Release Date: August 04, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- Record Q2 2026 with adjusted EBITDA up 54% YoY to $168 million, marking the 18th consecutive quarter of growth.
- On-Demand GMV grew 21% YoY (22% constant currency) to $6.5 billion, with MTUs hitting a record 54 million.
- Financial Services is on track for adjusted EBITDA profitability in H2 2026, with Superbank and Stash acquisitions strengthening the segment.
- GrabMart is growing at 1.7x the rate of food deliveries, with users up 42% YoY, indicating strong grocery penetration potential.
- AI-driven initiatives are cutting costs and improving efficiency, with cost per AI interaction halving and time-to-market reduced by up to 30%.
- Raised full-year 2026 guidance, reflecting strong core business momentum and contributions from Superbank and Stash.
- Mobility margins remain within the 8.5%-9% range despite fuel price pressures, supported by targeted driver incentives.
- Share buyback program expanded to $1.75 billion, with $400 million already executed in H1 2026.
- Autonomous vehicle pilots are progressing, with point-to-point revenue-generating service expected in Q4 2026 in Singapore.
- Superbank is already profitable with pre-tax ROE of 5.7% and cost-income ratio improving to 55%.
Negative Points
- Elevated fuel prices persist across the region, pressuring Mobility margins and requiring $7 million in driver support programs.
- Mobility revenue growth (12%) lags GMV growth (18%) and transaction growth (28%) due to take rate compression from lower ticket sizes and higher incentives.
- FX headwinds from ASEAN currencies weakening against the USD are baked into guidance, impacting revenue.
- The foodpanda Taiwan acquisition is still pending regulatory approval, with no clear timeline for closure beyond year-end.
- Grocery penetration remains nascent at only 14% of the food user base, indicating significant room for growth but also execution risk.
- The commission cap regulation in Indonesia for two-wheel mobility (ojol) could potentially spill over to other segments, though no such plans are currently indicated.
- The company is investing heavily in AVs and other long-term initiatives, which may not yield immediate returns.
- The consolidation of Superbank and Stash adds complexity and integration risks, though they are expected to be accretive.
- The company's guidance assumes no further deterioration in fuel prices or FX, which could be optimistic given current volatility.
- The share buyback pace may be slower than expected if the share price does not remain dislocated, as execution is tied to market conditions.
Q & A Highlights
Q: Peter, is the revised guidance mainly reflecting the consolidation of Superbank for 2H 2026? And excluding Superbank's consolidation, were there any changes to the revised guidance based on the core business?
A: Peter Oey (CFO) and Alex Hungate (President and COO) explained that the guidance upgrade reflects continued momentum from the second quarter, including over 20% growth in On-Demand GMV and a record 54 million MTUs. The revised guidance also incorporates the consolidation of Superbank and Stash, as well as FX headwinds of 2% to 3%. The core business is performing in line with prior guidance, with the new guidance primarily adding the impact of the new consolidations and FX pressures.
Q: After the consolidation of Superbank and completion of the Stash acquisition, what is management's near-term focus for the fintech business? Should we expect loan book growth to continue, and how should we think about the future growth and profitability of Indonesia's fintech business?
A: Alex Hungate (President and COO) stated that Financial Services is on track to achieve profitability in the second half of 2026, a commitment made in September 2022. The loan book is expected to exceed $3 billion by year-end, including Superbank's book. Superbank, consolidated in May, has over 7 million customers and recorded full-year profitability in 2025, with pre-tax ROE at 5.7% and cost-income ratio at 55%. The Stash acquisition, completed in July, is already profitable with $5.5 billion in AUM and over 1 million active subscribers.
Q: Can you comment on Uber's proposed acquisition of Delivery Hero and how that could impact the competitive landscape in Southeast Asia through foodpanda?
