Grab Holdings Limited

Ladies and gentlemen, thank you for joining us today. My name is Faith, and I'll be your conference operator for this session. Welcome to Grab's second quarter 2025 earnings results call. After the speaker's remarks, there will be a questions and answers session. I'll turn it over to Douglas Yu to start the call.

Good day, everyone, and welcome to Grab's second quarter 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 are 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.

Thanks, Doug. Grab delivered yet another strong set of results in the second quarter, with Group MTU scaling to another all-time high. Meanwhile, on-demand GMV accelerated to 21% year-on-year in U.S. dollars growth or 18% year-on-year growth on a constant currency basis. These top-line trends combined with our continued cost discipline delivered our 14th consecutive quarter of adjusted EBITDA growth, while trailing 12 months adjusted free cash flow expanded to $229 million. This performance was powered by product and tech-led innovations which drive our ecosystem flywheel faster and enable us to outserve everyday entrepreneurs across Southeast Asia. Growth continues to be demand-led, with on-demand transactions outpacing GMV as we increase our focus on rolling out more affordable services and expanding the addressable market with more price-sensitive users. We also continue to scale up our financial services business prudently, with total loan dispersals across GrabFin and our digital banks reaching close to $3 billion on an annualised run rate basis in the second quarter. At the same time, credit risks remain within our risk appetites. Looking ahead to the second half, Grab remains well positioned with our investments solidifying our resilience in the face of potential macroeconomic uncertainties. As such, we expect to sustain this growth momentum to accelerate on-demand GMV growth rates relative to 2024. We will also maintain discipline on costs to drive profitable growth and free cash flow generation. With that, I now open the call for questions. Operator?