Description

GRAB Holdings Riding A 19% GMV Surge – Can Its Super App Ecosystem Keep Momentum Alive? 

Grab Holdings’ second-quarter 2025 earnings reflected a mix of strong operational progress and notable challenges, painting a nuanced picture for investors evaluating the company’s prospects. The quarter showcased impressive momentum in user engagement, with group Monthly Transacting Users (MTUs) continuing to rise and on-demand Gross Merchandise Value (GMV) posting 21% year-on-year growth in US dollar terms and 18% in constant currency. This growth underscores the platform’s increasing utilization and the loyalty of its user base. Financial discipline also stood out, with the company achieving its 14th consecutive quarter of adjusted EBITDA growth and generating $229 million in adjusted free cash flow over the past 12 months. Grab’s expansion into financial services is gaining scale, as loan disbursals through GrabFin and its digital banks approach a $3 billion annualized run rate, while credit risks remain manageable. The company has also introduced affordabilityfocused offerings, such as Saver delivery and transport rides, broadening its customer reach and reinforcing the ecosystem’s growth flywheel. Another bright spot was its advertising business, which achieved a $236 million annualized run rate with 45% growth and holds potential for further monetization given penetration is still just 1.7% of GMV.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

Want unlimited access to our reports? Purchase our $99 annual subscription!