“We delivered another record quarter of profitable growth at scale, with over 46 million monthly transacting users powering the Grab ecosystem flywheel. Grab’s growth engine continues to gain momentum, with on-demand gross merchandise value (GMV) accelerating to 21% year-on-year (YoY) or 18% YoY on a constant currency basis, and Grab achieving our fourteenth consecutive quarter of adjusted EBITDA growth,” said Anthony Tan, group chief executive and co-founder of Grab. “We will continue to execute on our strategy to drive product- and tech-led innovations to enhance the affordability and reliability of our services, further deepen user engagement and retention while attracting new users to the Grab ecosystem.”

“Strong topline growth acceleration and continued discipline on costs demonstrate our ability to generate adjusted EBITDA growth and adjusted free cash flow. We also successfully issued $1.5 billion of zero coupon convertible senior notes, which further strengthens our balance sheet and optimises our strategic flexibility,” said Peter Oey, chief financial officer of Grab. “We remain committed to disciplined capital allocation to sustain our growth acceleration momentum, and remain on track to deliver adjusted EBITDA in the second half that is greater than that in the first half.”

Group second quarter 2025 key operational and financial highlights

Revenue grew 23% YoY, or 19% on a constant currency basis, to $819 million in the second quarter of 2025, driven by growth across our on-demand and financial services segments.

On-demand GMV grew 21% YoY, or 18% YoY on a constant currency basis to $5.4 billion, underpinned by YoY growth in on-demand MTUs and total number of on-demand transactions of 15% and 23%, respectively.

Total incentives were $547 million during the quarter. On-demand incentives as a proportion of on-demand GMV remained flat YoY at 10.1% as we drove user growth and adoption of our new product offerings across mobility and deliveries.

Operating profit in the second quarter was $7 million, an improvement of $63 million YoY, primarily driven by increases in revenue, improved margins, disciplined cost management and lower share-based compensation expenses.

Profit for the period was $20 million, an improvement of $89 million YoY, primarily due to positive operating profit and lower finance costs for the period, partially offset by higher income tax expenses incurred in the quarter.

Adjusted EBITDA was $109 million for the quarter, an improvement of $45 million YoY from $64 million in the prior year period, as we grew on-demand GMV and revenue while improving profitability on a segment adjusted EBITDA basis.

Regional corporate costs for the quarter were $92 million, an increase compared to $84 million in the prior year period and $86 million in the first quarter of 2025.

Cash liquidity totalled $7.6 billion at the end of the second quarter, compared to $6.2 billion at the end of the prior quarter, contributed by the issuance of convertible notes in the aggregate principal amount of $1.5 billion. Net cash liquidity was $5.7 billion at the end of the second quarter, compared to $5.9 billion at the end of the prior quarter as we repurchased 58 million Class A ordinary shares outstanding for a purchase price of $274 million in the second quarter of 2025. Cumulatively, we have repurchased and retired 126 million Class A ordinary shares for a total purchase price of $499.6 million as of 30 June 2025.

Net cash from operating activities was $64 million in the second quarter of 2025, a decrease of $209 million YoY, with the better operating performance offset by lower cash inflows from deposits from customers in the banking business and higher cash outflows related to our lending businesses. Adjusted free cash flow was $112 million during the quarter, improving by $71 million YoY. On a trailing 12-month basis, adjusted free cash flow was $229 million, improving by $274 million YoY.

Business outlook

Financial measure guidance – FY 2025

• Revenue: $3.33 billion to $3.40 billion, 19% to 22% growth YoY.
• Adjusted EBITDA: $460 million to $480 million, 47% to 53% growth YoY.

The above guidance and expected year-over-year growth is primarily attributable to the organic expansion of our business, and represents our expectations as of the date of this press release and may be subject to change.

Segment financial and operational highlights

Deliveries

Deliveries revenue grew strongly by 23% YoY, or 18% YoY on a constant currency basis, to $439 million in the second quarter of 2025. The strong growth was primarily driven by growth in deliveries GMV and advertising business revenue. Notably, advertising revenue grew 45% YoY to an annualised run-rate of $236 million during the quarter.

Deliveries GMV grew strongly by 22% YoY, or 19% YoY on a constant currency basis, to $3,471 million in the second quarter of 2025, driven by an increase in the total number of deliveries transactions and deliveries MTUs.

Deliveries segment adjusted EBITDA as a percentage of GMV was 1.8% during the quarter, improving by 34 basis points from 1.5% in the prior year period. This was primarily driven by increased contributions from advertising business and improvements in operating leverage.

During the second quarter, the total number of quarterly active advertisers who joined our self-serve platform increased 31% YoY to 220,000 while average spend by quarterly active advertisers on our self-serve platform increased 42% YoY, as we continued to deepen advertising penetration among our merchant-partners. Advertising revenue as a percentage of deliveries GMV grew to 1.7% in the second quarter from 1.4% in the same period last year.

Mobility

Mobility revenue grew 19% YoY, or 17% YoY on a constant currency basis in the second quarter of 2025. Growth was underpinned by strong growth in mobility MTUs and total number of mobility transactions. Notably, growth of total number of mobility transactions was 23% YoY, which outpaced the growth of mobility MTUs.

Mobility GMV grew 19% YoY, or 16% YoY on a constant currency basis to $1,883 million during the quarter.

Mobility segment adjusted EBITDA as a percentage of mobility GMV was 8.7% in the second quarter of 2025, compared to 8.2% in the same period last year.

We continued to increase active driver supply while optimising our existing driver supply to meet growing demand for our services. During the quarter, we reached a new all-time high in monthly active drivers, which increased 18% YoY.

In the second quarter, we officially launched GrabCab, marking a new chapter in Singapore’s taxi landscape with a pioneering fleet of eco-friendly vehicles designed to enhance ride availability and commuter experience across the island.

Financial services

Revenue for financial services grew 41% YoY, or 38% YoY on a constant currency basis, to $84 million in the second quarter of 2025. The YoY growth was primarily driven by increased contributions mainly from lending across GrabFin and digibanks.

Segment adjusted EBITDA losses for the quarter increased by 8% YoY to negative $26 million, with an increase in expected credit loss provisions as we increased our loan disbursals. We continued to maintain a prudent stance on credit risk, with 90-days non-performing loans within our risk appetite and generating healthy risk-adjusted returns on our loan portfolio after accounting for allowances for credit losses. We reiterate our expectation to achieve segment adjusted EBITDA breakeven in the second half of 2026 for the overall financial services segment, with increasing revenue contributions from an expanding loan book driving further operating leverage, as we remain disciplined on costs.

We continued to focus on lending to our ecosystem partners through GrabFin and our digibanks, with total loans disbursed growing by 44% YoY to $721 million during the second quarter. Our total loan portfolio outstanding at the end of the second quarter grew 78% YoY to $708 million from $397 million in the prior year period.

Customer deposits in GXS Bank (Singapore) and GX Bank (Malaysia) grew strongly to $1,543 million in the second quarter from $730 million in the prior year period and from $1,432 million in the prior quarter. We were able to achieve continued growth on a QoQ and YoY basis for our deposit-base, highlighting the strength of the digibanks’ ability to leverage the Grab ecosystem.

Others

Revenue for others was $1 million in the second quarter of 2025.

Redisseminated by The Asian Banker