Grab Holdings Limited · NASDAQ:GRAB
Grab — Investor Day (February 2026)
45 slides from Grab's investor day presentation, February 2026
Slide 1: Investor Update
GRAB INVESTOR UPDATE Investor Update February 2026
Slide 2: Disclaimer: Non-IFRS Financial Measures
GRAB INVESTOR UPDATE Disclaimer Non-IFRS Financial Measures This document and the investor webcast include references to non-IFRS financial measures, which include: Adjusted EBITDA, Segment Adjusted EBITDA, Segment Adjusted EBITDA margin, Total Segment Adjusted EBITDA, Adjusted EBITDA margin, Adjust
Slide 3: Disclaimer: Forward-Looking Statements
GRAB INVESTOR UPDATE Disclaimer Forward-Looking Statements This document and the announced investor webcast contain “forward-looking statementsˮ within the meaning of the “safe harborˮ provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of hi
Slide 4: Agenda
GRAB INVESTOR UPDATE Agenda Welcome Ken Lek Head of Strategic Finance and Investor Relations Opening Remarks Anthony Tan Co-Founder and Chief Executive Officer Operational Highlights Alex Hungate President and Chief Operating Officer Financial Roadmap Peter Oey Chief Financial Officer
Slide 5: Opening Remarks
GRAB INVESTOR UPDATE Opening Remarks Anthony Tan Chief Executive Officer
Slide 6: Significant milestones achieved since going public in 2021
GRAB INVESTOR UPDATE Significant milestones achieved since Announced second $500M share going public in 2021 repurchase programme Passed Milestone 1 assessment for Announced autonomous shuttle to inaugural $500M navigate on public roads share repurchase programme First Full Year positive Profit for
Slide 7: Growing the number of users as our services expand
GRAB INVESTOR UPDATE Growing the number of users as our services expand 129M Annual +33% Transacting Users MTU growth 97M Annual Transacting Users 47M 35M Monthly Transacting Users 37% Monthly MTU/ATU Transacting Users 7.8M 6.3M 17% Daily Daily Transacting Transacting Users Users DTU/MTU 2023 FY 202
Slide 8: Expanding addressable market via a product-first strategy
GRAB INVESTOR UPDATE Expanding addressable market via a product-first strategy Group Order Offline Reservation Supermarket Advertising Dine Out 20 Shuttle 21 Navigation Exec GrabMore 26 Express 20 GrabBike Family + Online FlexiCard Food Mart Lockers GrabCar Lending Acquiring Assist Food Autonomous D
Slide 9: Leveraging the strength of our ecosystem to accelerate growth
GRAB INVESTOR UPDATE Leveraging the strength of our ecosystem to accelerate growth Over 1 in 15 people in Southeast Leveraging our scale to deliver Annual user cohorts are Asia transact on Grab monthly compounding, profitable growth spending more each year $22.1B $18.4B 21% YoY 2021 1.0x 1.3x 1.4x 1
Slide 10: 16 consecutive quarters of Adjusted EBITDA improvement
GRAB INVESTOR UPDATE 16 consecutive quarters of Adjusted EBITDA improvement ▉ Adjusted EBITDA $ Millions) 136 148 ▉ Adjusted EBITDA Margin % Group Revenue) 106 109 16% 90 97 62 64 28 35 (17) (67) (112) (161) (125)% (235) (286)
Slide 11: Strategic priorities for durable, profitable growth
GRAB INVESTOR UPDATE Strategic priorities for durable, profitable growth Improving the affordability Product-led and Unlocking efficiencies by and reliability of our Ecosystem-focused training proprietary models core offerings execution to enhance LTV using our hyperlocal data
Slide 12: Our 3 Year North Star: Profitable Growth at Scale
GRAB INVESTOR UPDATE Our 3 Year North Star: Profitable Growth at Scale 2025 2028 Group Revenue 20% CAGR 2028 Adjusted EBITDA $1.50B 2028 Adjusted Free Cash Flow 80% Conversion
Slide 13: Operational Highlights
GRAB INVESTOR UPDATE Operational Highlights Alex Hungate President, Chief Operating Officer
Slide 14: Strategic priorities for durable, profitable growth
GRAB PLATFORM UPDATE Strategic priorities for durable, profitable growth Improving the affordability Product-led and Unlocking efficiencies by and reliability of our ecosystem-focused training proprietary models core offerings execution to enhance LTV using our hyperlocal data
Slide 15: Pushing the affordability and reliability frontier
GRAB MOBILITY +29% Indexed, Q1 2021 100 2021 vs 2025 ▉ Driver Earnings Per Online Hour Pushing the ▉ Average Trip Fare affordability and reliability frontier enables us to accelerate our -16% Mobility flywheel 2021 vs 2025
Slide 16: Deepening Mobility penetration and gaining traction in non-capital cities
