Grab’s Deliveries revenue rose 23% year-on-year (YoY) to $465 million in Q3 2025, or 17% YoY on a constant currency basis. This growth was mainly driven by higher Deliveries, GMV, and revenue from the advertising business. Deliveries GMV grew 26% YoY to $3,733 million, or 22% on a constant currency basis, supported by increases in transactions, monthly transacting users (MTUs), and GMV per MTU.

The segment’s adjusted EBITDA as a percentage of GMV improved to 2.1%, up from 1.8% last year, due to higher advertising contributions and better operating leverage. Quarterly active advertisers on Grab’s self-serve platform increased 15% YoY to 228,000, while average spend per advertiser rose 41% YoY. Deliveries merchant-partners’ average earnings also increased by 12% YoY.

Mobility Segment Sees Strong Transaction and GMV Growth

Mobility revenue increased 17% YoY, or 13% YoY on a constant currency basis. Growth was supported by higher Mobility MTUs and total transactions, with transaction growth outpacing GMV growth at 30% YoY. Mobility GMV rose 20% YoY to $2,041 million, or 17% on a constant currency basis.

The Mobility segment’s adjusted EBITDA margin was 8.9%, compared with 8.8% in the prior year. Grab increased its active driver supply and optimized existing drivers to meet demand, achieving all-time highs in monthly active drivers and transactions per driver. Average fares declined 7% YoY, while average driver earnings rose 4%, improving affordability for users while increasing driver efficiency.

Financial Services Segment Grows Lending and Deposits

Revenue from Financial Services grew 39% YoY to $90 million, or 35% on a constant currency basis, driven mainly by lending via GrabFin and Digibanks. Total loans disbursed increased 56% YoY to $886 million, while the total loan portfolio grew 65% YoY to $821 million, on track to exceed $1 billion by year-end. Segment adjusted EBITDA losses increased 8% YoY to negative $28 million due to higher provisions for expected credit losses.

Customer deposits in GXS Bank (Singapore) and GX Bank (Malaysia) grew 20% YoY to $1,311 million but fell 15% sequentially as the banks managed funding costs. GX Bank launched GX Business Banking for MSMEs in Malaysia. In Indonesia, Superbank5 deposits increased more than 20% quarter-on-quarter, supported by products like OVO Nabung, combining digital wallet convenience with savings account yields.

Other Developments: Autonomous Vehicle Initiatives

Grab announced plans to launch Autonomously Intelligent Ride (Ai.R), its first AV service for consumers in Singapore, in partnership with WeRide. The service is expected to start taking passengers by early 2026, providing access to supermarkets, schools, and major transport hubs. Grab also partnered with May Mobility to integrate autonomous driving technology, including fleet management and vehicle routing, into its ecosystem for safe and reliable AV deployment in Southeast Asia.

PHOTO: UNSPLASH/GRAB

This article was created with AI assistance.