Grab Holdings Limited · NASDAQ:GRAB
Grab — Q3 2025 Earnings Presentation
28 slides from Grab's earnings presentation, Nov 4, 2025
Slide 1: Q3 2025 Earnings
Grao Q3 2025 Earnings Sueelemental Data ovember 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, gr
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 4
Slide 5: Financial and Operational Highlights
Financial and Operational Highlights 5
Slide 6: Q3 2025 Financial Highlights
Q3 2025 Financial Highlights Revenue +22% YoY +17% YoY Constant Currency(3) On-Demand Gross Merchandise Value(1) +24% YoY +20% YoY Constant Currency(3) Adjusted EBITDA(2) $136M +51% YoY Trailing 12-month Adjusted Free Cash Flow(2) $283M +$185M YoY Note: 1. For the definition of Gross Merchandise Val
Slide 7: Spearheading AV adoption and remote driving in SEA
Financial and Operational Highlights Spearheading AV adoption and remote driving in SEA Autonomous Shuttle Bus Ai.R Autonomous Service Global AV Partnerships Strategic Partnership Investment and Strategic Partnership Partnerships and Launched July 2025 Launched September 2025 Minority Interests in 2
Slide 8: Sustained acceleration of Deliveries GMV growth
Financial and Operational Highlights Sustained acceleration of Deliveries GMV growth Deliveries GMV(1) and MTU(1) Growth (YoY %, in Constant Currency(2)) 22% 19% 18% 17% Deliveries GMV growth accelerated for 16% 16% the third consecutive quarter to 22% 14% 13% 17% 17% 17% YoY on a constant currency
Slide 9: Mart growth outpacing core Food Deliveries
Financial and Operational Highlights Mart growth outpacing core Food Deliveries 10% Mart GMV(1) penetration as a % of Deliveries GMV 1.5x Higher YoY GMV growth vs Food Deliveries 13% Food MTU(1)s adopted our Mart offering, with significant headroom to deepen penetration 1.8x Higher average order fre
Slide 10: Robust growth in disbursals and bank customers
Financial and Operational Highlights Robust growth in disbursals and bank customers Total Loans Disbursed(1) +56% YoY (In US$ Millions) (Q3 2025 vs Q3 2024) 886 Loan disbursals accelerated sequentially 721 to 56% YoY, reaching an annualized run- 639 630 rate of $3.5B, attributed to ecosystem 567 len
Slide 11: Financial Results
Financial Results 11
Slide 12: Q3 2025 Unaudited Results: Consolidated Group
Q3 2025 Unaudited Results Consolidated Group YoY% Change Q3 2025 Q3 2024 YoY% Change (Constant Currency(1)) $ in millions, unless otherwise stated Operating Metrics On-Demand GMV(2,3) 5,774 4,659 24% 20% On-Demand GMV per MTU ($) 133 124 7% 4% Group MTU(2) (millions of users) 47.7 41.9 14% - Partner
Slide 13: Q3 2025 Unaudited Results: Net Cash Liquidity
Q3 2025 Unaudited Results Net Cash Liquidity As of Sep 30, As of Jun 30, As of Mar 31, As of Dec 31, As of Sep 30, 2025 2025 2025 2024 2024 $ in millions, unless otherwise stated Cash & cash equivalents 3,280 3,880 2,828 2,964 2,885 Add: Other Long-term Investments 134 139 126 115 108 Add: Time depo
Slide 14: Q3 2025 Unaudited Results: Group Financials
Q3 2025 Unaudited Results Group Financials Revenue On-Demand GMV (1) Adjusted EBITDA(2) ($ in millions) ($ in millions) ($ in millions) % Revenue 12.6% 15.6% 873 5,774 +22% YoY +24% YoY +17% YoY (CC(3)) +20% YoY (CC(3)) 136 +51% YoY 716 4,659 90 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Note:
Slide 15: Q3 2025 Unaudited Results: Deliveries
Q3 2025 Unaudited Results Deliveries Revenue Gross Merchandise Value (1) Segment Adjusted EBITDA (2) ($ in millions) ($ in millions) ($ in millions) 465 3,733 % GMV(1) 1.8% 2.1% +26% YoY +23% YoY +17% YoY (CC(3)) +22% YoY (CC(3)) 78 38 +42% YoY 2,965 55 0 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2
Slide 16: Q3 2025 Unaudited Results: Mobility
Q3 2025 Unaudited Results Mobility Revenue Gross Merchandise Value (1) Segment Adjusted EBITDA (2) ($ in millions) ($ in millions) ($ in millions) 317 2,041 % GMV(1) 8.8% 8.9% +17% YoY +20% YoY +13% YoY (CC(3)) +17% YoY (CC(3)) 181 1,694 149 +21% YoY 271 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 20
Slide 17: Q3 2025 Unaudited Results: Financial Services
Q3 2025 Unaudited Results Financial Services Revenue Loan Portfolio(1) Segment Adjusted EBITDA (2) ($ in millions) ($ in millions) ($ in millions) % Revenue (40.4)% (31.4)% 90 821 +39% YoY +65% YoY +35% YoY (CC(3)) 64 498 (26) (28) -8% YoY Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Note: 1. For
Slide 18: Q3 2025 Unaudited Results: Incentives
Q3 2025 Unaudited Results Incentives Q3 2025 Q3 2024 Partner Consumer Partner Consumer $ In millions Total Incentives Total Incentives Incentives(1) Incentives (1) Incentives (1) Incentives (1) Deliveries 164.5 257.1 421.5 121.6 207.8 329.4 Mobility 97.9 60.7 158.6 65.4 63.5 128.9 Financial Services
Slide 19: Outlook
Outlook 19
Slide 20: Outlook for 2025
Outlook Outlook for 2025 $3.38B - $3.40B 2025 Revenue 21% - 22% YoY (Previous: $3.30B - $3.40B 19% -22%) $490M - $500M 2025 Adjusted EBITDA(1) 57% - 60% YoY (Previous: $460M - $480M 47% - 53%) Note: 1.. Adjusted EBITDA is a non-IFRS measure. For the definition of Adjusted EBITDA, see the section tit
Slide 21: Non-IFRS Reconciliation
Non-IFRS Reconciliation 21
Slide 22: Adjusted EBITDA to IFRS Profit/(Loss) for the Period Reconciliation
Adjusted EBITDA to IFRS Profit/(Loss) for the Period Reconciliation Three months ended Nine months ended September 30, September 30, 2025 (1) 2024 (1) 2025 (1) 2024 (1) $ in millions, unless otherwise stated Profit/(Loss) for the period 17 15 47 (169) Income tax expense 21 32 58 63 Share of loss/(pr
Slide 23: Adjusted EBITDA to Total Segment Adjusted EBITDA Reconciliation
Adjusted EBITDA to Total Segment Adjusted EBITDA Reconciliation Three months ended Six months ended September 30, September 30, 2025 (1) 2024 (1) 2025 (1) 2024 (1) $ in millions, unless otherwise stated Total Segment Adjusted EBITDA 231 178 624 479 Deliveries 78 55 203 139 Mobility 181 149 504 416 F
Slide 24: 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 Nine months ended September 30, September 30, 2025 (1) 2024 (1) 2025 (1) 2024 (1) $ in millions, unless otherwise stated Net cash (used in)/from operating activities (127) 338 10 599 Less: Capital expendi
Slide 25: Adjusted Free Cash Flow to Net Cash from Operating Activities Reconciliation
Adjusted Free Cash Flow to Net Cash from Operating Activities Reconciliation Twelve months ended September 30, 2025 (1) 2024 (1) $ in millions, unless otherwise stated Net cash (used in)/from operating activities 263 573 Less: Capital expenditures (158) (133) (2) Add: Proceeds from disposal of prope
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)