GRAB MOBILITY Deepening Mobility penetration and gaining traction in non-capital cities as we drive affordability Mobility MTU Penetration Mobility GMV Growth %, Total Population1 Age 1564 Indexed, Q1 2021 100 ▉ 2022 ▉ 2025 ▉ Capital Cities2 ▉ Non-Capital Cities 43% >2x 35% 20% 12% 9% 6% 6% 3
Slide 17: Affordability enabled us to outpace regional food delivery growth
DELIVERIES Deliveries GMV Growth YoY, % 65% Affordability 58% enabled us to outpace regional 21% Food Delivery COVID19 impact 4% 14% growth in 2025 (4)% ▉ Grab ▉ Southeast Asia Food Delivery1 Note: 1. Bain, Temasek e-Conomy SEA Report 2022, 2025
Slide 18: Driving affordability, selection and service quality
DELIVERIES Driving affordability, selection and service quality Improving the accessibility Broadening the selection of Reinforcing service reliability of our services available merchant-partners and delivery speed +41% +25% Indexed, Jan 2025 100 2021 vs 2025 Increase in monthly active merchants ▉
Slide 19: Strategic priorities for durable, profitable growth
GRAB INVESTOR UPDATE Strategic priorities for durable, profitable growth Improving the affordability Product-led and Unlocking efficiencies by and reliability of our ecosystem-focused training proprietary models core offerings execution to enhance LTV using our hyperlocal data
Slide 20: Leveraging the power of our ecosystem to improve user lifetime value
GRAB DELIVERIES Leveraging the power of our ecosystem to improve user lifetime value Deepening user density Improving user cohorts Accelerating loyalty flywheel 2021 1.0x 1.2x 1.3x 1.4x 1.5x 2022 1.0x 1.2x 1.4x 1.4x GrabCoins 2 in 3 Rewards 2023 1.0x 1.3x 1.4x 2024 1.0x 1.3x GrabUnlimited GrabVIP 20
Slide 21: Enabling seamless cross-border travel supported by global partnerships
GRAB MOBILITY UPDATE MOBILITY Enabling seamless cross-border travel supported by global partnerships >20 Travel partners globally >10x Increase in Traveller MTUs from 202325
Slide 22: Investing in Mart to drive user spend and engagement
GRAB DELIVERIES Investing in Mart to drive user spend and engagement 10% 1.6x Higher Average Order Values Mart GMV penetration % Deliveries) Vs Food Deliveries 1.7x 13% Food MTUs cross-sold to Mart Higher YoY GMV growth vs Food Deliveries
Slide 23: Enhancing Merchant Solutions to become the partner of choice
GRAB DELIVERIES DELIVERIES UPDATE Enhancing Merchant Solutions to become the partner of choice Food Delivery Merchant Lending In-store Payments Lifecycle Management Maximizing online Accessing Seamless POS End-to-end customer reach, growing embedded capital integration with management for order volu
Slide 24: Embedding Financial Services across the Platform
GRAB FINANCIAL SERVICES Embedding Financial Services across the Platform Payments Lending Insurance Digital Banking
Slide 25: Scaling Financial Services with Loan Portfolio on track to exceed $2B by end-2026
GRAB FINANCIAL SERVICES Scaling Financial Services with Loan Portfolio on track to exceed $2B by end-2026 7.4 million banking deposit Lower customer acquisition Gross Loan Portfolio growing customers1 in three years costs leveraging ecosystems2 to $2 billion in 2026 >2.0 GxS Singapore 76% deposit c
Slide 26: Announcing Stash acquisition
GRAB FINANCIAL SERVICES Announcing Stash acquisition, a digital investing platform financially empowering the mass-market investing segment in America >$5B >1M Assets Under Paying subscribers Management in America Positive >$60M Adjusted EBITDA and Adjusted EBITDA contribution Cash Flow today target
Slide 27: Core strategic priorities for durable, profitable growth
GRAB INVESTOR UPDATE Core strategic priorities for durable, profitable growth Improving the affordability Product-led and Unlocking efficiencies by and reliability of our Ecosystem-focused training proprietary models core offerings execution to enhance LTV using our hyperlocal data
Slide 28: Building AI with Heart to empower everyday entrepreneurs across SEA
GRAB PLATFORM ARTIFICIAL UPDATE INTELLIGENCE Building AI with Heart to Marketplace Management Improving Accessibility Safety and Risk Pricing, ride allocation, Selfie recognition, content empower Menu translations and batching, improve ETAs voice assistant moderation, fraud detection everyday entrep
Slide 29: Lowering our cost to serve through tech investments
