GRAB

Grab Holdings Limited

Next est. report 2026-11-03 · BMO

Data Owners '25: Travel, Local Intent & Mobility DataFreight Transport '26: Last MIle & WarehousingGig Economy '24: Ride Hailing PlatformsNew Age Financing '26: Buy Now Pay LaterSmall Themes '24: Global Food DeliveryUrban Mobility '24: Mobility Platforms & Transit Operators

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Overview

Grab Holdings Limited operates a super-app across eight Southeast Asian countries, offering transportation, food and package delivery, and financial services. I

Grab Holdings Limited operates a super-app across eight Southeast Asian countries, offering transportation, food and package delivery, and financial services. It provides convenient on-demand solutions for consumers and businesses, leveraging a single mobile platform. The company is expanding its grocery delivery and financial services, with the latter nearing profitability, serving millions of monthly transacting users.

Search Keywords Brand Product

Grab superapp
GrabMart
Grab Financial Services
Grab Mobility
Grab Deliveries
Superbank
Stash wealth platform
Foodpanda Taiwan
GrabMaps
GrabPay
Southeast Asia ride-hailing
food delivery market
digital banking Southeast Asia
fintech growth
gig economy
AI in logistics
urban mobility

Search Keywords Event Phrases

Q2 2026 earnings
Foodpanda Taiwan acquisition

Search Keywords Policy Regulatory

Indonesia commission caps
regulatory approvals Taiwan

What They Do (Plain English & Analogies): Grab is like a digital 'super-app' for everyday life in Southeast Asia. Imagine having one app on your phone that lets you hail a ride (like Uber), order food or groceries delivered to your door (like DoorDash or Instacart), send packages, and even manage your money through digital banking, payments, and lending services. It connects people who need these services with drivers, merchants, and financial providers all through a single, easy-to-use platform.
Very Brief History: Grab was founded in 2012 by Anthony Tan and Tan Hooi Ling as MyTeksi, a taxi-hailing app in Malaysia, aiming to improve taxi safety and efficiency. It quickly expanded across Southeast Asia and rebranded to Grab. A pivotal moment came in 2018 when Grab acquired Uber's Southeast Asia operations, solidifying its market leadership. The company went public on NASDAQ in December 2021 through a SPAC merger. Since then, Grab has continued to diversify, acquiring businesses like Jaya Grocer (a supermarket chain) and launching digital banks (GXS Bank, GXBank). More recently, it consolidated Superbank and acquired wealth platform Stash in 2026, and is in the process of acquiring Foodpanda's Taiwan business.
"Street Stereotype": Grab is generally perceived by investors and analysts as the dominant 'super-app' in Southeast Asia, known for its extensive ride-hailing and food delivery services. It's increasingly recognized for its rapidly growing digital financial services arm, which is seen as a key future growth driver and differentiator.
Subsidiaries On Linked In*: Jaya Grocer — Malaysian premium supermarket chain
HungryGoWhere — Singaporean dining guide and reservation platform
Chope — Restaurant reservation platform
OVO — Indonesian digital payments platform (Grab invested)
Superbank — Indonesian digital bank (consolidated in 2026)
Stash — AI-powered wealth platform (acquired in 2026)
GXS Bank — Digital bank in Singapore
GXBank — Digital bank in Malaysia
Customer Sectors & Example Clients: Grab serves a broad range of customers, primarily individuals (consumers) who use its services for transportation, food/grocery delivery, and financial transactions. It also serves businesses, including driver-partners, merchant-partners (restaurants, grocery stores, retailers), and financial services customers. Specific examples include supermarket chains like Jaya Grocer and Everrise, and financial institutions like Superbank and Stash, which are now part of its ecosystem.
New Customers / Segments They'Re Targeting: Grab is actively targeting new user segments by focusing on affordability initiatives, aiming to unlock new daily habits and increase engagement. They are pushing deeper into 'planned everyday grocery occasions' through GrabMart, expanding beyond just immediate food delivery. In financial services, they are acquiring users at minimal customer acquisition costs by leveraging proprietary and behavioral transaction data. Additionally, they are fostering the adoption of electric vehicles (EVs) among their driver-partners, positioning themselves as a catalyst for cleaner vehicles in Southeast Asia.
Sales Geographies And Expansion Plans: Grab currently operates across eight Southeast Asian countries: Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. The company is actively expanding its geographical footprint, with plans to enter the Taiwan market through the proposed acquisition of Foodpanda's Taiwan business from Delivery Hero. This acquisition, expected to close in the second half of 2026, will mark Grab's first expansion outside Southeast Asia and give it a presence across 21 cities in Taiwan.
How Key Themes May Help/Hurt: The 'New Age Financing '26: Buy Now Pay Later' theme is highly beneficial for Grab. Its Financial Services segment is rapidly growing and is expected to reach adjusted EBITDA profitability in the second half of 2026. Grab's lending playbook, which involves acquiring users at low customer acquisition costs, underwriting with proprietary transaction data, and funding loans with low-cost deposits from its digital banks (like Superbank and Stash), aligns perfectly with the expansion of new age financing solutions such as Buy Now Pay Later. This theme supports Grab's ability to deepen engagement with its users, create new revenue streams, and enhance the overall lifetime value of its customers by integrating financial services into its super-app ecosystem.

