← Back to GRAB filing summaryOriginal filing text · Part I
Item 5 — Management's Discussion and Analysis
Grab Holdings Limited · 20-F · FY 2025 · Period ended Dec 31, 2025
View complete filing on SEC EDGAR ↗This is the extracted source text from the SEC filing. Formatting may differ from the original document.
For discussions related to our financial condition, changes in financial condition, and results of operations for 2024 compared to 2023, refer to “Item 5. Operating and Financial Review and Prospects” in our annual report on Form 20-F for the fiscal year ended December 31, 2024, which was filed with the SEC on March 14, 2025.
A.Operating Results
The following discussion and analysis of our financial condition, changes in financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and the related notes and other financial information included elsewhere in this annual report. In addition to historical consolidated financial information, the following discussion may contain forward-looking statements that reflect our plans, estimates, and beliefs that involve risks and uncertainties. Our actual results could differ materially from those discussed in the forward-looking statements as a result of many factors, including those factors set forth in “Item 3. Key Information—D. Risk Factors” and the section titled “Cautionary Note Regarding Forward-Looking Statements,” which you should review for a discussion of some of the factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis and elsewhere in this annual report.
Key Factors Affecting Our Performance
Our ability to grow and engage platform consumers
The number of platform consumers, which we measure by MTUs, is a key driver of the activity on our platform and the scale of our business. More consumers accessing offerings on our platform not only drives increased revenue, but contributes to powerful synergies that accelerate with scale. We expect platform consumers to grow as the value offered to them on our platform increases through product innovation, improved user experience, and more offerings. Building on our brand and market position across online food delivery, mobility and e-wallet payments, we expect platform consumers to grow organically. We also intend to continue to use promotions and reward programs to attract consumers to our platform base and to engage MTUs. Our GrabUnlimited subscription, GrabCoins, Jaya Grocer loyalty program and OVO rewards loyalty programs are important components of our consumer retention strategy, encouraging consumers to continue transacting on our platform. Our digital banking services in Singapore and Malaysia through GXS Bank and GXBank, which we publicly launched in 2022 and 2023, respectively, enables us to improve financial inclusion in these countries.
We believe platform consumers will increase their usage and spending on services offered through our platform as they discover additional features and offerings, and as they choose to incorporate them more deeply into their daily lives. In addition, we expect usage and spending across user cohorts to increase as we grow our platform, benefiting our driver- and merchant-partners.
Our ability to grow driver- and merchant-partners and scope of our offerings
Our growing base of merchant-partners provides opportunities to drive revenue growth, and our expanding base of driver-partners allows us to benefit from significant cost synergies and economies of scale as we deploy resources more efficiently. Our ability to maintain and grow our merchant-partner base depends in part on our ability to continue to solve mission-critical challenges for our merchant-partners. We therefore continue to invest in our merchant-centric initiatives to enable more small businesses to thrive on our platform. We also plan to continue investing in strengthening our sales force. We have also invested substantially in our technology platform to provide our merchant-partners with the tools they need to thrive in the digital economy.
Additionally, maintaining and continuing to grow our base of driver-partners is critical to delivering a quality experience on our platform. The more driver-partners that we have on our platform, the more deliveries and rides our driver-partners are able to provide, while maintaining high quality service and low wait times. Our driver-partner loyalty program provides our most engaged driver-partners with a variety of benefits, and we have encouraged our driver-partners to participate in training programs. Finally, we actively listen to our driver-partners’ concerns and feedback. Driver-partners’ representative committees gather and provide insights on how Grab can further enhance their experience.
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We have also created GrabForGood Fund, an endowment fund that supports programs that promote longer term socioeconomic mobility and improvement of quality of life of our driver- and merchant-partners, as well as that of the broader Southeast Asia community. This includes 3 core focuses on education, partner community care and climate disaster relief. In 2025, we extended the GrabScholar programme to Thailand and Vietnam, in addition to Indonesia, Malaysia and the Philippines. Through this program, GrabForGood Fund supports 3,486 school-going children and 117 undergraduate scholars annually, most of whom are our driver-partners or their direct family members. Since its inception in 2022, GrabForGood Fund has supported 8,238 school-going children and undergraduate scholars, most of whom are our driver-partners or their direct family members.
We believe that increasing the depth and breadth of our offerings will attract more consumers to our platform and in turn more driver- and merchant-partners to our platform. We intend to enhance our value proposition to driver- and merchant-partners by continuing to evolve the scope of our offerings, increasing the size and engagement of the consumer base to drive greater demand, developing innovative marketing services, and improving the analytics tools available to our partners.
Our ability to realize operating leverage on our platform
Since our founding, we have established numerous touch points with consumers, which allows us to facilitate a broad range of additional services through our platform. We believe we can leverage our platform and ecosystem to roll out new offerings rapidly and efficiently. For example, we launched our GrabUnlimited offerings across our six core markets by the end of 2022. Increasing the depth and breadth of offerings on our platform drives the attractiveness of our platform for merchant-partners and consumers.
We foster an ecosystem in which participants engage with each other through our platform. Consumers purchase goods and services from driver- and merchant-partners, and driver- and merchant-partners interact with each other to fulfill delivery orders. Driver- and merchant-partners also purchase financial services directly through our platform and transact across verticals, which underpins the strength of our competitive advantage.
During the initial stages of growth, we offered significant incentives and promotions to attract platform consumers as well as incentives to attract driver- and merchant-partners, and conducted advertising activities to enhance our brand awareness. We continue to leverage incentives and advertising to promote our platform and offerings.
Our ability to invest effectively in technology and research and development
We have made, and will continue to make, significant investments in research and development and technology to improve our platform to attract and retain driver- and merchant-partners, and consumers, expand the capabilities and scope of our offerings, and enhance the consumer experience.
Our engineers and data scientists are critical to the success of our business and we will continue to invest in the best talent in these areas. In addition, we have dedicated and will continue to dedicate significant resources to research and development efforts, focusing on developing innovative applications and offerings aimed at fulfilling the everyday needs of consumers by enabling merchant-partners to improve their service quality and operational efficiency, as well as advancing our big data and AI capabilities. We use AI-powered chatbots and virtual assistants to handle customer inquiries, freeing up our human agents to manage more complex issues to enhance customer satisfaction and operational efficiency. We have also deployed proprietary or partner-led AV and robotics technology to optimize the efficiency of our mobility services and our last-mile delivery ecosystem.
