Grab Holdings Limited · Q2 2026 call

Adjusted EBITDA grew 54% year-over-year to $168 million, more than twice our revenue growth rate with margin expanding to 16.9% of revenue from 13.3%, our 18th consecutive quarter of adjusted EBITDA growth.

As we disclosed on July 6, Dara stepped down from our Board effective that date as we continue to enhance our governance in connection with our proposed acquisition of Foodpanda's Taiwan business.

What stands out is the health of that growth, led by transactions and users not price.

The clearest expression of our growth runway is groceries. GrabMart grew at 1.7x the rate of food deliveries this quarter as we push deeper into planned everyday grocery occasions.

Our cost per AI interaction with driver and merchant partners has approximately halved versus a year ago, while monthly interactions grew tenfold, which is why we can deploy AI to every ecosystem partner rather than reserving it just for the premium tier and why we can continue to treat AI as a margin lever.

Internally, our engineers now coexist with autonomous coding agents in standard practice, cutting time to market by up to 30% year-on-year, while BriX, our internal analytics agent platform cumulatively saves our sales teams approximately 40,000 hours every quarter.

And the other thing that we're seeing is also about the Superbank and also the Stash consolidation into play. So you've got the on-demand business and our financial services momentum. You've got now the consolidation of Superbank as well as also Stash into the mix, which is the second pillar of our revised guidance. Also at the same time, we are baking in some FX headwinds into the business.

So this guidance upgrade from the prior $700 million to $720 million does reflect the factors in -- the fuel price support that we provided for drivers continuing through the second half. And it also includes the FX headwinds of between 2% to 3%, as Peter mentioned earlier.

So first, we are on track to achieve profitability for Financial Services in the second half of 2026. I remember it was back in September '22 that we promised this to the market.

So we expect the loan book to exceed $3 billion by the end of this year, including now the Superbank book as well.

So it had 1 million customers within the first year. That's 2024. And today it has over 7 million customers with daily transactions of above 1 million. […] So we've got pretax return on equity already hitting 5.7% in this quarter. And cost of income ratio is already now at 55% and continuing to decrease.

As shared in our previous public filings, Uber is restricted from competing with Grab in our core markets under 1 year following a full sale of its Grab shareholding.

So GrabMart users grew 42% year-on-year. But even then, Mart still only consists of about 14% of our food user base, so there's still lots of upside there.

So yes, so the 2-wheel taxi business or as we call it Ojol in Indonesia represents 6% of our total mobility GMV, so relatively small. It does contribute though positive adjusted EBITDA to our business today.

So we have committed $7 million already to build support programs since the spike began in March, and that's been successful because it has allowed us to keep the -- maintain the health of the marketplace with more drivers coming into the marketplace to drive for Grab.

What we saw was the number of rides were gone up 28%, yet the prices were actually being compressed, which is exactly what we wanted to do.

So let's go back to the first half, we announced a $500 million buyback in February earnings. So out of that, we've executed roughly about $400 million off that $500 million, of which some of those were accelerated, and we felt that it was constructive for us to go in, given where the share price is

Over 50% of all transactions in Southeast Asia are 2-wheel, below $1 per ride, making EVs uneconomical for commercial rollout. And Singapore specifically is only 10% of all 4-wheel transactions regionally.

Since January, our AIR shuttle, AIR shuttle has served over 9,000 riders. […] That opens the trial riders over the next few months and to the general public in Q4 when we start charging commercial fares. That makes Punggol our first point-to-point revenue-generating autonomous service.

Financial Services is turning profitable in the second half is the next real catalyst for us. And as I always remind the Grab team, this is not a 1-quarter story. It's the trajectory that we're driving.