7Baggers

Grab
(NASDAQ:GRAB) 

GRAB stock logo

Grab Holdings Inc., commonly known as Grab, is a Southeast Asian technology company headquartered in Singapore. In addition to transportation, the company offers food delivery and digital payments services via a mobile app.

Founded: 2012
Full Time Employees: 6,000
CEO / Co-Founder: Anthony Tan 
Sector: Software—Application
Industry: Technology
Food Delivery ServiceSPAC
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Bull Thesis:
  • Dominant Market Position & Super-App Synergy in SEA: Grab holds a leading market share in key Southeast Asian verticals like ride-hailing and food delivery. This strong position, combined with its super-app strategy, creates powerful network effects, high customer stickiness, and significant cross-selling opportunities across its ecosystem (mobility, delivery, financial services), enhancing customer lifetime value.
  • Clear Path to Profitability & Operational Efficiency: Grab has demonstrated significant progress towards profitability, particularly in its core mobility and delivery segments. This is driven by disciplined cost management, reduced incentives, improved operational leverage, and a focus on higher-margin transactions, indicating a strong trajectory towards sustainable positive earnings.
  • Untapped Fintech Potential in a Growing Digital Economy: Grab Financial Group (GFG) is strategically positioned to capitalize on the rapidly digitalizing and underbanked Southeast Asian market. Leveraging Grab's vast user base, GFG offers high-margin financial services (payments, lending, insurance), which have substantial growth potential and can further enhance the overall ecosystem's value.
Bear Thesis:
  • Persistent Profitability Challenges & Negative Free Cash Flow: Despite improvements, Grab still faces challenges in achieving consistent, company-wide profitability and generating positive free cash flow. High marketing and incentive spending are often required to maintain market share and attract new users/drivers, which can continue to weigh on the bottom line.
  • Intense Competition & Regulatory Headwinds: Grab operates in highly competitive markets across all its segments (e.g., GoTo, Foodpanda, local players, traditional banks), leading to potential price wars and margin pressure. Furthermore, diverse and evolving regulatory landscapes in multiple SEA countries pose ongoing operational, pricing, and expansion risks.
  • Macroeconomic Vulnerability & Consumer Spending Sensitivity: Economic slowdowns, persistent inflation, and reduced consumer discretionary spending in Southeast Asia could negatively impact demand for Grab's services, particularly ride-hailing and food delivery. This sensitivity to macroeconomic conditions could hinder revenue growth and profitability.
  • Driver/Merchant Supply & Retention Challenges: Maintaining a stable and satisfied supply of drivers and merchants is critical for Grab's operations. High commission rates, changing incentive structures, or competitor actions could lead to supply shortages, increased operational costs (due to higher incentives), or service quality degradation.
Main Competitors:
  • GoTo (Gojek) ($GOTO) (Gojek, GoFood, GoPay), GoTo, formed from the merger of Gojek and Tokopedia, is Grab's most direct and comprehensive competitor, particularly strong in Indonesia and Vietnam. It competes across ride-hailing, food delivery, and fintech (GoPay), leveraging its integrated ecosystem to offer a wide range of on-demand services and digital payments.
  • Foodpanda (Delivery Hero) ($DHER) (Foodpanda, PandaMart), Foodpanda, owned by Delivery Hero, is a major player in food and grocery delivery across Southeast Asia. It competes directly with GrabFood and GrabMart, focusing on extensive restaurant partnerships, speed of delivery, and aggressive promotions to capture market share in the on-demand delivery space.
  • Sea Limited (ShopeeFood/ShopeePay) ($SE) (ShopeeFood, ShopeePay), Sea Limited, primarily known for its e-commerce platform Shopee, has expanded aggressively into food delivery (ShopeeFood) and digital payments (ShopeePay). It leverages its massive existing user base from Shopee to cross-sell these services, posing a significant threat to Grab's food and fintech segments by offering competitive pricing and integrated loyalty programs.
  • AirAsia (AirAsia Ride/Food) ($CAPITALA) (AirAsia Ride, AirAsia Food), AirAsia, through its digital arm Capital A, is an emerging regional competitor, particularly in Malaysia and other key markets. It leverages the strong AirAsia brand and its existing travel ecosystem to offer ride-hailing (AirAsia Ride) and food delivery (AirAsia Food), aiming to provide competitive pricing and integrated benefits for its extensive customer base.
Moat:
Grab operates in a highly competitive and dynamic landscape across Southeast Asia, facing strong regional and local players in its core segments of ride-hailing, food delivery, and fintech. Its primary moat stems from powerful network effects in its on-demand services, where a larger base of drivers/merchants attracts more users, and vice-versa. The 'super-app' strategy, integrating multiple services into a single platform, enhances user stickiness and convenience. Strong brand recognition, deep localized operational expertise, and a robust payment ecosystem (GrabPay) further solidify its position. However, competition remains fierce, often leading to intense price wars, significant marketing spend, and the need for continuous innovation, particularly from well-funded rivals like GoTo and Sea Limited, who also leverage their own extensive ecosystems and financial muscle.
Income Statements:
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-08-15 2024-06-30 2024-05-16 2024-05-15 2024-02-22 2023-12-31 2023-11-09 2023-08-23 2023-06-30 2023-05-18 2023-02-23 2022-12-31 2022-11-16 2022-08-25 2022-05-19 2022-03-03 2021-12-31 
                          