Our ability to enter into strategic partnerships, investments, and acquisitions
Since our founding, we have made a number of critical strategic investments and acquisitions and entered into partnerships to enhance our platform and attract consumers. The most strategic of these was our acquisition of Uber’s Southeast Asia operations in 2018. In 2021, we completed our 100% ownership investment in OVO. In 2022, we acquired a majority economic interest in Jaya Grocer in Malaysia. In 2022 and 2023, our digital banking joint venture GXS Bank and GXBank were publicly launched in Singapore and Malaysia, respectively, and are continuing to build their customer base and expand their product offerings. In 2024, PT Super Bank Indonesia Tbk, in which we have less than 50% equity interest, was publicly launched as a digital bank in Indonesia. In 2025, we acquired a majority interest in Everrise, a premium supermarket chain that operates predominately in East Malaysia, and acquired certain assets and businesses to accelerate the growth of our financial services and AI/robotics capabilities.
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We expect to continue to enter into strategic partnerships, investments, and acquisitions that we believe will expand or enhance the offerings on our platform and attract more merchants and consumers to our platform. We have already acquired an extensive suite of financial services licenses, including payments licenses in six core regional markets, and are in the process of building Singapore’s next-generation digital bank in Singapore, Malaysia and Indonesia through joint ventures and collaborations with our local partners.
Our ability to moderate the use of driver- and merchant-partner and consumer incentives
We offer various incentives to our driver- and merchant-partners that are deducted from the fees received from driver- or merchant-partners (typically being a percentage of the fare paid by the consumer to the driver- or merchant-partner or a service fee that varies). We also offer consumer incentives that reduce the amount payable by a consumer to driver- or merchant-partners. In addition, incentives for consumers offered and paid for by our merchant-partners drives demand on our platform and to the extent that these are effective in doing so we may be able to reduce the portion of overall incentives paid by us. Conversely, to the extent that merchant-partners are less willing to provide such incentives, we may need to increase our incentives to keep our platform attractive. The incentives that we offer to driver- and merchant-partners and consumers for a transaction may sometimes exceed our fees and commissions from a particular transaction, and may in aggregate sometimes exceed our aggregate fees and commissions in a particular reporting period.
Our revenues are generally reported net of partner and consumer incentives, so if incentives exceed our commissions and fees received, it can result in us reporting negative revenue. For the years ended December 31, 2025, 2024 and 2023, we incurred incentives presented in the table below, resulting in reductions to our reported revenues of the same amounts. Under the principal model which is adopted for certain delivery offerings in certain of our markets, delivery fees paid by users in that market are recognized as revenue to us, and the amount paid to driver-partners, including driver-partner incentives are recognized as a cost of revenue, and are excluded from the incentives presented in the below table.
(in $ millions, unless otherwise stated) Year Ended December 31,
2025 2024
Partner incentives 1,002 755
Consumer incentives 1,268 1,088
Total partner and consumer incentives 2,270 1,843
Percentage of on-demand GMV 10 % 10 %
With significant incentive payments to encourage the use of our platform, our MTUs increased to 47.2 million in 2025, from 41.3 million in 2024, respectively.
As our platform grows, we have been able to take advantage of the synergies of our platform and strategic use of incentives to encourage the use of our platform and acquire driver- and merchant-partners on to our platform over time. However, from time to time we may also increase incentives due to competitive factors in a particular country or area. In 2024 and 2025, incentives accounted for $1.8 billion (10.0% of on-demand GMV) and $2.3 billion (10.2% of on-demand GMV), respectively, across mobility and deliveries segments.
We expect that our ability to successfully moderate the use of incentives paid to driver- and merchant-partners and consumers over time relative to the commissions and fees we receive will likely impact our ability to increase revenues, raise capital, increase profitability and increase net cash inflow. Future decreases in the use of incentives could result in decreased growth in the number of users and driver- and merchant-partners or an overall decrease in users and driver- and merchant-partners, which could negatively impact our financial condition and results of operations.
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The impact of government policies and regulations in the markets in which we operate
We operate across the deliveries, mobility and financial services segments in Southeast Asia. Each of our businesses is subject to government regulations in each jurisdiction in which we operate. Regulations have impacted or could impact, among others, the nature of and scope of offerings we are able to make available through our platform, the pricing of offerings on our platform, our relationship with, and incentives, fees and commissions provided to or charged from, driver- and merchant-partners, incentives provided to consumers, our ability to operate in certain segments of our business, our ownership percentage in operating entities that may be subject to foreign ownership restrictions, benefits, welfare and protection we are required to provide to our driver-partners, and insurance we are required to maintain. We expect that our ability to manage our relationships with regulators in each of our markets, as well as existing and evolving regulations will continue to impact our results in the future.
Components of Results of Operations
Revenue
We primarily generate revenue from commissions and fees for our deliveries, mobility and financial services offerings. Revenue is presented net of driver-partner, merchant-partner and consumer incentives, which could result in negative revenue where these amounts exceed our commissions and fees. For further details on our revenue recognition, see “— Significant Accounting Policies—Revenue” in our consolidated financial statements included elsewhere in this annual report.
Business Segments
•Deliveries. We generate revenue from commissions and other fees from driver- and merchant-partners and consumers for connecting driver- and merchant-partners with consumers to facilitate delivery of a variety of daily necessities, including ready-to-eat meals and groceries, as well as point-to-point parcel delivery. Our revenue from the deliveries segment is recognized on the completion of a successful transportation or delivery service by driver- and merchant-partners. Our revenue also includes delivery fees charged to consumers in certain markets where we are responsible for delivery services, income earned from the sale of a variety of daily necessities through the operation of a chain of physical stores in certain markets, and advertising revenue arising from promoted listings and banner advertisements that enable merchant-partners to promote their businesses on our platform.
•Mobility. We primarily generate revenue from commissions paid by driver-partners, platform fees from consumers for the use of our platform, and advertising revenue arising from online and offline advertising solutions which include in-car product placements and mobile billboards. Our revenue from the mobility segment is recognized net of driver-partner and consumer incentives and we recognize revenue upon the completion of each ride. We also generate revenue through rental fees from our GrabRentals offering.
•Financial Services. We generate revenue from our Financial Services segment through lending, receivables factoring, digital banking, payment services, and other financial products. For lending and receivables factoring, we generate revenue primarily based on the interest income we receive from the loans we extend and from the factoring fee or discount when we purchase the receivables. For digital banking, we generate revenue through interest income from unsecured retail loans and investment securities. For payment services, we generate revenue from transaction fees from merchant-partners and transaction platforms based on a percentage of transaction volumes. We also generate revenue from non-payments related financial services, including insurance, other financial services, and associated advertising services. For other financial services, we generate revenue through commissions received from the provision of the service.
