GRAB · Grab Holdings Limited

Grab Holdings Limited delivered a strong start to 2026, achieving record profitability in what is typically its seasonally softest quarter. Revenue grew 24% year-over-year to $955 million, driven by robust performance across both On-Demand and Financial Services segments. On-Demand GMV accelerated to 24% growth, reaching $6.1 billion, while the company achieved a profit for the period of $120 million, a significant improvement from $10 million in the prior year period. Adjusted EBITDA increased 46% year-over-year to $154 million, with margins expanding to 16.2% of revenue from 13.7%, demonstrating growing operating leverage.

Segment performance was broad-based. Deliveries revenue rose 23% to $510 million with segment Adjusted EBITDA improving 40% to $88 million, aided by advertising growth. Mobility revenue grew 19% to $337 million, with GMV up 23% to $2.2 billion. Financial Services was a standout, with revenue surging 43% to $107 million as the gross loan portfolio expanded 130% year-over-year to $1.4 billion, reflecting strong credit demand.

Operationally, the company highlighted resilience amid a challenging macroeconomic environment stemming from a regional fuel crisis, deploying targeted earnings support for driver-partners. Management reaffirmed its full-year 2026 guidance, projecting revenue of $4.04 billion to $4.10 billion and Adjusted EBITDA of $700 million to $720 million. Capital allocation remained disciplined, with the company executing on a $500 million share repurchase program and announcing a strategic acquisition of foodpanda's Taiwan business, marking its first expansion outside Southeast Asia.