      revenue
    		873,000,000 819,000,000 773,000,000 764,000,000 716,000,000 664,000,000 1,317,000,000 653,000,000 653,000,000 653,000,000 653,000,000 615,000,000 567,000,000 1,092,000,000 525,000,000 502,000,000 502,000,000 382,000,000 321,000,000 228,000,000 122,000,000  
      yoy
    		21.93% 23.34% -41.31% 17.00% 9.65% 1.68% 101.68% 6.18% 15.17% -40.20% 24.38% 22.51% 12.95% 185.86% 63.55% 120.18% 311.48%      
      qoq
    		6.59% 5.95% 1.18% 6.70% 7.83% -49.58% 101.68% 0.00% 0.00% 0.00% 6.18% 8.47% -48.08% 108.00% 4.58% 0.00% 31.41% 19.00% 40.79% 86.89%   
      cost of revenue
    		-491,000,000 -465,000,000 -449,000,000 -432,000,000 -409,000,000 -388,000,000 -781,000,000 -394,000,000 -394,000,000 -377,000,000 -377,000,000 -375,000,000 -376,000,000 -747,000,000 -372,000,000 -388,000,000 -388,000,000 -321,000,000 -337,000,000 -310,000,000 -298,000,000  
      other income
    		 8,000,000 8,000,000 5,000,000 6,000,000 4,000,000 6,000,000 2,000,000 2,000,000 5,000,000 5,000,000 6,000,000 3,000,000 6,000,000 3,000,000  8,000,000 3,000,000 3,000,000 3,000,000   
      sales and marketing expenses
    		-92,000,000 -89,000,000 -82,000,000 -91,000,000 -82,000,000 -79,000,000 -150,000,000 -71,000,000 -71,000,000 -84,000,000 -84,000,000 -76,000,000 -63,000,000 -133,000,000 -70,000,000 -70,000,000 -71,000,000 -66,000,000 -72,000,000 -70,000,000 -84,000,000  
      general and administrative expenses
    		-120,000,000 -118,000,000 -113,000,000 -144,000,000 -112,000,000 -130,000,000 -257,000,000 -127,000,000 -127,000,000 -136,000,000 -135,000,000 -131,000,000 -137,000,000 -285,000,000 -147,000,000 -166,000,000 -166,000,000 -150,000,000 -162,000,000 -169,000,000 -176,000,000  
      research and development expenses
    		-103,000,000 -113,000,000 -121,000,000 -93,000,000 -97,000,000 -104,000,000 -220,000,000 -116,000,000 -116,000,000 -103,000,000 -102,000,000 -99,000,000 -91,000,000 -219,000,000 -129,000,000 -110,000,000 -110,000,000 -116,000,000 -121,000,000 -119,000,000 -95,000,000  
      net impairment losses on financial assets
    		-37,000,000 -33,000,000 -33,000,000 -36,000,000 -19,000,000 -20,000,000 -40,000,000 -20,000,000 -20,000,000 -21,000,000 -21,000,000 -18,000,000 -20,000,000 -33,000,000 -13,000,000 -19,000,000 -19,000,000 -17,000,000 -15,000,000 -8,000,000 -11,000,000  
      other expenses
    		   -10,250,000 -38,000,000      -6,000,000 -14,000,000  -10,000,000   -11,000,000 -5,000,000 -1,000,000    
      restructuring costs
    		      -4,000,000    -4,000,000  -50,000,000 -51,000,000         
      operating profit
    		27,000,000 7,000,000                     
      yoy
    		                      
      qoq
    		285.71%                      
      operating margin %
    		3.09% 0.85% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%  
      finance income
    		48,000,000 41,000,000 72,000,000 45,000,000 53,000,000 45,000,000 90,000,000 44,000,000 44,000,000 42,000,000 42,000,000 54,000,000 53,000,000 102,000,000 49,000,000  37,000,000 38,000,000 -16,000,000 49,000,000 -10,000,000  
      finance costs
    		-27,000,000 -11,000,000    -31,000,000 -83,000,000 -52,000,000 -52,000,000 -17,000,000 -18,000,000 -18,000,000 -18,000,000 -63,000,000 -46,000,000 -135,000,000 121,000,000 -82,000,000 -169,000,000 -37,000,000 -206,000,000  
      net change in fair value of financial assets and liabilities
    		-10,000,000 6,000,000 -23,000,000 -4,500,000 6,000,000  -25,000,000 -15,000,000 -15,000,000 29,000,000 29,000,000 -22,000,000 -10,000,000 -46,000,000 -37,000,000        
      net finance income
    		11,000,000   17,250,000 87,000,000                  
      share of profit of equity-accounted investees
    		  1,000,000                    
      profit before income tax
    		38,000,000 43,000,000 24,000,000 -26,500,000 47,000,000     7,000,000             
      income tax expense
    		-21,000,000 -23,000,000   -32,000,000  -31,000,000 -13,000,000 -13,000,000  3,000,000 -16,000,000  -7,000,000 -11,000,000  1,000,000 -4,000,000 -2,000,000 -1,000,000 3,000,000  
      profit for the period
    		17,000,000 20,000,000 10,000,000 -42,250,000 15,000,000     11,000,000             
      net finance income/
    		 36,000,000 44,000,000       54,000,000 53,000,000 14,000,000 25,000,000       12,000,000   
      items that will not be reclassified to profit or loss:
    		                      
      defined benefit plan remeasurements
    		         1,000,000  1,000,000  -1,000,000  2,000,000       
      investments and put liabilities at fvoci – net change in fair value
    		          -9,000,000  5,000,000 -6,000,000 -11,000,000        
      items that are or may be reclassified subsequently to profit or loss:
    		                      
      foreign currency translation differences – foreign operations
    		 84,000,000 8,000,000    -32,000,000 -27,000,000 -27,000,000 60,000,000 59,000,000 -38,000,000 -41,000,000 -14,000,000 26,000,000 64,000,000 64,000,000 -52,000,000 -49,000,000 -5,000,000   
      other comprehensive income for the period, net of tax
    		 83,000,000 6,000,000     -27,000,000 -27,000,000      15,000,000 64,000,000       
      total comprehensive income for the period
    		 103,000,000 16,000,000       63,000,000             
      *
    		                      
      profit attributable to:
    		                      
