Grab Holdings Limited · NASDAQ:GRAB
Grab — Q3 2026 Earnings Presentation
34 slides from Grab's earnings presentation, November 2026
Slide 1: Supplemental Data
Supplemental Data November 2026
Slide 2: Disclaimer: Non-IFRS Financial Measures
Disclaimer Non-IFRS Financial Measures This document and the investor webcast include references to non-IFRS financial measures, which include: Adjusted EBITDA, Segment Adjusted EBITDA, Segment Adjusted EBITDA margin, Total Segment Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Free Cash Flow, gr
Slide 3: Disclaimer: Forward-Looking Statements
Disclaimer Forward-Looking Statements This document and the announced investor webcast contain “forward-looking statementsˮ within the meaning of the “safe harborˮ provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contain
Slide 4: Agenda
1 Financial and Operational Highlights 2 Financial Results 3 Outlook 4 Non-IFRS Reconciliation 5 Appendix 4
Slide 5: Financial and Operational Highlights
Financial and Operational Highlights 5
Slide 6: Q3 2026 Financial Highlights
Q3 2026 Financial Highlights Revenue +27% YoY 30% YoY Constant Currency1 On-Demand Gross Merchandise Value2,3 +18% YoY 22% YoY Constant Currency1 Adjusted EBITDA4 $237M 73% YoY Adjusted Free Cash Flow4 $286M $533M on Trailing-12 Month Basis Note: 1. We calculate constant currency by translating o
Slide 7: AI adoption is rapidly increasing across SEA
AI adoption is rapidly increasing across SEA AI-First with Heart is how Grab will capture demand % Working Population in Southeast Asia AI Usage per Capita Tokens, in Millions 100% Internet users 80% 60 Gen AI users SEA AI usage is only 60% 10% of the U.S. 40% 14 20% 5 0% 2006 2010 2014 2018 2022 H
Slide 8: Grab's AI-powered ecosystem flywheel
Grab’s AI-powered ecosystem flywheel accelerates our scale, efficiencies & partner earnings 06 MERCHANT EARNINGS 01 SCALE +20% 57M+ Higher revenue growth for merchants who Monthly Transacting Users used the Merchant AI Assistant1 05 DRIVER EARNINGS 02 DATA +10% GRAB >20B Higher earnings per online h
Slide 9: Partnership with OpenAI to upskill 30,000 partners across Southeast Asia
Partnership with OpenAI to upskill 30,000 partners across Southeast Asia
Slide 10: Continued investments into driver earnings
Continued investments into driver earnings Ecosystem synergies insulate against fuel volatility CROSSVERTICAL EARNINGS OPPORTUNITIES >70% Two-wheel drivers completed jobs across Mobility and Deliveries LEVERAGING GRABINSURE TO PROTECT DRIVER EARNINGS >30% Driver-partners opted in to earnings protec
Slide 11: Deepening merchant relationships unlock value across our marketplace
Deepening merchant relationships unlock value across our entire marketplace IMPROVING PARTNER EARNINGS THROUGH ECOSYSTEM INTEGRATION 2.7x Higher average monthly earnings among merchants who utilize 2 Grab services DRIVING PLATFORM SALES THROUGH MERCHANT COINVESTMENTS +48% YoY increase in merchant-
Slide 12: Financial Services achieved segment profitability
Financial Services achieved segment profitability Targeting $500M Segment Adjusted EBITDA by 2028 Financial Services Segment Adjusted EBITDA KEY DRIVERS In $ Millions 500 Deepened penetration of consumer lending across the Grab ecosystem 12 Lowered Expected Credit Losses provisions as credit underwr
Slide 13: Gross Loan Portfolio reached $2.7B in Q3 2026
Gross Loan Portfolio reached $2.7B in Q3 2026 Expected to drive to >$6B by the end of 2028 Gross Loan Portfolio1 In $ Billions >2x Including Atome2 ▉ GrabFin ▉ GrabFin and Atome ▉ Digital Banks >6.0 2.7 2.3 1.3 1.4 0.6 0.8 0.9 // Q1 Q2 Q3 Q4 Q1 Q2 Q3 End-2028 25 25 25 25 26 26 26 Target Note: 1. F
Slide 14: Managing credit quality as loan portfolio scales
Managing credit quality as loan portfolio scales Non-Performing Loans stable through time Financial Services Credit Quality Non-Performing Loans (“NPLsˮ), 90 Days Past Due 1 % of Gross Loan Portfolio , Q3 2026 % of Gross Loan Portfolio Expected Credit Loss Reserves are NPLs have been stable over tim
Slide 15: Driving healthy Risk Adjusted Margins
Driving healthy Risk Adjusted Margins Expanding on larger scale Lending Risk Adjusted Margins1 Drivers of Lending Risk Adjusted Margin Expansion 2 % of Gross Loan Portfolio 1 Digital banks, funded by lower cost deposits, take a growing share of our Gross Loan Portfolio 10-12% 2 Gross Loan Portfolio
Slide 16: Strength of the Grab ecosystem drives structural advantages in Financial Services
Strength of the Grab ecosystem drives structural advantages in Financial Services DISTRIBUTION UNDERWRITING ENGAGEMENT >10M Customers across GXS, GXB and 647M Cumulative repayment touchpoints2, >25% Uplift in GXS Credit Card user spending3 Superbank1 within 3 years of launch enhancing underwriting d
Slide 17: On track for $1.75B in buybacks since 2024
