Grab Holdings Limited

Grab reported Q2 adjusted EBITDA of $168 million, up 54% year over year, and adjusted EBITDA margin of 16.9% versus 13.3% last year. On-demand GMV increased 21% year over year, or 22% on a constant-currency basis, to $6.5 billion, and group MTUs reached 54 million. Management also said rides were up 28% year over year, Deliveries grew 24% year over year on a constant-currency basis, and Mobility margin was 8.6%, within the 8.5% to 9% range. Full-year 2026 guidance was raised from $700 million to $720 million, reflecting continued core momentum, the consolidation of Superbank and Stash, and FX headwinds of 2% to 3%.

Anthony Tan emphasized that the quarter showed Grab’s scale translating into operating leverage, with growth driven more by transactions and users than by price. He highlighted three moats supporting the business: still-nascent regional penetration, affordability initiatives that are opening new user segments, and deeper engagement as daily transacting users outpace monthly transacting users. He also framed groceries, financial services, and AI as long-run expansion engines, and said the company ended the first half with a disciplined operating posture and confidence in compounding durable growth.

Peter Oey focused on the linkage between top-line momentum, profitability, and capital allocation. He said the company is seeing strong demand in on-demand, with rides up 28% and MTUs at 54 million, and noted that the revised full-year guidance reflects core business momentum, Superbank and Stash consolidation, and FX headwinds. On buybacks, he said Grab executed roughly $400 million of the earlier $500 million authorization and will keep deploying against the enlarged $1.75 billion program when it sees share-price dislocation, while balancing organic investment, M&A, and shareholder returns.

Analysts pressed management on whether the upgraded guidance was mostly due to Superbank, and management said the core business remains in line with prior guidance while the upgrade also includes Superbank, Stash, and FX headwinds. On Financial Services, management said it remains on track for second-half 2026 profitability, expects the loan book to exceed $3 billion by year-end, and sees Superbank’s ecosystem ties as lowering CAC and improving underwriting. Questions on Mobility focused on Indonesia’s commission caps and fuel prices; management said the Ojol business is a small part of mobility GMV, should stay margin-positive, and second-half mobility margins should remain within the 8.5% to 9% historical range. On Foodpanda Taiwan, management said it remains on track, is in close discussions with regulators, and expects to close by the end of the year.