Grab Holdings Limited

Ladies and gentlemen, thank you for joining us today. My name is Faith, and I will be your conference operator for this session. Welcome to GRAB's fourth quarter and full year 2024 earnings results call. After the speaker's remarks, there will be questions and answers session. I'll now turn it over to Douglas Yu to start the call.

Hi, good day, everyone, and welcome to GRAB's fourth quarter and full year 2024 earnings call. I'm Douglas Yu, Director, Investor Relations and Strategic Finance at GRAB, And joining me today are Anthony Tan, Chief Executive Officer, Alex Hungate, President and Chief Operating Officer, and Peter Owee, Chief Financial Officer. During this call, we will be making forward-looking statements about future events, including our future business and financial performance. These statements are based on our current beliefs and expectations. Actual results could differ materially due to a number of risks and uncertainties as described on this earnings call in the earnings release and in our Form 20F 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 reconciliation of non-IFRS to IFRS financial measures. For more information, please refer to our earnings press release, remarks, and supplemental presentation available on our IR website. And with that, I will turn the call over to Anthony to deliver his opening remarks before we open it up for questions.

Thank you, Doug. Fourth quarter was our strongest quarter ever, closing out 2024 on a strong note as we relentlessly executed on our product and tech-led initiatives. This drove an acceleration in our on-demand GMV to 20% year-on-year. Product initiatives launched in 2024 targeted at improving the affordability and reliability of our on-demand services resulted in a new record of transacting users on Grab. Today we have achieved strong product market fit with features such as saver rides and priority deliveries across all our markets. The strong top line growth coupled with ongoing cost discipline across our business units has enabled us to continue scaling the platform in a profitable manner. We achieved our first full year of positive group adjusted EBITDA of $313 million, coming in at the upper end of our upgraded guidance. and positive full-year adjusted free cash flow of $136 million, which improved by $370 million year-on-year. Building upon these strong foundations we've laid in 2024 to scale our platform, we see plenty of headroom to further outserve the millions of users and partners across Southeast Asia this year. We will continue to evolve our product strategy to harness the power of our ecosystem. As a result, we expect to maintain our on-demand GMB growth momentum in 2025. And concurrently, we will take a balanced approach to drive a continued expansion of our adjusted EBITDA and adjusted free cash flow, while also being highly disciplined on our use of cash. With that, we now open the call for questions. Operator?