3 Main Long-Term Bull Details

Massive Untapped Market & Super-App Ecosystem: Southeast Asia remains a region with nascent penetration in many digital services, offering Grab a significant runway for growth, particularly in groceries and financial services. Its 'super-app' model drives high user engagement and cross-usage across services, creating a powerful ecosystem flywheel that lowers customer acquisition costs and increases customer lifetime value.
Financial Services as a Profitability Catalyst: The Financial Services segment is Grab's fastest-growing and is on track to achieve adjusted EBITDA profitability in the second half of 2026. With the consolidation of Superbank and the acquisition of Stash, Grab is expanding its lending and wealth management capabilities, leveraging proprietary data for underwriting and low-cost deposits, which is expected to be a significant driver of future profitable growth.
AI-Driven Efficiency and Innovation: Grab's advanced AI intelligence layer processes trillions of tokens monthly, significantly reducing operational costs (e.g., cost per AI interaction halved year-over-year) and cutting time to market for new products. This AI integration enhances efficiency across all segments, from mobility dispatch to basket building in groceries, and is treated as a key margin lever, supporting sustainable growth and profitability.

3 Main Long-Term Bear Details

Intense Competitive Landscape: Grab operates in highly competitive markets across all its segments, facing strong regional players like Gojek and ShopeeFood, as well as global entities. This competition can lead to pricing pressures, increased incentives, and challenges in maintaining market share and profitability.
Regulatory and Geopolitical Risks: The company is exposed to evolving regulatory environments, such as commission caps for mobility in Indonesia, which can impact take rates and margins. Operating across multiple Southeast Asian countries also exposes Grab to diverse regulatory frameworks and potential geopolitical uncertainties.
Macroeconomic Headwinds and Operational Costs: Grab is susceptible to macroeconomic factors like elevated fuel prices, which directly impact driver incentives and mobility margins. Foreign exchange headwinds also pose a risk, as the company operates in multiple currencies. Additionally, challenges to the independent contractor status of drivers could lead to increased operational costs.

Competitors And Differentiation: Grab faces competition across its various segments from regional and global players. In ride-hailing and delivery, key competitors include Gojek (especially strong in Indonesia), Foodpanda (prior to acquisition in Taiwan), ShopeeFood, Lalamove, Line Man, Ryde, and Tada. In mobility, traditional transport companies like ComfortDelGro also compete. Grab differentiates itself through its 'super-app' model, offering a wide array of integrated services (mobility, deliveries, financial services) on a single platform, which fosters a strong ecosystem flywheel and cross-selling. Its competitive advantages also stem from hyper-local execution, strong partnerships with governments, proprietary technology like GrabMaps, and a product-led strategy focused on affordability and reliability. The company is also leveraging its AI intelligence layer to drive efficiency and enhance partner and consumer experiences.
Recent Performance & What The Market'S Focused On: Grab delivered a record second quarter in 2026, with adjusted EBITDA growing 54% year-over-year to $168 million, marking its 18th consecutive quarter of adjusted EBITDA growth. On-demand GMV increased by 21% year-over-year to $6.5 billion, and monthly transacting users (MTUs) reached a record high of 54 million. The company has raised its full-year 2026 guidance, driven by strong core business momentum and the consolidation of Superbank and acquisition of Stash. The market is keenly focused on the Financial Services segment achieving adjusted EBITDA profitability in the second half of 2026, the successful integration and growth of its recent acquisitions (Superbank, Stash, and the pending Foodpanda Taiwan deal), the growth trajectory of its grocery delivery business, and how it manages mobility margins amidst persistent elevated fuel prices and regulatory changes. The execution of its $1.75 billion share buyback program is also a point of investor interest.

