Grab Holdings Limited (GRAB) Earnings

Management highlights

### Core Business Growth & Strategic Priorities - Delivered 18th consecutive quarter of adjusted EBITDA growth, with profitability outpacing revenue growth, demonstrating successful conversion of scale into operating leverage - Growth is driven by higher transaction volumes and user growth rather than price increases, with daily transacting user growth outpacing MTU growth - Structural competitive advantages include nascent regional penetration creating massive long-term growth runway, profitability-focused affordability initiatives that unlock new user segments, and deepening user engagement - The proposed acquisition of Food Panda's Taiwan business is ongoing, and DARA Khosrowshahi stepped down from Grab's board in connection with this transaction; Grab maintains an ongoing dialogue with Uber as a major shareholder ### Grocery (GrabMart) Expansion - GrabMart is the fastest growing part of the delivery business, with growth driven by enhanced offline retail anchors (Jaya Grocer, EverEyes), deeper supermarket partnerships across the region, and a new AI-powered shopping assistant that simplifies recurring weekly grocery orders and increases basket size - Penetration remains nascent (only 14% of food delivery users currently use GrabMart), giving significant long-term upside to reach 30%+ of delivery GMV in line with global peer benchmarks; GrabMart is scaled deliberately while maintaining the segment's commitment to year-over-year margin expansion - GrabMart drives higher user purchase frequency than food delivery alone, supporting overall platform engagement growth ### AI & Technology - Grab's internal AI layer now processes trillions of tokens monthly; cost per AI interaction has fallen by 50% year-over-year while monthly AI interactions grew 10x, allowing AI deployment to all ecosystem partners as a margin lever rather than an exclusive premium offering - Autonomous coding agents are now standard practice for internal engineering teams, cutting time-to-market by up to 30% year-over-year; the internal Bricks analytics agent saves sales teams ~40,000 hours per quarter ### Financial Services Strategic Updates - Completed consolidation of Superbank in May 2026 and acquisition of Stash in July 2026. Both businesses are already profitable and strongly aligned with Grab's ecosystem strategy - 60%+ of Superbank users are also active Grab/OVO users, enabling lower customer acquisition costs and improved loan underwriting via proprietary transaction behavioral data; Superbank expects ROE to continue improving and cost-to-income ratio to fall below 50% by end of 2026 ### Autonomous Vehicles (AV) Progress - AV commercial rollout remains uneconomical for most of Grab's regional market, where 50% of transactions are low-cost two-wheel rides under $1 - Grab is leading AV innovation in Singapore in line with regulatory timelines, with its AIR shuttle service having served over 9,000 riders since January 2026; point-to-point commercial service with fare collection will launch to the general public in Q4 2026 in Punggol

Guidance

- Grab raised its full-year 2026 revenue and adjusted EBITDA guidance from the prior 700-720 million range, with the upgrade primarily reflecting the consolidation of Superbank and the acquisition of the profitable Stash wealth platform, as well as stronger than expected core business momentum from on-demand growth - Core on-demand business performance is in line with prior guidance, with the guidance upgrade already incorporating 2-3% of forecast FX headwinds from regional Asian currency pressure against the U.S. dollar and the continuation of driver fuel price support through H2 2026 - Financial services segment is confirmed to reach adjusted EBITDA profitability in H2 2026, meeting a 2022 public commitment - Mobility segment adjusted EBITDA is expected to remain within the historical 8.5% to 9% margin range for H2 2026, even with ongoing elevated fuel prices and existing Indonesia OJOL commission cap regulation - GrabMart is expected to continue growing faster than the overall delivery segment, increasing its proportional contribution to total delivery GMV by end of 2026, while deliveries margins will still expand year-over-year - Cumulative share buyback authorization is increased to $1.75 billion, with a new $750 million authorization added to the prior $500 million program; $400 million of the original $500 million authorization had already been executed as of Q2 end - The proposed acquisition of Foodpanda Taiwan remains on track to close by the end of 2026

Segment performance

Overall Group: Adjusted EBITDA grew 54% year-over-year to $168 million, with adjusted EBITDA margin expanding to 16.9% of total revenue from 13.3% year-over-year. On-demand Gross Merchandise Value (GMV) grew 21% year-over-year (22% constant currency) to $6.5 billion, and monthly transacting users (MTUs) reached a record 54 million. Mobility: Mobility GMV grew 18% year-over-year, while total transactions grew 28% year-over-year, with monthly active drivers reaching an all-time high up 19% year-over-year. Revenue grew 12% year-over-year, and adjusted EBITDA margin came in at 8.6% in Q2 2026, within the historical 8.5%-9% guidance range. Deliveries: Total deliveries accelerated to 24% year-over-year constant currency GMV growth. GrabMart (grocery delivery) grew GMV at 1.7x the rate of food delivery this quarter, with GrabMart users growing 42% year-over-year. GrabMart currently represents 14% of the total food delivery user base, meaning it has significant untapped penetration upside. Deliveries segment margins expanded year-over-year in Q2 2026 despite strong GrabMart growth. Financial Services (FinTech): This is Grab's fastest growing segment, and is on track to reach adjusted EBITDA profitability in H2 2026. The consolidated Superbank, now with over 7.4 million customers, achieved 5.7% pre-tax return on equity this quarter with a 55% cost-to-income ratio, and was already fully profitable in 2025. The recently acquired Stash wealth platform is profitable and brings over $5 billion in assets under management (AUM), with total segment asset management AUM growing 22% year-over-year. The segment expects its total loan book to exceed $3 billion by end of 2026.

