Southeast Asia’s super app Grab Holdings Ltd announced Wednesday it is raising the company’s full year adjusted earnings before interest, taxes, depreciation, and amortisation (EBIDA) after the Singapore-headquartered company achieved another quarter of record revenues.

“We continued to drive profitable growth across the business, with Grab achieving another quarter of record
revenues, our thirteenth consecutive quarter of Adjusted EBITDA expansion, and Adjusted Free Cash Flow scaling to $157 million on a trailing 12-months basis,” said Peter Oey, Chief Financial Officer of Grab.

“Looking ahead to the second quarter, we expect to drive strong, sequential On-Demand gross merchandise volume (GMV) and overall revenue growth, while remaining disciplined on costs as a company. We are also raising our full year Adjusted EBITDA guidance to a range of $460 million to $480 million.”

Revenue grew 18 percent year-over-year (y-o-y) and on a constant currency basis, with y-o-y growth accelerating from the prior quarter, to $773 million in the first quarter of 2025, driven by growth across all segments, the company said in a statement.

On-Demand GMV grew 16 percent y-o-y, or 17 percent y-o-y on a constant currency basis to $4.9 billion, underpinned
by y-o-y growth in On-Demand monthly transacting user (MTUs) and total number of On-Demand transactions of 18 percent and 21 percent respectively.

According to Grab, total incentives were $501 million in the first quarter of 2025, with On-Demand incentives as a proportion of On-Demand GMV at 10.1 percent, compared to 9.7 percent in the same period in 2024 as the company focused on product roll-outs across mobility and deliveries to drive new user growth, and improve engagement among existing users.

Operating loss in the first quarter was $21 million, an improvement of $55 million y-o-y, primarily driven by increases in revenue and lower share-based compensation expenses.

Profit for the period was $10 million, an improvement of $125 million y-o-y, primarily due to reduction in
operating loss and higher net finance income for the period, which includes $33 million of net foreign exchange gains.

“Adjusted EBITDA was $106 million for the quarter, an improvement of $44 million YoY from $62 million in the prior year period, as we grew On-Demand GMV and revenue, while improving profitability on a Segment Adjusted EBITDA basis and lowering regional corporate costs,” the company noted.

Regional corporate cost for the quarter was $86 million, improving from $91 million in the prior year period and remaining relatively stable from $87 million in the fourth quarter of 2024. On a year-on-year basis, fixed costs within regional corporate costs reduced by 5 percent, Grab said.

“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. We also grew the number of active partners on our platform, and
now have more active driver- and merchant-partners than ever before,” said Anthony Tan, Group Chief
Executive Officer and Co-Founder of Grab, in the statement.

“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. This will increasingly position us as a counter-cyclical company that can weather through uncertainties in the macroeconomic landscape.”

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