Q4 2025 Grab Holdings Ltd Earnings Call Transcript
Key Points
- Grab Holdings Ltd (GRAB) reported a 21% year-over-year increase in On-Demand GMV, driven by product-led demand and ecosystem expansion strategies.
- The company's financial services segment achieved significant growth, with a gross loan portfolio surpassing $1.3 billion, and is expected to reach $2 billion by the end of 2026.
- Grab Holdings Ltd (GRAB) achieved its first full year of net profit in 2025, marking a milestone in its financial performance.
- The acquisition of Stash, a US-based digital investing platform, is expected to contribute over $60 million in adjusted EBITDA by 2028, enhancing Grab's wealth management capabilities.
- The company is leveraging AI to improve operational efficiency, with over 90% of mobility rides dispatched using AI, and has reduced cloud costs per transaction by retiring idle resources.
- Despite strong growth, Grab Holdings Ltd (GRAB) faces macroeconomic headwinds, particularly in Indonesia, which could impact future performance.
- The company's expansion into new markets and services, such as autonomous vehicles, requires significant investment and regulatory collaboration, posing potential risks.
- Grab Holdings Ltd (GRAB) is still in the early stages of penetrating the Southeast Asian market, with modern retail and online grocery penetration remaining low.
- The company's financial services segment, while growing, is not expected to reach EBITDA breakeven until the second half of 2026, indicating ongoing financial challenges.
- There is uncertainty regarding the impact of potential regulatory changes in Indonesia, such as ride-hailing commission caps, which could affect margins and take rates.
(audio in progress) and payment systems to widen payments acceptance for them. And then we embed lending to improve cash flows and finally, transform their transaction data into actionable insights to help them scale their businesses. With these capabilities, Grab will be able to deliver the one outcome that matters most to our merchant partners, which is, of course, sustained earnings growth.
In 2025, total active deliveries merchants increased 9% year on year, while their earnings have seen a corresponding increase of 11%. Our financial services strategy is centered on embedded distribution that lowers customer acquisition costs with personalized offerings. For the majority of our users, drivers and merchants, GrabPay is their initial entry point into a range of financial services. And as they build a transactional history with us, we can also offer lending and insurance and even digital banking services in Singapore, Malaysia, and Indonesia.
In just three years, we have grown to 7.4 million deposit customers across our
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