient financial performance
Jahez overcame heightened competition to deliver a solid financial performance in 2025, underpinned by disciplined cost management, a focus on high-value customers and continued momentum in non-KSA markets and expanding contributions from new revenue streams. Net revenue reached & 2.32 billion, representing 4.7% YoY growth, supported by continued momentum in non-KSA markets and expanding contributions from new revenue streams. Gross order value (GOV) amounted to & 9.26 billion, while Gross merchandise value (GMV) reached & 7.25 billion during the year.
Total orders delivered reached 111.6 million. While volumes slightly declined in core market, this was partially offset by growth in non-KSA platforms and improved customer engagement across grocery and retail verticals. Average order value (AOV) increased to & 64.9, driven by successful bundling initiatives, higher-value merchant mix, and increased penetration of grocery orders. Our take rate improved to 15.4%, supported by optimized merchant mix and higher monetization per order through commissions and advertising.
Through targeted partnerships, organic growth across non-KSA platforms and the acquisition of Snoonu, we expanded our addressable market and strengthened Jahez Group’s position as a leading on-demand services ecosystem in the region.
Profitability supported by cost and execution discipline
While competitive dynamics in KSA resulted in increased promotional and marketing expenditure during the year, we maintained profitability through disciplined cost management and a clear focus on retaining high-value customers with strong unit economics. Adjusted EBITDA for the year amounted to & 193 million, with an adjusted EBITDA margin of 8.3%. Net profit attributable to the shareholders of the parent company reached & 73.0 million, while earnings per share stood at & 0.36.
Gross profit margin remained resilient at 22.8%, supported by delivery cost optimization, increased utilization of our in-house logistics fleet, and improved cost per order in non-KSA markets. Operating expenses increased 26.1% YoY, reflecting higher marketing investment and integration-related costs, while remaining closely managed relative to revenue.
Focus on unit economics
Operational efficiency remained a key focus area throughout 2025. On a per-order basis, we maintained high contribution margin level in KSA platforms with gross profit margin exceeding 25.8%, driven by higher commission and advertising revenue per order, offsetting lower delivery revenue while improving delivery efficiency and better utilizing our in-house fleet. Non-KSA platforms in particular recorded material improvements in unit economics, moving closer to sustainable profitability.
Capital discipline and balance sheet strength
Capital expenditure in 2025 totaled & 88.2 million, primarily related to technology investments and logistics infrastructure. We maintained a disciplined approach to capital allocation, prioritizing investments with clear return profiles and strategic relevance.
We continued to generate positive operating cash flow of & 99.8 million. Jahez Group ended the year with cash and cash equivalents of & 428.4 million, providing strong liquidity to support ongoing operations and strategic initiatives. The balance sheet reflects the impact of the Snoonu acquisition completed during the year, with no material change in our overall leverage profile.
In addition to the Snoonu acquisition, we executed targeted strategic investments in 2025 to expand our grocery and retail offering in a capital-efficient manner. We entered into a commission-based partnership with noon to scale grocery operations with zero capital expenditure and immediate profitability. The partnership is highly complementary, with Jahez focused on food delivery and noon providing grocery fulfillment, supported by minimal user overlap and strong unit economics.
Jahez Group ended the year with cash and cash equivalents of $ 428.4 million, providing strong liquidity to support ongoing operations and strategic initiatives.
In parallel, we made a & 25 million cash investment in Doos through a SAFE instrument converting to equity, providing minority ownership and strategic exposure to dark store operations. This investment enhances our long-term optionality in quick Q-commerce and complements both our marketplace grocery model and the Noon partnership.
Strategic expansion through the Snoonu acquisition
In 2025, we completed the acquisition of a 76.56% stake in Snoonu for a total consideration of $ 245 million, marking a significant milestone in our regional expansion strategy. The transaction was completed in October 2025, with Snoonu’s financial performance consolidated from the fourth quarter of the year.
The acquisition provides Jahez with entry into the Qatari market and adds a scaled, multi-vertical platform with strong brand recognition and high user engagement. Snoonu delivered a strong FY 2025, with GMV growing 66% YoY to & 2.3 billion and total gross revenue expanding 72% to &904.8 million , underpinned by rapid user and engagement growth.
