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BREAKING $GRAB Q1 2026 Earning Result 🚨🚨🚨 Sales $955m vs $910-$938m est ✅ MASSIVE Beat for historical soft Q1 EPS $0.03 vs $0.02 est ✅ This pretty much confirmed Grab is taking shares FAST! "We had a strong start to 2026. Typically the first quarter is our seasonally softest quarter, however our On-Demand GMV growth accelerated to 24% year-over-year ("YoY”), or 21% YoY on a constant currency basis 2 , marking another quarter of record profitability. Our results demonstrate the resilience of our platform, especially as Southeast Asia navigates an uncertain macroeconomic environment from the fuel crisis," said Anthony Tan, Group Chief Executive Officer and Co-Founder of Grab. “As we look ahead to the rest of the year, we remain committed to delivering durable, profitable growth while standing shoulder-to-shoulder with our communities — leaning deeply into AI to outserve our users with hyper-personalized experiences, while simultaneously unlocking more sustainable earnings opportunities for our ecosystem partners." "Our first quarter performance highlights our consistent execution and the growing operating leverage across our platform, with Adjusted EBITDA growing 46% YoY to a record $154 million. This strong start keeps us firmly on track to deliver our 2026 Revenue guidance of $4.04 billion to $4.10 billion and Adjusted EBITDA guidance of $700 million to $720 million," said Peter Oey, Chief Financial Officer of Grab. "With trailing Twelve Month Adjusted Free Cash Flow expanding to $489 million in the first quarter, we remain focused on disciplined capital allocation to drive profitable growth and maintain our commitment to return capital to shareholders." ●Revenue grew 24% YoY, or 19% YoY on a constant currency basis, to $955 million in the first quarter of 2026, driven by continued growth across our On-Demand and Financial Services segments. ● On-Demand GMV grew 24% YoY, or 21% YoY on a constant currency basis, to $6.1 billion, as On-Demand MTU growth accelerated to 17% and On-Demand GMV per MTU grew 4% on a constant currency basis. ● Total incentives were $650 million during the quarter. On-Demand incentives as a proportion of On-Demand GMV increased by 46bps YoY to 10.5%, driven by an increase in partner incentives to meet festive demand and to support earnings of our driver-partners in light of increased fuel costs across the region. ● Operating profit in the first quarter was $22 million, an improvement of $43 million YoY from an operating loss of $21 million in the prior year period, primarily driven by revenue growth. ● Profit for the period was $120 million, growing from $10 million in the prior year period. On a YoY basis, the increase was driven by improvements in operating profit, a $118 million net gain on fair value of financial assets and liabilities, and a $10 million reduction of income tax expenses, partially offset by a reduction in net finance income and costs of $61 million. ● Adjusted EBITDA was $154 million for the quarter, up 46% YoY from $106 million in the prior year period, as we grew revenue and improved profitability across segments. Adjusted EBITDA margin improved to 16.2% of revenue from 13.7% in the first quarter of 2025. ● Regional corporate costs 3 for the quarter increased $28 million YoY to $114 million during the quarter driven by increases in inflationary staff costs, cloud and software costs. ● Gross cash liquidity 4 totaled $6.9 billion as of March 31, 2026 compared to $7.4 billion as of the end of the prior quarter. Net cash liquidity 5 was $5.0 billion as of March 31, 2026 compared to $5.4 billion as of the end of the prior quarter. ● In March 2026, we entered into an accelerated share repurchase agreement and a contingent forward purchase agreement to repurchase $250 million and up to $150 million, respectively, worth of Class A ordinary shares, as part of our previously announced $500 million share repurchase programme approved by the Board of Directors in February 2026. ● Net cash used in operating activities was $59 million in the first quarter of 2026, primarily reflecting higher outflows in loan receivables from growth in our lending businesses. Adjusted Free Cash Flow was $98 million for the quarter, a $199 million improvement YoY driven by increasing profitability and improved management of receivables and payables.

Currently writing my $GRAB earnings review, will be published in a few hours from now!

