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

Did Grab Holdings beat or miss consensus estimates last quarter?

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

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

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.


Grab Holdings Limited (GRAB) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

GRAB

GRAB fundamentals

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