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Cost of Revenue
Cost of revenue comprises expenses directly or indirectly attributable to our deliveries, mobility, financial services and other offerings and primarily consists of cost of goods sold in our supermarket operations, compensation costs (including share-based compensation) for operations and support personnel for customers and partners, payments to driver-partners where we are responsible for delivery services to consumers, payment processing fees, data management and platform related technology costs including amortization of technology and market activity related intangible assets, costs incurred in relation to our motor vehicle fleet used for rental services (including depreciation and impairment) and an allocation of associated corporate costs such as depreciation of right-of-use assets. We expect that operating costs will increase in tandem with the growth of our businesses for the foreseeable future as we continue to invest and broaden our offerings and scale our operations.
Other Income
Other income includes gain from disposal of property, plant and equipment and other miscellaneous income.
Sales and Marketing Expenses
Sales and marketing expenses primarily consist of marketing and advertising costs, compensation costs (including share-based compensation) to sales and marketing employees and an allocation of associated corporate costs such as depreciation of right-of-use assets. These costs are recognized as incurred. We plan to continue to invest in sales and marketing to attract and retain platform users and increase our brand awareness.
General and Administrative Expenses
General and administrative expenses primarily consist of compensation costs (including share-based compensation) for executive management and administrative personnel (including finance and accounting, human resources, policy and communications, legal, public affairs, corporate IT, corporate security and general administration employees), occupancy and facility costs, administrative fees, professional service fees, depreciation on certain administration assets, legal settlement accrual and an allocation of associated corporate costs such as depreciation of right-of-use assets.
Research and Development Expenses
Research and development expenses primarily consist of compensation costs (including share-based compensation) to engineering, design, product development and data analytics employees, and allocation of associated corporate costs such as depreciation of right-of-use assets.
Net Impairment Losses on Financial Assets
Net impairment losses on financial assets relate to impairment loss in respect of trade receivables and loans and advances to driver- and merchant-partners and consumers, including individuals through our digital banking business.
Other Expenses
Other expenses mainly include goodwill and impairment of property, plant and equipment.
Restructuring Costs
Restructuring costs primarily consist of severance payments.
Net Finance Income/ (Costs)
Net finance income/ (costs) primarily consist of interest earned on debt investments and cash and cash equivalents, partially offset by interest expense on our outstanding financial liabilities, including the effective interest from convertible bonds. Additionally, net finance income/ (costs) include the foreign currency gain or loss on financial assets and financial liabilities, and net gain or loss on financial instruments at fair value through profit or loss.
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Share of Profit/ (Loss) of Equity-Accounted Investees (Net of Tax)
Share of profit/ (loss) of equity-accounted investees (net of tax) relates to our share of the results of investments in associates and joint ventures.
Income Tax Expense
We are subject to income taxes in the jurisdictions in which we do business. These foreign jurisdictions have different statutory tax rates. Accordingly, our effective tax rate varies depending on the relative proportion of income derived in each jurisdiction, use of tax credits, changes in the valuation of our deferred tax assets and liabilities, and changes in tax laws.
Results of Operations
The following table summarizes our consolidated statements of profit or loss for each of the periods presented:
(in $ millions, unless otherwise stated) Year Ended December 31,
2025 2024
Revenue 3,370 2,797
Cost of revenue (1,914) (1,623)
Other income 20 17
Sales and marketing expenses (367) (324)
General and administrative expenses (459) (512)
Research and development expenses (428) (410)
Net impairment losses on financial assets (140) (95)
Other expenses (5) (4)
Restructuring costs (12) (14)
Operating profit/ (loss) 65 (168)
Finance income 240 187
Finance costs (71) (106)
Net change in fair value of financial assets and liabilities 34 *
Net finance income 203 81
Share of profit/ (loss) of equity-accounted investees (net of tax) 1 (8)
Profit/ (loss) before income tax 269 (95)
Income tax expense (69) (63)
Profit/ (loss) for the year 200 (158)
*Amount less than $1 million
Comparison of the Years Ended December 31, 2025 and 2024
Revenue by segment
(in $ millions, unless otherwise stated) Year Ended December 31,
2025 2024
Revenue 3,370 2,797
Deliveries 1,800 1,493
Mobility 1,219 1,047
Financial services 347 253
Others 4 4
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Revenue by geographical locations
(in $ millions, unless otherwise stated) Year Ended December 31, 2024-2025
2025 2024 % Change
Revenue 3,370 2,797 20 %
Indonesia 715 643 11 %
Malaysia 1,039 816 27 %
Philippines 316 265 19 %
Singapore 727 578 26 %
Thailand 288 252 14 %
Vietnam 255 228 12 %
Rest of Southeast Asia 30 15 100 %
Our revenue increased by $573 million to $3,370 million in 2025 from $2,797 million in 2024.
Revenue is presented net of partner and consumer incentives. Partner incentives were $1,002 million and $755 million in 2025 and 2024, respectively, and consumer incentives were $1,268 million and $1,088 million in 2025 and 2024, respectively.
Deliveries revenue was $1,800 million in 2025 compared to $1,493 million in 2024. Mobility revenue increased by $172 million to $1,219 million in 2025 from $1,047 million in 2024. Financial services revenue increased to $347 million in 2025 from $253 million in 2024. Others revenue remained flat at $4 million in 2025 and 2024.
For details on revenue analysis by business segment, see the section titled “ — Financial Measures and Key Operating Metrics by Business Segment”.
Cost of revenue
(in $ millions, unless otherwise stated) Year Ended December 31, 2024-2025
2025 2024 % Change
Cost of revenue 1,914 1,623 18 %
Percentage of revenue 57 % 58 %
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Cost of revenue increased by $291 million, or 18%, to $1,914 million in 2025 from $1,623 million in 2024, primarily due to a $128 million increase in cost of food and mart supplies due to the addition of new supermarket stores, including the acquisition of Everrise, a $33 million increase in staff compensation costs associated with an increase in supermarket headcount, a $31 million increase in payment processing fees due to an increase in the volume of transactions, a $23 million increase in depreciation costs, a $22 million increase in infrastructure and cloud-hosting costs driven by an increase in the volume of transactions, a $19 million increase in drivers payout and retention costs and a $11 million increase in interest expense for digital banking business due to a higher amount of deposits. Our cost of revenue as a percentage of revenue remained relatively flat at 58% in 2024 and 57% in 2025.
Other income
(in $ millions, unless otherwise stated) Year Ended December 31, 2024-2025
2025 2024 % Change
Other income 20 17 17 %
Percentage of revenue 1 % 1 %
Other income increased by $3 million, or 17%, to $20 million in 2025 from $17 million in 2024. The increase was primarily due to a $6 million increase in dividend income from investments.