$GRAB shareholders at 40.2% Rule of 40 and short sellers still shorting this to $0

BREAKING $GRAB Q1 2026 Earning Result 🚨🚨🚨 Sales $955m vs $910-$938m est ✅ MASSIVE Beat for historical soft Q1 EPS $0.03 vs $0.02 est ✅ This pretty much confirmed Grab is taking shares FAST! "We had a strong start to 2026. Typically the first quarter is our seasonally softest quarter, however our On-Demand GMV growth accelerated to 24% year-over-year ("YoY”), or 21% YoY on a constant currency basis 2 , marking another quarter of record profitability. Our results demonstrate the resilience of our platform, especially as Southeast Asia navigates an uncertain macroeconomic environment from the fuel crisis," said Anthony Tan, Group Chief Executive Officer and Co-Founder of Grab. “As we look ahead to the rest of the year, we remain committed to delivering durable, profitable growth while standing shoulder-to-shoulder with our communities — leaning deeply into AI to outserve our users with hyper-personalized experiences, while simultaneously unlocking more sustainable earnings opportunities for our ecosystem partners." "Our first quarter performance highlights our consistent execution and the growing operating leverage across our platform, with Adjusted EBITDA growing 46% YoY to a record $154 million. This strong start keeps us firmly on track to deliver our 2026 Revenue guidance of $4.04 billion to $4.10 billion and Adjusted EBITDA guidance of $700 million to $720 million," said Peter Oey, Chief Financial Officer of Grab. "With trailing Twelve Month Adjusted Free Cash Flow expanding to $489 million in the first quarter, we remain focused on disciplined capital allocation to drive profitable growth and maintain our commitment to return capital to shareholders." ●Revenue grew 24% YoY, or 19% YoY on a constant currency basis, to $955 million in the first quarter of 2026, driven by continued growth across our On-Demand and Financial Services segments. ● On-Demand GMV grew 24% YoY, or 21% YoY on a constant currency basis, to $6.1 billion, as On-Demand MTU growth accelerated to 17% and On-Demand GMV per MTU grew 4% on a constant currency basis. ● Total incentives were $650 million during the quarter. On-Demand incentives as a proportion of On-Demand GMV increased by 46bps YoY to 10.5%, driven by an increase in partner incentives to meet festive demand and to support earnings of our driver-partners in light of increased fuel costs across the region. ● Operating profit in the first quarter was $22 million, an improvement of $43 million YoY from an operating loss of $21 million in the prior year period, primarily driven by revenue growth. ● Profit for the period was $120 million, growing from $10 million in the prior year period. On a YoY basis, the increase was driven by improvements in operating profit, a $118 million net gain on fair value of financial assets and liabilities, and a $10 million reduction of income tax expenses, partially offset by a reduction in net finance income and costs of $61 million. ● Adjusted EBITDA was $154 million for the quarter, up 46% YoY from $106 million in the prior year period, as we grew revenue and improved profitability across segments. Adjusted EBITDA margin improved to 16.2% of revenue from 13.7% in the first quarter of 2025. ● Regional corporate costs 3 for the quarter increased $28 million YoY to $114 million during the quarter driven by increases in inflationary staff costs, cloud and software costs. ● Gross cash liquidity 4 totaled $6.9 billion as of March 31, 2026 compared to $7.4 billion as of the end of the prior quarter. Net cash liquidity 5 was $5.0 billion as of March 31, 2026 compared to $5.4 billion as of the end of the prior quarter. ● In March 2026, we entered into an accelerated share repurchase agreement and a contingent forward purchase agreement to repurchase $250 million and up to $150 million, respectively, worth of Class A ordinary shares, as part of our previously announced $500 million share repurchase programme approved by the Board of Directors in February 2026. ● Net cash used in operating activities was $59 million in the first quarter of 2026, primarily reflecting higher outflows in loan receivables from growth in our lending businesses. Adjusted Free Cash Flow was $98 million for the quarter, a $199 million improvement YoY driven by increasing profitability and improved management of receivables and payables.

