GRAB · Grab Holdings Limited

Grab delivered strong Q1 2026 results with revenue up 24% YoY to $955 million, fueled by 24% growth in On-Demand GMV to $6.1 billion and acceleration in MTUs to 51.6 million, up 16% YoY. Financial Services shone with 43% revenue growth to $107 million and gross loan portfolio surging 130% to $1,438 million, reflecting robust credit demand. Deliveries GMV rose 25% to $3,908 million despite festive softness, while Mobility GMV increased 23% with transaction growth of 28% via affordability enhancements. Adjusted EBITDA expanded 46% to $154 million, with margin improving to 16.2% from 13.7%, driven by revenue growth, operating leverage, and advertising momentum. Profit reached $120 million, boosted by a $118 million net gain on fair value changes and lower taxes, despite higher regional corporate costs of $114 million from inflation and tech expenses. Cash position remained solid at $6.9 billion gross liquidity, though operating cash used $59 million due to lending growth. Adjusted FCF turned positive at $98 million, up significantly YoY. Strategic moves include a $500 million buyback with $250 million accelerated repurchase and planned acquisition of foodpanda Taiwan, signaling expansion beyond Southeast Asia pending approvals. Incentives rose to 10.5% of GMV to support partners amid fuel costs, balancing growth and profitability.