      owners of the company
    		 35,000,000 24,000,000    -157,000,000       -378,000,000  -386,000,000 -386,000,000 -327,000,000 -547,000,000 -423,000,000 -1,055,000,000  
      non-controlling interests
    		 -15,000,000 -14,000,000    -27,000,000       -19,000,000  -5,000,000 -5,000,000 -15,000,000 -25,000,000 -12,000,000 -45,000,000  
      operating income
    		  -21,000,000 2,000,000 -38,000,000 -56,000,000 -131,000,000 -75,000,000 -75,000,000 -46,000,000 -45,000,000 -93,000,000 -176,000,000 -380,000,000 -204,000,000 -255,000,000 -255,000,000 -290,000,000 -384,000,000 -445,000,000 -557,000,000  
      income tax (expense)/credit
    		  -14,000,000   -17,000,000                 
      total comprehensive income attributable to:
    		                      
      earnings per share:
    		                      
      basic
    		  0.01                    
      diluted
    		  0.01                    
      finance costs**
    		   -13,750,000 28,000,000                  
      share of loss of equity-accounted investees
    		      -4,000,000       -3,000,000  -1,000,000 -1,000,000 -4,000,000 -1,000,000 -1,000,000 -2,000,000  
      net finance costs
    		     5,000,000 -18,000,000 -23,000,000 -23,000,000     -7,000,000  -135,000,000 -136,000,000 -44,000,000 -185,000,000  -544,000,000  
      loss before income tax
    		     -51,000,000 -153,000,000 -102,000,000 -102,000,000  8,000,000 -83,000,000 -153,000,000 -390,000,000 -239,000,000 -391,000,000 -392,000,000 -338,000,000 -570,000,000 -434,000,000   
      loss for the period
    		     -68,000,000 -184,000,000 -115,000,000 -115,000,000  -124,000,000 -99,000,000 -148,000,000 -397,000,000 -250,000,000 -391,000,000 -337,250,000 -342,000,000 -572,000,000 -435,000,000 -1,100,000,000  
      other comprehensive loss for the period, net of tax
    		      -32,000,000    -16,750,000 -46,000,000 -37,000,000 -21,000,000   -26,500,000 -52,000,000 -49,000,000 -5,000,000   
      total comprehensive loss for the period
    		     -73,000,000 -216,000,000 -142,000,000 -142,000,000  -140,750,000 -145,000,000 -185,000,000 -418,000,000 -235,000,000 -327,000,000 -363,750,000 -394,000,000 -621,000,000 -440,000,000   
      other expenses**
    		      -2,000,000                
      loss attributable to:
    		                      
      total comprehensive loss attributable to:
    		                      
      loss per share
    		                      
      basic loss per share
    		      -0.04       -0.1     -0.15    
      diluted loss per share
    		      -0.04       -0.1     -0.15    
      other income/
    		         20,000,000             
      income tax credit/
    		         4,000,000   5,000,000          
      other comprehensive income for the period,net of tax
    		         52,000,000             
      net finance (costs)/ income
    		              -34,000,000        
      other expenses /
    		               -4,000,000       
      share listing and associated expenses
    		                    -328,000,000  
      income tax (expense) / credit
    		                      
      equity investments at fvoci – net change in fair value
    		               -2,000,000       
      loss per share:
    		                      
      basic
    		               -0.1 -0.085 -0.08  -0.11   
      diluted
    		               -0.1 -0.085 -0.08  -0.11   
      weighted-average ordinary shares outstanding:
    		                      
      basic
    		               3,837,981       
      diluted
    		               3,837,981       
      loss per share:
    		                      
      loss attributable to: - sum
    		                   -435,000,000   
      total comprehensive loss attributable to: - sum
    		                   -440,000,000   
      other (expense) / income
    		                    -6,000,000  
      other incomes
    		                    -9,000,000  
      income before income tax
    		                    -1,103,000,000  
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-08-15 2024-06-30 2024-05-16 2024-05-15 2024-03-31 2024-02-22 2023-12-31 2023-11-09 2023-09-30 2023-08-23 2023-06-30 2023-05-18 2023-02-23 2022-12-31 2022-11-16 2022-09-30 2022-08-25 2022-06-30 2022-05-19 2022-03-31 2022-03-03 2021-12-31 2021-12-01 
                                  
