Grab Holdings Limited · NASDAQ:GRAB
Grab — Merger or Acquisition (September 2026)
48 slides from Grab's merger presentation, Sep 15, 2026
Slide 1: Investor Update
INVESTOR UPDATE September 2026 1
Slide 2: Disclaimer: Non-IFRS Financial Measures
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, Adjusted Fr
Slide 3: Disclaimer: Forward-Looking Statements
INVESTOR UPDATE DISCLAIMER Forward-Looking Statements This document and the 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 historical fact c
Slide 4: Disclaimer: Unaudited Financial Information
INVESTOR UPDATE DISCLAIMER Unaudited Financial Information Grabʼs and Atomeʼs unaudited selected financial data for the three months ended June 30, 2026 and 2025 included in this document and the investor webcast is based on financial data derived from Grabʼs and Atomeʼs respective management accoun
Slide 5: Agenda
Opening Remarks Anthony Tan Co-Founder and Chief Executive Officer Strategic Roadmap Alex Hungate President and Chief Operating Officer Financial Outlook Peter Oey Chief Financial Officer AGENDA 5
Slide 6: Opening Remarks
OPENING REMARKS Anthony Tan Chief Executive Officer 6
Slide 7: Proven in On-Demand, Financial Services the Next Unlock
INVESTOR UPDATE PROVEN IN ON-DEMAND, FINANCIAL SERVICES THE NEXT UNLOCK Mobility Deliveries Financial Services +28% +24% 1 $500M Transaction Growth YoY GMV Growth YoY Segment Adjusted EBITDA3 (Q2 2026) (Q2 2026, Constant Currency2) (2028 Target) Note: 1. For the definition of Gross Merchandise Value
Slide 8: Southeast Asia Still Faces a Massive Credit Gap
INVESTOR UPDATE SOUTHEAST ASIA STILL FACES A MASSIVE CREDIT GAP 5% 14% 34% Of adults in Southeast Asia own a credit card Of adults borrowed from a formal bank or financial institution Of adults who borrowed relied on family or friends 2024 2024 2024 8 Note: World Bank Global Findex Database 2
Slide 9: Building a Comprehensive Financial Services Suite
INVESTOR UPDATE BUILDING A COMPREHENSIVE FINANCIAL SERVICES SUITE Cashless Ecosystem Embedded Digital Micro Payments Lending Insurance Banking Investments 9
Slide 10: Building a Comprehensive Financial Services Suite
INVESTOR UPDATE BUILDING A COMPREHENSIVE FINANCIAL SERVICES SUITE Cashless Ecosystem Embedded Digital Micro Consumer Payments Lending Insurance Banking Investments Lending 10
Slide 11: Announcing Atome Financial Acquisition
INVESTOR UPDATE ANNOUNCING ATOME FINANCIAL ACQUISITION, A LEADING PURE-PLAY CONSUMER BNPL AND DIGITAL LENDING PLATFORM IN SOUTHEAST ASIA1 $1B Gross Loan Portfolio 2 >30K Unique Brands Outstanding >25M Cumulative Positive Profitable Adjusted Transacted Users3 EBITDA4 contributions Note: Unaudited fig
Slide 12: Atome's Diversified Portfolio Addresses Every Consumer Scenario
INVESTOR UPDATE ATOME’S DIVERSIFIED PORTFOLIO ADDRESSES EVERY CONSUMER SCENARIO Atome Card Atome BNPL Atome Cash Loans Paylater, anywhere Convenient and easy shop and split Accessible credit lines 12
Slide 13: >9x Growth in GMV in 6 Years and Adjusted EBITDA Positive
INVESTOR UPDATE >9X GROWTH IN GMV IN 6 YEARS AND ADJUSTED EBITDA POSITIVE Atome Gross Merchandise Value¹ In USD millions) >9x Growth in 6 years 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 13 Note: 1. Atomeʼs Gross Merchandise Value r
Slide 14: Highly Sticky User Base and Strong Credit Quality