Revenue Segments And Estimated Mix: Deliveries — Mix: ~53.4% (2024); Source: Q3 2025/2024 data from search results; Trend: Accelerated to 24% YoY growth (constant currency) in Q2 2026; GrabMart grew 1.7x rate of food deliveries
Mobility — Mix: ~37.4% (2024); Source: Q3 2025/2024 data from search results; Trend: Resilient growth of 18% YoY in Q2 2026 despite elevated fuel prices
Financial Services — Mix: ~13.4% (2024); Source: Q3 2025/2024 data from search results; Trend: Fastest-growing segment, approaching adjusted EBITDA profitability in 2H 2026
Others — Mix: ~0.1% (2024); Source: Q3 2025/2024 data from search results; Trend: n/m
Product Brands: Grab
GrabMart
Grab Shopping Agent
GrabMaps
Superbank
Stash
OVO
Jaya Grocer
Everrise
GrabFin
GXS Bank
GXBank
GrabPay
GrabExpress
GrabKitchen
GrabPet
GrabForGood
GrabAds
AIR shuttle

Bull / Bear Details

Grab Holdings Limited, a leading Southeast Asian super-app, is poised for continued profitable growth. Its strong on-demand services, record user engagement, an

Thesis

Grab Holdings Limited, a leading Southeast Asian super-app, is poised for continued profitable growth. Its strong on-demand services, record user engagement, and strategic expansion into high-growth segments like financial services (nearing profitability) and grocery delivery, underpinned by AI-driven efficiency and a robust ecosystem, position it favorably despite macroeconomic headwinds and competitive pressures. (August 31, 2026)

Bull case

Grab delivered a record second quarter, with adjusted EBITDA growing 54% year-over-year to $168 million, marking its 18th consecutive quarter of adjusted EBITDA growth. The Financial Services segment is fast approaching adjusted EBITDA profitability, expected in the second half of 2026, bolstered by the successful consolidation of Superbank (over 7.4 million customers, profitable in 2025) and the acquisition of the already profitable Stash wealth platform.
The company continues to demonstrate strong on-demand growth acceleration, with GMV up 21% year-over-year to $6.5 billion and monthly transacting users (MTUs) reaching a record high of 54 million. Regional penetration remains nascent, offering a massive runway, particularly in groceries, where GrabMart grew 1.7x faster than food deliveries this quarter, indicating significant upside potential.
Grab leverages its AI intelligence layer, processing trillions of tokens monthly, to halve AI interaction costs and increase monthly interactions tenfold, driving efficiency across its ecosystem. This technological advantage, combined with a strong ecosystem flywheel and strategic investments in EV adoption and autonomous vehicles (e.g., Punggol's revenue-generating autonomous service by Q4), enhances competitive moats and long-term value.