Sales and marketing expenses
(in $ millions, unless otherwise stated) Year Ended December 31, 2024-2025
2025 2024 % Change
Sales and marketing expenses 367 324 13 %
Percentage of revenue 11 % 12 %
Sales and marketing expenses increased by $43 million, or 13%, to $367 million in 2025 from $324 million in 2024. The increase was primarily due to a $43 million increase in media costs and agency marketing costs for marketing campaigns to support the growth of our business.
General and administrative expenses
(in $ millions, unless otherwise stated) Year Ended December 31, 2024-2025
2025 2024 % Change
General and administrative expenses 459 512 (10) %
Percentage of revenue 14 % 18 %
General and administrative expenses decreased by $52 million, or 10%, to $459 million in 2025 from $512 million in 2024. The decrease was primarily due to a $59 million decrease in litigation settlement expenses and a $32 million decrease in staff compensation costs driven by lower share-based compensation costs, partially offset by a $21 million increase in professional and software fees. We intend to continue to drive cost efficiency across our corporate functions as we scale.
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Research and development expenses
(in $ millions, unless otherwise stated) Year Ended December 31, 2024-2025
2025 2024 % Change
Research and development expenses 428 410 4 %
Percentage of revenue 13 % 15 %
Research and development expenses increased by $18 million, or 4%, to $428 million in 2025 from $410 million in 2024, primarily due to a $19 million increase in staff compensation costs. Our research and development expenses as a percentage of revenue decreased from 15% in 2024 to 13% in 2025. as a result of our efforts to drive cost efficiency.
Net impairment losses on financial assets
(in $ millions, unless otherwise stated) Year Ended December 31, 2024-2025
2025 2024 % Change
Net impairment losses on financial assets 140 95 47 %
Percentage of revenue 4 % 3 %
Net impairment losses on financial assets increased by $45 million, or 47%, to $140 million in 2025 from $95 million in 2024, primarily driven by a $42 million increase in the loan loss provision as our loan portfolio grew 120% and loans disbursed grew 47% year over year, respectively.
Net finance income
(in $ millions, unless otherwise stated) Year Ended December 31, 2024-2025
2025 2024 % Change
Finance income 240 187 28 %
Finance costs (71) (106) (33) %
Net change in fair value of financial assets and liabilities 34 * NM
Net finance income 203 81 151 %
Percentage of revenue 6 % 3 %
*Amount less than $1 million
Net finance income increased by $122 million, or 151%, to $203 million in 2025 from $81 million in 2024. The increase in net finance income was primarily due to a $106 million increase in net foreign exchange gain, a $34 million increase in favorable fair value adjustments for certain investments, a $31 million gain on deemed disposal of an associate following the dilution of our equity interest, and $17 million decrease in financing costs with the full repayment of the Term Loan B facility in 2024. These were partially offset by $46 million increase in interest costs due to amortized costs of the Notes issued, and a $19 million decrease in interest income driven by lower interest rates year over year.
Income tax expense
(in $ millions, unless otherwise stated) Year Ended December 31, 2024-2025
2025 2024 % Change
Income tax expense 69 63 11 %
Percentage of revenue 2 % 2 %
Income tax expenses increased to $69 million in 2025 from $63 million in 2024 due to higher income tax expenses incurred by our mobility and deliveries segments.
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Profit / (loss) for the year
(in $ millions, unless otherwise stated) Year Ended December 31, 2024-2025
2025 2024 % Change
Profit/ (loss) for the year 200 (158) NM
Percentage of revenue 6 % (6) %
Profit for the year increased by $358 million to $200 million in 2025 from loss of $158 million in 2024. The year-over-year changes in the components of profit/ (loss) for the year are discussed in the preceding analysis.
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Key Non-IFRS Financial Measures
In addition to the measures presented in our consolidated financial statements, we use the following key non-IFRS financial measures to help us evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions. However, the definitions of our non-IFRS financial measures may be different from those used by other companies, and therefore, may not be comparable. Furthermore, these non-IFRS financial measures have certain limitations in that they do not include the impact of certain expenses reflected in our consolidated financial statements that are necessary to run our business. Thus, these non-IFRS financial measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with IFRS.
We compensate for these limitations by providing a reconciliation of these non-IFRS financial measures to the related IFRS financial measures under the section titled “—Reconciliation of Non-IFRS Financial Measures.” We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure and to view these non-IFRS financial measures in conjunction with their respective related IFRS financial measures.
Total Segment Adjusted EBITDA
Total Segment Adjusted EBITDA is a non-IFRS financial measure representing the sum of Segment Adjusted EBITDA of our four business segments. Segment Adjusted EBITDA is a non-IFRS financial measure, representing the Adjusted EBITDA of each of our four business segments, excluding, in each case, regional corporate costs. Total Segment Adjusted EBITDA and Segment Adjusted EBITDA also reflect any applicable exclusions from Adjusted EBITDA. See “Adjusted EBITDA” below.
Regional corporate costs are costs that are not attributed to any of the business segments, including certain cost of revenue, regional research and development expenses, general and administrative expenses and marketing expenses. These regional cost of revenue include cloud computing costs. These regional research and development expenses also include mapping and payment technologies and support and development of the internal technology infrastructure. These general and administrative expenses also include certain shared costs such as finance, accounting, tax, human resources, technology and legal costs. Regional corporate costs exclude share-based compensation expenses and capitalized software costs. Total Segment Adjusted EBITDA is a useful indicator of the economics of our segments, as it does not include regional corporate costs.
The table below sets forth Total Segment Adjusted EBITDA for the periods indicated.
(in $ millions, unless otherwise stated) Year Ended December 31, 2024-2025
2025 2024 % Change
Overall Total Segment Adjusted EBITDA 868 663 31 %
Deliveries 287 196 47 %
Mobility 690 569 21 %
Financial services (110) (105) 5 %
Others 1 3 (100) %
Adjusted EBITDA
Adjusted EBITDA is a non-IFRS financial measure calculated as profit (loss) for the period adjusted to exclude: (i) net finance income (costs), including interest income (expenses), foreign exchange gain (loss) and changes in fair value of financial assets and liabilities, (ii) net other income (expenses), (iii) income tax expenses (credit), (iv) depreciation and amortization, (v) share-based compensation expenses, (vi) costs related to mergers and acquisitions, (vii) impairment losses on goodwill and non-financial assets, (viii) restructuring costs, (ix) legal, tax and regulatory settlement provisions and (x) other items not indicative of our ongoing operating performance.
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Legal, tax and regulatory settlement provisions
Legal, tax and regulatory settlement provisions are primarily related to certain significant legal proceedings, tax and regulatory settlements that we do not expect to incur on a recurring basis. These matters often span extended time periods, and are unpredictable in timing and magnitude. Accordingly, they are distinct from routine legal, tax and regulatory expenses incurred in our normal course of operations.
