Grab Holdings Limited · NASDAQ:GRAB
Grab — Q2 2025 Earnings Presentation
28 slides from Grab's earnings presentation, Jul 30, 2025
Slide 1: Q2 2025 Earnings Supplemental Data
Q2 2025 Earnings Supplemental Data July 2025
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 Flow, ca
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 contain
Slide 4: Agenda
1 Financial and Operational Highlights 2 Financial Results 3 Outlook 4 Non-IFRS Reconciliation 5 Appendix 44
Slide 5: Financial and Operational Highlights
Financial and Operational Highlights 5
Slide 6: Q2 2025 Financial Highlights
Q2 2025 Financial Highlights Revenue +23% YoY +19% YoY Constant Currency(3) On-Demand Gross Merchandise Value(1) +21% YoY +18% YoY Constant Currency(3) Adjusted EBITDA (2) $109M Profit for the Period was $20M Trailing 12-month Adjusted Free Cash Flow (2) $229M +$274M YoY Note: 1. For the definition
Slide 7: Mobility flywheel drives virtuous cycle of growth
Financial and Operational Highlights Mobility flywheel drives virtuous cycle of growth Mobility MTUs (1) +16% YoY Expanding Mobility MTU base Number of Mobility Transactions +23% YoY Growing +19% YoY transaction volumes +16% YoY CC Lower Mobility GMV growth Active Driver-Partner Supply +18% YoY aver
Slide 8: Product-led initiatives driving accelerated growth
Financial and Operational Highlights Product-led initiatives driving accelerated growth CC(3) YoY Deliveries GMV (1) Growth 7% 8% 12% 16% 14% 16% 18% 17% 19% (YoY Growth, %) 22% Adoption of new product initiatives(2) 19% in Deliveries continues to gain traction, driving GMV growth that 16% outpaced
Slide 9: Loan portfolio to be >$1B at the end of 2025
Financial and Operational Highlights Loan portfolio to be >$1B at the end of 2025 Loan Portfolio(1) +78% YoY > 1,000 (Quarterly, in $ millions) (Q2 2025 vs Q2 2024) 708 Loan portfolio grew 78% YoY and 25% QoQ, attributed to ecosystem 566 lending and higher lending 536 498 volumes in GXS Bank and GXB
Slide 10: Advertising drives earnings and ecosystem uplifts
Financial and Operational Highlights Advertising drives earnings and ecosystem uplifts Food Ads Mobility Ads $236M +31% Annualized Advertising YoY increase in Quarterly Self- Revenue Run-Rate serve Advertisers 1.7% >9X Advertising Penetration Average Return on (% Deliveries GMV) Advertising Spend No
Slide 11: Maintaining discipline on capital allocation
Financial and Operational Highlights Maintaining discipline on capital allocation Drive long-term sustainable value creation for shareholders Discipline in investing Highly selective Maintain a strong Return excess for organic and on inorganic balance sheet with capital to profitable growth opportun
Slide 12: Financial Results
Financial Results 12
Slide 13: Q2 2025 Unaudited Results: Consolidated Group
Q2 2025 Unaudited Results Consolidated Group YoY% Change Q2 2025 Q2 2024 YoY% Change (Constant Currency (1)) $ in millions, unless otherwise stated Operating Metrics On-Demand GMV(2,3) 5,354 4,434 21% 18% On-Demand GMV per MTU ($) 127 121 5% 3% Group MTU(2) (millions of users) 46.2 40.9 13% - Partne
Slide 14: Q2 2025 Unaudited Results: Net Cash Liquidity
Q2 2025 Unaudited Results Net Cash Liquidity As of Jun 30, As of Mar 31, As of Dec 31, As of Sep 30, As of Jun 30, 2025 2025 2024 2024 2024 $ in millions, unless otherwise stated Cash & cash equivalents 3,880 2,828 2,964 2,885 2,447 Add: Other Long-term Investments 139 126 115 108 95 Add: Time depos
