Grab Holdings’ second-quarter profit surged to $235 million from $20 million a year earlier, helped by a one-off gain from the consolidation of Indonesia’s Superbank.
The Southeast Asian tech giant also raised its full-year guidance and announced a new $750-million share repurchase programme.
The sharp increase in quarterly profit was driven largely by non-operating items. Grab booked a $307-million one-off gain after it began consolidating Superbank in June, alongside a favourable movement in income tax expense from the recognition of deferred tax assets.
These gains were partly offset by a $183-million increase in fair-value losses on financial assets and liabilities. Grab said profit in the second half could remain volatile because of fair-value measurements and other non-operating items.
The Nasdaq-listed company lifted its 2026 revenue forecast to between $4.10 billion and $4.15 billion. Its previous guidance stood at $4.04 billion to $4.10 billion.
It also raised its adjusted EBITDA outlook to between $720 million and $740 million, from an earlier range of $700 million to $720 million.
The revised forecast reflects the strength of its underlying businesses, as well as the consolidation of Superbank and the acquisition of US investing and banking platform Stash, chief financial officer Peter Oey said.
Grab completed its acquisition of Stash in July. The US platform’s financial results will be consolidated into Grab’s financial services segment beginning in the third quarter.
Underlying operating metrics also improved during the quarter. Revenue rose 22% year on year to $997 million, while adjusted EBITDA climbed 54% to $168 million. Its adjusted EBITDA margin widened to 16.9% of revenue from 13.3% a year earlier.
On-demand gross merchandise value increased 21% to $6.46 billion, supported by a 17% rise in monthly transacting users to a record 53.9 million and a 3% increase in GMV per user.
Financial services remained loss-making on an adjusted basis, but the deficit continued to narrow. Segment revenue rose 59% to $134 million, while adjusted EBITDA improved to negative $15 million from negative $26 million a year earlier.
Grab’s gross loan portfolio nearly tripled to $2.32 billion, including Superbank. Excluding Superbank, the loan book doubled year on year.
Customer deposits across GXS Bank in Singapore, GXBank in Malaysia and Superbank in Indonesia reached $2.5 billion at the end of June.
Deliveries revenue grew 21% to $531 million, with segment adjusted EBITDA rising 53% to $96 million. Mobility revenue increased 12% to $331 million, while segment adjusted EBITDA climbed 16% to $191 million.
Total incentives rose 29% to $706 million as Grab stepped up support for drivers facing higher fuel costs and invested in more affordable services to encourage greater usage.
Operating cash flow, however, declined 12% to $56 million, while adjusted free cash flow also fell 35% to $73 million due to higher capital expenditure and working-capital requirements.
Grab’s board authorised an additional $750 million in share repurchases, bringing the total value of buybacks authorised since 2024 to $1.75 billion.
The new authorisation follows a $500-million repurchase programme approved in February. As of July, Grab had completed agreements to repurchase $250 million and $101 million worth of Class A ordinary shares under that programme.
Overall, Grab CEO and co-founder Anthony Tan expressed confidence that the company’s investments in artificial intelligence would support stronger engagement and sustainable, profitable growth.
“Our Grab intelligence layer is now embedded across every layer of our platform, lifting driver and merchant-partner earnings, while improving our operating efficiency,” Tan said.
