Grab Holdings Limited reported its unaudited financial results for the first quarter ended March 31, 2026, showing strong revenue and profit growth across its core businesses. The results were announced on 05/05.

Revenue rose 24% year-over-year to $955 million, while profit for the period increased sharply to $120 million from $10 million in the same period last year. The company also highlighted continued momentum in its On-Demand and financial services segments.

Group Chief Executive Officer Anthony Tan said the company delivered a strong start to 2026 despite seasonal softness in the first quarter and ongoing macroeconomic uncertainty in Southeast Asia linked to fuel-related pressures.

On-Demand and Deliveries Drive Revenue Expansion

On-Demand gross merchandise value (GMV) grew 24% year-over-year to $6.1 billion, or 21% on a constant currency basis, supported by growth in monthly transacting users and higher GMV per user.

Deliveries revenue increased 23% year-over-year to $510 million, while Deliveries GMV rose 25% to $3.908 billion. Growth was driven by higher transaction volumes, expanding user activity, and advertising momentum despite seasonal holidays.

The company reported that Deliveries active merchant-partners grew 11% year-over-year, while average earnings for these partners increased 12% over the same period.

Profitability Improves With Higher Operating Efficiency

Adjusted EBITDA rose 46% year-over-year to $154 million, with margins improving to 16.2% of revenue compared to 13.7% a year earlier.

Operating profit reached $22 million, an improvement of $43 million from an operating loss of $21 million in the prior year period.

Chief Financial Officer Peter Oey said the performance reflects consistent execution and improving operating leverage across the platform, driven by revenue growth and profitability gains.

Total incentives increased to $650 million during the quarter, including higher partner incentives to support demand and offset increased fuel costs in the region.

Mobility Growth Supported by Higher Transactions and Users

Mobility revenue increased 19% year-over-year to $337 million, supported by stronger Mobility GMV growth and rising user activity.

Mobility GMV grew 23% to $2.223 billion, while Mobility transactions increased 28%, reflecting improved affordability and demand for services.

Active driver-partners reached an all-time high, growing 16% year-over-year and 4% quarter-over-quarter, supported by targeted earnings initiatives and ecosystem expansion.

The company also expanded its electric vehicle ecosystem through partnerships with fleet owners and fuel operators during the quarter.

Cash Position, Buybacks, and 2026 Guidance

Adjusted free cash flow reached $98 million in the quarter, improving by $199 million year-over-year, driven by higher profitability and better working capital management.

Gross cash liquidity stood at $6.9 billion as of March 31, 2026, while net cash liquidity was $5.0 billion.

The company also began executing a share repurchase programme of up to $500 million, including agreements to repurchase up to $400 million in Class A shares.

Grab reaffirmed its 2026 outlook, targeting revenue between $4.04 billion and $4.10 billion, and adjusted EBITDA between $700 million and $720 million.

PHOTO: GRAB

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