Gourmet Egypt.com Food Company - S.A.E. ("Gourmet" or   " GE "   Or “the Company” ( a leading luxury retailer of food products, announced its intention to proceed with an initial public offering ( “ IPO ” or “ the offering ” ) of its shares on the Egyptian Exchange (“ EGX ”).

The offering is expected to consist of a secondary sale of up to 190,516,824 ordinary shares,   47.6% of the company’s issued share capital is represented by B Investments Holding Company LLC (“B Investments”), represented by Basem Abu Ghazaleh, Jalal Abu Ghazaleh, Dima Abu Ghazaleh, and Amjad Sultan (collectively referred to as the “ Selling Shareholders ” with B Investments), while B Investments will retain a 40% stake, reflecting its confidence in the company’s business and future growth prospects.

The offering will include (i) a private placement tranche for qualified investors in Egypt (“Private Offering”) and (ii) a public offering tranche for the general public in Egypt (“Public Offering”) (collectively referred to as the “ Combined Offering ” ). Details of the Combined Offering are set out in the “Offering Details” section below .

Both the private placement and the public offering will be offered at the same share price ( “ the offering price ” ) . The offering price will be determined through the book-building process.

Gourmet is currently working to obtain the necessary approvals related to the offering, including approval of the offering prospectus (“PSN”) and any other approvals from the Financial Regulatory Authority (“FRA”) and the Egyptian Exchange.   The combined offering is expected to be completed and trading to commence in February 2026, subject to obtaining the necessary approvals and prevailing market conditions .

Commenting on the offering, Michael Wright, Chairman of the Board, stated : “The Gourmet IPO is a pivotal moment in the company’s journey and paves the way for future growth. We remain committed to enhancing the market value of the Gourmet brand by continuing to deliver on our promise of excellence and quality. As we look ahead, we are focused on expanding our business while maintaining the core principles that define the Gourmet brand — innovation, authenticity, and customer care.”

About Gourmet

Gourmet was founded by the Abu Ghazaleh family in 2006, and in 2008 the company began operating in the retail sector, marking a turning point that transformed it into a leading luxury retailer in Egypt. With a strong commitment to quality, Gourmet has developed its retail network and diversified its product range to include a wide selection of food and beverages under the Gourmet brand .

In 2015, amidst economic conditions and foreign exchange challenges, Gourmet launched Gourmet Solutions.   Gourmet Food Solutions ( GFS ), a wholly-owned manufacturing company, became one of the first companies in Egypt to achieve vertical integration between food retail and food manufacturing. This enabled   GFS has reduced its reliance on imports, boosted margins, and expanded its product range under the exclusive "Product by Gourmet" brand—a cornerstone of Gourmet's competitive advantage . Gourmet was also among the first food retailers in Egypt to launch an e-commerce platform and a dedicated mobile application, establishing a digital distribution channel alongside its physical store network.

As the company entered its growth phase, B Investments acquired a majority stake, providing the necessary capital to accelerate expansion. Since then, Gourmet has expanded its network of stores, invested in operational infrastructure, and developed its delivery and e-commerce platforms. As of 2024, approximately 35% of sales were generated through delivery, while in-store sales accounted for approximately 65 %.

Today, Gourmet is a leading brand in the Egyptian retail market, renowned for its distinctive product selection, exclusive offers, and seamless customer experience. The company's portfolio includes traditional retail products as well as high-margin private-label products under the "Product by Gourmet" brand .

GFS operates two main production facilities that manufacture meat and poultry products. It also manages eight specialized kitchens producing ready meals, oriental dishes, salads, dairy products, baked goods, pasta, and desserts. This integrated model allows the company complete control over the value chain from sourcing to final sale, ensuring product quality and supply stability. GFS also supplies third-party clients, such as Cairo International Airport and the HORECA chain, further strengthening its industry position.

Gourmet currently operates 21 stores in strategic locations across Greater Cairo (East and West Cairo, Downtown, Heliopolis, and Maadi), Alexandria, El Gouna, and seasonal outlets on the North Coast. The company targets consumers who value product quality and a distinctive shopping experience, and who demonstrate resilience in the face of economic fluctuations .

Gourmet's consolidated revenues reached EGP 2,118 million in 2024 and EGP 2,085 million in the nine months ending September 2025, representing a growth of 39.6% compared to the consolidated revenues in the nine months ending September 2024. Adjusted earnings before interest, taxes, depreciation and amortization amounted to EGP 293 million and EGP 281 million for the two periods mentioned, with a net profit of EGP 135 million in both 2024 and the nine months ending September 2025.