A: Anthony Tan (CEO) noted that Grab maintains ongoing dialogue with Uber as a shareholder, and Uber is restricted from competing in Grab's core markets until one year after a full sale of its stake. He emphasized Grab's structural advantages, including record MTUs of 54 million, hyper-local execution, GrabMaps, and a strong ecosystem flywheel reinforced by the growing financial services business, which enhances customer LTV.
Q: Are we hitting near the inflection point this quarter with further acceleration of user penetration and transaction volume growth for grocery delivery? How should we think about the growth trajectory of the Mart business and its contribution to total GMV in one year's time?
A: Alex Hungate (President and COO) reported that GrabMart users grew 42% year over year, yet Mart penetration is still only 14% of the food user base, indicating significant upside. GrabMart GMV grew at 1.7 times the rate of food deliveries this quarter, and the company expects this to continue outpacing the Deliveries portfolio. Grocery drives more frequent user behavior, and the company is scaling it deliberately while maintaining Deliveries margin growth year over year.
Q: What's the latest in regard to the regulations and commission caps from mobility in Indonesia? Is there any potential that this set of regulations will spill over to be implemented for deliveries or for four-wheelers in addition to two-wheel?
A: Alex Hungate (President and COO) clarified that the two-wheel taxi business (ojol) represents only 6% of total Mobility GMV and contributes positive adjusted EBITDA. With changes implemented in July, Grab expects to maintain this positive margin profile. The full-year guidance assumes the commission structure remains as currently implemented for ojol only, with no indication of spillover. Group Mobility margins for the second half are reiterated within the historical range of 8.5% to 9%.
Q: What is your outlook for fuel prices and the timing for Mobility margins to go back to the higher end of the range?
A: Alex Hungate (President and COO) stated that Grab is committed to supporting drivers through fuel price volatility, having committed $7 million to support programs since March. This support is factored into guidance, with Mobility margins at 8.6% in Q2, within the 8.5% to 9% range. Monthly active drivers are at an all-time high, up 19%. Longer-term, EVs are seen as a structural buffer against oil price volatility, with new fleet partnerships in Thailand, Indonesia, and the Philippines.
Q: Mobility GMV grew 18% while transactions grew 28%, but revenue only grew by 12%. Can management help bridge the net take rate compression, and should take rate stabilize or recover in the second half?
A: Peter Oey (CFO) explained that the take rate compression was driven by deliberate investments in partner incentives and saver products to keep the marketplace healthy amid elevated fuel prices. This strategy resulted in a 19% increase in monthly active drivers and a 4% increase in driver earnings, while rides grew 28% with lower average ticket sizes. Mobility margins remained at 8.6%, within historical ranges, and the company is confident in this setup for Q3.
Q: You announced a $750 million share buyback taking total authorization up to $1.75 billion. How should investors think about the pace of execution and under what circumstances would you accelerate repurchases?
A: Peter Oey (CFO) noted that of the initial $500 million buyback announced in February, roughly $400 million has been executed, with some accelerated due to share price dislocation. The new $750 million brings the cumulative program to $1.75 billion. Grab will maintain the same disciplined approach, executing where there is share price dislocation, while balancing organic growth investments, M&A with a high bar, and returning capital to shareholders.
Q: Grab has done several partnerships and investments to be at the cutting edge of autonomous vehicles and remote driving. Can you update us on the progress of various pilots and commercial rollout timelines?
A: Anthony Tan (CEO) highlighted that over 50% of Southeast Asia transactions are two-wheel and below $1 per ride, making AVs uneconomical for most of the region. In Singapore, which is only 10% of regional four-wheel transactions, Grab is leading innovation with a hybrid ecosystem. Since January, the Ai.R shuttle has served over 9,000 riders, with 99% recommending it. The next phase allows riders to book point-to-point AV rides, with commercial fares expected in Q4, making Punggol the first revenue-generating autonomous service.
Q: On foodpanda Taiwan, can you share progress on your engagement with regulators and the likely timeline
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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