        non-current assets
      		                         2,503,000,000   
        property, plant, and equipment
      		712,000,000 659,000,000 605,000,000  524,000,000 483,000,000  485,000,000 485,000,000 485,000,000 512,000,000  475,000,000 475,000,000 469,000,000  479,000,000 492,000,000  470,000,000 470,000,000 494,000,000 494,000,000 508,000,000 508,000,000    
        intangible assets and goodwill
      		1,039,000,000 1,038,000,000 1,025,000,000 975,000,000 943,000,000 914,000,000 914,000,000 912,000,000 912,000,000 912,000,000 916,000,000 916,000,000 917,000,000 917,000,000 913,000,000 913,000,000 909,000,000 904,000,000 904,000,000 904,000,000 904,000,000 905,000,000 905,000,000 905,000,000 905,000,000  675,000,000  
        associates and joint venture
      		199,000,000 138,000,000 132,000,000 131,000,000 144,000,000 135,000,000 135,000,000 95,000,000 95,000,000 95,000,000 102,000,000 102,000,000 101,000,000 101,000,000 107,000,000 107,000,000 109,000,000 107,000,000 107,000,000 110,000,000 110,000,000 45,000,000 45,000,000 48,000,000 48,000,000  14,000,000  
        deferred tax assets
      		81,000,000 81,000,000 80,000,000 67,000,000 54,000,000 56,000,000 56,000,000 58,000,000 58,000,000 58,000,000 56,000,000 56,000,000 34,000,000 34,000,000 38,000,000 38,000,000 20,000,000 20,000,000 20,000,000 7,000,000 7,000,000 9,000,000 9,000,000 4,000,000 4,000,000  5,000,000  
        other investments
      		938,000,000 689,000,000 625,000,000 765,000,000 758,000,000 1,209,000,000 1,209,000,000 1,547,000,000 1,547,000,000 1,547,000,000 1,188,000,000 1,188,000,000 1,399,000,000 1,399,000,000 1,356,000,000 1,356,000,000 1,178,000,000 1,742,000,000 1,742,000,000 1,311,000,000 1,311,000,000 1,327,000,000 1,327,000,000 1,283,000,000 1,283,000,000  1,241,000,000  
        loan receivables in the financial services segment
      		240,000,000 174,000,000 124,000,000 105,000,000 104,000,000 82,000,000 82,000,000 71,000,000 71,000,000 71,000,000 54,000,000 54,000,000 35,000,000 35,000,000               
        deposits, prepayments and other assets
      		144,000,000 147,000,000 137,000,000 119,000,000 113,000,000 99,000,000 99,000,000 194,000,000 194,000,000 194,000,000  196,000,000                 
        current assets
      		                         8,675,000,000   
        inventories
      		79,000,000 75,000,000 74,000,000 59,000,000 56,000,000 48,000,000 48,000,000 48,000,000 48,000,000 48,000,000 49,000,000 49,000,000 46,000,000 46,000,000 45,000,000 45,000,000 47,000,000 48,000,000 48,000,000 42,000,000 42,000,000 47,000,000 47,000,000 45,000,000 45,000,000  4,000,000  
        trade and other receivables
      		230,000,000 262,000,000 267,000,000 206,000,000 262,000,000 202,000,000 202,000,000 203,000,000 203,000,000 203,000,000 196,000,000 196,000,000 148,000,000 148,000,000 362,000,000 362,000,000 340,000,000 372,000,000 372,000,000 310,000,000 310,000,000 303,000,000 303,000,000 304,000,000 304,000,000  255,000,000  
        cash and cash equivalents
      		3,280,000,000 3,880,000,000 2,828,000,000 2,964,000,000 2,885,000,000 2,447,000,000 2,447,000,000 2,113,000,000 2,113,000,000 2,113,000,000 3,138,000,000 3,138,000,000 3,018,000,000 3,018,000,000 2,282,000,000 2,282,000,000 2,351,000,000 1,952,000,000 1,952,000,000 2,447,000,000 2,447,000,000 2,793,000,000 2,793,000,000 3,387,000,000 3,387,000,000  4,991,000,000  
        total assets
      		11,355,000,000 11,145,000,000 9,636,000,000 9,295,000,000 9,178,000,000 8,466,000,000 8,466,000,000 8,192,000,000 8,192,000,000 8,192,000,000 8,792,000,000 8,792,000,000 8,603,000,000 8,603,000,000 8,293,000,000 8,293,000,000 8,399,000,000 9,170,000,000 9,170,000,000 10,067,000,000 10,067,000,000 10,354,000,000 10,354,000,000 10,931,000,000 10,931,000,000 11,178,000,000 11,178,000,000 500,000,000 
        equity
      		                            
