Nasdaq-listed superapp Grab posted robust first-quarter 2025 earnings, with revenue increasing 18% year on year to $773 million despite seasonal demand fluctuations linked to the Lunar New Year and Ramadan, according to a statement.
The Southeast Asia tech giant booked a profit of $10 million for the quarter, against a $115-million loss in the year-ago quarter. Quarter on quarter, however, profit dipped marginally from Q4 2024’s $11-million figure.
Adjusted EBITDA hit a new record of $106 million, up 71% from the same quarter last year, marking the company’s thirteenth consecutive quarter of adjusted EBITDA improvement.
“We had a strong set of results to start the year, sustaining robust demand growth momentum to achieve yet another quarterly record number of users on our platform, even amid the seasonal demand impacts from the Lunar New Year and Ramadan fasting period,” said Grab Group CEO and co-founder Anthony Tan.
The company’s 18% year-on-year revenue growth for the quarter ended March 31 was driven by solid growth across all segments. On-demand gross merchandise value (GMV)—which includes deliveries and mobility—climbed 16% to $4.93 billion.
Operating loss narrowed to $21 million from $75 million, reflecting higher revenue, disciplined cost controls, and lower share-based compensation expenses, the company said.
Monthly transacting users reached 44.5 million, up 16% year on year, while incentives totalled $501 million as the company prioritised user acquisition and engagement during product rollouts across mobility and dDeliveries.
According to the statement, the group’s cash liquidity rose to $6.2 billion in Q1 2024, with net cash liquidity at $5.9 billion. Operating cash flow was $73 million, while adjusted free cash flow was negative $101 million due to “higher working capital outflows, consistent with seasonal trends during the first quarter and increases in capital expenditures”.
“While we are cognizant that there are increased levels of uncertainty in the global macroeconomic landscape, we will continue to harness AI and our technological capabilities to improve the reliability and affordability of our offerings,” Tan added.
Grab raised its full-year 2025 adjusted EBITDA guidance to $460-480 million, reflecting 47-53% growth year on year. Revenue guidance remains unchanged at $3.33-3.40 billion, or 19-22% growth on a constant currency basis.
The updated guidance and expected year-over-year growth, Grab said, is primarily attributable to the organic expansion of the business and represents its expectations but could be subject to change.
“Looking ahead to the second quarter, we expect to drive strong, sequential on-demand GMV and overall revenue growth while remaining disciplined on costs as a company,” said chief financial officer Peter Oey.
Deliveries
Grab’s delivery revenue rose 18% to $415 million, driven by the growth in GMV and increased contributions from its advertising businesses.
Delivery GMV rose 16% year-over-year—or 17% on a constant currency basis—to $3.13 billion in the first quarter of 2025, supported by higher transaction volumes and growth in monthly transacting users (MTUs).
Despite Q1 typically being the softest quarter, MTUs in the segment increased 17% year-over-year to a new record, reflecting Grab’s widening appeal among users.
Adjusted EBITDA for the delivery business as a percentage of GMV was 2% in the first quarter of 2025, improving by 46 basis points from 1.6% in the prior-year period.
GrabMart also grew strongly during the first quarter of 2025, registering faster GMV growth rates than the overall delivery segment.
“As we look ahead to the rest of 2025, we are well-positioned to create even more value for our users and ecosystem partners. Delivery GMV in April, particularly for food, is rebounding month-on-month as we exit the Ramadan fasting period, in line with our plans to drive sequential GMV growth in the second quarter,” Tan said.
Mobility
Mobility revenue increased 15% to $282 million in Q1, with GMV reaching $1.8 billion, underpinned by strong growth in mobility MTUs and total number of mobility transactions.
Notably, mobility MTUs and total number of mobility transactions grew 20% and 25% YoY, respectively, Grab said.
Adjusted EBITDA for the mobility segment as a percentage of mobility GMV was 8.8% in the first quarter of 2025, compared to 8.9% in the same period last year.
“We continued to increase active driver supply while optimising our existing driver supply to meet growing demand for our services,” Grab said. Active driver supply rose 18%, helping reduce surged rides and improve reliability.
In Singapore, Grab’s subsidiary GrabCab secured a 10-year street-hail operator licence, making it the city-state’s sixth taxi operator. The licence gives GrabCab a three-year grace period to meet the minimum fleet size requirement of 800 taxis.
Financial services
Grab’s financial services revenue grew 36% to $75 million. Loan disbursements increased 30% to $630 million, while the loan portfolio expanded 56% to $566 million. Customer deposits in Grab’s digital banks reached $1.43 billion.
Segment adjusted EBITDA losses widened 9% year on year to $30 million in the first quarter, as Grab raised provisions for expected credit losses alongside higher loan disbursements.
The company said 90-day non-performing loans remained within its targeted risk thresholds.
“We continued to focus on lending to our ecosystem partners through GrabFin and our Digibanks, with total loans disbursed growing by 30% YoY to $630 million during the first quarter,” the company said.
Grab’s total loan portfolio outstanding at the end of the first quarter grew 56% YoY to $566 million from $363 million in the prior year period.
Amid growing macroeconomic uncertainties, Grab’s leadership expressed confidence in the company’s ability to drive long-term, sustainable, and profitable growth by focusing on technological innovation and enhancing the experience of drivers, merchants, and users.
“We will remain nimble in our strategic and investment frameworks, and leverage our strengths to navigate the year ahead,” Oey said.
Grab’s share closed at $4.79 apiece on April 29, up 0.63% from the previous close, and rallied to hit $4.81 in after hours trading following the release of its Q1 2025 financials.