Adjusted Free Cash Flow
Adjusted Free Cash Flow is a non-IFRS financial measure, defined as net cash flows from operating activities less capital expenditures (including assets acquired under lease arrangements), plus proceeds from disposal of property, plant and equipment, and excludes changes in working capital related to loans and advances to customers, and deposits from the digital banking business. Adjusted Free Cash Flow is a metric we use to monitor business performance and assess cash flow activity, other than lending and digital banking deposit activities. We believe this metric is a useful indicator for comparison with the cash flow reporting of certain of our peers.
Reconciliation of Non-IFRS Financial Measures
The following tables provide reconciliations of Adjusted EBITDA, Segment Adjusted EBITDA, Total Segment Adjusted EBITDA and Adjusted Free Cash Flow.
(in $ millions, unless otherwise stated) Year Ended December 31,
2025 2024 (Recast)
Profit/(loss) for the year 200 (158)
Income tax expense 69 63
Share of (profit)/ loss of equity-accounted investees (net of tax) (1) 8
Net finance income (including foreign exchange (gain) loss) (203) (81)
Operating profit/ (loss) 65 (168)
Net other income (12) (13)
Depreciation and amortization 177 147
Share-based compensation expenses 241 279
Costs related to mergers and acquisitions** 20 6
Impairment losses on goodwill and non-financial assets * —
Restructuring costs 12 14
Legal, tax and regulatory settlement provisions (3) 48
Adjusted EBITDA 500 313
Regional corporate costs 368 350
Total Segment Adjusted EBITDA 868 663
Segment Adjusted EBITDA
Deliveries 287 196
Mobility 690 569
Financial Services (110) (105)
Others 1 3
Total Segment Adjusted EBITDA 868 663
*Amount less than $1 million
** Our costs related to mergers and acquisitions were previously included within the legal, tax and regulatory settlement provisions caption in our reconciliation of Adjusted EBITDA to profit/ (loss) for the period. Starting from January 1, 2025, these costs are presented as a separate caption in the reconciliation to provide additional break-down of information. The prior year has been adjusted for comparative purposes.
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Adjusted Free Cash Flow
(in $ millions, unless otherwise stated) Year Ended December 31,
2025 2024 (Recast)
Net cash from operating activities 79 852
Less: Capital expenditures* (188) (149)
Add: Proceeds from disposal of property, plant and equipment** 16 26
Free Cash Flow (93) 729
Changes in:
- Loan receivables in the financial services segment 691 276
- Deposits from customers in the banking business (308) (843)
Adjusted Free Cash Flow 290 162
* Includes cash outflow for certain assets acquired using lease arrangements.
** Starting from January 1, 2025, Adjusted Free Cash Flow includes proceeds from disposal of property, plant and equipment. The change is made to provide a more comprehensive view of cash flow activities. The prior year has been adjusted for comparative purposes.
Key Operating Metrics
Our revenue and results of operations are driven by the following key operating metrics, which our management reviews in order to understand and evaluate our current and past business and financial performance, identify trends affecting our business, formulate business plans, and make strategic decisions.
The table below sets forth key operating metrics for the periods indicated.
(in $ millions, unless otherwise stated) Year Ended December 31, 2024-2025
2025 2024 % Change
On-demand GMV 22,138 18,364 21 %
Group MTUs (monthly average in millions) 47.2 41.3 14 %
On-demand GMV per MTU 513 494 4 %
Partner incentives 1,002 755 33 %
Consumer incentives 1,268 1,088 17 %
Loan portfolio 1,180 536 120 %
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On-Demand Gross Merchandise Value
On-demand GMV is a metric by which we understand, evaluate and manage our business, and we believe is necessary for investors to understand and evaluate our business. On-demand GMV refers to the sum of GMV of the mobility and deliveries segments. GMV provides useful information to investors as it represents the amount of customer spend that is being directed through our platform. We present GMV as a metric to understand and compare, and to enable investors to understand and compare our aggregate operating results, which captures significant trends in our business over time.
We achieved overall growth in on-demand GMV of 21% from $18.4 billion in 2024 to $22.1 billion in 2025. Deliveries GMV increased 21% to $14.2 billion in 2025 from $11.7 billion in 2024, underpinned by an increase in the number of transactions, as well as growth in deliveries MTUs. Mobility GMV increased 19% to $7.9 billion in 2025 from $6.6 billion in 2024, driven by an increase in the volume of transactions and growth in mobility MTUs. Our monthly active driver supply also increased 17% year-over-year, and we believe that we have a strong opportunity to continue growing mobility and deliveries GMV due to the extent of the market opportunity and new product initiatives to accelerate growth, along with our platform advantages. Our new product offerings include, among others, Group Orders, GrabMore, Dine-out, Advance booking and Family Accounts.
The table below sets forth on-demand GMV, deliveries GMV and mobility GMV for the periods indicated.
(in $ millions, unless otherwise stated) Year Ended December 31, 2024-2025
2025 2024 % Change
On-demand GMV 22,138 18,364 21 %
Deliveries GMV 14,236 11,724 21 %
Mobility GMV 7,901 6,640 19 %
Monthly Transacting Users
MTU is a metric by which we understand, evaluate and manage our business, and we believe is necessary for investors to understand and evaluate our business. Overall Group MTUs increased by 5.9 million, or 14%, to 47.2 million in 2025 from 41.3 million in 2024. The increase in on-demand MTUs was consistent with our focus to roll out more affordable services and expand the addressable market with more price-sensitive users. Financial services MTUs grew due to an increase in on-platform payments penetration and growth in the loan disbursements from our lending businesses and customer base in our digital banking business.
The table below sets forth MTUs by segment for the periods indicated.
(monthly average in millions, unless otherwise stated) Year Ended December 31, 2024-2025
2025 2024 % Change
Group MTUs 47.2 41.3 14 %
Deliveries MTUs 25.4 21.7 17 %
Mobility MTUs 29.7 25.3 18 %
Financial Services MTUs 30.7 26.4 16 %
On-demand Gross Merchandise Value per Monthly Transacting User
On-demand GMV per MTU increased by 4% to $513 in 2025 from $494 in 2024, with mobility GMV per MTU increasing by 1% to $266 in 2025 from $263 in 2024, and deliveries GMV per MTU increasing by 4% to $561 in 2025 from $539 in 2024.
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The table below sets forth on-demand GMV per MTU for the periods indicated.
(in $ millions, unless otherwise stated) Year Ended December 31, 2024-2025
2025 2024 % Change
On-demand GMV per MTU 513 494 4 %
Deliveries GMV per MTU 561 539 4 %
Mobility GMV per MTU 266 263 1 %
Loan Portfolio
Our total loan portfolio outstanding increased by $644 million, or 120%, from $536 million as of December 31, 2024 to $1,180 million as of December 31, 2025, as we continued to focus on lending to our ecosystem partners through our lending business and digital banking business. Our loan portfolio represents the total of current and non-current loan receivables in the financial services segment, net of expected credit loss allowances.