BREAKING $GRAB Q1 2026 Earning Result 🚨🚨🚨 Sales $955m vs $910-$938m est ✅ MASSIVE Beat for historical soft Q1 EPS $0.03 vs $0.02 est ✅ This pretty much confirmed Grab is taking shares FAST! "We had a strong start to 2026. Typically the first quarter is our seasonally softest quarter, however our On-Demand GMV growth accelerated to 24% year-over-year ("YoY”), or 21% YoY on a constant currency basis 2 , marking another quarter of record profitability. Our results demonstrate the resilience of our platform, especially as Southeast Asia navigates an uncertain macroeconomic environment from the fuel crisis," said Anthony Tan, Group Chief Executive Officer and Co-Founder of Grab. “As we look ahead to the rest of the year, we remain committed to delivering durable, profitable growth while standing shoulder-to-shoulder with our communities — leaning deeply into AI to outserve our users with hyper-personalized experiences, while simultaneously unlocking more sustainable earnings opportunities for our ecosystem partners." "Our first quarter performance highlights our consistent execution and the growing operating leverage across our platform, with Adjusted EBITDA growing 46% YoY to a record $154 million. This strong start keeps us firmly on track to deliver our 2026 Revenue guidance of $4.04 billion to $4.10 billion and Adjusted EBITDA guidance of $700 million to $720 million," said Peter Oey, Chief Financial Officer of Grab. "With trailing Twelve Month Adjusted Free Cash Flow expanding to $489 million in the first quarter, we remain focused on disciplined capital allocation to drive profitable growth and maintain our commitment to return capital to shareholders." ●Revenue grew 24% YoY, or 19% YoY on a constant currency basis, to $955 million in the first quarter of 2026, driven by continued growth across our On-Demand and Financial Services segments. ● On-Demand GMV grew 24% YoY, or 21% YoY on a constant currency basis, to $6.1 billion, as On-Demand MTU growth accelerated to 17% and On-Demand GMV per MTU grew 4% on a constant currency basis. ● Total incentives were $650 million during the quarter. On-Demand incentives as a proportion of On-Demand GMV increased by 46bps YoY to 10.5%, driven by an increase in partner incentives to meet festive demand and to support earnings of our driver-partners in light of increased fuel costs across the region. ● Operating profit in the first quarter was $22 million, an improvement of $43 million YoY from an operating loss of $21 million in the prior year period, primarily driven by revenue growth. ● Profit for the period was $120 million, growing from $10 million in the prior year period. On a YoY basis, the increase was driven by improvements in operating profit, a $118 million net gain on fair value of financial assets and liabilities, and a $10 million reduction of income tax expenses, partially offset by a reduction in net finance income and costs of $61 million. ● Adjusted EBITDA was $154 million for the quarter, up 46% YoY from $106 million in the prior year period, as we grew revenue and improved profitability across segments. Adjusted EBITDA margin improved to 16.2% of revenue from 13.7% in the first quarter of 2025. ● Regional corporate costs 3 for the quarter increased $28 million YoY to $114 million during the quarter driven by increases in inflationary staff costs, cloud and software costs. ● Gross cash liquidity 4 totaled $6.9 billion as of March 31, 2026 compared to $7.4 billion as of the end of the prior quarter. Net cash liquidity 5 was $5.0 billion as of March 31, 2026 compared to $5.4 billion as of the end of the prior quarter. ● In March 2026, we entered into an accelerated share repurchase agreement and a contingent forward purchase agreement to repurchase $250 million and up to $150 million, respectively, worth of Class A ordinary shares, as part of our previously announced $500 million share repurchase programme approved by the Board of Directors in February 2026. ● Net cash used in operating activities was $59 million in the first quarter of 2026, primarily reflecting higher outflows in loan receivables from growth in our lending businesses. Adjusted Free Cash Flow was $98 million for the quarter, a $199 million improvement YoY driven by increasing profitability and improved management of receivables and payables.