Risks & headwinds

- Ongoing elevated fuel prices across Southeast Asia create pressure on driver earnings and mobility margins; Grab has implemented $7 million in targeted driver support programs to maintain marketplace health, which are fully incorporated into 2026 guidance - Regional Asian currency depreciation against the U.S. dollar creates ongoing FX headwinds, which have been baked into the revised full-year guidance - New commission cap regulations for two-wheel mobility (OJOL) in Indonesia; the OJOL segment only represents 6% of total mobility GMV, and Grab expects to maintain its current low positive adjusted EBITDA profile under the new regulations; there is currently no indication the regulations will extend to other mobility or delivery segments, and this outcome is already incorporated into guidance - While the Foodpanda Taiwan acquisition is on track, it remains subject to regulatory approval with closing expected by end of 2026 - Competitive pressure in the Southeast Asian on-demand market, particularly in the context of Uber's proposed acquisition of Delivery Hero, though Grab notes its market has long been competitive and its structural ecosystem advantages have allowed it to gain share consistently over time - Autonomous vehicle commercialization across most of Southeast Asia remains uneconomical for the foreseeable future due to the market's high share of low-cost two-wheel transactions

Analyst Q&A

• Q: Does the 2026 guidance upgrade purely reflect the consolidation of Superbank and Stash, or is core business performance also stronger than prior expectations? /

  A: Core on-demand business performance is in line with prior full-year guidance, and the upgrade mainly adds the impact of the Superbank and Stash consolidations. The upgrade also incorporates 2-3% of expected FX headwinds and the continuation of driver fuel price support through H2 2026. Core business momentum remains strong: deliveries grew 24% YoY, mobility grew 18% GMV despite ongoing elevated fuel prices, and the financial services segment remains on track for H2 2026 profitability. Core transactions and user growth have held up better than expected, supporting the revised guidance even after accounting for new headwinds and acquisitions. /

• Q: What is management's near-term focus for fintech after the Superbank consolidation and Stash acquisition, and what is the outlook for loan growth, Indonesian performance and profitability? /

  A: Grab remains on track to hit its 2022 public commitment of achieving financial services adjusted EBITDA profitability in H2 2026. The loan book is expected to exceed $3 billion by end of 2026, with ecosystem integration lowering customer acquisition costs and improving underwriting accuracy via proprietary transaction data. Superbank already reached full profitability in 2025 with a 5.7% pre-tax ROE this quarter, and management expects the cost-to-income ratio to fall below 50% by end of 2026. Stash is already profitable, adds high-margin asset management capabilities, and AUM growth for the segment is accelerating at 22% YoY. /

• Q: How will Uber's proposed acquisition of Delivery Hero impact Grab's competitive position in Southeast Asia via Foodpanda? /

  A: Uber is a passive Grab shareholder, and is contractually restricted from competing with Grab in its core markets until one year after it fully sells its Grab stake. Grab notes that the Southeast Asian market has always been competitive, and the company has consistently gained category share across the region while delivering profitable growth. Grab's competitive strengths, including large scale with 54 million MTUs, deep hyperlocal regulatory and government partnerships, a product focus on affordability and reliability, and a cross-ecosystem flywheel reinforced by growing fintech, are structural and difficult to disrupt. /

• Q: Why did mobility transactions grow 28% YoY but revenue only grow 12% YoY, and will take rates stabilize in H2? /

  A: The take rate compression in Q2 was intentional: after fuel prices spiked in March, Grab implemented targeted driver incentives ($7 million total) and affordable saver fare products to keep supply healthy and rides affordable for consumers. Monthly active drivers grew 19% YoY to an all-time high, driver earnings rose 4% YoY, and ride growth hit 28% YoY, which was the desired outcome to keep the marketplace healthy heading into H2. Mobility margins remained 8.6% in Q2, well within the 8.5-9% target range, and management expects margins to stay within this range through H2 2026 regardless of ongoing fuel price volatility. /

• Q: What is the current status of the Foodpanda Taiwan acquisition, including timeline, integration costs, and inclusion in guidance? /

  A: Management confirmed the transaction remains on track, with the company continuing close engagement with Taiwanese regulators and ongoing pre-close preparations. Management reaffirmed guidance that the deal will close by the end of 2026, and did not disclose additional details on integration costs beyond what has already been incorporated into 2026 guidance.