Grab Holdings Ltd. (NASDAQ: GRAB) posted strong second-quarter results for FY2025, delivering top- and bottom-line beats and reaffirming its momentum across all business segments. The Southeast Asian super-app operator saw double-digit year-over-year growth in revenue, adjusted EBITDA, and user activity, while providing a bullish outlook for the remainder of the year.

Solid Top-Line Growth and Profitability Beats

Grab reported Q2 revenue of $819 million, exceeding consensus estimates of $811 million and marking a +23% year-over-year (YoY) increase. Diluted EPS came in at $0.01, surpassing a breakeven forecast. Net profit rose to $20 million, beating the projected $17.5 million.

The company’s Adjusted EBITDA soared to $109 million, a +69% YoY jump, while operating profit came in at $7 million. Notably, free cash flow over the trailing twelve months reached $229 million, reflecting a YoY increase of $274 million — a clear signal of improving cash efficiency.

Upgraded FY25 Guidance

In light of the robust Q2 performance, Grab raised its FY25 revenue guidance to a range of $3.33 billion to $3.40 billion, representing +19–22% YoY growth. Adjusted EBITDA is now projected between $460 million and $480 million, implying a +47–53% annual increase.

Balanced Growth Across Segments

Deliveries led the way with $439 million in revenue, up +23% YoY, supported by Gross Merchandise Value (GMV) of $3.47 billion (+22%). Segment Adjusted EBITDA jumped +50% to $63 million, with a margin improvement to 1.8% (up from 1.5% last year). Advertising revenue run-rate climbed +45% YoY to $236 million, with 1.7% ad penetration of total GMV.

Mobility services delivered $295 million in revenue (+19% YoY), with GMV hitting $1.88 billion. Segment Adjusted EBITDA reached $164 million, up +27% YoY, and margins improved to 8.7%. Average trip fares declined slightly, but driver supply expanded +18%, reflecting improved service availability.

Financial Services revenue surged +41% YoY to $84 million, although the segment posted a $26 million adjusted EBITDA loss. However, loan disbursements reached $721 million, up +44% YoY, while the loan portfolio expanded +78% YoY to $708 million. Deposits under GX and GX Bank totaled $1.54 billion, a +111% YoY increase — signaling growing traction in the company’s digital banking operations.

Platform Efficiency and User Expansion

Grab’s on-demand services hit $5.35 billion in GMV for the quarter, up +21% YoY. Monthly transacting users rose to 46.2 million (+13% YoY), a sign of strong platform engagement. The advertising annualized run-rate reached $236 million, as the company continues to monetize its user base more effectively.

Leadership Commentary: Leaner, Smarter, Stronger

Management emphasized operational efficiency and technological innovation as key pillars of Grab’s performance. “This marks our fourteenth consecutive quarter of positive Adjusted EBITDA,” stated the CEO. “Our ecosystem flywheel is accelerating.”

The COO added: “We anticipate a stronger H2 driven by continued profitable growth and sequential GMV expansion.” The CFO highlighted liquidity strengths: “We successfully issued $1.5 billion in convertible notes, securing high cash flexibility,” and further noted the company repurchased $274 million worth of shares, signaling long-term confidence.

Strategic Outlook: Long-Term Upside with Diversified Growth Engines

Grab’s ability to deliver consistent growth across its core verticals — deliveries, mobility, fintech — while improving profitability and user monetization, positions it favorably for the second half of 2025. As the company invests further in AI, autonomous mobility, and digital banking infrastructure, it is leveraging its super-app model to deepen engagement and expand margins.

Despite macroeconomic headwinds in the region, Grab’s forward guidance and strong execution demonstrate resilience and scalability. For investors, the firm’s diversified revenue streams, robust GMV growth, and improving unit economics offer a compelling long-term narrative.