        share capital and share premium
      		23,839,000,000 23,786,000,000 23,756,000,000 23,549,000,000 23,314,000,000 22,933,000,000 22,933,000,000 22,874,000,000 22,874,000,000 22,874,000,000 22,669,000,000 22,669,000,000 22,622,000,000 22,622,000,000 22,603,000,000 22,603,000,000 22,452,000,000 22,278,000,000 22,278,000,000 22,250,000,000 22,250,000,000 22,232,000,000 22,232,000,000 22,072,000,000 22,072,000,000  21,529,000,000  
        reserves
      		272,000,000 168,000,000 64,000,000 197,000,000 262,000,000 441,000,000 441,000,000 413,000,000 413,000,000 413,000,000 544,000,000 544,000,000 454,000,000 454,000,000 443,000,000 443,000,000 552,000,000 602,000,000 602,000,000 475,000,000 475,000,000 452,000,000 452,000,000 532,000,000 532,000,000  606,000,000  
        accumulated losses
      		-17,640,000,000 -17,592,000,000 -17,341,000,000 -17,347,000,000 -17,217,000,000 -17,109,000,000 -17,109,000,000 -17,011,000,000 -17,011,000,000 -17,011,000,000 -16,764,000,000 -16,764,000,000 -16,788,000,000 -16,788,000,000 -16,675,000,000 -16,675,000,000 -16,520,000,000 -16,277,000,000 -16,277,000,000 -15,879,000,000 -15,879,000,000 -15,533,000,000 -15,533,000,000 -14,974,000,000 -14,974,000,000  -14,402,000,000 -97,000,000 
        equity attributable to owners of the company
      		6,471,000,000 6,362,000,000 6,479,000,000 6,399,000,000 6,359,000,000 6,265,000,000 6,265,000,000 6,276,000,000 6,276,000,000 6,276,000,000 6,449,000,000 6,449,000,000 6,288,000,000 6,288,000,000 6,371,000,000 6,371,000,000 6,484,000,000 6,603,000,000 6,603,000,000 6,846,000,000 6,846,000,000 7,151,000,000 7,151,000,000 7,630,000,000 7,630,000,000    
        non-controlling interests
      		43,000,000  -11,000,000 -48,000,000 73,000,000 78,000,000 78,000,000 49,000,000 49,000,000 49,000,000 19,000,000 19,000,000 42,000,000 42,000,000 20,000,000 20,000,000 45,000,000 54,000,000 54,000,000 46,000,000 46,000,000 15,000,000 15,000,000 46,000,000 46,000,000  286,000,000  
        total equity
      		6,514,000,000 6,361,000,000 6,468,000,000 6,351,000,000 6,432,000,000 6,343,000,000 6,343,000,000 6,325,000,000 6,325,000,000 6,325,000,000 6,468,000,000 6,468,000,000 6,330,000,000 6,330,000,000 6,391,000,000 6,391,000,000 6,529,000,000 6,657,000,000 6,657,000,000 6,892,000,000 6,892,000,000 7,166,000,000 7,166,000,000 7,676,000,000 7,676,000,000 8,019,000,000  5,000,000 
        non-current liabilities
      		                         2,133,000,000   
        loans and borrowings
      		320,000,000 283,000,000 253,000,000 241,000,000 228,000,000 209,000,000 209,000,000 206,000,000 206,000,000 206,000,000 668,000,000 668,000,000 657,000,000 657,000,000 658,000,000 658,000,000 668,000,000 1,248,000,000 1,248,000,000 2,004,000,000 2,004,000,000 2,015,000,000 2,015,000,000 2,082,000,000 2,082,000,000  2,031,000,000  
        provisions
      		22,000,000 22,000,000 21,000,000 20,000,000 18,000,000 18,000,000 18,000,000 17,000,000 17,000,000 17,000,000 18,000,000 18,000,000 17,000,000 17,000,000 18,000,000 18,000,000 18,000,000 18,000,000 18,000,000 17,000,000 17,000,000 17,000,000 17,000,000 17,000,000 17,000,000  18,000,000  
        other liabilities
      		84,000,000 81,000,000 81,000,000 66,000,000 49,000,000 44,000,000 44,000,000 140,000,000 140,000,000 140,000,000 140,000,000 140,000,000 140,000,000 140,000,000 131,000,000 131,000,000 140,000,000 132,000,000 132,000,000 122,000,000 122,000,000 121,000,000 121,000,000 119,000,000 119,000,000    
        deferred tax liabilities
      		35,000,000 35,000,000 34,000,000 25,000,000 26,000,000 22,000,000 22,000,000 21,000,000 21,000,000 21,000,000 20,000,000 20,000,000 20,000,000 20,000,000 19,000,000 19,000,000 18,000,000 18,000,000 18,000,000 17,000,000 17,000,000 19,000,000 19,000,000 19,000,000 19,000,000  3,000,000  
        current liabilities
      		                         1,026,000,000   
        non-current assets - sum
      		 2,926,000,000 2,728,000,000 2,729,000,000 2,640,000,000 2,978,000,000 2,978,000,000 3,362,000,000 3,362,000,000  3,024,000,000 3,024,000,000 3,144,000,000  3,077,000,000  2,873,000,000 3,482,000,000 3,482,000,000 2,931,000,000  2,904,000,000  2,874,000,000   2,503,000,000  
        current assets - sum
      		 8,219,000,000 6,908,000,000 6,566,000,000 6,538,000,000 5,488,000,000 5,488,000,000 4,830,000,000 4,830,000,000  5,768,000,000 5,768,000,000 5,459,000,000  5,216,000,000  5,526,000,000 5,688,000,000 5,688,000,000 7,136,000,000  7,450,000,000  8,057,000,000   8,675,000,000  
        non-current liabilities - sum
      		 421,000,000 389,000,000 352,000,000 321,000,000 293,000,000 293,000,000 384,000,000 384,000,000   846,000,000 834,000,000  826,000,000  844,000,000 1,416,000,000 1,416,000,000 2,173,000,000  2,183,000,000  2,257,000,000   2,133,000,000  
        trade payables and other liabilities
      		 1,106,000,000 1,129,000,000 1,169,000,000 1,142,000,000  952,000,000     925,000,000    905,000,000   933,000,000 845,000,000 845,000,000        
        deposits from customers in the banking business
      		 1,543,000,000 1,432,000,000 1,225,000,000 1,093,000,000  730,000,000     374,000,000                 
        current tax liabilities
      		 40,000,000 44,000,000 34,000,000 43,000,000  23,000,000     15,000,000   18,000,000 18,000,000 14,000,000 9,000,000 9,000,000 4,000,000 4,000,000 4,000,000 4,000,000 3,000,000 3,000,000  3,000,000  
        current liabilities - sum
      		 4,363,000,000 2,779,000,000 2,592,000,000 2,425,000,000  1,830,000,000     1,478,000,000   1,076,000,000  1,026,000,000 1,097,000,000 1,097,000,000 1,002,000,000  1,005,000,000  998,000,000   1,026,000,000  
        total liabilities
      		 4,784,000,000 3,168,000,000 2,944,000,000 2,746,000,000  2,123,000,000     2,324,000,000   1,902,000,000 1,902,000,000 1,870,000,000 2,513,000,000 2,513,000,000 3,175,000,000 3,175,000,000 3,188,000,000 3,188,000,000 3,255,000,000 3,255,000,000 3,159,000,000 3,159,000,000 139,000,000 
        total equity and liabilities
      		 11,145,000,000 9,636,000,000 9,295,000,000 9,178,000,000  8,466,000,000     8,792,000,000   8,293,000,000 8,293,000,000 8,399,000,000 9,170,000,000 9,170,000,000 10,067,000,000 10,067,000,000 10,354,000,000 10,354,000,000 10,931,000,000 10,931,000,000    
        property, plant and equipment
      		   567,000,000   483,000,000     512,000,000    469,000,000   492,000,000        441,000,000  
        prepayments and other assets
      		          196,000,000  183,000,000 183,000,000 194,000,000 194,000,000 178,000,000 217,000,000 217,000,000 129,000,000 129,000,000 124,000,000 124,000,000 126,000,000 126,000,000  127,000,000  
        trade and other payables
      		              905,000,000  859,000,000 933,000,000    810,000,000 810,000,000 801,000,000 801,000,000  27,000,000  
        warrant liabilities
      		                   13,000,000 13,000,000 11,000,000 11,000,000 20,000,000 20,000,000  54,000,000  
        total equity (deficit) and liabilities
      		                         11,178,000,000  500,000,000 
        equity/(deficit) attributable to owners of the company
      		                          7,733,000,000  
        total equity/
      		                          8,019,000,000  
        convertible redeemable preference shares
      		                            
        total equity/(deficit) and liabilities
      		                          11,178,000,000  
        assets
      		                            
        non-current assets:
      		                            
        property plant, and equipment
      		                            
        other receivables
      		                            
        cash and marketable securities held in trust account
      		                           500,000,000 
        total non-current assets
      		                           500,000,000 
        current assets:
      		                            
        equity and liabilities
      		                            
        equity:
      		                            
        grab holdings inc. share capital and share premium
      		                            
        grab holdings inc. reserves
      		                            
        altimeter growth corp. class a ordinary shares, 0.0001 par value
      		                            
        altimeter growth corp. class b ordinary shares, 0.0001 par value
      		                            
        additional paid-in capital
      		                           102,000,000 
        class a ordinary shares subject to possible redemption
      		                           356,000,000 
        non-current liabilities:
      		                            
