[SINGAPORE] Superapp Grab reported Q2 2025 earnings of US$35 million, reversing from a loss of US$53 million in the same year-ago period.
This was driven by operating profit and lower finance costs, and also partially offset by higher income-tax expenses in Q2 2025.
Revenue for the period grew 23 per cent to US$819 million from US$664 million the year prior. Operating profit also rose to US$7 million in Q2 2025 from a loss of US$56 million in Q2 2024. This was driven by higher revenue, improved margins, cost management and lower share-based compensation expenses.
Adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) rose 69 per cent to US$109 million from US$64 million. This was driven by growth in on-demand gross merchandise value and revenue, and improving profitability on a segment adjusted Ebitda basis.
Grab’s guidance for revenue and adjusted Ebitda remains unchanged. The company is still guiding for revenue to be between US$3.3 billion and US$3.4 billion with a 19 to 22 per cent growth. Adjusted Ebitda is guided to be between US$460 million and US$480 million with a 47 to 53 per cent growth.
The company expects the second half of 2025 to have a substantially stronger performance than the first half.
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On-demand gross merchandise value grew 21 per cent to US$5.4 billion in Q2 2025 from US$.4 billion in Q2 2024. Monthly transacting users also grew 13 per cent to 46.2 million in Q2 2025 from 40.9 million in Q2 2024. Partner incentives also grew 16 per cent to US$307 million in Q2 2025 from US$266 million in Q2 2024.
Revenue for the financial segment grew 41 per cent to US$84 million in Q2 2025 from US$64 million in Q2 2024, the highest growth by percentage across Grab’s business segments. This was driven by increased contributions from lending across GrabFin and the digital banks.
The loan portfolio rose 78 per cent to US$708 million in Q2 2025 from US$397 million in Q2 2024. The total loans disbursed in Q2 2025 grew 44 per cent to US$721 million.
Grab is guiding the loan portfolio to be above US$1 billion by the end of the year. This will be driven by personal lending products from all three digital banks, the buy now pay later product at GrabFin and the recently acquired small and medium enterprise lending business from Validus.
Customer deposits in GXS and GX Banks hit US$1.5 billion in Q2 2025, from US$730 million in Q2 2024 and from US$1.4 billion in Q1 2025.
Anthony Tan, chief executive officer and co-founder, Grab said: “We will continue to execute on our strategy to drive product- and tech-led innovations to enhance the affordability and reliability of our services, further deepen user engagement and retention, while attracting new users to the Grab ecosystem.”
The macroeconomic environment is top of mind at Grab, with the company leaning into affordability with its Saver product offerings across delivery and mobility. Grab’s investments into its product has solidified its resilience and brought more users in.
“We are confident our strategy of focusing on user and partners, with a very user and partner centric lens for product development, will continue to drive sustainable and profitable growth for the business,” added Tan.
Shares of Grab closed down 0.4 per cent or US$0.02 at US$5.29 on Wednesday.