INVESTOR UPDATE HIGHLY STICKY USER BASE AND STRONG CREDIT QUALITY Delinquency rates are …with Atome’s users improving across cohorts… also highly engaged Atomeʼs Delinquency Rate¹ - Months on Book Atomeʼs Annualised Repeat Frequency² by Cohorts (in %) In Multiples for Cards) 2021 61x 62x 59x 59x 58
Slide 15: AI-Powered Lending Infrastructure, Compounding Results
INVESTOR UPDATE AI-POWERED LENDING INFRASTRUCTURE, COMPOUNDING RESULTS 22+ >100K 131 Live AI Underwriting Engine Credit Applications Variables models 15
Slide 16: Atome Gives Grab Off-Platform Consumer Credit at Scale
INVESTOR UPDATE ATOME GIVES GRAB WHAT WOULD TAKE YEARS TO BUILD: OFF PLATFORM CONSUMER CREDIT AT SCALE Overlaps in 5 out of 6 markets Strategic synergies Grab Atome Indonesia ✓ ✓ Accelerates financial inclusion Singapore ✓ ✓ Complementary product offerings Malaysia ✓ ✓ Enhanced cross-sell opportunit
Slide 17: Scaling from the 1% of 138M Annual Transacting Users Borrowing
INVESTOR UPDATE ENABLING US TO SCALE FROM THE 1% OF OUR 138M ANNUAL TRANSACTING USERS BORROWING FROM US TODAY Annual Transacting Users1 Millions of Users) ▉ Annual Transacting Users ATUs >10x Potential growth in user lending ▉ Grab Users with a Credit Product From Grab in the longer term ▉ Atome
Slide 18: Creating a Sizable Regional Presence in Consumer Finance
INVESTOR UPDATE CREATING A SIZABLE REGIONAL PRESENCE IN CONSUMER FINANCE >4x Grab and Atome Gross Loan Portfolio1 Increase in Consumer In USD millions) BNPL/Cards ▉ Atome >16x ▉ Grab Financial Services Increase in Consumer Cash Loans FinTech FinTech FinTech Digibank FinTech Digibank Merchant Driver
Slide 19: Atome Serves >30,000 Brands, Expanding the Serviceable Market
INVESTOR UPDATE ATOME SERVES >30,000 BRANDS, EXPANDING THE SERVICEABLE MARKET FOR GRAB Travel Electronics Home & Lifestyle Fashion Beauty E-Commerce Frequency Low Mid-to-High High AOV High Mid-to-High Low 19
Slide 20: Shared Vision to Accelerate Financial Inclusion in Southeast Asia
INVESTOR UPDATE SHARED VISION TO ACCELERATE FINANCIAL INCLUSION IN SOUTHEAST ASIA To drive Southeast Asia forward To improve the lives of consumers by creating economic through greater financial access and empowerment for everyone technology Accelerate financial inclusion by responsibly extending cr
Slide 21: Priced on Performance, Funded with Discipline
INVESTOR UPDATE PRICED ON PERFORMANCE, FUNDED WITH DISCIPLINE Phase 1 Phase 2 60% Controlling 60% equity interest in Atome for $1.49 billion 40% Remaining stake priced on adjusted EBITDA and Revenue1 Expected to be completed by 3Q 2027 Expected to be 2 years after Phase 1 close Funded entirely from
Slide 22: Driving Upsides to Our Group Outlook
INVESTOR UPDATE DRIVING UPSIDES TO OUR GROUP OUTLOOK Prior Current 2028 Gross Loan Portfolio1 N/A >$6B 2025-28 Revenue CAGR 20% 30%+ 2028 Financial Services Segment N/A $500M Adjusted EBITDA2 2028 Adjusted EBITDA2 $1.5B $1.7B Note: 1. For the definition of Grabʼs Gross Loan Portfolio, see the sectio
Slide 23: Strategic Roadmap
STRATEGIC ROADMAP Alex Hungate President, Chief Operating Officer 23
Slide 24: Strength of Our Ecosystem Drives a Structural Advantage
INVESTOR UPDATE STRENGTH OF OUR ECOSYSTEM DRIVES A STRUCTURAL ADVANTAGE IN FINANCIAL SERVICES Remain highly Remain highly Remain highly selective on selective on selective on inorganic inorganic inorganic ECOSYSTEM opportunities DATA opportunities COLLECTION opportunities Lowers cost of Improves Cre