Bear case

Grab faces persistent macroeconomic headwinds, including elevated fuel prices across the region, which necessitate driver support programs ($7 million committed since March) to maintain marketplace health. Additionally, ASEAN currencies are experiencing pressure against the U.S. dollar, leading to FX headwinds of 2% to 3%, impacting reported financials. The competitive landscape remains intense, with Uber as a shareholder and potential future competition.
Regulatory changes, such as commission caps for the 2-wheel taxi business (Ojol) in Indonesia, though currently manageable and assumed to remain Ojol-specific, introduce uncertainty. The proposed acquisition of Foodpanda's Taiwan business, while on track, requires regulatory approval and could incur upfront integration costs, with the timeline for closure expected by year-end 2026.
Despite overall EBITDA growth, the mobility segment experienced take rate compression (GMV up 18%, transactions up 28%, but revenue up only 12%) due to increased partner incentives and saver products to maintain affordability and supply. While margins remained stable, aggressive growth in new segments like groceries and continued investment in AI and AVs require disciplined execution to ensure sustained profitability expansion.

Bull / Bear Case

Bear Case: Grab faces persistent macroeconomic headwinds, including elevated fuel prices necessitating driver support programs and 2-3% FX headwinds from ASEAN currency pressure against the USD. The competitive landscape remains intense, with Uber as a shareholder and potential future competitor. Regulatory changes, such as commission caps for Indonesia's 2-wheel taxi business, introduce uncertainty. Despite overall EBITDA growth, the mobility segment experienced take rate compression (GMV up 18%, transactions up 28%, but revenue up only 12%) due to increased incentives and saver products, indicating pressure on core profitability. Furthermore, the company continues to report negative free cash flow (EV-to-FCF of -55.96), raising concerns about its ability to convert operational profits into sustainable cash generation, leading some to label it a "Possible Value Trap".
Bull Case: Grab delivered a record Q2 2026 with adjusted EBITDA growing 54% year-over-year, marking its 18th consecutive quarter of growth, and raised its full-year guidance. The Financial Services segment is on track for adjusted EBITDA profitability in 2H 2026, bolstered by the profitable Superbank consolidation and Stash acquisition, with the loan book expected to exceed $3 billion by year-end. The company shows strong on-demand growth (GMV up 21% YoY, MTUs at record 54 million) and has a massive runway in nascent regional markets, particularly in groceries where GrabMart grew 1.7x faster than food deliveries. AI-driven efficiency is halving interaction costs and cutting time to market, enhancing competitive moats and long-term value.
More Compelling & Why: Bear. Despite strong adjusted EBITDA growth, Grab's persistent negative free cash flow, indicated by an EV-to-FCF of -55.96, suggests that operational profitability is not yet translating into robust cash generation. This makes the stock a "Possible Value Trap" given its underperformance relative to the S&P 500 since earnings. My view would flip if Grab consistently generated positive and growing free cash flow, demonstrating sustainable cash conversion from its operations.

