Grab Holdings Q2 FY26 earnings call GRAB

Grab achieved a record second quarter, with Adjusted EBITDA growing 54% year-over-year to $168 million, marking its 18th consecutive quarter of growth. This performance demonstrates the successful conversion of scale into expanding operating leverage, with the adjusted EBITDA margin expanding to 16.9% of revenue from 13.3%. The company's disciplined operating posture underpins its confidence in compounding profitable, durable growth.

The consolidation of Superbank in May and the acquisition of Stash in July significantly bolster Grab's Financial Services segment, which is fast approaching adjusted EBITDA profitability expected in H2 2026. Superbank, with over 7.4 million customers and daily transactions above 1 million, recorded 5.7% pretax return on equity in Q2. Stash brings a profitable AI-powered wealth platform with over $5 billion in AUM and 1 million active subscribers, contributing to 22% YoY asset management growth.

On-demand GMV grew 21% year-over-year (22% on a constant currency basis) to $6.5 billion, with group Monthly Transacting Users (MTUs) reaching a record high of 54 million. The company emphasizes that its growth is led by transactions and users, not price, with daily transacting user growth actively outpacing monthly transacting user growth, indicating deepening engagement and durable daily habits.

GrabMart is identified as a massive growth runway, with its GMV growing at 1.7x the rate of food deliveries this quarter. The company is pushing deeper into planned everyday grocery occasions by enhancing offline anchors like Jaya Grocer and Everrise, deepening supermarket partnerships, and launching an AI-powered Grab Shopping Agent. This strategy aims to drive higher purchase frequency, growing basket sizes, and expanding advertising opportunities, while maintaining profitability discipline.

Grab AI processes trillions of tokens monthly, leading to a halving of the cost per AI interaction with driver and merchant partners year-over-year, while monthly interactions grew tenfold. Internally, AI-powered coding agents cut time to market by up to 30% year-on-year, and the BriX analytics agent platform cumulatively saves sales teams approximately 40,000 hours every quarter, reinforcing AI's role in margin expansion and operational efficiency.

Despite elevated fuel prices, mobility GMV grew 18% and transactions grew 28%. Grab committed $7 million to driver support programs since March, which successfully maintained marketplace health, resulting in a 19% increase in monthly active drivers and 4% higher driver earnings year-over-year. The company also implemented saver products to keep rides affordable, ensuring mobility margins remained within the 8.5% to 9% range.

Grab is leading autonomous vehicle (AV) innovation in Singapore, aiming to build a hybrid ecosystem. The AIR shuttle has served over 9,000 riders since January, with 99% recommending it. The next phase, launching in Q4, will offer point-to-point, revenue-generating autonomous services in Punggol, supported by certified driver partners trained as safety and remote operators, positioning Grab as an experienced hybrid operator in Southeast Asia.

Grab remains on track with the proposed acquisition of Foodpanda's Taiwan business. The company is continuing close discussions with Taiwanese regulators and expects to close the deal by the end of 2026. This acquisition is part of Grab's strategy to enhance its competitive presence and governance in the region.