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- **Record Growth**: 24% YoY on-demand GMV growth, 51% YoY EBITDA expansion, and 40% YoY financial services revenue.
- **Product-Led Flywheel**: Saver products drive 6 million new MTUs, GrabMart grows 1.5x faster than food delivery.
- **Margin Improvement**: Deliveries EBITDA margin to 4%+ as scale benefits offset stable consumer incentives.
- **Strategic Investments**: $3.5B annualized loan dispersals, AV partnerships with WeRide and May Mobility.
- **Cash Flow Strength**: $283M trailing 12-month free cash flow, disciplined cost control (8% YoY regional expenses growth).

**【CEO Summary Section】**
- Q3 2025 revenue growth driven by 24% YoY increase in on-demand GMV (20% on constant currency), fueled by 6 million new monthly transacting users (MTUs) year-over-year.
- Group adjusted EBITDA rose 51% YoY to $136 million, marking 15th consecutive quarter of sequential profitability improvement.
- Full-year loan portfolio expected to exceed $1 billion, with financial services revenue growing 40% YoY.
- Strategic focus on affordability (e.g., Saver deliveries, GrabBike Saver) and cross-selling (e.g., GrabMore for groceries) to deepen user engagement.
- Autonomous vehicle (AV) investments in WeRide and May Mobility to secure tech supply chain, with hybrid fleet approach for Southeast Asia.

**【CFO Financial Commentary】**
- GAAP net income of $420 million, Non-GAAP EPS of $1.08, and adjusted free cash flow of $283 million on a trailing 12-month basis.
- Regional corporate costs up 8% YoY but improving operating leverage (150bps YoY margin expansion).
- Financial services loan dispersals at $3.5 billion annualized run rate (+56% YoY), with ECL provisions offset by long-term revenue generation.
- Capital allocation strategy: organic growth (e.g., AV tech), selective M&A (e.g., autonomous vehicle partnerships), and shareholder returns.

**【Q&A Highlights】**
- **Indonesia Growth**: 24% YoY GMV growth, with Saver products (GrabBike Saver, GrabCar Saver) driving 6 million new MTUs and 66% high-value ride growth.
- **GrabMart Expansion**: 1.5x faster growth than food delivery, with 1/3 of new users coming through Saver products.
- **Margins**: Deliveries EBITDA margin expected to improve to 4%+ as scale benefits offset consumer incentives (stable at ~Q3 levels).
- **AV Strategy**: Long-term focus on hybrid fleets, with driver upskilling (e.g., remote safety drivers, LiDAR technicians).
- **Financial Services**: $1 billion loan book target on track, with 41% YoY increase in self-serve advertiser spend.


Grab Holdings Limited (GRAB) Q3 2025 Earnings Call Transcript

- **Record Growth**: Q2 GMV up 21% YoY, 14th straight quarter of EBITDA growth, and $229M free cash flow.
- **Affordability Wins**: Saver products now 34% of Deliveries, driving 23% Mobility transaction growth with 8.7% margin.
- **Fintech Surge**: Loan disbursals at $3B annualized, targeting $1B by year-end with 2026 breakeven in sight.
- **AV Ambitions**: Autonomous shuttles in Singapore, drone pilots in Philippines, hybrid fleet strategy to scale.
- **Cost Efficiency**: Corporate costs growing 9.5% QoQ vs. 21% GMV, 100-150bps margin improvement expected.


**【CEO Summary Section】**
- **Q2 2025 Highlights**: Group MTUs reached an all-time high, with on-demand GMV growing 21% YoY (18% on constant currency). Adjusted EBITDA grew for the 14th consecutive quarter, and trailing 12-month free cash flow expanded to $229 million.
- **Affordability Strategy**: Saver products (e.g., Saver delivery, transport) drove 34% of Deliveries transactions, up from 28% last year. This strategy expanded addressable markets and retained users during macroeconomic uncertainty.
- **Financial Services Growth**: Total loan disbursals across GrabFin and digital banks reached $3 billion annualized, with credit risks within risk appetite. Fintech is the fastest-growing business, targeting $1 billion in loans by year-end.
- **Macro Resilience**: Grab is countercyclical, with product innovations (e.g., Makan Bergizi Gratis in Indonesia) deepening user engagement and retention. Second-half adjusted EBITDA expected to be substantially stronger than first-half.