Key Factors5 rows

Key Factor	Why It Matters	What To Watch	What It Signals	Where/How To Track	Free Alt Data	Paid Alt Data
Financial Services Loan Book Growth	Growth in the loan book, especially with the consolidation of Superbank and Stash, demonstrates successful cross-selling and robust underwriting capabilities, driving revenue and further solidifying Grab's position in the 'New Age Financing' sector.	The reported total loan book value by year-end 2026, including the Superbank book. Management expects this to exceed $3 billion.	If the loan book exceeds $3 billion by year-end 2026, it indicates strong execution in financial services and a bullish signal for the segment's growth trajectory.	Grab's Q4 2026 earnings release and conference call (expected around February 2027).	Superbank's public reports (if available); Indonesian financial regulator reports on digital lending and banking sector growth.	Sensor Tower/App Annie: Superbank app downloads and active user trends; Credit Suisse: Southeast Asia digital lending market reports and forecasts.
Mobility Segment Margin Stability	Maintaining mobility margins within the guided range (8.5%-9%) despite external pressures like elevated fuel prices and regulatory changes (Indonesia Ojol) demonstrates effective cost management and pricing power, crucial for overall profitability.	Reported mobility margins for Q3 and Q4 2026. Q2 2026 mobility margins were 8.6%.	If mobility margins remain within the 8.5% to 9% range in the second half of 2026, it signals effective operational management and a bullish outlook for core segment profitability. If margins fall below 8.5%, it could signal bearish pressure.	Grab's Q3 2026 and Q4 2026 earnings releases and conference calls.	Local news reports on fuel prices in Southeast Asia; government announcements on ride-hailing regulations or commission caps in Indonesia and other key markets.	Argus Media: Southeast Asia fuel price data and forecasts; Bloomberg Terminal: Grab's segment financial data and historical margin trends.
Foodpanda Taiwan Acquisition Closure	This acquisition represents a significant strategic expansion into a new, substantial market for Grab's deliveries business, potentially increasing its market share and Gross Merchandise Value (GMV) in the region and diversifying its revenue streams.	Official announcement of the acquisition's completion and regulatory approval from Taiwanese authorities. Management expects closure by the end of 2026.	If the acquisition closes by year-end 2026, it signals successful strategic execution and a bullish outlook for Grab's market expansion.	Grab's press releases, SEC filings (Form 6-K), and official announcements from Taiwanese regulatory bodies (e.g., Fair Trade Commission).	Taiwanese news outlets covering M&A activities and the food delivery market; Delivery Hero investor relations updates regarding the sale of Foodpanda Taiwan.	Dealogic: M&A transaction data for Southeast Asia and Taiwan; Euromonitor International: Taiwan food delivery market share and competitive landscape analysis.
Financial Services Adjusted EBITDA Profitability	Achieving profitability in the Financial Services segment validates Grab's strategy to monetize its vast user base beyond core delivery and mobility, significantly enhancing overall company profitability and aligning with the 'New Age Financing' long thesis.	Confirmation of positive adjusted EBITDA for the Financial Services segment in Grab's Q3 or Q4 2026 earnings reports.	If Financial Services reports positive adjusted EBITDA in the second half of 2026, it signals a bullish outlook for Grab's diversification and profitability.	Grab's Q3 2026 earnings release and conference call (expected around November 2026) and Q4 2026 earnings release (expected around February 2027).	Industry news and reports on fintech profitability trends in Southeast Asia; central bank or financial regulatory body reports on digital banking performance in Indonesia or Singapore.	S&P Global Market Intelligence: Southeast Asia fintech market analysis; Bloomberg Terminal: Grab's segment financial data and analyst estimates.
On-Demand GMV and Monthly Transacting Users (MTUs) Growth	Sustained growth in On-demand GMV and MTUs indicates strong underlying demand for Grab's core services (mobility and deliveries), expanding its network effects and reinforcing its super-app ecosystem.	Year-over-year growth rates for On-demand GMV and total Group MTUs in Q3 and Q4 2026. Management reported 21% YoY GMV growth and 54 million MTUs in Q2.	If On-demand GMV growth remains above 20% year-over-year and MTUs continue to set new record highs (above 54 million), it indicates sustained platform health and user engagement, signaling a bullish trend.	Grab's Q3 2026 and Q4 2026 earnings releases and conference calls.	Google Trends: Search interest for 'Grab' in key Southeast Asian markets; social media sentiment analysis for Grab across platforms.	Similarweb: Grab app web traffic and usage trends; Apptopia: Grab app downloads and daily active users in Southeast Asia.

Key Reported Metrics, Reratings Triggers & Results3 rows

On-demand GMV reflects the total value of transactions across Grab's core mobility and deliveries segments. Its growth signifies robust user engagement, platfor

Upcoming print · 2026-11-03

Key reported metrics
Metric	Last period	Why it matters
On-demand GMV	21%	On-demand GMV reflects the total value of transactions across Grab's core mobility and deliveries segments. Its growth signifies robust user engagement, platform activity, and the health of Grab's marketplace.
Adjusted EBITDA	54%	Adjusted EBITDA is a key profitability metric, demonstrating Grab's operational efficiency and ability to convert scale into earnings. Continued growth indicates successful cost management and a path to sustainable profitability.
Total Revenue	22%	Total Revenue growth indicates Grab's overall top-line performance and ability to monetize its super-app ecosystem across all segments. Strong growth signals increasing market penetration and effective service offerings, crucial for investor confidence.

Key Questions

Will Grab's Financial Services segment achieve its projected adjusted EBITDA profitability in the second half of 2026 and exceed its $3 billion loan book target

Will Grab's Financial Services segment achieve its projected adjusted EBITDA profitability in the second half of 2026 and exceed its $3 billion loan book target by year-end, validating its diversification strategy?

