Q2 2026 Grab Holdings Ltd Earnings Call Transcript
Key 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%.
- 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.
Good day, everyone, and welcome to Grab's second quarter 2026 earnings call. I'm Ken Lek, Head of Strategic Finance and Investor Relations at Grab. And joining me today are Anthony Tan, Chief Executive Officer; Alex Hungate, President and Chief Operating Officer; and Peter Oey, Chief Financial Officer.
During this call, we will be making forward-looking statements regarding future events, including our business and financial performance. These statements are based on our current beliefs and expectations. Actual results can differ materially due to a number of risks and uncertainties as described on this earnings call in the earnings release and in our Form 20-F and other filings with the SEC. We do not undertake any duty to update any forward-looking statements.
We will also be discussing non-IFRS financial measures on this call. These measures supplement but do not replace IFRS financial measures. Please refer to the earnings materials for a reconciliation of non-IFRS to IFRS financial measures. For more
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