**【CFO Financial Commentary】**
- **Cost Efficiency**: Regional corporate costs grew 9.5% QoQ, slower than 21% GMV growth, driving operating leverage. CFO expects 100-150 basis points of margin improvement in regional corporate costs as a percentage of revenue.
- **Capital Allocation**: $1.5 billion convertible debt raised to fuel organic growth and strategic M&A. No new buyback plans, but buybacks will be considered with Board approval.
- **Fintech Break-even**: Financial Services to break even in Q4 2026, with digital banks breaching breakeven by end-2026. Supply chain financing (via GXS Capital) is a key growth driver.

**【Q&A Key Highlights】**
- **Mobility Growth**: 23% YoY transaction growth driven by affordability (e.g., Saver rides) and new user acquisition. High-value rides (e.g., Advance Booking) now 10%+ of GMV, balancing margins (8.7% Q2 vs. 9%+ target).
- **AV Strategy**: Piloting autonomous shuttles in Singapore and drone deliveries in the Philippines. Long-term goal: hybrid fleet of driverless and human-driven vehicles, leveraging Grab's mapping tech and regulatory partnerships.
- **Mart Business**: GrabMart GMV growth outpaces core Deliveries, with MTUs hitting all-time highs. Ads penetration in Mart (1.7% GMV) expected to expand as FMCGs leverage Grab's first-party data.
- **Competition**: Grab maintains 3.5x scale advantage over competitors, using AI and scale economies to offer lower prices and higher reliability.
- **Vietnam Dynamics**: New food delivery entrants present competition, but Grab's ecosystem flywheel (e.g., cross-selling Financial Services) provides resilience.


Grab Holdings Limited (GRAB) Q2 2025 Earnings Call Transcript

- **Q1 Growth Beats Expectations**: 17% GMV growth, record MTUs, and $157M free cash flow despite seasonal challenges.
- **AI-Driven Efficiency**: 12% QoQ decline in Indonesia marketing costs; 250,000 drivers using AI-powered Ride Guide.
- **Counter-Cyclical Resilience**: 6% MTU penetration of SEA population; family orders and Shared Saver reduce macro risk.
- **Fintech Expansion**: 56% YoY loan growth with prudent credit risk management; 2026 bank profitability target.
- **AV Leadership**: Early MOUs with 4 AV companies to pilot autonomous fleets; focus on insurance and fleet ops.
- **Margin & Growth Balance**: Food delivery EBITDA improving; 13th consecutive quarter of EBITDA expansion.


**【CEO Opening Remarks】**
- Q1 2025 GMV grew 17% YoY, with record monthly transacting users (MTUs) and revenues despite seasonal headwinds from Lunar New Year and Ramadan.
- Achieved 13th consecutive quarter of adjusted EBITDA improvement, with trailing 12-month free cash flow at $157 million.
- Raised full-year 2025 EBITDA guidance to $460-480 million (from $440-470 million) due to strong Q1 performance.
- Emphasized AI-driven efficiency and affordability to maintain counter-cyclical resilience in macroeconomic uncertainty.

**【CFO Financial Highlights】**
- Q1 revenue growth driven by 19% YoY transaction volume increase, outpacing GMV growth.
- Regional corporate costs down 5% YoY, with disciplined cost management supporting EBITDA expansion.
- Fintech loan book grew 56% YoY, with prudent credit risk management via expected credit loss provisioning.
- Adjusted EBITDA margin in food delivery business improving due to product mix (e.g., GrabMart, Shared Saver).