On track for $1.75B in buybacks since 2024 >10% of outstanding shares upon completion Cumulative share repurchases In $ Millions Inaugural $500M share repurchase $500M share repurchase $750M share repurchase announced February 2024 announced February 2026 announced August 2026 500 ~1,750 400 351 274
Slide 18: Financial Results
Financial Results 18
Slide 19: Q3 2026 Unaudited Results: Consolidated Group
Q3 2026 Unaudited Results Consolidated Group YoY% Change In US$ Millions, unless otherwise stated Q3 2026 Q3 2025 YoY% Change Constant Currency1) Operating Metrics On-Demand GMV2,3 6,835 5,774 18% 22% On-Demand GMV per MTU $ 135 133 2% 5% Group MTU2 (millions of users) 57.2 47.7 20% - 2 Partner i
Slide 20: Q3 2026 Unaudited Results: Net Cash Liquidity
Q3 2026 Unaudited Results Net Cash Liquidity As of Sep 30, As of Jun 30, As of Mar 31, As of Dec 31, As of Sep 30, In US$ Millions, unless otherwise stated 2026 2026 2026 2025 2025 Cash and cash equivalents 2,848 2,859 2,948 3,433 3,280 Add: Other long-term investments 214 204 139 168 134 Add: Time
Slide 21: Group Financials and Operating Metrics
Q3 2026 Unaudited Results Group Financials and Operating Metrics Revenue On-Demand GMV1 Adjusted EBITDA2 In US$ Millions) In US$ Millions) In US$ Millions) % Revenue 15.6% 21.3% 1,112 6,835 27% YoY 18% YoY 237 30% YoY CC3 22% YoY CC 73% YoY 5,774 873 136 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 20
Slide 22: Q3 2026 Unaudited Results: Deliveries
Q3 2026 Unaudited Results Deliveries Revenue Gross Merchandise Value1 Segment Adjusted EBITDA2 In US$ Millions) In US$ Millions) In US$ Millions) % GMV1 2.1% 2.7% 4,500 561 21% YoY 21% YoY 24% YoY CC 22% YoY CC3 123 58% YoY 3,733 465 78 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Note: 1
Slide 23: Q3 2026 Unaudited Results: Mobility
Q3 2026 Unaudited Results Mobility Revenue Gross Merchandise Value1 Segment Adjusted EBITDA2 In US$ Millions) In US$ Millions) In US$ Millions) % GMV1 8.9% 8.9% 349 2,335 10% YoY 14% YoY 12% YoY CC3 17% YoY CC 207 317 2,041 15% YoY 181 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Note:
Slide 24: Q3 2026 Unaudited Results: Financial Services
Q3 2026 Unaudited Results Financial Services Revenue Gross Loan Portfolio1 Segment Adjusted EBITDA3 In US$ Millions) In US$ Millions) In US$ Millions) 2,711 % Revenue 31.4% 5.8% 201 200% YoY2 124% YoY 132% YoY CC4 12 90 $40M 903 (28) Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Note: 1.
Slide 25: Q3 2026 Unaudited Results: Incentives
Q3 2026 Unaudited Results Incentives Q3 2026 Q3 2025 Partner Consumer Total Partner Consumer Total Incentives1 Incentives1 Incentives Incentives1 Incentives1 Incentives $ In millions Deliveries 199.0 328.3 527.2 164.4 257.1 421.5 Mobility 131.6 71.4 203.1 97.9 60.7 158.6 Financial Services 0.4 6.4 6
Slide 26: Outlook
Outlook 26
Slide 27: Outlook for 2026
Outlook Outlook for 2026 $4.15B $4.20B 23% 25% YoY 2026 Revenue Previous: $4.10B $4.15B 22% 23% YoY $790M $800M 58% 60% YoY 2026 Adjusted EBITDA1 Previous: $720M $740M 44% 48% YoY Note: 1. Adjusted EBITDA is a non-IFRS measure. For the definition of Adjusted EBITDA, see the secti
Slide 28: Non-IFRS Reconciliation
Non-IFRS Reconciliation 28
Slide 29: Adjusted EBITDA to IFRS Profit for the Period Reconciliation
Adjusted EBITDA to IFRS Profit for the Period Reconciliation Three months ended Nine months ended $ in millions, unless otherwise stated September 30, September 30, 20261 20251 20261 20251 Profit for the period 18 17 373 47 Income tax expense/(credit) 26 21 14 58 Impairment loss on equity-accounte
Slide 30: Adjusted EBITDA to Total Segment Adjusted EBITDA Reconciliation
Adjusted EBITDA to Total Segment Adjusted EBITDA Reconciliation Three months ended Nine months ended September 30, September 30, $ in millions, unless otherwise stated 20261 20251 20261 20251 Total Segment Adjusted EBITDA 338 231 878 624 Deliveries 123 78 307 203 Mobility 207 181 596 504 Financial S
Slide 31: Adjusted Free Cash Flow to Net Cash from Operating Activities Reconciliation
Adjusted Free Cash Flow to Net Cash from Operating Activities Reconciliation Three months ended Nine months ended September 30, September 30, $ in millions, unless otherwise stated 20261 20251 20261 20251 Net cash from/(used in) operating activities 55 127 52 10 Less: Capital expenditures 71 45
Slide 32: Appendix
Appendix 32
Slide 33: Definition of Non-IFRS Financial Measures
Appendix Definition of Non-IFRS Financial Measures Adjusted EBITDA is calculated as profit (loss) for the period adjusted to exclude: (i) net finance income (costs), including interest income (expenses), foreign exchange gain (loss) and changes in fair value of financial assets and liabilities, (ii)
Slide 34: Definition of Operating Metrics
Appendix Definition of Operating Metrics Gross Merchandise Value GMV) is an operating metric representing the sum of the total dollar value of transactions from Grabʼs products and services, including any applicable taxes, tips, tolls, surcharges and fees, over the period of measurement. GMV includ