The table below sets forth loan portfolio for the periods indicated.
(in $ millions, unless otherwise stated) Year Ended December 31, 2024-2025
2025 2024 % Change
Loan portfolio 1,180 536 120 %
Financial Measures and Key Operating Metrics by Business Segment
Deliveries
The table below highlights key operating metrics which drive our revenue for the deliveries segment.
(in $ millions, unless otherwise stated) Year Ended December 31, 2024-2025
2025 2024 % Change
Revenue 1,800 1,493 21 %
Segment Adjusted EBITDA 287 196 47 %
GMV 14,236 11,724 21 %
MTUs (monthly average in millions) 25.4 21.7 17 %
Partner incentives (620) (482) 29 %
Consumer incentives (1,004) (829) 21 %
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Deliveries revenue was $1,800 million in 2025 compared to revenue of $1,493 million in 2024. The increase in revenue for deliveries was primarily driven by an increase in deliveries GMV of 21%, or $2.5 billion, to $14.2 billion in 2025 compared to $11.7 billion in 2024, mainly due to increased consumer demand and platform engagement with technology-led product innovations. The deliveries GMV includes our supermarket business and the revenue includes an increase of $161 million in contributions from our supermarket business, which includes Everrise acquired in 2025. The revenue growth was driven by further adoption of key affordability and high value product initiatives, as well as newer features such as Group Orders and Dine Out, as we expand our product offerings and increase platform engagement, as shown in the increase of MTUs. Deliveries revenue as a percentage of deliveries GMV remained consistent at 13% in 2025 and 2024. The increase in revenue was partially offset by higher incentives in 2025 as we continued to drive new user growth and product adoption. Our partner incentives were $620 million and $482 million in 2025 and 2024, respectively. Our consumer incentives were $1,004 million and $829 million in 2025 and 2024, respectively. Overall, total partner and consumer incentives as a percentage of GMV was flat year over year. Additionally, Segment Adjusted EBITDA improved to $287 million in 2025 from $196 million in 2024. This was primarily attributable to a revenue growth of $306 million in the deliveries segment, partially offset by an increase of $126 million in cost of sales mainly from our supermarket business in line with its revenue growth, an increase of $25 million in overhead expenses, an increase of $21 million in marketing costs, an increase of $19 million in cost of funds, an increase of $16 million in business site rental costs due to the expansion of Jaya Grocer outlets and newly acquired Everrise outlets, and an increase of $15 million in drivers payout for this segment.
Mobility
The table below highlights key operating metrics which drive our revenue for the mobility segment.
(in $ millions, unless otherwise stated) Year Ended December 31, 2024-2025
2025 2024 % Change
Revenue 1,219 1,047 16 %
Segment Adjusted EBITDA 690 569 21 %
GMV 7,901 6,640 19 %
MTUs (monthly average in millions) 29.7 25.3 18 %
Partner incentives (381) (273) 40 %
Consumer incentives (247) (244) 1 %
Mobility revenue increased by $172 million, to $1,219 million in 2025 compared to $1,047 million in 2024, primarily due to ride hailing revenue increasing by $143 million and rental income from motor vehicles increasing by $28 million. The increase in ride hailing revenue was primarily driven by stronger demand and platform engagement with our product initiatives, with mobility GMV increasing to $7.9 billion in 2025 compared to $6.6 billion in 2024. Our incentives increased by $111 million (comprised of increases of $108 million in partner incentives and increases of $3 million in consumer incentives) to $628 million (comprised of $381 million in partner incentives and $247 million in consumer incentives) in 2025, compared to $517 million (comprised of $273 million in partner incentives and $244 million in consumer incentives) in 2024 as we continued to drive new user growth and product adoption. Overall, total partner and consumer incentives as a percentage of GMV was relatively flat year over year. Additionally, Segment Adjusted EBITDA improved to $690 million in 2025 from $569 million in 2024. This was primarily attributable to the revenue growth of $172 million in the mobility segment, partially offset by an increase of $15 million in marketing costs and $11 million increase in cost of funds for this segment.
Financial Services
The table below highlights the key operating metrics which drive our revenue for the financial services segment.
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(in $ millions, unless otherwise stated) Year Ended December 31, 2024-2025
2025 2024 % Change
Revenue 347 253 38 %
Segment Adjusted EBITDA (110) (105) 5 %
MTUs (monthly average in millions) 30.7 26.4 16 %
Partner incentives * * NM
Consumer incentives (17) (15) 11 %
Loan portfolio 1,180 536 120 %
*Amount less than $1 million
Financial services revenue increased to $347 million in 2025, compared to $253 million in 2024. The increase was primarily due to a $81 million growth in our lending businesses through our ecosystem partners and users, and a $10 million growth in interest income from securities and treasury bills placement in our digital banking business. Additionally, Segment Adjusted EBITDA declined to $(110) million in 2025 from $(105) million in 2024, primarily attributable to a $63 million increase in expected credit loss in line with our loan book growth, an increase of $18 million in overhead expenses, an increase of $7 million in interest expenses on customer deposits and balances from our digital banking business, an increase of $7 million in data storage costs and an increase of $4 million in marketing expenses for this segment as we continued to ramp our expanded digital banking business. These decreases in costs were partially offset by revenue growth of $94 million in the financial services segment.
The increase in expected credit loss provisions is due to our loan book’s rapid expansion and upfront provisioning, rather than a deterioration in underlying credit quality. To manage and evaluate the profitability of our credit products, we monitor the blended interest rates and risk adjusted returns across our portfolio. We are focused on ensuring that the interest income generated from our lending models can enable us to yield a positive risk adjusted returns over the lifetime of the loan, offsetting our cost of funding and credit loss provisions.
B.Liquidity and Capital Resources
Our principal sources of liquidity have been cash and cash equivalents generated from operating activities, convertible notes, loan facilities and equity financing at the subsidiary level.
As of December 31, 2025 and 2024, our assets exceeded our liabilities by $6.8 billion and $6.4 billion, respectively. We recorded a net profit after tax of $0.2 billion in 2025 and a net loss after tax of $0.2 billion in 2024. In addition, we had accumulated losses of $17.5 billion as of December 31, 2025.