**【Q&A Key Takeaways】**
1. **Consumer Resilience**: No signs of demand slowdown in Indonesia; April GMV growth aligns with expectations. AI-powered promotions maintain efficiency without margin pressure.
2. **AI & Product Innovation**: 
   - GrabMart added 70,000 menu items via AI scanning, reducing merchant costs.
   - Ride Guide used by 250,000 drivers, boosting earnings 10-20%.
   - Shared Saver amortizes delivery costs across multiple customers, improving profitability.
3. **Counter-Cyclical Strategy**: 
   - 6% MTU penetration of SEA population leaves significant growth opportunity.
   - Family orders and viral products drive organic user expansion.
4. **Fintech Expansion**: 
   - Banks in 3 markets now issuing loans, targeting 2026 profitability.
   - Dine-out discovery monetization via closed-loop advertising to complement delivery GMV.
5. **Competitive Position**: 
   - Outgrew closest competitor in Indonesia with 12% QoQ decline in direct marketing costs.
   - Consolidation in delivery sector (e.g., foodpanda exit Thailand) reinforces scale advantage.

**【AV & Long-Term Growth】**
- Signed MOUs with 4 AV companies to explore pilot deployments; focus on fleet operations and insurance integration.
- Food delivery margins target 4%+ in select markets, with focus on absolute EBITDA growth over margin percentage.
- DTU (daily transacting users) penetration at 16% of MTUs, with viral products driving frequency growth.


Grab Holdings Limited (GRAB) Q1 2025 Earnings Call Transcript

- **Record Q4 Growth**: 20% YoY on-demand GMV driven by Saver Rides and Priority Deliveries, with first full year of positive EBITDA ($313M).
- **2025 Outlook**: 19-22% revenue growth, 40-50% EBITDA expansion, and $1B+ free cash flow.
- **AI & EVs**: Merchant AI tools boost ad spend 24%; 50,000 BYD EVs to reduce driver costs and improve reliability.
- **FinTech Expansion**: Loan book up to $536M, targeting H2 2025 profitability for financial services.
- **Risk Management**: 30-140bps FX headwinds baked into guidance; core markets still 83% underserved.

**【CEO Opening Remarks】**
- Q4 2024 marked Grab's strongest quarter ever, with on-demand GMV growing 20% YoY driven by product initiatives like Saver Rides and Priority Deliveries.
- Full year 2024 achieved first positive Group Adjusted EBITDA of $313M (upper end of guidance) and $136M adjusted free cash flow (up $370M YoY).
- 2025 outlook: Maintain on-demand GMV growth momentum while balancing EBITDA expansion and disciplined cash use.

**【CFO Financial Highlights】**
- Q4 2024 Group Revenue: $2.3B (19% YoY growth on constant currency).
- Group Adjusted EBITDA: $111M (vs. $72M YoY), with 44% margin improvement in deliveries and stable mobility margins.
- Free Cash Flow: $136M for full year (vs. -$234M in 2023).
- 2025 Guidance: 19-22% revenue growth, 40-50% EBITDA growth, and $1B+ free cash flow.

**【Q&A Key Takeaways】**
1. **Product Mix & Margins**: 
   - Saver Rides now 1/3 of deliveries and 26% of mobility transactions, driving affordability but requiring short-term margin tradeoffs.
   - Long-term mobility margin target: 9%+; deliveries: 4%+.
   - EV partnerships (e.g., BYD) and autonomous vehicles (AVs) to enhance efficiency and reduce costs over time.

2. **FinTech Performance**: 
   - Loan book grows to $536M, but EBITDA losses widen due to credit provisioning and new product launches (e.g., FlexiLoans in Malaysia).
   - Financial Services expected to reach profitability by H2 2025; GFin (banking) already generating strong returns.

3. **Capital Allocation**: 
   - Prioritize organic growth in core markets (e.g., Indonesia GMV +10% QoQ) and tech investments (AI, mapping).
   - Inorganic opportunities require high synergies; no major M&A planned for 2025.
   - Share buybacks and dividends to return excess cash.

4. **AI & Innovation**: 
   - GenAI tools (e.g., merchant AI assistant) boost ad spend 24% and sales for long-tail merchants.
   - Autonomous vehicles (AVs) in Southeast Asia face regulatory and infrastructure challenges, but Grab is exploring hybrid AV-human fleets.

5. **FX & Growth Risks**: 
   - 2025 guidance assumes 30-140bps FX headwinds; management maintains conservative approach to currency fluctuations.
   - Core markets (Indonesia, Philippines) still underpenetrated (only 17% of SEA population served).

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