GRAB INVESTOR UPDATE Lowering our cost to serve through tech investments Cloud Costs Net Cost of Funds Staff Costs $ per transaction) % of GrabPay Volumes) % of Group Revenue) -166 bps -33 bps -33 ppt 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025
Slide 30: Future-proofing our ecosystem through a scalable, hybrid AV and robotics network
GRAB MOBILITY Future-proofing our ecosystem through a scalable, hybrid AV and robotics network
Slide 31: Strategic priorities for durable, profitable growth
GRAB INVESTOR UPDATE Strategic priorities for durable, profitable growth Improving the affordability Product-led and Unlocking efficiencies by and reliability of our Ecosystem-focused training proprietary models core offerings execution to enhance LTV using our hyperlocal data
Slide 32: Financial Roadmap
GRAB INVESTOR UPDATE Financial Roadmap Peter Oey Chief Financial Officer
Slide 33: Q4 2025 Financial Highlights
GRAB INVESTOR UPDATE Q4 2025 Financial Highlights Group Revenue +19% YoY 17% YoY Constant Currency On-Demand Gross Merchandise Value +21% YoY 20% YoY Constant Currency Adjusted EBITDA $148M 54% YoY Adjusted Free Cash Flow $76M $7M YoY 33
Slide 34: A scalable platform that drives durable top and bottom-line growth
GRAB INVESTOR UPDATE A scalable platform that Q3 2023 drives durable top and First quarter of bottom-line growth Adjusted EBITDA profitability 31% 21% 16% 23% 12% 22.1 FY 2024 18.4 Positive full year Adjusted Free 15.8 14.1 Cash Flow 11.5 FY 2025 ▉ On-Demand GMV $ Billions) Achieved Profit for the
Slide 35: Our 3 Year Financial Roadmap
GRAB INVESTOR UPDATE Our 3 Year Financial Roadmap Growth Profitability Free Cash Flow Balance Sheet Execute on a Drive profit Remain prudent on Remain disciplined product-led strategy expansion as CAPEX and working on capital allocation to drive sustainable operating leverage capital to maximize to
Slide 36: Our 2026 Outlook
GRAB INVESTOR UPDATE Our 2026 Outlook Group Revenue $4.04B $4.10B 20% 22% YoY Adjusted EBITDA $700M $720M 40% 44% YoY
Slide 37: Our 3 Year North Star: Profitable Growth at Scale
GRAB INVESTOR UPDATE Our 3 Year North Star: Profitable Growth at Scale 2025 2028 Group Revenue 20% CAGR 2028 Adjusted EBITDA $1.50B 2028 Adjusted Free Cash Flow 80% Conversion
Slide 38: 20% Group Revenue CAGR from 2025-2028
GRAB INVESTOR UPDATE 1 20% Group Revenue CAGR from 2025-2028 Multiple prongs to sustain growth momentum Illustrative Group Revenue Growth 20% CAGR 20252028 Advertising Dine-In Lending Payments High Value Rides Cross-Sell Affordability Subscriptions City and product expansion User Frequency AOV Fina
Slide 39: $1.5B Adjusted EBITDA by 2028
GRAB INVESTOR UPDATE 2 $1.5B Adjusted EBITDA by 2028 Driving operating leverage to expand profitability 3x On-Demand scale + Fintech accretion + Corporate costs discipline = 2025 2028F $1.5B ↑ Volume Growth ↑ Scale Lending ↑ Operating Leverage ↑ Margin Expansion ↓ Credit Cost % ↑ AI efficiencies ↓ C
Slide 40: 80% Adjusted Free Cash Flow conversion in 2028
GRAB INVESTOR UPDATE 3 80% Adjusted Free Cash Flow conversion in 2028 Improving conversion efficiency Adjusted Free Cash Flow Conversion ▉ Adjusted EBITDA In $ Millions) 80% ▉ Adjusted Free Cash Flow In $ Millions) ▉ Adjusted Free Cash Flow % Adjusted EBITDA 1,500 Improvement 1,200 driven by con
Slide 41: Maintaining discipline on capital allocation and drive long-term value for shareholders
GRAB INVESTOR UPDATE Maintaining discipline on capital allocation and drive long-term sustainable value for shareholders Disciplined in Remain highly Continue to Maintain a strong investing for selective on enhance balance sheet organic and inorganic shareholder with ample liquidity profitable growt
Slide 42: Closing Remarks
GRAB INVESTOR UPDATE Closing Remarks
Slide 43: Q&A
GRAB INVESTOR UPDATE Q&A
Slide 44: Appendix: Definition of Operating Metrics
GRAB INVESTOR UPDATE Appendix Definition of Operating Metrics Gross Merchandise Value GMV) is an operating metric representing the sum of the total dollar value of transactions from Grabʼs products and services, including any applicable taxes, tips, tolls, surcharges and fees, over the period of me
Slide 45: Appendix: Definition of Non-IFRS Financial Measures
GRAB INVESTOR UPDATE Appendix Definition of Non-IFRS Financial Measures Adjusted EBITDA is calculated as profit (loss) for the period adjusted to exclude: (i) net finance income (costs), including interest income (expenses), foreign exchange gain (loss) and changes in fair value of financial assets