        other payables
      		                            
        warrant liability
      		                           78,000,000 
        fpa liability
      		                           43,000,000 
        total non-current liabilities
      		                           121,000,000 
        current liabilities:
      		                            
        deferred underwriting fee payable
      		                           18,000,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-08-15 2024-06-30 2024-05-16 2024-05-15 2023-12-31 2023-09-30 2023-08-23 2023-06-30 2023-05-18 2023-03-31 2022-12-31 2022-08-25 2022-05-19 
                          
          cash flows from operating activities
        		                  
          profit before income tax
        		-5,000,000 19,000,000 24,000,000                
          adjustments for:
        		                  
          amortization of intangible assets
        		0 0 8,000,000 20,000,000 0 -7,000,000 12,000,000 8,000,000 8,000,000 13,000,000 0 -5,000,000 9,000,000 4,000,000 4,000,000 17,000,000 5,000,000 4,000,000 
          depreciation of property, plant and equipment
        		5,000,000 2,000,000 32,000,000 91,000,000 2,000,000 -33,000,000 62,000,000 32,000,000 32,000,000 95,000,000 1,000,000 -31,000,000 63,000,000 31,000,000 31,000,000 95,000,000 32,000,000 30,000,000 
          impairment of property, plant and equipment
        		                 3,000,000 
          equity-settled share-based payments
        		-5,000,000 -20,000,000 80,000,000 226,000,000 -29,000,000 -94,000,000 176,000,000 94,000,000 94,000,000 234,000,000 5,000,000 -103,000,000 168,000,000 103,000,000 103,000,000    
          finance costs
        		16,000,000 6,000,000 5,000,000 134,000,000 -59,000,000 -52,000,000 83,000,000 52,000,000 52,000,000 81,000,000 0 -45,000,000 63,000,000 46,000,000 46,000,000 84,000,000 169,000,000 37,000,000 
          net change in fair value of financial assets and liabilities
        		  23,000,000   -16,000,000 25,000,000 15,000,000 15,000,000 17,000,000 12,000,000 -36,000,000 46,000,000 37,000,000 37,000,000    
          net impairment losses on financial assets
        		4,000,000 0 33,000,000  -1,000,000              
          finance income
        		-7,000,000 31,000,000 -72,000,000 -134,000,000 -8,000,000 45,000,000 -90,000,000 -44,000,000 -44,000,000 -144,000,000 -1,000,000 49,000,000 -102,000,000 -49,000,000 -49,000,000 -69,000,000 16,000,000 -49,000,000 
          loss on disposal of property, plant and equipment
        		            -4,000,000      
          share of loss/
        		                  
          change in provisions
        		0 -1,000,000 2,000,000 -6,000,000         1,000,000 1,000,000 1,000,000 4,000,000 -1,000,000 2,000,000 
          dividend income
        		                  
          changes in:
        		                  
          - inventories
        		      1,000,000 1,000,000 1,000,000   -1,000,000 4,000,000 1,000,000 1,000,000 2,000,000 -1,000,000 9,000,000 
          - deposits released/
        		                  
          - trade and other receivables
        		-24,000,000 142,000,000 -89,000,000 -59,000,000 -16,000,000 42,000,000 -64,000,000 -41,000,000 -41,000,000 -14,000,000 31,000,000 18,000,000 -46,000,000 -18,000,000 -18,000,000 -211,000,000 -53,000,000 -116,000,000 
          - loan receivables in the financial services segment
        		-43,000,000 -58,000,000 -50,000,000 -162,000,000 -70,000,000 49,000,000 -93,000,000 -49,000,000 -49,000,000 -131,000,000         
          - trade payables and other liabilities
        		93,000,000 65,000,000 -85,000,000 -48,000,000 151,000,000 103,000,000 -86,000,000 -102,000,000 -102,000,000 -30,000,000   -82,000,000 -77,000,000 -77,000,000    
          - deposits from customers in the banking business
        		-256,000,000 -157,000,000 193,000,000 575,000,000 15,000,000 -114,000,000 367,000,000 114,000,000 114,000,000 30,000,000         
          cash (used in)/from operations
        		                  
          income tax paid
        		-1,000,000 -10,000,000 -15,000,000    -22,000,000 -13,000,000 -13,000,000    -14,000,000   -17,000,000 -5,000,000 -6,000,000 
          net cash (used in)/from operating activities
        		                  
          cash flows from investing activities
        		                  
          acquisition of property, plant and equipment
        		  -16,000,000 -54,000,000 -10,000,000 12,000,000 -25,000,000 -11,000,000 -11,000,000 -48,000,000 -9,000,000 6,000,000 -20,000,000   -45,000,000 -10,000,000 -10,000,000 
          purchase of intangible assets
        		  -10,000,000 -23,000,000   -8,000,000     7,000,000 -18,000,000   -15,000,000 -4,000,000 -3,000,000 
          proceeds from disposal of property, plant and equipment
        		3,000,000 -3,000,000 4,000,000 15,000,000 7,000,000 -3,000,000 7,000,000 4,000,000 4,000,000 15,000,000 5,000,000 -5,000,000 13,000,000 5,000,000 5,000,000 10,000,000 2,000,000 3,000,000 
          acquisition of subsidiaries with non-controlling interests, net of cash acquired
        		  -45,000,000              9,000,000  
          acquisition of additional interests in associates and joint venture
        		                  
          acquisition of associates and joint venture
        		                  
          receipt of co-investing arrangement loan receivables
        		                  
          proceeds from disposal of subsidiaries
        		                  
          net acquisition of other investments
        		                -144,000,000  
          interest income received
        		                  
          dividend received
        		                  
          net cash (used in)/ from investing activities
        		-150,000,000      -304,000,000 -352,000,000 -352,000,000          
          cash flows from financing activities
        		                  