BREAKING $GRAB Q1 2026 Earning Result 🚨🚨🚨 Sales $955m vs $910-$938m est ✅ MASSIVE Beat for historical soft Q1 EPS $0.03 vs $0.02 est ✅ This pretty much confirmed Grab is taking shares FAST! "We had a strong start to 2026. Typically the first quarter is our seasonally softest quarter, however our On-Demand GMV growth accelerated to 24% year-over-year ("YoY”), or 21% YoY on a constant currency basis 2 , marking another quarter of record profitability. Our results demonstrate the resilience of our platform, especially as Southeast Asia navigates an uncertain macroeconomic environment from the fuel crisis," said Anthony Tan, Group Chief Executive Officer and Co-Founder of Grab. “As we look ahead to the rest of the year, we remain committed to delivering durable, profitable growth while standing shoulder-to-shoulder with our communities — leaning deeply into AI to outserve our users with hyper-personalized experiences, while simultaneously unlocking more sustainable earnings opportunities for our ecosystem partners." "Our first quarter performance highlights our consistent execution and the growing operating leverage across our platform, with Adjusted EBITDA growing 46% YoY to a record $154 million. This strong start keeps us firmly on track to deliver our 2026 Revenue guidance of $4.04 billion to $4.10 billion and Adjusted EBITDA guidance of $700 million to $720 million," said Peter Oey, Chief Financial Officer of Grab. "With trailing Twelve Month Adjusted Free Cash Flow expanding to $489 million in the first quarter, we remain focused on disciplined capital allocation to drive profitable growth and maintain our commitment to return capital to shareholders." ●Revenue grew 24% YoY, or 19% YoY on a constant currency basis, to $955 million in the first quarter of 2026, driven by continued growth across our On-Demand and Financial Services segments. ● On-Demand GMV grew 24% YoY, or 21% YoY on a constant currency basis, to $6.1 billion, as On-Demand MTU growth accelerated to 17% and On-Demand GMV per MTU grew 4% on a constant currency basis. ● Total incentives were $650 million during the quarter. On-Demand incentives as a proportion of On-Demand GMV increased by 46bps YoY to 10.5%, driven by an increase in partner incentives to meet festive demand and to support earnings of our driver-partners in light of increased fuel costs across the region. ● Operating profit in the first quarter was $22 million, an improvement of $43 million YoY from an operating loss of $21 million in the prior year period, primarily driven by revenue growth. ● Profit for the period was $120 million, growing from $10 million in the prior year period. On a YoY basis, the increase was driven by improvements in operating profit, a $118 million net gain on fair value of financial assets and liabilities, and a $10 million reduction of income tax expenses, partially offset by a reduction in net finance income and costs of $61 million. ● Adjusted EBITDA was $154 million for the quarter, up 46% YoY from $106 million in the prior year period, as we grew revenue and improved profitability across segments. Adjusted EBITDA margin improved to 16.2% of revenue from 13.7% in the first quarter of 2025. ● Regional corporate costs 3 for the quarter increased $28 million YoY to $114 million during the quarter driven by increases in inflationary staff costs, cloud and software costs. ● Gross cash liquidity 4 totaled $6.9 billion as of March 31, 2026 compared to $7.4 billion as of the end of the prior quarter. Net cash liquidity 5 was $5.0 billion as of March 31, 2026 compared to $5.4 billion as of the end of the prior quarter. ● In March 2026, we entered into an accelerated share repurchase agreement and a contingent forward purchase agreement to repurchase $250 million and up to $150 million, respectively, worth of Class A ordinary shares, as part of our previously announced $500 million share repurchase programme approved by the Board of Directors in February 2026. ● Net cash used in operating activities was $59 million in the first quarter of 2026, primarily reflecting higher outflows in loan receivables from growth in our lending businesses. Adjusted Free Cash Flow was $98 million for the quarter, a $199 million improvement YoY driven by increasing profitability and improved management of receivables and payables.