Our unrestricted cash and cash equivalents comprise cash balances and short-term deposits with maturities of three months or less from the date of acquisition that are subject to an insignificant risk of change in their fair value and are used to manage short-term commitments. Marketable securities consist primarily of investment-grade corporate bonds. Restricted cash and non-current deposits comprise deposits pledged with banks as security in relation to the utilization of certain bank services, monies received and held in escrow in connection with certain contractual obligations and advances received in connection with our electronic wallet or e-wallet services. Our cash and cash equivalents are denominated in U.S. dollars as well as in local currencies of the markets in which we operate.
As of December 31, 2025, we had substantially completed the share buyback program announced in February 2024. In February 2026, we announced the authorization of a new share repurchase program, under which we may repurchase up to $500 million worth of our outstanding Class A ordinary shares. See “Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers” for more details about this program. We have funded, and intend to continue to fund any repurchases with excess cash after allocating and potentially allocating for investments to drive growth. The share repurchase program does not obligate us to acquire any particular amount of Class A ordinary shares.
In March 2024, we fully repaid the outstanding principal amount and accrued interest under the Term Loan B Facility.
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In June 2025, we offered and issued $1.5 billion aggregate principal amount of the Notes, i.e. zero coupon convertible senior notes due 2030. The Notes are senior, unsecured obligations of the Company and do not bear regular interest. The Notes will mature on June 15, 2030 unless redeemed, repurchased or converted prior to such date. As of the date of this report, holders of the notes (the “Holders“) may convert their Notes at their option at any time prior to the close of business on the third scheduled trading day immediately preceding the maturity date. Upon conversion, the Notes may be settled in Class A Ordinary Shares, cash or a combination of cash and Class A Ordinary Shares, at our election. The initial conversion rate of the Notes is 152.6252 Class A Ordinary Shares, per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $6.55 per Class A Ordinary Share and represents a conversion premium of approximately 40% above the closing price of $4.68 per Class A Ordinary Share on NASDAQ on June 10, 2025. The conversion rate of the Notes is subject to adjustment upon the occurrence of certain events.
On or after June 21, 2028, we may redeem for cash all or part of the Notes, at our option (such redemption, an “Optional Redemption”), if the last reported sale price of the Class A Ordinary Shares has been at least 130% of the conversion price then in effect on (i) each of at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately prior to the date we provide notice of redemption and (ii) the trading day immediately preceding the date we send such notice. We may also redeem for cash all but not part of the Notes at any time if less than 10% of the aggregate principal amount of Notes originally issued remains outstanding at such time (“Cleanup Redemption”). In addition, we may redeem all but not part of the Notes in the event of certain changes in the tax laws (“Tax Redemption”).
Holders of the Notes will have the right, at their option, to require us to repurchase for cash all or part of their Notes, on June 15, 2028 at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased plus applicable accrued and unpaid special interest, if any. In addition, subject to certain conditions and a limited exception, holders of the Notes will have the right to require us to repurchase all or part of their Notes upon occurrence of certain events that constitute a fundamental change such as changes in beneficial ownership, liquidation/dissolution, delisting etc . In connection with certain corporate events or if we issue a notice of Optional Redemption, Cleanup Redemption or Tax Redemption, we will, under certain circumstances, increase the conversion rate for holders who elect to convert their Notes in connection with such corporate event or such Optional Redemption, Cleanup Redemption or Tax Redemption.
We believe that our current available cash and cash equivalents and our credit facilities will be sufficient to meet our working capital requirements, capital expenditures and other liquidity requirements in the ordinary course of business for a period of at least twelve months from the date hereof and beyond. We intend to finance our future working capital requirements, capital expenditures and other liquidity requirements from cash generated from operating activities and funds raised from financing activities. Our future capital requirements depend on many factors including our growth rate, the continuing market acceptance of our offerings, the timing and extent of spending to support our efforts to develop our platform, and the expansion of sales and marketing activities. Further, we may in the future enter into arrangements to acquire or invest in businesses, products, services, and technologies. Therefore, we may decide to enhance our liquidity position or increase our cash reserve for future investments or operations through additional financing activities, which may include further equity or debt financing. The issuance and sale of additional equity would result in further dilution to our shareholders. The incurrence of indebtedness would result in increased fixed obligations and could result in operating or financial covenants that restrict our operations.
The following table sets forth a summary of our cash flows for the periods indicated.
(in $ millions, unless otherwise stated) Year Ended December 31,
2025 2024
Net cash flow 392 (150)
Net cash from operating activities 79 852
Net cash used in investing activities (782) (231)
Net cash from/ (used in) financing activities 1,095 (771)
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Operating Activities
Net cash from operating activities was $79 million in 2025, primarily consisting of $269 million of profit before income tax, adjusted for certain non-cash items, which included non-cash share-based compensation expense of $241 million, depreciation expense of $145 million, net impairment loss on financial assets of $140 million, finance costs of $71 million, and amortization of intangible assets of $32 million. Additionally, this was adjusted for finance income of $240 million, which mainly related to interest income from investing activities, a $34 million net change in the fair value of financial assets and liabilities and $18 million change in provisions. The net change in operating assets and liabilities was primarily the result of a $308 million increase in deposits from customers in the banking business through increased customer outreach and a $40 million increase in trade payables and other liabilities largely due to accrued expenses, partially offset by a $691 million increase in loan receivables in the financial services segment through leverage on our ecosystem and users for lending activities, a $69 million increase in pledged deposits due to regulatory and contractual requirements and a $10 million increase in trade and other receivables due to timing of collections. Additionally, there was $89 million paid for taxes.
Net cash from operating activities was $852 million in 2024, primarily consisting of $95 million of loss before income tax, adjusted for certain non-cash items, which included non-cash share-based compensation expense of $279 million, depreciation expense of $122 million, finance cost of $106 million, net impairment loss on financial assets of $95 million, and amortization of intangible assets of $25 million. Additionally, this was adjusted for finance income of $187 million, which mainly related to interest income from investing activities. The net change in operating assets and liabilities was primarily the result of a $843 million increase in deposits from customers in the banking business through increased customer outreach, and a $120 million increase in trade payables and other liabilities largely due to accrued expenses, partially offset by a $276 million increase in loan receivables in the financial services segment through leverage on our ecosystem and users for lending activities and a $97 million increase in trade and other receivables due to timing of collections. Additionally, there was $58 million paid for taxes.
Investing Activities
Net cash used in investing activities was $782 million in 2025, primarily consisting of $609 million for the acquisition of other investments, $145 million for the acquisition of additional interests in associate, $123 million for the purchases of property, plant and equipment and intangible assets and $100 million for the acquisition of subsidiaries, net of cash acquired. These cash outflows were partially offset by cash interest received of $171 million, proceeds from the sale of property, plant and equipment of $16 million and $7 million of dividend income received.
