Evan

[Evan @evan2sol]

@onepiecedrops @lee_nicky23 done

[amit @amitisinvesting]

$GRAB

GRAB Q3 2025 EARNINGS:

- $873M revenue, +22% YoY
- On-Demand GMV $5.8B, +24% YoY
- Profit: $17M
- Adj. EBITDA: $136M, +51% YoY
- Adj. FCF (TTM): $283M
- 886M in loans, +56% YoY
- 48M monthly transacting users, +14% YoY

The company raised EBITDA guidance to $500M, up from $480M.

This was an incredible earnings by Grab which continued to reinforce the bull case around their network effect leading to increased momentum around the most important parts of their business.

My core takeaways:

- Financial services is growing at a rapid pace and on track for 1B loans dispersed by EOY with a break even target for the entire segment by H2 2026. Management continues to grow this part of the business rapidly due to their ecosystem effect around being able to effectively underwrite the loans given all proprietary data they have on users which makes it seem like this growth will continue into 2026.

- GrabUnlimited users hit an ATH, growing 14% YoY. This was very important to see given this is the largest subscription platform in all of SEA and also highlights the company's 6M YoY user growth. AT 48M MTUs, they are only about 7% of the region's population. As more users join, more topline growth can be expected going into 2026.

- Tourism is coming back and Anthony Tan spoke about how partnerships with various governments are creating strong incentives for Grab to play a pivotal role in the ecosystem around tourism in the entire region. Tan stressed that the company is NOT seeing issues with demand (in fact they had more demand than supply when it came to their drivers in Q3) and mgmt made sure for investors to understand their business is cyclical, they have a variety of tools at their fingers to really be able to effectively continue sustained growth.

- Finally, new products are working. When Grab held their first product event earlier this year, they showcased a variety of new products that aimed to increase user engagement at scale. Grab’s new products like Saver Deliveries, Group Orders, and GrabMore are driving both user growth and deeper engagement. Cross-selling between Food and Mart services has led to 1.8x higher order frequency among multi-service users, showing stronger loyalty and higher lifetime value.

The number one question for me as a shareholder is what exactly they plan to do with their cash. They have $5.3B of net liquidity and either they are going to use that to scale financial services going into 2026 or they are going to acquire, but this is still the question I am curious about as 30% of the market cap in cash provides a cushion to investors but also should be used to continue funding growth.

Overall, I thought this was an exceptional quarter which is laying the framework for the company to continue growth over the coming years. Yes, the stock price may not be reflecting that at the moment (it doesn't help as the broader market is down) but I don't see the red flags or reason for the market to take it down in this quarter.

For those wanting a compounder that is relatively cheap for the value of a brand dominating an entire region, Grab continued to show their strength in this quarter.

[Evan @evan2sol]

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[The Spectator Index @spectatorindex]

Stock markets today

🇭🇰 Hong Kong: -13.6%
🇹🇼 Taiwan: -9.6%
🇯🇵 Japan: -9.5%
🇮🇹 Italy: -8.4%
🇸🇬 Singapore: -8%
🇸🇪 Sweden: -7%
🇨🇳 China: -7%
🇨🇭 Switzerland: -7%
🇩🇪 Germany: -6.8%
🇪🇸 Spain: -6.4%
🇳🇱 Netherlands: -6.2%
🇦🇺 Australia: -6.2%
🇫🇷 France: -6.1%
🇬🇧 UK: -5.2%
🇲🇾 Malaysia: -4.5%
🇵🇭 Philippines: -4.3%
🇮🇳 India: -4.1%
🇷🇺 Russia: -3.8%
🇸🇦 Saudi: -3.3%
🇹🇷 Turkey: -2.8%

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