Slide 15: Q2 2025 Unaudited Results: Group Financials
Q2 2025 Unaudited Results Group Financials Revenue On-Demand GMV (1) Adjusted EBITDA (2) ($ in millions) ($ in millions) ($ in millions) 819 5,354 % Revenue 9.7% 13.3% +21% YoY +23% YoY +19% YoY (CC(3)) +18% YoY (CC(3)) 109 +69% YoY 4,434 664 64 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Note:
Slide 16: Q2 2025 Unaudited Results: Deliveries
Q2 2025 Unaudited Results Deliveries Revenue Gross Merchandise Value (1) Segment Adjusted EBITDA (2) ($ in millions) ($ in millions) ($ in millions) 439 3,471 % GMV(2) 1.5% 1.8% +23% YoY +22% YoY +18% YoY (CC(3)) +19% YoY (CC(3)) 63 356 2,850 +50% YoY 42 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 20
Slide 17: Q2 2025 Unaudited Results: Mobility
Q2 2025 Unaudited Results Mobility Revenue Gross Merchandise Value (1) Segment Adjusted EBITDA (2) ($ in millions) ($ in millions) ($ in millions) 295 1,883 % GMV(2) 8.2% 8.7% +19% YoY +19% YoY +17% YoY (CC(3)) +16% YoY (CC(3)) 164 247 1,584 +27% YoY 129 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 20
Slide 18: Q2 2025 Unaudited Results: Financial Services
Q2 2025 Unaudited Results Financial Services Revenue Loan Portfolio(1) Segment Adjusted EBITDA (2) ($ in millions) ($ in millions) ($ in millions) 84 708 % Revenue (39.6)% (30.2)% +41% YoY +78% YoY +38% YoY (CC(3)) 60 397 (24) (26) -$2M Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Note: 1. For th
Slide 19: Q2 2025 Unaudited Results: Incentives
Q2 2025 Unaudited Results Incentives Q2 2025 Q2 2024 Partner Consumer Partner Consumer $ In millions Total Incentives Total Incentives Incentives (1) Incentives (1) Incentives (1) Incentives (1) Deliveries 150.0 244.7 394.8 117.3 203.7 321.0 Mobility 89.2 58.5 147.7 69.2 58.5 127.7 Financial Service
Slide 20: Outlook
Outlook 20
Slide 21: Outlook for 2025
Outlook Outlook for 2025 $3.33B - $3.40B 2025 Revenue 19% - 22% YoY (Unchanged) $460M - $480M 2025 Adjusted EBITDA (2) 47% - 53% YoY (Unchanged) Note: 1. For the definition of operating metrics used, see the section titled “Definitions of Operating Metrics” in the Appendix on Page 27 2. Adjusted EBI
Slide 22: Non-IFRS Reconciliation
Non-IFRS Reconciliation 22
Slide 23: Adjusted EBITDA to IFRS Profit/(Loss) for the Period Reconciliation
Adjusted EBITDA to IFRS Profit/(Loss) for the Period Reconciliation Three months ended Six months ended June 30, June 30, 2025(1) 2024(1) 2024(1) 2023(1) $ in millions, unless otherwise stated Profit/(Loss) for the period 20 (68) 30 (184) Income tax expense 23 17 37 31 Share of profit/(loss) of equi
Slide 24: Adjusted EBITDA to Total Segment Adjusted EBITDA Reconciliation
Adjusted EBITDA to Total Segment Adjusted EBITDA Reconciliation Three months ended Six months ended June 30, June 30, 2025(1) 2024(1) 2025(1) 2024(1) $ in millions, unless otherwise stated Total Segment Adjusted EBITDA 201 148 395 301 Deliveries 64 42 127 84 Mobility 165 129 324 267 Financial Servic
Slide 25: 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 Six months ended June 30, June 30, 2025(1) 2024(1) 2025(1) 2024(1) $ in millions, unless otherwise stated Net cash from/(used in) operating activities 64 272 136 261 Less: Capital expenditures (25) (27) (
Slide 26: Appendix
Appendix 26
Slide 27: 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 includ
Slide 28: 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, (ii)