$GRAB Q1 2026 Earning Preview ✅ Grab Holdings (GRAB) is scheduled to report Q1 2026 earnings after market close on May 4, 2026. Analysts expect continued solid growth in core segments (Deliveries, Mobility, Financial Services), with profitability improving. Consensus Revenue: ~$910–$938 million EPS: $0.02-$0.03 My expectation Q1 is traditionally softer quarter due to new year and regional holidays in SEA, so if beat by big margin, it will be a new change. Revenue: $915-$930m EPS: $0.02 What do I watch the most: MTUs & DTUs growth GrabUnlimited Progress and Metrics on GrabFinQ Some key partnerships/acquisitions: ~Grab agreed to acquire Delivery Hero’s foodpanda delivery business in Taiwan for $600 million (cash, cash-free/debt-free). This marks Grab’s first market outside Southeast Asia (9th overall market). Expected close in H2 2026, with full integration by early 2027. foodpanda Taiwan had ~$1.6–1.8B GMV in 2025 and is already profitable on an adjusted basis ~Stash Financial (Feb 12, 2026): Grab agreed to acquire the U.S. digital investing platform for an initial $425 million (50.1% stake), with plans to buy the remainder over three years. This accelerates Grab’s financial services roadmap and expands its footprint into mass-market investing outside Southeast Asia ~GAC International (announced Jan 2026, momentum post-Q4): Strategic partnership to deploy up to 20,000 high-performance EVs (models like Aion Y, ES, V) across Southeast Asia over the next two years to enhance ride-hailing electrification. ~Smart Axiata (Cambodia, March 11, 2026): MoU to explore seamless connectivity and mobility solutions, including integrated travel SIMs with Grab services for tourists. ~Enterprise Singapore (Jan 2026): 3-year MoU to support local F&B businesses with data insights, visibility on Grab platforms, and capability-building programs for over 12,000 companies. ~Ho Chi Minh City Tourism (April 2026): Partnership to boost tourism and local experiences in Vietnam. ~Continued autonomous vehicle investments and partnerships ( extensions with Momenta, WeRide, May Mobility, etc.) to explore self-driving tech in SEA.

BREAKING $GRAB Q1 2026 Earning Result 🚨🚨🚨 Sales $955m vs $910-$938m est ✅ MASSIVE Beat for historical soft Q1 EPS $0.03 vs $0.02 est ✅ This pretty much confirmed Grab is taking shares FAST! "We had a strong start to 2026. Typically the first quarter is our seasonally softest quarter, however our On-Demand GMV growth accelerated to 24% year-over-year ("YoY”), or 21% YoY on a constant currency basis 2 , marking another quarter of record profitability. Our results demonstrate the resilience of our platform, especially as Southeast Asia navigates an uncertain macroeconomic environment from the fuel crisis," said Anthony Tan, Group Chief Executive Officer and Co-Founder of Grab. “As we look ahead to the rest of the year, we remain committed to delivering durable, profitable growth while standing shoulder-to-shoulder with our communities — leaning deeply into AI to outserve our users with hyper-personalized experiences, while simultaneously unlocking more sustainable earnings opportunities for our ecosystem partners." "Our first quarter performance highlights our consistent execution and the growing operating leverage across our platform, with Adjusted EBITDA growing 46% YoY to a record $154 million. This strong start keeps us firmly on track to deliver our 2026 Revenue guidance of $4.04 billion to $4.10 billion and Adjusted EBITDA guidance of $700 million to $720 million," said Peter Oey, Chief Financial Officer of Grab. "With trailing Twelve Month Adjusted Free Cash Flow expanding to $489 million in the first quarter, we remain focused on disciplined capital allocation to drive profitable growth and maintain our commitment to return capital to shareholders." ●Revenue grew 24% YoY, or 19% YoY on a constant currency basis, to $955 million in the first quarter of 2026, driven by continued growth across our On-Demand and Financial Services segments. ● On-Demand GMV grew 24% YoY, or 21% YoY on a constant currency basis, to $6.1 billion, as On-Demand MTU growth accelerated to 17% and On-Demand GMV per MTU grew 4% on a constant currency basis. ● Total incentives were $650 million during the quarter. On-Demand incentives as a proportion of On-Demand GMV increased by 46bps YoY to 10.5%, driven by an increase in partner incentives to meet festive demand and to support earnings of our driver-partners in light of increased fuel costs across the region. ● Operating profit