Grab Q2 Earnings Call Highlights

Grab Holdings NASDAQ: GRAB reported record second-quarter results, with adjusted EBITDA rising 54% year over year to $168 million as the Southeast Asian technology company continued to expand margins, grow its user base and integrate newly acquired financial-services businesses.

Chief Executive Officer Anthony Tan said adjusted EBITDA growth exceeded the company’s revenue growth rate by more than two times, lifting adjusted EBITDA margin to 16.9% of revenue from 13.3% a year earlier. The quarter marked Grab’s 18th consecutive quarter of adjusted EBITDA growth.

On-demand gross merchandise value rose 21% year over year, or 22% on a constant-currency basis, to $6.5 billion. Monthly transacting users reached a record 54 million, despite elevated fuel prices across the region. “What stands out this quarter is the health of that growth, led by transactions and users, not price,” Tan said.

Grab raised its full-year 2026 guidance, citing momentum in its core on-demand business, the consolidation of Superbank and the acquisition of Stash. Chief Financial Officer Peter Oey said the outlook also incorporates foreign-exchange pressure from Asian currencies against the U.S. dollar. President and Chief Operating Officer Alex Hungate said the upgraded outlook includes an estimated 2% to 3% foreign-exchange headwind and continued fuel-price support for drivers in the second half. He said the core business remains in line with the company’s prior guidance, while the revised outlook reflects the addition of Superbank and Stash.

Deliveries grew 24% year over year on a constant-currency basis, while mobility GMV rose 18% despite higher fuel costs. Grab said ride transactions increased 28% year over year.

The company said its financial-services segment is expected to reach adjusted EBITDA profitability during the second half of 2026. Grab expects its loan book, including Superbank’s book, to exceed $3 billion by year-end. Superbank, which Grab consolidated in May, had more than 7 million customers and daily transactions above 1 million, Hungate said. More than 60% of Superbank users also use Grab and OVO. The bank was profitable for the full year 2025, and its pre-tax return on equity reached 5.7% in the second quarter, while its cost-to-income ratio was 55%. Grab completed its acquisition of wealth platform Stash in July. Hungate said Stash was already profitable, had more than $5 billion in assets under management and reported 22% year-over-year asset-management growth during the quarter.

Grab highlighted grocery delivery as a major growth opportunity. GrabMart GMV grew at 1.7 times the rate of food-delivery GMV during the quarter, while GrabMart...