Question 2: Can Grab sustain mobility segment margins within the 8.5% to 9% range and continue to drive transaction growth in Q3 and Q4 2026, effectively offsetting ongoing fuel price volatility and FX headwinds?
Question 3: Will Grab's accelerated grocery delivery growth continue to outpace food deliveries and will the Foodpanda Taiwan acquisition successfully close by year-end 2026, significantly expanding Grab's market presence and overall GMV?

Earnings Transcript SummaryTable

2026-08-04 · 2026Q2 Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
3 Things Management Is Most Focused On1. Driving profitable and durable growth through on-demand acceleration, expanding competitive advantage via structural moats (regional penetration, affordability, deepening engagement), and leveraging AI for efficiency and ecosystem enhancement. 2. Achieving adjusted EBITDA profitability for the Financial Services segment in the second half of 2026, supported by the successful consolidation of Superbank and Stash. 3. Maintaining marketplace health and supporting driver-partners through initiatives like fuel price support and promoting the adoption of Electric Vehicles (EVs) as a long-term buffer against fuel price volatility.	Call Takeaway & ToneThe overall takeaway of the call was positive and confident. Grab demonstrated strong Q2 2026 performance, with adjusted EBITDA growing more than twice the revenue rate, marking its 18th consecutive quarter of adjusted EBITDA growth. The company raised its full-year 2026 guidance for both revenue and adjusted EBITDA, driven by robust on-demand growth, strategic acquisitions (Superbank, Stash), and significant progress towards Financial Services profitability in the second half of 2026. Management emphasized a disciplined operating posture, effective use of AI for efficiency, and commitment to long-term profitable growth despite macroeconomic challenges like elevated fuel prices and FX headwinds. The tone was optimistic about the company's ability to convert scale into expanding operating leverage and continue compounding durable growth.	Prior Quarter'S Y/Y Growth By SegmentIn Q1 2026, Deliveries revenue grew 23% year-on-year. Mobility revenue grew 19% year-on-year. Financial Services revenue grew 43% year-on-year.	3 Things Analysts Most Pressed On (And Mgmt Responses)1. Revised Guidance: Analysts questioned if the upgraded guidance primarily reflected the consolidation of Superbank for 2H 2026 and if there were changes to the core business guidance. Management responded that the revised guidance reflects continued momentum from Q2, strong on-demand and financial services growth, the consolidation of Superbank and Stash, and also bakes in some FX headwinds. They clarified that the core business is performing well and in line with prior guidance, with the new guidance incorporating the acquisitions and FX impacts. 2. Financial Services Business Post-Consolidation: Analysts inquired about management's near-term focus for the fintech business after Superbank and Stash consolidation, expected loan book growth, and future growth/profitability prospects for Indonesia's fintech. Management stated they are on track for Financial Services profitability in 2H 2026, expect the loan book to exceed $3 billion by year-end, and highlighted Superbank's rapid customer growth (over 7 million) and robust financials, driven by ecosystem integration. They also noted Stash is already profitable and contributes to asset management growth. 3. Mobility Growth Metrics and Take Rate Compression: Analysts asked management to explain the net take rate compression, given mobility GMV grew 18%, transactions grew 28%, but revenue only grew 12%, and whether take rates would stabilize or recover. Management explained that they leaned in on partner incentives (e.g., in the Philippines, Thailand, Singapore, Vietnam) to ensure strong driver supply and earnings, and implemented saver products to keep rides affordable for customers. This led to lower average ticket sizes but increased transaction volume. They emphasized that the focus was on maintaining mobility margins, which remained within the historical range of 8.5% to 9%.	Revenue SegmentsDeliveries revenue grew 24% year-on-year on a constant currency basis. Mobility revenue grew 12% year-on-year. Financial Services' asset management growth was 22% year-on-year, with the overall Financial Services segment noted as the fastest-growing and expected to achieve adjusted EBITDA profitability in the second half of 2026.