As of October 2025, the company maintained a strong financial position with cash and cash equivalents of EGP 274 million and limited bank debt of EGP 29 million. Following the completion of the offering, the company intends to adopt a dividend policy that reflects the cash flows generated from its operations, while also considering future investment and growth opportunities .

Key features of investment

1. Market leadership backed by a strong growth track record

• Gourmet is a leading company in the luxury retail and high-quality food sector, having evolved from a gourmet food delivery business serving the tourism and hospitality industry to a fully integrated food retail platform. Today, the company operates through a growing national network that includes physical retail stores, an e-commerce platform, and a robust delivery infrastructure.
• To realize its vision in the private label sector, the company established Gourmet Food Solutions—a wholly-owned manufacturing company focused on producing exclusive products under the "Product by Gourmet" label. These high-quality, handcrafted products have become a cornerstone of the company's brand and one of its key differentiators in the market.
• As a direct result of the establishment of GFS , the company was able to significantly reduce its reliance on imported products, which contributed to lowering import dependency, improving profit margins, and expanding the range of exclusive "Produced by Gourmet" products.
• The company operates 21 stores in strategic locations across major Egyptian cities, supported by e-commerce platforms and delivery services, which represent about 35% of total sales. This strengthens the multi-channel sales model and enables the company to effectively reach the high-income consumer segment, for whom the quality of the shopping experience is one of the most important factors in meeting their needs and expectations.

1. A distinguished retail chain serving the most stable segment in Egypt

• Gourmet operates in the high-end, luxury food retail sector, targeting affluent consumers who prioritize consistent quality and product integrity. Its carefully curated product range includes premium goods and exclusive "Produced by Gourmet" lines, offered through upscale outlets that prioritize a sophisticated shopping experience as a core element of their service.
• The Gourmet brand is built on a set of clear competitive advantages, including high-quality products, a personalized customer focus, rapid response to new trends, a range of handcrafted items, and a culture of culinary creativity. These elements combine to foster customer loyalty and solidify Gourmet's position as a leading brand in the luxury retail sector, targeting a more stable consumer segment .

1. Strong profitability globally compared to international and regional peers

• Gourmet maintains competitive net profit margins compared to its regionally and internationally listed food retail peers, thanks to its integrated business model and the strength of its exclusive product lines.   "Product by Gourmet".
• Profitability is based on disciplined pricing policies, a product mix that includes high-margin private labels, and a customer base with strong loyalty to the Gourmet brand .

1. A well-thought-out mechanism for innovation and product launch

• Gourmet employs a structured and repeatable innovation process that enables it to continuously develop and improve its offerings based on market feedback, actual product performance, and customer suitability . This flexible framework allows the company to continually refine its offerings by introducing, modifying, or discontinuing products based on their performance and alignment with customer preferences .
• Customer behavior from in-store interactions, user behavior on digital platforms, and detailed sales analytics are continuously leveraged to improve the product portfolio and ensure its ongoing alignment with evolving consumer preferences .
• New and existing products are evaluated according to an integrated multi-criteria framework that includes consistency with Gourmet's brand identity, quality standards, and approved pricing levels .

1. A diverse range of products supported by "Produced by Gourmet" products

• Gourmet's product mix combines a wide range of traditional retail products with a growing portfolio of "Produced by Gourmet" products, which represent the company's key differentiating factor .
• "Produced by Gourmet" focuses on offering high-quality luxury products including fresh, ready-to-cook, and ready-to-eat meals, enhancing the company's identity and building strong levels of customer loyalty in the luxury retail sector in Egypt .
• The production model at Gourmet factories provides a high level of control over product quality and consistency, along with achieving significantly higher profit margins .

1. A strong brand and a distinctive offering for customers in the local market

• Gourmet has succeeded in establishing its distinctive brand identity based on offering luxury and exclusive food products and handcrafted ready meals, creating a strong competitive advantage .
• The in-store shopping experience is designed to suit the target consumer, with branches located in strategic neighborhoods with a focus on design, product display, and quality of customer service .
• Gourmet also offers a range of non-food products and household necessities, providing customers with a complete shopping experience .
• The company enjoys a loyal and growing customer base, supported by consistently delivering high-quality products, which boosts repeat purchase rates and establishes a strong brand association .

1. A wide branch network with a targeted presence in key cities and communities, providing direct access to target customers.

