2025-12-01 00:49Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the food delivery industry in the EMEA region, particularly in relation to Meituan's Q3 results and its implications for competitors like Delivery Hero, talabat, Jahez, and Prosus in Latin America and MENA regions [1][2]. Company Insights 1. Meituan's International Expansion - Meituan is actively expanding its operations in the GCC and Brazil, competing with local players such as Delivery Hero and Jahez in Saudi Arabia, and talabat in Qatar and Kuwait. The company launched pilot operations in Brazil in October 2025 [2][3]. - The company sees significant growth potential in food delivery penetration in the GCC and Brazil, where platforms like WhatsApp are commonly used for food orders [2][3]. 2. Financial Performance - Meituan reported an adjusted EBITDA of $(2.1) billion in Q3 2025, a significant decline from +$2.1 billion in Q3 2024, indicating intensified competition and operational challenges [10][8]. - The New Initiatives segment, which includes grocery retail and overseas expansion, showed a narrowing of operating losses quarter-over-quarter, although the exact financial split remains unclear [3][8]. 3. Market Position and User Data - In Saudi Arabia, Meituan has become the second-largest player by user count, with Jahez experiencing a decline in users year-over-year [4][9]. - In the UAE, Meituan is gaining traction, although it is still in the early stages of its launch. In Kuwait, Jahez has been negatively impacted, while talabat's daily active users (DAUs) have increased year-over-year [4][12][19]. 4. Competitive Landscape - The competition in the food delivery sector is described as "irrational," with Meituan suggesting that the competition may have peaked in Q3 2025 [10]. - The sentiment in the EMEA food delivery market remains weak, influenced by the competitive dynamics in China and the performance of global food delivery companies [10]. Additional Insights - Keeta, a grocery delivery service under Meituan, achieved profitability in Hong Kong after 29 months of operation, following the exit of Deliveroo from that market [3]. - Regulatory challenges in Qatar affected talabat, which faced a temporary ban in September 2025, impacting its user base [4][28]. Conclusion - Meituan's aggressive expansion strategy in the EMEA region presents both opportunities and challenges, with significant competition from established players. The financial performance indicates a need for improved operational efficiency and market positioning to navigate the competitive landscape effectively.