Grab Holdings Limited · NASDAQ:GRAB
Grab — Q4 2025 Earnings Presentation
26 slides from Grab's earnings presentation, Feb 11, 2026
Slide 1: Q4 2025 Earnings Supplemental Data
Q4 2025 Earnings Supplemental Data February 2026
Slide 2: Disclaimer: Non-IFRS Financial Measures
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, Adjusted Free Cash Flo
Slide 3: Disclaimer: Forward-Looking Statements
Disclaimer Forward - Looking Statements This document and the announced investor webcast contain “forward - looking statements” within the meaning of the “safe harbor” provisions of the U.S . Private Securities Litigation Reform Act of 1995 . All statements other than statements of historical fact c
Slide 4: Financial and Operational Highlights, Financial Results, Outlook
1 Financial and Operational Highlights 2 Financial Results 3 Outlook 4 Non - IFRS Reconciliation 5 Appendix 4
Slide 5: Financial and Operational Highlights
Financial and Operational Highlights 5
Slide 6: Q4 2025 Financial Highlights
Q4 2025 Financial Highlights Revenue +19% YoY (3) + 17% YoY Constant Currency On - Demand Gross Merchandise Value (1) +21% YoY (3) + 20 % YoY Constant Currency Adjusted EBITDA (2) $148M +54% YoY Adjusted Free Cash Flow (2) $76M +$7M YoY Note : 1. For the definition of Gross Merchandise Value, see th
Slide 7: FY 2025 Financial Highlights
FY 2025 Financial Highlights Revenue +20% YoY (3) + 18% YoY Constant Currency On - Demand Gross Merchandise Value (1) +21% YoY (3) + 19% YoY Constant Currency Adjusted EBITDA (2) $500M +60% YoY Adjusted Free Cash Flow (2) $290M +$128M YoY Note : 1. For the definition of Gross Merchandise Value, see
Slide 8: Financial Results
Financial Results 8
Slide 9: Q4 2025 Unaudited Results: Consolidated Group
Q4 2025 Unaudited Results Consolidated Group YoY% Change Q4 2025 Q4 2024 YoY% Change (Constant Currency (1) ) $ in millions, unless otherwise stated Operating Metrics On - Demand GMV (2,3) 6,077 5,028 21% 20% On - Demand GMV per MTU ($) 131 126 4% 4% Group MTU (2) (millions of users) 50.5 43.9 15% -
Slide 10: FY 2025 Unaudited Results: Consolidated Group
FY 2025 Unaudited Results Consolidated Group YoY% Change FY 2025 FY 2024 YoY% Change (Constant Currency (1) ) $ in millions, unless otherwise stated Operating Metrics On - Demand GMV (2,3) 22,138 18,364 21% 19% On - Demand GMV per MTU ($) 513 494 4% 2% Group MTU (2) (millions of users) 47.2 41.3 14%
Slide 11: Q4 2025 Unaudited Results: Net Cash Liquidity
Q4 2025 Unaudited Results Net Cash Liquidity As of Dec 31, As of Sep 30, As of Jun 30, As of Mar 31, As of Dec 31, 2025 2025 2025 2025 2024 $ in millions, unless otherwise stated Cash & cash equivalents 3,433 3,280 3,880 2,828 2,964 Add: Other Long - term Investments 168 134 139 126 115 Add: Time de
Slide 12: Q4 2025 Unaudited Results: Group Financials
Q4 2025 Unaudited Results Group Financials Revenue On - Demand GMV (1) Adjusted EBITDA (2) ($ in millions) ($ in millions) ($ in millions) % Revenue 12.7% 16.4% 906 6,077 +19% YoY +21% YoY +17% YoY (CC (3) ) +20% YoY (CC (3) ) 148 764 5,028 +54% YoY 97 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025
Slide 13: Q4 2025 Unaudited Results: Deliveries
Q4 2025 Unaudited Results Deliveries Revenue Gross Merchandise Value (1) Segment Adjusted EBITDA (2) ($ in millions) ($ in millions) ($ in millions) 481 3,904 % GMV (1) 1.8% 2.2% +18% YoY +21% YoY +16% YoY (CC (3) ) +21% YoY (CC (3) ) 84 +47% YoY 407 3,213 57 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024
