Grab Holdings Limited

Ladies and gentlemen, thank you for joining us today. My name is Nora, and I will be your conference operator for this session. Welcome to GRAB's first quarter 2025 earnings results call. After this speaker's remarks, there will be a question and answer session. I will now turn it over to Douglas Yu to start the call.

Good day, everyone, and welcome to GRAB's first quarter 2025 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 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 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 website. And with that, I will turn the call over to Anthony to deliver his opening remarks before we open it up for questions.

Our first quarter results were strong as we achieved profitable growth despite the seasonal impacts to demand from the Lunar New Year and Ramadan fasting period. We grew on-demand GMV by 17% year on year and achieved yet another record number of monthly transacting users on our platform. translating to another quarter of record revenues. As we drove strong top-line growth, we continued to harness the scale of our ecosystem to drive greater network efficiencies and maintain a disciplined stance on costs. As such, we achieved our 13th consecutive quarter of group-adjusted EBITDA improvement, while our trailing 12-month adjusted free cash flow also expanded to $157 million. were cognizant that there are increased levels of uncertainty in the global macroeconomic landscape. We remain committed to the mission of our company and believe that it is more important than ever before to continuously drive improvements to the reliability and affordability in our offerings. This will increasingly position us as a counter-cyclical company, enabling us to stay resilient and continue driving new user growth and improvements to usage frequency and retention regardless of the macroeconomic landscape. Looking ahead, we reiterate our expectations to maintain our on-demand GMV and revenue growth momentum compared to 2024 growth rates, while maintaining a highly disciplined stance on costs. Given the strong performance of the first quarter, we are raising our adjusted EBITDA outlook for the full year 2025 to 460 to 480 million from 440 to 470 million previously.