Strategically, Snoonu aligns closely with our operating model and customer-first culture. Its multi-vertical offering, technology capabilities and experienced local team provide a strong foundation for future growth. Looking ahead, we expect Snoonu to contribute meaningfully to Group GMV and profitability, supported by technology integration, marketing efficiencies and expansion across grocery and retail verticals.
Performance across our platforms and verticals
KSA delivery platforms Our KSA delivery platforms remained the Group’s largest contributor to revenue and profitability in 2025. While order volumes moderated amid intense market-wide promotional activity, we maintained profitability through disciplined execution and a continued focus on high-value customers. GMV for the KSA platforms maintained at & 5.8 billion, while total orders delivered amounted to 88.6 million during the year. AOV increased to & 65.1, reflecting successful bundling initiatives, optimized merchant mix and higher contribution from grocery and retail orders.
Gross revenue from the KSA platforms reached & 1,924.1 million, with lower delivery revenues partially offset by higher commission and advertising revenue per order. Adjusted EBITDA for the KSA platforms amounted to & 208.8 million, representing an adjusted EBITDA margin of 11.9%, as we continued to balance competitive pricing with cost optimization and operational efficiency.
Non-KSA delivery platforms: Our non-KSA delivery platforms delivered strong growth in 2025, supported by improved execution, targeted marketing, and continued expansion across key markets. GMV increased to & 1,377.7 million, representing 96.9% YoY growth, while total orders delivered reached 21.8 million. Growth was supported by the impact of Snoonu acquisition, which was consolidated from Q4 2025 and increased the scale of the international portfolio driven by improved customer acquisition, increased order frequency, and continued optimization of the merchant mix.
AOV for non-KSA platforms increased to & 63.3. Gross revenue reached & 496.9 million, while improved unit economics and delivery cost optimization contributed to a material improvement in profitability. Adjusted EBITDA for non-KSA platforms improved to & -14.4 million, reflecting continued progress toward sustainable profitability and reduced losses compared to the prior year.
Logistics services (Logi) Logi continued to play a central role in supporting Group profitability and operational efficiency in 2025. The logistics platform fulfilled 35% of total Jahez orders during the year, supported by a fleet of 4,000 drivers. This scale enabled us to reduce delivery costs per order and improve service reliability, despite regulatory constraints affecting driver availability.
Logi generated net revenue of & 428.8 million during the year and delivered positive adjusted EBITDA of & 24.3 million, representing an adjusted EBITDA margin of 5.7%. Continued improvements in fleet utilization, pricing negotiations and route optimization supported improved unit economics and reinforced Logi’s strategic importance within the Group’s integrated ecosystem.
Other segment (Co, Marn, Sol, Red Color, and other subsidiaries) The Other Activities segment, which includes Co, Marn, Sol and Red Color investments, as well as other subsidiaries, continued to scale in 2025, delivering strong growth while adding value to Jahez Group merchants. Net revenue grew 48.4% to & 108.0 million, driven by the expansion of merchant enablement offerings and subsidiary contributions. Adjusted EBITDA losses widened to & -25.7 million, while net loss increased to -95.0& million from & -37.5 million in FY 2024. The YoY decline was primarily driven by a significant increase in expected credit losses (ECL), which rose to & 29.4 million in FY 2025 from & 0.5 million in the prior year. Additionally, the Group recognized a goodwill impairment on Marn of & 11.8 million and higher losses in its Red Color portfolio due to fair value declines recorded during the period. While this segment remains in an investment phase, the Group views these activities as critical building blocks of its broader ecosystem strategy, enabling a wider service offering for merchants and endusers alike.
Expanding and diversifying revenue streams
We continued to diversify our revenue base in 2025, reducing reliance on traditional delivery commissions and expanding valueadded services across the ecosystem. Commission revenues are the primary contributor to gross revenue, while the Group’s new verticals sales of goods and services doubled YoY, and advertising revenues increased 17.5% YoY, driven by new ads product rollouts and geographic and customer segmentation, with strong merchant adoption.
Outlook and priorities for 2026
Looking ahead to 2026, we remain focused on building on the foundations established in 2025. Our priorities include expanding our multivertical offering, driving higher user frequency across regional platforms and unlocking synergies from the Snoonu acquisition as part of a broader strategy to make it the Group’s primary platform for international markets’ operations and expansion.
We will continue to prioritize disciplined capital allocation, operational efficiency, monetization and customer lifetime value while selectively investing in growth opportunities that strengthen our unified ecosystem and support long-term shareholder value creation.