Grab Holdings Limited

Good day everyone and welcome to Grab's second quarter 2026 earnings call. I'm Ken Lek, Head of Strategic Finance and Investor Relations at Grab and joining me today are Anthony Tan, Chief Executive Officer, Alex Hungate, President and Chief Operating Officer, and Peter Oey, Chief Financial Officer. During this call, we will be making forward-looking statements regarding future events, including our business and financial performance. These statements are based on our current beliefs and expectations. Actual results can 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 a reconciliation of non-IFRS to IFRS financial measures. For more information, please refer to our earnings press release, remarks and supplementary presentations available on our IR website. For today's call, Anthony will deliver opening remarks after which we will open the floor for questions. As a reminder, we are accepting questions via our IR email at investor.relationsatgrab.com. Do submit your questions ahead of time and we will add them to the Q&A queue. With that, I'll hand it over to Anthony.

Thanks, Ken. Good day, everyone, and thank you for joining us. We delivered a record second quarter. Adjusted EBITDA grew 54% year-over-year to $168 million, more than twice our revenue growth rate, with margin expanding to 16.9% of revenue from 13.3%. Our 18th consecutive quarter of adjusted EBITDA growth. On-demand GMV grew 21% year-over-year or 22% on a constant currency basis to $6.5 billion and group MTUs, monthly transacting users, reached another record high of $54 million even as elevated fuel prices persisted across the region. On the strength of the first half, together with the consolidation of Superbank and the acquisition of Stash, we are raising our full-year 2026 guidance, which Peter will take you through in detail. Before turning to the business, a brief update on our board. As we disclosed on July 6, DARA stepped down from our board effective that day as we continue to enhance our governance in connection with our proposed acquisition of Food Panda's Taiwan business. Dara joined us in 2018 in connection with a sale of Uber's Southeast Asia business to Grab and has been a valued voice in our boardroom for eight years. On behalf of the board and everyone at Grab, I want to thank him personally for his contributions. We maintain ongoing dialogue with Uber in their capacity as a shareholder in Grab. On our core business, we continue to demonstrate our ability to drive on-demand growth acceleration and we are confident that the structural long-term modes we are investing in today will continue to expand our competitive advantage. What stands up this quarter is the health of that growth, led by transactions and users, not price. Three structural modes are driving it. Regional penetration remains incredibly nascent, giving us a massive runway. Our affordability initiatives are Profitably unlocking new user segments and building durable daily habits. And engagement is deepening with daily transacting user growth actively outpacing monthly transacting user growth. The clearest expression of our growth runway is groceries. GrabMart grew at 1.7 times the rate of food deliveries this quarter as we pushed deeper into planned, everyday grocery occasions. By enhancing the value prepositions of our offline anchors, Jaya Grosser and EverEyes, deepening supermarket partnerships, and launching our own AI-powered Grab shopping agent, We are driving higher purchase frequency, growing basket sizes and expanding our advertising opportunities, all while remaining disciplined in driving profitability expansion. Our financial services segment is also fast approaching adjusted EBITDA profitability, expected in the second half of 2026. Our lending playbook acquiring users at minimal CAC customer acquisition costs underwriting with proprietary and behavioral transaction data and funding loans with low cost deposits from our digital banks has enabled financial services to continue being our fastest growing segment. We recently consolidated Superbank, which now serves over 7.4 million customers. And in July, we completed our acquisition of Stash, bringing a profitable AI-powered wealth platform and over $5 billion in AUM into our ecosystem. Underpinning all of this is our Grab AI Intelligence layer, which now processes trillions of tokens every month. Our cost per AI interaction for driver and merchant partners has approximately halved versus a year ago, while monthly interactions grew tenfold, which is why we can deploy AI to every ecosystem partner rather than reserving it just for the premium tier, and why we can continue to treat AI as a margin lever. Internally, our engineers now coexist with autonomous coding agents and standard practice, cutting time to market by up to 30% year-on-year, while Bricks, our internal analytics agent platform, cumulatively saves our sales teams approximately 40,000 hours every quarter. Ultimately, our second quarter results prove that our business model is successfully converting scale into expanding operating leverage. We enter the second half of the year with discipline, operating posture, and absolute confidence in our ability to keep compounding profitable, durable growth. Thank you. Let's open it up for questions.

Thank you, Anthony. We will now begin the Q&A session and we encourage you to submit your questions throughout the webinar via email. With that, our first question, coming from several analysts, Divya from Morgan Stanley, Alicia from Citi, Jiong from Barclays, Ranjan from JPMorgan, and Tzuwei of Macquarie. Question is on our revised guidance, upgraded guidance. Question for Peter and Alex. Peter, is the revised guidance mainly reflecting the consolidation of Superbank? for 2H2026, and second part for Alex, excluding Superbank's consolidation, were there any changes to the revised guidance based off our core business?