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    Divya Gangahar • Morgan Stanley

    Divya Gangahar's questions to Grab Holdings Ltd (GRAB) leadership

    Divya Gangahar's questions to Grab Holdings Ltd (GRAB) leadership • Q2 2025

    Question

    Divya Gangahar questioned the drivers behind the slowdown in Mobility GMV growth and the 4% drop in trip fares, asking about market-specific competition. She also asked about capital allocation plans for the recent $1.5B convertible bond raise and any updated thoughts on share buybacks.

    Answer

    COO Alex Hungate clarified that the 4% drop in Mobility AOV was a deliberate strategic choice to reinvest in volume and growth, not a reaction to competition. He emphasized Grab's significant scale advantage over rivals. CFO Peter Oey addressed capital allocation, stating the top priority is organic growth. While the recent capital raise provides flexibility for M&A, the bar remains high. He confirmed the completion of the previous $500M buyback program with no new plans to announce at this time.

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    Divya Gangahar's questions to Grab Holdings Ltd (GRAB) leadership • Q1 2025

    Question

    Divya Gangahar asked for details on the drivers of Deliveries margin improvement, the scale of GrabMart, and the reason for the year-over-year margin decline in Mobility. She also questioned the fintech business regarding its loan book growth, NPL levels, and credit monitoring practices.

    Answer

    CFO Peter Oey explained that Deliveries margin improved due to product mix, stable incentives, and advertising growth. The Mobility margin decline was intentional, as Grab invested in driver supply to meet a 25% YoY surge in rides, ensuring reliability. President and COO Alex Hungate addressed fintech, stating that NPLs are stable but provisions are increasing as the loan book grows (up 56% YoY), which impacts segment profitability. He noted this is a prudent measure as the new digital banks in Malaysia and Indonesia scale their operations.

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