Did Grab Holdings beat or miss consensus estimates last quarter?

What were the key takeaways from Grab Holdings’s earnings call?

What factors drove the changes in Grab Holdings's revenue and profit?

What guidance did Grab Holdings's management provide for the next earnings period?

What is the revenue and EPS growth rate for Grab Holdings year over year?

What is Grab Holdings's gross profit margin?

What does Grab Holdings do and what are its main business segments?

What were the key takeaways from Grab Holdings's earnings call?

- **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.


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