Grab Holdings Limited

Ladies and gentlemen, thank you for joining us today. My name is Tyler. I will be your conference operator for this session. Welcome to GRAB's third quarter 2025 earnings results call. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question, please raise your hand. If you had dialed into today's call, please press star nine to raise your hand and star six to unmute. Please limit to two questions per person. I will now turn it over to Douglas Yu to start the call.

Good day, everyone, and welcome to Grab's third 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 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.

Thank you so much, Doug. I really appreciate everyone being here with us. This quarter marks another vital step forward in our journey, not just in our financial performance, but in how we are building a more resilient, tech-driven platform for the long term. Our growth was a key standout this quarter, accelerating to new records as product-led innovations drove nearly a 6 million year-over-year increase in monthly transacting users to 48 million. This fueled a 24% year-on-year increase in on-demand GMV or 20% on a constant currency basis. At the same time, we continue to maintain cost discipline and leverage our ecosystem scale to drive profitable growth. Group adjusted EBITDA rose 51% year-on-year to a new record of 136 million, marking our 15th consecutive quarter of sequential profitability improvement. Our adjusted free cash flow also improved by 185 million year-on-year to 283 million on a trailing 12-month basis. These achievements are the direct result of our consistent focus on improving accessibility, affordability, and reliability. This has enabled us to continue growing earnings for our driver and merchant partners while expanding our marketplace, bringing new users onto our platform and deepening engagement and loyalty among our user base. As we head into the final stretch of 2025, we expect to exit the year on a high note. We remain on track for our financial services loan portfolio to exceed $1 billion and for full-year on-demand GMV growth to accelerate from 2024 levels. As a result, both our mobility and delivery segments are well on track to exit the year at record GMV levels. With our teams executing with focus and AI unlocking new growth and efficiency frontiers at unprecedented speed, we are confident in our ability to drive sustainable, long-term value for our users, partners, and shareholders. With that, I now open the call for questions. Operator?