Transcript TidbitsTable

2026-08-04

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)	Hiring
About Expanding Eligible MarketRegional penetration remains incredibly nascent, giving us a massive runway. Our affordability initiatives are profitably unlocking new user segments and building durable daily habits. GrabMart grew at 1.7x the rate of food deliveries this quarter as we push deeper into planned everyday grocery occasions, and Mart still only consists of about 14% of our food user base, indicating lots of upside. We are also keen to enter the Taiwan market with the proposed Foodpanda acquisition.	About CompetitionUber is restricted from competing with Grab in our core markets under 1 year following a full sale of its Grab shareholding. Our markets have always been competitive, but we have demonstrated steady gains in category position while driving profitable growth. Our competitive strength stems from structural advantages like hyper-local execution, strong government partnerships across 8 markets, GrabMaps, and a strong ecosystem flywheel reinforced by our growing financial service business.	About The Broader IndustryElevated fuel prices persisted across the region, leading to FX headwinds of between 2% to 3% as ASEAN currencies took pressure against the U.S. dollar. There are ongoing discussions and changes regarding commission caps for mobility (Ojol business) in Indonesia. EVs are rapidly entering the Southeast Asian marketplace, and Grab is acting as a catalyst for this shift, which is seen as a structural buffer for oil price volatility.	Where Things Are HeadedWe are raising our full year 2026 guidance. Our Financial Services segment is fast approaching adjusted EBITDA profitability, expected in the second half of 2026, with the loan book expected to exceed $3 billion by year-end. GrabMart's growth is expected to outpace the overall Deliveries portfolio and increase its proportion of Deliveries GMV. Mobility margins are expected to remain within the 8.5% to 9% range for the second half of the year, regardless of fuel prices. The Foodpanda Taiwan deal is expected to close by the end of the year.	Updates On ThemeSoftware:	Broader Themes EmergingAI and automation are broadly impacting operational efficiency and product development across industries, as seen with Grab's internal use of autonomous coding agents and AI-powered shopping agents. The transition to electric vehicles (EVs) is a significant trend in urban mobility, driven by both environmental factors and the need for structural buffers against fuel price volatility.	Bullish-Leaning Quotes (Short)We delivered a record second quarter. Adjusted EBITDA grew 54% year-over-year to $168 million, more than twice our revenue growth rate. Our 18th consecutive quarter of adjusted EBITDA growth. Financial Services segment is also fast approaching adjusted EBITDA profitability expected in the second half of 2026. Our cost per AI interaction with driver and merchant partners has approximately halved versus a year ago, while monthly interactions grew tenfold. Superbank is already delivering robust financials. So it's recorded its full year profitability last year in 2025 already. The Stash acquisition... It's already profitable. Monthly active drivers is up 19%, actually at an all-time high now. Our AIR shuttle, AIR shuttle has served over 9,000 riders.	Bearish-Leaning Quotes (Short)Elevated fuel prices persisted across the region. FX headwinds of between 2% to 3%. ASEAN currencies, unfortunately, taking some pressure against the U.S. dollars. Uber is restricted from competing with Grab in our core markets under 1 year following a full sale of its Grab shareholding. We are committed to continuing to support our drivers no matter what happens [with fuel prices].	HiringInternally, our engineers now coexist with autonomous coding agents in standard practice, cutting time to market by up to 30% year-on-year, indicating AI's role in enhancing workforce efficiency rather than direct headcount cuts. Through Grab Academy, in partnership with the government, Grab has certified over 20 driver partners as safety operators and 6 as remote operators for EV operations, highlighting training for new roles in autonomous vehicles.

Upcoming EventsTable

Catalyst ID	Estimated Timing	Estimated Date Start	Estimated Date End	Catalyst	Why It Matters	Ticker Or Theme Specific	Transcript Date	Source Type
GRAB_62bc2932	expect to close by the end of the year	2026-10-01	2026-12-31	Completion of the acquisition of Foodpanda's Taiwan business.	This acquisition would expand Grab's food delivery market share and presence in Taiwan, a new market for its core delivery business, potentially boosting revenue and competitive position.	Ticker	2026-08-04	earnings_transcript