          proceeds from share-based payment arrangements
        		-2,000,000 2,000,000 6,000,000 18,000,000 -1,000,000 -5,000,000 13,000,000 4,000,000 4,000,000 9,000,000 -2,000,000 -3,000,000 12,000,000 4,000,000 4,000,000    
          repurchase and retirement of ordinary shares
        		   -168,000,000 -24,000,000 97,000,000 -131,000,000            
          proceeds from bank loans
        		4,000,000 27,000,000 32,000,000 83,000,000 10,000,000 -30,000,000 57,000,000 30,000,000 30,000,000 78,000,000 13,000,000 -24,000,000 49,000,000 25,000,000 25,000,000 86,000,000 35,000,000 30,000,000 
          repayment of bank loans
        		-10,000,000 -27,000,000 -41,000,000 -597,000,000 -1,000,000 522,000,000 -559,000,000 -521,000,000 -521,000,000 -715,000,000 -10,000,000 628,000,000 -668,000,000 -629,000,000 -629,000,000 -961,000,000 -111,000,000 -38,000,000 
          payment of lease liabilities
        		  -15,000,000 -34,000,000 -1,000,000 10,000,000 -21,000,000 -10,000,000 -10,000,000 -29,000,000 1,000,000 9,000,000 -20,000,000   -27,000,000 -9,000,000 -7,000,000 
          proceeds from the issuance of convertible notes
        		                  
          transaction costs related to the issuance of convertible notes
        		                  
          acquisition of non-controlling interests without change in control
        		  -25,000,000 0        0 -27,000,000      
          proceeds from subscription of shares in subsidiaries by non-controlling interests without change in control
        		  45,000,000   0 32,000,000   1,000,000         
          deposits released/
        		      49,000,000            
          interest paid
        		      -18,000,000 -14,000,000 -14,000,000 -63,000,000 -1,000,000 31,000,000 -47,000,000 -31,000,000 -31,000,000 -112,000,000 -34,000,000 -37,000,000 
          net cash (used in)/from financing activities
        		                  
          net increase in cash and cash equivalents
        		-1,577,000,000 1,132,000,000 -140,000,000 -424,000,000 -80,000,000 975,000,000 -621,000,000 -973,000,000 -973,000,000 416,000,000  -381,000,000 343,000,000 381,000,000  -2,681,000,000 -543,000,000 -1,618,000,000 
          cash and cash equivalents at beginning of the period
        		1,052,000,000 -136,000,000 2,964,000,000  334,000,000   3,138,000,000 3,138,000,000  -69,000,000   1,952,000,000 1,952,000,000  3,215,000,000  
          effect of exchange rate fluctuations on cash held
        		-75,000,000 56,000,000 4,000,000 -188,000,000 184,000,000 50,000,000 -70,000,000 -52,000,000 -52,000,000 34,000,000 -4,000,000 -18,000,000 -13,000,000 18,000,000 18,000,000 -14,000,000 -44,000,000 -5,000,000 
          cash and cash equivalents at end of the period
        		-600,000,000 1,052,000,000 2,828,000,000  438,000,000   2,113,000,000 2,113,000,000  736,000,000   2,351,000,000 2,351,000,000  2,628,000,000  
          gain on disposal of property, plant and equipment
        		      -3,000,000            
          share of
        		                  
          - deposits (pledged)/ released
        		                  
          cash from operations
        		 1,000,000 88,000,000 569,000,000 60,000,000 -2,000,000 283,000,000 2,000,000 2,000,000 -197,000,000  150,000,000 -193,000,000 -151,000,000 -151,000,000 -711,000,000 -247,000,000 -459,000,000 
          net cash from operating activities
        		 -9,000,000 73,000,000 514,000,000 66,000,000 11,000,000 261,000,000 -11,000,000 -11,000,000 -236,000,000  156,000,000 -207,000,000 -157,000,000 -157,000,000 -728,000,000 -252,000,000 -465,000,000 
          capital expenditures
        		 0 0 0 0 0 0 0 0 0  0 0 0 0 0 0 0 
          free cash flows
        		 -9,000,000 73,000,000 514,000,000 66,000,000 11,000,000 261,000,000 -11,000,000 -11,000,000 -236,000,000  156,000,000 -207,000,000 -157,000,000 -157,000,000 -728,000,000 -252,000,000 -465,000,000 
          acquisition of businesses, net of cash acquired
        		                 -175,000,000 
          acquisition of other investments
        		                  
          dividend income received
        		                  
          interest received
        		 12,000,000 40,000,000 145,000,000 -23,000,000 -41,000,000 110,000,000 41,000,000 41,000,000 126,000,000 20,000,000 -37,000,000 74,000,000 37,000,000 37,000,000 40,000,000 8,000,000 9,000,000 
          deposits (pledged)/ released
        		                  
          net cash from financing activities
        		   -642,000,000 -162,000,000 611,000,000 -578,000,000 -610,000,000 -610,000,000  40,000,000 644,000,000 -703,000,000 -643,000,000 -643,000,000    
          - deposits pledged
        		  -12,000,000 -6,000,000   2,000,000 2,000,000 2,000,000    -10,000,000      
          net proceeds from sale of / (acquisition of) other investments
        		  -186,000,000                
          net cash from investing activities
        		  -213,000,000  16,000,000     1,403,000,000  -1,181,000,000 1,253,000,000 1,181,000,000  -902,000,000 -174,000,000 -1,067,000,000 
          deposits released /
        		                  
          loss before income tax
        		     102,000,000 -153,000,000 -102,000,000 -102,000,000 -383,000,000  237,000,000 -390,000,000 -239,000,000  -1,396,000,000 -570,000,000 -434,000,000 
          impairment of intangible assets and goodwill
        		                  
          net impairment loss on financial assets
        		      40,000,000 20,000,000 20,000,000 54,000,000 -2,000,000 -13,000,000 33,000,000 13,000,000 13,000,000 41,000,000 15,000,000 8,000,000 
          gain on disposal of subsidiary
        		                  
