Grab Holdings Limited (GRAB): A Bull Case Theory

Core Thesis - Grab Holdings Limited is experiencing strong growth in its superapp ecosystem, with significant revenue and EBITDA increases, positioning the company favorably for future expansion [3][4][8] Financial Performance - For Q3 2025, Grab reported revenue of $873 million, reflecting a 22% year-over-year growth, and adjusted EBITDA of $136 million, up 51% year-over-year [3] - The company raised its full-year revenue guidance to $3.38–3.40 billion and adjusted EBITDA to $490–500 million, indicating confidence in its growth trajectory [4] Ecosystem Growth - On-Demand GMV increased by 24% year-over-year to $5.77 billion, with monthly transacting users (MTUs) growing 14% year-over-year to 47.7 million [4] - The loan portfolio grew 65% year-over-year to $821 million, driven by a $3.5 billion annualized run-rate in disbursals [4] Segment Performance - Deliveries segment posted 26% year-over-year GMV growth, while mobility transactions grew 30% year-over-year [5] - Financial services (GFin) improved segment EBITDA margins from -40% to -31%, leveraging ecosystem data to extend credit to underbanked users [5] Emerging Businesses - GrabMart now accounts for 10% of Deliveries GMV, and GrabAds saw a 15% year-over-year increase in advertisers and a 41% increase in spending, contributing to high-margin growth [6] - Management is focused on disciplined cost control, improving operating leverage, and strategic capital allocation towards organic growth and selective M&A [6] Strategic Positioning - The core platform flywheel, combining deliveries, financial services, GrabMart, and GrabAds, is accelerating, providing strong visibility into future products and revenue growth [7] - Grab is well-positioned for sustained revenue growth, higher margins, and long-term shareholder value creation [7]