Grab (GRAB) Q2 FY26 earnings call: guidance and Q&A

Is the revised guidance mainly due to Superbank consolidation, and what are the core business changes?

The revised guidance reflects continuing momentum from the core on-demand business (20%+ growth, 28% rides up, 54M MTUs), the consolidation of Superbank and Stash, and is offset by FX headwinds of 2% to 3%. The core business is performing well and in line with prior guidance.

“What you're seeing in the second half [indiscernible] momentum continuing from the second quarter. You saw where we saw great demand growth on our top line business. Our on-demand business continues to grow at over 20% plus now.”

asked by Divya from Morgan Stanley, Alicia from Citi, Jiong from Barclays, Ranjan from JPMorgan and Zhiwei of Macquarie · answered by Peter Oey

What is management's near-term focus for fintech after Superbank/Stash consolidation, and how will Indonesia's fintech business grow?

The focus is on achieving Financial Services profitability in H2 2026, with the loan book expected to exceed $3 billion. Superbank has grown rapidly to over 7 million customers with 5.7% pretax ROE and 55% cost of income ratio, while Stash is already profitable with $5.5 billion AUM and over 1 million active subscribers.

“So first, we are on track to achieve profitability for Financial Services in the second half of 2026. I remember it was back in September '22 that we promised this to the market. So we're very pleased to be delivering on our commitments.”

asked by Alicia from Citi and John of Daiwa · answered by Alexander Charles Hungate

How might Uber's proposed acquisition of Delivery Hero impact the competitive landscape in Southeast Asia through Foodpanda?

Grab maintains an ongoing dialogue with Uber as a shareholder, noting Uber's restriction from competing in core markets. Grab emphasizes its competitive strength from hyper-local execution, strong government partnerships, product-led strategy for affordability/reliability, and a reinforcing ecosystem flywheel, which has consistently led to market share gains.

“Through the years, we have demonstrated steady gains in the category position across the region while driving profitable growth at the same time. Our competitive strength stems from structural advantages that are hard to disrupt.”

asked by Divya from Morgan Stanley, Piyush of HSBC, Jiong from Barclays and Hussaini from Maybank · answered by Ping Yeow Tan

Is GrabMart hitting an inflection point, and what is its growth trajectory and contribution to total GMV?

GrabMart GMV grew 1.7x the rate of food deliveries this quarter, with users up 42% YoY, though it's still only 14% of the food user base. The company expects this growth to outpace the overall Deliveries portfolio, targeting higher penetration similar to global peers (30%+). AI-powered shopping agents and increased user frequency are key drivers.

“Overall, GrabMart grew GMV at 1.7x the rate of food deliveries this quarter. So we expect this kind of growth to outpace the overall Deliveries portfolio.”

asked by Alicia from Citi · answered by Alexander Charles Hungate

What is the latest on regulations and commission caps for mobility in Indonesia, and could they spill over to Deliveries or 4-wheelers?

The 2-wheel taxi (Ojol) business, representing 6% of total mobility GMV, contributes positive adjusted EBITDA, which is expected to be maintained with the July changes. The full-year guidance assumes the current commission structure for Ojol only, with no information suggesting spillover to other segments. Mobility margins for H2 will remain within 8.5% to 9%.

“The good news is that with the changes that have been implemented in July, we expect to be able to maintain this positive margin profile going forward for the Ojol business in Indonesia.”

asked by John from Barclays · answered by Alexander Charles Hungate

How should investors think about the pace of execution for the $750 million share buyback, and under what circumstances would repurchases accelerate?

Grab executed $400 million of the prior $500 million buyback. The new $750 million authorization brings the cumulative program to $1.75 billion. Deployment will continue with discipline, accelerating when there is a dislocation in the share price, balancing organic growth, M&A (with a high bar), and returning capital to shareholders.

“Now with the new $750 million, which takes the whole program up to $1.75 billion of cumulative buyback, we'll keep deploying against that with the same discipline and the same focus on pace, we'll execute where we continue to see a dislocation in the share price.”

asked by Divya from Morgan Stanley and Hussaini from Maybank · answered by Peter Oey

Update on the progress of various pilots and commercial rollout timeline for autonomous vehicles in the region.

In Singapore, the AIR shuttle has served over 9,000 riders since January, with 99% recommendation. The next phase, launching in Q4, will offer point-to-point, revenue-generating autonomous services in Punggol, allowing direct routes and flexible booking. Grab is also certifying driver partners as safety and remote operators.

“Since January, our AIR shuttle, AIR shuttle has served over 9,000 riders. We've moved through this deliberately with community rights first, then full public operations in April.”

asked by Piyush from HSBC · answered by Ping Yeow Tan