Slide 25: Our Data Flywheel Drives Compounding Returns
INVESTOR UPDATE OUR DATA FLYWHEEL Increases Transaction DRIVES Volumes COMPOUNDING RETURNS Increases Improves Data Partners & Users Insights Enables better pricing Enhances credit and rewards underwriting 25
Slide 26: High-Frequency Financial Services Embedded in Everyday Transactions
INVESTOR UPDATE HIGH-FREQUENCY FINANCIAL SERVICES EMBEDDED IN EVERYDAY TRANSACTIONS GXS Credit Card Ride Cover GrabPay for Travel Fully integrated with GrabCoins Coverage on Grab Rides Payment capabilities for travelers 26
Slide 27: Embedding Digital Banking into the Grab User Flow
INVESTOR UPDATE EMBEDDING DIGITAL BANKING INTO THE GRAB USER FLOW HAS ACCELERATED CUSTOMER ACQUISITION Digital Banking Deposit Customers In millions of users) >9M 76% GXS Singapore deposit customers who are Grab users 92% GXBank Malaysia deposit customers who are Grab users 60% Superbank1 deposit c
Slide 28: Financial Services Drives Ecosystem Uplifts
INVESTOR UPDATE FINANCIAL SERVICES DRIVES ECOSYSTEM UPLIFTS Philippines Malaysia Thailand Consumer Cash Loans1 GXBank FlexiCredit2 Merchant Lending3 HIGHER SPEND +5% GMV uplift on Grab +11% GMV uplift on Grab after +2% Higher Grab Food after drawdown drawdown commission DEEPER ENGAGEMENT +73% Spend
Slide 29: Proprietary Ecosystem Data from Local Commerce
INVESTOR UPDATE PROPRIETARY ECOSYSTEM DATA FROM LOCAL COMMERCE Ecosystem participants1 Cumulative transactions2 City-level Presence >50M >20B >900 29 Note: 1. Refers to all transacting users, drivers, and merchants on the Grab platform. 2. Refers to the total aggregate count of all completed transac
Slide 30: Grab's Underwriting with Ecosystem Data Outperforms Credit Bureau Data
INVESTOR UPDATE GRAB’S UNDERWRITING WITH ECOSYSTEM DATA OUTPERFORMS CREDIT BUREAU DATA 647 million repayment … increasing user … enabling us to touchpoints lowers understanding, and we make maintain stable or informational asymmetry… better lending decisions… improving asset quality Cumulative repay
Slide 31: Demonstrated Ability to Scale Driver Lending Without Compromising Credit Quality
INVESTOR UPDATE A DEMONSTRATED ABILITY TO SCALE DRIVER LENDING WITHOUT COMPROMISING CREDIT QUALITY Average cumulative balance per borrower1 …while credit risk performances have across cohorts have consistently expanded… been improving across cohorts Driver Lending – Months on Book by Driver Lending
Slide 32: Our Advantages Are Amplified by AI
INVESTOR UPDATE OUR ADVANTAGES ARE AMPLIFIED BY AI Merchant AI has driven a sharp AI further supports portfolio growth, increase in lending disbursals while driving operating leverage Collections Resourcing per $100M of Gross Loan Portfolio¹ (in USD Millions) 62% Improvement in collections productiv
Slide 33: Financial Outlook
FINANCIAL OUTLOOK Peter Oey Chief Financial Officer 33
Slide 34: Accelerating Growth While Improving Monetization
INVESTOR UPDATE ACCELERATING GROWTH WHILE IMPROVING MONETIZATION Illustrative Segment Adj. EBITDA1 Margin% Ads Fastest growth verticals Financial at Grab are also key Services Mobility monetization levers Deliveries Expected Medium-term Revenue CAGR% 34 Note: Size of the bubbles represents medium-te