in the first quarter was $22 million, an improvement of $43 million YoY from an operating loss of $21 million in the prior year period, primarily driven by revenue growth. ● Profit for the period was $120 million, growing from $10 million in the prior year period. On a YoY basis, the increase was driven by improvements in operating profit, a $118 million net gain on fair value of financial assets and liabilities, and a $10 million reduction of income tax expenses, partially offset by a reduction in net finance income and costs of $61 million. ● Adjusted EBITDA was $154 million for the quarter, up 46% YoY from $106 million in the prior year period, as we grew revenue and improved profitability across segments. Adjusted EBITDA margin improved to 16.2% of revenue from 13.7% in the first quarter of 2025. ● Regional corporate costs 3 for the quarter increased $28 million YoY to $114 million during the quarter driven by increases in inflationary staff costs, cloud and software costs. ● Gross cash liquidity 4 totaled $6.9 billion as of March 31, 2026 compared to $7.4 billion as of the end of the prior quarter. Net cash liquidity 5 was $5.0 billion as of March 31, 2026 compared to $5.4 billion as of the end of the prior quarter. ● In March 2026, we entered into an accelerated share repurchase agreement and a contingent forward purchase agreement to repurchase $250 million and up to $150 million, respectively, worth of Class A ordinary shares, as part of our previously announced $500 million share repurchase programme approved by the Board of Directors in February 2026. ● Net cash used in operating activities was $59 million in the first quarter of 2026, primarily reflecting higher outflows in loan receivables from growth in our lending businesses. Adjusted Free Cash Flow was $98 million for the quarter, a $199 million improvement YoY driven by increasing profitability and improved management of receivables and payables.

$GRAB| The Fundamental vs Sentiment 🧵 Not Financial Advice! Just a long well-researched thread ✍️ In the last 14-15 months, I have seen a very emotional ride when the share price was down/flat and rised very fast and how most retail investors reacted to it, and institutions kept buying more and more. I have to say, the game has not changed. I will use this thread to address some of the new changes and development, and where I think the business is going long term. And of course, I'm certainly buying this high quality compounder at a massive discount just like other long term before the market gets it! I don't plan to overpay anytime soon. Grab Holdings has transformed dramatically from a ride-hailing focused business into a diversified Southeast Asian SuperApp, achieving its first full-year net profit in FY 2025 alongside positive adjusted free cash flow. This shift stems from strategic expansion across mobility, deliveries, financial services and B2C combined with monetization innovations like the platform/service fee model introduced around 2020. These changes have improved unit economics, scaled the ecosystem, and created a virtuous cycle benefiting consumers, drivers, and merchants through higher volumes and greater transparency. 1. The new regulation in Indonesia President Prabowo Subianto signed presidential regulation on May 1 2026 that Driver minimum share: 92% of the base fare, where platform commission at 8% maximum. There is no clause or requirement for $GRAB or similar platforms that they cannot add service/platform fees. Context: around 2020, Grab shifted its monetization by introducing a transparent platform/service fee (separate from base commissions/fares). This decoupled platform earnings from pure commission percentages, allowing compliance with regulatory caps ( Indonesia's recent 8% commission limit on platforms, which does not prohibit separate service fees). You can read the adjustment below, where drivers will get 92% and the service/platform fee will be adjusted to make it sustainable along with minor changes in incentives. Incentives longer term will most likely to attract new drivers and to keep supply sufficient when demand is high. However, incentives have been declining steadily as % to revenue since 2021. From 13%+ peaks in 2021 to ~10% in 2025 → a reduction of 3 percentage points (or ~20–25% relative decline from highs). This is despite GMV growth (On-Demand GMV scaled dramatically from smaller bases in 2020 to $22.1B in 2025). IMO, this will push $GRAB to dominate 95% market share sooner for a very long