Grab NASDAQ: GRAB reported record second-quarter results, with adjusted EBITDA rising 54% year over year to $168 million as the Southeast Asian technology company continued to expand margins, grow its user base and integrate newly acquired financial-services businesses.
Chief Executive Officer Anthony Tan said adjusted EBITDA growth exceeded the company’s revenue growth rate by more than two times, lifting adjusted EBITDA margin to 16.9% of revenue from 13.3% a year earlier. The quarter marked Grab’s 18th consecutive quarter of adjusted EBITDA growth.
On-demand gross merchandise value rose 21% year over year, or 22% on a constant-currency basis, to $6.5 billion. Monthly transacting users reached a record 54 million, despite elevated fuel prices across the region.
“What stands out this quarter is the health of that growth, led by transactions and users, not price,” Tan said.
Guidance Raised as Superbank and Stash Join the Group
Grab raised its full-year 2026 guidance, citing momentum in its core on-demand business, the consolidation of Superbank and the acquisition of Stash. Chief Financial Officer Peter Oey said the outlook also incorporates foreign-exchange pressure from Asian currencies against the U.S. dollar.
President and Chief Operating Officer Alex Hungate said the upgraded outlook includes an estimated 2% to 3% foreign-exchange headwind and continued fuel-price support for drivers in the second half. He said the core business remains in line with the company’s prior guidance, while the revised outlook reflects the addition of Superbank and Stash.
Deliveries grew 24% year over year on a constant-currency basis, while mobility GMV rose 18% despite higher fuel costs. Grab said ride transactions increased 28% year over year.
The company said its financial-services segment is expected to reach adjusted EBITDA profitability during the second half of 2026. Grab expects its loan book, including Superbank’s book, to exceed $3 billion by year-end.
Superbank, which Grab consolidated in May, had more than 7 million customers and daily transactions above 1 million, Hungate said. More than 60% of Superbank users also use Grab and OVO. The bank was profitable for the full year 2025, and its pre-tax return on equity reached 5.7% in the second quarter, while its cost-to-income ratio was 55%.
Grab completed its acquisition of wealth platform Stash in July. Hungate said Stash was already profitable, had more than $5 billion in assets under management and reported 22% year-over-year asset-management growth during the quarter.
Grocery Growth Outpaces Food Delivery
Grab highlighted grocery delivery as a major growth opportunity. GrabMart GMV grew at 1.7 times the rate of food-delivery GMV during the quarter, while GrabMart users increased 42% year over year.
Still, grocery customers represented only about 14% of Grab’s food user base, according to Hungate, leaving room for further penetration. The company is expanding its assortment through its Jaya Grocer and Everrise retail businesses in Malaysia as well as supermarket partnerships across the region.
Grab has also introduced an AI-powered Grab Shopping Agent designed to help customers build recurring grocery baskets. Hungate said the company expects grocery growth to continue outpacing the broader deliveries portfolio while maintaining its commitment to expand deliveries margins year over year.
Tan said Grab’s AI infrastructure processes trillions of tokens each month. The cost per AI interaction with driver and merchant partners has approximately halved from a year ago while monthly interactions increased tenfold, he said. Internally, the company said autonomous coding agents have reduced time to market by as much as 30% year over year, while its BriX analytics platform saves sales teams about 40,000 hours each quarter.
Mobility Margins Remain Within Target Range
Grab said it spent $7 million on driver-support programs after fuel prices rose beginning in March. The company’s monthly active drivers increased 19% year over year to an all-time high, while driver earnings increased 4%, Oey said.
Mobility adjusted EBITDA margin was 8.6% in the second quarter, within Grab’s historical 8.5% to 9% range. Hungate said the company expects group mobility margins to remain within that range through the second half, with driver support already incorporated into the full-year outlook.
In Indonesia, the company said two-wheel taxi, or Ojol, accounted for 6% of total mobility GMV and remained adjusted EBITDA positive. Grab’s full-year guidance assumes the current commission structure for Ojol remains in place, Hungate said.
The company is also expanding electric-vehicle partnerships, including nine new fleet partnerships in Thailand, a partnership with Wuling in Indonesia and expanded charging access for drivers in the Philippines.
Capital Returns, Taiwan and Autonomous Vehicles
Grab authorized an additional $750 million share repurchase program, bringing cumulative buyback authorizations to $1.75 billion since 2024. Oey said Grab had executed roughly $400 million of the $500 million buyback announced in February. The company will continue repurchases when it sees a “dislocation” in its share price, he said.
Grab expects to close its proposed acquisition of foodpanda’s Taiwan business by the end of the year, Oey said, adding that the company remains in close discussions with Taiwanese regulators. He did not provide details on integration costs.
Tan also discussed Grab’s autonomous-vehicle work in Singapore. Since January, the company’s Ai.R Shuttle has served more than 9,000 riders. Grab plans to open point-to-point autonomous-vehicle service to trial riders in the coming months and to the general public in the fourth quarter, when it expects to begin charging commercial fares in Punggol.
Tan said Grab continues to engage with Uber as a shareholder following Dara’s departure from Grab’s board on July 6. He noted that Uber is restricted from competing with Grab in its core markets for one year following a full sale of its Grab shareholding.
About Grab (NASDAQ:GRAB)
Grab Holdings Inc is a Singapore-based technology company that operates a consumer-facing "super app" across Southeast Asia offering services spanning ride-hailing, food and package delivery, and digital payments. Its platform connects consumers, drivers, merchants and delivery partners through mobile applications and supports on-demand mobility (taxi and private car), last-mile logistics, and on-demand food delivery under brands such as GrabFood and GrabExpress. The company has also developed a merchant-facing ecosystem that supports ordering, payment acceptance and loyalty functions.
Beyond transportation and delivery, Grab has expanded into financial services through Grab Financial Group, which provides digital payments via GrabPay, consumer lending, insurance distribution and small-business financial solutions.
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