Slide 35: Atome Adds Substantial Scale to Grab's Consumer Lending Trajectory
INVESTOR UPDATE ATOME ADDS SUBSTANTIAL SCALE TO GRAB’S CONSUMER LENDING TRAJECTORY Consumer Lending Risk Adjusted Revenues In USD millions) Combined platform ▉ Grab + Atome Trajectory ▉ Grab Standalone Trajectory reaches greater scale in consumer lending with lower credit charges Key Factors: (i) E
Slide 36: Driving Towards $500M Adjusted EBITDA by 2028
INVESTOR UPDATE DRIVING TOWARDS $500M ADJUSTED EBITDA BY 2028 Illustrative Fin. Services $500M Adjusted EBITDA1 In USD millions from 2025 to 2028 Increase in Improving consumer cost penetration leverage Lowered ECL provisions as Shift to longer models improve tenured products 2025 User Product Cre
Slide 37: Doubling the Loan Portfolio with a Diversified Funding Strategy
INVESTOR UPDATE DOUBLING THE LOAN PORTFOLIO WITH A DIVERSIFIED FUNDING STRATEGY Loan Portfolio1 to double Less capital intensive to $6B by 2028 funding strategy Gross Loan Portfolio In USD Billions) >$6B Target End-28 By 2028, majority of loan portfolio funded through deposits >$3B Target End-26 At
Slide 38: Upgrading Our Group Outlook
INVESTOR UPDATE UPGRADING OUR GROUP OUTLOOK Prior Current 2028 Gross Loan Portfolio1 N/A >$6B 2025-28 Revenue CAGR 20% 30%+ 2028 Financial Services Segment N/A $500M Adjusted EBITDA2 2028 Adjusted EBITDA3 $1.5B $1.7B Note: 1. For the definition of Grabʼs Gross Loan Portfolio, see the section titled
Slide 39: Delivering $1.7B in Adjusted EBITDA in 2028
INVESTOR UPDATE DELIVERING $1.7B IN ADJUSTED EBITDA IN 2028 WHILE DEEPENING ECOSYSTEM MOATS 2028 Adjusted EBITDA1 Guidance Bridge ($M) 300 60 (160) 1,700 1,500 2028 Foodpanda Atome and Affordability and 2028 Adj. EBITDA Guidance Taiwan Superbank Groceries/Retail Adj. EBITDA Guidance Prior Current
Slide 40: Transaction Is Aligned with Grab's Capital Allocation Framework
INVESTOR UPDATE TRANSACTION IS ALIGNED WITH GRAB’S CAPITAL ALLOCATION FRAMEWORK Remain highly Disciplined in Remain highly Remain ahighly Maintain strong Remain highly Continue to investing selective for on selective on balance sheet selective on enhanceon selective organic and inorganic inorganic w
Slide 41: Intending to Cancel ~10% of Shares Outstanding Since 2024
INVESTOR UPDATE INTENDING TO CANCEL ~10% OF SHARES OUTSTANDING SINCE 20241 Share Repurchases ($M) 899 351 1,750 274 226 2024 2025 2026 Next 12 Cumulative Jan to Aug) months 41 Note: 1. Takes into account shares that have already been repurchased since 2024, and approximately $900 million to be comp
Slide 42: Transaction Overview
INVESTOR UPDATE TRANSACTION OVERVIEW Transaction Summary ● Grab will acquire a controlling 60% equity interest in Atome Financial in cash for $1.49 billion, of which $0.26 billion is primary growth capital (“Phase 1ˮ). ● Grab has also agreed with AIGL and the other sellers to acquire the remaining 4
Slide 43: Close
Hil ~ CLOSE INVESTOR UPDATE 43
Slide 44: Q&A
INVESTOR UPDATE Q&A 44
Slide 45: Appendix
INVESTOR UPDATE APPENDIX 45
Slide 46: Definition of Operating Metrics
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 measure
Slide 47: Definition of Non-IFRS Financial Measures
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 and l
Slide 48: Thank You
THANK YOU 48
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