Net cash used in investing activities was $231 million in 2024, primarily consisting of $362 million for the acquisition of other investments, $113 million for the purchases of property, plant and equipment and intangible assets, $43 million for the acquisition of additional interests in associate and $23 million for the acquisition of subsidiaries, net of cash acquired. These cash outflows were partially offset by cash interest received of $191 million, receipt of co-investing arrangement loan receivable of $93 million and proceeds from the sale of property, plant and equipment of $26 million.
Financing Activities
Net cash provided by financing activities was $1,095 million in 2025, primarily consisting of $1,500 million from issuance of the Notes, $193 million in proceeds from bank loans, an additional $126 million in proceeds from subscription of shares in subsidiaries by non-controlling interests without a change in control, $24 million of proceeds from share-based payment arrangements and $16 million in the release of deposits pledged. These cash inflows were partially offset by $274 million repurchase and retirement of Class A Ordinary Shares, $260 million repayment of bank loans, $130 million acquisition of non-controlling interests without change in control, $52 million for the payment of lease liabilities, $26 million interest paid and $22 million transaction costs related to the issuance of the Notes.
Net cash used in financing activities was $771 million in 2024, primarily consisting of $635 million repayment of bank loans, $226 million repurchase and retirement of Class A Ordinary Shares, $60 million in acquisition of non-controlling interests without a change in control, $46 million for the payment of lease liabilities and $34 million interest paid. These uses of cash were partially offset by $120 million in proceeds from bank loans, $49 million in the release of deposits pledged, an additional $36 million in proceeds from subscription of shares in subsidiaries by non-controlling interests without a change in control and $25 million of proceeds from share-based payment arrangements.
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Capital Expenditures
Our capital expenditures amounted to $123 million, $113 million and $92 million in 2025, 2024 and 2023, respectively. Our historical capital expenditures are primarily related to the procurement of our vehicle fleet, primarily in Singapore and Indonesia, and the build-out of our facilities. We anticipate increased capital expenditures in line with business growth, driven by fleet upgrades including more electric and hybrid vehicles, and continued platform investments to enhance customer experience and technology.
Indebtedness
The following table shows the amount of our total consolidated short-term and long-term debt outstanding as of December 31, 2025, 2024 and 2023:
(in $ millions, unless otherwise stated) As of December 31,
2025 2024 2023
Current maturities of long-term liabilities
Convertible notes (including embedded derivative) 1,502 — —
Bank loans and term loans 129 90 87
Total current liabilities 1,631 90 87
Long-term liabilities—net of current maturities
Bank loans and term loans 188 116 544
Total 1,819 206 631
In June 2025, we offered and issued $1.5 billion aggregate principal amount of the Notes, which are zero coupon convertible senior notes due 2030. The Notes are senior, unsecured obligations of the Company and do not bear regular interest. The Notes will mature on June 15, 2030 unless redeemed, repurchased or converted prior to such date.
As of December 31, 2025, we and our subsidiaries had credit facilities of an aggregate of $677 million, and $317 million was drawn and outstanding. From time to time, we may also decide to refinance our indebtedness. A majority of these facilities are secured against vehicles rented to driver-partners through our rental business in Singapore and Indonesia. These financings have an average duration of five years and interest rates of up to 10%. These facilities are denominated in local currencies with local financial institutions and leasing companies and contain customary affirmative and negative covenants applicable to Grab and/or certain of our subsidiaries, including, among other things, restrictions on indebtedness, liens, and fundamental changes.
Contractual and Other Obligations
The following table summarizes our key contractual obligations and commitments as of December 31, 2025:
(in $ millions, unless otherwise stated) Payments Due by Period
Total Less than 1 year 1-5 years More than 5 years
Bank loans and convertible notes(1) 1,887 1,684 203 —
Lease liabilities commitments 288 59 153 76
Non-cancelable purchase obligations(2) 494 104 390 —
Notes:
(1)Each item includes expected interest payments.
(2)Non-cancelable purchase obligations pertaining to the purchase of data processing and technology platform infrastructure services.
We did not have during the periods presented, and we do not currently have, any off-balance sheet financing arrangements or any relationships with unconsolidated entities or financial partnerships, including entities sometimes referred to as structured finance or special purpose entities, that are not reflected in our financial statements.
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Holding Company Structure
The parent company of our group, Grab Holdings Limited, is a Cayman Islands incorporated investment holding company. It facilitates group treasury activities and international financial transactions such as fund raising but does not have substantive business operations. We conduct our operations in Southeast Asia primarily through our subsidiaries and consolidated affiliated entities. As a result, our ability to pay dividends depends upon dividends paid by our subsidiaries and consolidated affiliated entities. If our existing or future subsidiaries or consolidated affiliated entities incur debt on their own behalf in the future, the instruments governing their debt may restrict their ability to pay dividends to us.
In addition, as determined in accordance with local regulations, our subsidiaries and consolidated affiliated entities in certain Southeast Asian markets may be restricted from paying us dividends offshore or from transferring a portion of their assets to us, either in the form of dividends, loans or advances, unless certain requirements are met and regulatory approvals are obtained. Even though we currently do not require any such dividends, loans or advances from our entities for working capital and other funding purposes, we may in the future require additional cash resources from them due to changes in business conditions, to fund future acquisitions and development, or merely to declare and pay dividends or distributions to our shareholders.
Certain of the markets in which we have significant subsidiaries or consolidated affiliated entities, including Indonesia and Thailand, require those subsidiaries or consolidated affiliated entities to establish and fund statutory reserves. Indonesian laws require a limited liability company to reserve an unspecified amount from its net profit in any year for which the balance of retained earnings is positive as a reserve fund until such fund amounts to at least 20% of its issued and paid up capital. This mandatory reserve is meant to cover the possibility of losses in the future. It can be in the form of other assets that are easy to liquidate and cannot be distributed as dividends. Regulations in Thailand require a private limited liability company to allocate at least 5% of its retained earnings into a legal reserve fund at the time the dividend is paid until and unless the legal reserve fund reaches 10% of the company’s registered capital. The legal reserve is not available for dividend distribution.
C.Research and Development, Patents and Licenses, etc.
See “Item 4. Information on the Company—B. Business Overview—Our Approach” and “Item 4. Information on the Company—B. Business Overview—Intellectual Property” of this annual report.
D.Trend Information
Other than as disclosed in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events for the period since January 1, 2025 that are reasonably likely to have a material effect on our net revenues, income, profitability, liquidity or capital reserves, or that caused the disclosed financial information to be not necessarily indicative of future operating results or financial conditions.
E.Critical Accounting Estimates
Our consolidated financial statements are prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board. The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and related disclosures. See Notes 2.4, 3.3, 3.9(v) and 3.11 to our consolidated financial statements included elsewhere in this report for additional information on our critical accounting estimates and policies.
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