• Gourmet operates a network of retail stores in Greater Cairo, Alexandria, El Gouna and the North Coast, whose locations were carefully chosen in line with the company’s focus on the luxury retail sector .
• In addition to its existing branch network, the company has entered into agreements to open three additional stores, providing a clear vision for near-term growth and supporting a capital-efficient strategy of continued expansion .
• The expansion of the store network has been reflected in continued growth in both like-for-like sales and the number of units sold, reflecting strong consumer demand for the new locations .

1. Growth of delivery operations and e-commerce

• Gourmet has developed and launched a dedicated e-commerce platform, achieving a leading advantage in the field of online luxury food retail .
• As of 2024, delivery and e-commerce services accounted for approximately 35% of total revenue, complementing the physical store network and serving as a key driver of growth and enhanced customer engagement .

1. An enhanced loyalty program designed to boost customer retention and increase shopping cart size.

• Gourmet's loyalty program has been carefully designed to increase customer retention rates, incentivize repeat visits, and expand average transaction value through targeted and tiered reward mechanisms .
• The core strategy is based on upgrading customers through specific levels — Silver, Gold, and VIP — each of which offers progressively increasing benefits and encourages an increased share of customer spending .
• The program encourages customers to exceed certain spending limits, while simultaneously directing demand towards high-margin products through thoughtful incentives and rewards .

1. An integrated business model for delivering a high-performance product portfolio

• Gourmet benefits from an integrated business model that includes sourcing, food processing, storage, and distribution, enabling the company to maintain tight control over quality, ensure a high level of operational flexibility, and deliver consistent quality products .
• The company relies on sourcing high-quality components for its products, which are marketed under the brand name.   " Handcrafted by Gourmet " supports its positioning in the luxury retail sector and reflects its commitment to the brand promise .
• Through its wholly-owned subsidiary, GFS ,   The company operates a multi-kitchen food production facility that includes eight specialty kitchens — including bakeries and desserts, oriental dishes, and stuffed vegetables — along with units for processing red meat, poultry, and cold cuts .

1. Strong operational and financial performance

• Gourmet achieved strong revenue growth, reflected in a compound annual growth rate.   It was estimated at 38.9% during the period 2022–2024. This strong performance continued into 2025, with revenues growing by 39.6% during the nine-month period ending September 2025 compared to the nine-month period ending September 2025 .
• The company has succeeded in combining growth with improved profitability, with adjusted EBITDA margins rising from 6.3% in 2022 to 13.8% in 2024, reflecting strong operational leverage and disciplined execution .
• In parallel, Gourmet maintains a strong financial position, reflected in 274 million Egyptian pounds.   Cash and its equivalents and total bank debt amounted to approximately 29 million Egyptian pounds only in October 2025 .

1. Experienced management team with a proven track record in the retail sector.

• Gourmet is managed by a management team with extensive experience and deep knowledge of the retail sector, along with a proven track record of successfully running and growing businesses.
• The senior management team possesses extensive experience across multiple regional and global markets, and its members have previously held senior management positions in leading companies, including but not limited to Spinneys UAE , Bindawood , Mars , P&G and Tesco.

1. A well-defined strategy

• Store expansion : Continuing to expand within upscale residential areas and commercial projects by opening larger stores, which supports product portfolio diversification, improves customer experience, and enhances the efficiency of e-commerce order fulfillment .
• Growth of private label brands and strategic partnerships: accelerating the development of "Produced by Gourmet" product lines, and forging partnerships with local and global suppliers to deliver exclusive, high-profit products .
• Customer Experience and Engagement: Enhancing the customer experience across digital channels and within stores by improving store layout, expanding customer personalization, and accelerating delivery services, thereby deepening customer loyalty and increasing the average value of the shopping basket .
• Digital transformation: Leveraging customer data and loyalty programs to implement smart pricing, targeted marketing, and build a data-driven corporate culture .

Key features of the proposal

• Following the final approvals from the Financial Regulatory Authority   ( FRA ) and the Egyptian Exchange ( EGX ), the company will offer shares representing approximately 47.6% of the issued capital, with a maximum of 190,516,824 ordinary shares .
• The combined offering will consist of 152,413,459 shares in the private placement, in addition to 38,103,365 shares in the public offering .
• The selling shareholders include B Investments, Basem Abu Ghazaleh, Jalal Abu Ghazaleh, Dima Abu Ghazaleh, and Amjad Sultan .
• EFG Hermes is acting as the sole international coordinator for the joint offering, with MHR & Co., in conjunction with White & Case, serving as the local legal advisor to the issuer .

-I finish-

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