time, since $GOTO would not last that long anymore with Crack down on its Fin-Arm and now on its On-demand without the scale and balance sheet like $GRAB has. 2. Bottom of Pyramid| The Fundamental I often talked about this since I started my position on $GRAB. I know the full thesis is 5 Billion people TAM, I absolutely love Anthony's ambition, but I'm also realistic to my investment. My projection is sticking to 800m people TAM. I do not rule out expansion, as I was the only one calling for 2026 expansion and management bought FoodPanda Taiwan. It is completely doable to reach 350-400m MTUs and 250-300m GrabUnlimited subscirbers within 6 years(long term). GRAB should be able to generate $8-9B revenue per quarter, and GrabFin + Delivery will be a significant % of overall revenue along with Mobility and B2B. I also expect 12-15% revenue generated from $30B Loan Book per quarter by 2032 or $3.6-$4.5B revenue per quarter. Grab-Fin has more than just lending like Insurance, investment, payment, digital banking... but Revenue generated as % from Total Loan book is an easier metric to track this business long term. For now Grab generated 8.4% off $1.18B loan portfolio in Q4 2025. It will get more efficient and profitable over time. The speed and quality of Grab's MTU growth is the clearest signal that the affordability pivot is working. From 41.9 million MTUs in Q3 2024, the platform scaled to 50.5 million MTUs in Q4 2025 , adding nearly 9 million transacting users in six quarters. Critically, this growth is demand-led: transaction volumes are consistently outpacing both MTU and GMV growth, which means users are transacting more frequently, not just joining the platform. Every single quarter has reached a new all-time high. Each MTU record has been set in a different macro environment where short sellers claimed Grab would be destroyed or hit $0, Lunar New Year seasonality in Q1, Indonesia macro uncertainty in Q3 , and the platform has powered through all of it. This consistency is the hallmark of a high quality compounding SuperApp growth, not a promotional sugar rush. Grab already has approximately 119 million Annual Transacting Users as of recent filings, representing ~17% of Southeast Asia's population. The gap between 119M ATUs and 50.5M MTUs is the activation opportunity , re-engaging lapsed users into monthly habitual use. Indonesia , Grab's largest market with over 200 million people , had only approximately 4% of users as monthly transacting users as of 2025. This single market could contribute 20–40 million incremental MTUs as smartphone and internet penetration deepens. Vietnam & Philippines are SEA's • fastest-growing digital economies, each with populations of 90–100 million, remain significantly underpenetrated relative to Singapore and Malaysia. Infrastructure investment and localized affordability products are progressively addressing this. GrabMart, GrabMore (grocery add-on to food orders), GrabFinancial, and Advanced Booking are bringing entirely new user cohorts who may not have engaged with Grab through ride-hailing or food delivery alone. Consolidation in SEA to 90-95% market share and affordability are a growth multiplier that actually expands margins through scale. Margin has expanded for 16 consecutive quarters, and will continue to expand upward QoQ. You can read my GMV/MTU and other threads to understand more why Grab is winning! 3. From Ride-hailing to a much more diversified sources of revenue or AKA SuperApp Grab launched in 2012 as a taxi-hailing service (primarily Mobility). Pre-2020, revenue was overwhelmingly concentrated in ride-hailing, with limited diversification. The COVID-19 pandemic accelerated expansion into Deliveries (food, groceries, ...), while Financial Services (payments, lending, insurance via GrabPay, GXS Bank...) emerged as a high-growth, higher-margin pillar. The SuperApp model integrates everything into one platform, driving cross-usage, higher monthly transacting users (MTUs), and lifetime value. Currently, the market is only seeing $GRAB as ride-hailing service/app, and trading at the lowest P/S in it histroical range. Grab highest P/S was 19.5 from IPO to now at 4.43. If u consider the Equity value, Cash, and assets, Grab is actually trading at negative market cap now with very little debt. Years ago (2019–2020), Mobility dominated (often >70–80%+ of revenue pre-diversification push). By 2025, Deliveries is the largest segment, Mobility remains core but no longer singular, and Financial Services (minimal