Grab Holdings Limited

Thank you for joining us today. and for more information please refer to our earnings press release remarks and supplemental presentation available on our IR website. So for today's call Anthony will deliver opening remarks after which we will open the floor for questions and as a reminder we accept questions via our IRMO at investor.relations at grab.com so please do submit your questions ahead of time and we will add them to the Q&A queue and with that I'll hand it over to Anthony.

Thanks so much Doug. Good day everyone and thank you for joining us. The third quarter of 2026 was a quarter of several milestones. For the first time, all three of our core segments are profitable, with financial services achieving segment-adjusted EBITDA profitability, including the contributions from Stash and Superbank. Adjusted EBITDA reached a record $237 million, up 73% year-on-year, our 19th consecutive quarter of adjusted EBITDA expansion. On-demand GMV grew 22% on a constant currency basis and monthly transacting users reached a record $57 million. With a clear line of sight to the fourth quarter, we are raising our full year guidance for both group revenue and adjusted EBITDA for the second time this year. We also reiterate our 2028 expectations of a group revenue compounded annual growth rate of over 30% and adjusted EBITDA of $1.7 billion. These expectations include the proposed acquisition of Atomi, which remains subject to completion. We delivered this in a challenging environment. Elevated fuel prices continued to pressure driver operating costs, persistent inflation-generated household spending, and Indonesia's new two-wheeler commission framework took effect in July. We leveraged our ecosystem advantages to grow revenue while expanding profitability and our mobility and deliveries margins both expanded quarter-on-quarter to 8.9% and 2.7% respectively. This is what we mean when we say our ecosystem compounds with more users, more services per user and more of each dollar reaching the bottom line. That strength is also what allows us to stand with our driver partners. We know elevated fuel costs have weighed directly on their take-home earnings and we continue to support them through this period. Beyond immediate relief, we are also equipping partners with tools that help them earn more on every hour they spend on Grab. AI now powers every layer of the Grab ecosystem and we are building AI first with heart to simplify experiences for our users and drive tangible earnings growth for our partners. As AI agents become a new way for consumers to transact, every order they place still needs to be fulfilled on the ground through the drivers, the merchants and logistics and licenses we have built for over more than a decade. With over 20 billion cumulative transactions on our platform, our models have a deep, real-world understanding of how Southeast Asia moves, eats, shops and borrows. We're doing this while structurally lowering our compute costs, with costs per AI interaction down 42% quarter-on-quarter as AI interactions grew 60%. In September, we also announced a partnership with OpenAI to equip 30,000 driver and merchant partners with practical AI skills over the next two years, starting in Singapore and then Thailand and expanding to Indonesia and the Philippines later this year, followed by Malaysia and Vietnam in 2027. Southeast Asia has been our home for nearly 15 years and our conviction in the region has never been stronger. It's one of the world's fastest growing economies and is projected to expand well above the global average in 2026, according to the latest IMF forecast. With all three core segments now profitable and our outlook raised for the second time this year, Grab has more engines contributing to profit than at any point in our history. I share that conviction personally and I have purchased additional shares in Grab. Our mission to drive Southeast Asia forward by empowering millions across the region remains central to our strategy and every capability we build serves our triple bottom line of delivering long-term shareholder value, creating meaningful impact for the communities and partners in our ecosystem and operating responsibly across Southeast Asia. Thank you so much and let's open it up for questions.

Great. Thank you, Anthony. So we will now begin the Q&A session, and we encourage you to submit questions throughout the webinar via email. So we received some questions coming in. So the first question is on guidance upgrade, and this is a question for Peter. The question comes from several analysts, Ranjan of AB Morgan, Ph.D. at HSBC, Jiong of Barclays, and Wei from Mizuho. So the question is, pleased to see the guidance upgrade, but why not raise the 2026 EBITDA guidance higher as the current guides indicates that the fourth quarter EBITDA may be stable relative to the third quarter? Question then goes on to ask, what are you assuming for fuel support, FX, and defensive season investments for the fourth quarter? So this question for Peter.