Grab Holdings (GRAB) Q3 2026 Earnings Call Transcript

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DATE

Monday, Nov. 2, 2026

CALL PARTICIPANTS

• Director of Strategic Finance and Investor Relations – Douglas Eu
• Chief Executive Officer – Anthony Tan
• President and Chief Operating Officer – Alexander Charles Hungate
• Chief Financial Officer – Peter Oey

TAKEAWAYS

• Revenue — $1,112 million, representing 27% year-over-year growth driven by expansion across all core business segments.
• Adjusted EBITDA — $237 million, increasing 73% year over year and marking the 19th consecutive quarter of adjusted EBITDA expansion.
• Monthly Transacting Users (MTUs) — 57.2 million, growing 20% year over year as affordable offerings attracted more users to the platform.
• On-Demand GMV — $6.8 billion, representing 22% growth on a constant currency basis reflecting increased user frequency.
• Profit for the Period — $18 million, compared to $17 million in the prior year period, primarily driven by operating profit growth.
• Adjusted Free Cash Flow — $533 million on a trailing 12-month basis, nearly doubling year over year due to improved adjusted EBITDA.
• Mobility GMV — $2,335 million, growing 14% year over year as transactions rose 21% driven by affordable service tiers.
• Mobility Segment Adjusted EBITDA — $207 million, representing a 15% year-over-year increase while maintaining a stable margin of 8.9% of GMV.
• Deliveries GMV — $4,500 million, increasing 21% year over year due to growth in monthly transacting users and higher spend per user.
• Deliveries Segment Adjusted EBITDA — $123 million, growing 58% year over year as margins expanded to 2.7% of GMV.
• Financial Services Revenue — $201 million, representing 124% year-over-year growth driven by increased lending contributions from GrabFin and digibanks.
• Financial Services Segment Adjusted EBITDA — $12 million, marking the first profitable quarter for the segment following scale improvements in the loan book.
• Gross Loan Portfolio — $2.7 billion, representing 200% year-over-year growth as lending expanded across digital banks and the acquired Stash portfolio.
• Non-Performing Loans (NPLs) — 2.6% of the gross loan portfolio, reflecting stable credit quality for loans 90 days past due.
• Digital Bank Deposits — $2.7 billion, reflecting the growth of customer balances across GXS Bank, GXBank, and Superbank.
• Regional Corporate Costs — $101 million, representing 9.2% of group revenue compared to 10.8% in the prior year period.
• Share Buybacks — $400 million, repurchased in September and October 2026 as part of a $900 million authorized program.
• Consumer Incentives — $406 million, representing 26% growth year over year to support new product launches and user adoption.
• Partner Incentives — $331 million, increasing 26% year over year to support driver supply amid elevated fuel costs.
• Operating Profit — $108 million, an improvement of $81 million year over year reflecting higher revenue and operating leverage.
• Expected Credit Loss Reserves — 6.5% of the gross loan portfolio, providing 2.4 times coverage of current non-performing loans.
• 2028 Adjusted EBITDA Guidance — $1.7 billion, including the anticipated impact of the proposed Atome acquisition.

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RISKS

• Tan stated, “Elevated fuel prices continued to pressure driver operating costs,” which has required the company to increase driver incentives to support earnings.
• Hungate warned that “autonomous vehicles cannot handle Southeast Asia transportation alone at the moment with a lot of weather, huge extreme tropical monsoons,” creating operational edge cases for the technology.
• Hungate noted that the transition to autonomous vehicles in Southeast Asia will be gradual because the cost displacement curve for human drivers will likely span a decade.

SUMMARY

Grab Holdings Limited (GRAB +9.09%) reported its first profitable quarter for all three core business segments, as Financial Services achieved adjusted EBITDA profitability. Management raised its full-year 2026 guidance for both revenue and adjusted EBITDA for the second time this year, citing record-level margins in Mobility and Deliveries. The company reported that 43% of GrabFood users now also shop on GrabMart, contributing to a groceries GMV growth rate that is 1.8 times faster than food delivery. While the acquisition of Atome remains pending, the company recorded a $60 million break fee in the fourth quarter following the regulatory rejection of its foodpanda Taiwan acquisition.

• Artificial Intelligence efficiency: Tan noted that “AI now powers every layer of the Grab ecosystem,” contributing to a 42% quarter-over-year reduction in compute cost per AI interaction.
• Driver supply expansion: The company reported that the active driver base reached an all-time high, growing 20% year over year to support reliability during the fourth quarter festive season.
• Financial Services trajectory: Oey stated that $300 million of the 2028 $500 million Financial Services EBITDA target is expected to be contributed by Atome and Superbank.
• Autonomous vehicle development: Hungate indicated plans to expand the Singapore autonomous fleet fivefold to 50 vehicles as the company prepares to launch commercial autonomous ride-hailing on the Grab app.
• GrabUnlimited engagement: Hungate noted that GrabUnlimited subscribers transact nearly three times more frequently than nonsubscribers and currently account for 35% of Deliveries GMV.
• Meta Muse partnership: Tan announced that Grab is an early connector partner for Meta Muse in Singapore, allowing users to build grocery baskets via chat for GrabMart fulfillment.

INDUSTRY GLOSSARY

• Adjusted EBITDA: A non-IFRS measure representing profit for the period adjusted for interest, taxes, depreciation, amortization, and other non-recurring items.
• Atome: A Southeast Asian digital finance platform and proposed acquisition target for Grab.
• Digibanks: Digital banks such as GXS Bank, GXBank, and Superbank that provide banking services entirely through mobile platforms.
• GMV (Gross Merchandise Value): The total dollar value of all transactions processed through the Grab platform.
• MTU (Monthly Transacting User): A unique user who has successfully paid for or utilized a Grab product or service in a given month.
• NPL (Non-Performing Loan): A loan that is 90 days or more past due.
• On-Demand: Services including mobility and deliveries provided to users at the time of request.
• Superapp: A mobile application that provides multiple services, such as transportation, food delivery, and financial services, in a single platform.

Full Conference Call Transcript

Douglas Eu: Good day, everyone, and welcome to Grab’s Third Quarter 2026 Earnings Call. I’m Douglas Eu, Director of Strategic Finance and Investor Relations at Grab. And j

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