pre-2021) now contributes meaningfully with strong growth. On-Demand GMV (Mobility + Deliveries) hit $22.1 billion in 2025 (+21% YoY), with MTUs averaging 47.2 million (+14% YoY) and reaching 50.5 million in Q4. GMV per MTU rose +4% YoY, reflecting deeper engagement across services. GrabFin revenue will probably a very large % of overall revenue, as much as 30-35%. I was initially projecting it to be 10-15%, but Q4 2025 confirmed a similar directional trend to Wechat on Financial Serivce, and Growing Users, Subscription and Ads are like Amazon business model but asset-light model. This diversification reduces single-segment risk like this week( regulatory or demand shocks in rides) and leverages the SuperApp flywheel: one app drives seamless cross-selling ( ride → food delivery → payments/lending/insurance/wealth), boosting retention and monetization. 4. Understanding the structural advantages and competitive moat| Why $GRAB is winning long term Grab's competitive moat is the interconnectedness of its verticals. With 50.5+ million MTUs, 15 million+ merchant partners, and driver-partners processing 10 million+ transactions daily, the platform generates network effects that single-vertical rivals cannot replicate. Soon $GOTO will add 25-30m MTUs, 3m+ drivers and 14m+ merchants • More users → more merchant partners → better selection → more users. • More driver supply → lower wait times and surge pricing → more rides → more driver income → more driver supply. • More food orders → better AI routing → batched deliveries → lower per-order cost → lower prices → more food orders. • More GrabPay transactions → better credit data → lower credit risk → more GrabFinancial penetration → more ecosystem lock-in. Conclusion: The case for Grab reaching 350–400 million MTUs and 250–300 million GrabUnlimited subscribers is ultimately a base case for Southeast Asia's digital economy reaching its full potential , and for Grab being the digital infrastructure through which that potential is realized. No other platform in the region combines the transaction scale, the ecosystem breadth, the financial services overlay, the AI capability, and the $7+ billion balance sheet that Grab brings to this opportunity. And this is only 800m people TAM that I stick to. It is entirely possible that $GRAB would expand to 1-2B people TAM within 6 years. This is a high purpose mission for Anthony, I think you should watch this entire video to get to know him more. The near-term evidence is unambiguous: MTUs are at all-time highs every quarter. GMV/MTU is rising even as user base expands. Transactions are outpacing both GMV and MTU growth. GrabUnlimited subscribers are at all-time highs and represent an ever-larger share of the delivery base. Adjusted EBITDA is compounding at 60% annually. Net profit has arrived. The affordable push , Saver Deliveries, Saver Transport, Group Orders, GrabMore , is re-accelerating both user acquisition and engagement frequency simultaneously. The SuperApp is now self-sustaining, with strong tailwinds in Southeast Asia's digital economy. Risks remain like regulation, macro may impact near-term price action, but the absolute fundamental is strengthening and the strongest today than before. A Cash Generating Cow will return capital to shareholders whether short sellers/bears like it or not long term. I believe short sellers will stop manipulating price action at some point, and I wont be able to time it. Grab decoupled sustainable economics from regulatory caps, passing real savings to consumers while enabling drivers and merchants to earn more in absolute terms through higher volumes. Diversification into high-margin financial services (now the fastest-growing segment) extends that flywheel, delivering micro-lending, digital wallets, and banking to the underbanked millions who power the platform every day. Anthony knows that Grab only truly succeeds when the communities it serves succeed. Uplifting informal workers, small merchants, and low-income users through economic empowerment isn’t a side mission it is the moat. In a region where the base of the pyramid represents the vast majority of the addressable market, this inclusive model creates the deepest network effects, the strongest retention, and the most durable and high quality compounding growth. The SuperApp doesn’t just serve Southeast Asia, it elevates it. And in doing so, it positions $GRAB SuperApp for the decades-long winner-take-most opportunity that few other platforms can claim. Not Financial Advice!