Slide 14: Q4 2025 Unaudited Results: Mobility
Q4 2025 Unaudited Results Mobility Revenue Gross Merchandise Value (1) Segment Adjusted EBITDA (2) ($ in millions) ($ in millions) ($ in millions) 325 2,174 % GMV (1) 8.4% 8.6% +15% YoY +20% YoY +15% YoY (CC (3) ) (3) ) +19% YoY (CC 186 + 21% YoY 282 1,815 153 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024
Slide 15: Q4 2025 Unaudited Results: Financial Services
Q4 2025 Unaudited Results Financial Services Revenue Loan Portfolio (1) Segment Adjusted EBITDA (2) ($ in millions) ($ in millions) ($ in millions) % Revenue (36.3)% (25.6)% 1,180 99 +120% YoY +34% YoY +33% YoY (CC (3) ) 74 536 (25) (27) +6% YoY Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Note :
Slide 16: Q4 2025 Unaudited Results: Incentives
Q4 2025 Unaudited Results Incentives Q4 2025 Q4 2024 Partner Consumer Partner Consumer $ In millions (1) Total Incentives Total Incentives Incentives Incentives (1) Incentives (1) Incentives (1) Deliveries 172.8 285.6 458.4 128.7 234.5 363.3 Mobility 111.7 63.2 174.9 75.1 70.1 145.2 Financial Servic
Slide 17: Outlook
Outlook 17
Slide 18: Outlook for 2026
Outlook Outlook for 2026 2026 Revenue $4.04B - $4.10B 20% - 22% YoY 2026 Adjusted EBITDA (1) $700M - $720M 40% - 44% YoY Note : 1.. Adjusted EBITDA is a non - IFRS measure . For the definition of Adjusted EBITDA, see the section titled “Definitions of Non - IFRS Measures” in the Appendix on Page 28
Slide 19: Three Year Outlook
Outlook Three Year Outlook 2025 - 2028 Group Revenue 20% CAGR (1) 2028 Adjusted EBITDA $1.50B (1) 2028 Adjusted Free Cash Flow Conversion 80% Note : 1.. Adjusted EBITDA and Adjusted Free Cash Flow Conversion are non - IFRS measures . For the definitions of Adjusted EBITDA and Adjusted Free Cash Flow
Slide 20: Non-IFRS Reconciliation
Non-IFRS Reconciliation 20
Slide 21: Adjusted EBITDA to IFRS Profit/(Loss) for the Period Reconciliation
Adjusted EBITDA to IFRS Profit/(Loss) for the Period Reconciliation Three months ended Twelve months ended December 31, December 31, 2025 (1) 2024 (1) 2025 (1) 2024 (1) $ in millions, unless otherwise stated Profit/(Loss) for the period 153 11 200 (158) Income tax expense 12 * 69 63 Share of loss/(p
Slide 22: Adjusted EBITDA to Total Segment Adjusted EBITDA Reconciliation
Adjusted EBITDA to Total Segment Adjusted EBITDA Reconciliation Three months ended Twelve months ended December 31, December 31, 2025 (1) 2024 (1) 2025 (1) 2024 (1) $ in millions, unless otherwise stated Total Segment Adjusted EBITDA 244 184 868 663 Deliveries 84 57 287 196 Mobility 186 153 690 569
Slide 23: Adjusted Free Cash Flow to Net Cash from Operating Activities Reconciliation
Adjusted Free Cash Flow to Net Cash from Operating Activities Reconciliation Three months ended Twelve months ended December 31, December 31, 2025 (1) 2024 (1) 2025 (1) 2024 (1) $ in millions, unless otherwise stated Net cash from operating activities 69 253 79 852 Less: Capital expenditures (81) (5
Slide 24: Appendix
Appendix 24
Slide 25: Definition of Operating Metrics
Appendix Definition of Operating Metrics Gross Merchandise Value (GMV) is an operating metric representing the sum of the total dollar value of transactions from Grab’s products and services, including any applicable taxes, tips, tolls, surcharges and fees, over the period of measurement . GMV inclu
Slide 26: Definition of Non-IFRS Financial Measures
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 and liabilities, (