          share of loss of equity-accounted investees
        		   6,000,000   4,000,000 4,000,000 4,000,000 3,000,000 2,000,000 -1,000,000 3,000,000 1,000,000 1,000,000 4,000,000 1,000,000 1,000,000 
          proceeds from disposal of associate
        		                  
          receipt/ (disbursal) of co-investing arrangement loan receivable
        		                  
          (acquisitions of)/ net proceeds from sale of other investments
        		                  
          note
        		                  
          payment of listing expenses
        		                  
          cash and cash equivalents at january 1
        		      3,138,000,000      1,952,000,000     4,838,000,000 
          cash and cash equivalents at december 31
        		                  
          restructuring costs
        		          -49,000,000 -1,000,000 51,000,000      
          acquisition of subsidiary, net of cash acquired
        		                  
          acquisition of additional interest in associates and joint venture
        		       -38,000,000 -38,000,000          
          repayment of loan receivable
        		                  
          (acquisition of)/ net proceeds from other investments
        		       -345,000,000 -345,000,000          
          deposits pledged
        		         -5,000,000 3,000,000 3,000,000 -2,000,000      
          acquisition of joint venture
        		                  
          net proceeds from/ (acquisition of)other investments
        		                  
          acquisition of additional interests in joint venture
        		      -43,000,000            
          net (acquisitions of)/ proceeds from other investments
        		      -345,000,000            
          cash and cash equivalents at june 30
        		      2,447,000,000      2,282,000,000      
          repurchase of ordinary shares
        		       -97,000,000 -97,000,000          
          - trade and other payables
        		                21,000,000 -57,000,000 
          acquisition of additional interests in associate
        		                -35,000,000  
          acquisition of subsidiaries with non-controlling interests, net of cash acquired, and loan receivables
        		                  
          net proceeds from/(acquisition of) other investments
        		          377,000,000        
          gain on disposal of associate
        		                  
          share listing and associated expenses
        		                  
          net proceeds from/ (acquisitions of) other investments
        		                  
          proceeds from the reverse recapitalization
        		                  
          proceeds from issuance of convertible redeemable preference shares
        		                  
          income before income tax
        		              -239,000,000    
          cash from/(used in) operations
        		                  
          net cash from/(used in) operating activities
        		                  
          net cash from/(used in) investing activities
        		                  
          net increase/(decrease) in cash and cash equivalents
        		                  
          net proceeds from/(acquisitions of) other investments
        		            1,204,000,000      
          net proceeds from/ (acquisition of) other investments
        		             1,151,000,000 1,151,000,000    
          net cash from/ (used in) investing activities
        		              1,181,000,000    
          net increase/ (decrease) in cash and cash equivalents
        		              381,000,000    
          non-current assets
        		                  
          property, plant, and equipment
        		                494,000,000 508,000,000 
          intangible assets and goodwill
        		                905,000,000 905,000,000 
          associates and joint venture
        		                45,000,000 48,000,000 
          deferred tax assets
        		                9,000,000 4,000,000 
          other investments
        		                1,327,000,000 1,283,000,000 
          prepayments and other assets
        		                124,000,000 126,000,000 
          current assets
        		                  
          inventories
        		                47,000,000 45,000,000 
          trade and other receivables
        		                303,000,000 304,000,000 
          cash and cash equivalents
        		                2,793,000,000 3,387,000,000 
          total assets
        		                10,354,000,000 10,931,000,000 
          equity
        		                  
          share capital and share premium
        		                22,232,000,000 22,072,000,000 
          reserves
        		                452,000,000 532,000,000 
          accumulated losses
        		                -15,533,000,000 -14,974,000,000 
          equity attributable to owners of the company
        		                7,151,000,000 7,630,000,000 
          non-controlling interests
        		                15,000,000 46,000,000 
          total equity
        		                7,166,000,000 7,676,000,000 
          non-current liabilities
        		                  
          loans and borrowings
        		                2,015,000,000 2,082,000,000 
          provisions
        		                17,000,000 17,000,000 
          other liabilities
        		                121,000,000 119,000,000 
          deferred tax liabilities
        		                19,000,000 19,000,000 
          current liabilities
        		                  
          trade and other payables
        		                810,000,000 801,000,000 
          current tax liabilities
        		                4,000,000 3,000,000 
          total liabilities
        		                3,188,000,000 3,255,000,000 
          total equity and liabilities
        		                10,354,000,000 10,931,000,000 
          equity-settled share-based payment
        		                111,000,000 121,000,000 
          acquisition of additional interests in associates and joint ventures
        		                  
          restricted cash
        		                  
          payment of share listing and associated expenses
        		                 -39,000,000 
          deposit pledged
        		                2,000,000 5,000,000 
          net cash (used in)/ from financing activities
        		                -117,000,000 -86,000,000 
          operating metrics:
        		                  
          gmv
        		                  
          on-demand gmv3
        		                  
          mtus
        		                  
          gmv per mtu
        		                  
          partner incentives
        		                  
          consumer incentives
        		                  
          financial measures:
        		                  
          revenue
        		                  
          profit/(loss) for the period
        		                  
          total segment adjusted ebitda
        		                  
          adjusted ebitda
        		                  
          adjusted free cash flow
        		                  
          revenue8
        		                  
          loss for the year
        		                  
          loss on disposal of intangible assets
        		                  
          net acquisitions of other investments
        		                 -891,000,000 
          warrant liabilities
        		                11,000,000 20,000,000 
          trade payables and other liabilities
        		                  
          loss on disposal of associates
        		                  
          acquisition of additional interest in associate
        		                  
          proceeds from exercise of share options
        		                  
          proceeds from subscription of shares in subsidiaries by non-controlling interests
        		                  
          net (decrease)/ increase in cash and cash equivalents
        		                  
          - deposit pledged
        		                8,000,000 -18,000,000 
          cash and cash equivalents at march 31
        		                 3,215,000,000 
          net (acquisitions of)/proceeds from other investments
        		                  
          net cash (used in)/from investing activities